He made this known during the launch of the Adwumawura Programme, which took place at the Prempeh Assembly Hall in Kumasi on Monday, April 28, 2025, drawing a significant audience of government officials, young entrepreneurs, and community leaders.

He further explained that the programme is designed to provide financial support to both new and existing Ghanaian businesses, as well as offer coaching to young entrepreneurs, with the goal of generating 10,000 jobs annually.

“The Adwumawura Programme is more than a policy. It is a commitment — a lifeline — to the countless young men and women who rise every morning with big dreams but are often met with closed doors. It is a bold promise that no dream is small, no idea too insignificant, and that under the leadership of President Mahama, every youth will have the opportunity to soar.

Your Excellency, Ladies and Gentlemen, in 2014 — through the Youth Enterprise Support Fund, which has today evolved into the National Entrepreneurship and Innovation Programme (NEIP) — thousands of young businesses, started by daring and determined Ghanaians, have been nurtured and supported.”

He added, “On behalf of the countless young entrepreneurs whose lives have been transformed because of your vision, Mr. President, I say: thank you. And to the many more who are about to embark on their journey with the Adwumawura Programme, I say: your time has come!

Today, the National Entrepreneurship and Innovation Programme, with the strong backing of the Ministry of Youth Development and Empowerment, stands ready. We will not just launch businesses. We will nurture dreams. We will build legacies. We will light the path for generations to come. Through partnerships with development partners, industry leaders, private sector players, civil society, and of course, the vibrant youth themselves, we are poised to make this initiative the turning point for youth entrepreneurship in Ghana.”

About NEIP

The National Entrepreneurship and Innovation Programme (NEIP) is a comprehensive initiative by the Ghanaian government designed to foster entrepreneurship and spur economic growth by supporting start-ups and small businesses.

Here’s a deeper look into various aspects of the programme:

1. Objective and Vision:
   NEIP’s primary objective is to create a robust ecosystem for entrepreneurship that supports start-ups and small businesses, driving them towards success and sustainability. This aligns with a broader vision to consolidate Ghana’s middle-income status by building an industry-driven economy capable of providing sustainable and decent jobs.

2. Key Initiatives:

   • Presidential Business Support Programme: Provides training, funding, and mentorship to help entrepreneurs grow businesses that are competitive both locally and internationally.

   • Greenhouse Initiative: Focused on agriculture, it houses the largest greenhouse estate in West Africa, aimed at enhancing agricultural productivity and sustainability.

   • Hubs Acceleration Grant Programme (HAGP): Offers grants of up to $200,000 to support innovation and entrepreneurship hubs in improving their services to global standards and building the entrepreneurial ecosystem.

3. Sector Focus:
   NEIP prioritizes non-resource-based sectors such as technology, agriculture, and manufacturing. Programmes like “Youth in Innovative Agriculture Support” aim to promote smart farming and agro-processing to increase productivity and sustainability in agriculture.

4. Inclusion and Support:
   The programme actively promotes participation from women, youth, and persons with disabilities, tapping into their potential to drive innovation and entrepreneurial success.

5. Monitoring and Impact:
   To ensure accountability and effectiveness, NEIP conducts continuous monitoring and evaluation of its projects. This process helps track progress, measure impact on the economy and job creation, and refine its strategies accordingly.

NEIP stands as a vital tool in Ghana’s effort to build an entrepreneurial culture, enhance business capacity, and drive economic development.

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According to the 2024 Public Interest and Accountability Committee (PIAC) report, this is the fifth consecutive year that no Petroleum Agreement has been signed since 2018.

It is therefore urging Parliament to ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments into Ghana’s upstream petroleum industry.

In terms of crude oil production, it declined for the fifth consecutive year in 2024.

“Production has dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, representing a year-on-year decline of 0.01% and a five-year average decline of 7.4%,” the report stated.

The 2024 PIAC Annual Report reconciles and analyses information as well as data from key stakeholder institutions.

The data relates to the exploitation of hydrocarbon resources and associated revenues and expenditures as mandated by the PRMA.

The report also includes inputs from relevant stakeholder institutions.

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This bold step marks a pivotal moment in the country’s journey to reshape its economic future, focusing on harnessing the untapped potential of its youth population.

The launch event was attended by key figures, including Eric Adjei, Chief Executive Officer of the National Entrepreneurship and Innovation Program (NEIP), who outlined the program’s mission and the broader vision for youth development under the leadership of His Excellency John Dramani Mahama.

Eric Adjei emphasized that the Programme is not just a policy but a commitment to providing young men and women with opportunities to turn their dreams into reality.

“This is more than just a program. It is a lifeline for countless young individuals who rise each morning with big dreams but often face closed doors,” Adjei stated. “Under the leadership of President John Dramani Mahama, no dream is too small, no idea is too insignificant. We will help the youth soar.”

The Adwumawura Program is a continuation of President Mahama’s legacy of youth empowerment, first seeded in 2014 through the Youth Enterprise Support Fund.

This initiative has evolved into the National Entrepreneurship and Innovation Program (NEIP), which has already helped thousands of young entrepreneurs get their businesses off the ground.

Adjei highlighted several key interventions being implemented by NEIP, including the Presidential Innovation Challenge, which seeks to ignite youth-driven innovation in various sectors, including green entrepreneurship.

He also mentioned the Vice Presidential Empowerment Program for Women and Persons with Disabilities, which ensures that no one is left behind in the journey toward inclusive economic development.

“Through partnerships with development partners, industry players, and the youth themselves, we are poised to make this initiative a turning point for youth entrepreneurship in Ghana,” Adjei declared, stressing the importance of collaboration in achieving these goals.

The launch also highlighted other programs under NEIP’s umbrella, including initiatives aimed at promoting innovation in agriculture and the Presidential School Garden Initiative, which aims to cultivate green ideas and entrepreneurship from a young age.

Minister for Youth Development and Empowerment, George Opare Addo, who was also present at the launch, underscored the significance of this moment in Ghana’s history.

“Today, we are officially launching the Adwumawura Program, which is designed to empower 10,000 young entrepreneurs. This is a historic initiative that aligns with the broader vision of youth empowerment under President Mahama’s leadership,” he said.

He further noted that the creation of a dedicated ministry for youth development and empowerment marks a major milestone in Ghana’s commitment to ensuring the economic inclusion and growth of its young people.

He expressed his appreciation for President Mahama’s unwavering support for the youth and his promise to provide the necessary resources and platforms for them to flourish.

The event also featured a speech from Nana Okyere Kusi Ntrama, a representative of the Asantehene Otumfuo Osei Tutu II, who hailed the initiative as a timely opportunity for the youth of Ghana.

“This Programme is not just well-crafted; it is a promise that President Mahama has made to the youth of Ghana. We are now on the right path to success, and we will ensure that every youth takes full advantage of this opportunity,” he said, warmly welcoming President Mahama and his entourage to Kumasi.

The Adwumawura Programme is just one of many steps being taken to shift the narrative around youth entrepreneurship and economic transformation in Ghana.

With the government’s commitment to fostering an environment that nurtures youth growth and development, the future is bright for young entrepreneurs across the nation.

As the Programme takes root, the nation’s youth are being called to seize the opportunity to actively participate in shaping their own futures, transforming dreams into tangible success.

This initiative promises not only to empower the youth but also to lay the foundation for a more prosperous, inclusive, and innovative Ghana.

The foundation aims to support those who wish to pursue Technical and Vocational Education and Training (TVET) but lack the financial and other essential support required to achieve their aspirations.

Speaking at the official launch of the foundation on Friday, 25th April, Rev. Latifa shared her journey and the inspiration behind the initiative. She revealed that she was able to attend secondary school thanks to the generosity of a sponsor, which paved the way for her success.

“I benefited from someone’s benevolence, I wouldn’t have gone to secondary school if not for someone who sponsored me,” she said. “I realised there are many people out there who need education, whether formal or informal, but have no one to help or guide them. That’s why we are launching the LOLA Hope Foundation.”

“This foundation will cater for vulnerable and underprivileged individuals who want to attend school but lack the means,” she added.

Rev. Latifa called on individuals and organisations to support her mission to positively impact the lives of those in need. She explained that the foundation will assist bright but financially disadvantaged students in accessing formal education at all levels.

For those interested in informal education, her Lola Hair and Beauty College will provide vocational training in hairdressing, cosmetology, and other areas within the beauty industry.

She noted that even before the foundation’s official launch, several young people had already benefited from its educational support programme. Now, she is creating a platform for more people to join in and support the cause.

Rev. Latifa added that individuals interested in acquiring vocational skills will be supported through the Lola Beauty and Hair College or any other TVET institution, under the umbrella of the foundation.

Speaking to the media on the sidelines of the event, she highlighted that her vision aligns with Sustainable Development Goals (SDGs) 1 and 8, aiming to reduce poverty and promote decent work and economic growth. “I want everyone to have something meaningful to do, which will help close the poverty gap,” she said.

At the launch of the foundation, she also officially inaugurated the Lola Hair and Beauty College.  The institution has been in operation for the past eight years and has seen hundreds of young people trained, many of whom are now self-employed across the Greater Accra Region and beyond.

The event also saw the graduation of 14 trainees from the Lola Hair and Beauty College. Three of the graduates were male students who specialised in hair locking, while the remaining eleven studied hairdressing.

Speaking at the brief but colourful event, the guest speaker, acting Deputy Managing Director of the Ghana Airports Company Limited, Obuobia Darko-Opoku, congratulated the graduates and encouraged them to apply the skills they had acquired to become self-employed and attain financial independence.

