His comments follow the OSP’s naming of former Finance Minister Ken Ofori-Atta as a chief patron in the controversial revenue assurance contract awarded Strategic Mobilisation Ghana Limited (SML).

“When we talk about this SML deal and OSP case, I have different opinions about this. Today we are mentioning this case; I ask myself, will the defendant be able to appear and be tried?” Prof. Boadi said.

“Today he is not well. He will be coming—will this person come and be tried? What are the exact charges that will be brought? I don’t know as I sit here. If you Google and check on the internet, there are different accusations and all that,” he added.

Prof. Boadi questioned the scope of the contract and whether a proper value-for-money analysis had been conducted.

“What is the scope of the contract and the value-for-money analysis? I have no idea. I ask another question—is SML operating or not operating at the moment? Who contracted SML? I’m sure it’s the GRA,” he remarked.

He further questioned whether the Ghana Revenue Authority (GRA) was recording increased revenue in SML’s absence, saying: “Is GRA increasing their revenue stream in the absence of SML? We are yet to know. What other avenues will GRA put in place to increase revenue? The last time the boss of GRA said Ghana will lose a percentage of our revenue — I don’t know if it’s because of SML.”

The UPSA lecturer maintained that while accountability was necessary, the broader concern should be value for money and national revenue performance.

“The key point is that I am looking at value for money here. I’m looking at companies that help increase our revenue flow as a country. If a company is found culpable and finds itself in this, the law must work. But again, how much are we losing in terms of revenue for us to leave the rest with them?” Prof. Boadi explained.

He also called on the GRA to strengthen its systems to capture tax from digital and online businesses.

“Today, businesses do not operate physically, having stores or shops—they operate online. What mechanisms is GRA putting in place to get these people to pay revenue into our state? We don’t know,” he stated.

Citing an academic study conducted by his team at UPSA, Prof. Boadi noted that SML had contributed to reducing revenue leakages, though he admitted there were broader issues outside their research scope.

“We did an academic exercise some months ago on SML, checking the revenue leakages in the country and the fact that they’ve been able to get some huge revenue to the country. But there are other issues beyond us—we don’t know,” he said.

He urged the OSP to act decisively while avoiding prolonged public debate.

“The law must work, but we must not always appear in public, always talking about this transaction. There should be a finality to this. From all indications, it appears OSP has a detailed case prepared, so if you have a detailed case prepared, what is next to do? Implement. That’s all—we have a lot in this country to talk about,” Prof. Boadi stressed.

Source: Kareen Tei

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Speaking at the launch of the State of the Ghanaian Economy Report in Accra, Professor Quartey warned that while lowering inflation is essential for macroeconomic stability, overly aggressive monetary tightening could hinder job creation and business expansion.

“We must be careful not to pursue lower inflation at the expense of growth and employment. Policies should support price stability while also creating space for businesses to thrive and for the economy to grow sustainably,” he said.

His remarks follow comments by Bank of Ghana Governor, Dr. Johnson Asiama, who indicated that inflation is expected to decline further in the coming months.

Professor Quartey commended the central bank’s progress in stabilising prices but stressed the need for a coordinated fiscal and monetary approach that supports productive sectors of the economy.

“Inflation management should go hand-in-hand with measures that stimulate investment, enhance productivity, and promote job creation,” he added.

The State of the Ghanaian Economy Report, ISSER’s annual publication, provides a comprehensive analysis of key economic indicators, policy developments, and sectoral performance. This year’s report highlights Ghana’s steady progress in restoring macroeconomic stability while underscoring the challenges of sustaining inclusive growth amid global and domestic pressures.

Speaking on JoyNews’ AM Show, Mr. Poku argued that the recent reduction in petroleum product prices is not due to improved market fundamentals but rather a deliberate intervention by the central bank and the Ministry of Finance.

“It has never been the case where the Bank of Ghana is doing the semantics they are doing to forcefully keep the dollar at a certain price when in reality we know they are using a lot of resources to do that,” he said.

The latest petroleum pricing window, effective November 1, is expected to see petrol prices fall by about 5.2% and diesel by between 6% and 8%, according to a report by the Chamber of Oil Marketing Companies (COoMAC).

Mr. Poku, however, believes the drop is temporary. He warned that maintaining the exchange rate below its realistic market value — around GH¢12.40 to GH¢12.50 per dollar — is unsustainable and could worsen the country’s fiscal deficit.

“For me, the cost of what the Bank of Ghana and the Ministry of Finance are incurring is huge because already we have a $21 billion hole in the budget due to this currency situation,” he explained.

He added that pegging the cedi artificially low also affects government revenue collection, particularly at the ports, since import duties are calculated based on foreign exchange values.

“Since the FX value has been made low, it’s also affecting GRA’s receivables from the ports,” he noted, adding that the Ghana Revenue Authority (GRA) has been struggling to meet its revenue targets as a result of the government’s approach to managing the exchange rate.

Mr. Poku further cautioned that with winter approaching, international fuel prices could rise again, putting additional pressure on the cedi and potentially reversing the current price gains at the pump.

He urged the government to adopt a more transparent approach to managing the exchange rate and fuel pricing system to prevent future fiscal shocks.

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She said the move forms part of government’s efforts to modernise the country’s financial sector and strengthen the use of technology in economic transactions.

The e-Cedi initiative was first explored in 2021 under the leadership of then-Governor Dr Ernest Addison. It is envisioned as a Central Bank Digital Currency (CBDC) that will serve as a digital alternative to physical cash.

Speaking at the launch of the 60th Anniversary Celebration of the Cedi in Accra on Tuesday, the Vice President highlighted the potential of the e-Cedi to enhance Ghana’s financial ecosystem.

“If the e-Cedi payment system is implemented, it will support the vision of a cashless economy, enhance financial inclusion, strengthen confidence in the cedi as Ghana’s sole legal tender, and ensure its continued relevance,” she said.

Professor Opoku-Agyemang noted that the rapid evolution of global finance makes innovation a necessity.

“Finance is evolving rapidly, and that is why the Bank of Ghana is developing and testing the e-Cedi — the digital form of our currency. Once fully implemented, it will modernise our payment system and secure a cashless future, ensuring the cedi retains its importance,” she stated.

The Vice President also urged the Governor of the Bank of Ghana and the Minister of Finance to work closely with businesses, banks, and innovators to ensure a smooth rollout of the new payment system.

She commended the Bank of Ghana, Deputy Governor Dr Johnson Pandit Asiamah, and Finance Minister Dr Cassiel Ato Forson for their roles in maintaining macroeconomic stability and public confidence in the national currency.

“Through prudent monetary policy and effective public engagement, the Bank has helped anchor expectations and restore a measure of credibility to our markets,” Professor Opoku-Agyemang remarked.

Source: Asantewaa Angela Amoako

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The appointment forms part of the company’s ongoing commitment to strengthening corporate governance and enhancing strategic oversight through the inclusion of accomplished business leaders with diverse expertise.

Mrs. Tucci Ivowi is an accomplished marketing and business management professional with over two decades of experience spanning consumer goods and manufacturing sectors.

Her appointment underscores Unilever Ghana’s focus on bringing visionary leadership, market insight, and a deep understanding of consumer behaviour to its Board.

She is the recent past Chief Executive Officer of the Ghana Commodity Exchange (GCX), where she led the institution’s transformation into a key driver of agricultural trade and value chain efficiency.

Under her leadership, the Exchange expanded market access for smallholder farmers and advanced transparency in Ghana’s commodity markets. Mrs. Ivowi also led the formation of the AfCFTA Association of Commodities Exchanges.

Before joining GCX, Mrs Tucci Ivowi built a distinguished career in brand management, marketing, and strategy, with extensive experience at Nestlé, where she worked across the UK, Southeast Asia, and Sub-Saharan Africa.

At Nestlé Central & West Africa Ltd., she made history as the first female and first Ghanaian Business Executive Officer (Executive Director), managing business operations across 22 countries.

Her leadership was marked by strategic clarity, innovation, business transformation, and an unwavering focus on purpose-driven growth.

Earlier in her career, Tucci Ivowi gained invaluable experience working with leading global brands, including Unilever and British American Tobacco, as a trusted agency partner. These collaborations helped shape her deep understanding of how consumers think, choose, and connect with brands, broadening her perspective beyond marketing campaigns to the emotional and behavioural dimensions of brand engagement.

Her return to Unilever Ghana, this time at the board level, represents a full-circle moment in a career defined by strategic vision, consistency, and impact. With her extensive experience in marketing, business transformation, and corporate governance, she brings a wealth of expertise that will enrich the Board’s work and support Unilever Ghana’s mission of delivering sustainable growth and shared value.

