Speaking on JoyPrime’s 7th Edition of Showbiz Roundtable on Saturday, September 6, the Chief Revenue Officer and Head of the GRA IT Training Centre, Isaac Kobina Amoako, outlined the methods used by the Authority to identify income earners and track untaxed earnings.

“The same way we track all income earners is what we use. It may be through an informant who alerts us, or via a third party,” he explained.

“If we receive information that you are earning income, we may go straight to your bank account and monitor how money is flowing in.”

The official made it clear that bank account activity is a primary tool for uncovering hidden income, particularly for individuals who attempt to bypass the formal tax system. However, he noted that even those who do not operate bank accounts are not exempt from scrutiny.

“If you don’t have a bank account, there could still be something else. You might have a friend holding your money,” he said.

He explained that individuals who earn income but choose not to keep it in a formal bank account are not beyond the reach of the Authority.

“If the information indicates that you earn income but don’t keep it in a bank, and it’s with somebody else, the GRA can go to that person and collect.”

Source: Emmanuel Tetteh

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

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

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

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

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

Which currency is the worst-performing currency?

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

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

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

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

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

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

Source: FactcheckGhana

Speaking at a press conference on Friday, September 5, 2025, Mr. George said the move is part of government’s plan to create a second strong mobile operator to address the current imbalance in Ghana’s telecommunications market.

“The government has appointed KPMG as transaction advisor to guide the future of AT, with the goal of building a strong competitor to rebalance the mobile market,” he stated.

KPMG’s role will include reviewing government shareholding in Telecel Ghana to strengthen competition and improve service delivery. The firm has been given 60 days to complete its work.

Addressing staff concerns, the Minister assured AT Ghana employees that their jobs are secure. “Approximately 300 permanent staff of AT will maintain their employment. I have already met with them and given that assurance. The transaction advisor has also been instructed to consider the fate of the 200 contract staff,” he added.

Source: AdomOnline

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The institutions are Flutterwave, Cellulant Ghana, and Halges Financial Technologies

The central bank, in the notice, stated that the action was due to breaches of its updated guidelines for inward remittance services by Payment Service Providers.

On Halges Financial Technologies, the regulator stated that it is prohibited from engaging in any remittance activity until prior approval has been duly granted by the Bank of Ghana.

Reasons

The Central Bank, in the statement, argued that these sanctions are a result of multiple violations of the updated guidelines for Inward Remittance Services for Payment Service Providers, 2023.

The affected Payment Service Providers were found to have conducted unauthorised remittance activities on behalf of some Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA Ghana).

“All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must reapply for approval after the suspension period has lapsed,” the regulator stated.

The Bank of Ghana also cautioned all market players to adhere strictly to the updated Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations.

It added that “non-compliance will attract further regulatory sanctions in accordance with the law.”

Source: Joy Business

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• Bank of Ghana tightens rules on remittances amid compliance failures

In a statement, the central bank explained that the move was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), citing repeated breaches of forex market regulations.

The infractions, according to the regulator, involved unauthorised remittance transactions carried out with three payment service providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—on behalf of money transfer operators such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

BoG clarified that all existing remittance arrangements between UBA Ghana and digital money issuers, payment service providers, and money transfer firms have been halted.

It added that any such institutions seeking to resume business with UBA after the suspension would be required to re-apply.

The central bank also reminded participants in the forex market to comply strictly with all rules and guidelines.

The decision comes as regulators intensify oversight of foreign exchange dealings and inward remittance services within the financial sector.

Source: Adomonline

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• Bank of Ghana scales back forex interventions amid cedi appreciation

• Bank of Ghana tightens rules on remittances amid compliance failures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Panic may be premature.

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

Industry stakeholders say that the growing reliance on loans in the off-season often traps farmers in crippling debt, threatening the stability of farming households.

Speaking at a capacity-building workshop for women in the cocoa value chain in Nkrankwanta, District Cocoa Officer Johnson Asumah warned against reckless spending, stressing that prudent financial management is key to breaking the cycle of debt.

Over 300 women attended the training, which introduced alternative livelihoods such as organic pesticide production, fish farming, snail rearing, and soap making.

Community Extension Agent Mercy Bempomaa Oduro-Gyan emphasized the importance of income diversification, noting that it would help women provide consistent support for their families throughout the year. She urged participants to apply the knowledge acquired to transform their economic well-being.

Source: Dominic Donyina

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

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

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

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

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

Source: myjoyonline.com

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

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

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

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

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

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

Source: Joy Business

This shift is opening up opportunities for Kenyans to explore online trading, with many seeking the best trading platform in Kenya to connect local payment systems to global markets. Demand has also risen for a trading app in Kenya using MPesa, giving users fast, secure, and convenient access to trading accounts directly from their phones.

Regulation Builds Confidence Among Traders

With widespread adoption comes the inevitable surge in trust. Kenya has a clear structure with the Capital Markets Authority CMA ensuring market safety. CMA monopolizes the online trading market, holding the lion’s share with over 50 online trading platforms. CMA online brokers follow a trust-but-verify approach, ensuring safe trading practices are followed in Kenyan digital territory. Users are granted compliance evidence.

