It was GOIL Pride Day, part of the Ghana Month celebrations, and the atmosphere reflected more than just business—it was about appreciation, service, and national pride.

Leading the engagement was Managing Director Edward Bawa, who, together with members of the management team, stepped out of the boardroom and onto the service lanes.

Dressed in GOIL-branded attire, they interacted directly with customers—pumping fuel, cleaning windshields, and sharing warm conversations with motorists who were pleasantly surprised by the gesture.

Mr. Bawa moved from car to car, greeting drivers and thanking them for their loyalty. In between serving customers, he shared updates on the company’s progress, noting that government agencies were gradually settling outstanding debts owed to GOIL.

He explained that this development is strengthening the company’s financial position, although some arrears remain.

Customers responded with enthusiasm, with many expressing admiration for the humility and hands-on approach demonstrated by the leadership. For some, it was their first time seeing top executives personally attending to them, turning a routine fuel stop into a memorable experience.

Adding star power to the occasion was GOIL Champion Ambassador Azumah Nelson, who fully embraced the spirit of the day. With his trademark charisma, he joined attendants in serving customers, drawing cheers and excitement from the crowd.

Motorists eagerly took photos and exchanged pleasantries with the boxing legend, who also emphasised the importance of supporting local brands.

The event also highlighted ongoing competition within the fuel sector. Mr. Bawa described the price competition as healthy, noting that it is driving efficiency among industry players while ensuring better prices for consumers.

This sentiment resonated with customers, who acknowledged the benefits of competitive pricing in their daily lives.

As the day progressed, the lines between management, staff, and customers seemed to fade. Laughter, shared stories, and genuine human connection defined the experience.

GOIL Pride Day was not just a celebration of the company’s achievements, but a reaffirmation of its commitment to service, community, and national development—fueling not only vehicles, but also relationships, one customer at a time.

Speaking on the achievements, he said the recognition by the State Interests and Governance Authority reflects a transformation journey driven by strong leadership and accountability systems he instituted.

Mr. Awuah noted that one of his key priorities upon assuming office was to restore financial stability and eliminate inefficiencies that had plagued the organisation for years.

“We were dealing with a near-moribund institution, but through focused leadership, we turned it into a high-performing and profitable entity,” he said.

He added that regular performance reviews with SIGA and a willingness to adopt corrective measures were central to the turnaround.

“We listened, we adapted, and we executed reforms decisively,” he stated, underscoring his hands-on role in driving the process.

The former Managing Director maintained that the awards serve as validation of the foundation he laid, expressing confidence that the systems and structures he introduced will continue to yield results.

He described the recognition as “a testament to what disciplined leadership and clear vision can achieve.”

In a statement issued in Accra on March 20, Mr. Awuah said the recognition of PMMC—now operating as GoldBod—as Overall Best Specified Entity, State-Owned Enterprise of the Year, and Most Profitable State-Owned Enterprise reflects the reforms he spearheaded while in office.

Describing the journey as one of “debt to dominance,” he stated that the company was in severe financial distress when he assumed leadership.

“We inherited a loss-making, debt-ridden company that was struggling to pay staff salaries and had years of outstanding statutory obligations,” he said.

Through decisive leadership and strategic reforms, Mr. Awuah said the company’s fortunes were reversed, leading to profitability by the end of 2024.

“I feel honoured and proud to have led the team that worked assiduously to turn around the fortunes of a near-moribund company,” he added, stressing that the awards validate the impact of those interventions.

He further noted that continuous engagement with SIGA and responsiveness to performance evaluations played a key role in the turnaround.

Mr. Awuah expressed optimism that the Board, Management, and Staff will sustain the progress, adding that the awards should serve as motivation to build on the foundation established under his leadership.

Reacting to the announcement by the State Interests and Governance Authority, Mr. Awuah said the recognition as Overall Best Specified Entity underscores the success of measures he implemented to reverse years of financial decline.

“We inherited a loss-making, debt-ridden company that was struggling to pay staff salaries,” he said.

“Together, under my leadership, we worked to turn around the fortunes of the company so that by the end of 2024, it had become highly profitable.”

He highlighted that consistent performance assessments by SIGA played a key role in shaping the reforms, noting that he personally led engagements where feedback was received and acted upon.

“We took the feedback in good faith and resolved to do better,” he added, linking the company’s improved performance directly to those interventions.

Mr. Awuah maintained that the awards serve as validation of the transformation he led and urged the current management to build on the foundation he established.

“These awards should be a source of motivation to continue growing the fortunes of the company,” he said.

In a statement issued in Accra on March 20, he said the awards—organised by the State Interests and Governance Authority (SIGA)—reflect years of deliberate efforts he led to revive the fortunes of the company, now operating as GoldBod.

PMMC was adjudged Overall Best Specified Entity, State-Owned Enterprise of the Year, and Most Profitable State-Owned Enterprise for 2024.

“I feel honoured and proud to have led the team that worked assiduously to turn around the fortunes of a near-moribund company,” he stated, emphasising that the recognition is a direct outcome of the transformation agenda he championed.

Mr. Awuah revealed that when he assumed office, PMMC was a struggling, debt-ridden entity, unable to meet salary obligations and burdened with outstanding statutory debts.

Through disciplined leadership and targeted reforms, the company was repositioned into a profitable state entity by the end of 2024.

While acknowledging the contributions of staff and management, he stressed that the results validate the effectiveness of the leadership direction he provided.

“The hard work we put in has indeed borne good fruit,” he noted, expressing hope that the current leadership will sustain the momentum.

It’s also hoping to carry out initial pricing guidance as well as opening the book building on that same day. 

The disclosure was captured in an Issuance Announcement Document picked by JOYBUSINESS from one of the financial institutions facilitating the offer. 

This is the first time since 2022 that the government is issuing a cedi-denominated bond after the expiration of the Domestic Debt Exchange Programme restrictions imposed in 2023. This was to prevent the government from issuing new bonds following the debt default.

The document showed that the government is hoping to announce the expected interest to be paid on the bond on April 1, 2026, while settlement will also be done on April 7, 2026. 

Details 

Investors hoping to participate in the offer are allowed to target a minimum of GHC 50, 000 in bids.

The bond will be open to residents and non-resident investors. 

The government is hoping to use funds from the bond to finance some projects in the 2026 budget. 

The government has settled on appointing six financial institutions to act as bond market specialists for the programme.

They are Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana.

Reasons 

According to a circular accompanying the issuance document, the government explained that it is going ahead because it wants to re-establish a domestic funding program, supporting liquidity management and refinancing of maturing obligations

The government is also looking at rebuilding a sovereign yield curve, providing investment opportunities and restoring market confidence for retail and institutional investors.

The finance ministry says it will not be restricted to pension funds, insurance companies and asset managers. 

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Key macroeconomic indicators such as inflation, exchange rates and interest rates reflect economic buoyancy in spite of government’s commitment to servicing extremely high external debts.

As part of the post-2024 restructuring recovery, Ghana successfully serviced over US$1.17 billion in Eurobond debt up to mid-2025 as reported by Ghana’s Ministry of Finance and has further projected a total external debt service of US$1, 409.06 million for 2026.

With a current inflation rate of 3.3 percent as at February 2026 compared to 23.1 percent in February 2025, a Monetary Policy Rate (MPR) of 15.5 percent in February 2026 and a Cedi/Dollar exchange rate of approximately GHS 10.68 (buying) to GHS 10.69 (selling) at the end of February 2026, it is safe to say the Ghanaian economy is enjoying somewhat good stability.

Beyond the statistics, this article aims at highlighting the effects of Ghana’s economic growth on her economic development i.e. the actual improvement or otherwise of the standard of living of Ghana’s population. We will further explore the distribution of income and ultimately the inequality gap in the Ghanaian economy.

During the economic period 2022, Ghana recorded a dramatic surge in inflation, ending the year with a rate of 54.1 per cent. In the ensuing years, 2023 to 2024, the rate slowly declined while fluctuating between 40 per cent and 29 per cent. This background is necessary to establish the reason for the high interest rates recorded within the period. For example, the MPR rate was about 30 per cent while commercial bank lending rates were about 36 per cent in 2023.

The effects of these rates include the rising cost of credit for businesses, which led to a rippling effect of increased costs of production and increased rates of inflation.

During the period under review, i.e. 2022 to 2024, small-scale businesses faced substantial hurdles in accessing finance largely due to strict collateral requirements, high interest rates and banks’ preference for short-term loans. This heavily affected the contributions of SMEs to Ghana’s GDP (about 70 per cent according to The Development Bank of Ghana). A major ramification was job cuts and, in some cases, a complete closure of businesses by some SMEs.

Considering the fact that SMEs account for about 80 to 85 per cent of employment in Ghana, this was a major shock to the income of many households.

Additionally, a significant number of households were pushed further down the wealth ladder due to the high costs of living. While relatively safe investments such as Treasury bills offered good interest rates (which is debatable due to the then existing inflation rates), there was little or no available funds for investment by low and many middle-income households.

Thus, high-income households grew wealthier and further widened the inequality gap. It is worthy of note that the World Bank estimates that approximately 44 per cent of micro, small, and medium enterprises (MSMEs) in Ghana are female-owned. However, Oxfam reports that gender inequality remains a pervasive issue. Where women are more likely to be poorer and have fewer assets than men.

The lack of assets, which is largely a socio- economic issue, greatly impacts the access of these female-owned businesses to credit opportunities for business purposes.

In summary, the challenges of the economy, as reflected by major macroeconomic indicators, directly impacted the standard of living of most Ghanaian households. The inequality gap was widened on income and gender levels, which inevitably impacted health inequality. The government, however, mitigated the effect of inequality on education through the Free SHS policy, which granted wide access to education.

As earlier stated, the economy of Ghana recorded relatively better indicators in the year 2025 as compared to the preceding three years. However, do these admirable statistics mirror the quality of life of Ghanaians and is there a direct connection between the statistics and the reality of life, with particular concern about the inequality gap?

With regard to household income, although the unemployment rate has been on the decline since 2022, a fast-growing labour force has accounted for insignificant successes in the record of employment. In reality, the majority of Ghanaians between the ages of 15 and 35 years are still unemployed. The disconnect between educational institutions and the labour market still exists.

Secondly, the economy still lacks capacity in the manufacturing sector with regard to employment. Furthermore, the agricultural sector remains unattractive to many youths despite its potential in absorbing many unemployed Ghanaians.

Diving down to household income, although there have been improvements in interest rates to attract borrowing by SMEs, the structural corporate and accounting challenges still inhibit their access to credit. Financial institutions still prefer to give short-term loans, which are not attractive to businesses.