She commended the students for choosing to pursue a trade, stating, “It is always good to learn something with your hands. I always say that beauty begins in the mind; what you dream of is what you become. If you sit at home saying you don’t want to learn a trade and expect money to come from somewhere, that’s how you end up idle and struggling. But when you decide to start somewhere, you can always grow from there. It is always good to learn something.”

Madam Darko-Opoku also urged the graduates to embrace innovation and keep up with new trends to remain competitive in the industry.

“These days, people offer door-to-door services and home visits; explore those opportunities,” she advised.

She challenged the misconception that TVET and trade education are only for those who are academically weak, saying, “I think it’s a wrong impression. Many people who have completed university, even up to PhD level, return to the beauty sector. It’s not only those with formal education who succeed in the corporate world.”

The founder of the college, Reverend Minister Latifa Adekanla, also addressed the gathering.

She said, “This institution is not just a school; it is a movement—a movement that believes our young men and women deserve quality vocational education. It is a movement that sees vocational training not as a second choice but as a powerful path to purpose and prosperity.”

“May you go out there and shine—light up the world,” she charged.

The Omanhene made these remarks when Dr. Abbey, accompanied by some senior management staff, paid a courtesy call on him during a three-day working tour of the Western North and South Regions.

Highlighting the complexity and demands of COCOBOD’s operations, Tetrete Okuamoah noted that the organization requires immense effort, time, and dedication to satisfy stakeholders along the cocoa value chain. He emphasized that Dr. Abbey’s early actions demonstrate his strong commitment to revitalizing the sector through sound policies.

“It is a very clear indication of how determined you are in moving the industry forward, despite taking over from the previous administration just a few months ago,” he said.

The Paramount Chief further urged the new management to continue projects initiated by the previous administration, including road construction, hospitals, schools, and other infrastructural developments critical to supporting cocoa communities.

“Some projects were halted under the previous administration; don’t abandon them. Continue so you will be remembered for your legacy,” he advised.

Tetrete Okuamoah also stressed the importance of sustaining productivity initiatives such as the Cocoa Rehabilitation Programme, CODAPEC Hi-Tech, Pruning, and Hand-Pollination, which he described as crucial in maintaining and enhancing cocoa yields nationwide.

On illegal mining (galamsey), the Chief lamented its devastating impact on cocoa farms, particularly in the Western South Region, which, according to him, contributes between 20% and 40% of Ghana’s total cocoa production. He called for national collaboration in combating the menace and pledged his support for any anti-galamsey initiatives introduced by COCOBOD.

“Illegal mining is a national crisis, not just a local issue. I am ready to support any policies you outline to address this threat,” he stated.

The Paramount Chief further appealed to the COCOBOD leadership to prioritize setting a decent producer price for cocoa farmers to discourage the sale of farmlands to illegal miners and attract more youth into cocoa farming.

“Consider the farmers’ hard work, sweat, and dedication, and reward them with a fair producer price to sustain their commitment to the sector,” he concluded.

Responding to the Omanhene’s concerns, Dr. Randy Abbey assured him of the Board’s commitment to addressing the challenges. He reiterated COCOBOD’s focus on increasing productivity, improving farmers’ livelihoods, and intensifying the fight against illegal mining activities.

“Nana, I can assure you that the 2025/2026 crop season will open with a new and better producer price this August. We are also putting in place strong policies to curb the galamsey menace and boost production, despite the challenges the sector is facing,” Dr. Abbey pledged.

The visit formed part of COCOBOD’s broader stakeholder engagement efforts aimed at strengthening partnerships and building a resilient and sustainable cocoa industry.

According to him, any move by the government to exit the programme would be disastrous, saying, “I find it difficult to see how Ghana will survive after the programme.”

Presenting a paper at a programme organised by the Canada Ghana Chamber of Commerce on the topic “2025 Budget in Perspective,” Professor Bokpin said the country should be prepared to face fiscal challenges if the government exits the IMF programme, which ends in 2026.

He attributed the recent sharp increase in utility tariffs to an IMF conditionality, explaining that the IMF Board would not approve the $360 million balance of payment support if the government failed to do so.

President John Mahama’s government has indicated that it will not extend the IMF programme, despite the economy still recovering. The country is expected to start repaying its loans substantially from 2026, which is expected to put severe pressure on the country’s finances.

Going into history, Prof. Bokpin said he finds it difficult to understand why Ghana’s economy has failed to take off since independence, despite once faring better than Malaysia and Singapore, which are now far ahead of Ghana.

“Since 1992, every budget has talked about macroeconomic stability, which is not an end in itself but a means to an end. Ghana’s economy is yet to take off since independence, though it was once doing better than Malaysia and Singapore. Today, these two countries are doing better. There is no urgency to grow the economy,” he lamented.

He pointed out that Malaysia has never sought an IMF bailout, but Ghana has gone to the IMF 17 times for support.

“Ghana has spent as much money as Singapore and Malaysia for development but still lags significantly behind. These countries [Singapore and Malaysia] have used fiscal policy to drive economic growth, but Ghana has failed to do so,” he said.

Excessive Borrowing Was Ghana’s Major Problem – Joe Jackson

For his part, the Chief Executive Officer of Dalex Finance, Joe Jackson, blamed the previous government for its excessive borrowing, saying it almost collapsed the Ghanaian economy.

“Our woes were triggered by over-borrowing. It was sad for the government to spend 47% of its tax revenue to service debt. The public debt was GH¢291 billion in 2020, approximately 76.1% of GDP, and the interest-to-revenue ratio was 47%. That was how bad the situation was,” he said.

He continued that Ghana’s exchange rate problems are due to the large interest payments to external investors and, to some extent, the repatriation of dividends to foreign investors.

“Our problem in terms of exchange rate depreciation is not about our trade balance, because we have been recording a trade surplus for some time now. Stop harassing GUTA [Ghana Union of Traders Association] for that. The problem is the money we send out there to service our debt. It is also the repatriation of dividends to external shareholders,” he added.

Opening the programme, the President of CANCHAM, Linda Vasinani, urged businesses to show more interest in the performance of the economy to enable them to plan well and navigate the challenges.

The session provided an in-depth analysis of the 2025 Budget Statement, the future of the IMF-support programme, and the implications of the budget on the private sector.

During a farmers’ rally at Attronso in the Sefwi Bekwai District, as part of his three-day maiden tour of the Western North Region, Dr. Abbey revealed that COCOBOD is actively considering a review of the producer price of cocoa for the 2025/2026 season.

“This is part of our broader effort to improve the livelihoods of farmers and make cocoa farming attractive to the youth,” he said.

“Despite our financial constraints, management is committed to offering cocoa farmers a better price for their produce.”

Dr. Abbey expressed concern over the ageing population of cocoa farmers, warning that it poses a threat to the sector’s long-term sustainability.

He stressed the need to modernize cocoa farming and introduce innovations that would attract younger people to the industry.

“To make cocoa farming more appealing, we’re working with the Ministry of Agriculture to provide modern tools and equipment,” he noted.

Dr. Abbey also announced plans to invest in irrigation systems to help cocoa farms adapt to erratic rainfall patterns.

He encouraged farmers to form cooperatives to benefit from these interventions more efficiently.

“It’s not feasible to implement irrigation for individual farmers. Cooperative farming is essential if we want to tackle the high costs and water access issues worsened by illegal mining,” he explained.

He also disclosed that COCOBOD is pushing for amendments to laws governing cocoa cultivation to better protect cocoa trees from environmental threats, especially from galamsey activities.

“Cocoa farming is a legacy of wealth for future generations. Strengthening legal protections for cocoa trees is crucial,” he stressed.

Dr. Abbey further assured farmers of the timely delivery of fertilizers and agrochemicals, warning against the diversion of these critical inputs.

“These inputs come at a great cost to support our farmers. Anyone caught in diversion activities will face the full consequences,” he cautioned.

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He emphasized the importance of strengthening the debt sustainability framework to proactively prevent unsustainable debt accumulation without unduly limiting access to much-needed development assistance.

Speaking on behalf of African Governors at the 2025 African Consultative Meeting during the ongoing IMF/World Bank Spring meetings in Washington, DC, Dr. Asiama said refining the IMF’s debt sustainability toolkit is critical in this regard.

He added, “We urge the IMF to enhance its risk assessment tools and early warning systems to timely identify potential debt sustainability issues. We expect the ongoing review of LIC DSA to take stock of shortcomings and address them.”

He also urged the IMF to continue leading debt restructuring and debt relief efforts.

“While we appreciate the work of the Global Sovereign Debt Roundtable (GSDR) and G20 Common Framework, the ongoing high debt vulnerabilities in developing countries, especially in Africa, call for a more comprehensive debt relief strategy. Streamlining processes, enhancing debt transparency and reporting, and incentivizing private creditor participation in the Common Framework are crucial for fostering confidence and encouraging early engagement from members,” he pointed out.

Additionally, Dr. Asiama noted that Multilateral Development Banks’ significant exposure to debt-vulnerable countries necessitates deeper discussions on fairer debt treatment across different creditors and additional financing support.

He called on the IMF to use its convening powers to drive this dialogue at the GSDR.

Dr. Asiama concluded by stressing the importance of enhancing policy coordination among international financial institutions (IFIs), urging the IMF, other IFIs, and regional bodies to better coordinate and align their financial and technical support to developing countries, considering their diverse needs and capacities.