Changing Kenya’s agricultural trade industry is Komex, launched in February 2024, which is the Kenya National Multi-Commodities Exchange. Since the sector was in a silo, Komex brought centralized contracts, storage, centralized pricing and divisional data, streamlining the siloed sector. It is a secure trading platform for farmers and buyers, cooperatives and even institutional investors.

Features That Define Kenya’s Leading Platforms

With the rise in interest and access to trading in Kenya, the expectations for trading platforms have widened and changed over the years. Currently, users demand:

• Financial and investor protection regulations are enforced by the Capital Markets Authority (CMA).
• M-Pesa integration for fast and easy deposits and withdrawals.
• Access to a range of financial instruments, including forex and stocks trading, commodities and index CFDs,
• User-friendly platforms designed to encourage beginners in the trading sector by having low or zero minimum deposits required.
• Mobile access and functionality catered toward Kenya’s high smartphone adoption rate.

Among the rebuked platforms, FXPesa has proudly received the most attention. FXPesa is registered under CMA (License No. 107) and has the perk of Kenyan Shilling Accounts and charges no minimum deposits for standard accounts. FXPesa users enjoy instant deposits through M-Pesa as well.

HFM, or HotForex, is also well known and has a CMA (License No. 155) and is equally well known for strong mobile trading. Many Kenyans consider FXPesa and HFM platforms as gateways to participate confidently in the global market.

Mobile Apps Redefine Market Participation

Mobile-first economies have turned trading apps into integral components of the investment experience. In early 2025, the number of registered mobile money accounts in Kenya exceeded 45 million and Kenyans will increasingly prefer services that provide a mobile platform that integrates fully with M-Pesa.

FXPesa has a mobile application that is one of the highest-rated in the country due to the ease with which users order forex, the rapid execution of orders and the effortless use of the local payment services. Similarly, HFM’s mobile application is one of the most popular among mobile traders thanks to the ease of M-Pesa deposits, the ability to open accounts in Kenyan shillings and CMA-guaranteed security.

Instant access to trading platforms free of delays associated with regular banking processes is changing the relations Kenyans have with financial markets.

Digital Platforms in Trading Commodities

The incorporation of technology into the trading of commodities is taking new, structured and transparent platforms. With the establishment of Komex and the Kenya Agricultural Commodity Exchange (KACE), the previously primitive practice of trading commodities has changed.

The 2024 introduction of Komex allows producers to access a decentralized exchange where contracts have been standardized and other offered market features are transparent. Market prices with required material and breakeven prices offered with the maintenance of proper assured rates to users enable improved price risk control and also offer storage and financing options; thus, risk management is available to farmers.

As we shift KACE’s market data collection innovations and radio-bidding tools and refine their target market to include smallholder farmers so they can help farmers become more efficient and be paid fairly, it helps KACE maintain its position as functional since 1997.

Kenya’s Change in Trade Over 20 Years

The growing technology disparity in Kenya from two decades ago, from people only being able to farm to owning bank-financed smartphones and being able to remotely engage in peddling forex to paying bank account holders and selling commodities, is simply astronomical.

Today, M-Pesa integration, CMA-regulated brokers and mobile-first platforms have democratized access to financial markets. Anyone with a smartphone and an internet connection can now participate in trading securely, whether investing in global forex pairs or selling commodities through structured marketplaces.

Top Choices for Kenyan Traders

Retail traders looking for trading platforms that offer high security and high convenience would prefer FXPesa due to its zero minimum deposit and CMA supervision. Mobile traders would prefer FXPesa due to its high rating among trading platforms and its superior ease of use over the HFM’s app.

In terms of commodities, the key players are Komex and KACE, which are vital in assisting farmers and cooperatives to access wide markets using clear price listings and well-defined frameworks for trading. These two platforms indicate the new age Kenya is embarking on. The new Kenya is modern, trading in a vastly connected world, secure and relaxed.

Innovation in the rest of the world is a bit slower than in Kenya, where the rest of the world is trying to catch up. The rest of the world feels Kenya is a bit ahead in mobile technology, seamless digital payment and the rest of the global innovations. The rest of the world feels safe due to the oversight provided by the CMA and transaction ease using M-Pesa.

I am writing to share four critical insights from my analysis of AfDB’s financial statements from 2005 to 2024 and to offer constructive suggestions for improvement.

These two decades encompassed both the global financial crisis (2008/2009) and the COVID-19 pandemic of 2020, each of which impacted the Bank’s operations.

1. Disparity Between Cash Collected and Reported Profits

From 2015 to 2024, the Bank reported profits of UA1.2 billion (UA, or Unit of Account, is equivalent to approximately $1.44 as of July 2025).

During this period, accrued loan income receivable (loan income recognized as profit but not yet collected) increased 3.8 times, rising from UA197 million in 2015 to UA756 million in 2024.

This growth of UA558 million equals 45% of the total profits reported over the past decade.

By comparison, from 2005 to 2014, the Bank declared profits of UA763 million, while uncollected loan income dropped by 56%, from UA431 million to UA191 million.

Comparing net income to cash from operating activities (CFO)—which shows cash received minus cash payments related to core operations—reveals a substantial gap.