Mrs. Ivowi’s appointment comes alongside those of Ms. Angela Kyeremanten-Jimoh, Mr. Peterson Ekow Afedzie, and Mr. Djabanor Narh as Non-Executive Directors, all effective October 1, 2025.

These new additions reflect Unilever Ghana’s continued commitment to strong leadership and diverse perspectives as it enters its next phase of growth.

Speaking at the Cedi@60 celebrations in Accra, Dr Johnson Asiama said the economy has “turned a decisive corner,” backed by compelling evidence of progress.

He revealed that headline inflation continues to decline and is expected to end the year even lower, reflecting the effectiveness of the Bank’s monetary policy measures.

Dr. Asiama also highlighted the impressive performance of the local currency, noting that the Cedi has appreciated by 37 percent as of October 17, 2025.

“I’m proud to say we have turned a decisive corner, and indeed the evidence is compelling. Headline inflation is down, and the Cedi has appreciated strongly. These gains reflect the impact of sound and disciplined economic management,” the Governor said.

He added that the Bank remains committed to sustaining the gains through prudent policy interventions aimed at maintaining price stability and strengthening confidence in the Ghanaian economy.

“The Bank of Ghana remains fully committed to sustaining the gains we have made. We will continue to implement prudent and forward-looking policies to maintain price stability, strengthen the Cedi, and support overall economic growth”, he said.

This follows a staff-level agreement reached between the Government of Ghana and the IMF in October 2023, after the authorities met all six quantitative performance criteria and four indicative targets for the period ending June 2025.

Approval of the fifth review would trigger a disbursement of US$385 million, strengthening Ghana’s forex reserves ahead of the January 2026 Eurobond debt service, estimated at US$689 million.

IC Research noted that the IMF struck a more positive tone in the fifth review compared to the steadily softer assessments during the first four reviews. “We took a closer view of the language adopted by the Fund at the end of the fifth review and inferred a more positive and tangibly confident assessment of the latest performance and near-term economic prospects. The Fund described the authorities’ actions to support financial sector stability as ‘strong’ while indicating that the authorities made ‘notable strides’ in addressing longstanding challenges in the energy sector,” IC Research stated.

Overall, the IMF concluded that macroeconomic stabilization is taking root, with inflation forecast to remain within the Bank of Ghana’s medium-term target range (8.0% ±2.0%), allowing for gradual monetary policy normalization.

“In our view, this indicates the Fund’s confidence in the durability of Ghana’s disinflation trend and support for the Central Bank’s cautious pivot towards policy rate cuts,” the firm added.

Outlook

The IMF also expressed expectations for “positive momentum to continue into 2026.”

“This tone contrasts markedly with the steadily diminished optimism expressed during the first four reviews, when the Fund’s assessment of Ghana’s performance softened from ‘strong’ in the first review to ‘generally strong’ in the second review, and ‘generally satisfactory’ in the third review. Unsurprisingly, the fourth review reflected a marked deterioration, with most indicators deviating from targets,” IC Research noted.

The more upbeat assessment in the fifth review provides optimism for a relatively smooth consideration by the IMF Executive Board in December 2025, paving the way for the disbursement of US$385 million to support budget operations and balance of payments.

This is expected to further bolster Ghana’s net international reserves, which stood at US$8.4 billion in August 2025 (equivalent to 3.6 months of import cover), above the programme target of three months by 2026.

In a letter signed by GRA’s Head of Legal, Mr. Freeman Sarbah dated October 14, 2025, detailing official records covering January 2019 to December 2024, the GRA stated that its internal review verified that the company undertook Transaction Audit and External Price Verification Services as well as Revenue Assurance in the Petroleum Downstream Sector in strict accordance with contractual terms.

According to the GRA’s letter, the Authority’s records and accompanying technical documentation “confirm that SML Ghana Limited undertook work” related to the assigned services, with relevant reports and supporting materials available for review.

The clarification comes amid months of intense public scrutiny and political commentary surrounding SML’s contracts with the GRA — allegations that the company received substantial payments without delivering commensurate work. The Authority’s latest response, however, indicates otherwise, asserting that all payments made were tied to verified outputs.

The GRA also disclosed that all payments to SML within the stated period were properly documented, with payment schedules compiled and reconciled.

The Authority further confirmed that while the transaction audit and external price verification contract was terminated in November 2024, SML’s downstream petroleum revenue assurance services continued until June 2025, when they were suspended following the Office of the Special Prosecutor’s (OSP) ongoing investigation into the company’s affairs.

Contrary to assertions of non-performance, the GRA’s records — now formally acknowledged — indicate that SML Ghana Limited executed its contractual obligations and provided corresponding documentation throughout its engagement period.

This official clarification by the GRA significantly shifts the narrative surrounding the controversial SML contract, suggesting that payments to the company were tied to verifiable work, not unearned claims, as has been publicly alleged.

Source: Myjoyonline

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The Bank of Ghana on Tuesday, October 28, 2025, launched a year-long commemoration of the milestone at the Accra International Conference Centre under the theme, “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

Speaking on the floor of Parliament, Second Deputy Minority Whip, Jerry Ahmed Shaib, said all leaders who have played a role in strengthening the Cedi deserve to be acknowledged.

“I want to look at it from the angle that whoever has contributed to the proper evolution of the Cedi must be commended and celebrated. We have a list of names, and President Mahama is one of them, but anybody who has been president since the inception of the Cedi must be commended,” he stated.

He further stressed that former President Nana Addo Dankwa Akufo-Addo, who served for eight years, should be recognized as a major contributor to the Cedi’s stability.

According to IC Research, a leading financial markets research firm, the government have exhibited sufficient policy credibility to stay within the fiscal limits in 2026.

The primary balance on commitment basis stood at a surplus (1.1% of Gross Domestic Product) in eight months of 2025, and the International Monetary Fund expressed optimism for the authorities to achieve the target surplus of 1.5% by end-2025.

According to IC Research, this will ensure effective compliance with the Fiscal Responsibility Act (FRA) for the first time since its introduction in 2018 and confirm Ghana’s return to the path of fiscal sustainability.

Despite the market’s cautious view of the post-IMF fiscal commitment in 2026, the Fund expects Ghana’s 2026 budget to remain compliant with the FRA with a target primary surplus of 1.5% (the minimum benchmark in the FRA) for the second successive year.

“We think the authorities [government] have exhibited sufficient policy credibility to stay within the fiscal limits in 2026”, it said.

“However, we flag the continued revenue underperformance amid expectation of a ramp-up in spending pressure as a major test of the authorities’ resolve to sustain fiscal credibility beyond the IMF programme”, it alluded.

The 2026 Budget is expected to be presented on November 13, 2025, by the Finance Mnister, Dr. Cassiel Ato Forson.

Source: Joy Business

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This projection is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COoMAC), which guides the pricing decisions of oil marketing companies in Ghana, as seen by JoyBusiness.

Projected Adjustments

Petrol is expected to decline by up to 5.21% per litre, bringing the pump price down to about GH¢12.92 from the previous GH¢13.93 quoted by some oil marketing companies.

Diesel could also fall between 6.03% and 8.13%, resulting in a litre being sold at around GH¢13.10, down from GH¢14.56.

Liquefied Petroleum Gas (LPG) is projected to decrease by up to 6.66%, which will bring the price per kilogram to about GH¢13.60.

If all 200-plus oil marketing companies apply these reductions, this could mark the biggest drop in fuel prices so far in 2025.

It would also be the first time in a long while that a petroleum product records a double-digit percentage reduction within a single month—an event described as historic by market watchers.

Based on market trends and industry practice, some OMCs may start reducing their prices as early as this weekend, November 1, 2025, while others may wait to sell existing stock or recalibrate their pumps before adjusting prices next week.

Reasons

According to the Chamber of Oil Marketing Companies, the expected reduction is driven by a drop in global crude oil prices and the strong appreciation of the cedi in October.

Both factors, the report said, played “an instrumental role in the projected price decreases at the pumps.”

The Chamber noted that from the October 16, 2025, pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar, marking an 11.22% gain.

This rebound nearly offsets the 13.33% depreciation recorded in the third quarter, signalling renewed investor confidence and improved currency stability.

Some analysts attribute the cedi’s rally to the Bank of Ghana’s shift to spot forex sales, which enhanced market efficiency and improved dollar liquidity.

On the international front, crude oil prices fell to a five-month low, dropping sharply by 6.49% to $62.82 per barrel, driven by escalating US-China trade tensions and concerns over a potential supply glut in the last quarter of 2025.

Prices of finished petroleum products also declined, with petrol, diesel, and LPG recording respective drops of -3.30%, -2.48%, and -2.35%.

