The Bretton Woods institution is attributing the significant drop in Ghana’s total debt stock to the recent debt restructuring programme, which has put the country on the path to debt sustainability.

The Director of Communications at the IMF, Julie Kozack, disclosed this in a response to questions posed by Journalists at a Press Conference in Washington, DC, USA.

She added that “the recent debt restructuring agreement has significantly improved debt service indicators for Ghana”.

This development, the IMF Director of Communications indicated, will go a long way to create more space for economic recovery and the much-needed investments in the economy.

Debt reduction projection

“This drop can be described as a specifically steep reduction in Ghana’s public debt”, she added.

The Director of Communication at the IMF continued that this marks some restoration of fiscal sustainability.

On reforms needed to sustain this decline, Madam Kozack argued that Ghana needs to go with those reforms, especially boosting domestic revenue, strengthen public financial management, and overall maintaining fiscal discipline.

Ghana Debt Situation

Data released by the Bank of Ghana in June this year showed that Ghana’s total debt stock has reduced to GH¢613 billion as of June 2025.

This represented 43.8% of GDP.

Source : Joy Business

Speaking to JoyBusiness during the 2025 Oguaa Fetu Afahye in Cape Coast, Mr. Sarpong revealed that the GRA is intensifying public sensitisation on the importance of paying taxes.

The festival, which was celebrated under the theme “Innovate to Elevate: Harnessing the Creative Economy for Sustainable Growth”, also saw the GRA extend support to victims of recent flooding in the Central Region. The Authority donated GH¢100,000 to the Central Regional NADMO and the Cape Coast Metropolitan Assembly to assist affected households.

“GRA, as I already said, is for revenue mobilisation. Being part of this celebration, we have used it as an opportunity to educate Ghanaians, taxpayers, and patrons. As we enjoy and make merry, we should remember that the nation is developed by the taxes we collect,” Mr. Sarpong said.

He encouraged festival attendees and the general public to demand VAT invoices when making purchases.
“As you go to restaurants, hotels, and shops, do one simple thing—make sure the bill you are given has a VAT invoice. When you demand VAT, you ensure that you contribute towards revenue mobilisation and national development,” he stressed.

Mr. Sarpong also embarked on a radio campaign during the festival to promote the GRA’s modified taxation programme, designed to bring small businesses outside the tax bracket into the system.

Source: JoyBusiness

Speaking at his maiden media encounter on Wednesday, September 10, the President explained that the withdrawal came after months of steep appreciation of the currency.

“And so yes, Bank of Ghana has been intervening in the forex market, but they’ve withdrawn. And what happened was that, because of the rapid appreciation in the value of the cedi, we saw an exponential increase in imports, because then people could buy cheaper dollars, and so they could import more, which is a natural economic phenomenon.

“But on the other side, exporters are not happy, because they get fewer cedis for what they export.”

The President argued that the country must strike a delicate balance between protecting exporters and not overburdening importers.

“And so every country tries to find out a balance where exporters are able to do good business and importers are not overburdened by high Forex, eh? Where does that lie? I don’t know. I’m not a central bank, but the cedis is making an adjustment, and I believe that it will settle at a certain rate, and we will make sure that any depreciation that occurs in the value of the cedis is within a margin of about 5% per annum. That is what we we target.”

He recalled that questions were raised when the cedi dropped sharply against the dollar. “There was one occasion where I said people were asking whether it will go below ¢10, and I said, it is dropping, but it will find its true value. It was undervalued at ¢16, and it probably is overvalued at 10, but somewhere between there we have the real value of the cedi.”

President Mahama also highlighted the difficulties caused by volatility. “When you have steep depreciation of about like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult.”

He linked part of the challenge to reduced inflows from abroad.

“It’s also seen that it coincided with a period where we saw a reduction of 50% in remittances, because citizens in the diaspora were taken aback by the rapid appreciation of the cedi.

“And so if somebody was building a house, if he was going to send $100,000, it meant that he was losing a certain percentage of that $100,000 and most of them would decide to adopt a wait-and-see attitude and say, Oh no, ask for cedis. It’s not possible that the cedi can regain its value to that extent.

“By all means, it will go up again, so I’ll hold back my remittance until the cedi goes back up. So we saw a 50% reduction.”

The President added that investigations had uncovered disturbing practices.

“There were also some other factors. Some money transfer companies were collecting dollars abroad and not repatriating them.

“There were other cases where people applied through the commercial banks for foreign exchange to cover imports, and those monies are transferred to pay for imports, but the imports never came into Ghana.”

According to him, the scale of the problem is massive.

“And we’ve studied for a period of four years. And every year over the period of four years, about $42 billion was taken out of this country without the corresponding imports coming into the country.

“And so we started sanctioning some banks, and soon will start interrogating some individuals who ostensibly took money out against imports, but never brought those imports.”

President Mahama stressed that such abuses threaten the economy.

“We want to know what happened and if there was wrongdoing, to sanction whoever it is. While we work to stabilise our economy and improve the value of our currency, we must protect that currency, because a good, strong cedi is good for all of us.

“But when that happens, some people try to take advantage of it, and I think that we should all condemn anything like that.”

Source: Abubakar Ibrahim

He revealed that Ghana, which previously enjoyed duty-free access to the U.S. market under AGOA, now faces a 15% tariff on its exports.

Speaking during his first presidential media encounter of his second term, President Mahama explained that AGOA was due for renegotiation in September, but the U.S. administration under Donald Trump disrupted the trade framework with protectionist policies.

“Countries like Ghana enjoyed zero tariffs in the U.S. because we were considered developing. It was a concession that the U.S. gave. Then came President Trump with a transactional mindset, arguing that the U.S. had been taken for granted for too long. So even for Africa, including Ghana, he slapped a 15% tariff on us from zero,” Mahama said.

“AGOA is technically dead. It was due for renegotiation in September, but with this 15% tariff, there is no way it will be renewed. We are watching carefully. The power to impose tariffs lies with Congress, but in this case, the U.S. president is pushing the limit,” he added.

Since its enactment in 2000, AGOA has been central to U.S.–Africa trade relations, granting eligible sub-Saharan African countries duty-free access to over 1,800 products, in addition to 5,000 items under the Generalized System of Preferences (GSP).

Congress modernized and extended AGOA in 2015 to run until 2025; however, the Trump administration’s protectionist shift has cast serious doubt on the programme’s continuation beyond its expiration date.

Source: AdomOnline

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Speaking at his maiden media encounter on Wednesday, September 10, he recalled how some Ghanaians questioned whether the exchange rate would drop below ¢10.

“There was one occasion where I said people were asking whether it will go below ¢10, and I said, it is dropping, but it will find its true value.

“It was undervalued at ¢16, and it probably is overvalued at 10, but somewhere between there we have the real value of the cedi.”

He stressed the focus must be on halting sharp depreciation. “I believe that it is about stopping the rapid depreciation of the currency.

Almost every currency would realise either depreciation or appreciation in the course of a year. But when you have steep depreciation of about like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult.”

Mr Mahama noted that the Bank of Ghana’s intervention and subsequent withdrawal from the forex market triggered unintended consequences.

“Because of the rapid appreciation in the value of the cedi, we saw an exponential increase in imports, because then people could buy cheaper dollars, and so they could import more, which is a natural economic phenomenon.

But on the other side, exporters are not happy, because they get fewer cedis for what they export. And so every country tries to find a balance where exporters can do good business and importers are not overburdened by high forex rates.”

He admitted the central bank has the responsibility to maintain that balance, but pledged that under his watch, depreciation will be controlled.

“Where that lies, I don’t know. I’m not a central bank, but the cedi is making an adjustment, and I believe that it will settle at a certain rate, and we will make sure that any depreciation that occurs in the value of the cedi is within a margin of about 5% per annum. That is what we target.”

He linked part of the problem to a sharp fall in remittances.

“It also coincided with a period where we saw a reduction of 50% in remittances, because citizens in the diaspora were taken aback by the rapid appreciation of the cedi.

And so if somebody was building a house, if he was going to send $100,000, it meant that he was losing a certain percentage of that 100,000 and most of them would decide to adopt a wait-and-see attitude.”

The president also revealed troubling findings from investigations into foreign exchange transactions.

“There were some money transfer companies that were collecting dollars abroad and not repatriating the dollars.

“There were other cases where people applied through the commercial banks for foreign exchange to cover imports, and those monies are transferred to pay for imports, but the imports never came into Ghana.

“And we’ve studied for a period of four years. And every year over the period of four years, about $42 billion was taken out of this country without the corresponding imports coming into the country.”

He said sanctions are underway.

“We started sanctioning some banks, and soon will start interrogating some individuals who ostensibly took money out against imports, but never brought those imports. We want to know what happened and if there was wrongdoing, to sanction whoever it is.”

Mr Mahama insisted that protecting the currency is a collective duty.