From 2015 to 2024, CFO totaled UA597 million, compared to UA1.4 billion from 2005 to 2014. After adjusting for a UA394.6 million reverse repo transaction (a short-term collateralized loan recorded as a 2014 operating inflow and 2015 operating outflow):

– Adjusted CFO for 2015–2024 rises to UA994 million.

– Adjusted CFO for 2005–2014 falls to UA1.1 billion.

Given the flexibility of accounting standards, it is prudent to compare net income with cash from operations over time to determine the extent to which paper profits convert into actual cash.

The notable rise in uncollected income suggests a need for an independent review of the loan portfolio and loss reserves to confirm accuracy.

2. Escalating Administrative Costs

The Bank experienced a significant increase in administrative expenses, directly reducing funds available for essential development initiatives. From 2015 to 2024, administrative costs averaged 51% of operating income, up from 27% in the prior decade.

Income allocations approved by the Board of Governors for strategic initiatives totaled UA788 million, just 56% of the previous decade’s total (UA1.4 billion).

3. Inefficient Capital Utilization

The Bank’s average equity increased by 71%—from UA4.9 billion (average for 2005 to 2014) to UA8.4 billion (average for 2015 to 2024).

Net resources transferred (NRT) to countries—defined as total disbursements minus repayments—increased by 59%, rising from UA7.6 billion to UA12.1 billion over the same periods.

Consequently, NRT per UA of capital fell from UA1.55 to UA1.44, representing a 7% decline in efficiency—even as indicated above the ratio of expenses to operating income almost doubled.

4. Heightened Exposure to Market Risk

The Bank uses interest rate and currency swaps to manage risk. By 2024, total borrowing costs—including swaps—rose to 5.30%, up from 4.81% the previous year.

Investments using market-sourced funds (UA26.4 billion) generated just a 5.10% return; consequently, 61% of total assets produced a UA52.8 million loss, compared to a UA12.3 million gain the previous year—a negative swing of UA65.1 million.

Rising interest rates, which are likely as explained later, could worsen these losses. This is exacerbated by the structure of the swap agreements.

The Bank must pay an adjustable rate, which reached 4.74% on December 31, 2024, on UA27 billion of off-balance-sheet exposure; and b receive a fixed rate of 2.38% for the next five years—only half of what it pays, since rates have increased since the swap began.

In market-based swaps, the amounts exchanged are equal at the start date.

As of December 31, 2024, the Bank expected to pay UA1.2 billion more on swaps than it will receive—equal to 10% of total equity, compared to 7% at the Asian Development Bank.

Any further rate increases could exacerbate this situation; for example, a half-percent rise in the adjustable rate would add UA135 million in expenses.

The Financial Times (July 26, 2025) reports that OECD bond issuance by member countries will rise from $14 trillion in 2023 to $17 trillion in 2025, with 45% maturing in 2027.

These will need refinancing at higher costs, as most were issued during low-rate years, suggesting that the Bank’s market-related financial risks may persist or increase in the near future.

While the bank remains well-capitalized and faces no immediate financial stress, Warren Buffett has warned that derivatives can be “weapons of mass financial destruction.” It is vital to engage independent experts to examine risk management and hedging strategies to ensure stability.

Four Recommendations 

Given these financial risks—particularly the gaps between reported profits and cash collections and the rise in market risks—the Bank must act proactively to protect its balance sheet and enhance efficiency. I propose:

1. Independent Financial Evaluation

Hire an independent consulting firm to review the quality of the lending portfolio, the adequacy of loan provisions, and the bank’s risk management practices, including the use of derivatives.

This assessment will help you implement necessary corrections early in your tenure.

2. Strategic Reassessment

The late Peter Drucker, a renowned management expert, advised leaders to periodically ask, “Would we do what we’re doing now if we weren’t already doing it, knowing what we know today?” The Bank should apply this question to its operations, using it to develop a revised strategic plan focused on its comparative advantage.

3. Performance Management Framework

Many strategies fail due to poor execution. I recommend inviting John Doerr, chairman of Kleiner Perkins and an expert on the OKRs (Objectives and Key Results) management system, to share his insights. He can help implement OKRs, which have driven success at Google and the Gates Foundation.

His book, Measure What Matters, shows how OKRs can keep organizations focused and accountable. Using this framework, each department can set clear, measurable objectives and key results aligned with the overall strategy.

It also includes a performance tracking tool that can provide real-time data on progress relative to expectations, enabling timely corrective action.

4. Leveraging Technology for Transparency

Implement blockchain technology to position AfDB as a transparency leader among multilateral development institutions.

While capital growth has not resulted in proportional resource transfers, blockchain can provide real-time project updates and increase transparency by giving all stakeholders—including citizens—secure access to project data; accelerating the resolution of bottlenecks via increased transparency; allowing for direct citizen feedback on project results.

For example, a beneficiary of an agricultural financing project could log in to check the disbursement status and provide feedback after project completion.

This could gradually shift the development landscape from self-assessed impact to beneficiary-led assessment, improving project quality. A pilot in a tech-forward country like Morocco could serve as a model.

Blockchain will increase transparency and accountability, promote timely project execution, and set AfDB apart from its peers—making it a source of pride for Mama Africa.