“Promoting regional cooperation to address common challenges and capitalize on collective strengths is paramount. Given the debt vulnerabilities exacerbated by climate change, we call for enhanced collaborative efforts. This includes proposing ambitious yet achievable and monitorable concessional financing options, establishing joint financing mechanisms, and developing common policy frameworks,” he said.

Half of SSA at High Risk or Already in Debt Distress

Meanwhile, Dr. Asiama noted that half of Sub-Saharan African countries are at high risk of, or already in debt distress by the end of 2024. This severely constrains fiscal space for essential social and development spending, and hinders progress towards achieving the SDGs.

He expressed particular concern about the per capita public expenditure on interest payments in Africa, which has surpassed spending on health and education, exacerbated by declining overseas development assistance.

However, he stated that African Governors are committed to proactive debt management, enhancing revenue mobilization, and rationalizing expenditures to restore fiscal and debt sustainability while implementing policies to promote durable economic growth.

But these efforts require stepped-up international cooperation and support from development partners, including the IMF.

The theme for the occasion was “Debt Vulnerabilities in Developing Countries—a Key Challenge for Achieving the Sustainable Development Goals (SDGs).”

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Speaking during the launch of the Global Policy Agenda at the IMF/World Bank Spring Meetings in Washington, DC, Georgieva said the IMF has the tools and resources to respond when requests for support are made.

“We can fall on our policy tools to assist any country, including financial assistance when needed,” she said.

“As always, we will be there for our members by focusing on what we do best—helping them secure economic and financial stability.”

Global Tariff War and Its Impact

Addressing journalists at a press conference, the IMF boss noted that while the direct effects of the tariff war may be minimal for many African countries, she is concerned about the broader consequences.

“I am worried about the indirect impact,” Georgieva said.

“Every country in the region must take steps to build more buffers and press ahead with programs that will help cushion expected shocks.”

Ghana’s Policy Response

Georgieva encouraged Ghana and other African nations to take proactive short-term measures to mitigate potential fallout.

“There is still a lot that can be done on the fiscal side, while building the required buffers for a moment of shock,” she stated. “Continue strengthening Ghana’s fundamentals.”

She also emphasized tax reforms: “Don’t use any excuses. Do more to broaden the tax base by reducing tax evasion and tax avoidance.”

Mixed Outcomes for African Economies

The IMF chief said the tariff war presents both challenges and opportunities, depending on the economic structure of each country.

“For oil producers like Nigeria, falling oil prices create additional pressure on their budgets,” she observed. “On the other hand, for oil importers, this is a breath of fresh air.”

She warned that the trade-offs will be tough for low-income countries but reiterated the importance of domestic resource mobilization.

“We cannot have countries with a tax-to-GDP ratio below 15 percent and still expect to sustain the functioning of the state.”

Advice to Central Banks

Georgieva advised central banks across the region to monitor inflation expectations closely while supporting economic growth.

“Watch the data. Watch inflation expectations. Central banks will need to strike a delicate balance between supporting growth and containing inflation,” she said.

She stressed the importance of central bank independence, adding: “Credibility is key. Protect it.”

Call for Greater Intra-African Trade

The IMF Managing Director also called for stronger inter-regional trade on the continent.

“Africa has so much to offer the world. Obviously, they have the minerals, the natural resources, and the young population,” she said.

“A more unified, more collaborative continent can go a long way to becoming an economic powerhouse.”

Of these, 83 dismissals — representing 54 percent — were linked specifically to cash theft and suppression, the dominant form of internal financial misconduct.

The report, which covers banks, SDIs, and payment service providers (PSPs), paints a concerning picture of rising insider threats within the financial sector. Staff involvement in fraud jumped by 33 percent in 2024, with 365 employees implicated in various offenses, up from 274 in the previous year.

“Cash theft/suppression remains the most prevalent staff-related fraud, accounting for 75% of reported internal cases,” the report stated. It also noted that despite the scale of offenses, only 43% of staff involved were actually dismissed — a trend blamed on protracted legal procedures that discourage institutions from fully pursuing justice.

The Bank of Ghana expressed deep concern about the “consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” and called for immediate improvements in internal control systems. It urged banks and SDIs to intensify recruitment background checks, reinforce professional training, and ensure diligent prosecution of offenders to deter future breaches.

The BoG’s 2024 report also documented a broader increase in fraudulent activity across the financial ecosystem. A total of 16,733 fraud cases were recorded last year, up from 15,865 in 2023 — representing a five percent increase. While fraud cases in traditional banks decreased slightly, those within the SDI and PSP sectors saw noticeable rises.

The most dramatic spike was seen in forgery and document manipulation, with the value at risk ballooning to GH¢53.5 million — nearly eight times the GH¢6.9 million recorded in 2023. This category alone accounted for 67 percent of the total fraud value risk recorded by banks and SDIs. The surge was primarily driven by one major outlier case involving GH¢53 million.

Similarly, identity theft saw significant growth, with losses increasing from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. The report attributed this spike to weak due diligence practices and poor verification processes using Ghana Cards.

In total, the value at risk from fraud across banks, SDIs, and PSPs reached approximately GH¢99 million in 2024, up 13 percent from GH¢88 million the previous year. Of this, about GH¢75 million related to risks faced by banks alone.

Despite these high figures, only GH¢3 million — representing four percent of the total at risk — was recovered. The BoG acknowledged that prolonged legal battles remain a major obstacle to recovering stolen funds and restoring public confidence.

The Payment Service Provider (PSP) sector alone recorded 15,673 fraud cases, with a value at risk of GH¢19 million, representing increases of seven percent and 18 percent, respectively.

The BoG urged continued collaboration between financial institutions and law enforcement agencies to create a “zero-tolerance culture” toward fraud. It said it will continue publishing the annual fraud report to promote transparency and safeguard the integrity of Ghana’s financial sector.

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In an interview on Joy News’ PM Express Business Edition on April 24, he described the government’s posture as one of political optics over substance and warned that Ghana may be walking away from the very structure that could have enforced needed reforms.

“IMF will do a victory lap dance. The government will join them. And then we will conclude by 2028 that we have not met those targets.

“But by that time, we’re not in the programme. So the question then becomes: do we need the programme to meet the targets?” he stated.

Bright Simons believes the core problem lies in Ghana’s tendency to treat IMF deals as transactional exercises instead of strategic reform platforms.

“The targets are still relevant,” he stressed, referring to key benchmarks like debt-to-GDP ratios.

“But I think at that time, the targets will not be relevant. They will not be relevant anymore,” he said, implying that political cycles will have diluted accountability.

He accused both the government and the IMF of prioritising messaging over measurable outcomes.

“The IMF itself has said, ‘Look, the signalling is not pretty.’ They’ve elevated the signalling above the facts,” Bright Simons charged.

“And the government will take advantage of it.”

The critique cuts deeper when he compares Ghana’s approach to peer nations.

“Look at Kenya,” Simons pointed out. Kenya decided to terminate their programme early and raised money from the Gulf. They got $1.5 billion. That mindset is going to gain ground in a lot of places.”

Even Nigeria, Simons noted, has avoided an IMF deal entirely—despite internal turbulence.

“Nigeria decided not to go for an IMF programme at all. Obviously, there are consequences. But they made the call,” he said.

Bright Simons questions the IMF’s commitment to ensuring that programme goals are met beyond the duration of the agreement.

“If the IMF really wanted us to get to those targets, it should have encouraged the government when they said they wanted to extend,” he argued.

“That was the only way from 2026 to 2028 that there could have been programme levers to deliver those targets.”

Instead, he suggested the government is betting on regaining market access rather than staying under IMF scrutiny.

“If they don’t do the IMF programme because they think they can get market access, which I think by that time they will—then the IMF targets, the 70%, 55% debt-to-GDP… those things just fade away.”

At the heart of Bright Simons’ concern is the idea that exiting the programme with pomp may be politically expedient but economically premature.

“I sense that this whole discussion about staying or leaving the IMF is increasingly irrelevant,” he said.

“The real issue is whether we are serious about structural reform or just looking for a good story to tell investors.”

Speaking at a meeting with investors in Washington, D.C., USA, Dr. Forson highlighted key reforms and policy actions underway to restore confidence in Ghana’s fiscal framework and stabilize its macroeconomic outlook.

Auditing Payables & Commitments

At the heart of the plan is a government-commissioned audit of all outstanding payables and commitments. The Ministry of Finance has engaged the Auditor General, alongside two independent audit firms, for an intensive eight-week review.

“The objective is to verify the legitimacy and accuracy of these claims,” the Minister explained. “The findings will guide the implementation of corrective actions to resolve any irregularities and improve accountability going forward.”

Strengthening Commitment Controls

To prevent the recurrence of unapproved expenditures, the government has amended the Procurement Act. Effective April 3, 2025, no government contract will be approved without prior commitment authorization from the Ministry of Finance.

“This measure is critical for enhancing spending controls and ensuring full compliance with the Public Financial Management (PFM) Act,” the Minister said.

PFM Act Amendment and Fiscal Rules

The government has also amended the Public Financial Management Act, 2016 (Act 921), to introduce two major fiscal rules. The first is a debt rule that targets a reduction in the debt-to-GDP ratio to 45% by 2035. The second is an operational rule mandating an annual primary surplus of at least 1.5% of GDP on a commitment basis.

An Independent Fiscal Council has been established to monitor adherence to these rules and to enhance transparency and credibility in public finance.