“While we work to stabilise our economy and improve the value of our currency, we must protect that currency, because a good, strong cedi is good for all of us.

“But when that happens, some people try to take advantage of it, and I think that we should all condemn anything like that.”

Source: Myjoyonline

Speaking during his Presidential Media Encounter, the President said his government’s economic management strategy is not just about improving macroeconomic indicators but ensuring that households experience real relief.

“Our approach to economic management goes beyond improving the macroeconomic indicators. It’s about making the Ghanaian household feel the impact in their everyday lives,” President Mahama stated. “As the saying goes, the real economy is not in statistics, but in the pockets of the people,” he said on Wednesday, September 10.

He highlighted that inflation has dropped significantly from 23.8 percent in December 2024 to 11.5 percent in July 2025 — the lowest recorded since December 2021. This, he explained, is reflected in the stabilisation of prices of goods and services.

According to him, the effects of the economic rebound are now visible in markets across the country.

“The prices of key commodities have fallen and, for the first time in years, brands and businesses are actively advertising their price reductions. This is a sign that recovery is not only real but tangible,” he said.

Trade associations, he revealed, have also presented data to Parliament showing that up to 4,500 different items on the market have seen varied price reductions.

Source: Aodmonline

Speaking on The Pulse on JoyNews, while reacting to a JoyNews Research that uncovered large-scale night-time clearance of mass excavators at the Tema Port, Mr. Awingobit accused the Minister of Transport, Joseph Bukari Nikpe, of failing to act decisively.

“I must say that the Minister of Transport is one of the problematic ministers we have in the system. The Minister of Transport has contributed to what we are seeing now, this canker in the country,” he said.

According to him, the situation has created opportunities for middlemen linked to political parties to exploit importers.

“The Minister of Transport has created what we now have party boys and girls or middlemen who are running to these excavator importers and asking for money, promising to facilitate permits for clearance,” he alleged.

Mr. Awingobit said that the Minister should have taken firm and direct action against shipping lines and importers to ensure the ban was properly enforced.

“Let me state clearly that as the Minister of Transport, how do you say you have put an embargo or ban on excavator imports without giving clear instructions? You are supposed to write a letter strictly to the shipping lines and state that from this day onwards, if you are loading cargo from the port of origin, and it contains an excavator, and you bring it to my port, you will be penalised or banned from my port,” he explained.

He also insisted that there should have been public communication on the enforcement of the ban of the excavators

“He should have issued a statement and stated that any importer, from this date, if there is an excavator on a vessel at sea, it is exempted. Those who have already landed in the country are also exempted. But from this date onwards, if one loads a carrier or a vessel and that vessel arrives in my country, you will stand to pay penalties, and the importer too will be held responsible,” he said.

Mr. Awingobit stated that as a Minister of State, the Transport Minister must show clear authority in such matters.

“This is how a Minister of State does things explicitly, communicated. This is how a Minister of State is supposed to take charge and show authority,” he added.

Source: Joy Business

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This follows strong corporate demand and tight foreign exchange supply. The Bank of Ghana has been moderate on the foreign exchange market with supply lower than in May, June and July 2025.

Some analysts attribute the cedi’s recent performance to the Bank of Ghana’s curb on foreign currency cash withdrawals, which were not backed by equivalent foreign currency deposits.

Liquidity has been tight on the foreign exchange market as the market continues to correct itself.

As of Friday, September 5, 2025, the local currency was going for c12.90 on average at the forex bureau, but has since surged to GH¢13.10.

Some analysts warned that this trend may continue if the forex supply is not increased.

Bloomberg reported on September 4, 2025, that the local unit weakened by 13% so far in the third quarter of 2025.

That erased some of the cedi’s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world’s best performer in the three months through June.

On the interbank market, the local currency is going for GH¢12.10 against one American greenback

UK-based Fitch Solutions had earlier revised its end-of-year forecast of the cedi-to-dollar at GH¢13.0, from its previous projection of GH¢15.5 to one American greenback

It is also forecasted a 12.9% appreciation against the US dollar in 2025.

Source: Joy Business

The growth was driven largely by the Services sector, which recorded a 9.9 percent growth rate and contributed the biggest share to the overall economy.

The Statistical Service noted that the Services sector was the largest contributor to the country’s output in the period under review, playing a pivotal role in the strong performance recorded.

It added that the 6.3 percent growth represents the strongest quarterly expansion in six years, reflecting a significant rebound in Ghana’s economic activity.

Source: Joy Business

According to JoyBusiness sources, the full amount will not be released at once but disbursed in tranches, with a significant portion expected before the end of the year. The arrangement is designed to secure COCOBOD’s commitment to meet bean supply obligations.

COCOBOD’s New Financing Model

In 2023, COCOBOD rolled out a new funding model for cocoa purchases, which requires international buyers to deposit at least 60% of the value of their forward contracts at the beginning of the season.

This model replaced the three-decade-old pre-export syndicated loan facility from international banks. Under the new arrangement, part of the traders’ deposits is channeled through licensed cocoa buying companies (LBCs), which are financed by the traders to purchase beans, with COCOBOD serving as the intermediary.

Boost For The Cedi

Analysts believe the cedi will be among the biggest beneficiaries of the inflows, as they are expected to significantly improve the Bank of Ghana’s international reserves.

As of July, the Bank of Ghana reported reserves of $11.1 billion in its Economic and Financial Data.

Speaking to JoyBusiness’s George Wiafe, Governor of the Bank of Ghana, Dr. Johnson Asiama, said the inflows should reassure the market of the central bank’s capacity to intervene when necessary to meet the demands of businesses and commercial banks.

“This development demonstrates a favourable outlook for the cedi despite recent pressures. As regulator, we have taken the needed actions to ensure that things do not get out of hand,” Dr. Asiama stated.

He stressed that Ghana’s macroeconomic fundamentals remain solid and should boost business confidence in the cedi’s stability and the ongoing measures to strengthen market liquidity.

JoyBusiness has also gathered that Ghana could receive additional inflows from development partners, which would further consolidate the country’s external reserves.

Source: JoyBusiness

The announcement was made by the Minister of Communications, Digital Technology, and Innovation, Sam Nartey George, during a staff engagement at AT Ghana’s head office in Accra.

He assured workers that none of the 300 permanent staff will lose their jobs, stressing that the merger aims to create a stronger operator with improved efficiency and nationwide service delivery.

Mr. Osei observed that both companies have been battling financial challenges, with AT Ghana in particular struggling to remain profitable.

He argued that operating separately was no longer sustainable, making the merger both timely and necessary.

“This is a commendable initiative by the government,” he said. “A unified operator will help reduce operational costs, streamline services, and potentially offer consumers more affordable prices in the long run.”

He added that subscribers are more likely to enjoy improved coverage, reliability, and access to digital services, rather than face disruptions.

Some members of the public have also welcomed the move, noting that it will help sustain competition in the telecom sector while revitalizing two struggling operators.

Source: Jagri Boaz Binyinjom

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Rektron’s Chief Executive Officer, Atanas Kolarov, said the group is ready to become the strategic investor Ghana has been seeking to rescue AT Ghana, which is weighed down by over $150 million in debt and struggling to maintain its market relevance.

“This is not a speculative initiative, but a meticulously structured, financially robust, and independently validated blueprint for the immediate stabilization and long-term renewal of one of Ghana’s most strategic national assets,” Mr. Kolarov stated.

The proposal is anchored in a Memorandum of Understanding (MoU) signed with the Government of Ghana on May 21, 2025, which outlined the need for a well-resourced partner capable of providing both capital and technical expertise.

Tackling AT Ghana’s debt

Rektron disclosed that it has already opened talks with creditors, securing broad understanding for a lenient restructuring plan. The company noted that creditors are eager to collaborate with both Rektron and the government to stabilize AT Ghana post-acquisition.

The group’s $150 million initial offer will be injected through a mix of cash, credit lines, and guarantees, with additional funding planned after the deal’s completion. The immediate capital will be directed toward debt clearance, infrastructure expansion, and service quality improvements.

Protecting jobs and empowering staff

A central pillar of the plan is job security. Mr. Kolarov assured that all full-time and contractual staff will be retained, while new opportunities will be created as operations expand. Rektron will also partner with Afritel Ghana Limited and K-NET Ghana to train and empower employees with global best practices.

Technology partnerships for scale

Rektron said it intends to leverage Tier-1 global technology vendors to overhaul AT Ghana’s infrastructure. The aim, it noted, is to expand digital access nationwide, reduce data costs, and align services with Ghana’s digital transformation agenda.

“These improvements will enable affordable, high-quality connectivity for customers across all regions—including underserved rural areas,” the company emphasized.

Independent validation

The blueprint has undergone independent scrutiny by KPMG, which affirmed its financial strength, operational viability, and transformative potential. Rektron said this validation underscores the credibility of its proposal to both government and industry stakeholders.