Link for appendices: https://1drv.ms/b/c/82f8852e6a731fd8/ET3ZKSCCk1tGusSRdTjIL4oBsQwzopw86yww4OMUnQAKww?e=aLDfEp

Source: Aboubakr Kaira Barry, CFA

The author is Managing Director of Results Associates, a consulting firm in Bethesda, Maryland, USA; former Director of Finance at the Islamic Development Bank; and former Senior Auditor at the African Development Bank.

A detailed version of this article, including the backup for figures in the article, can be found on his LinkedIn page

The farmers say that onions imported from neighbouring countries such as Burkina Faso, Nigeria, and Niger are affecting the sales of local produce, as traders and consumers prefer the imported onions due to their lower prices.

Speaking to Adom News, the farmers revealed that this year’s farming season has been successful, with a bumper harvest that is sufficient to meet national demand.

They urged the government to implement measures to control imported onions, especially during the local harvest season.

Meanwhile, Moro Adamu, chairman of the Asante Akyem North Onion Farmers Association, called on the government to intervene and introduce policies that will protect the onion farming industry, attract youth to agriculture, and help reduce unemployment and illegal mining (galamsey) in the area.

Source: Isaac Amoako

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Speaking at the Digital Africa Summit in Accra, Mr. George emphasised the government’s commitment to ensuring fair pricing for Ghanaian consumers in line with improved economic conditions. He disclosed that officials are scheduled to meet MultiChoice tomorrow to resolve the issue.

“They have up to the 6th of September. If by then there is no resolution, we will shut down the operations of MultiChoice. No company is more powerful than the collective interest of the Ghanaian people,” he warned.

The Minister further revealed that MultiChoice has failed to submit critical pricing data required under the Electronic Communications Act (ECA), resulting in arrears owed to the National Communications Authority (NCA). The company has also accrued between GH¢150,000 and GH¢170,000 in fines following a GH¢10,000 daily penalty imposed two weeks ago.

Mr. George added that the government’s directive for a 30 percent reduction in subscription fees has so far been ignored.

Source: AdomOnline

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Information gathered by Joy Business indicates that earlier this week, the Central Bank through a 7-day forward auction, sold US$208 million to the commercial banks.

It initially offered US$100 million, and the amount was later increased to US$208 million.

Official results also indicated that the US$208 million auction was sold at the rate of GH¢11.80 to GH¢12.15. However, by the close of the session, quotes stood at GH¢12.05/GH¢12.15.

These auction results are coming at a time when the Bank of Ghana has not been “heavy” on the forex market in terms of dollar auctions.

Commercial Banks on Auctions

Some of the commercial banks had argued that the limited supply of dollars by the Bank of Ghana may have played a role in the current pressure on the Ghana cedi.

Others are of the impression that the development has affected some foreign exchange transactions that they undertake.

But the Bank of Ghana, on the other hand, argued that it has enough dollars to support the forex market. However, its market intervention will be strategic because the country is under an International Monetary Fund programme and may have some significant dollar debt repayments next year.

The Bank of Ghana Governor, Dr. Johnson Asiama, in an interview with Joy Business, however, assured that the regulator has taken some measures to deal with this challenge.

This includes a directive to the mining firms to release their foreign exchange inflows to the commercial banks instead of the Bank of Ghana.

He also noted that there are other measures that the Central Bank is implementing that will go a long way to deal with the liquidity pressures on the interbank market.

Forward Auction Decline 

Meanwhile, data showed that the Central Bank sold about US$737 million through its market spot and seven-day auction programme in August 2025.

However, this represented more than an 18% drop over July 2025.

For some market analysts the development indeed shows that Bank of Ghana has been reducing the amount of dollars it sells on the market over the past month.

Source: Joy Business

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

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

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

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

Source: AdomOnline

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

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

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

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

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

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

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

Source: Joy Business

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• COCOBOD expecting over $4bn inflows before end of year to boost cedi

• Cedi still wobbly despite appreciation – Abena Osei Asare

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

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

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

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

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

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

For further information, contact 0246189847 / 0208100949.

Source: Adomonline

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

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

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

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

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

Tax Offences

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

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

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

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

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

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

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

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

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

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

Industry Projections

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

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

Reasons for Adjustments

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

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

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

Cedi Depreciation and Supply Challenges

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

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

Source: Joy Business

The Association argues that the price falls far short of farmers’ expectations and threatens the future of the sector.

Government last week pegged the price at $5,040 per tonne, translating to GH¢3,228.75 per 64kg bag. However, the GCCFA insists that the calculation—based on an FOB price of US$7,200 and an exchange rate of GHS10.25—does not reflect “current market realities and cost structures.”

In a statement signed by its National President, the GCCFA said its research showed that 67% of farmers believe a fair price should be between GH¢7,000 and GH¢10,000 per bag, while another 25% suggested between GH¢4,000 and GH¢6,000. Only 8% supported a price above GH¢10,000.

“We state unequivocally that government should have at least increased the price to no less than GHS 4,000 to help give cocoa farmers some relief and improve the sector,” the statement read.