Enforcing Compliance and Oversight

In a further move to institutionalize fiscal discipline, the Ministry has operationalized a new Compliance Division tasked with monitoring how Ministries, Departments, and Agencies (MDAs) adhere to fiscal commitments. A newly appointed Director is now leading the division’s efforts.

Additionally, the government will introduce a Public Financial Management Commitment Control Compliance League Table to publicly rank MDAs based on their expenditure control performance.

Restoring Confidence

“These actions underscore our commitment to resolving legacy financial obligations, enforcing spending discipline, and creating a transparent and credible financial management system,” the Finance Minister said, assuring investors of the government’s resolve to maintain stability and support long-term growth.

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The revised price, he said, is expected to exceed that of neighbouring Ivory Coast, one of the world’s top cocoa-producing countries.

During a working visit to the Western North Region, Dr. Abbey explained that the new pricing policy is part of a broader strategy to improve the welfare of Ghanaian cocoa farmers by offering them better compensation for their produce.

The goal, he emphasized, is to make Ghana’s cocoa industry more competitive while ensuring farmers receive a fair share of the global cocoa value chain.

The announcement comes at a time when global cocoa prices have surged due to declining production and climate challenges across West Africa.

Dr. Abbey’s visit took him to several cocoa-growing communities and COCOBOD offices, where he engaged with farmers and staff to assess their challenges and opportunities.

However, while touring the Sehwi Boako cocoa station in the Sehwi Wiawso Municipality, Dr. Abbey expressed concern over a large pile of cocopeat that had been left to rot.

He called on district officers to ensure proper resource management to avoid wastage of valuable by-products that could be repurposed for agricultural use.

]]> https://www.adomonline.com/ghanas-economic-direction-wins-investor-confidence-in-washington-d-c/ Thu, 24 Apr 2025 16:14:17 +0000 https://www.adomonline.com/?p=2528471 Ghana’s economic outlook received a strong endorsement during a high-level investor engagement held in Washington, D.C., led by Finance Minister Dr. Cassiel Ato Forson.

Investors responded positively to the significant strides Ghana has made in stabilizing its economy.

Dr. Forson shared a detailed update, noting that the cedi has remained relatively stable and has begun appreciating in recent days.

He also highlighted Ghana’s robust reserve position, which currently covers over four months of imports.

These developments were presented as clear indicators of the government’s commitment to macroeconomic stability and prudent economic management.

Dr. Forson further reported that domestic revenue performance has been encouraging. The Ghana Revenue Authority outperformed its first-quarter target by more than 2.4 billion cedis, driven by strong VAT collections and other key tax categories.

On the expenditure side, the government continues to exercise restraint. Allocations for goods and services have been largely maintained at 2023 levels, reinforcing the administration’s focus on fiscal discipline while ensuring essential public services are delivered.

With strong revenue performance and disciplined spending, Ghana remains on track to achieve a 1.5 percent primary surplus in 2025.

Dr. Forson also emphasized that the Bank of Ghana holds substantial external reserves, ensuring the timely servicing of coupon and interest payments. This, he noted, supports continued financial stability and bolsters investor confidence.

Looking ahead, he announced that the government will outline its comprehensive debt management strategy during the upcoming Mid-Year Budget Review.

The strategy will focus on sustaining growth, managing public debt responsibly, and deepening investor trust.

The meeting underscored the growing confidence in Ghana’s economic direction and the government’s steadfast commitment to transparency, discipline, and long-term stability.

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The prestigious ceremony took place at the Movenpick Ambassador Hotel in Accra and brought together key players from across Ghana’s pharmaceutical industry.

The company’s Chief Executive Officer, Mrs. Patience Tsegah, expressed heartfelt appreciation to the Pharmaceutical Society of Ghana for the recognition.

She credited the success to the hard work of her team and described the wins as a testament to dedication, professionalism, and divine favour.

With three decades of service to Ghanaians, Unicom Chemist Limited has grown into a trusted name in the industry, widely known for delivering top-tier pharmaceutical care and customer service.

The company continues to uphold a vision of becoming a leading pharmaceutical brand in Ghana, offering affordable and accessible healthcare solutions that enhance the quality of life for individuals and communities.

Mrs. Tsegah underscored the importance of prioritizing public health, stating that true development stems from a healthy population.

She reaffirmed Unicom’s commitment to excellence through its three core service pillars: retail services, wholesale & distribution, and warehousing.

The dual recognition at the Pharma Excellence Awards not only celebrates Unicom Chemist Limited’s achievements but also reinforces its status as a trailblazer in Ghana’s pharmaceutical space.

However, the World Bank projects a significant reduction in inflation to 9.4% by 2026. In its April 2025 Africa Pulse Report, the World Bank estimated that Ghana’s inflation rate would drop further to 8.0% in 2027.

“Of 47 countries in the region, 14 still have inflation rates of two digits or more—including Angola, Ethiopia, Ghana, Malawi, Nigeria, Sudan, and Zimbabwe, among others. By 2027, the number of countries with two-digit or higher inflation rates is expected to fall to six,” the report stated.

The report noted that inflation will continue to converge toward target levels across African countries, though there may be challenges if inflation risks rise due to the implementation of more restrictive trade policies globally.

The report also highlighted that inflation rates are still in double digits for countries such as Angola, Burundi, Ghana, Malawi, Nigeria, Sudan, and Zimbabwe.

Meanwhile, the median inflation rate in Sub-Saharan Africa is expected to decline from 7.1% in 2023 to 4.5% in 2024, with a slight rise to an annual average rate of 4.6% projected for 2025–2027.

The World Bank indicated that approximately 70% of countries in the region experienced a deceleration of inflation in 2024. This decline can be attributed to the easing of supply chain pressures, the impact of contractionary monetary and fiscal policies, and greater currency stability. However, the variability of inflation across countries remains high.

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Arriving on Sunday, April 20, from Vizhinjam, India, the colossal ship spans the length of four football fields and boasts a gross tonnage of 228,786.

It was expertly piloted into berth by Ghana’s marine pilots, showcasing the advanced capacity of MPS Terminal 3 and the Ghana Ports and Harbours Authority (GPHA).

“This is a turning point for West African trade infrastructure,” said Garmy Sy, Managing Director of MSC Ghana. “The arrival of 24,000 TEU vessels signals our readiness to scale operations and strengthen regional and global connectivity.”

Operating under MSC’s Africa Express Service, the MSC DILETTA completed its journey from Asia to Tema in just 17 days — a remarkable feat in shipping efficiency.

The vessel’s arrival underscores Ghana’s strategic role in the African Continental Free Trade Area (AfCFTA) and its growing importance in global maritime logistics.

Officials say the development not only affirms MSC’s commitment to the region’s economic growth but also cements Tema’s position as a premier shipping hub on the West African coast.

Read the statement below:

PRESS RELEASE

Historic Arrival of 400-Meter Vessel at MPS Terminal 3 Ushers in New Era for West African Trade

Tema, Ghana – April 23, 2025 – In a landmark moment for maritime trade in West Africa, MPS Terminal 3 at the Port of Tema has successfully received one of the world’s largest container ships, the 400-meter-long – the size of four football fields, MSC DILETTA. Arriving on the morning of Sunday, April 20, 2025, from Vizhinjam, India, this historic call marks a significant step forward in positioning Tema as a major transshipment and trade hub along the West African coast.

Measuring 400 metres in length overall, with a gross tonnage of 228,786 and a beam of 61 metres, MSC DILETTA, now holds the record as the largest ship ever received by the Ghana Ports and Harbours Authority (GPHA). With a draft of 16 meters and a beam of 61 meters, the MSC DILETTA is the largest vessel ever to berth in Sub-Saharan Africa. Its arrival underscores the advanced infrastructure and capacity of MPS Terminal 3, purpose-built to accommodate vessels of this scale. The vessel was guided safely into berth with pilotage support from a highly skilled team of marine pilots.

By deploying vessels of this magnitude, MSC affirms its commitment to economic development of the sub-region and consolidates its role as a leading logistics partner in Africa. This strategic initiative embodies a clear vision: to connect Africa to the rest of the world through MSC’s extensive maritime and terrestrial network, which enables the provision of door-to-door solutions, ensuring smooth and efficient logistics across the continent. “This is a turning point for West African trade infrastructure,” said Garmy Sy, Managing Director of MSC Ghana. “The arrival of 24,000 TEU vessels signals our readiness to scale operations, enhance intra-African and global connectivity, and meet the continent’s growing demand with efficiency and sustainability at the core.”

The MSC DILETTA operates on the Africa Express Service, a dedicated maritime service operated by MSC that links major ports in Asia and West Africa. Since its inception, the service has steadily optimised transit times and expanded its port network. MPS Terminal 3 is the first port of call on this service, delivering faster turnaround and direct connections between Ghana, the Far East, and Southeast Asia. Prior to docking in Tema, the MSC DILETTA made port calls in Shanghai, Nansha, Shekou, Vungtau, Singapore, and Vizhinjam International Seaport. It completed the voyage to Tema in just 17 days, surpassing the typical 21-day transit time from Asia, a notable achievement in shipping efficiency.

This development aligns closely with the ambitions of the African Continental Free Trade Area (AfCFTA), providing critical infrastructure to support intra-African trade and broader economic integration. The arrival of MSC DILETTA is more than a milestone; it is a signal of West Africa’s growing stature in global maritime trade. In a remarkable feat of maritime expertise, Ghana’s Marine Pilots have successfully berthed one of the world’s largest container vessels at Tema Port, marking a historic milestone in the country’s port operations and reinforcing Tema Port’s position as a premier shipping hub in West Africa, capable of handling some of the largest vessels in global trade.