Furthermore, lack of collateral is still a major challenge, especially for women-owned businesses. These bottlenecks faced by many businesses directly affect the overall income of households. While inflation rates appear favourable and provide many middle-income households the liberties for wealth creation, there is a lack of information and options on investments within and outside the economic jurisdiction.

In the area of health, the National Health Insurance Scheme still covers less than 2 per cent of the poorest of the population. Unequal distribution of infrastructure and health care professionals restricts access to quality health care.

Thus, health equality seems far from reach. With the educational sector, an argument can be made for the quality of education attained despite the admirable progress made with regard to access to education through the Free SHS policy. In order to build an exceptional labour force, maximum effort must be made for the provision of quality teaching and learning materials, infrastructure and frequent interactions with industry.

Attention to the inequality gap is crucial because inequality within an economy affects access to quality health care, education and overall quality of labour and standard of living within an economy. It significantly increases the risk of political, social and economic instability. With about four years to the deadline of attaining the Sustainable Development Goals by all members of the United Nations, the government of Ghana will have to critically aim at implementing policies that translate the favourable macroeconomic indicators into impactful realities for its citizens.

A stable economic framework can only be achieved in a somewhat egalitarian society. Thus, bridging the inequality gap is crucial for the attainment of economic development.

It is my humble submission that, although the current macroeconomic indicators of the Ghanaian economy are notable accomplishments, the statistics of economic growth must be felt beyond figures and trust that the managers of the economy will take steps to drive the economy in this regard.

The writer is an Economic and Policy Research fellow at the Policy Initiative for Economic Development (PIED Africa). She holds BA Economics with Political Science from the University of Ghana and MSc Development Economics from the University of Manchester, UK.

Cindy can be reached via info@piedafrica.org/cindynortey@gmail.com/  0506809789

There was a sense, among those who gathered at Accra’s maiden Dinner with the Professionals last Friday, that something long overdue was finally happening. Drawn from across sectors and generations, lawyers, bankers, consultants, doctors, entrepreneurs, fashion designers, and public servants sat down together not for ceremony, but for a purpose.

The evening, organised by the Project Consortium, was oversubscribed before it began, with fifty professionals applying for thirty seats. The organisers kept the entry requirement deliberately high: this was not a free event. Those who paid to attend, they reasoned, were those who meant it.

The premise was deceptively simple: bring Ghana’s professional class around a single table, and ask what they are prepared to do for their country. The answers that emerged over the course of the evening ranged from the philosophical to the intensely practical, suggesting that a new conversation about professional responsibility, national identity, and intergenerational leadership is quietly gaining momentum in Accra.

“This is not an event for those looking for a free programme. People who commit their time and resources are people who are serious about improving their communities, serious about improving their country.”

Mr. Oxford Osei Bonsu Esq., who convened the gathering, set the tone in his opening address. “We find ourselves at a remarkable moment,” he told the room. “The resources and networks we have built to date are a foundation, but they are not yet sufficient to meet the scale of what we are called to do.” He drew attention to the unusual demographic breadth of the room—four or five generations represented simultaneously—and argued that the presence of so many perspectives, from seasoned technocrats to young entrepreneurs, was itself a competitive advantage that Ghanaian professionals had not yet fully exploited.

The evening’s agenda moved seamlessly from discussions on entrepreneurship to exploring the interface between the professions and national development, the role of law in society, and the question of how professionals might engage with international platforms on Ghana’s behalf. “Can a professional doctor decide to engage in enterprise?” Osei Bonsu asked. The question was rhetorical, but the answer the room converged on was emphatically affirmative.

An Octogenarian’s Warning

Among the evening’s most striking contributions came from Nana Akwasi Abayie (Oheneba Lovelace Prempeh), Otumfuo Akomferehene, an 82-year-old chartered accountant, chieftaincy title-holder, and veteran of Ghana’s oil and gas industry, who spoke with the authority of a man who had lived the country’s entire post-independence period.

Born into the Asante royal household, his father was the Asante King who reigned from 1931 to 1970. Nana Akwasi Abayie trained as an accountant in the United Kingdom before returning to Ghana, joining KPMG, and eventually playing a central role in the syndication of financing for the country’s nascent oil sector. He later served on the board of the Tema Oil Refinery under President John Atta Mills. His chieftaincy connections run deep, he described, with precision, sixteen generations of Asante rulers stretching back to the kingdom’s founding in the 17th century.

His message, however, was not celebratory. He reserved his most pointed remarks for what he characterised as a generational failure to steward Ghana’s national assets. The railway network, which, within living memory, carried commodities from Takoradi to Kumasi and Accra, binding the country’s economic geography together, has been allowed to collapse. “I saw a route in the trains from Kumasi to Accra, packed with goods,” he told the room. “Now there are no trains. The railway lines have been devastated.” The culprit, in his framing, was not poverty or policy failure alone, but a specific kind of leadership that prioritises personal enrichment over national legacy.

“A visionary leader looks at his legacy. What does he leave behind? How does he impact for the benefit of those who come after?”

Drawing on a sweep of history from the Abrahamic traditions through to the dismantling of European monarchies in the 18th and 19th centuries, he argued that the essential question of leadership—whether a ruler serves themselves or their people—has never changed. Kwame Nkrumah, despite his complexities, was held up as an example of a leader who built assets that outlasted him. The implicit challenge to the professionals in the room was clear: in whatever sphere they operate, which kind of leader will they choose to be?

Opportunity as a Discipline

If Nana Akwasi Abayie provided the evening’s historical backbone, the Honourable Joe Ghartey, former Attorney General and Member of Parliament, supplied its energy. A lawyer by training, parliamentarian by vocation, and now consultant and businessman by choice, Ghartey delivered remarks that ranged from a colourful account of a diplomatic encounter with H.E Muammar Gaddafi to sharp observations about the untapped potential sitting within Ghana’s professional networks.

His central argument was that opportunity is not a matter of luck but of discipline, a trained habit of attention. “Opportunity can pass you by,” he said, “and you end up in a museum.” He described a working life conducted in constant pursuit of the next opening: consultancy assignments in the Savannah region, engagement with pan-African legal and professional bodies, business ventures pursued in parallel with public service. His point was not to boast, but to model: that professional reinvention is not merely possible in Ghana, it is necessary.

He also spoke frankly about the soft power that Ghana’s relatively stable democratic reputation confers on its professionals operating across the continent. At a gathering of the African network of professionalised organisations, he recalled being elected to a position not because of lobbying or patronage, but because, as he put it, “everybody likes us.” The room laughed in recognition. Ghana’s brand, he argued, is an asset that its professionals have not yet learned to spend deliberately.

A Profession’s Call to Conscience

The evening also heard from His Lordship Justice the Very Reverend George Appiah-Bonney, whose remarks centered on professional ethics within the legal profession. In a period when public trust in institutions across Africa has been tested, he urged younger lawyers in particular to hold fast to the standards that give the profession its social authority. Professionalism and moral integrity, he argued, are not optional add-ons to a legal career; they are the career.

The broader conversation that emerged across the evening touched on themes rarely combined so openly in a single room: intergenerational knowledge transfer, the intersection of law and economic development, the ethics of enterprise for professionals, and the question of how Ghanaian expertise might be mobilized on international platforms. Attendees described the networking alone as valuable—a room in which a banker might find herself in direct conversation with a security expert, a marketing professional, or a former cabinet minister.

Whether the Project Consortium’s initiative can sustain that energy beyond a single dinner remains to be seen. As an act of convening and insisting that Ghana’s professional class owes each other, and their country, a more deliberate form of engagement, the maiden gathering offered something rarer than a networking opportunity. It offered a standard to meet.

The Bank of Ghana (BoG) has introduced six strategic pillars forming the backbone of its revised Cyber and Information Security Directive (CISD 2026) to ensure a safer and more resilient digital financial sector.

At the launch, Dr Johnson Asiama said that the framework is not just regulatory guidance but a commitment to every individual or business who entrusts their financial data to the sector.

“A Safer and More Resilient Digital Financial Industry,” he said, “is the central pillar of our regulatory philosophy.”

The CISD 2026 focuses on robust governance, clear accountability and proactive defence, with key innovations designed to future-proof the financial ecosystem.

“However, this progress has also invited sophisticated and persistent information security risks. From ransomware attacks that can paralyse a bank for days, to systemic data breaches that can shatter public trust in an instant, the threats we face are no longer just isolated IT incidents; they are national security concerns.”

“The Bank of Ghana recognised this shift years ago. The first Directive, issued in 2018, laid the groundwork. But we must be honest: a framework designed for the challenges of 2018 cannot adequately solve the problems of 2026. The threat landscape has changed, and so must we. We have moved beyond simple compliance toward a posture of active and collective cyber resilience,” Dr Asiama said.

The directive is built around the following six key pillars designed to future-proof the financial sector against cyber threats:

AI and Machine Learning Governance – Ensuring transparency, fairness, and security as financial institutions increasingly adopt AI for fraud detection, credit scoring, and customer service.

Cloud Computing Security – Promoting the responsible and risk-based adoption of cloud technologies while maintaining data sovereignty for sensitive financial information.

Proportionality Framework – Tailoring cybersecurity requirements to the size and risk profile of institutions, preventing undue burden on smaller banks and fintechs.

Board-Level Accountability – Mandating at least one board member with verified cyber risk expertise, embedding security considerations at the highest strategic level.

Inclusive Oversight -Expanding coverage beyond universal banks to include micro-finance institutions, savings and loans companies, fintechs, and partner regulators, creating a unified defence across the sector.

Proactive Defence and Preparedness– Strengthening systems to anticipate, prevent, and respond to evolving cyber threats.

“Building and maintaining a world-class defence capability like the FICSOC requires significant investment in infrastructure, advanced technology, and, most importantly, highly skilled personnel. As the Sectoral CERT, the Bank of Ghana has borne the initial cost of this critical national infrastructure to get it off the ground,” the Governor added.

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At a press briefing in Accra, the policy think tank said the government’s decision to cut the levy from three per cent to one per cent—intended to cushion investors—runs counter to a growing global shift towards resource ownership and enhanced national benefits.

The Growth and Sustainability Levy was previously increased from one per cent to three per cent as part of efforts to boost revenue from the extractive sector and ensure the country benefits more from rising global commodity prices.

A Distinguished Fellow of the IEA, Sophia Akuffo, questioned the rationale behind the latest policy move.

“Why did government increase royalties, ostensibly to capture greater value from Ghana’s mineral wealth, only to simultaneously dilute that gain through tax concessions?” she asked.

Justice Akuffo said the reduction undermines the broader objective of ensuring that Ghana derives maximum benefit from its extractive sector, and called for coherent and predictable fiscal policies aligned with long-term national interests.

She expressed concern that despite Ghana’s vast natural resource endowment, the country has repeatedly turned to the International Monetary Fund for financial support.