The Association, which represents 70 cooperative unions with over 340,000 members across Ghana’s cocoa regions, warned that the current pricing regime risks worsening challenges in the industry, including high input costs, farm neglect, youth disinterest, and smuggling.

According to the GCCFA, 79% of farmers identified low prices as a key driver of smuggling, while 83% said a significant price increase would improve their ability to purchase fertilisers and pesticides. Others cited rising labour and transportation costs, as well as pressure from illegal mining operators to sell their farms.

The Association is demanding greater farmer involvement in cocoa price-setting, transparent communication before announcements, and the channelling of subsidised inputs through farmer cooperatives.

“The government’s agenda to reset the country should be encompassing to include the cocoa sector,” the GCCFA urged, calling for an urgent dialogue between COCOBOD, government stakeholders, and cocoa farmers to address the challenges.

Source: Myjoyonline

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

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

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

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

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

Source: Joy Business

Speaking on Joy News’ yet-to-be-aired PM Express Business Edition, he described such practices as major leakages that threaten the stability of the economy and undermine efforts to fight money laundering.

“If you look at the currency declaration context framework, for example, the intel we got was that some people actually take out, you know, large volumes of cash.

“People are carrying over a million dollars just out of Ghana without declaring these; those are leakages, right?” Dr. Asiama said.

“And so as a regulator, it is for us to work together with the other regulators, GRA and the others, to ensure that if you have to carry such large sums, these are accounted for.

“These are declared. The sources are known. And don’t forget, that’s also good for the anti-money laundering fight that we have on our hands.”

The Governor stressed that the central bank’s recent market notices are not arbitrary but are aimed at sealing such loopholes.

He said the Bank of Ghana is redefining the framework to ensure efficiency and accountability in financial transactions.

“We are just, you know, redefining the framework within which the market has to work and work efficiently.

“These are things we should have been enforcing, but given the context in which we are, we’ve seen clearly that we need to set those boundaries clearly so that the markets can function and function properly,” he explained.

Dr. Asiama dismissed suggestions that the Bank of Ghana is overreacting to pressures in the financial market.

“No, not at all. We are only taking advantage of what we are seeing to fix the market. It is like you have a soccer match, right? There’s a context within which the game has to be played, and so that’s exactly what we are doing.”

On the controversial notice restricting large withdrawals, he justified the move, citing findings from the central bank’s investigations.

“If you look at one of the notices, for example, on large withdrawals, that again was in response to the feedback that we got from our investigations, where you find certain corporates who earned money through export rights into their FCA accounts, and then they would want to withdraw these in large amounts.

“Imagine a corporation wanting to withdraw $10 million over the counter. The fact is, what do they use that for? Because their payments are abroad, they don’t carry physical cash to go and settle anything.

“And so the point we made there was that corporations like that do not need that cash locally. Any payments they want to make abroad will be made anyway. And so we said no, for such corporations, they can afford to play in that regime.”

He noted that ordinary individuals would not be affected in the same way.

“For individuals like you and me, probably you need your few $100 or $200 to do something, that’s understandable.

“You can negotiate with your bank, and then you would have a choice whether you want to take those few dollars, or you want to pay the commission, or you want them to change it into cedis for you; you are at ease to do that.”

The Governor insisted that the measures were well thought through, with full involvement of the banking sector.

“Let me also explain that we do not just issue these notices. We met with the banks. We met with the CEOs of banks a number of times. We took on board the feedback from them.

“And so you will see that the banks are silent. They are not complaining. It’s because they were consulted. We thought through this together before the notices were issued. And so we are confident that the notices will help.”

Source: Abubakar Ibrahim

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He stressed that the era when businesses could demand to walk away with as much as $10 million over the counter has ended.

“Imagine a corporation wanting to withdraw $10 million over the counter. What do they use that for? Their payments are abroad, and they don’t carry physical cash to settle anything,” Dr. Asiama explained.

According to him, companies earning money through export rights into their foreign currency accounts must channel payments abroad electronically, rather than cashing out locally.

The Governor clarified that the directive is not aimed at individuals who may need smaller amounts of foreign currency for personal use.

“For individuals like you and me, probably you need a few $100 or $200 to do something, that’s understandable. You can negotiate with your bank,” he said.

Responding to claims that the central bank was being too rigid, Dr. Asiama dismissed the criticism, noting that the measures are meant to protect the market and curb illegal cash movements.

He revealed that intelligence reports showed some people had been carrying huge sums of dollars out of the country without declaring them.

“Some people are carrying over a million dollars just out of Ghana, without declaring them. Those are leakages, and as a regulator, we must work with other agencies to ensure such sums are accounted for. That also supports the fight against money laundering,” he said.

Dr. Asiama emphasised that the directives were the result of consultations with banks, adding that financial institutions had been engaged extensively before the notices were issued.

“We are just redefining the framework within which the market has to work efficiently. These are things we should have been enforcing earlier, but now we are making the rules clearer,” he added.

Source: MyJoyOnline

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

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

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

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

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

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

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

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

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

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

Projected Prices at Pumps

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

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

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

Reasons

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

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

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

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

Cedi’s Depreciation and Supply Challenges

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

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

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

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

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

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

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

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

Source: AdomOnline

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

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

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

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

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

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

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

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

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

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

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

Source: Joy Business

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The funding, a grant from the Global Agriculture and Food Security Programme (GAFSP), will support the initiative.