A potential game-changer

If completed, the Rektron–AT Ghana deal would not only rescue a struggling telecom operator but also introduce fresh competition into an industry dominated by MTN and Vodafone. Analysts suggest the move could lower data costs, improve internet speeds, and extend rural coverage, benefitting millions of consumers.

The transaction, however, remains subject to regulatory approval, due diligence, and final financial agreements.

“Rektron remains genuinely interested in implementing this proposal, should the Government see merit in further discussions,” Mr. Kolarov said. “We stand prepared to engage at your convenience.”

Source: The NewsCenta

The move, backed by a sensitisation exercise on Monday, is intended to protect Ghanaian traders from what GUTA describes as unfair competition.

Speaking on News Desk, Head of the Business and Economic Bureau at GUTA, Charles Kusi Appiah-Kubi, defended the action as lawful and in the country’s best interest.

“There is no ambiguity in what we are doing. We are clear that this is for Ghana. The time has come to rise to the occasion and reduce the rate at which local businesses are collapsing,” he said.

While acknowledging the importance of foreign investment to Ghana’s economy, Mr. Appiah-Kubi argued that some foreigners operating in the retail sector are violating the law and undermining local businesses.

“Yes, we need foreign investors as a country, but not at the expense of local businesses. In other sectors, foreigners might register with the GIPC as sole traders, which is allowed by law. But when they enter the market in ways that subvert trade, that becomes a problem,” he explained.

Meanwhile, the Ghana Investment Promotion Centre (GIPC) has urged restraint, cautioning that shutting down foreign-owned shops should not be the immediate response.

“Closing shops is not the right first step. More consultations, awareness, and education on areas reserved for Ghanaians are needed,” said GIPC CEO Simon Madjie.

Mr. Madjie highlighted that the law reserves certain retail activities exclusively for Ghanaian citizens, including market trading, operating stalls, and hawking. He also noted that GIPC has engaged with GUTA executives and visited the market to address the concerns.

“The market is managed by the district assemblies, which, along with the district security committee, are best positioned to determine who can operate and how the process can be managed,” he added.

The situation underscores the ongoing tension between protecting local traders and maintaining a welcoming environment for foreign investors in Ghana’s retail sector.

Source: Adobea Asare

Speaking at the maiden Mining and Minerals Convention in Accra on Tuesday, September 9, Mr. Gyamfi noted that these figures surpass the total small-scale export output for 2024, which stood at 63 tonnes, valued at $4.6 billion.

He attributed the record performance to GoldBod’s collaboration with the Bank of Ghana and reforms aimed at improving accountability, curbing smuggling, and ensuring fair pricing for small-scale miners.

“From January to the end of August 2025, small-scale gold exports facilitated by GoldBod, in close cooperation with the Bank of Ghana, hit a record 66.7 tonnes, valued at approximately $6 billion. This volume and value have already exceeded the total small-scale gold export output for the whole of 2024, which stood at 63 tonnes, valued at $4.6 billion,” he said.

Mr. Gyamfi added that small-scale exports have also surpassed those of the large-scale mining sector, which exported 65.1 tonnes, valued at about $5.6 billion during the same period.

“In support of gold reserve accumulation by the Bank of Ghana, GoldBod has initiated the local purchase of 20% of the output from seven large-scale mining companies. So far, we have locally purchased and supplied nearly 100 kilograms of large-scale gold to the BoG to bolster national reserves,” he explained.

Source: AdomOnline

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Speaking at the maiden edition of the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025, Mr. Gyamfi said the Mahama-led administration is determined to shift Ghana from raw extraction to value addition in order to strengthen the economy and improve livelihoods.

He revealed that small-scale gold exports between January and August 2025 had already reached a record 66.7 tonnes, valued at about US$6 billion — surpassing the total exports for 2024.

According to him, this milestone reflects the success of reforms such as aggressive licensing, competitive pricing, and the clampdown on smuggling.

Mr. Gyamfi further noted that the Gold Board is supporting the Bank of Ghana’s gold reserves, launching a mining support programme to attract US$1 billion in investment, and preparing to refine gold locally to reduce Ghana’s dependence on exporting raw doré.

“Ghana must transition from being a mere exporter of raw gold to becoming a global hub for bullion refining, jewellery production, and sustainable mining,” he stated.

He also announced new initiatives, including a nationwide traceability system, ecological reclamation of degraded lands, scholarships for needy students, and expanded support for mining communities through potable water and health facilities.

Concluding his address, Mr. Gyamfi called for bold financing strategies to unlock Africa’s mineral potential.

“Ghana is resetting and Africa is rising. The GoldBod is ready. All we need now is courage and capital. Let us fund the minerals and mining sector differently. Let us transform it together. And let us make Ghana, Africa and the world a better place,” he added.

Source: AdomOnline

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In an interview on Channel One TV, Mr. Jackson reviewed the cedi’s performance over the past six months under President John Dramani Mahama’s administration.

“Indeed, when you look at what happened, the central bank was intervening in the market. So long as the Central Bank was intervening, the rates were around 10, 11. Then the Central Bank announced that it won’t intervene anymore. And as soon as it announced that it won’t intervene, what happened? The rate shot up from 10, 11 to the 12 plus,” he explained.

He argued that the cedi’s current level, above GH¢12 to the dollar, is a “far more defensible position” for the Central Bank compared to the earlier GH¢10.5 rate, which, though encouraging in the short term, was overvalued and unsustainable.

“But it is my opinion that the rate of 12 plus is a far more defensible position for the Central Bank than 10.5. And that the 10.5, even though it had a really feel-good factor and everybody became bullish, over time because of how much the cedi was over-valued, would have brought us challenges,” he added.

Mr. Jackson’s remarks underscore the Bank of Ghana’s cautious strategy of prioritizing long-term currency stability and sustainable management over short-term market excitement during the early months of the Mahama administration.

Source: Adomonline

Joy Business understands that Dr. Alter began duty on September 2, 2025, after arriving in Accra in August to ensure a smooth handover from his predecessor, Dr. Leandro Medina, who completed a three-year tenure in August 2025.

Dr. Alter has already started work on Ghana’s fifth programme review and has engaged government officials on the IMF-supported programme and the country’s broader economic outlook, particularly in meeting key targets under the ongoing fourth review.

Who is Dr. Adrian Alter?

Dr. Alter is a Senior Economist at the IMF with over a decade of experience in finance, policy, and development. He has supported several countries across Africa, Europe, and beyond in tackling challenges related to financial stability, inflation, and sovereign debt. His work has shaped IMF-supported programmes in Ghana, Serbia, and Tunisia, among others.

Before joining the IMF, Dr. Alter worked with the European Central Bank (ECB), Deutsche Bundesbank, and UBS Investment Bank.

Educational Background

• 2016: Programme on Financial Stability, Summer Institute, Yale School of Management, New Haven

• 2013: PhD in Quantitative Economics and Finance (magna cum laude), University of Konstanz, Germany

• 2009: MSc in Finance, HEC Lausanne, Switzerland

Work Experience

• 2012 (ECB, Frankfurt): Contributed to the Financial Stability Review and surveillance reports.

• 2011–2012 (Deutsche Bundesbank, Frankfurt): Analysed systemic risk, interbank interconnectedness, and capital buffers using the German Credit Register.

• 2009 (UBS Investment Bank, Zürich): Supported the European Equities Trading Floor with research reports for Swiss Equities Management.

Priorities in Ghana

Dr. Alter is expected to coordinate IMF programme activities in Ghana, guide ongoing tax reforms, and serve as the Fund’s spokesperson in the country. He will work closely with the Ministry of Finance, the Bank of Ghana, and civil society groups to help sustain macroeconomic stability and Ghana’s broader development agenda.

Concerns have been raised that the country could return to unsustainable spending once the IMF programme ends. But government sources told Joy Business that such fears are unfounded, insisting Ghana’s current performance under the arrangement demonstrates a strong commitment to prudence.

To boost investor confidence, officials say government is considering subscribing to one of the IMF’s policy instruments — not a full programme — as a signal of stability to assure markets that fiscal discipline will hold.

This comes amid arguments by some donors that Ghana’s macroeconomic recovery has been driven largely by IMF oversight. A government official, however, rejected this, stressing that the fiscal checks are the result of deliberate policy choices, not merely IMF enforcement.

Still, market watchers remain cautious. Ratings agencies are said to be factoring in the risk of post-IMF slippages in their upcoming assessments of Ghana’s creditworthiness. Analysts warn that sustaining discipline beyond May 2026 will be one of government’s biggest challenges, especially after President John Mahama announced that the programme will not be extended.

Meanwhile, an IMF staff mission is expected in Accra at the end of September 2025 for the fifth review of Ghana’s programme. This penultimate review — following the fourth assessment earlier this year — will evaluate economic data up to June 2025. The final review is scheduled for April 2026.