Market Impact

The expected price cuts are likely to dampen calls by driver unions for an increase in transport fares, which have gained momentum in recent weeks.

The reductions could also help keep inflation within single digits in the coming months, as lower fuel costs ease the prices of food, goods, and services — ultimately reducing the cost of living nationwide.

Source: Joy Business

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According to management, the decision to write off the investments will not negatively affect the institution due to the robust financial statement.

The institutions that held these investments are Gold Coast Securities and SIC Financial Services Limited.

According to the Bank’s 2024 Financial Report, an outstanding balance of 3.8 million cedis remains with the National Trust Holding Company.

Of this amount, 105,000 cedis was recovered during the year under review.

Chief Executive Officer, Abraham Coffie, explained that writing off the locked-up funds ensures the Bank complies with International Financial Reporting Standards by removing non-existent assets from its books.

“Writing off such investments does not mean they are completely removed from the books. In the likely event that the receiver or Bank of Ghana honors their obligation, it becomes another income source for the Bank,” he added.

Mr. Coffie added “because the Bank is robust in terms of Capital Adequacy Ratio, its risk absorption capacity is very high. We have met the Bank of Ghana’s industry benchmark of 10 percent.”

The government’s Domestic Debt Exchange Program converted bonds worth 30.2 million cedis held by the Bank, which negatively affected the repayment of some investments.

Board Chairman of the Bank, Benedict Boadi, believes the release of these bonds will further improve the Bank’s operations and positively impact profitability.

Profit Margins

Odotobri Rural Bank PLC recorded a profit margin increase of over 117 percent for the year 2024. This marks a significant rise from the 13.6 million cedis recorded in 2023.

According to the Bank’s 2024 Financial Report, the improvement is largely attributed to increased deposits and investments during the review period.

Available data indicates that deposits increased by 64.15%, representing over GH¢516 million, while investments rose by 65.89%, totaling over GH¢398 million.

To the Board Chairman, “this increase was due to intensified mobilization efforts by Directors, Management, and Staff, coupled with growing public confidence in the Bank’s catchment area.”

Advances also increased by 42.21%, reaching over GH¢80 million.

Dividend Declaration and Corporate Social Responsibility

Following the improved financial performance, the Board of Directors has increased shareholder dividends to GH¢0.0075 per share.

This represents a 74.42% increase over the previous year’s dividend.

The proposed dividend amounts to GH¢2,420,674, representing 12.16% of profit after tax.

In the area of Corporate Social Responsibility, GH¢369,143.48 was invested in the Bank’s catchment communities to support various socio-economic initiatives.

Beneficiary areas included education, health, traditional support, and assistance to the Ghana National Fire Service, Ghana Prisons Service, and the Ghana Police Service.

In 2026, the Bank plans to open a new branch at a strategic location to grow its market share.

The Bank’s electronic channels will also receive critical attention as part of its expansion and customer service enhancement initiatives.

Source: Nana Yaw Gyimah

Speaking at the official launch of the 60th anniversary of the Cedi in Accra on Tuesday, October 28, Dr Asiama noted that the improved reserves position reflects prudent monetary management, favourable trade inflows, and ongoing fiscal consolidation efforts.

“Our gross international reserves are currently $12 billion,” he said.

He explained that the current reserve level is offering “a robust cushioning against external volatilities,” safeguarding the cedi and supporting stability in the foreign exchange market.

He reiterated the Bank’s resolve to pursue sound monetary policies aimed at preserving the gains achieved so far, while continuing to promote a resilient and inclusive financial sector that supports sustainable economic growth.

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Speaking at the launch of the 60th anniversary of the cedi in Accra, Dr Forson cautioned against the growing trend of pricing goods and services in foreign currencies, particularly the US Dollar, describing it as a practice that undermines the stability and integrity of the cedi and Ghana at large.

“Let me use this opportunity to once again stress that as Ghanaians, the Ghana Cedi remains the only legal tender; the US dollar is not our currency; the Cedi is our only currency,” he said.

He emphasised that trading in foreign currencies fuels exchange rate pressures and weakens confidence in the domestic economy.

“The continued pricing of goods and services in the US dollar will only hurt us; let’s stop it and let us stop it now.”

The minister, therefore, called on all citizens, traders, and institutions to demonstrate patriotism by supporting the cedi and reinforcing its use in daily economic activity.

“The Cedi is the only currency we have, let us protect it, let us trade with it and let us defend it with all vim within us. Let us talk about the Cedi with pride not as a burden.”

Source: Albert Kuzor  

Speaking at the Cedi@60 celebrations in Accra, the Vice President said rebuilding trust in the Ghanaian currency requires coordinated efforts between the central bank, financial institutions, and the private sector.

“The Bank of Ghana must continue to work closely with banks, businesses, and market players to strengthen stability and rebuild confidence in the Cedi,” she said.

She noted that while recent data shows encouraging signs of recovery including a stronger Cedi and easing inflation the gains must be consolidated through discipline and partnership.

The Vice President also called on the Ministry of Finance to uphold strict fiscal responsibility, noting that prudent public spending and debt management remain critical to sustaining macroeconomic stability.

“The Ministry of Finance must continue to uphold fiscal responsibility. Monetary stability can only be effective when supported by sound fiscal policies,” she added.

Professor Naana Opoku Agyeman commended the Bank of Ghana for its decisive policy measures in recent years, which have helped curb inflation, stabilize the Cedi, and restore investor confidence.

She said government remains committed to working with the central bank and other economic actors to build a resilient, self-reliant economy capable of withstanding future shocks.

Source: James Eshun   

Speaking at the launch of the Cedi@60 celebrations on Tuesday, October 28, at the Accra International Conference Centre, Dr. Forson described the milestone as a “new dawn” in Ghana’s journey toward economic sovereignty and resilience.

“For 60 years, through cycles of inflation, devaluation, redenomination, and recovery, the Cedi remains the enduring symbol of our national sovereignty,” he said. “Our commitment to fiscal discipline has strengthened the Cedi, and we shall stay the course to ensure its continued stability.”

He cautioned against quoting prices in foreign currencies, particularly the US dollar, noting that such practices weaken public confidence and distort the local market.

“As citizens, we have a shared duty to preserve the sanctity of the Cedi as our legal tender,” he said. “We must eschew acts that undermine its value, especially the pricing of goods and services in foreign currency.”

The Cedi@60 celebration, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” commemorates Ghana’s replacement of the Ghanaian pound with the Cedi in 1965 — a milestone that affirmed the country’s monetary independence.

Government officials say sustained fiscal discipline, prudent monetary policy, and stronger oversight of currency practices will be key to restoring and maintaining confidence in the Cedi, supporting long-term economic stability and growth.

Soure: AdomOnline

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He said the Cedi@60 celebration should be seen not merely as a ceremonial milestone but as a renewed call to defend the country’s economic sovereignty.

Speaking at the anniversary event themed “Sovereignty, Stability, and Resilience” in Accra, Dr. Asiama said the occasion was a time for reflection on Ghana’s financial journey and the collective responsibility to preserve the gains made over the decades.

“Let me be clear, this is not just another policy event. It is a moment for Ghana to pause and reflect — not on what we have built so far, but on what we must now protect and advance,” he stated.

“This anniversary belongs to all of us because when we celebrate the Cedi, we celebrate our journey towards economic self-reliance and national confidence,” he added.

Dr. Asiama recounted Ghana’s landmark decision in 1965 to replace the Ghanaian Pound with the Cedi, describing it as a “powerful declaration” of economic independence and self-determination.

“Sixty years ago, Ghana made a powerful declaration. We said farewell to the Ghanaian Pound and introduced the Cedi, our very own national currency. In doing so, we were not just changing banknotes — we were affirming that Ghana’s independence must include the ability to define and defend our own monetary destiny,” he said.

Reflecting on the Cedi’s evolution, the Governor highlighted key reforms, including redenominations in 1967 and 2007, as well as the addition of security features, commemorative editions, and Adinkra symbols that celebrate Ghanaian heritage.

“Each transformation over the years — from the integration of advanced security features and commemorative notes to the use of indigenous symbols and portraits of our national heroes — reflects Ghana’s story: one of resilience, innovation, and pride,” he remarked.

He emphasised that the Cedi remains more than a means of exchange — it is a symbol of national pride and shared determination.

“Whether it’s exchanged in bustling markets, used to pay salaries, or saved for future dreams, the Cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny,” Dr. Asiama said.

The Cedi@60 celebration marks six decades since Ghana introduced its national currency, replacing the Ghanaian Pound in 1965, symbolising the nation’s continuous pursuit of economic sovereignty and stability.