Speaking at the project launch in Tamale, Minister Opoku emphasized that transformative growth in the agricultural sector requires deliberate efforts to overcome existing challenges.

“Ghana’s agricultural sector, though full of potential, continues to face numerous constraints that hinder its ability to drive socio-economic development, create jobs, and ensure sustainable food systems. The government recognises that transformative growth cannot occur without deliberate efforts to enhance productivity,” he stated.

The initiative will focus on 12 districts across six regions: Tamale Metro, Mion, Savelugu, Nanton, West Gonja, East Mamprusi, Mamprugu Moagduri, Bawku West, Wa Municipal, Nandom, Sissala East, and Krachi East. These districts were selected to ensure a concentrated and measurable impact.

The project is expected to benefit at least 50,000 households, with special emphasis on 30,000 women and youth. It aims to increase climate-smart local food production, focusing on staple crops such as maize, rice, soybean, cowpea, and groundnut, while introducing year-round vegetable farming through solar-powered irrigation systems. “The objective is to enhance food and nutrition security, especially for women, youth, and vulnerable groups,” the Minister explained.

The project builds on the successful interventions of the Savannah Investment Program, broadening its reach, improving livelihoods, and contributing to the government’s vision of sustainable and resilient food systems.

Key areas include improving access to finance, strengthening the poultry value chain, reducing imports, and providing solar-powered small-scale irrigation and input support.

Notably, the initiative also targets Senior High School farms, with plans to provide 20 solar-powered boreholes to selected schools to improve school farming systems and enhance feeding programs.

Northern Regional Minister Ali Adolf John highlighted that agricultural growth drives rural development and called for collaborative efforts to ensure the success of the project.

Source: Martina Bugri, Tamale

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

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

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

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

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

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

Source: Helen Naa Kai Aryee

He explained that the funds form part of a new financing arrangement introduced by COCOBOD to support cocoa purchases for the new crop season.

Speaking in an exclusive interview with Joy Business’ George Wiafe, Dr. Asiama noted that the inflows will boost the Bank of Ghana’s reserves and strengthen its capacity to support the local currency in the coming weeks.

According to him, the development will also signal to the market that the central bank is well-positioned to intervene when needed to meet the demands of businesses and commercial banks.

The Bank’s Economic and Financial Data released in July put Ghana’s international reserves at $11.1 billion.

COCOBOD’s New Financing Deal

In 2023, COCOBOD introduced a new funding model for cocoa bean purchases, requiring global traders to deposit at least 60% of the value of their forward contracts at the start of the season.

This system replaces the pre-export syndicated loan from international banks, which had been in place for over three decades.

Under the arrangement, part of the traders’ deposits is used to finance purchases from farmers through partnerships with licensed cocoa buying companies (LBCs). Traders provide funds to LBCs to purchase cocoa, while COCOBOD serves as an intermediary.

Cedi’s Outlook

Dr. Asiama expressed optimism about the outlook for the Ghana cedi despite recent pressures.

“As regulator, we have taken the needed actions to ensure that things do not get out of hand,” he assured.

He maintained that Ghana’s macroeconomic situation remains solid, giving businesses confidence in the cedi’s stability as well as in ongoing measures to improve market liquidity.

“Our net international reserves have not run out, and all the indicators point to a favourable outlook. We currently have it,” he stressed.

The Governor further assured that through “discipline, transparency, and firm regulation,” the central bank will create a market where the cedi can trade freely but predictably, anchored in confidence.

However, he cautioned that individuals exploiting loopholes—whether through offshoring, fueling the black market, or filing fake import forms—will face sanctions.

Source: Abubakar Ibrahim

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Hon. Solo, together with the Deputy Director-General of Liberia, Richlue O. Burphy, and some Directors of the Liberian NLA, paid a working visit to the NLA Ghana on Wednesday, August 27.

Hon. Solo, who was recently appointed as the Director-General, expressed his high regard for the Authority’s remarkable achievements and said he thought it essential to pay a courtesy call on the Management of NLA to introduce himself and strengthen the working relationship that NLA Liberia maintains with NLA Ghana.

He also informed the team that the Liberian NLA was preparing to launch the 5/90 Game in Liberia; therefore, the working visit was also to seek guidance and support for its rollout from the trailblazers of the 5/90 game, renowned as a regional benchmark.

The Director-General of NLA, Mr. Mohammed Abdul-Salam, welcomed the team, together with the Deputy Director-General, Mr. Eric Yeboah Wadie, and the Executive Management of NLA.  He congratulated the Hon. Peter Solo on his appointment and wished him success in his new role.

He also assured the Hon. Solo and his team of the NLA’s commitment to provide them with the technical assistance and support they need for the successful launch and implementation of their 5/90 Game.

He said the NLA will establish a technical committee to liaise with their Liberian counterparts and guide them through areas such as regulation, operationalization, monitoring mechanisms, and related matters.

The regulator said investigations revealed that the company engaged in illegal gold pricing practices, violating the conditions under which its licence was issued.