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The announcement followed a high-level meeting at the World Bank headquarters between the Bank’s Managing Director of Operations, Anna Bjerde, and Ghana’s Minister for Finance, Dr. Cassiel Ato Forson.

The two leaders discussed plans to collaborate on the design and implementation of the strategy, which focuses on job creation, skills development, and inclusive economic growth.

“This initiative reflects our shared priority of unlocking opportunities for young people,” said Bjerde.

“We are proud to work with Ghana on a strategy that will create jobs and build a stronger, more resilient economy.”

Dr. Forson welcomed the support, emphasizing the importance of bold, targeted interventions to address the growing number of job seekers. “This partnership is a major step forward in our efforts to provide decent and sustainable jobs for our youth,” he said.4

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However, this decrease resulted in an 11% increase in the total value at risk associated with these cases in 2024, relative to 2023.

According to the Banks, SDIs and Payment Service Providers (PSPs) 2024 Fraud Report by the Bank of Ghana, the total values at risk stood at approximately GH¢80 million and GH¢72 million in 2024 and 2023, respectively.

Notably, the total values at risk recorded across all fraud types declined in 2024, with the exception of forgery and document manipulation, which increased sevenfold compared to the 2023 figure of GH¢7.47 million. This fraud type also accounted for 67% of the total value at risk recorded for banks and SDIs in 2024.

The report stated that the rate of recovery of potential losses has become a challenge for banks and SDIs due to prolonged legal proceedings, which eventually lead these institutions to stop pursuing the cases.

Similarly, the PSP sector also recorded a value at risk of GH¢19 million involving 15,673 cases in 2024. In percentage terms, the value at risk and number of cases increased by 18% and 7%, respectively, from figures recorded in 2023.

The aggregate data collated from the three sub-sectors indicated that the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise. These cases correspond to a total value at risk of approximately GH¢99 million in 2024 as compared to GH¢88 million in 2023, indicating a 13% increase.

Value of Risks to Banks Stood at GH¢75m in 2024

The total value at risk to banks with respect to fraud cases recorded in 2024 was approximately GH¢75 million compared to GH¢63 million in 2023, representing an increase of 19%.

Forgery and manipulation of documents recorded the highest fraud value at risk in 2024, totaling GH¢53.5 million — a rise of eight times over the GH¢6.9 million recorded in 2023. The significant jump in the value at risk for this fraud category was influenced by an outlier case involving an amount of GH¢53 million.

Identity theft also recorded a surge, increasing from GH¢0.6 million to GH¢5.7 million. This was attributed to inadequate due diligence and verification of the identities of persons conducting financial transactions using their Ghana Cards.

The publication of the annual fraud report by the Bank of Ghana seeks to highlight trends and typologies of fraudulent activities identified within the banking industry for a reporting year. It also aims to sensitize stakeholders and promote the soundness and integrity of the financial sector.

The 2024 report therefore presents fraud typologies and values at risk observed in relation to services provided by Banks, SDIs, and PSPs.

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“In the first nine months of 2025, we think the tariff impact could be partly mitigated by the duty-free export of non-oil goods to the US market under the African Growth and Opportunity Act (AGOA), which will expire in September 2025,” the firm noted in its Global Trade Tremors analysis.

However, it pointed out that only about 26.0% of Ghana’s export value to the US is covered under AGOA, while the majority of exports consist of primary commodities, which accounted for 85.1% of total exports in 2024.

As a result, IC Insights foresees a potential increase in risk to Ghana’s trade surplus, ranging between low and moderate, particularly as Ghanaian authorities work to revive cocoa and crude oil production.

It also warned that a likely softening of demand in key export markets could weigh on Ghana’s trade balance.

Ghana’s top five export destinations in 2024 were the United Arab Emirates (20.4%), Switzerland (20.2%), South Africa (12.2%), China (7.3%), and India (6.7%). These five markets accounted for two-thirds of Ghana’s total export revenue.

IC Insights emphasized that strong and sustained demand conditions in these economies are crucial to maintaining Ghana’s robust trade surplus, which stood at 6.0% of Gross Domestic Product (GDP) in 2024.

“Our review of the US reciprocal tariff structure indicates significant trade barriers against Ghana’s key export markets, which could weaken investment and aggregate demand in these economies. Specifically, China’s exports to the US will attract a 54.0% tariff, while Switzerland (and other EU markets) will face a 20.0% tariff,” the report added.

According to IC Insights, the latest decline in annual inflation is a positive sign.

“We note that the cooling impact of the 100 basis points hike in the policy rate to 28.0% and the intensified liquidity mop-up is yet to be fully reflected in price dynamics. Additionally, Ghana’s President assented to the Bill to repeal the E-levy Act on 2nd April 2025, partly easing the tax regime and potentially slowing price increases,” the report stated.

“These complementary fiscal and monetary policy measures boost our optimism for faster disinflation in the months ahead, especially with the May 2025 inflation print expected on 4th June 2025,” it added.

IC Insights also highlighted early indications of favorable weather conditions as the planting season begins, and noted that the approval of the 2025 fiscal measures provides timely agricultural support, with benefits expected to be realized during the crop harvest in the third quarter of 2025.

For April 2025, IC Insights anticipates a 70 basis points decline in the annual inflation rate to 21.7%, as the stable Ghanaian cedi and tighter policy regime help tame demand pressure. However, supply-side constraints, particularly with food items, may nudge month-on-month inflation up to 1.2%.

Ghana’s annual headline inflation surprised to the downside in March 2025, posting a third consecutive month of decline. This suggests a strengthening pace of disinflation each month.

Headline inflation declined by 70 basis points to 22.4% year-on-year in March 2025, marking the lowest level in four months. This development somewhat dampens the renewed post-Monetary Policy Committee concerns about a potential upturn in domestic yields.

Commencement of the licensing marks a significant step in the government’s efforts to regulate and formalize the industry.

The licensing initiative, which begins today, was announced in a statement issued by the GoldBod’s Media Relations Officer, Prince Kwame Minkah.

Effective immediately, Ghanaian individuals aged 18 and above, as well as wholly-owned Ghanaian companies, are eligible to apply for licenses through GoldBod’s online portal goldbod.gov.gh or in person at its main office in Accra.

The categories of licenses currently open for application include:

• Aggregator License
• Self-financing Aggregator License
• Buyer License (Tier 2)
• Buyer License (Tier 1)

Additional categories, such as Refining, Smelting, Fabrication, Storage, Transportation, and Importation Licenses, will become available starting in July 2025.

GoldBod emphasized that all applicants must read, understand, and accept the Terms and Conditions associated with each license before submission.

Detailed information on licensing procedures, operational guidelines, and regulatory policies is accessible on the organization’s official website.

In a firm reminder of its regulatory mandate, the Board reiterated its earlier directive requiring all foreign entities to exit Ghana’s local gold trading market by April 30, 2025.

This move is backed by the Ghana GoldBod Act, 2025 (ACT 1140), and violators will be subject to legal penalties.

Foreigners, however, may still apply to off-take gold directly from GoldBod under regulated conditions.

The GoldBod also reaffirmed that all gold transactions must align with the official Bank of Ghana (BoG) Reference Rate, available at www.bog.gov.gh, as part of its commitment to promoting transparency and standardization in the industry.

This initiative is part of broader reforms to restructure and streamline the gold trading ecosystem in Ghana, with the overarching goal of optimizing national revenue and ensuring equitable benefits for citizens.

“We look forward to working collaboratively with stakeholders to bring greater order, efficiency, and accountability to Ghana’s gold sector,” said Minkah.

“The success of this initiative depends on the full cooperation of the public, and we remain committed to prioritizing their feedback,” he added.

Speaking during a deep-dive session on the Ghana Energy Compact under Mission 300 at the World Bank, he warned that the sector is grappling with a financial shortfall of approximately $2 billion annually.

Dr. Forson stressed that the magnitude of the shortfall surpasses Ghana’s domestic capital expenditure and must be treated with urgency.

He said the crisis cannot be resolved through tariff adjustments alone, pointing instead to the need for comprehensive reforms across the entire energy value chain.

“The problem is not just tariffs. The inefficiencies, especially in the distribution sector, are being passed on to the ordinary Ghanaian, making electricity costs unnecessarily high,” the Minister stated.

He added that the Electricity Company of Ghana (ECG) could reduce the shortfall by half if it addresses these inefficiencies.

To address the challenges, he disclosed that Cabinet has approved private sector participation as part of the government’s strategy to revive the sector.

Additionally, a Legislative Instrument (LI) has been submitted to Parliament to allow for the competitive procurement of power generation services.

Dr. Forson described the Ghana Energy Compact as a timely intervention and called for its rapid implementation.

“The compact has come at the right time. It will, in the long run, assist Ghana, and we are praying the process is not delayed,” he said.

He concluded with a strong appeal for urgency from all stakeholders.

“Time is of the essence. We must act quickly if we are to prevent further damage to our economy and improve the lives of Ghanaians.”

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Speaking at the African Leaders and Partners Forum organised by the EBII Group on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., he explained that the move is contingent on the passage of the Virtual Asset Providers Act.

This legislation will empower the Bank of Ghana to license and regulate platforms and players operating in the virtual asset space.

“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” Dr. Asiama revealed.

“This is a technology we cannot prevent, hence the need to move fast to regulate it.”