According to Joy Business sources, the review will focus on key indicators, including inflation, reserve sustainability, revenue shortfalls, arrears audits, and challenges facing state-owned and private banks in need of recapitalisation. Particular attention will also be given to arrears in statutory funds such as the NHIL, GETFund, and Road Fund, as well as gaps in social spending.

The $3 billion IMF programme, approved in May 2023 under a 36-month Extended Credit Facility (ECF), has been critical in stabilising Ghana’s finances. Its priorities include restoring public finances through improved revenue mobilisation and spending efficiency, expanding social protection, implementing structural tax and financial reforms, addressing energy and cocoa sector weaknesses, and tightening monetary policy to control inflation.

While donors continue to urge Ghana to build “shock absorbers” to maintain stability after IMF support ends, government insists its commitment to discipline is genuine and long-term.

Source: Joy Business

The MP joined the Petroleum Hub Development Corporation (PHDC) on an investment tour of Asia, where the delegation engaged potential investors and signed a Memorandum of Understanding (MOU) with Surbana Jurong, the developers behind Singapore’s world-renowned Jurong Island.

During the visit, the team toured Singapore’s integrated hub facilities and Malaysia’s Pengerang Integrated Complex in Johor. They also held discussions with the University of Technology Petronas on training opportunities for Ghanaian professionals.

“While bricks and mortar build facilities, it is skilled people who sustain them,” Mr. Nokoe stressed, highlighting the importance of human capacity development alongside infrastructure.

The MP emphasised the urgency of the project, noting that Africa’s refining capacity significantly lags behind demand.

“West Africa consumes over 45 million metric tonnes of petroleum products annually, yet refineries on the continent process only a fraction of that. Ghana, with its stability and strategic coastal location, is uniquely positioned to bridge this gap,” he said, adding that investor interest from Asia was “strong and promising.”

Hon. Nokoe called for discipline and unity in pursuing the initiative, warning that the global energy transition leaves little time for hesitation.

“Singapore and Malaysia did not achieve their successes by chance. They united behind clear goals and created frameworks for private capital and skills to thrive. Ghana must do the same—quickly,” he urged.

“The Petroleum Hub is not just an energy project; it is a national legacy in the making.”

Source: Ernest K. Arhinful   

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According to the Association, the activities of these foreign traders contravene Ghana’s investment laws, distort fair competition, and threaten the survival of local businesses.

Speaking at a press conference in Accra, the General Secretary, Gifty Lovelock Naana Fianu, warned that if authorities fail to act, the group will enforce Section 27(1) of the GIPC Act, 2013 (Act 865), even through citizens’ arrest.

“We are giving them three days. Today, we will go round and speak with them politely to ensure they understand. On Wednesday, we will engage their leaders. If they refuse to listen, we will involve the authorities,” she said.

She added that letters would be sent to the police and other relevant institutions, after which the Association will not hesitate to take action if necessary.

Source: AdomOnline

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This is pursuant to the debt default restriction in section 7012 of the Financial Year 2025 SFOAA, pending a debt restructuring agreement.

The revelation was captured in the Millennium Challenge Corporation Candidate Country Report for Fiscal Year 2026.

The report stated that “Ghana is ineligible to receive foreign assistance pursuant to the debt default restriction in section 7012 of the FY [Financial Year] 2025 SFOAA pending a debt restructuring agreement.”

It added that “Ghana is among 18 countries that would be considered candidate countries for purposes of eligibility for MCC compact assistance for FY 2026 but are ineligible to receive United States economic assistance under part I of the Foreign Assistance Act.”

This is based on legal prohibitions against economic assistance that apply as of August 6, 2025.

The report continued that “Countries identified above as candidate countries, as well as countries that would be considered candidate countries but for the applicability of legal provisions that prohibit U.S. economic assistance, may be the subject of future statutory restrictions or determinations, or changed country circumstances, that affect their legal eligibility for assistance under part I of the Foreign Assistance Act by reason of application of the Foreign Assistance Act or any other provision of law for FY 2026.”

Other countries ineligible to receive the foreign assistance under the MCC are Burma, Burkina Faso, North Korea, Syria, Sri Lanka, Venezuela, and Zimbabwe.

Source: Joy Business

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Deputy Ranking Member on the Communications Committee and Abirem MP, Charles Owiredu,  has revealed that South Africa’s Foreign Minister is expected in Accra this week to meet with Ghana’s Foreign Minister, Samuel Okudjeto Ablakwa, on the matter.

Speaking in an interview on Adom FM’s Dwaso Nsem, Mr. Owiredu described the situation as avoidable and cautioned against escalating tensions.

“To me, it shouldn’t have gotten to this level. This is an issue that can be solved amicably, not through threats and ultimatums,” he said.

He explained that while MultiChoice may point to the rising dollar as justification for increasing prices, such matters should be addressed quietly through dialogue.

“DSTV can even give justification that they increased prices because of the dollar. But the way forward should be proper dialogue, not social media pronouncements and ultimatums,” he added.

Mr. Owiredu argued that Ghana’s relationship with South Africa must be protected, stressing that the matter does not warrant straining bilateral ties.

“The relationship between Ghana and South Africa has come a long way. It is not this issue that should destroy it,” he noted.

He disclosed that the Communications Committee in Parliament had already scheduled a meeting to engage both sides, the Ministry of Communications, the National Communications Authority (NCA), and MultiChoice, but the session was postponed following the recent helicopter crash.

The committee is now set to reconvene with the NCA on Wednesday, September 10, where the MultiChoice matter will be high on the agenda.

According to him, a balanced approach was needed.

“The conversation could be shaped in such a way that DSTV will not lose and subscribers will also not lose. The minister’s approach of going on social media and issuing ultimatums is not the way to go. You need diplomatic channels to resolve this.”

Meanwhile, the National Communications Authority (NCA) has confirmed receiving MultiChoice Ghana’s formal response to the Ministry’s threat to suspend its authorisation if it failed to justify recent subscription hikes.

The regulator said engagements have yielded some progress, with MultiChoice Ghana agreeing to fully participate in the Stakeholder Committee set up by the Communications Minister, Sam George, to evaluate DStv pricing in Ghana.

The first meeting of the committee is scheduled for Monday, September 8, 2025, where MultiChoice’s pricing structure will come under scrutiny.

Source: Dorcas Abedu-Kennedy

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]]> https://www.adomonline.com/ghanas-diaspora-affairs-office-nigerias-presidential-economic-advisory-council-laud-africanada-expo-2025/ Mon, 08 Sep 2025 09:19:11 +0000 https://www.adomonline.com/?p=2576079 The Diaspora Affairs Office at the Office of the President of Ghana and the Presidential Economic Advisory Council of Nigeria have endorsed the upcoming AfriCanada Expo 2025 to be held from October 17–19, 2025, in Edmonton, Alberta, Canada.

The endorsement thus places both Ghana and Nigeria at the centre of Africa–Canada trade, investment, and education relations.

It also underscores the expo’s role as a truly Pan-African platform for diaspora-driven innovation, entrepreneurship, and cultural diplomacy.

Africa–Canada Opportunities

The Made-in-Africa Expo Canada is on the theme “Unlocking Potential: The Africa–Canada Partnership for Prosperity,”.

AfriCanada Expo 2025 will provide direct access to Canadian trade and investment networks, showcase African products, services, and innovations to global investors, and offer High-level B2B, B2G, and G2G linkages.

It would provide platforms to promote Africa’s culture, heritage, and creative industries, and ensure education exchange and collaboration opportunities between African and Canadian institutions.

Leadership

The Founder and Executive Director of Made in Africa Expo Canada, Christiana Ranicia Erickson, noted that “The joint recognition from Ghana’s Presidency and Nigeria’s Presidential Economic Advisory Council reflects Africa’s united commitment to global partnership.”

She said AfriCanada Expo 2025 will strengthen Africa–Canada ties and create lasting opportunities for businesses, students, and policymakers across the continent.”

Strategic partners

The AfriCanada Expo 2025 is backed by a wide coalition of partners, including the Diaspora Affairs Office, Office of the President of Ghana, Presidential Economic Advisory Council, Nigeria, Nigerian Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA), Nigeria, and the World Trade Centre Abuja.

Others are PUSAG, AfCFTA Policy Network, Province of Alberta, Canada, Private sector trade and investment networks across Africa and North America.

Celebrating African Excellence

The expo will culminate in the Gala & Excellence Awards Night, a celebration of African leadership in business, education, innovation, and culture before an international audience.

The transaction, finalised with the Registrar of Companies and the Minerals Commission, involved the direct transfer of all issued shares of the Ghanaian beneficial owner and signals a major reshaping of the country’s mining landscape.