In a statement released on Thursday, August 28, GoldBod directed all licensed traders, miners, and members of the public to refrain from conducting any gold-related transactions with the firm.

“This notice serves as a directive to all traders, miners, and the general public to immediately desist from trading or engaging in any gold transaction with Evanex Gold Enterprise,” the statement read.

GoldBod described the violations as serious and warned that further infractions by any operator in the sector would attract similar penalties.

The regulator reaffirmed its commitment to accountability and transparency in Ghana’s gold industry, assuring stakeholders of strict enforcement to maintain a fair and credible trading environment.

Read the full statement below:

Source: Adomonline

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

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

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

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

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

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

Source: Jagri Boaz Binyinjom

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

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

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

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

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

Background

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

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

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

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

Regulatory Interventions and Cedi’s Outlook

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Joy Business

The agreement followed bilateral talks with Singapore’s President Tharman Shanmugaratnam on Thursday, August 2, 2025, during Ghana’s state visit to the Asian nation.

President Mahama stressed that seamless financial transactions are crucial for AfCFTA’s success, pledging Ghana’s support for continent-wide solutions such as the Pan-African Payment and Settlement System (PAPSS).

The two countries also reaffirmed cooperation in technology, finance, agribusiness, and green growth. Ghana plans to develop over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated lands under its Resetting Ghana Agenda and 24-Hour Economy programme.

Highlighting economic recovery, President Mahama noted inflation has dropped to 13%, with a single-digit target by year-end, emphasizing that the government aims to turn stability into sustainable, job-rich growth through green finance, agro-industrialisation, and the creative and digital economy.

Singapore also became the first Asian nation to sign an implementation agreement with Ghana on carbon markets, opening avenues for low-carbon investments.

President Mahama thanked the Government and people of Singapore for their warm reception, expressing confidence that the agreements will translate into concrete projects, jobs, and shared prosperity.

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Raymond Acquah, Ministry of Finance

According to the NLA Director-General, Mohammed Abdul-Salam, the move is aimed at sanitising the sector and curbing the activities of unlicensed operators who continue to flood the market.

“We want to ensure that people who are out there serving customers are doing so because they are legitimately allowed by law,” he explained.

“There are too many people engaged in the sale of lottery without the appropriate mandate, and it is difficult to constantly chase after those who flout the law.”

The directive follows worrying disparities uncovered in data submitted by private lotto agents. Abdul-Salam revealed that when the NLA requested figures on the number of writers under these agents, the projections did not match the revenue returns being declared.

“We asked the private lotto agents to provide data on the number of writers they have. If you use those projections against what they send as returns in terms of what they make, there is a huge disparity,” he said.

This mismatch, he noted, raises concerns about accountability, revenue leakages, and the overall integrity of the lottery system. By ensuring that only licensed agents operate, the NLA hopes to restore public confidence and protect both players and state revenue.

The initiative, however, is expected to face resistance from some quarters, particularly unregistered agents who may be forced out of business.

But the Authority insists the exercise is necessary to create a fair and transparent space for operators and to prevent the exploitation of unsuspecting customers.

Source: Jacqueline Ansomah Yeboah

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

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

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

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

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

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

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

Source: Joy Business

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

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

Prohibited transactions include, but are not limited to:

• School fees

• Sale or rental of vehicles

• Sale or rental of real estate

• Airline tickets

• Domestic contracts

• Retail shopping

• Online sales

• Hotel accommodation

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

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

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

Source: Adomonline

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

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

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

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

Source: AdomOnline

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In a statement signed by Samson Asaki Awingobit, Executive Secretary of IEAG, the Association said the deepening shortage of foreign currency has left many importers unable to clear consignments, particularly perishable goods such as frozen foods. Rather than receiving relief, traders are reportedly being caught in a predatory cycle where their investments are hijacked and auctioned under questionable circumstances.

“Due to importers’ inability to secure forex on time to clear their goods, their consignments are pushed onto the Undercleared Cargo List (UCL),” the statement explained. “Shockingly, the statutory 60-day grace period before auctioning has been arbitrarily reduced to 21 days. Politically connected businessmen lie in wait for this window to elapse, after which goods are dubiously auctioned without recourse to the importer.”

IEAG further alleged that proper gazetting and legal processes are ignored, leaving affected traders to suffer crippling losses. Importers whose goods are seized are reportedly still forced to pay demurrage fees, while politically connected buyers avoid such costs, paying only shipping lines service charges ranging from GH¢6,000 to GH¢10,000.

“This fraudulent system not only robs importers of their hard-earned capital but also denies the state valuable revenue at a time when Ghana desperately needs every pesewa to stabilise the economy,” the Association said.

Describing the situation as “predatory and heartless,” IEAG warned that it undermines investor confidence and contradicts the government’s own calls for local business growth and inclusiveness.

“How can government, on one hand, call for local business growth, while on the other hand allow such hostile practices that only empower corrupt political cabals to the detriment of genuine traders?” the statement asked.