The forum brought together stakeholders from finance, trade, and agriculture across Ghana, the U.S., Europe, and the Americas to explore strategies to improve trade and investment between Africa and the United States.

SEC Collaboration and Background

The Director-General of the Securities and Exchange Commission, Dr. James Klutse, had earlier disclosed on PM Express Business Edition on March 27 that the Commission has made significant progress in establishing a regulatory framework for the cryptocurrency sector.

Back in January 2018, the Bank of Ghana issued a public notice reminding Ghanaians that cryptocurrencies such as Bitcoin were not recognised under Ghanaian law.

The central bank warned the public to be cautious when transacting with institutions using crypto and advised financial institutions to refrain from facilitating cryptocurrency transactions.

Broader Strategy and Africa’s Positioning

Addressing participants at the forum, Dr. Asiama emphasised the importance of macroeconomic credibility and strategic autonomy in securing investor confidence and redefining Africa’s global economic role.

“This is one of four key proposals from the Bank of Ghana on how to reshape US-Africa engagement,” he noted.

“Policies are being implemented to reduce and stabilise inflation, build reserves, and consolidate fiscal discipline.”

He added that across the continent, central banks are adopting bold reforms to improve transparency, independence, and credibility.

Dr. Asiama also highlighted the importance of fostering financial system resilience and enhancing risk mitigation strategies to attract productive capital flows and manage vulnerabilities.

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According the Bretton Woods institution, the swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity.

“Global growth is projected to drop to 2.8 percent in 2025 and 3 percent in 2026—down from 3.3 percent for both years in the January 2025 World Economic Outlook (WEO) Update, corresponding to a cumulative downgrade of 0.8 percentage point, and much below the historical (2000–19) average of 3.7 percent” the IMF said in its April 2025 WEO.

The report pointed out that in emerging market and developing economies, growth is expected to slow down to 3.7 percent in 2025 and 3.9 percent in 2026, with significant downgrades for countries affected most by recent trade measures, such as China.

“Growth in advanced economies is projected to be 1.4 percent in 2025. Growth in the United States is expected to slow to 1.8 percent, a pace that is 0.9 percentage point lower relative to the projection in the January 2025 WEO Update, on account of greater policy uncertainty, trade tensions, and softer demand momentum, whereas growth in the euro area at 0.8 percent is expected to slow by 0.2 percentage point”.

The report added that global headline inflation is expected to decline at a pace that is slightly slower than what was expected in January, reaching 4.3 percent in 2025 and 3.6 percent in 2026, with notable upward revisions for advanced economies and slight downward revisions for emerging market and developing economies in 2025.

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This marks the first such participation under the new National Democratic Congress (NDC) administration led by President John Dramani Mahama.

The meetings come just one week after Ghana secured a staff-level agreement with the International Monetary Fund on the fourth review of its IMF-supported programme.

This agreement is expected to lead to the release of approximately 370 million dollars in support of Ghana’s economic recovery agenda.

What makes the deal particularly noteworthy is that it was reached despite several structural benchmarks and quantitative targets under the programme being missed before the new administration took office.

The agreement is a sign of renewed international confidence in Ghana’s economic direction, largely driven by the swift and targeted actions taken by the new government.

The Mahama-led administration has worked tirelessly to reverse the country’s fiscal challenges. In many cases, it has fast-tracked the implementation of key structural reforms while introducing additional corrective measures aimed at restoring macroeconomic stability and credibility.

One of the most urgent issues addressed was the large buildup of payables in 2024, which created a significant primary deficit—far exceeding the modest surplus that had been programmed.

The government has responded with a bold and pragmatic reform package to curb arrears, reinforce spending discipline, and strengthen Ghana’s public financial management system.

Key Measures Implemented:

1. Comprehensive Audit of Outstanding Payables and Commitments
   An audit to verify the legitimacy of outstanding payables and commitments, with recommendations for corrective actions. The audit is expected to be completed within eight weeks.

2. Amendment of the Procurement Act
   The Procurement Act has been amended to make the Finance Minister’s commitment authorisation a requirement before any central government procurement can proceed.

3. Reform of the Public Financial Management (PFM) Act

   • Establishment of a binding debt rule targeting a 45% debt-to-GDP ratio by 2035.

   • Introduction of a fiscal rule requiring an annual primary surplus of at least 1.5% of GDP.

   • Establishment of an Independent Fiscal Council.

4. Operationalisation of a Compliance Desk at the Ministry of Finance
   A Compliance Desk has been set up at the Ministry of Finance to monitor how Ministries, Departments, and Agencies (MDAs) are adhering to fiscal rules.

5. Launch of the PFM Commitment Control Compliance League Table
   A PFM Commitment Control Compliance League Table will rank MDAs based on their level of compliance with spending controls and financial discipline.

In addition to these, the government has completed several structural reforms that were originally scheduled for completion by the end of December 2024 and March 2025—demonstrating its determination to stay ahead of schedule in resetting the economy.

Strategic Engagements in Washington

Throughout the week, Dr. Forson and the Ghanaian delegation will participate in a series of high-level meetings and discussions. These engagements will focus on key areas such as job creation, energy access, food security, and climate resilience.

A major highlight of the week will be a meeting between Dr. Forson and IMF Managing Director Kristalina Georgieva, where Ghana’s progress, challenges, and reform agenda will be discussed in detail.

Additional engagements are also planned with members of the Paris Club, rating agencies, the U.S. Treasury, and other development partners, all aimed at deepening collaboration and strengthening investor confidence.

Ghana’s Reset Story

In all his engagements, Dr. Forson is expected to share what he calls “Ghana’s reset story”—a vision grounded in restoring and sustaining macroeconomic stability, ensuring debt sustainability, and laying the foundation for stronger and more inclusive growth.

This reset includes protecting the poor and vulnerable, building resilience through ambitious structural reforms, and steering the country toward the broader goal of achieving “The Ghana We Want.”

Speaking on the sidelines of the Kwahu Business Forum at Mpraeso on Saturday, April 19, Mr. Nyarko said the initiative forms part of the government’s broader strategy to sustain the downward trend in inflation.

“As a government, we have committed and have started bringing down inflation. In fact, we are hoping that with the next inflation announcement, we see a significant improvement,” he noted.

He added that lower fuel prices should translate into reduced transport costs for Ghanaians. “We are seeing that fuel prices are also going down. In the next couple of weeks, we’ll have to engage transport operators so that they will also bring down lorry fares. Once all these happen, it will have a positive impact on inflation, and it will help us as a country,” Mr. Nyarko said.

The Deputy Minister also highlighted the significance of the Kwahu Business Forum in fostering collaboration between government, industry, and other stakeholders. He described the presence of the Minority Leader at the event as a reflection of national unity and inclusive governance.

“The presence of the Minority Leader and everybody shows that the government wants to bring everybody — the private sector, everyone — together so that we can push the growth that we need in this country,” he stated.

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He made this statement while addressing the Kwahu Business Forum on Saturday, April 19, 2025.

Acknowledging the economic difficulties Ghana had endured—soaring inflation, a weakened cedi, rising debt levels, and declining investor confidence—President Mahama said the worst may be over.

“We’re all aware of the challenges our country has faced in recent years, but I’m confident, and I say this with sincerity, that we will turn the corner,” he assured.

He cited the gradual easing of inflation and a stabilising currency as signs of progress under disciplined economic management. “With this disciplined management, we shall restore a measure of confidence in our economy,” he added.

However, the President stressed that recovery alone is not enough and called for bold action to transform the economy into one that is resilient, inclusive, and productive, adding that “this cannot be achieved without a financial sector that works not just for a few, but for every Ghanaian business—from the roadside vendor to the massive industrialist,” he said.

Outlining his administration’s vision for Ghana’s business landscape, President Mahama announced plans for a targeted programme to restore investor confidence by enhancing transparency, reducing bureaucratic red tape, and promoting a rules-based investment environment.

He further emphasised that government policy would prioritise sectors capable of generating sustainable employment and long-term growth, including agro-processing, ICT, manufacturing, tourism, renewable energy, and the green economy.

Again, he stressed that while attracting foreign investment remains crucial, his government is equally focused on empowering Ghanaians to become owners and drivers of enterprise.

Speaking at the 2025 edition of the Kwahu Business Forum on Friday, April 19, the President stressed the need for Africa to evolve from a predominantly trading mindset to a more industrial and entrepreneurial approach.

He said the continent has consistently missed out on the economic benefits of major global transitions, from the Cold War to the age of globalization, but now has a fresh opportunity to benefit from the ongoing geopolitical reconfigurations, including rising trade wars among major economic powers.

“The world is changing and new opportunities are being thrown up, and we as a country must take advantage of those opportunities,” Mr Mahama said.

He pointed to the current trade tensions between economic superpowers as creating “global shifts in terms of production,” which Africa must leverage to move away from its traditionally passive economic role.

“Africa must shake itself out of the mindset that we are only traders,” the President said, calling for a bold pivot toward manufacturing, industrialization, digital entrepreneurship, and agribusiness.

“We can be anything that we want.”

According to the President, as the world becomes more unpredictable due to political and economic tensions, the environment becomes ripe for long-marginalized regions like Africa to assert themselves.

The Kwahu Business Forum forms part of a series of engagements bringing together policymakers, entrepreneurs, and investors to discuss innovative strategies for economic development and private sector empowerment in Ghana and across the continent.

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But as news of the government’s decision not to renew the company’s mining lease spreads, the mood in the community is not one of sorrow, but of quiet relief.