Justice Akuffo further described as worrying the recent announcement by the Minister of Finance on plans to borrow GH¢17 billion to pay salaries, urging the state to leverage its mineral wealth to drive national development.

She pointed to countries such as Botswana, Burkina Faso, Chile and Venezuela as examples of nations adopting models centred on resource ownership and value retention.

“These developments have shown that asserting sovereignty does not repel investment; rather, it redefines the terms of engagement in favour of national development. They also show that Africans have woken up, and Ghana must join the awakening,” she said.

Justice Akuffo stressed that the expiration of more than 30 mining leases, record-high global mineral prices and the discovery of new critical minerals present Ghana with a rare opportunity to reset its resource governance framework.

She said this should involve engaging both local and foreign private sector expertise through service contracts that preserve national control while maximising economic benefits for industrial transformation.

The IEA therefore urged the government to adopt consistent fiscal policies that strike a balance between maintaining investor confidence and safeguarding national development priorities, to ensure that Ghana’s natural resource wealth translates into sustainable economic growth.

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In “Global Cross-Sector Analysis of Iran War Adverse Risk Scenario”, Fitch analysed global exposures across its rated portfolios to assess the potential effects on issuers’ Standalone Credit Profiles, or Viability Ratings (VRs) for banks, under such an adverse scenario, with the Strait of Hormuz remaining effectively closed until June.

The effects on Issuer Default Ratings (IDRs) if such a scenario were realised would also be influenced by other factors, notably the potential for ratings to benefit from support, for example, from parent entities or governments.

Fitch assessed material threats to ratings under the scenario in a number of sectors. Most of these are sectors in the member states of the Gulf Cooperation Council (GCC), including hotels and restaurants, homebuilders, airlines and diversified industrials, reflecting the fact that the region is the most directly affected by the conflict.

“Turbulence in energy markets is a key vector for potential rating effects under the adverse scenario. We see chemicals sector issuers’ credit profiles facing material threats in the GCC, Europe and APAC, given their vulnerability to higher feedstock costs, demand destruction and supply chain disruption, though North American chemicals producers are less exposed”, it said.

“We also see material threats to APAC refiners, which are heavily reliant on oil from the Gulf. Issuers in some sectors, such as North American oil and gas, could benefit from the market disruption”, it added.
It concluded that the destructive effects of the adverse scenario for global demand are another important channel for potential rating implications.

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He noted that rather than viewing the development as a setback, Ghana could leverage the situation to expand local production, create jobs, and reduce reliance on imports.

According to him, the country has both the human and financial resources required to address the current supply gap.

Dr Asiama pointed out that institutions such as the Ghana EXIM Bank are well-positioned to provide the necessary funding to support large-scale tomato farming, while existing local varieties are suitable for cultivation.

He stressed that unlocking this potential would require deliberate and coordinated action.

He further highlighted the importance of collaboration among key stakeholders, including the Ministry of Agriculture and the Ghana Export Promotion Authority, to ensure a sustainable and structured response that benefits the economy in the long term.

Speaking on Channel One TV on Wednesday, March 25, Dr Asiama remarked:

“The risks posed by the Burkina Faso situation, to me, are opportunities. If exports are banned, why should that become a crisis in Ghana? We have about five hundred thousand young people looking for work, we have the funds through GEXIM, and we have the right varieties—so what are we waiting for?”

He added that a focused national effort involving financial institutions and government agencies could quickly turn the challenge into an avenue for job creation and agricultural growth, ultimately strengthening Ghana’s food security and export potential.

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At a media training workshop in Kumasi, Ashanti Regional Director Nathaniel Nana Nkrumah stressed that product registration must come before advertisement, with the FDA approving all wording and claims.

He cited Section 100(1) on food, Section 114(1) on cosmetics and household chemicals, and Section 148, which prohibits deceptive advertising under the Food and Drugs Act.

He warned that adverts must reflect the exact purpose for which a product was registered, cautioning against exaggerated claims, unfair comparisons, and “freestyle” promotions.

He added that FDA registration is valid for one to two years and is key to maintaining fairness in the market.

Mr. Nkrumah reiterated that some products are banned from advertisement, including tobacco, infant formula, prescription-only medicines for diseases such as hypertension, diabetes and cancer, homeopathic medicines, and products linked to male sexual enhancement.

He added that adverts must not target children, pregnant or lactating mothers, or promote treatment for diseases such as HIV, Hepatitis B, epilepsy and leprosy.

On alcohol, he clarified that no product has been approved as an aphrodisiac, noting all are registered as beverages. He warned against misleading “male vitality” claims and said adverts must not promote excessive drinking or link alcohol to success or sexual performance. Such adverts must carry health warnings and must not air between 6:00am and 8:00pm.

Touching on herbal medicines, the FDA said health professionals and celebrities are barred from endorsements. He added that no advert should claim 100% efficacy or no side effects, while promotions involving gifts or refunds are not allowed.

All adverts must include safety warnings and encourage the reporting of side effects through the FDA Med Safety App.

Organisers say the initiative continues to play a pivotal role in promoting leadership excellence and strengthening networks across Ghana’s dynamic business community.

The Hall of Fame brings together an exclusive group of corporate executives, including chairpersons, directors, and chief executive officers who also serve as board chairs, under a single umbrella dedicated to excellence, collaboration, and leadership.

Since its inception in 2020, the initiative has grown steadily in both membership and influence, with its inaugural event at the Accra Marriott Hotel laying the foundation for a flagship gathering of Ghanaian business leaders. Today, it boasts over 400 distinguished members.

Membership offers access to extensive networking opportunities through periodic workshops and engagements designed to encourage collaboration, partnerships, and knowledge sharing. These events also enable inductees to connect with both existing and newly admitted members, fostering professional ties across industries.

This year’s ceremony is themed: “Enhancing Government–Business Relationships to Grow the Economy.”

According to Baroness Paulette Kporo, “this is a gathering of Ghana’s top executives and board chairpersons, designed to promote excellence in all spheres of business and foster healthy collaborations that drive development and shared prosperity.”

The Hall of Fame has previously honoured some of Ghana’s prominent business figures, including Ing. Kwesi Abeasi, Dr. Ofori Sarpong, Mr. Mukesh Thakwani, Mr. Talal Fattal, and Dr. Daniel McKorley.

This year marks a significant milestone as the event transitions from an annual to a biannual celebration, reflecting growing interest and participation.

Distinguished dignitaries expected to attend include H.E. Ambassador Asaye Alemayehu, Ambassador of Ethiopia to Ghana; Hon. Austin Gamey, CEO of Gamey and Gamey Group; Mr. Talal Fattal, former CEO of Metro TV; and Ms. Nana Yaa Serwaa Sarpong, among others.

The 11th edition will witness the induction of a new cohort of corporate leaders, reinforcing the initiative’s legacy as a premier platform for corporate excellence, collaboration, and leadership in Ghana. The event is jointly led by Deborah Larbi and Michael Asiedu, alongside a dedicated team from the Corporate Ghana Hall of Fame Secretariat.

Speaking on Asempa FM’s Ekosii Sen, he described the allegations as “politics and propaganda,” insisting that the gold has not been sold for consumption.

He explained that part of the reserves was converted into dollars and invested to earn returns, noting that this is a standard risk management strategy.

According to him, Ghana’s reserves have increased from about $9 billion at the end of the previous administration to over $13 billion by the end of 2025, made up of both gold and foreign currency.

Mr. Gyamfi said holding excessive reserves in gold exposes the country to price volatility, adding that diversifying into dollar investments earning about 4–5 percent interest helps reduce risk.

He further clarified that the gold was transacted through institutions such as Citibank in the United States and the Bank for International Settlements in Switzerland.

He assured that the country will not repurchase the same gold but will replenish reserves through its ongoing gold purchase programme.

“When the NPP was leaving office, the reserves were approximately $9 billion. By the end of 2025, the NDC expects these reserves to be over $13 billion. These reserves include both gold and dollars.

“The general practice for middle-income countries is to keep about 20% of their reserves in gold. However, since gold prices can be volatile, the Bank of Ghana made the decision to sell some of our gold reserves and convert them into dollars.

“This strategy allows for investments yielding interest rates of 4–5%. Holding too much gold can be risky. The claims by the Minority that the Bank of Ghana is selling off Ghana’s gold reserves are purely political propaganda.

“We are not selling Ghana’s gold reserves to spend the proceeds. Instead, we converted the gold into dollars and invested them wisely. We do not plan to buy back the same gold but will replace it through a gold purchase programme. The gold was sold to Citibank in the USA and the Bank for International Settlements in Switzerland to minimise financial risk,” he said.

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GoldBod has achieved most milestones in gold trade reforms – Sammy Gyamfi

Speaking on Ekosii Sen, he said GoldBod has not operated at a loss since its establishment.

“Something big is coming… we will publish our audited report, and there will be a surplus,” he stated.

Mr. Gyamfi explained that as a trading entity, GoldBod may experience gains or losses depending on market conditions, but stressed that its overall performance has remained positive.

He noted that the institution refers to its gains as a “surplus” rather than profit, adding that strong operations in 2025 contributed to the expected outcome.

He also drew a distinction between GoldBod and the Bank of Ghana, explaining that while the central bank’s gold activities are policy-driven and not profit-oriented, GoldBod operates as a trading entity focused on maximising returns.

“GoldBod has maintained a sustainable financial position and has not recorded any losses. Our audited financial statements will be published in early April, and we have something significant in store. We have been blessed, and our efforts in 2025 were successful.

“At GoldBod, we prefer to refer to our earnings as a ‘surplus’ rather than profit. We will be declaring a surplus, and the details will be published on our website and other channels.

“While it’s worth noting that we operate in the trading sector and can potentially incur losses, particularly in a volatile commodity like gold, our focus remains on performing our work diligently so that gains will ultimately outweigh any losses,” he said.

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Speaking on Ekosii Sen, he noted that reforms introduced under GoldBod are beginning to yield positive results.

According to him, small-scale gold production increased significantly from 63 tonnes in 2024 to 104 metric tonnes by the end of 2025, surpassing large-scale mining output, which recorded about 100 tonnes over the same period.

“By the end of 2025, we began to see improvements in the challenges we faced in the gold sector. We were able to increase small-scale gold production from 63 tonnes in 2024 to 104 metric tonnes. In comparison, large-scale gold production accounted for about 100 tonnes.

“The key to our country’s potential lies in small-scale gold mining, not large-scale operations. However, due to the absence of a proper regulatory framework, specifically the Gold Board, we struggled to effectively manage and regulate the small-scale sector,” he said.

Mr. Gyamfi explained that the sector has historically been poorly regulated, preventing the country from fully benefiting from its scale and potential.

He noted that unlike large-scale mining, where only a portion of export proceeds returns to Ghana, small-scale mining allows for full foreign exchange retention, making it more beneficial to the economy.