To address the crisis, IEAG is demanding:

• The immediate restoration of the 60-day UCL grace period

• A first-time clearance option allowing importers who miss deadlines to pay penalties instead of losing their goods

• A comprehensive investigation into the cartels behind the auctions

• Urgent intervention by the Bank of Ghana to ensure forex is available at fair and predictable rates

The Association warned that failure to act could cripple local businesses and destabilize the economy. “The IEAG wishes to make it clear that it will not sit aloof while its members are subjected to such exploitation. We stand ready to explore every legal and legitimate means, including mass action, should government and relevant authorities fail to act swiftly,” the statement concluded.

Source: Abubakar Ibrahim

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According to IC Research, the research arm of IC Securities, it foresees a favourable crop harvest and ongoing cedi appreciation pass-through effects to sustain the disinflation to widen the real policy rate beyond the latest level of 11.3%.

“We see a strong possibility for another cut in September 2025 as favourable crop harvest and ongoing cedi appreciation pass-through sustains the disinflation to widen the real policy rate beyond the latest level of 11.3%”.

A cut in the policy rate will see a further decline in lending rates and ease the cost of borrowing.

In July 2025, the Monetary Policy Rate of the Bank of Ghana cut its base lending rate to banks by 300 basis points to 25.00%. This was after inflation had eased for five consecutive months.

IC Research revealed in its paper on Ghana’s MPC Update: Rate Cut Resumes with a Dovish Bias that the MPC’s updated forecast appears to confirm its view of a strong possibility for single-digit inflation by end-2025, although uncertainty around the 4^th quarter of 2025 utility tariff hike restrained the size of cut in its end-2025 revised inflation forecast.

“In our June 2025 inflation update, we projected policy easing to commence at the July 2025 MPC meeting with at least 300bps reduction in the nominal rate. We opined that the disinflation-induced sharp rise in the real policy rate to 14.3% (pre-MPC) has provided a wide scope for a deep cut in the nominal policy rate.

“However, we opted for a first cut of at least 300bps in July [2025] to preserve the tight stance and sustain the disinflation trend ahead of the expected steep hike in electricity tariff in 4Q2025 [quarter 4 2025]”.

It added that the MPC appeared to have echoed its view when it cited lingering upside risk emanating from global trade tensions and expected hike in utility tariff with the sustained tight policy stance as a mitigation.

Banking Sector Recovery

Meanwhile, IC Research says the banking sector recovery has neared pre-Domestic Debt Exchange Programme solvency, although asset quality may require regulatory intervention.

According to the firm, the latest banking sector data showed a sharp recovery in the industry’s average Capital Adequacy Ratio without regulatory relief to 18.2% in June 2025.

“We believe this improvement reflects the recent capital injection into the National Investment Bank by the Ghanaian Government, as most of the privately owned banks had made strong progress on capital restoration.”

Source: Joy Business

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“One interesting area is crypto. The crypto market is evolving and growing very well. Today, people dealing with cryptocurrency are making money. Our laws are catching up, and we are working with the Securities and Exchange Commission and the Bank of Ghana to bring regulation. But in terms of tax laws, if you make a profit or gain, you’re supposed to pay that,” he said on Joy News’ PM Express Business Edition.

Mr. Sarpong explained that the GRA is developing systems that will capture digital transactions.

“So today, the technology we are going to deploy will be able to bring all crypto accounts into focus, and then we will work with these individuals to ensure they are brought into the tax net,” he said.

He emphasized that the broader objective is to align Ghana’s tax system with the growing digital economy.

“Digitisation and the digital economy are here to stay. The taxpayer of the future is digital. That’s why GRA is preparing to be digitally ready today and in the future, so we can continue delivering on our mandate of revenue mobilization,” he added.

Mr. Sarpong noted that the focus on crypto is part of a wider strategy to close loopholes in online transactions and ensure compliance with existing tax laws.

“Online business tax rules already exist, for example, VAT. If you pay in a physical shop, you pay VAT; the same applies online. Using technology, we will access VAT and tax at the point of payment, so challenges of tracing online transactions will be eliminated. We believe by September, we will deploy this technology, run a pilot by year-end, and scale it up,” he explained.

He stressed that the government’s policy is not to introduce new taxes but to enforce existing ones more effectively.

“The policy of President Mahama and the Finance Minister is to avoid introducing excessive new taxes. Our existing tax laws have sufficient measures that, once implemented, will help deepen and expand the tax net,” he said.

Source: Abubakar Ibrahim

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She urged government and economic stakeholders to move beyond rhetoric and implement lasting solutions.

Speaking on The Pulse on JoyNews on Tuesday, August 26, the former minister acknowledged that the current administration had maintained aspects of the economic framework laid by the New Patriotic Party (NPP) before leaving office.

She credited the present government with continuing the momentum built by her party, which she believes has contributed to current signs of sustained economic growth.

“When the NPP was leaving power, we had built the economy to a point where if they should pick it up and ride on the back of that, they would see some positives in the economy and I think they listened,” Osei Asare remarked.

“They picked up from where we had left off with the positives, and now we are seeing some sustained growth in things.”

However, she cautioned that these gains are being undermined by the persistent weakness of the national currency.

“That notwithstanding, the cedi is still wobbly,” she stated. “And I think it should not be mere talk a lot of work should go into it. All the stakeholders should make sure we ground the cedi firmly.”

Source: myjoyonline

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