Source: Adomonline

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The year-long commemoration seeks to reflect on the cedi’s evolution and its vital contribution to Ghana’s economic independence and development.

The launch ceremony, held on October 28, 2025, in Accra, featured the unveiling of a series of national events, including exhibitions, policy dialogues, and stakeholder engagements designed to strengthen public confidence in the cedi and promote financial innovation.

Speaking at the event, BoG Governor, Dr. Johnson Pandit Asiama, announced that the anniversary programme will include educational initiatives for all age groups, diaspora engagements on remittances, public lectures, and publications highlighting the cedi’s legacy and milestones.

An exhibition tracing the currency’s journey, from its first issue in 1965 through the 2007 redenomination to the current digital finance era, was also opened to the public.

The display highlights the cedi’s transformation in design, value, and security features over the decades.

Under the theme “Sovereignty, Stability, and Resilience,” the Cedi@60 celebration will feature academic forums and public outreach activities across the country, culminating in major policy discussions on strengthening the currency’s role in national development.

The Bank of Ghana says the commemoration underscores the cedi’s enduring symbol of Ghana’s sovereignty and its continued relevance in an evolving digital economy.

Source: AdomOnline

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Speaking on Joy FM’s Super Morning Show, he said key economic indicators such as inflation, interest rates, and fiscal deficit are trending in the right direction — helping to support the cedi’s performance.

“I think the cedi has relatively stabilised and confidence in holding the currency has really increased,” Prof. Quartey stated.

He explained that the government’s efforts to reduce overspending and maintain a “decent deficit” while stimulating sustainable economic growth are contributing to the positive outlook.

The ISSER economist also praised the Bank of Ghana for its active communication and engagement efforts, which he believes help strengthen public trust in monetary policy.

“You need to get people to have confidence in the economy and confidence in the cedi,” he said, recommending that financial education be extended to young people, similar to practices by the Bank of England.

This year marks 60 years since the introduction of the Ghana cedi as a symbol of national sovereignty and economic resilience. The celebration has revived discussions about ensuring long-term currency stability.

With the cedi expected to end the year appreciating against the US dollar — a rare occurrence since the redenomination in 2007 — Prof. Quartey noted that there is hope for sustained progress but emphasised the need to “continue building confidence” in the local currency.

Source: Caleb Ahinakwah  

Speaking on Joy FM’s Super Morning Show ahead of the official launch of the Cedi@60 commemoration at the Accra International Conference Centre on Tuesday, he explained that political independence alone did not complete Ghana’s freedom story.

“Today is the rebirth of Ghana because Ghana achieved its economic sovereignty, total economic sovereignty on the 19th of July 1965,” he said.

Mr Owusu noted that while 6th March 1957 remains the landmark date for political independence, the establishment of the Bank of Ghana, the day before independence — on 4th March 1957 — began the critical journey toward managing the country’s own currency and financial affairs.

He stressed that both forms of independence must be acknowledged.

“There are two things for independence — economic independence and political independence,” he stated, adding that Tuesday’s anniversary reflects on that progress and the role of the cedi in Ghana’s national identity and financial stability.

The Cedi@60 celebration is being held under the theme: “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

The event brings together policymakers, bankers and economic actors to highlight achievements in currency management and discuss strategies to maintain stability going forward.

Source: Joy Business

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This is relative to GH¢6.7 billion recorded during the same period in 2024.

According to the September 2025 Monetary Policy Report, the banking sector posted a growth in all income lines in August 2025, with other income growing at 47.3% compared to a contraction of 2.9% for the same period last year.

Net interest income picked up by 21.8% to GH¢19.2 billion from 16.9% in August 2024.

On year-on-year basis, interest income improved by 21.5% to GH¢29.3 billion in August 2025 from GH¢24.3 billion in August 2024.

Interest expense also increased to GH¢10.2 billion in August 2025 from GH¢8.4 billion in August 2024, representing a growth rate of 20.9%, relative to the 22.1% growth recorded in August 2024.

The growth in net interest income is attributable to the slowdown in interest expense due to lower interbank lending rates in August 2025 compared to August 2024.

Net fees and commissions recorded a growth of 13.1% in August 2025, down from 22.9% a year ago, while “other income” surged by 47.3% to GH¢4.8 million compared to a contraction of 2.9% in August 2024.

These developments resulted in a 28.0% growth in the industry’s net operating income in August 2025, compared with the 10.9% growth recorded a year ago.

The cost lines also recorded similar increases in August 2025; however, the difference in growth rates between August 2025 and August 2024 was marginal.

According to the report, the banking industry’s operating expenses grew by 19.5% in August 2025, compared to 18.9% in 2024, on the back of a negligible growth in staff costs and other operating (administrative) expenses.

The provisions for depreciation, bad debt and impairment losses on financial assets contracted further by 46.0% in August 2025, compared to the 19.2% contraction recorded in August 2024. This is on account of the increase in write-offs and recoveries during the review period.

Return on Assets and Return on Equity

The banking sector’s profitability indicators, namely, return-on-assets (ROA), and return-on-equity (ROE), improved during the period under review.

This follows the robust growth of profit-before-tax and profit-after-tax.

The ROE increased from 31.4% in August 2024 to 32.2% in August 2025, while the ROA also went up to 5.6% from 4.9% over the same comparative period.

Source: Joy Business

This was supported by improved market sentiment and steady central bank interventions.

It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.

Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢17.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.

Over the past two weeks, the cedi has clawed back most of its losses as enhanced foreign exchange liquidity from the central bank has eased negative sentiment, likely triggering sell-offs by some market participants to unwind earlier high positions.

This corrective reaction most likely fuelled the sharp appreciation.

“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook. With gold’s reclassification as a top-tier liquidity asset under Basel III ‘Endgame’ reforms and shifting reserve preferences among central banks, confidence in hard assets has strengthened,” Databank Research said.

Together with the expected US$385 million disbursement in December 2025, its near-term outlook for a stronger cedi remains firm.

Meanwhile, the local currency started this week recording some further gains against the US dollar.

It is going for GH¢12.10 to one American greenback in the retail market.

Its year-to-date gain stands at 28.84% to one US dollar.

Source: Joy Business

Speaking on Joy FM’s Super Morning Show during the launch of Cedi@60 on Tuesday, Mr Awuah said the banking sector had faced supply constraints at the peak of Ghana’s economic crisis in 2022 and 2023, when the Central Bank assumed temporary control over forex inflows from major exporters such as mining, oil, and telecom companies.

“At the height of the crisis, the Central Bank took some temporary measures of having almost absolute control over the currency in terms of supply,” he explained.

“Given the level of stability we’ve had, the Central Bank has revised or unwound that policy, which is a very key one because all the market is looking for is assurance of supply.”

He noted that routing export proceeds directly to the BoG limited the ability of commercial banks to intermediate effectively. The reversal, he said, now allows mining and oil companies to channel forex through the banking system again, ensuring improved liquidity.

Mr Awuah also highlighted changes to the net open position policy, which regulates how much foreign currency banks can hold at any given time. The BoG has reduced the long position threshold from +5 to zero.

“If you are a bank and you get dollar supply, you have no business keeping it on your balance sheet,” he stressed.

“As dollars or euros are coming in, you have to offload to the market. When you do that, you improve the supply.”

The GAB CEO said the policy is designed to discourage hoarding and strengthen market confidence by ensuring forex reaches importers and businesses that need it.

Cedi@60 — themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience” — marks six decades since Ghana introduced the cedi as its national currency.

The celebration comes at a time when the government and central bank continue efforts to support sustained currency stability amid global economic pressures.

Mr Awuah reaffirmed the banking sector’s commitment to working closely with the BoG and the Ministry of Finance to maintain the cedi’s stability and reinforce public confidence in Ghana’s currency.

Source: Caleb Ahinakwah  

Staff of large-scale mining firms and their community teams assembled for this year’s competition hosted by Asanko Gold Mine.

The participating teams showcased their preparedness in responding to emergencies both within mining sites and in host communities.

The teams comprised both staff and community teams from Golden Star Wassa, Asanko Gold Mine, AngloGold Ashanti Iduapriem, AngloGold Ashanti Obuasi, and the Ghana Manganese Company Limited.

In the community teams category, Asanko Gold Mine emerged winners with 98%, beating Abosso Goldfields Damang with 89%, AngloGold Obuasi Mine with 85.5%, and the Ghana Manganese Company, which scored 27%.

In the staff category, however, Golden Star Wassa scored 59%, Asanko Gold Mine 58.5%, AngloGold Ashanti Obuasi 52%, and AngloGold Ashanti Iduapriem 50%.

An oral component of the competition is expected to be held a week later in Accra.

The Ghana Chamber of Mines believes such engagements do not only align communities with corporate safety goals but also provide practical safety knowledge.