Mr. Gyamfi disclosed that proceeds from small-scale gold exports reached approximately $10.8 billion, contributing significantly to foreign exchange inflows and supporting the stability of the cedi.

“Historically, small-scale mining has always been more significant than large-scale mining, but poor regulation hindered our ability to benefit from it. In terms of returns from exports, a portion of large-scale mining revenue comes back to Ghana, while small-scale operators benefit from arrangements that allow them to retain 100% of their export earnings.

“In terms of foreign exchange, the small-scale sector offers complete retention, and the benefits are significant. The gross proceeds from small-scale gold mining amounted to approximately 10.8 billion US dollars, which has contributed to the appreciation of the cedi,” he stated.

He emphasised that strengthening regulation in the small-scale mining sector remains key to sustaining these gains and maximising its impact on the national economy.

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Speaking at an international conference organised by Ghana Export-Import Bank to mark its 10th anniversary, Dr. Asiama said the central bank is closely monitoring developments and has put in place contingency measures to manage potential shocks.

“But unfortunately, as some of you are aware, we have the Middle East crisis knocking on our doors; what we call global economic shocks, geopolitical shocks, they are some of the things we have to contend with,” he said.

He expressed hope that the conflict would be short-lived but warned that a prolonged crisis could require additional policy interventions.

“Our hope is that the crisis will be short. If, however, it persists, then we will have to design some different policy measures to contain,” he noted.

Despite the concerns, the BoG Governor reassured that Ghana is better positioned to absorb external shocks, pointing to existing safeguards within the financial system.

“But no worries. This is not the first time Ghana’s economy is suffering global shock. We will get the way,” he said.

Dr. Asiama revealed that the central bank is working closely with the Ministry of Finance and other state institutions to coordinate responses.

“We are in contact with the Ministry of Finance and the other government agencies on what to do and at what time the contingency measures are in place,” he added.

He further indicated that Ghana’s reserve levels remain strong, providing a buffer against potential disruptions.

“Our reserves levels are comfortable, we are in sync with the other players of government and I’m sure we’ll pull through this one as well,” he assured.

Reflecting on recent economic management, Dr. Asiama explained that the central bank had to take tough decisions to stabilise the economy after inheriting a challenging macroeconomic environment marked by high inflation and excess liquidity.

“It was like a patient that has had blood transfusion in excess just too much blood has been injected. No matter what you do, it won’t be effective,” he said, using a medical analogy to describe the situation.

He noted that measures to “drain” excess liquidity were necessary, even though they came at a cost.

“We needed to mop that liquidity from the system. That has come at a cost, but it was a necessary measure to ensure that our interventions will be effective,” he explained.

According to him, those interventions contributed to improved economic indicators, including a decline in inflation and relative stability of the cedi.

“That is why we saw inflation end the year at about 5.4%. That is why you see the cedi ending the year around 10.4%. I didn’t know it could appreciate to that extent,” he said.

He added that while the cost of the interventions was significant, it was largely a one-off.

“When I assess the cost, we have incurred, it’s not fatal it’s like a one-timer cost,” he stated.

Dr. Asiama emphasised that the priority now is to sustain the gains while remaining prepared for external shocks, including the ongoing geopolitical tensions.

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Speaking on Adom FM’s Dwaso Nsem, he explained that although conditions in the market are currently slow, there is hope as government interventions begin to take effect.

According to him, the measures being implemented by the current administration to inject money into the system are still ongoing, which explains why the impact has not yet been fully felt.

He referenced the Big Push infrastructure programme, noting that it is expected to stimulate economic activity by increasing the flow of money within the economy.

“When money is not circulating in the system, purchasing power drops and the market slows down,” he stated.

Mr. Odike further explained that government remains the biggest spender in the economy, and any delay in its spending affects the entire chain of economic activity.

He expressed optimism that as government begins awarding contracts under the Big Push initiative, funds will flow to contractors, who will in turn spend within the economy, benefiting traders and businesses.

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MTN Ghana Chief Executive Officer, Stephen Blewett, said the company is fully aligned with the government’s objectives and is working closely with regulators to ensure a smooth process.

“The Minister called us into a meeting, and he briefed the whole industry, not just MTN, about what they want to achieve. He was very clear that this is the last time and wanted to do it well. So we support that, and the way we execute it will be very important,” he said.

The exercise, led by the Ministry of Communication, Digital Technology, and Innovation, seeks to link SIM cards to the National Identification Authority database to curb fraud, identity theft, and other cyber-related crimes.

Mr. Blewett, who spoke to the media on the sidelines of the company’s 2026 Annual General Meeting in Accra, stressed that proper planning will be key to ensuring efficiency and convenience for subscribers.

“It’s not going to be SIM re-registration in one day because that will be chaotic for our country. We have to plan it properly, even use digital means to book appointments,” he noted.

He added that the exercise is also critical for individual security. “You want to make sure that the fingerprint and the face match… You don’t want someone else taking your SIM and using it for nefarious reasons.”

On cost, he indicated MTN will manage within existing resources. “No matter what comes our way, we have to manage it within the budget we have; if that means we have to tighten the belt, we will do that.”

MTN Ghana says it will continue to prioritise efficiency as it supports the nationwide exercise.

This was captured in the Monetary Policy Committee (MPC) decision report submitted by the Bank of Ghana.

However, one of the members voted for a 75 basis points cut, while the other member wanted the rate to be kept unchanged at 15%

Reasons

The majority of the members were worried about the impact of the developments in the Middle East and its impact on the economy, especially inflation.  For instance, according to the submission made by one member of the MPC, there are some key downside risks to the forecast with respect to inflation due to the recent surge in international crude oil prices and their transmission to domestic ex-pump petroleum prices.

 “This could, however, be moderated by continued commitment to fiscal discipline, relatively tight monetary policy, and exchange rate stability”, the member added.

Another member, however,  was worried about the broader impact of developments in the Middle East on the economy – inflation, growth, utility tariffs and cost of credit.

The member noted that “The case for cutting is strong at this MPC round, but material upside risks to inflation warrant a calibrated, rather than aggressive”.

However, there was some broad consensus among the members.

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Cedi slides as demand for forex increases; one dollar equals GH¢11.70

Tomato import ban presents opportunity for local production – PFAG

Trading activity was concentrated in the front-to-belly segment of the curve.

The 2027–2030 maturities led activity, accounting for 53.33% of total traded volumes at a weighted-average yield of 11.97%.

The 2031–2034 segment followed closely, capturing 46.63% of total turnover at a weighted-average yield of 12.49%.

In contrast, long-end participation remained negligible, with the 2035–2038 tenors accounting for 0.04% of total volumes and trading at a 12.51% weighted-average yield.

“We believe the sharp decline in turnover points to a pause in positioning, with investors remaining selective ahead of clearer signals from the bond market reopening”, said Databank Research.

Looking ahead, it expects a modest pickup in activity into month-end as investors rebalance portfolios.

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Tomato import ban presents opportunity for local production – PFAG

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The local currency depreciated modestly across both the interbank and retail forex markets, driven by a combination of domestic demand pressures and external factors.

On the interbank market, the local currency weakened by 1.55% against the dollar, 1.66% against the pound, and 0.90% to the the euro, closing at mid-rates of GH¢10.94 against US dollar, GH¢14.62 to the the pound and GH¢12.61 to the euro.

This trend was mirrored in the retail segment, where the cedi depreciated by 0.43% against the American greenback to GH¢11.60 and 1.62% against the pound to GH¢15.40, respectively. It remained broadly stable to the euro at GH¢13.45.

Analysts believe the recent depreciation reflects renewed forex demand from importers, elevated system liquidity, and rising oil prices, which are increasing the import bill.

Databank Research said the external backdrop remains a key driver, with higher crude prices posing upside risks to both the trade balance and inflation.

“At the same time, while gold prices had previously provided strong forex support, the recent pullback driven by signs of geopolitical de-escalation may reduce this buffer. On balance, we expect the cedi to maintain a mild depreciation bias in the coming weeks, with stability dependent on sustained FX [forex] inflows and evolving”, it added.

Meanwhile, the cedi began this week going for GH¢11.70 against one dollar in the retail market.

The year-to-date gain stood at 4.96%.

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In a statement issued on March 24 and signed by National President Wepia Awal Addo Adugwala, the Association said while government’s engagement with Burkinabe authorities is necessary, urgent steps must be taken to support farmers to increase output and avert a potential shortage.

It warned that failure to act could result in sharp price increases, rising inflation, and a possible food security crisis.

The Association noted that tomato production in Ghana is challenged by heavy reliance on rain-fed agriculture, high input costs, weak market systems, and significant post-harvest losses, which discourage farmers.

It also pointed to broader pressures, including rising costs of fuel and agricultural inputs due to global developments, as well as existing market challenges affecting other staple crops.

The group is urging government to implement immediate support measures for tomato farmers, particularly those at irrigation sites, through the provision of improved seeds, fertilisers, and mechanisation services.

It further called for the development of an emergency response plan to address potential supply gaps if talks with Burkina Faso fail.

In the medium to long term, the Association is advocating increased investment in irrigation infrastructure, expansion of farmland, improved storage systems, and the revival of tomato processing facilities.

The statement reaffirmed the Association’s readiness to partner with government to strengthen production and improve food security.

Read the statement below:

FOR IMMEDIATE RELEASE
24th March 2026
TOMATO IMPORT BAN BY BURKINA FASO IS A BLESSING IN DISGUISE: SUPPORT FARMERS TO
DELIVER
The Peasant Farmers Association of Ghana (PFAG) has taken notice of the directive by officials of Burkina
Faso banning the trade of tomatoes from that country, and the subsequent response by the government
of Ghana through the Ministry of Trade, Industry and Agribusiness. While the Association understands
the government’s decision to engage Burkinabe officials on this matter, it sees this as an opportunity for
government to develop home-grown strategies and support farmers to increase production and ensure
self-sufficiency. Failure to do so will result in an acute shortage of tomatoes, leading to drastic price
hikes, increased inflationary pressures, and an escalation into a full-blown food security crisis.
Tomato production in Ghana has been characterized by a massive reliance on rain-fed agriculture, high
input costs, and weak market linkages. This situation is further exacerbated by high post-harvest losses,
which create a major disincentive for farmers during the major planting season. While these challenges
are well known and documented, successive governments have failed to take a transformative and well
coordinated approach to address them, despite spending millions of cedis in the sector. Investments in
irrigation development, inputs, storage, and processing facilities have failed to bring about significant
change over the years, as we are still reeling from the inadequacy of these interventions.
This situation is happening at a time when geopolitical conflict is leading to higher costs of energy, fuel,
and agricultural inputs, which will increase production costs for farmers. This is in addition to the
unresolved market glut for other staples such as rice, maize, soya, cassava, and pepper, which has
already caused stress and frustration for farmers. The overall effect is a massive disincentive for farmers
to produce enough to meet the country’s demand, which will have a significant effect on our food
security. The agricultural sector is on the brink of a heightened food security crisis, and the sooner we
act pragmatically, the better.
The PFAG therefore urges government to provide LEADERSHIP, DIRECTION, and a clear STRATEGY to
permanently address this challenge in the short, medium, and long term.