“You cannot be in a town for three decades and leave it looking abandoned,” said Emmanuel Afful, Convener of the Concerned Youth of the Damang Catchment Area.

“There’s no hospital, no functional water systems in some communities, and the same dusty, pothole-ridden roads.”

According to the youth, their stand is not against mining itself but against what they describe as the lack of meaningful development under Goldfields’ watch.

“We are not anti-mining, we are pro-development—and Goldfields failed to deliver,” Afful stressed. “Compare Damang to Kenyasi or Akyem, where other mining companies have built hospitals and improved infrastructure. Three decades should have transformed Damang, but instead, we were left with neglect.”

The youth have commended the government for what they see as a long-overdue response to community concerns and are calling on authorities to remain firm against any attempts to overturn the decision.

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Despite promises of local job creation and skills development, most of the top roles at Goldfields were occupied by non-locals.

Locals were relegated to casual labor — cleaning, catering, and security — mostly through subcontractors. Even industrial attachments and national service placements often excluded Damang youth.

“This wasn’t a partnership; it was extraction with exclusion,” said Eric Garibor. “Now that they are gone, let us chart a new course.”

The youth are advocating for the next concession to be awarded to a competent Ghanaian company — one that values community, promotes Ghanaian jobs, and reinvests in local infrastructure.

“A Ghanaian success story is possible. We’ve seen it at Awaso. Let’s do the same in Damang,” Garibor said.

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Speaking at the national launch of the programme on Tuesday, April 16, Mr. Mahama called on young Ghanaians to take full ownership of the initiative, which is designed to equip one million citizens with coding and digital skills.

“To the youth of Ghana, I say this programme is for you. Take it and own it,” he urged.

He further described the programme as a launchpad for the youth to explore opportunities in the digital economy.

“Let this be your launchpad into innovation, entrepreneurship and global relevance. Let this be the bridge between your dreams and the opportunities of the digital age,” Mr. Mahama said.

Positioning the youth not merely as beneficiaries but as leaders of Ghana’s digital evolution, Mr. Mahama stressed their critical role in shaping the nation’s future.

“You are not just participants in this initiative, you are the architects of Ghana’s digital future,” he declared.

The former President also announced that training centres will soon be set up nationwide to ensure accessibility for all.

“In the next phase, we will activate training centres at community information centres across all metropolitan, municipal, and district assemblies,” he disclosed.

Speaking at the official launch of the programme in Accra, President Mahama explained that the initiative would adopt a decentralised model, ensuring access to training for individuals across the country — from bustling cities to remote villages.

“The first cohort of 560 trainees launching today in Accra, Kumasi, Sunyani, and Bolgatanga reflects our commitment to gender balance and regional inclusivity,” he noted.

He also stressed the inclusion of vulnerable groups, particularly people with disabilities, who often face barriers to such opportunities.

President Mahama described the overwhelming interest as a clear signal of the urgency to address the skills gap facing young Ghanaians.

“This overwhelming response highlights the hunger for opportunity and the importance of this initiative,” he said. He added that plans are underway to expand the programme by setting up community training centres in every district, municipality, and metropolitan area.

Outlining the necessary digital infrastructure to support the rollout, Mahama emphasized the importance of broadband expansion, learning platforms, and access to devices.

“Every layer of this initiative has been designed for skill and sustainability,” he said. “Let us not underestimate what this represents for our country. We are changing the national narrative from one of limitations to one of limitless potential.”

Also speaking at the event, Communications Minister Sam George highlighted the critical role digital training will play in addressing Africa’s skills gap, pointing out that nearly 60% of young people in Sub-Saharan Africa lack basic digital skills.

“This gap isn’t just a missed opportunity; it’s a barrier to progress, and we must break it down,” he stated.

The One Million Coders Programme aims to deliver comprehensive coding and digital skills training, beginning in four locations with the goal of nationwide expansion.

The Kofi Annan Centre of Excellence in ICT is spearheading the programme’s content development, offering a structured curriculum at beginner, intermediate, and advanced levels. Participants will be trained in areas such as cybersecurity, network support, data protection, and data analysis.

“We initially planned to pilot with 260 students, but within four hours of the announcement, we had over 4,000 applications, so we expanded the pilot to 520 students,” Sam George revealed. As of the latest count, over 91,000 applications have been received.

The initiative is positioned as a strategic investment in Ghana’s youth, aimed at equipping them with the digital expertise needed to seize emerging opportunities as Africa’s digital economy is projected to generate millions of new jobs by 2030 — a crucial pathway amid the country’s 12% youth unemployment rate.

The announcement was made by Alex Segbefia, the Chief of Staff at the Office of the Vice President, during a speech delivered on behalf of the Vice President at the graduation of 203 cadet officers at the Customs Academy in Kpetoe, Volta Region.

The government’s push for a new law is in response to calls from civil society for an overhaul of outdated regulations governing the sector. The goal is to strengthen revenue from minerals and natural resources to support national development.

“The recent elections gave our nation a great opportunity to reset for a fresh start to restore good governance and set our country on a trajectory of economic transformation,” Segbefia stated. He emphasized that the government is committed to enhancing revenue mobilization and creating a more equitable and efficient tax system.

To achieve these goals, Segbefia outlined several measures, including:

• Reviewing the tax exemption regime to promote transparency, economic growth, technology transfer, and job creation.

• Reviewing and rationalizing port fees to enhance trade competitiveness and maximize revenue.

• Resuming the restructuring of the Ghana Revenue Authority (GRA) to improve tax administration and compliance.

• Enacting a Natural Resources Revenue Management Act (NRMA) to increase revenue from mineral resources, including new finds and green minerals.

Segbefia also reassured the GRA of the government’s commitment to supporting the division in its role as the country’s main revenue mobilizer. He highlighted the importance of improving GRA operations to further enhance revenue generation.

The newly graduated officers completed nearly nine months of official training in para-military and customs at the GRA Academy.

His remarks come on the back of a recent staff-level agreement reached between the IMF and Ghana following the fourth review of the country’s three-year Extended Credit Facility (ECF) programme. If approved by the IMF Executive Board, the deal is expected to unlock approximately US$370 million in financial assistance for Ghana.

Speaking during an interview on Citi FM, Mr. Issah, who is also a member of Parliament’s Finance Committee, raised concerns about Ghana’s recurring engagements with the IMF over the past three decades.

“I only urge that this should be the last time as a country we cede our sovereignty to external partners. We have the brains in this country. Why is it that for 17 times consecutively, every government in the last three decades has in one way or the other signed up to the IMF programme?” he questioned.

Mr. Issah stressed the need for a national reflection on Ghana’s economic path, urging policymakers to work toward a future free from IMF bailouts.

“And I think that it’s cause for us to reflect as a nation and to make sure that this becomes the last time we will approach the IMF again,” he added.

The MP also acknowledged the efforts of both the Akufo-Addo and Mahama administrations in managing the country’s economy, noting that Ghana’s progress has been shaped by a collective contribution across different governments.

“For me, I know that the NDC should get the credit, as well as the NPP who just left power should also get credit in terms of how we managed this IMF programme,” he stated.

Residents in the region have been grappling with persistent low voltage, power fluctuations, and intermittent outages, particularly during the evenings.

In a statement issued by its Volta Regional Public Relations Unit, ECG clarified that the situation stems from the limited power supply delivered from GRIDCo’s Asiekpe Bulk Supply Point, which is then distributed to customers.

“We want to clarify that the root cause of this situation is not due to ECG’s distribution of power, but rather originates from GRIDCo’s supply from the Asiekpe Bulk Supply Point,” the notice explained.

The company acknowledged the frustration caused by the situation, including damage to electrical appliances and disruptions to livelihoods, and offered an apology to affected customers.

“We sincerely apologise for any inconvenience this may have caused,” the statement added.

ECG further assured the public that both the company and GRIDCo are working diligently to resolve the issue. Maintenance works have been scheduled for Tuesday, April 22, 2025, and customers can expect improved service quality once completed.

“In the meantime, our team has been diligently patrolling and troubleshooting our network to ensure there are no additional faults on our end,” the statement said.

“We kindly ask for your patience and understanding as we work alongside GRIDCo to restore a reliable power supply to customers. We are confident that, following the upcoming maintenance works, you will experience improved service quality,” it concluded.

Speaking at the official launch in Techiman, Bono East Region, President Mahama underscored the urgency of boosting local production and tapping into Ghana’s untapped potential in the global oil palm market, which is projected to reach $65 billion by 2027.

“Ghana must take its rightful place in the global oil palm market. With local demand at 450,000 metric tonnes and current production at only 300,000 metric tonnes, we face a shortfall of 150,000 metric tonnes. We must close this gap and seize the opportunity to export,” President Mahama stated.

The Feed Ghana Programme is designed as a comprehensive policy framework to guide all agricultural initiatives under his administration. It places emphasis on modernised farming techniques, infrastructure development, and the establishment of agro-industrial zones across the country.

As part of the intervention, President Mahama announced the introduction of a National Palm Oil Industry Policy, which will offer targeted incentives along the entire value chain — from cultivation to processing and export.

“We call it our ‘brown gold’—palm oil. Through this policy, we will ensure strategic incentives to support farmers, processors, and exporters. Our goal is to turn palm oil into a key economic pillar, just like cocoa once was,” he said.

President Mahama also pledged to strengthen the Tree Crops Development Authority (TCDA), which was established in 2019 by Act 1010 of Parliament to regulate and sustainably develop six strategic crops: oil palm, cashew, mango, coconut, shea, and rubber.