For nearly two decades, the Black Volta and Sankofa concessions have promised much but delivered little. Capital constraints, shifting investor priorities, and prolonged legal disputes left the projects stalled, frustrating communities and depriving Ghana of potential revenue.

E&P, led by a dynamic management team, now says it is ready to deploy the funding, technical expertise, and determination needed to move swiftly into mine development.

The acquisition is a significant moment for Ghana’s mining sector. Granted under mining leases in 2014, the Black Volta and Sankofa projects contain sizeable resources but have long suffered from under-investment.

With gold prices hovering above $3,000 per ounce, the opportunity to fast-track production comes at a critical time for a government managing fiscal consolidation under an IMF programme.

E&P has outlined a three-pronged strategy:

1. Work with the Ghana Revenue Authority to audit and verify all historical loans linked to the projects. “We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P executive noted.

2. Repay verified debts, ensuring creditors are treated fairly while maximising returns for the state.

3. Deploy secured funding to commence mine construction, addressing a common bottleneck in Ghanaian mining where project financing often stalls operations.

“This is a proud moment for E&P and for Ghana,” said Ibrahim Mahama. “Our commitment is to ensure that these projects, which have been dormant for too long, finally deliver real value to our country and its people.”

The takeover is not merely a corporate manoeuvre; it represents a symbolic reassertion of Ghanaian ownership in a sector long dominated by foreign multinationals.

For years, these concessions were effectively in limbo, controlled by offshore entities unable or unwilling to mobilise the necessary capital. That narrative now shifts, as a home-grown company with deep roots in mining and civil engineering assumes responsibility.

Founded in 1997, Engineers & Planners has built a reputation across West Africa as a preferred contractor for heavy mining and civil works. Its portfolio includes large-scale projects with global majors, but the Black Volta and Sankofa Gold acquisition marks its most ambitious move into direct resource ownership.

The success or failure of this venture will be closely watched in Accra and international boardrooms alike.

If E&P can deliver, it could strengthen the case for greater localisation of mining assets, challenging a status quo where foreign ownership dominates and Ghana’s participation is largely limited to royalties and carried interests.

Conversely, failure could reinforce scepticism about the capacity of indigenous firms to mobilise the vast resources and technical expertise required for world-class operations.

For residents of Wa and surrounding districts, the announcement has sparked cautious optimism. Years of anticipation and broken promises have bred scepticism, but the prospect of jobs, infrastructure, and community investment is promising.

Civil society groups have already called for transparent community engagement, environmental safeguards, and clear benefit-sharing arrangements. “We have seen too many projects where local people remain poor while billions are extracted from beneath their feet,” one activist said. “E&P must prove it will be different.”

For the government, the transaction is a welcome boost. Delivering new investment into the mining sector strengthens the narrative of economic recovery and job creation, while providing potential new revenue streams to support budget targets agreed with the IMF.

Ultimately, the Azumah-Upwest-E&P deal will serve as a litmus test. Success would mark a turning point, reinforcing Ghana’s aspirations to localise mining ownership and capture greater value. Failure, by contrast, would entrench dependence on foreign capital and expertise.

For now, hope prevails. A once-stalled project has new life, a Ghanaian company has assumed control, and a nation hungry for investment and jobs waits to see whether Engineers & Planners can turn promise into production.

Source: Norvan Acquah-Hayford 

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]]> https://www.adomonline.com/t-bills-oversubscribed-by-15-8-after-four-weeks-of-missing-target/ Mon, 08 Sep 2025 06:47:43 +0000 https://www.adomonline.com/?p=2575975 The government has recorded a 15.8% oversubscription of treasury bills after four consecutive weeks of missing its target.

This follows an increase in yields on the shorter end of the treasury market.

According to auction results released by the Bank of Ghana, the government received GH¢4.38 billion in total bids but accepted GH¢4.36 billion.

A little over 82% of the bids came from the 91-day bill, with GH¢3.62 billion tendered and GH¢3.61 billion accepted. For the 182-day bill, GH¢576.7 million was tendered, out of which GH¢566.7 million was accepted.

In the case of the 364-day bill, GH¢187.2 million was tendered, with about GH¢182 million accepted.

Meanwhile, the yield on the 91-day bill increased slightly by a basis point to 10.42%, while the 182-day bill rose to 12.41% from 12.37% the previous week. However, the yield on the 364-day bill dipped by 2.0 basis points to 12.97%.

Source: Joy Business

Director of Research at the BoG, Philip Abradu-Otoo, gave the assurance during a roundtable discussion with officials of the central bank and academia at the University of Cape Coast (UCC) on the theme: “Monetary Policy Responses to Exchange Rate Volatility in Ghana: Implications for Cost of Living.”

Mr. Abradu-Otoo acknowledged that complaints of forex shortages during the festive season have been a recurring concern for importers but stressed that the central bank is taking proactive measures to ensure adequate supply this year.

He further cautioned forex bureaus against trading at unapproved rates, warning that offenders would face strict sanctions.

At the same event, President of the UCC School of Development Students, Stephen Agyei, appealed to business owners and traders to reduce prices of goods and services in line with the recent appreciation of the cedi against the dollar.

He argued that while prices are often increased when the cedi weakens, consumers deserve to benefit when the local currency strengthens.

The programme also marked the official launch of the UCC School of Development Studies Alumni Association, with a call for past students to support the association’s growth.

Source: Kafui Justice

]]> https://www.adomonline.com/false-ghana-cedi-not-worlds-worst-performing-currency/ Fri, 05 Sep 2025 19:17:21 +0000 https://www.adomonline.com/?p=2575453 Claims suggesting that the Ghana cedi is the worst-performing currency in the world have been circulating on both social media and news media platforms. The claims follow a report by Graphic Online, citing a Bloomberg report.

The Bloomberg published a story titled “Ghana Cedi’s World-Beating Performance Upended by Imports Surge”. The story indicated that the Ghanaian currency, which had recently been performing well against the dollar, is now recording losses.

This, according to the story, was because of a surge in demand for dollars by companies paying for imports.

However, checks by Fact-check Ghana from Bloomberg indicate that the Ghana cedi is not the worst-performing currency in the world now.

According to Bloomberg, the year-to-date gains of the Ghana cedi, which was in June this year around 50% against the dollar, have indeed been reducing. The cedis’ gains waned through July and August.

Currently, according to Bloomberg’s currency ranker, the Ghana cedi has a net gain of 21.99% against the dollar. At 21.99%, the cedi is the second-best-performing currency in the world, after the Russian ruble.

Which currency is the worst-performing currency?

The worst-performing currency, according to Bloomberg’s currency ranker, is the Argentine Peso, which has a net loss of 24.33 against the dollar since January 2025. The Turkish lira and Ethiopian Birr follow with net losses of 14.11% and 10.66%, respectively.

The Ghana cedi is therefore not among the list of worst-performing currencies.

Fact-check Ghana has observed that Graphic Online edited its initial headline of the Ghana cedi being the world’s worst-performing currency to the worst-performing currency in the third quarter.

The Ghana cedi has indeed lost about 13% of its gains to the dollar, which is relatively the highest loss since July.

While it is true to say the cedi has relatively lost considerable value within the period of consideration, the currency is still among the highest-performing currencies at a net gain of 21.99% and cannot be counted among the worst-performing currencies in the world currently.

In conclusion, claims that the Ghana cedi is the worst-performing currency in the world now are completely false.

Source: FactcheckGhana

Then came the surprise. Between April and May the cedi shot up, strengthening from GH₵15.50 to GH₵10.30 in just five weeks.

From May through July and into early August it stayed stable again, hovering between GH₵10.3 and GH₵10.5. But by mid-August the tide had turned. In only three weeks, it has slipped to GH₵11.90, making it one of the worst-performing currencies in the third quarter of 2025.

External conditions have not changed much. In fact, they should still be in Ghana’s favour. Gold prices are at record highs, the U.S. dollar remains subdued, and the Federal Reserve is expected to cut interest rates soon—moves that normally support the cedi. The pressure is instead domestic.

Remittances, which are a critical source of foreign exchange, appear to have slowed. The earlier strength of the cedi distorted the incentive.

For instance, if someone abroad sent $100 in April, that converted into about GH¢1,550, enough to buy roughly 150 cement blocks. By May, the same $100 fetched just GH¢1,030, barely enough for 100 blocks.

With their dollars suddenly buying fewer goods in Ghana, many senders simply held back, betting that the cedi would weaken again. If it did, their transfers would convert into more cedis.

This pause in inflows removed a steady cushion of dollars from the market just as import demand was rising.

Imports have also surged because traders rushed to take advantage of the stronger cedi to stock up ahead of the festive season, adding to the pressure.

At the same time, there are signs the Bank of Ghana has cut back its dollar supply to the market.

Why scale back? The reasons are not fully clear, but there are strong clues.

The IMF had warned earlier this year that the Bank of Ghana was intervening too heavily after it injected about $1.4 billion into the market in the first quarter of 2025.