1. In the short term, the PFAG urges the government of Ghana to, as a matter of urgency, extend
   support to tomato farmers at irrigation sites to increase their production. This should be in the form of
   provision of improved seeds, fertilizers, and mechanization services to enhance production. The tomato
   farmers within the Peasant Farmers Association of Ghana (PFAG) are ready and available to work with
   government in this regard. Within this period, government should quickly set up an emergency strategic
   response plan together with stakeholders to address the looming shortage of tomatoes, in the event
   that engagements with the Burkina Faso authorities prove futile.
2. In the medium term, government must establish more land banks, increase land availability at
   irrigation sites, and enroll and empower additional farmers for tomato production. Government should
   address market linkages by establishing storage facilities (cold store infrastructure) and facilitating an
   output market system with traders and transporters to ensure optimum and efficient delivery of produce.
3. In the long term, government must aim at expanding irrigation infrastructure by establishing at least
   one major irrigation dam in every region. We should aim at increasing our percentage of irrigable land
   from the current 10% to over 50% by 2028. Government must also expedite its plans to establish,
   rehabilitate, or revamp existing tomato processing facilities to enable them to process and operate at
   full capacity.
   Current developments in the agricultural sector, both locally and externally, and their impact on food
   security, have shown that Ghana cannot continue to provide lump-sum and generalized support for
   staple foods, given their unique importance in the Ghanaian diet and their implications for food security.
   We need a strategic plan, direction, approach, and a special vehicle to unlock their respective potentials.
   The PFAG believes that government must set up specific programs with clear financing, monitoring, and
   accountability mechanisms for value chains such as rice, tomato, onion, cassava, and maize. This will
   provide targeted and dedicated support to these value chains and especially to farmers to enhance their
   productivity.
   The Association assures government of its support and readiness to partner to enhance production and
   improve the food security situation within the country. We also urge government to play its part and
   leave a legacy of providing a permanent solution to the perennial challenges affecting effective food
   production by farmers.
   We are heading toward a crisis, and the time to act is now.
   Signed
   Wepia Awal Addo Adugwala
   National President

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Speaking in an interview on Adom FM’s Dwaso Nsem, Mr. Opoku criticised FABAG’s stance, suggesting the association may not be fully informed about developments in the sector.

“If FABAG were following developments in the sector, they would not have made that statement and jumped to that conclusion. We have laid a solid foundation to address the challenge” he said.

He stressed that the ministry is actively working to resolve the crisis and should not be portrayed as inactive.

“We cannot sit down without dealing with the challenges confronting our people. It is based on these same challenges that Ghanaians gave us the mandate to lead, and we exist to solve them, and that is exactly what we are doing,” he stated.

The Minister disclosed that a stakeholder meeting will be held to accelerate interventions and better manage the situation.

“Tomorrow, we will meet the necessary stakeholders to see how we can accelerate the process, manage the crisis, and double our efforts to drive the nation toward self-sufficiency,” he noted.

However, he rejected calls for immediate large-scale tomato production within 60 to 90 days, describing them as unrealistic.

“It shouldn’t be the case that when there is a shortage of tomatoes, you say we should produce them today. It is not doable, and I am surprised they are speaking this way. At least they should understand that all of us in the ministry are not fools,” he said.

Mr. Opoku stressed that agricultural production involves structured processes that cannot be rushed.

“If you want to provide boreholes across production centres, how many months will it take even to complete procurement processes?” he questioned. “You cannot simply decide to drill boreholes without going through due processes.”

He urged stakeholders and the public to be objective and factual in their commentary.

“Let’s be reasonable and factual in our arguments. You cannot expect results without going through the necessary processes,” he added.

His comments come after FABAG issued a strong ultimatum to the Ministry, demanding urgent action to resolve the tomato supply crisis and warning that failure to act could render the Ministry irrelevant.

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Speaking at a World Bank Civil Society Organisation Engagement in Accra on Tuesday, March 24, President of the association, Wepia Addo Awal Adugwala, warned that a breakdown in talks could lead to sharp price increases, supply shortages, and added pressure on local producers.

“Within this period, the government should quickly set up an emergency strategic response plan with stakeholders to address the looming shortage of tomatoes, in case engagements with Burkina Faso prove futile,” he said.

He proposed a multi-phase strategy, urging authorities to expand access to irrigable land, support more farmers, and improve market systems through better storage facilities, cold chain infrastructure, and stronger coordination among traders and transporters.

He further called for major investment in irrigation, including the construction of at least one large dam in every region to boost year-round farming.

“We should aim at increasing our percentage of irrigable land from the current 10% to over 50% by 2028,” he added.

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Speaking on Adom FM’s Dwaso Nsem, FABAG President John Awuni described the situation as a reflection of weaknesses, poor planning, and policy failures within Ghana’s agricultural sector.

“If a country like Ghana cannot produce tomatoes, onions or pepper, then what is the relevance of our Ministry? It is a shame. This is not an emotional statement but the reality. Maybe it is just a ministry to be holding meetings and pushing papers,” he lamented.

Mr. Awuni criticised Ghana’s continued reliance on imports for a basic commodity like tomatoes, despite the country’s vast agricultural resources.

“This situation has once again exposed the dangerous weakness, poor planning, and policy failure within Ghana’s agricultural sector. It is completely unacceptable that a country with vast agricultural land, irrigation dams, agricultural colleges, research institutions, extension officers, and a full Ministry of Food and Agriculture cannot produce enough tomatoes to feed its own population,” he said.

He added that if the Ministry of Food and Agriculture cannot coordinate nationwide tomato production within two to three months, the government should consider restructuring it into a more production-focused institution with clear targets and accountability.

“FABAG wishes to state clearly and without apology that if the Ministry of Food and Agriculture cannot mobilize the country to produce tomatoes within two to three months, then the Ministry has failed in its core mandate and has no justification to continue to exist in its current form,” he stated.

Mr. Awuni noted that tomatoes are a short-cycle crop that can be grown and harvested within 60 to 90 days, arguing that with proper planning and irrigation, Ghana could cultivate the crop multiple times a year.

He maintained that the country has the capacity to address the current shortage in a short period if the right measures are implemented.

FABAG further pointed out that Ghana already has fertile land, irrigation systems, research institutions, extension officers, and access to inputs such as improved seeds and fertilisers, yet production challenges persist.

Mr. Awuni said this reflects leadership and policy gaps rather than a lack of resources.

He warned that reliance on other countries for essential food items poses a national security risk and called on the government to take urgent steps to boost local production.

As part of their recommendations, he urged the declaration of a national emergency tomato programme, distribution of improved seeds, provision of subsidised inputs, activation of irrigation systems, and mobilisation of youth into commercial tomato farming.

He also called for support for greenhouse production, revival of tomato processing factories, and investment in storage and transportation systems to reduce post-harvest losses.

Mr. Awuni further urged the government to set a target for Ghana to achieve tomato self-sufficiency within one year, stressing the need to move from policy discussions to practical results in food production.

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The Okaikwei Central legislator, therefore, called for immediate policy and legislative reforms to address these challenges.

Addressing journalists at the Parliament House in Accra, Mr Boamah, also Chairperson of the Subsidiary Legislation Committee, noted that while Act 915 was a landmark in modernising Ghana’s tax administration and strengthening the Ghana Revenue Authority (GRA) to enforce compliance, its practical implementation has revealed unintended consequences.

He warned that the current interest and penalty framework risked eroding taxpayers’ confidence, undermining economic productivity, and discouraging voluntary compliance.

The legislator highlighted three key provisions that have created what he termed a “Revenue-Penalty Trap.”

He noted that the interest rates of up to 125% of the Bank of Ghana’s Monetary Policy Rate, monthly compounding of interest and retrospective application of interest from the original due date of tax liabilities as problematic.

He said when these provisions are combined with extended audit timelines and adjusted assessments issued years after the relevant tax period, taxpayers often face liabilities that far exceeded the principal tax owed.

In many cases, cumulative interest and penalties have become disproportionately burdensome for companies.

Mr Boamah further raised concerns about alleged abuse by some tax enforcement officers, claiming that certain officials harass firms and discreetly extort money from companies struggling to meet their tax obligations.

He argued that such practices not only damage the integrity of Ghana’s tax system but also discourage investment and business growth.

He urged the Finance Ministry to review the interest and penalty regimes under Act 915 to ensure fairness, transparency, and sustainability in tax administration.

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‎Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, at a meeting with core stakeholders of State-Owned Enterprises and Specified Entities under the theme, Leveraging Public Assets For Shared Prosperity, Mr. Ampem said loss-making SOEs will no longer be tolerated under the government’s renewed push for efficiency and accountability.

‎He stated that the government has stabilised the economy and created favorable conditions for SOEs to perform, adding that “they are now running out of excuses for non-performance.”

‎ Referencing earlier commitments by President John Dramani Mahama, he reiterated that under the ongoing economic reset agenda, underperforming enterprises will be reformed, merged, privatised, or shut down, with a strong emphasis on fiscal, governance, and performance discipline.

‎ The Deputy Minister highlighted improvements in Ghana’s macroeconomic indicators, including a drop in inflation from 23.8 percent in January 2025 to 3.3 percent in February 2026, alongside increased currency stability and a reduction in the Bank of Ghana’s monetary policy rate.

‎He noted that while these gains provide a stable foundation, SOEs must now transition from being fiscal burdens to contributors to national revenue.

‎Mr. Ampem regretted the cost of inefficiencies within the sector, citing government spending of about $1.47 billion to address energy sector shortfalls, as well as continued losses by the Electricity Company of Ghana (ECG), which he said loses approximately 40 percent of power through technical and commercial inefficiencies.

‎In the financial sector, he disclosed that, the government recapitalized the National Investment Bank (NIB) and Agricultural Development Bank (ADB) with over GH¢1 billion in 2025, while also pursuing the conversion of COCOBOD’s GH¢5.8 billion legacy debt into equity.

‎These interventions, the Deputy Minister noted pose significant fiscal risks and must not continue unchecked.

He later commended three SOEs for improved performance in dividend payments, noting that GPHA, Ghana Reinsurance Company Limited, and TDC Ghana Limited, paid a combined GH¢329.34 million in dividends in 2025, a sharp increase from GH¢28.7 million in 2024.