Speaking on behalf of the Chief Executive Officer (CEO) of the Chamber of Mines, Director for Analysis, Research, and Finance at the chamber, Christopher Opoku Darko, elaborated that the annual competition was a demonstration of lifesaving first aid techniques that can mean the difference between life and death in real-world emergencies.

“A mine is not truly safe unless the community around it is also safe. That is why we continue to engage community teams and especially empower women to actively participate in safety competitions,” he said.

Managing Director for Asanko Gold Ghana Limited, Dr. Charles Amoah, emphasized that safety was not a one-day event, but a mindset and a way of life that must be prioritized at all times.

He pledged Asanko Mine’s commitment to improving its safety standards not only within the mine’s environment but also in the host communities for inclusive safety.

“At Asanko, safety defines who we are. It shapes our culture, drives our discipline, and reflects our commitment to excellence. Hosting this year’s competition is therefore not just an honour but a clear demonstration of our belief that safety is a shared duty across the entire mining industry,” he noted.

He commended the Ghana Chamber of Mines for granting Asanko Gold Mine the privilege to host this year’s National Inter-Mines First Aid and Safety Competition.

Paramount Chief for the Manso-Nkwanta Traditional Area, Nana Bi-Kusi Appiah II, lauded the initiative hosted in his community to create awareness on safety, noting that it moves the industry one step closer to zero harm.

This year’s competition was held on the theme, “Every Moment is an Ambush, Think Safety All the Time”.

Source: Emmanuel Bright Quaicoe

The company announced that after “fruitful and positive engagement with the Bank of Ghana,” the pause, initially expected to last a month, was lifted earlier than planned.

The Bank of Ghana had on September 4 suspended the remittance partnerships of five money transfer operators, including Taptap Send, Top Connect, Remit Choice, Send App, and Afriex, effective September 18.

The regulator cited breaches of its updated Guidelines for Inward Remittance Service by Payment Providers (2023), which involved unauthorised remittance activities with certain payment service providers.

In a statement released on Tuesday, October 15, Taptap Send expressed gratitude to its customers for their patience and loyalty throughout the period, assuring them of a stronger and more compliant operation going forward.

“After fruitful and positive engagement with the Bank of Ghana, the pause was lifted earlier than the initially imposed month-long timeline. Taptap Send is now fully operational, and customers can now resume sending money from the UK, Europe, Canada, the USA, and the UAE to their loved ones in Ghana with immediate effect,” the statement said.

The company reiterated that it remains “safe, secure, and fully compliant” and has “taken the opportunity to double down on its commitment to upholding the highest standards of compliance and excellence in service provision to Ghana and beyond.”

Acknowledging the inconvenience the suspension caused, Taptap Send extended appreciation to its customer base, whom it credited for its market leadership.

“We would like to express our deepest and most sincere appreciation to our customers for their patience, love, and continued support in what has been a really difficult time of inconvenience. You, our customers, are the reason we’ve been the number one app for sending money to Ghana. We do not take this for granted,” the company noted.

The statement concluded on an emotional note, reassuring customers of the company’s unwavering commitment to them.

“Taptap Send is back. We have missed you and cannot wait to see you on the app again. We dey for you!”

With this development, the remittance platform has joined the list of operators cleared by the central bank to resume services, marking a quick resolution to what many had feared would be a prolonged disruption in cross-border money transfers to Ghana.

Below is the release from Taptap Send:

The event, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” marks six decades since the introduction of Ghana’s national currency, the cedi.

The anniversary seeks to highlight the cedi’s role in Ghana’s economic journey, emphasizing its significance as a symbol of national pride and sovereignty.

The celebration is expected to bring together policymakers, economists, and industry players to reflect on the evolution of the Ghanaian currency and its contribution to the country’s economic development.

Source: AdomOnline

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“I am deeply honoured by this recognition. My thanks go to the Forbes team for this award and to the incredible team at KGL Group—our Board, Management, and Staff—whose hard work made this possible. I urge Africans in the diaspora to return home and use their experience to help build the continent.

“After living in London for more than two decades, I returned to Ghana to make an impact. A decade later, I am proud that KGL Group stands among Ghana’s most successful tech enterprises, and I am humbled that Forbes has recognised this journey,” he said.

The Forbes Best of Africa Awards recognise business leaders who are building globally competitive enterprises while making meaningful contributions to Africa’s socio-economic growth.

Other honourees included: Dr. Olasupo Olusi, Managing Director and CEO of Nigeria’s Bank of Industry (BOI), Prince Nnamdi Ekeh, Group CEO of Konga, for his work in expanding e-commerce and digital infrastructure across Africa.

Beyond business excellence, Mr. Dadey has led KGL Group to make major contributions through Corporate Social Responsibility (CSR) and Corporate Social Investment (CSI) initiatives.

These include sponsoring the Ghana Black Stars’ qualification campaign for the 2026 World Cup, partnering with Otumfuo Osei Tutu II to build an ultra-modern mental health facility in the Ashanti Region, supplying incubators to hospitals across Ghana, donating GHS 3 million annually to the NLA Stabilization Fund, and donating GHS 2 million annually to the NLA Good Causes Foundation.

Others are providing scholarships to orphans and underprivileged children and supporting numerous charitable organisations across Ghana and Africa.

KGL Group is also preparing to partner with the Ghana Medical Trust Fund (MahamaCares), an initiative led by President John Mahama, which seeks to cover the cost of treatment for non-communicable diseases not yet included under the National Health Insurance Scheme (NHIS), while also investing in medical infrastructure, equipment, and research.

Mr. Dadey’s commitment to innovation, philanthropy, and national development has earned him recognition as a distinguished statesman and visionary entrepreneur—embodying service to God, country, and humanity.

Forbes Media celebrates his contribution to Africa’s progress through the exemplary brand of KGL Group.

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According to auction results from the Bank of Ghana, the T-bills were undersubscribed by 30%.

According to trading results by the Bank of Ghana, the government got GH¢4.760 billion from a target of GH¢6.824 billion.

For the first time in several weeks, it accepted all the total bids.  

A little over 73% of the bids came from the 91-day bill.  About GH¢3.4 billion of the bids were tendered.

For the 182-day bill, GH¢785.31 million of the bids were tendered.

Also, GH¢487.5 million of the bids were offered for the 364-day bill.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill decreased by 2.0 basis points to 10.67%. 

That of the 182-day bill, however, went up to 12.46% from the 12.43% the preceding week.

The yield on the 364-day bill fell by 5.0 basis points to 12.87%.

Source: Joy Business

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The proposed date, which is subject to parliamentary approval, will mark the government’s first major budget presentation since winning the 2024 elections and having nearly nine months to steer the economy.

Some analysts have observed that the 2025 Budget largely operated within the framework established by the previous administration.

Under the Public Financial Management Act, the Finance Minister—acting on behalf of the President—is required to present the national budget to Parliament no later than November 15 each year.

The Finance Ministry has reportedly completed several rounds of stakeholder engagements and industry consultations to finalise the policies and programs that will feature in the 2026 Budget.

Expectations

Dr Forson has indicated in earlier interviews that the 2026 Budget will focus on job creation and economic growth stimulation.

Sources also suggest that the Finance Minister is set to introduce new policy measures aimed at reforming the tax system and improving revenue mobilisation.

According to the Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, the 2026 Budget will include a review of the Value Added Tax (VAT), with the effective rate expected to be reduced from 22% to 20%.

This adjustment is part of ongoing reforms to simplify the VAT structure and make it more business-friendly.

Additionally, Dr Forson is expected to review several tax levies, including the COVID-19 levy, as part of efforts to ease the tax burden on businesses and households.

With Ghana set to exit the IMF programme in May 2026, attention will also be on how the Finance Minister plans to manage the economy in the post-programme period.

The 2026 Budget will, therefore, be one of the government’s most significant economic policy documents, setting the tone for fiscal management and growth strategy after the IMF programme.

Another key area of interest for industry players and economists will be how Dr Ato Forson intends to manage the fiscal deficit and expenditure in 2026 while maintaining macroeconomic stability.

Source: Joy Business

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According to a leading financial research firm, IC Research, this is on the back of a further drop in inflation in October 2025.

Ghana’s annual headline inflation returned to the Bank of Ghana’s medium-term target band for the first time since August 2021. The headline Consumer Price Inflation declined sharply by 210 basis points to 9.4% year-on-year in September 2025, falling faster than IC Research’s forecast decline of 190 basis points.

The disinflation was largely broad-based as goods inflation, which accounts for 72.5% of the overall CPI basket, eased by 270 basis points to 11.2% year-on-year. The services inflation also moderated by 60 basis points to 4.8% year-on-year.