In response, the Bank pledged to introduce a formal framework for forex interventions by the end of September. The recent slowdown in interventions may be a trial run ahead of that policy rollout.

Another factor may be the wide gap between the interbank and forex market rates. While the cedi traded at around GH¢10.30 to the dollar on the interbank market, it was consistently between GH¢11 and GH¢12 at forex bureaus.

Allowing some depreciation on the official side may be a way to bring the two markets into alignment, since the parallel rate divergence was distorting the market.

Meanwhile, the Bank has also tightened its regulations: reminding businesses that pricing in dollars is illegal, enforcing declaration requirements for travelers, blocking firms from withdrawing foreign currency they never deposited, demanding stricter documentation before importers can access forex, and clamping down on remittance operators who sidestep regulations.

The cedi’s performance so far in 2025 has been remarkable, though the recent slip is a reminder of how fragile sentiment can be. Whether stability holds will depend less on global winds than on how firmly the Bank of Ghana sticks to its new playbook.

For now, with gold prices still hovering around $3,500 per ounce and foreign reserves above $11 billion, the Bank of Ghana has the firepower to steady the market.

Panic may be premature.

Source: Caleb Wuninti Ziblim, JoyNews Research | caleb.ziblim@myjoyonline.com 

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Speaking at the Digital Africa Summit in Accra, Chief Executive Officer Stephen Blewett admitted that a large section of customers still rely on these older networks.

“Despite the widespread availability of 4G, a lot of our customers are still on 3G. For some, it is about managing their data consumption, while others are constrained by devices that cannot support 4G,” Mr. Blewett explained.

He added that MTN’s long-term strategy is to enhance spectrum efficiency by eventually shutting down 2G and 3G. However, he stressed that the company would not rush the process.

“We cannot simply switch off 2G and 3G without ensuring that affordable 4G devices are within reach. Doing so would risk excluding a large number of Ghanaians,” he cautioned.

Mr. Blewett assured that subscribers would be given enough time and support to migrate to 4G as part of the transition plan.

Source: myjoyonline.com

Joy Business understands that the payments were made on Monday, September 1, 2025. Following the Domestic Debt Exchange Programme, the bills were converted into bonds, with commercial banks being the most affected institutions.

Sources indicate that COCOBOD has assured investors it will honour coupon payments of about GH¢1.9 billion due in 2026 and 2027, as well as the principal, on schedule. The restructuring was facilitated by some local banks acting as transaction advisors.

In recent months, COCOBOD has taken steps to clean up its books, clear outstanding debts, and strengthen its financial position to support cocoa purchases. These efforts are reportedly yielding results, particularly in debt settlement with suppliers.

Market analysts believe the restructuring could help COCOBOD secure fresh funding at lower rates, boosting its capacity to purchase cocoa beans for the next crop season and improving its credit rating.

COCOBOD Chief Executive, Dr. Randy Abbey, told Joy Business he is committed to placing the institution on solid financial footing by the end of the administration’s first term.

Meanwhile, Bank of Ghana Governor, Dr. Johnson Asiama, disclosed that COCOBOD is expecting over $4 billion in inflows from buyers under a new pre-financing deal. The facility is expected to support cocoa purchases for the upcoming season and bolster Ghana’s international reserves as well as the stability of the cedi.

Source: Joy Business

This marks the eighth consecutive month of decline, bringing inflation below the government’s 11.9% end-of-year target and signaling improved price stability. The August figure is the lowest recorded since late 2021. On a month-to-month basis, overall prices fell by 1.3%, providing some relief for households after years of elevated living costs.

Addressing the press on Wednesday, September 3, Government Statistician Dr. Alhassan Iddrisu explained that food inflation eased to 14.8% in August from 15.1% in July, with food prices declining by 2.5% within the month. Non-food inflation also slowed to 8.7% from 9.5%.

Inflation for goods dropped to 13.9% from 14.2%, while imported inflation fell faster than local inflation, supported by a stronger cedi and easing global cost pressures.

Dr. Iddrisu noted, however, that inflation varied across regions, reflecting differences in supply chains, transport costs, and local market conditions.

Source: AdomOnline

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It declined in value by 6.58% against the US dollar, 6.20% against the pound, and 6.51% against the euro, to close trading at GH¢11.40, GH¢15.40, and GH¢13.34, respectively.

In the retail market, the cedi depreciated by 5.80%, 5.44%, and 4.53% against the dollar, pound sterling, and euro, respectively, settling at mid-rates of GH¢12.50/US dollar, GH¢16.55/pound, and GH¢13.35/euro.

On a month-on-month basis, the cedi slipped by 7.89% to the dollar, with the Year-To-Date gains trimming off to 28.95% from 40% recorded in July 2025.

“Mirroring our expectation, strong corporate demand pressures amid thin FX [foreign exchange] support and a resilient US dollar intensified nominal depreciations of the cedi”, Databank Research revealed.

Heightened expectations, driven by adverse regulatory tightening and weaker forex flows, further fuelled the weak trend.

“We expect mounting bids in the near term as importers prepare ahead of the festive season, sustaining pressure on the local currency. BoG’s tighter measures to curb FX [foreign exchange] leakages may take time to filter through, with any potential rebound by fortnight end contingent on stronger FX support, expectations of a Fed rate cut, and the US$ 4billion inflows to support cocoa purchases”, Databank Research added.

Meanwhile, the cedi started trading this week unchanged at GH¢12.70 (mid-rate: GH¢12.50) to one dollar.

Source: Joy Business

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This year’s event, themed “The Rise of the Conscious Leader: Power. Profit. Principles,” will focus on balancing influence, profitability, and principled leadership.

Scheduled for Thursday, October 2, 2025, at the La Palm Royal Beach Hotel in Accra, the programme promises exclusive networking opportunities, interactive sessions on business growth and ethical leadership, and insider strategies from seasoned executives.

Participants can also look forward to raffles and draws with attractive prizes, complimentary books from speakers, branded souvenirs, entertainment, and a full breakfast and buffet lunch.

“The event seeks to provide actionable insights, practical tools, and collaborative opportunities that will help leaders thrive in today’s evolving business environment while promoting sustainable growth and ethical leadership,” organisers said in a statement.

The CEO’s Breakfast & Networking Meeting, an annual thought-leadership platform, aims to nurture ethical leadership, entrepreneurial excellence, and collaboration in Ghana and across Africa.

Organisers are encouraging interested participants to register early at ceonetworkingevent.com to benefit from early-bird discounts and priority engagement opportunities.

For further information, contact 0246189847 / 0208100949.

Source: Adomonline

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According to the report, there were 147 prosecutions and 25 successful convictions.

However, it said the COVID-19 pandemic disrupted court processes in Ghana, causing delays in hearings and trials due to lockdowns and social distancing measures.

Subsequently, convictions for ML related to forgery increased, indicating a renewed efforts to clear backlog.

The report continued that Ghana has implemented measures to strengthen enforcement and investigative capabilities within the Ghana Police Service and the Economic and Organised Crime Office (EOCO).

This includes digitalisation efforts such as the introduction of the biometric National Identification Card (Ghana Card), electronic verification systems for IDs, licences and digital addresses.  Further, public awareness campaigns on “Police TV” have deepened awareness among the general public on forgery and other predicate offences. Training in forensic document analysis and digital forensics has been improved, and the financial sector has enhanced document security and verification processes.

Tax Offences

The Ghana Revenue Authority (GRA) was tasked with investigating and enforcing compliance with all the tax laws to ensure that individuals and businesses meet their tax obligations.

Tax offences in Ghana encompass a range of activities that violate the country’s tax laws, as outlined in Revenue Administration Act, 2016 (Act 915).

These offences include failing to file tax returns and making tax payments, providing false or misleading information, evading taxes, obstructing tax officers, failing to pay taxes on time and not maintaining proper records. Offences also cover unauthorised access to taxpayer information, failure to register for taxes and non-compliance with GRA notices.

The report added that the GRA recovers taxes through methods like garnishing bank accounts, seizing assets and placing liens on properties.

Data gathered showed that investigations into tax offences peaked in 2020 and rebounded in 2023. The yearly distribution is below.

Also, the data provided by FIC through the dissemination of Intelligence Reports (IRs) to GRA resulted in various tax assessments and collections from 2019 to 2023 as indicated in the table below.

According to the FIC, the data above highlights positive trends with respect to IRs disseminated by the FIC reflecting effective use of Intelligence Reports.

At Goil, petrol is now selling at GH¢12.90 per litre, up from GH¢12.88, while diesel has dropped from GH¢14.30 to GH¢13.90.

At Shell, petrol is selling at GH¢13.59 per litre, compared to the previous GH¢12.89.

Meanwhile, Star Oil has kept its prices unchanged, saying it will maintain current rates until September 15, 2025. The company is currently selling petrol at GH¢12.77 per litre and diesel at GH¢13.35.