‎Despite the improvement, he said consistency in performance and compliance remains a key concern.

‎Mr. Ampem further emphasized the need for strict adherence to reporting and governance requirements under the State Interests and Governance Authority (SIGA), warning that entities that fail to comply will face sanctions. Boards and management, he added, will be held accountable for failures in oversight and execution.

‎The Deputy Minister concluded by urging SOEs to operate with discipline, efficiency, and transparency, stressing that public enterprises must deliver value to the Ghanaian people or risk being dissolved.

The meeting attended by key government officials, including Vice President Her Excellency Jane Naana Opoku-Agyemang, brought together stakeholders to discuss how public enterprises can be repositioned to support national development

The farmers, who had gathered as early as 4:00 p.m., refused to disperse despite hours of torrential rainfall. With no shelter available, many resorted to using plantain leaves as cover, waiting in soaked clothing until the delegation arrived later in the evening.

The Minority delegation, led by Minority Chief Whip and Member of Parliament for Nsawam-Adoagyiri, Frank Annoh-Dompreh, was received by the area’s MP, Fred Kyei Asamoah, and welcomed by an emotional crowd of farmers.

The farmers expressed deep frustration over delayed payments, reduced producer prices, and what they described as broken promises within the cocoa sector.

Some lamented that they had not been paid for their produce since October, worsening financial hardship in already struggling communities.

Addressing the gathering, Mr. Annoh-Dompreh urged the farmers not to lose hope, assuring them that the Minority Caucus would present their concerns to Parliament and demand accountability.

He emphasised that the tour was not merely symbolic but aimed at gathering firsthand evidence of the challenges facing cocoa farmers and advocating for policy interventions to restore fairness and stability in the sector.

The Minority Chief Whip also criticised the government’s handling of the cocoa industry, particularly recent producer price reductions and alleged delays in payments through Licensed Buying Companies.

He reiterated calls for transparency, urging the Ghana Cocoa Board to publish details of payments made to purchasing clerks to verify government claims.

The Darso engagement marked the final stop of the Minority’s Ashanti Region tour, following an earlier visit to cocoa-growing communities in the Eastern Region.

Throughout the tour, farmers consistently raised concerns about declining incomes, rising input costs, and uncertainty surrounding cocoa purchases.

The Minority Caucus has indicated that findings from the tour will be compiled and presented to Otumfuo Osei Tutu II, with the aim of pushing for urgent reforms to address the challenges confronting cocoa farmers and safeguard the future of Ghana’s cocoa industry.

The beneficiaries comprise four master craftsmen and trainees in hairdressing, fashion and design, carpentry, and electrical work, forming the first batch of participants under the programme in the district.

Speaking at the event, the District Chief Executive for Pru East, Abdul Nasir Dauda, said the initiative is designed to provide structured vocational training for young people while strengthening the capacity of local artisans.

He explained that the programme focuses on equipping the youth with employable and self-reliant skills by supporting both trainees and master craftsmen with the necessary tools, ensuring that practical instruction becomes more effective and impactful.

Speaking to Adom News reporter Daniel Tachie, some trainees and master craftsmen expressed their gratitude to the government for the opportunity, especially the provision of equipment to support their training.

Speaking on Nnawotwe Yi on Adom TV, the President of the Association, Clement Boateng, said authorities have introduced Artificial Intelligence (AI) in calculating and determining duties on goods at the port.

He explained that, in addition to the AI-based calculations, officers at the port also conduct manual assessments of goods, resulting in discrepancies in the final charges.

According to him, in some instances, the AI-generated figures are higher than those calculated manually, and in other cases, the reverse is true.

Mr. Boateng noted that this process sometimes leads to importers being charged twice for the same goods.

He further stated that the situation has worsened following a directive from the Ghana Revenue Authority, which instructed officers not to charge below the AI-calculated amounts. However, in cases where the AI figures are lower, officers are directed to apply the higher manual estimates.

Clement Boateng warned that if the situation persists, traders will be forced to increase the prices of goods, with consumers ultimately bearing the cost.

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The ceremony, held on Thursday, March 19, marks a significant step in efforts to provide young entrepreneurs with the financial support and skills needed to establish and expand sustainable businesses.

The Adwumawura Programme is a key component of the government’s broader strategy to strengthen Ghana’s entrepreneurial ecosystem by equipping young people with both funding and capacity-building support to thrive in competitive markets.

The initiative also promotes inclusivity, with a strong focus on supporting women-led businesses and ensuring equal opportunities in enterprise development.

According to the government, targeted financial assistance and mentorship under the programme will help create a more business-friendly environment that fosters innovation, sustainability, and long-term economic growth.

The latest disbursement is expected to enable beneficiaries to scale up their operations, create jobs, and contribute to national development, particularly in sectors driven by youth innovation.

President Mahama reiterated that empowering young entrepreneurs remains central to the government’s agenda, as it seeks to address unemployment and drive inclusive economic transformation.

Prof Fred Dzanku revealed that many local farmers are unable to find buyers for their produce, threatening the entire value chain and potentially leading to a sharp decline in production.

Speaking on JoyNews’ Newsfile, he illustrated the severity of the situation explaining that a colleague who had just returned from the Ketu area in the Volta Region sent him a message detailing the struggles of farmers. According to him, the challenge is not limited to one region.

“The entire value chain of agriculture… even farmers who are producing locally are not getting markets for their products. Go to Edem Agbana’s district, the stockpile of rice that farmers are not able to sell. You go to other parts of the country, farmers are producing and they are not able to sell.”

He warned of grave consequences, noting that the lack of market access has demoralized farmers to the point where many are considering abandoning farming altogether.

“In fact, they sent us a message that probably next year, many of them are not going to produce,” he revealed.

Prof. Dzanku’s comments come in the wake of a recent presidential directive urging the purchase of local rice. However, he noted that such calls appear to be going unheeded.

“They are not doing it,” he asserted. “In fact, there are people who are supposed to be purchasing local rights, [who] are importing rice into this country.”

He emphasized that the situation demands greater accountability from political leaders. “So, I mean, we have to hold our politicians more accountable,” he said.

When pressed by the host on how to achieve this, Prof. Dzanku pointed to what he described as the core political economy problem hindering progress: the country’s entrenched two-party system.

“One of the things I think we have to do is to move away from this NPP, NDC politics,” he argued. “Because it’s almost as if they know that if NPP is in power for at least eight years maximum, the next time NDC will come, NPP will come, and therefore this duopoly in our politics is part of the political economy problem that we are facing in this country.”

He contended that the current system provides little incentive for meaningful change, leaving vulnerable groups like farmers without a voice.

“Until we bring that for them to know that the citizens of this country deserve better and we put pressure on them to do the right thing, it’s not going to change because they have no incentive to change what is going on, right?” he questioned. “The farmer, you know, in the Upper East Region who is producing soybean, who is not getting market for it, there’s no voice for that farmer.”

Prof. Dzanku called on civil society organizations and academics to step up and advocate for change, emphasizing the need for a non-partisan approach to solving the crisis.

“So that has to change, and it’s one of the things that we have to do as civil society, as academics, speak to the issue, devoid of politics, and to force change,” he concluded.

The initiative was spearheaded by Write For World in collaboration with Plan International Ghana, with the aim of equipping the youth with practical skills in agribusiness.

The training focused on modern techniques in beekeeping, including hive management, honey harvesting, and processing, as well as mushroom production methods such as substrate preparation, incubation, and harvesting.

Speaking in an interview with Adom News Correspondent Odehyeba Owusu Job, Gangana Mathias, Southern Program Influencing and Impact Area (SPIIA) Manager for Plan International Ghana, emphasised the importance of diversifying income sources among rural youth.

He noted that the programme forms part of broader interventions aimed at supporting youth development, reducing unemployment, and promoting sustainable agriculture in rural communities. According to him, beekeeping and mushroom cultivation offer viable, low-cost business opportunities that can be undertaken alongside other farming activities.

On his part, Korda Kingsley, Project Coordinator for Write For World, called for support from organisations focused on environmental sustainability to help expand the initiative and train more youth to take advantage of the emerging green economy.

He also encouraged beneficiaries to form cooperatives to enhance production, improve market access, and ensure the long-term sustainability of their ventures.

Participants expressed appreciation for the initiative, describing it as timely and impactful. Many indicated their readiness to apply the knowledge gained to establish small-scale enterprises and improve their livelihoods.

In a statement issued on March 20, 2026, Mrs. Owusu-Ekuful said she had refrained from commenting since leaving office but felt compelled to respond after President Mahama repeated what she described as “falsehoods” during his Bono Region tour.

She explained that the exercise was necessary because the previous SIM registration conducted in 2010–2011 lacked proper validation and could not reliably confirm users’ identities.

“That earlier process did not have any proper validation system due to the lack of any mass identification document… Honestly, who could confidently say whether those manual verifications were right or wrong?” she questioned.

Mrs. Owusu-Ekuful stressed that the 2022–2023 registration was linked to the Ghana Card, incorporating a two-stage system: verification of Ghana Card details with the National Identification Authority (NIA) and biometric data capture, including facial and fingerprint recognition.

She noted that every active SIM card in Ghana today is linked to a Ghana Card, describing it as “an incontrovertible fact.”

Addressing claims of institutional friction, the former minister clarified that any challenges were technical, not personal, and highlighted that over 80 percent of facial biometrics captured matched NIA data in a 2025 audit, demonstrating the effectiveness of the exercise.

She criticised attempts to dismiss the process as meaningless, noting that the current government’s approach mirrors the system she and her team had already implemented.

Mrs. Owusu-Ekuful further stated that the exercise encouraged many Ghanaians to obtain their Ghana Cards, strengthened transparency, and created a reliable SIM registry hosted securely by the National Information Technology Agency (NITA).

She urged the government to build on existing progress rather than erase it for political advantage, calling for honesty, consistency, and recognition of past achievements.

“The previous exercise was not perfect, but it created a foundation… The Ghanaian people deserve honesty. They deserve consistency,” she stated.

Key among her briefings was a plan to install solar-powered systems in public buildings to support electric vehicle (EV) charging infrastructure.

Madam Affo-Toffey, who is also the Member of Parliament for Jomoro Constituency in the Western Region, responded to questions on assurances previously made to the House and addressed emerging concerns within the transport sector.

She also informed the Committee about ongoing discussions within the Ministry to integrate renewable energy solutions into transport infrastructure, aimed at supporting the adoption of electric vehicles in Ghana.

Additionally, she provided an update on the expected arrival of 100 buses by April, a move intended to ease transport challenges and improve public mobility.

The Committee also engaged the Ministry on issues arising from recent protests by railway workers. The Deputy Minister outlined steps being taken to address their concerns and stabilize operations within the rail sector.