“The TCDA will be given the full support it needs to scale up the development of all six tree crops, but special emphasis will be placed on oil palm due to its high demand both locally and internationally,” he added.

Ghana’s food import bill currently exceeds $2 billion annually. While agro-industries operate below capacity, food inflation, though reduced from a peak of 54% in 2022 to 23%, remains a concern.

“This is not the time for half-measures. Agriculture must not be treated as a development footnote. It is the engine of national transformation, and we must act like it,” President Mahama stressed.

The Feed Ghana Programme, through its Tree Crop Development – Feed the Industry sub-initiative, aims to reposition agriculture as a major driver of economic growth, job creation, and food security.

“It’s time for a collective effort. With this programme, we are not only feeding the people — we are feeding the industries, strengthening our economy, and reclaiming our place in the global agricultural value chain,” President Mahama concluded.

The initiative signals a significant policy shift toward agro-industrialisation, positioning the oil palm industry as a cornerstone of Ghana’s renewed agricultural agenda.

The Ghana Union of Traders’ Associations (GUTA) has vehemently rejected the recent utility tariff increase approved by the Public Utilities Regulatory Commission (PURC).

In a statement signed by the General Secretary, Alpha Shaban, GUTA described the tariff hike as unjustified and warned that it would place an unfair burden on consumers.

GUTA pointed to systemic inefficiencies, corruption, and mismanagement within the utility sector, accusing both the PURC and utility providers of failing to tackle wastage and corruption within the industry.

The PURC, on Friday, April 11, 2025, announced that electricity tariffs would rise by 14.75% and water tariffs by 4.02%, effective May 3.

The Commission attributed the increases to fluctuations in the exchange rate, rising domestic inflation, the cost of natural gas, and changes in the electricity generation mix.

However, the business community has raised several concerns, including inflated procurement costs that benefit individuals, ineffective bill collection from state institutions leading to debts passed on to consumers, rampant illegal connections, weak oversight by the PURC, and theft incidents such as the missing ECG containers scandal.

Emphasising the need for transparency, accountability, and better governance to protect consumers and stabilise the economy, GUTA is demanding stronger action against corruption.

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In a statement signed by Member of Parliament for Karaga and Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, the Minority rejected claims by President John Mahama that the previous government had “criminally mismanaged” the economy and breached the IMF programme.

According to Dr. Adam, the Staff Level Agreement—reached after the IMF’s fourth review of Ghana’s programme—proves that many of the critical targets were, in fact, met under the previous administration.

“It must also be noted that reaching a Staff Level Agreement has vindicated the previous NPP government contrary to the new government’s assertion that the programme had been breached and ‘the economy criminally mismanaged,’ in the words of the President of the Republic,” he stated.

The agreement, once approved by the IMF Executive Board, will pave the way for the release of $370 million in funding to support Ghana’s economic recovery.

Dr. Adam further pointed to the IMF’s revised assessment of key economic indicators. He highlighted that Ghana’s economy grew by 5.7% in 2024, surpassing both the original growth target of 3.1% and the revised target of 4%. Additionally, gross international reserves increased to $8.9 billion, while the debt-to-GDP ratio improved significantly, dropping from 82% at the end of 2022 to 61.8% at the end of 2024.

The Minority also criticised the current administration for what they described as politically motivated claims regarding missed IMF targets.

They argued that while some indicators—such as inflation and accumulated payables—did miss their targets, these shortfalls were not severe enough to collapse the programme.

“Minister of Finance, the Hon. Ato Forson, declared during the 2025 budget presentation that the previous government had breached the IMF programme because it missed the targets for the primary fiscal balance, payables, and inflation.

“The Staff Level Agreement has proven that many of the targets had been met; and missing these few targets could not collapse the programme as the new government tried hard to communicate in furtherance of its propaganda objective,” the statement added.

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Speaking at a joint press briefing with the Bank of Ghana and the International Monetary Fund, Dr. Forson acknowledged the challenges but stressed that targeted reforms are already underway to stem losses and improve financial transparency.

“Fiscal risks in the energy sector remain a challenge, but we have instituted measures to reduce, and eventually eliminate, the shortfall,” he told journalists.

Among the key interventions, the Finance Minister highlighted the operationalisation of a single account mechanism and the strict enforcement of the Cash Waterfall Mechanism. This system ensures fair and consistent payments to Independent Power Producers (IPPs) based on established guidelines.

These reforms are expected to improve liquidity flow within the energy sector and prevent the accumulation of new arrears—a recurring issue that has long strained Ghana’s public finances.

Dr. Forson reaffirmed the government’s commitment to transparent governance in the sector, emphasizing that addressing inefficiencies is crucial for restoring macroeconomic stability and securing the credibility of Ghana’s IMF-supported recovery programme.

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Speaking on behalf of the President, Finance Minister Dr. Cassiel Ato Forson assured Ghanaians and international partners that the government remains focused on delivering the objectives of the programme.

“We remain fully committed to the implementation of the programme and will do all it takes to ensure that its objectives remain on track,” Dr. Forson declared.

Acknowledging the economic hardships facing citizens, the Finance Minister expressed gratitude to Ghanaians for their patience and resilience during this period of recovery.

He noted that government efforts will continue to prioritise inclusive growth, job creation, and the protection of the poor and vulnerable.

Dr. Forson also pledged to personally lead the charge to meet all commitments under the IMF arrangement, reinforcing the Mahama administration’s credibility with both domestic and international stakeholders.

“This is about building the Ghana We Want — together,” he stressed.

“We fully recognise the sacrifices made by every Ghanaian as we work together to restore macroeconomic stability and secure a brighter future for our nation.”

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Speaking at a joint press conference hosted by the Ministry of Finance, the Bank of Ghana, and the IMF, Finance Minister Dr. Cassiel Ato Forson outlined measures being implemented to reverse prior breaches of structural and quantitative targets.

“We have worked tirelessly to reverse the situation and, in some cases, fast-tracked the implementation of certain structural reforms ahead of schedule,” he remarked.

Among the most significant reforms is the commissioning of the Auditor-General, supported by two international audit firms, to audit and validate the legitimacy of the 2024 arrears. The results, expected within eight weeks, will guide corrective actions and promote accountability.

Further reforms include proposed amendments to the Public Financial Management Act and the Procurement Act, aimed at introducing fiscal rules and strengthening control over public expenditure.

Additionally, a newly launched Compliance Desk will monitor adherence across Ministries, Departments, and Agencies (MDAs), supported by a soon-to-be-published compliance league table.

“These bold steps are not just technical fixes — they are about restoring trust in public financial management,” Dr. Forson added, emphasising the importance of long-term credibility and sustainability in Ghana’s economic governance.

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The company was honored with the “Outstanding Payments Technologies Provider of the Year 2024” award, a recognition of its innovation, reliability, and impact in transforming digital payments in Ghana and beyond.

“We are deeply proud of this achievement,” said Yvonne Effe Faska, Communications and CSR Manager of eTranzact Ghana at the awards ceremony.

“This award is a reflection of the tireless work and commitment of our entire team. It inspires us to keep raising the bar in payment technology,” Faska added.

Adding to the celebration, John Apea, CEO of eTranzact Ghana, was named “Fintech CEO of the Year”, recognising his visionary leadership and unwavering dedication to driving financial inclusion through technology.

“This is not just a personal honor. It’s a tribute to the incredible minds and hearts at eTranzact Ghana. We’re building more than tech, we’re building trust, empowering businesses, and changing lives,” John Apea said.

eTranzact Ghana, a subsidiary of the pan-African electronic payment giant eTranzact Global, has played a critical role in accelerating digital transformation in Ghana’s financial services ecosystem.

With a robust suite of payment solutions, the company provides seamless services to banks, telecoms, government agencies, merchants, and individuals across the country.

eTranzact, renowned for its innovative and reliable platforms, offers a comprehensive suite of digital financial services designed to support secure, real-time transactions.

These include mobile money transfers, card payments, online banking integrations, and agency banking solutions, empowering businesses with scalable and trusted payment tools.

Its diverse range of services includes the XCEL mobile app, USSD services, web payments, remittances, agency banking, mass payments, bill payments, and more. ensuring seamless financial operations for individuals, businesses, and institutions alike.

Under the leadership of John Apea, eTranzact Ghana has seen rapid growth, with several strategic partnerships and product innovations that have strengthened its market position.

The company has also been instrumental in promoting financial inclusion, especially among unbanked and underserved communities, by leveraging technology to bridge gaps in access.

The dual recognition at the Ghana Corporate Finance Gala Dinner 2025 marks a significant milestone in the company’s journey and reinforces its position as a dominant force in Ghana’s fintech landscape.

Last week, the local currency remained stable at GH¢16.00 to a dollar in the retail market for most of the week, maintaining a year-to-date depreciation of 2.36%.

It also depreciated by 2.25% week-on-week against the euro but remained unchanged against the pound.

The Bank of Ghana’s intervention of US$178.2 million helped contain depreciation pressures, keeping the cedi stable.

This week, the cedi remained unchanged at GH¢16.00 to the dollar. Analysts expect the positive outcome of the IMF Ghana ECF programme to bolster market sentiment and stabilize the local currency.

The Bank of Ghana supported the foreign exchange market with US$264.4 million in March 2025, contributing to the cedi’s stability.

The intervention, combined with ample foreign liquidity in the local market, helped the cedi maintain a calm trading session, holding steady at GH¢15.5 to the dollar for the month.

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