Industry Projections

Last Friday, the Chamber of Oil Marketing Companies (COMC) projected petrol prices to rise between 3.86% and 5.40%, possibly hitting GH¢13.67 per litre. Diesel was expected to rise by 3.39% to about GH¢14.35 per litre, while LPG was projected to go up by 4.57% per kilogram.

However, Chamber CEO Dr. Riverson Oppong noted that some firms had revised downwards the expected margin of increase this week.

Reasons for Adjustments

The Chamber explained that the upward revisions were driven largely by the cedi’s depreciation against the US dollar, which fell from GH¢10.71 to GH¢11.20 over the past month — a 3.98% drop, the steepest this year.

Ironically, global crude oil prices have been declining, with petrol falling 0.45%, diesel 3.73%, and LPG 1.73%.

Some industry players have also blamed the recent GH¢1 levy on petroleum products for fueling price hikes.

Cedi Depreciation and Supply Challenges

Despite easing global oil prices, the Chamber stressed that the weak cedi and persistent supply shortfalls — especially petrol — have placed upward pressure on local prices.

Joy Business reported that some OMCs were forced to adjust pump prices as early as mid-August, outside the regular pricing window, due to supply challenges.

Source: Joy Business

According to figures from the Fund, the country’s outstanding credit stood at Special Drawing Rights (SDR) 2.70 billion.

Egypt topped the list with SDR 7.18 billion, though slightly lower than its July figure. Cote d’Ivoire and Kenya followed in 2nd and 3rd positions with SDR 3.10 billion and SDR 3.02 billion respectively.

The Democratic Republic of Congo, Ethiopia, Tanzania, Cameroon, and Zambia placed 6th to 10th in that order.

While borrowing from the IMF is not inherently negative, analysts caution that excessive dependence on the Fund could erode economic independence and credibility in the long term. For African countries, the concern lies not only in the financial burden but also in policy constraints tied to IMF programmes.

Experts stress the need for countries to avoid debt traps as a safeguard for sustainable growth and stability.

Source: Joy Business

The company, in a statement, expressed appreciation to stakeholders for their commitment, patience, and support while it works to improve Ghana’s trade facilitation infrastructure.

According to Ghana Link, recent concerns about intermittent downtimes on the ICUMS platform have been given the highest priority, with technical teams identifying the root causes and implementing lasting solutions.

“A major upgrade of the ICUMS infrastructure is currently underway. This upgrade is designed to expand the system’s capacity and resilience to handle the exponential surge in data traffic that comes with Ghana’s growing trade volumes,” the company noted.

It added that Ghana Link is working closely with Internet Service Providers to secure a more reliable internet backbone for the platform, ensuring smoother, faster, and uninterrupted service for users.

The company disclosed that the ongoing comprehensive improvements are expected to be completed by the end of the third quarter of 2025. Once finalized, the upgrades will significantly enhance the system’s performance and eliminate recurring issues.

Ghana Link appealed to importers, exporters, freight forwarders, shipping lines, and all partners in the trade ecosystem to continue to bear with them during the upgrade period.

“Your confidence in ICUMS has been the bedrock of its success, and with these upgrades, we are confident that the system will deliver a solid, stable and fast user experience with reliability, efficiency, and transparency,” the statement added.

The company reaffirmed its commitment to providing a world-class trade facilitation system that empowers businesses, strengthens government revenue, and supports the growth of Ghana’s economy.

Source: Norvan Acquah-Hayford, Public Relations Manager of Ghana Link Network Services Ltd

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This is based on the outlook report that guides the pricing of the Oil Marketing Companies (OMCs) in the country by the Chamber of Oil Marketing Companies (COMAC), as seen by JOY BUSINESS.

Projected Prices at Pumps

Based on the report, the price of petrol at the pumps is projected to increase by 3.86 – 5.40% per litre from September 1, 2025. The development could result in a litre of petrol going for GHS 13.67.

LPG will be increased by up to 4.57% per kilogram.

Diesel, on the other hand, could be up by 3.39% per litre, and this may result in a litre going for GHC14.35.

Reasons

According to the COMAC, the hike has been influenced by the cedi experiencing some substantial depreciation against the US dollar over the past month.

According to the chamber, the rate shifted from GHS 10.71 to GHS 11.20, reflecting 3.98 per cent, the “highest since the start of this year”.

The Chamber of Oil Marketing Companies, however, in the report revealed that crude oil on the international market has been dropping; the price of petrol was down by 0.45%, diesel by 3.73%, and LPG by 1.73%.

Some of the industry players have argued that the recent 1 cedi levy on some petroleum products may have also contributed to the margin of increase.

Cedi’s Depreciation and Supply Challenges

The Chamber in the report argued that despite the reduction in international petroleum prices, the increment was “due to depreciation of the cedi against the dollar.”

Additionally, the recurring shortfall in supply of finished petroleum products, particularly petrol from earlier this month, also accounted for the increase in prices.

JOY BUSINESS reported last week that the market had been hit with some supply challenges, especially when it comes to petrol.

That actually forced some of the oil marketing companies to increase their prices from the middle of August 2025, when prices should have been kept unchanged.

The move, announced in a notice dated August 29, 2025, forms part of the central bank’s broader efforts to expand access to the financial system and deepen financial inclusion.

The BoG, however, clarified that the designation does not amount to automatic authorization or licensing of entities currently offering digital credit services.

According to the central bank, a detailed directive outlining the licensing requirements and operational guidelines for the provision of such services will be issued in due course.

The Bank urged all stakeholders, particularly institutions offering digital credit, to take note of the development.

Source: AdomOnline

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The union warns that the unsustainable debt burden is draining national resources and depriving citizens of essential infrastructure and social services.

Presenting a petition to the African Continental Free Trade Area (AfCFTA) Secretariat in Accra on Friday, August 29, TUC Secretary-General Joshua Ansah cautioned that workers will not remain idle if the government fails to act.

“If nothing is done about our debt, which is denying us better schools, hospitals, and other amenities, Ghanaians will be forced to take action,” he said, adding that the union may be compelled to adopt “drastic measures.”

Mr. Ansah explained that the petition also highlights concerns of unions across Africa regarding the impact of debt on national development.

Receiving the petition on behalf of the AfCFTA Secretariat, Albert Kan-Dapaah Jnr, Senior Advisor to the Secretary-General, assured the TUC that their concerns would be forwarded to the appropriate authorities.

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According to the GIPC, the Ashanti Region followed with 10 projects. The Eastern, Central, and Western Regions placed third, fourth, and fifth, respectively, with six, four, and two projects.

Sources of Investment
China led by the number of registered projects, contributing 49. However, the Netherlands emerged as the leading source of Foreign Direct Investment (FDI) value, injecting US$265.33 million.

Between January and December 2024, 26 companies brought in additional equity totaling US$34.67 million.

In the same period, 54 wholly Ghanaian-owned projects with a total project value of US$1.36 billion were registered. These were spread across the building and construction, export trade, general trade, manufacturing, tourism, and services sectors.

Renewal of Registration
The GIPC further disclosed that 694 companies renewed their registration within the year, as required under the GIPC Act 865, which mandates companies to renew their certificates every two years.

Of the total, 455 were wholly foreign companies, 165 were joint ventures involving Ghanaians, and 74 were wholly Ghanaian companies.

Source: Joy Business

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According to Government Statistician Dr. Alhassan Iddrisu, data collected from over 9,000 households across the country revealed that Ghana’s unemployment rate fell from 13.3% in the third quarter of 2024 to 13.1% in the fourth quarter.

“This modest decline signals progress but highlights persistent distress. Youth unemployment remains alarmingly high—22.5% for ages 15 to 35 and 32% for ages 15 to 24,” Dr. Iddrisu stated.

He noted that this persistent youth joblessness underscores the urgent need to expand employment opportunities and implement targeted labour market policies, such as retraining and re-skilling programs to address skills mismatches.

Highlighting ongoing initiatives, Dr. Iddrisu cited the 24-hour economy policy as a potential measure to absorb the growing youthful labour force. He further recommended scaling up apprenticeships, graduate employment schemes, and job placement services.

“Government should also reform and expand TVET to align training with industry demand, particularly in digital, industrial, and green economy sectors, and provide affordable credit to small businesses to boost job creation, especially for women and youth,” he added.

While Ghana’s overall unemployment shows slight improvement, the persistently high rate of youth joblessness calls for targeted policies, skills development, and expanded economic opportunities to sustainably address the challenge.

Source: Helen Naa Kai Aryee

Speaking at the 20th Annual General Meeting of the Amantin and Kasei Community Bank, Mr. Owusu-Antwi emphasized that responsible borrowing and repayment are crucial for the sustainability of banking institutions.