Madam Affo-Toffey emphasized that the Ministry remains committed to accountability and transparency, noting that engagements with Parliament are crucial to ensuring responsive governance and tracking progress on national transport initiatives.

She added that such engagements reflect the Ministry’s collective commitment to accountability, transparency and effective service delivery.

Speaking in an interview with Winston Amoah on Joy FM’s SMS, Dr. Nyaaba said the development should not alarm consumers but rather encourage investment in Ghana’s tomato sector.

According to him, Ghana has historically relied on imports from Burkina Faso mainly between December and April, while local farmers supply tomatoes for the rest of the year.

“Let’s look at the period we bring tomatoes from Burkina. It’s always between December to the latter part of April and early May. From May until December again, all the tomatoes we consume are from our local farmers,” he explained.

Dr. Nyaaba noted that Ghana previously produced enough tomatoes locally and did not depend on neighbouring countries.

“Some years ago, we didn’t go to Burkina Faso, Togo, Niger or Mali to bring tomatoes. We used to get enough tomatoes in this country, and even the prices were cheaper,” he said.

He dismissed claims that tomatoes from Burkina Faso are superior, explaining that production conditions in northern Ghana are similar.

“When people talk of Burkina tomatoes or Navrongo tomatoes, there’s no difference. The climate is the same, everything is the same,” he stated.

Dr. Nyaaba attributed the decline in local tomato production to market challenges and past policy failures, particularly the lack of reliable buyers for farmers.

He recalled that many farmers abandoned tomato farming after suffering losses when processing factories failed to absorb their produce.

“At the time when the Northern Star Tomato Factory was revived, farmers were encouraged to produce. But after production, the factory could take only about five per cent. Some farmers who took loans suffered greatly—some even committed suicide, while others abandoned their farms,” he recounted.

He added that farmers have since shifted to crops such as pepper and rice due to more reliable demand.

Dr. Nyaaba also pointed out that traders often prefer importing tomatoes, which discourages local production.

“When farmers produce, the women come and say they don’t want it; they go to Burkina Faso to buy. That alone has discouraged many farmers,” he said.

Despite the current situation, he expressed confidence that Ghana can become self-sufficient in tomato production within a short period if the right support is provided.

“The only problem with producing tomatoes today has to do with consistent water supply and the high cost of seeds. Sometimes you can’t even get the seeds to buy,” he noted.

He called on government to invest in irrigation infrastructure and ensure access to quality seeds to boost production.

“As long as government comes in to support us—develop the dams and provide the seeds—I’m sure within a year or two, we will regret that we’ve been going to Burkina Faso to buy tomatoes,” he said.

Dr. Nyaaba described the export ban as “good news” for farmers, as it could force greater attention on the local agricultural sector.

“For the farmers, it’s good news. This is the time for government to turn its attention to us. The tomato sector has been neglected for too long,” he said.

He criticised the focus of agricultural interventions, arguing that tomato farmers have not received adequate support.

“Look at all the interventions by the Ministry of Food and Agriculture—it’s always about rice, meat, cocoa and cashew. What are we getting as tomato farmers?” he asked.

Dr. Nyaaba assured consumers that while prices may rise temporarily, the situation can stabilise with the right policies.

“There will be a short gap, and prices may go up, but this will not be a long-term problem,” he said.

He emphasised that Ghanaian farmers are ready to meet national demand if given the necessary support.

“We are ready to produce. If government helps us develop the infrastructure and create the right market conditions, we will produce enough, and we won’t need to go to Burkina Faso,” he added.

Speaking on Adom FM’s Dwaso Nsem, he described the situation as a major setback, noting that tomatoes are a key ingredient in many Ghanaian households.

“This is a blow to us as an association and to Ghanaian consumers. A lot of people depend on fresh tomatoes to cook,” he said.

He cautioned that even a short shortage could negatively affect the market. “Even if tomatoes go short for just one week, what will happen will not be good at all for consumers,” he added, urging the government to urgently intervene.

Mr. Tuffuor stressed that traders are already struggling due to the lack of proper storage facilities, which often results in losses. “From the beginning, tomato traders are always at a loss because we don’t have strong storage facilities,” he explained.

He noted that traders rely heavily on peak seasons such as Easter to make some profit and are therefore worried about the impact of the ban on their business.

According to him, a delegation from the association visited Burkina Faso in December last year, where they engaged the country’s Minister of Agriculture and other officials.

“The Agric Minister assured us that they expect a bumper harvest because even prisoners are involved in tomato farming. They told us they don’t joke with tomato production,” he said.

He added that Ghana remains the main market for Burkina Faso’s tomatoes, making the ban particularly concerning.

Mr. Tuffuor said the association later contacted the Ghana Mission in Burkina Faso, which confirmed that the export ban had indeed been imposed.

He called for dialogue, suggesting that Burkina Faso be given time to allow traders to adjust. “We wanted them to at least give us until the end of April so we can prepare ourselves,” he said.

“We are very sad about this situation,” he added, expressing concern over the potential impact on businesses and consumers.

His comments come in response to Burkina Faso’s decision to suspend fresh tomato exports effective March 16, 2026.

Meanwhile, the Ministry of Trade, Agribusiness and Industry has announced plans to engage authorities in Burkina Faso to address the issue, with efforts underway to safeguard supply and maintain trade relations between the two countries.

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Speaking on Adom FM’s Dwaso Nsem, he urged traders not to panic over the situation, encouraging them to remain hopeful.

“In any situation we find ourselves, God knows how to take care of us. If God gives you life, He will also make a way for you to eat,” he said.

He advised traders not to allow the issue to affect their health, particularly by causing stress.

 “Do not let this situation give you high blood pressure. God will take care of you and your business,” he added.

Mr. Tuffuor also urged consumers to adjust their habits in response to the expected shortage, encouraging moderation in usage and proper storage.

“Consumers should learn how to manage. Reduce how you use tomatoes and try to keep some in your fridge if there is scarcity,” he advised.

He further called on market women involved in the tomato trade to be mindful in their sales and ensure fair pricing and proper management of their goods.

The comments come after Burkina Faso suspended the export of fresh tomatoes, a directive that took effect on March 16, 2026.

In response, the Ministry of Trade, Agribusiness and Industry has announced plans to engage authorities in Burkina Faso to address the situation and safeguard tomato supply on the Ghanaian market.

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Speaking on Adom FM’s Dwaso Nsem, trader Ama Sarfowaa, who has been in the business for over 30 years, explained that sourcing methods have changed significantly over time.

According to her, traders initially depended heavily on locally produced tomatoes from areas such as Akomadan and Tanoso, as well as Navrongo during certain seasons.

However, she noted that challenges with irrigation—particularly the breakdown of a major dam used for tomato farming—forced traders to rely more on imports from Burkina Faso about 25 years ago.

She explained that local tomatoes are typically available for only about six months in a year, after which traders depend on imports to meet market demand.

Ama Sarfowaa added that many consumers prefer imported tomatoes because they are less watery when blended compared to local varieties.

She expressed concern that the inability to travel to Burkina Faso to purchase tomatoes has created a major setback for traders, especially during this peak trading period.

“Right now, our inability to travel to Burkina Faso to purchase tomatoes has become a major challenge for us, especially because this is the season when we usually make the most profit,” she said.

She appealed to the Chairman of the Tomato Traders Association of Ghana, Eric Osei Tuffuor, as well as the Minister of Trade and other authorities, to intervene urgently.

Ama Sarfowaa warned that unless the situation is resolved before May, when local tomatoes become available, the market could experience shortages and further pressure on prices.

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In a press release issued on Friday, March 20, officials said the engagement will be led by the Ministry of Trade, Agribusiness and Industry in collaboration with other relevant state institutions.

The discussions aim to address concerns arising from the suspension and to identify a mutually beneficial path forward for both countries.

Burkina Faso’s export ban on fresh tomatoes took effect on March 16, 2026, raising concerns among traders and consumers in Ghana, which relies heavily on imports—particularly from Burkina Faso—to supplement local supply during periods of shortfall.

Government representatives said the upcoming talks will seek clarity on the reasons behind the decision while maintaining dialogue to preserve the long-standing trade relationship between the two nations.

The initiative also underscores Ghana’s broader commitment to regional cooperation and economic stability.

Meanwhile, government has reiterated its resolve to strengthen domestic tomato production to reduce reliance on imports.

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The Board also secured two additional honours—Most Profitable State-Owned Enterprise and Overall Best Specified Entity—further cementing its reputation as one of Ghana’s leading public sector organisations.

The PELT Awards, organised annually by the State Interests and Governance Authority (SIGA), recognise excellence, efficiency and strong corporate governance among state-owned enterprises and specified entities across the country.

Receiving the awards on behalf of GoldBod, Deputy Chief Executive Officer Richard Nunekpeku, Esq., expressed appreciation to SIGA for the recognition, describing it as a reflection of the institution’s consistent performance and dedication.

“We are excited to receive this award and the third award of the night. On behalf of the Board, management and staff of the Ghana Gold Board, we wish to thank SIGA for recognising our performance over the years,” he said.

He reaffirmed GoldBod’s commitment to maintaining high standards and delivering even greater results, noting that the recognition would serve as motivation to exceed future targets.

“In as much as we have won this year’s award, we are not backing down; we remain committed to growing and ensuring that we achieve all the targets outlined in our performance contract with SIGA,” he added.

Mr. Nunekpeku further assured that the Board will continue to build on its strong performance, focusing on delivering value and sustaining excellence.

The recognition highlights GoldBod’s growing influence in Ghana’s gold sector, particularly in promoting transparency, enhancing value retention and ensuring sustainable resource management.

The PELT Awards continue to serve as a benchmark for assessing the performance of public institutions while promoting accountability, operational efficiency and good governance practices across the sector.

Speaking during an engagement with the Minority in Parliament, Clement Boateng argued that political actors have played a role in allowing foreign investors—particularly from China—to gain a foothold in several key sectors.

He listed areas such as retail, construction, mining, finance, communications, and small-scale trading as sectors increasingly dominated by foreign participation.

According to him, the development has pushed many Ghanaian entrepreneurs to the margins, while also contributing to environmental challenges, especially in the mining sector where water bodies have been polluted.

“I will blame both the Minority and the Majority because it is you, the politicians, who help allow these foreigners to flood our market and then try as much as possible to displace the locals and then take the market completely,” he said.

Mr Boateng also criticised what he described as weak enforcement of laws, including the Ghana Investment Promotion Centre Act, which is intended to protect certain sectors for Ghanaian businesses.

“Despite these laws, key economic areas continue to be occupied by foreigners, and nothing is being done to protect local businesses,” he added.

He further cautioned that many politicians are themselves businesspeople and could face the consequences of current policies once they leave public office.

“When you return to business, you will find that opportunities have already been taken over by foreigners because of the failure of politicians to act,” he said.