“In our view, this reflects recent foreign exchange shift to the upside and the resultant upticks in domestic energy prices.

“We view the first single-digit headline inflation in September 2025 as a confirmation that the Ghanaian economy has progressed decisively towards price stability after over four years of double-digit price increases”, IC Research explained.

“While upside risk to the near- and medium-term path looms, we believe the authorities would be minded by the need to lock in the gains with continued policy credibility. The durable moderation in inflation risk has further strengthened the case for another cut in the nominal policy rate with downside scope for domestic bond yields in 4Q2025 [4^th quarter of 2025]”, it added.

The Bank of Ghana cut its policy rate to 21.5% from 25% in September 2025, as a result of easing inflation.

Source: Joy Business

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The grand finale drew a large crowd of homeowners, prospective buyers, real estate developers, and suppliers eager to take advantage of the fair’s last-day discounts and networking opportunities.https://www.youtube.com/embed/1PMBosvGapE?si=vd8MJ-dzz9Fgyj_K

Themed “Dream It. Own It. Live It.”, this year’s fair once again lived up to its promise of being Ghana’s premier housing and lifestyle event.

The final day featured over 50 exhibitors, including key partners Ecobank, estate developers, building material manufacturers, interior designers, and service providers, all converging to offer significant price cuts and financial incentives.

It served as a one-stop shop for everything related to building—roofing, plumbing, tiles, paints, lighting, sanitation, furniture, décor, mortgages, home financing, security systems, energy systems, building advice, and related services, providing visitors with a comprehensive experience under one roof.

The vibe at the fair was unmatched! Attendees moved from booth to booth, chatting, connecting, and sealing deals with their favorite brands.

The atmosphere buzzed with excitement as exhibitors interacted directly with customers, offering on-the-spot discounts, demonstrations, and expert advice.

Beyond the marketplace, the fair also doubled as a critical learning hub. Throughout the four-day event, participants attended a series of free seminars and workshops led by industry experts.

These sessions provided valuable insights to homeowners, aspiring builders, and professionals seeking to stay ahead of emerging trends in the housing sector.

The fair’s title sponsor, Ecobank Ghana, used the platform to promote its mortgage and home finance packages, offering flexible terms designed to make home ownership more accessible. Mortgage experts were on-site to assist attendees with guidance on financing, budgeting, and property acquisition.

Several supporting partners, including leading construction firms and home improvement brands, described the fair as a timely intervention that connects suppliers directly with consumers while promoting quality and affordability in the housing sector.

As the curtains came down, exhibitors recorded impressive sales and business leads, while many visitors left the venue satisfied, having secured great bargains and valuable insights into building and financing their dream homes.

Source: Emma Ankrah

According to the Deputy Minister, this distribution will mark the first phase of the programme, under which the government plans to distribute three million birds over time to beneficiaries and farmers.

He added that the distribution will include feed for selected participants to ensure the successful rearing of the birds.

Speaking on PM Express Business Edition with George Wiafe, recorded in Washington D.C., USA, on the sidelines of the annual IMF/World Bank Meetings, Mr Dumelo stated that “these birds will also be vaccinated, so beneficiaries can immediately begin their poultry farming.”

He further noted that the initiative will support a wide range of producers, from smallholders to household farmers.

Distribution Plan

Explaining the rollout plan, the Deputy Minister said the government is targeting the distribution of about 10,000 birds per constituency, which could see around 200 households receiving approximately 50 birds each.

He emphasized that the government will closely monitor the process to ensure the birds reach the intended beneficiaries.

“We believe that when people receive these birds, they can rear them in their backyards and make some money for themselves. This will go a long way to boost local production,” Mr Dumelo said.

He added that the government is committed to ensuring a transparent selection process that prioritizes individuals who are genuinely willing and able to make the programme successful.

“We should see this as an initial investment by the government. When the birds are ready and you sell them, use that money to buy new ones and continue,” he advised.

John Dumelo further stressed that the programme would target people with some knowledge of poultry farming, “because we don’t want these birds to die,” he said.

Reasons for the Programme

There have been concerns that the initiative could hurt existing poultry businesses. However, the Deputy Minister dismissed these fears, insisting that the programme is designed to support and strengthen local poultry production rather than compete with it.

“The government is not happy about the high import rate of chicken for consumption in Ghana, given its impact on foreign exchange and local employment. That is why we are implementing this programme,” Mr Dumelo explained.

He stated that the government aims to significantly increase domestic poultry production and reduce dependence on imports, which currently cost the country over $300 million annually.

Mr Dumelo added that “the programme could be a turning point for Ghana’s poultry industry, as it seeks to create jobs for rural youth and women, strengthen domestic feed and processing industries, and help stabilise prices in local markets.”

Food Security Concerns

The Deputy Minister also revealed that the government is collaborating with several agencies to ensure a consistent supply of food throughout the year.

This includes providing financial support to the National Food Buffer Stock Company to enable it to build sufficient reserves and manage stock effectively.

Mr Dumelo emphasized the need to move away from a system where food is abundant at certain times of the year and scarce at others, leading to fluctuating prices.

“The government is putting in place measures and initiatives to address post-harvest losses,” he assured.

He also noted that the Ministry is working closely with the Ministry of Youth and Sports on the implementation of the Youth in Agriculture programme, while encouraging other stakeholders to contribute to storage, processing, and value addition in food production.

“All these initiatives are aligned with our Feed Ghana programme, which aims to produce more food to feed ourselves and even export the surplus,” the Deputy Minister concluded.

Source: Joy Business

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The fair, running under the theme “Dream It. Own It. Live It”, brought together over 50 exhibitors offering products and services tailored to Ghana’s growing homeownership and construction needs.

From building materials, roofing, plumbing, tiles, paints, lighting, sanitation, furniture and décor to mortgage and home financing, patrons were given a one-stop shop to compare prices, ask questions, and make informed choices.

Throughout the day, visitors moved through different exhibition booths, some shopping for materials to begin new building projects, others seeking renovation options for existing homes.

Vendors showcased new product lines, eco-friendly materials, durable roofing brands, modern interior finishing options, and flexible payment plans to ease the cost of home building.

https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&us_privacy=1—&gpp_sid=-1&client=ca-pub-2500680891621702&output=html&h=280&adk=2504123169&adf=2545595475&w=680&fwrn=4&fwrnh=100&lmt=1761423292&rafmt=1&armr=3&sem=mc&pwprc=1214529339&ad_type=text_image&format=680×280&url=https%3A%2F%2Fwww.myjoyonline.com%2Fmassive-deals-draw-huge-crowds-at-day-3-of-ecobank-joynews-habitat-fair%2F&fwr=0&pra=3&rh=170&rw=680&rpe=1&resp_fmts=3&wgl=1&fa=27&uach=WyJXaW5kb3dzIiwiMTAuMC4wIiwieDg2IiwiIiwiMTQyLjAuNzQ0NC41MiIsbnVsbCwwLG51bGwsIjY0IixbWyJDaHJvbWl1bSIsIjE0Mi4wLjc0NDQuNTIiXSxbIkdvb2dsZSBDaHJvbWUiLCIxNDIuMC43NDQ0LjUyIl0sWyJOb3RfQSBCcmFuZCIsIjk5LjAuMC4wIl1dLDBd&abgtt=6&dt=1761423295824&bpp=2&bdt=1640&idt=-M&shv=r20251022&mjsv=m202510210101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D98b68ed947830aa0%3AT%3D1740548486%3ART%3D1761423070%3AS%3DALNI_MZJ6UeS695f9cQqUcOWYAAM4P8NKA&gpic=UID%3D00000ff52191578f%3AT%3D1740548486%3ART%3D1761423070%3AS%3DALNI_MYZ81Nx8sKXJWZoiqGzUiZJbHPjrA&eo_id_str=ID%3D66fcf9661a92a1ae%3AT%3D1745909822%3ART%3D1761423070%3AS%3DAA-AfjYjAOooShTLUiTQS31Wy881&prev_fmts=0x0&nras=2&correlator=7426023548057&frm=20&pv=1&u_tz=0&u_his=34&u_h=864&u_w=1536&u_ah=824&u_aw=1536&u_cd=24&u_sd=1.25&dmc=8&adx=246&ady=3606&biw=1526&bih=703&scr_x=0&scr_y=0&eid=31095143%2C31095376%2C31095410%2C31095438%2C95373974%2C95374288%2C95374626%2C95375702%2C95376000%2C95368430%2C95374129&oid=2&pvsid=903725472521469&tmod=1526115399&uas=1&nvt=1&ref=https%3A%2F%2Fwww.myjoyonline.com%2F&fc=1408&brdim=0%2C0%2C0%2C0%2C1536%2C0%2C1536%2C824%2C1536%2C703&vis=2&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=31&bz=1&td=1&tdf=2&psd=W251bGwsbnVsbCxudWxsLDNd&nt=1&num_ads=1&ifi=2&uci=a!2&btvi=1&fsb=1&dtd=10625

While the event remains centered on affordable and accessible homebuilding solutions, patrons were also being encouraged to pay attention to home security as part of modern living.