“Customers must use loans for the purposes for which they were requested and avoid borrowing more than they can repay,” he advised. He also cautioned bank officials against weak assessments and poor monitoring, urging them to ensure that loans granted are recoverable.

The Minister warned that widespread defaults could undermine rural banks and lead to collapse, noting that both borrowers and lenders share the responsibility of protecting the sector.

Amantin and Kasei Community Bank CEO, Michael Wilberforce Osae, highlighted progress in rural banking under the oversight of the Bank of Ghana and ARB Apex Bank.

He assured customers that despite challenges with loan defaults, the bank remains committed to supporting communities.

“We appeal to our customers to do their part and repay their loans on time,” Mr. Osae said, while also calling on the government to reduce corporate taxes on rural banks. Shareholders at the AGM expressed satisfaction with the bank’s performance and commended its role in providing accessible financial services.

Source: Jagri Boaz Binyinjom

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This, he says, is based on some drastic measures that the Bank of Ghana has implemented to deal with the current challenge with the cedi over the past months.

Dr Johnson Asiama disclosed this in an interview with JOY BUSINESS in response to recent pressure on the Ghana cedi.

The governor described this challenge as a short-term “cash flow” problem, which the regulator believes, with some of the actions taken so far, the expected correction will happen soon.

He added that “the Bank of Ghana operates a managed floating system in terms of framework; therefore, these blips will happen, but the assurance is that this is a short-term issue and the challenges are being addressed.”

Dr Asiama was also of the view that some of these sudden demand pressures have been influenced by the cedi’s sharp appreciation, which has made it a little bit cheaper to import for some of these businesses.

Background

The Ghana cedi has come under some pressure over the past month, due to what some market participants describe as a limited supply of dollars on the market.

The developments have seen the cedi move from around 10 cedis 40 pesewas to a dollar to over 11 cedis in terms of quotes by some of the major commercial banks in the country.

The Bank of Ghana, on the other hand, has moved fast to try and enforce its market regulations to deal with this challenge.

Some of these measures have also helped in dealing with inflow challenges and leakages, especially when it comes to remittances, for which the Central Bank says some correction is taking place.

Regulatory Interventions and Cedi’s Outlook

The Bank of Ghana has scaled back on its forward dollar auctions over the past two months.

The developments resulted in some arguing that the regulator has “run out of dollar cash” to support the market.

But speaking to JOY BUSINESS in an interview, the Governor insisted that this is not the situation on the ground, adding that “we have adequate and enough reserves to support the market”.

“Let me be clear, we are not running out of dollars, adding that the gap between market rates and official rates are being driven by bad market practices,” he maintained.

Dr Asiama was, however, quick to add that the Bank of Ghana always plays a supporting role, rather than being the sole supplier of foreign exchange for the market to aid liquidity.

“We have also taken measures to ensure that liquidity improves in the market together with getting the interbank market to function adequately,” Dr Asiama stated.

“The interbank market is supposed to take care of itself in terms of inflows from trade and remittance,” the governor added.

The Governor also noted that some remittance companies have been “offshoring Foreign Exchange instead of bringing it home and we have identified these loopholes and shutting it down”

“Some payment service providers have been experimented with crypto and offshore settlement models” he noted.

“While innovation is welcomed, such practices must not weaken the cedi and we will move regulate these activities within the law,” the governor has affirmed.

Dr Asiama assured that his optimism about things turning around soon is based on the fact that the “current macroeconomic situation is sound and solid, which should impact on the cedi’s fortunes going forward.”

The Governor also pointed out, “We should remember that Ghana is under an IMF programme, and we are watching our reserves carefully, especially when it comes to our market interventions.”

“So we can be assured that as far as the IMF programme is concerned and Ghana reserves, we are okay,” Dr Asiama established.

Source: Joy Business

BoG Governor Dr. Johnson Asiama confirmed the directive, saying it is aimed at boosting interbank forex trading and improving liquidity.

“Previously, such inflows came directly to the central bank, but we hope this shift will provide additional forex support to commercial banks,” Dr. Asiama explained in an interview with JoyBusiness.

He also highlighted efforts to regulate emerging payment models involving crypto and offshore settlements, emphasizing that such practices must not weaken the cedi. BoG plans to establish a regulatory framework for virtual assets and digital finance by year-end.

On remittances, Dr. Asiama said the Bank will require more frequent and detailed reporting from service providers to ensure transparency and proper accounting of inflows.

He further cautioned against currency speculation, stressing that distortions are temporary and are being corrected. Businesses and households are assured continued access to foreign exchange through formal banking channels.

Citing United Nations projections, he noted that Ghana’s population is expected to reach 45 million by 2040, with 58 percent under the age of 30. This means “nearly 10 million young Ghanaians will enter the labour market over the next 15 years.”

Speaking at a roundtable on the design of Ghana’s new independent Fiscal Council, Mr. Nomo stressed that this demographic shift demands urgent reforms to ensure fiscal responsibility and long-term sustainability.

“We must do things more differently. We must become more effective and efficient in public financial management if we are to meet our national aspirations and respond to the legitimate needs of our young people,” he cautioned.

He warned that fiscal mismanagement in the past had deepened macroeconomic instability, undermining opportunities for businesses and households.

According to him, the establishment of a stronger, empowered Fiscal Council under the amended Public Financial Management Act is aimed at preventing a repeat of such crises and safeguarding resources for future generations.

The Council will be tasked with enforcing fiscal rules, including a new debt-to-GDP ceiling of 45 percent by 2034, and ensuring transparency in government spending.

Mr. Nomo added that the Ministry is already preparing the 2026 Budget and will welcome stakeholder input to integrate reforms that address both current challenges and looming demographic realities.

The roundtable, convened by IMANI Ghana and the International Institute for Sustainable Development (IISD), brought together civil society leaders, business executives and policymakers to shape the design of the new Fiscal Council.

Source: Raymond Acquah, Ministry of Finance

In a notice issued on Wednesday, the Central Bank reminded travellers that they cannot carry more than US$10,000 (or its equivalent in other foreign currencies and monetary instruments) without declaration.

It explained that travellers carrying amounts above US$10,000 are required to declare the funds in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority (GRA), stating the source and purpose of the funds.

Inbound travellers
The BoG stressed that inbound travellers with more than US$10,000 must also present proof of declaration of such funds from their port of origin or departure.

Outbound travellers
For outbound travellers carrying more than US$50,000, the directive requires declaration on Form FX-5 in addition to presenting the following: endorsed bank slips evidencing withdrawal or purchase of the foreign currency, as well as endorsed foreign exchange bureau receipts.

Importers
In the case of importers, the guidelines require them to provide endorsed bank slips and foreign exchange bureau receipts to evidence the source of the foreign currency used for their transactions.

Sanctions
The BoG warned that anyone or institution that fails to comply with the new measures risks sanctions. These include seizure of undeclared amounts or monetary instruments, fines, or possible criminal prosecution.

The Bank concluded that the enforcement is to ensure transparency, curb illicit financial flows, and safeguard the country’s financial integrity.

Source: Joy Business

In a statement dated Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Bank’s Secretary, the central bank directed institutions, businesses, and individuals involved in such practices to immediately desist.

The BoG emphasized that the Ghana Cedi remains the country’s sole legal tender. Therefore, no resident, unless duly licensed or authorized by the Bank, may price, advertise, invoice, or accept payment in foreign currency for goods and services.

Prohibited transactions include, but are not limited to:

• School fees

• Sale or rental of vehicles

• Sale or rental of real estate

• Airline tickets

• Domestic contracts

• Retail shopping

• Online sales

• Hotel accommodation

The statement clarified that foreign currency invoices are permitted only for expatriates (non-residents), and proceeds must be deposited into a Foreign Exchange Account (FEA) with a licensed bank. Exchange rates on such invoices must reflect prevailing commercial bank rates and be benchmarked against the BoG’s published reference rate.

The Bank assured the public that legitimate external payments can still be made through the formal banking system, subject to regulatory thresholds and commercial bank procedures.

Reiterating its commitment to strict enforcement, the BoG warned that violators will face sanctions and legal consequences under Act 723.

Source: Adomonline

Under the revised guidelines, travellers may carry up to US$10,000 (or its equivalent) without declaration. Amounts exceeding this threshold must be declared in full using the official Foreign Currency Declaration Form (FX-5). Inbound travellers carrying over US$10,000 must also provide proof of declaration from their port of origin.

Outbound travellers carrying more than US$50,000 are required to declare the funds and provide supporting documents such as endorsed foreign exchange bureau receipts and bank slips.

Importers must submit valid documentation, including Import Declaration Forms, invoices, and contracts where applicable.

The central bank warned that failure to comply with the rules could result in immediate seizure of funds, fines, or criminal prosecution. It further emphasized that foreign currency cannot be transported via mail or cargo, and such funds will be confiscated by the state.

Source: AdomOnline

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