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Speaking on Joy FM’s Super Morning Show, Prof. Bokpin noted that with headline inflation at just 3.3%, the Bank of Ghana’s policy rate of 14% is far out of step with market realities.

“You cannot have inflation as low as 3.3% and have your policy rate at 14%. It has lost its signalling power in the market,” he said bluntly.

Prof. Bokpin explained that while a rate cut is widely anticipated, the more pressing concern is how far behind the curve the central bank already is. He highlighted a paradox where the Government of Ghana is borrowing short-term from the market at rates lower than the Bank of Ghana’s own policy corridor.

“If the Central Bank believes that the economic turnaround evidenced by low inflation is systematic and predictable, their policy rate should have been in single digits by now,” he added.

Ghana’s headline inflation of 3.3% marks a dramatic decline from the hyperinflationary highs of over 50% during 2022 and 2023. The Bank of Ghana’s medium-term inflation target sits between 6% and 10%, meaning current inflation is already below the lower bound of the target range.

Prof. Bokpin further noted that the Bank of Ghana itself admitted in a recent Monetary Policy Committee press release that disinflation had progressed faster than anticipated, underscoring the misalignment between the policy rate and economic conditions.

The economist’s assessment comes in the wake of President Mahama’s comments that Ghana’s economy is resilient enough to withstand shocks from the ongoing Israel-US-Iran conflict.

Prof. Bokpin warned that without a policy rate recalibration, market participants could continue to face distortions in credit pricing, potentially slowing investment and economic activity.

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Addressing the media, following the Monetary Policy Committee (MPC) meeting on Wednesday, Dr. Asiama said the cut which brought the Monetary Policy Rate to 14% was well‑anchored in the country’s improving macroeconomic fundamentals and does not jeopardise Ghana’s growth prospects.

“The adjustment of 150 basis points in our policy rate does not pose a risk to the economy,” Dr. Asiama said. “Our inflation trajectory remains sound, and our policy stance continues to support both price stability and sustainable growth regardless of disruptions originating from the Middle East.”

His comments come amid mounting global concerns that the ongoing conflict in the Middle East has pushed up crude oil prices and introduced fresh uncertainty into the global inflation outlook developments that have complicated central bank deliberations worldwide.

Dr. Asiama acknowledged that external geopolitical shocks could influence trade and financial conditions, but he stressed Ghana’s economic resilience.

“While we remain mindful of external risks, including those from distant conflict zones, the recent policy decision reflects a careful balance one that safeguards domestic stability while supporting economic activity.”

Dr. Asiama also reiterated that the bank will continue to monitor global developments closely and adjust its policy stance as necessary to sustain economic stability.

“Our focus is on ensuring that the economy continues on a stable path. That requires both vigilance in the face of global uncertainties and confidence in the progress we have achieved,” the Governor added.

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Speaking at a press conference on March 18, 2026, the BoG Governor, Dr. Johnson Asiama said the decision was made to support economic growth while keeping inflationary pressures in check. He added that the committee also considered the impact of the geopolitical tensions in the Middle East on Ghana’s economy.

“Rising geopolitical tensions in the Middle East have deepen uncertainty in the external sector. The bank’s latest forecast suggested that headline inflation would remain within the medium term target. Outside risks to the inflation outlook include the likely pass-through of higher crude oil prices and escalating geopolitical tensions”, he said.

He, however explained that the committee examined all the likelihood of Ghana’s economy, suffering from external factors and decided to cut the policy rate to 14 percent.

He stated that the assessment was undertaken with an eye on domestic issues and other macro indicators.

“The Monetary Policy Committee has considered the current economic conditions, including subdued credit growth and declining non-performing loans, and decided that a reduction in the policy rate is appropriate to stimulate lending and investment.”

He added, “Our goal remains to ensure a stable financial system while supporting households and businesses to access affordable credit. This cut is expected to ease borrowing costs and promote economic activity.”

The Governor also highlighted that the banking sector remains strong and well-capitalized, despite slower credit growth, noting that, “Total assets in the banking sector have increased, and the stock of non-performing loans has declined, reflecting resilience in the financial system.”

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A press statement signed by Michael Okyere Baafi, Member of Parliament for New Juaben South and Ranking Member on Parliament’s Trade, Industry and Tourism Committee, said while it respects the constitutional mandate of the Auditor-General under Article 187, it strongly disagrees with what it calls “materially inaccurate and legally unsupported characterizations” in the report.

The 1D1F programme, introduced in 2017 under former President Nana Addo Dankwa Akufo-Addo, was designed to drive industrialisation by supporting private sector-led manufacturing across districts.

According to the Minority, the initiative was structured as a government-facilitated programme, not one where the state directly builds or runs factories. Instead, it relied on policy support, regulatory facilitation, and financial mechanisms to attract private investment.

The statement explains that beneficiary companies fell into two categories: new (greenfield) projects and expansions of existing (brownfield) businesses, selected through a rigorous process involving the Ministry of Trade and Industry and participating financial institutions.

Addressing concerns raised in the audit, the Caucus clarified that some expected loan disbursements did not materialise because advance subsidy funds were not fully released. As a result, certain banks did not extend credit facilities to beneficiary companies.

“When subsequently queried by the Auditor-General’s office, these banks rightly confirmed to auditors that the affected 1D1F companies did not owe them, because no loans had been advanced to those companies,” the statement noted.

It further argued that this situation does not amount to any wrongdoing, stressing that:

“The absence of a loan liability reflects the non-disbursement of the advance, not financial impropriety.”

The Minority also rejected the report’s description of some transactions as fictitious, insisting that all payments followed due process.

“A transaction that has passed through all established public financial management controls cannot, in law, be labelled fictitious absent evidence of fabrication, evidence which is conspicuously absent from the Report,” the statement said.

The Caucus is therefore calling for specific actions, including a retraction of the claims.

“Direct the Ministry of Finance to formally retract the characterization of the 1D1F fund-flow mechanism as ‘fictitious’ and as a ‘deliberate attempt to divert funds,’ as these are legally unsupported and factually inaccurate.”

It also urged Parliament to task the Public Accounts Committee with conducting a fair and thorough review of the audit before any conclusions of wrongdoing are drawn.

In addition, the Minority wants future special audits to involve prior engagement with implementing agencies to allow for clarification of facts before reports are finalised.

While reiterating its support for transparency, the Caucus cautioned against what it sees as the politicisation of accountability processes.

“Accountability must be grounded in law, fact, and fairness. It must not be deployed as a political instrument to stigmatize a programme that was lawfully implemented, parliamentarily approved, and of immense developmental benefit to the Ghanaian people.”

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Read the full statement below:

She described their situation as a matter of life and called for urgent government attention.

Her concerns follow a recent visit to cocoa farming communities in the Ashanti Region, part of the Minority Caucus’s ongoing tour to engage farmers and better understand their challenges.

Speaking to Adom News on the sidelines of a cocoa farmers’ engagement event held at Kwakokrom in the Amansie West District, the legislator said the accounts shared by female farmers were deeply troubling and reflected severe hardship that can no longer be ignored.

“These women are not just farmers, they’re mothers, they’re breadwinners,” the MP said.

According to her, the farmers are struggling to provide basic necessities such as food, healthcare, and education for their children.

She expressed concern over the hardships endured by many farmers, stating that some have died while others are bedridden, largely due to cocoa price reductions and delayed payments.

She recounted the distressing case of a female cocoa farmer whose husband was hospitalized, but they could not afford his treatment because the purchasing clerk had taken their cocoa without making payment.

She questioned the President and those managing the cocoa sector on how many more farmers must suffer before appropriate measures are taken.

“We implore the President to understand that the reality on the ground is not what was promised. Some farmers cannot feed their children, pay their medical bills, or even afford their children’s school fees,” she stated.

“How many more cocoa farmers must die before the government understands the plight of the farmers and takes appropriate action?” Damata Ama Appianimaa Salam asked.

After engaging with the farmers, the MP noted that many are calling for cocoa prices to be restored to previous levels, particularly if government is unable to meet its commitments.

She emphasized that the challenges facing cocoa farmers should not be politicised, describing the situation as a humanitarian crisis.

“This is not about NPP or NDC,” she stressed. “What I witnessed should not be our usual political conversation. The reality on the ground is very sad, and it is escalating beyond the cocoa sector.”

She also urged the President and female Members of Parliament to treat the issue with the urgency it deserves.

Her remarks add to growing calls for government action to address concerns within the cocoa sector and protect the livelihoods of farmers.

Delivering a statement on the floor of Parliament, Mr. Baafi emphasized the critical role local entrepreneurs play in driving economic growth despite persistent challenges, including limited access to capital and regulatory constraints.

“Ghanaian entrepreneurs have consistently demonstrated determination, innovation, and patriotism in building enterprises that create jobs and support national development,” he said.

The MP singled out Dr. Nick Danso Adjei, also known as Nick Danso Abeam, Executive Chairman of Ghana Link Network Services Limited, as a shining example of entrepreneurial excellence. He recounted Dr. Danso Abeam’s journey from humble beginnings in Bredi in the Bono East Region, where he began petty trading at the age of 11, to becoming a leading figure in Ghana’s private sector.

Under his leadership, the Nick Group of Companies has grown into a diversified business conglomerate with interests in trade facilitation, logistics, energy, construction materials, and hospitality. The group includes Ghana Link Network Services Ltd, Nick TC-Scan operating in Ghana and Gambia, Misyl Energy BDC, Nick Petroleum, and Golden Cement Ghana Limited.

Hon. Baafi noted that Dr. Danso Abeam’s contributions have earned him multiple accolades, including Entrepreneur of the Year at the 2022 Ghana Business Awards, the Ghana Shippers Awards, and the 2023 Ghana CEO Vision, Exhibition and Awards.

He further highlighted other prominent Ghanaian entrepreneurs whose work continues to shape the country’s economy. These include Ibrahim Mahama, founder of Engineers and Planners; Dr. Joseph Siaw Agyepong, founder of the Jospong Group of Companies; Daniel McKorley (McDan), a key figure in logistics and aviation; and the late Samuel Kwadwo Agyapong Appenteng of Intravenous Infusions PLC.

According to the MP, these business leaders exemplify the transformative potential of Ghanaian enterprise and underscore the importance of sustained support for the private sector.

Hon. Baafi also referenced government initiatives such as the One District One Factory (1D1F) programme, which aims to promote industrialization by partnering with private entrepreneurs to establish factories across the country.

“As we celebrate Ghana Month, we must reaffirm our commitment to creating an enabling environment that supports entrepreneurship and innovation,” he urged. “This will empower more Ghanaians to transform ideas into enterprises that advance our national development.”

He concluded by calling for stronger collaboration between government and the private sector to sustain economic growth and job creation.