Exhibitors offering security doors, access control systems and smart CCTV packages were on-site for homeowners who wish to enhance safety alongside comfort and aesthetics.

Financial institutions, including title sponsor Ecobank Ghana, provided mortgage advisory services and special promotional financing, helping potential homeowners understand the steps and requirements involved in acquiring land or a home.

The fair continues to be a space where people can:

• Compare building material prices directly
• Get technical guidance from professionals
• Access discounts and promotional offers
• Receive support on home ownership planning and financing

Final Day Tomorrow

The Ecobank–JoyNews Habitat Fair returns tomorrow for its final day at the AICC, with exhibitors prepared to make last-day discounts and offers available to the public.

Organizers are encouraging homeowners, landlords, renters and builders, whether planning, renovating or just exploring, to take advantage of the final-day opportunities.

Held at the Accra International Conference Centre (AICC), the exhibition floor saw a dramatic increase in foot traffic as attendees flocked to secure unprecedented discounts across the building, interior décor, and financial services sectors.

The four-day fair, which runs from Thursday, October 23, to Sunday, October 26, is themed “Dream it, Own it, Live it” and seeks to make homeownership more accessible by offering expert guidance, innovative products, and exclusive discounts.

The highlight of Day 2 was the “massive discounts raining” across the over 50 exhibiting companies.

Major players in the home finance and property development space, including title sponsor Ecobank Ghana, attracted significant attention.

Ecobank, for instance, reportedly offered reduced interest rates on its mortgage products, with some reports suggesting a preferential rate for fair attendees aiming to acquire or construct property.

Other key deals included were on Building Materials, Property Developers and Finishing Materials.

The discounted rates were strategically aimed at mitigating the current high cost of building materials and property acquisition, providing tangible relief to prospective homeowners.

The high volume of transactions and enquiries on Day 2 was a clear indicator of a strong turnout.

While official final figures are pending, preliminary estimates from the organisers suggest a 35% increase in unique visitor attendance compared to Day 1, with thousands of patrons streaming through the AICC halls.

The density of participation reflects a growing public interest in securing property despite current economic headwinds.

Exhibitors expressed overwhelming confidence in the event’s ability to generate high-value leads:

• A representative from a leading real estate firm noted that Day 2 generated over 50 qualified leads for their three-bedroom homes, surpassing their entire lead generation target for a typical month.
• The fair’s format, which combines a commercial exhibition with an educational mini-clinic, allowed patrons to secure deals while receiving crucial advice on documentation, land litigation, and financial planning.

The Ecobank-JoyNews Habitat Fair continues to serve as a vital platform, connecting serious buyers directly with key players across the entire housing value chain, from architects and land surveyors to lenders and construction firms.

Source: Myjoyonline

According to the bank, following continued engagements with the regulator, it has been advised that, due to non-compliance with the single obligor limit arising from the conversion of restructured cocoa bills into bonds, regulatory “no objection” for the dividend payment cannot be granted at this time.

In a statement from the Corporate Affairs Department, the bank, however, said it is actively engaging with the Bank of Ghana to resolve this matter as quickly as possible and to restore full compliance.

“The Bank is actively engaging with the regulator to resolve this matter as quickly as possible and to restore full compliance.”

“GCB Bank PLC regrets any inconvenience this development may cause and assures shareholders and stakeholders of its unwavering commitment to regulatory compliance, financial soundness, and the protection of shareholder value”, it pointed out.

The dividend payment was approved at its Annual General Meeting (AGM) held on May 2, 2025, for the financial year ended December 31, 2024.

Source: Joy Business

The decline was driven primarily by reduced credit to the public sector, alongside a moderation in private sector credit flows as banks reallocated portfolios toward Government and Bank of Ghana securities.

This was captured in the 2025 September 2025 Monetary Policy Report.

Also, private sector credit flows amounted to GH¢10.710 billion in August 2025, down from GH¢14.319 billion in August 2024.

Despite this slowdown, the private sector remained the dominant recipient of credit, accounting for 95.5% of total outstanding credit in August 2025, compared with 92.7% a year earlier.

By sectoral distribution, credit flows were concentrated in the services (68.2%), commerce and finance (23.8%) and manufacturing (23.0%) sectors.

The outstanding private sector credit was GH¢91.028 billion at end-August 2025, compared to GH¢80.318 billion at end-August 2024.

In real terms, the private sector credit recorded a modest expansion of 1.7%, as against a contraction of 1.1% over the same period in 2024.

The growth in real sector private sector credit was, however, slightly above trend, with the deviation from trend widening marginally in August 2025, compared to the previous year.

Source: Joy Business

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According to him, the move is aimed at protecting consumers while fostering stronger partnerships between fintechs and banks.

Dr Asiama made this known when he addressed members of the Ghana Association of Banks at their 42nd Annual General Meeting on October 23, 2025, which also coincided with the launch of the Ghana Bankers Voice Magazine.

He noted that the Bank of Ghana’s Open Banking Framework, currently in its proof-of-concept phase, “will enable secure data sharing between banks and fintechs under clear standards for consent, privacy, and cybersecurity.”

Dr Asiama further disclosed that the Bank of Ghana is collaborating with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), among others, to develop formal cryptocurrency regulations by December 2025.

“I am pleased to say we have finalized the bill ready for submission to Cabinet. This progress places Ghana among the first African jurisdictions to regulate digital-asset activity prudently,” he stated.

Deepening Financial Intermediation

The Governor also announced that the Bank of Ghana is working with Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities.

“We are aligning Ghana’s banking infrastructure with continental systems like the Pan-African Payment and Settlement System (PAPSS), which enables cross-border payments in local currencies,” he said.

He added that the Bank, with support from the International Monetary Fund (IMF), has launched a structured foreign exchange operations framework to improve price discovery, reduce volatility, and rebuild reserves.

Dr. Asiama also revealed that the central bank is developing a comprehensive Digitalisation Strategy to guide how it uses technology and data to serve the financial system more effectively.

“We are sending our teams out to the best central banks — from Singapore to London to the Philippines — to learn, experiment, and benchmark against the best, bringing global lessons home,” he disclosed.

He added that a dedicated Bank of Ghana team will soon engage with the Ghana Association of Bankers and individual banks to ensure their perspectives help shape the digitalisation strategy from inception.

AI-Driven Supervision

Dr Asiama emphasised that the central bank is committed to enhancing oversight in the banking sector through technology and innovation.

He revealed that the Bank of Ghana is investing in AI-driven supervisory tools and operationalising a Cyber Threat Intelligence Platform to facilitate information sharing between banks and fintechs.

“As banks migrate more systems to the cloud, operational resilience and third-party risk management will become as critical as capital adequacy.

“Cyber maturity is now a measure of institutional soundness, and our supervisory priorities will increasingly reflect that,” he explained.

The Governor further disclosed that the Bank is piloting an ESG and Climate-Risk Reporting Template to embed sustainability into credit and investment decisions.

“Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” he stressed.

He concluded by urging commercial banks to recognise the changing nature of Ghana’s customer base.

“More than 60 percent of Ghanaians are under 35. For them, banking is not a destination — it is an experience that follows them everywhere,” Dr. Asiama stated.

Source: Joy Business

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According to data from the Bank of Ghana, domestic debt stood at GH¢323.7 billion, about 23.1% of Gross Domestic Debt, whilst external debt stood at GH¢305.0 billion, about 21.8% of GDP.

The Central Bank attributed the increase in domestic borrowings on the back of expected coupon payment obligations of the government on both tendered and untendered bonds in February and August 2025, resulting in higher borrowings to build buffer.

Meanwhile, the stock of public debt at the end of July 2025 stood at GH¢628.8 billion, representing 44.9%of GDP.

This shows a reduction of GH¢98.0 billion over the stock of GH¢726.7 billion (61.78% of GDP) recorded for end-December 2024.

This was as a result of the combined effects of exchange rate appreciation and a slower pace in debt accumulation resulting in a reduction in the stock of total public debt at the end of July 2025.

Source: Joy Business

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This was 0.2 percentage points higher than that of August 2025.

It was, however, 27.3 percentage points lower than the September 2024 producer inflation rate

According to the Ghana Statistical Service (gss), the producer price inflation on a month-on-month basis, the producer price inflation between August and September 2025 was 0.9%.

Thus, on average, prices received by producers for their goods and services increased by 0.9% in September, compared to August 2025.

Mining and Quarrying, the largest sector with a weight of 43.7%, recorded a 0.1 percentage point increase in inflation from 4.9% in August to 5.0% in September 2025.

Similarly, Manufacturing, which makes up 35% of the PPI weights, increased from 1.6% to 1.7%, gaining 0.1 percentage point.

Transport and storage prices continued to fall, declining by 8.2% in September 2025 compared to a price decline of 8.0% in August 2025.

The GSS recommended that businesses cut waste, boost efficiency, and reinvest savings in technology and skills.

It also urged businesses to turn inflation pressure into productivity gains.

It also advised that the government to target tax relief, fix energy and transport gaps, and strengthen local supply chains to make production cheaper and faster.

For households/consumers, it advised them to compare prices, buy smart, and favor sellers who pass savings to them.

“Spend with intention to stretch income and reward fair pricing”, it concluded.

Source: Joy Business

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According to the latest data from the Fund, Ghana’s outstanding loan to the IMF was 2.59 billion Special Drawing Rights (SDR).

Egypt is ranked 1^st in Africa with the highest outstanding loan in Africa, with a total debt of 6.89 billion SDR.

From 2^nd to 4^th are Côte d’Ivoire (3.10 billion SDR), Kenya (3.01 billion SDR and Angola (2.66 billion SDR).

Meanwhile, Nigeria and Morocco continue to be out of the top ten.

The IMF loans provide temporary relief to member countries, while also leading to a potentially troublesome debt.

A high level of IMF borrowing increases a country’s overall debt, a situation that requires prudent fiscal management.

The loans often come with conditions, placing further constraints on the government’s financial flexibility.

Source: Joy Business

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Ghana currently produces around 300,000 metric tonnes of crude palm oil annually, while the national demand exceeds 400,000 metric tonnes, leaving an annual shortfall of about 100,000 metric tonnes.

OPDAG said the deficit has created a fertile ground for smugglers to flood local markets with unsafe and poor-quality vegetable oils.

“These illegal products not only undermine local producers but also pose serious health risks to consumers,” Mr. Amaning warned.

The media event followed a stakeholder meeting convened by the Tree Crop Development Authority (TCDA) and its Chief Executive Officer, Dr. Andrew Osei Okrah, which brought together regulators, security agencies, and industry players to discuss strategies for tackling the crisis.

Dr. Okrah proposed several reforms, including the introduction of traceability systems to monitor oil movement from refineries to retailers, mandatory registration of transporters and distributors under TCDA supervision, and stronger collaboration among the Food and Drugs Authority, Ghana Standards Authority, Customs, and National Security.

He also called for stricter penalties, including prosecution and custodial sentences for offenders.

OPDAG expressed full support for these measures and pledged to work closely with TCDA and other agencies to ensure their effective implementation.

Highlighting the economic importance of the oil palm sector, which supports over 1.2 million Ghanaians, Mr. Amaning cautioned that unchecked smuggling could destroy the entire value chain.

“We cannot allow smuggled oil to destroy the gains made in the local industry,” he emphasized. “We are calling on government to provide the needed logistics and support to regulatory bodies to clamp down on these operations.”

OPDAG also appealed to the media to intensify public education and expose illegal operations while encouraging consumers to patronize certified, locally produced oils.

“This is a shared responsibility,” Mr. Amaning concluded. “If we act together—government, industry, media, and the public—we can protect Ghana’s edible oil market, sustain jobs, and secure the livelihoods of over a million citizens who depend on this vital sector.”

Source: Adomonline

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The committees, the Finance Committee, the Cocoa Tertiary Education Trust and Scholarship Committee, and the Cocoa Sector Marketing Committee (COSMARC), were officially inaugurated at a ceremony held at COCOBOD Headquarters in Accra on Tuesday, October 21.

In his address, Dr. Ofosu-Ampofo described the inauguration as a major step in aligning COCOBOD’s work with the government’s Reset Agenda under President John Dramani Mahama, emphasizing the Board’s renewed commitment to discipline, efficiency, and sustainability in the cocoa sector.

He noted that the Finance Committee, chaired by Thomas Ampem Nyarko, Deputy Minister of Finance, will play a crucial role in restoring fiscal discipline amid the institution’s financial challenges, including a debt stock of about GHS 32 billion. The committee is expected to ensure transparent and responsible financial management to strengthen public confidence and guide COCOBOD toward stability.

Dr. Ofosu-Ampofo further highlighted the importance of the Cocoa Tertiary Education Trust and Scholarship Committee, chaired by Dr. Johnson Asiama, a former Deputy Governor of the Bank of Ghana. The committee will oversee the newly established Cocoa Tertiary Education Trust Fund, designed to support tertiary education, vocational training, and capacity-building opportunities for children of cocoa farmers and workers.

“Education remains a cornerstone of national development,” he said. “Through this Trust Fund, we aim to empower the next generation of cocoa farmers and equip them with the skills needed to sustain and transform the industry.”

The Cocoa Sector Marketing Committee (COSMARC), chaired by Sampson Ahi, Member of Parliament for Bodi, will be responsible for promoting transparency and fairness in cocoa marketing. Its mandate includes reviewing the performance of Licensed Buying Companies (LBCs), monitoring market trends, and proposing policies to ensure sustainability and equity across the cocoa value chain.

Dr. Ofosu-Ampofo urged committee members to engage directly with cocoa-growing communities to better understand the challenges farmers face and incorporate their insights into policy decisions.

The Chief Executive of COCOBOD, Dr. Randy Abbey, commended the establishment of the committees, noting that it aligns with COCOBOD’s broader transformation agenda aimed at building a more resilient and inclusive cocoa economy.

He said the move reinforces the Board’s commitment to maintaining Ghana’s global leadership in sustainable and quality cocoa production.

The chairpersons of the committees expressed appreciation to government and COCOBOD for the confidence reposed in them and pledged to execute their mandates with professionalism, transparency, and dedication.

The inauguration of these three committees marks another milestone in COCOBOD’s efforts to enhance governance, strengthen institutional accountability, and ensure the long-term sustainability of Ghana’s cocoa sector.

Source: AdomOnline

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From education to health, the gold mining company in the Amansie West District of the Ashanti region continues to invest in developmental projects in communities around the mine.

A multipurpose community centre, worth over 2.3 million cedis, has been recently commissioned by the mine to be a hub for knowledge sharing, community gatherings, capacity-building programs and cultural exchange.

The facility forms part of Asanko’s wider Social Investment and Community Development Programme, through which it continues to deliver real improvements in education, health, agriculture and infrastructure across its host communities.

Executive Vice President and Managing Director of Asanko Gold Ghana, Dr. Charles Amoah, believes the new facility, constructed through the collaborative efforts of the mine and the community, is a testament of communal solidarity to foster sustainable growth.

“It stands as proof to what we can achieve together when communities, traditional authorities and the private sector align toward a common vision of sustainable development,” Dr. Amoah noted.

The community centre adds to the many other infrastructural projects initiated by the mine, including the Kwabenaso Primary School, five-unit Asuadai Teachers’ Bungalows, and the 60-bed Esaase Hospital.

As part of the Asanko’s Five-Year Development Plan, the mine is currently undertaking other projects such as the Asanko Scholarship Scheme, launched this year, and has since awarded full educational support to 15 brilliant but needy students from both Esaase and Obotan areas.

Others include a soap-making initiative, currently being piloted, to empower women and youth with livelihood skills and income-generating opportunities.

An Agro Input Support Program, aimed at boosting agricultural productivity and food security in the host communities has also commenced.

The Kwankyeabo community saw a modern 10-seater toilet facility also constructed to improve sanitation and promote better hygiene and public health standards.

Speaking at the official inauguration of the community centre, the paramount Chief of Manso Nkwanta, Nana Bi-Kusi Appiah II expressed profound appreciation to Asanko Gold for its long-standing collaboration with traditional authorities and for continuously investing in the welfare of local communities.

“We thank Asanko for allowing God to touch their hearts to build this beautiful community centre. This project does not belong to Manso Nkran alone, it belongs to all the Amansie communities,” he said.

He praised the mine for inclusive and responsible mining, stressing that the company’s reinvestment of part of its revenue into community projects promotes both peace and development.

“If you are working and you take part of the money to help the community you operate in, it brings peace and progress. I plead with Asanko to continue supporting development and to create more jobs for the youth,” he noted.

Despite challenges in the mining sector, management of the mine says they remain committed to responsible mining and creating lasting value for both the shareholders and host communities, recognizing the communities as true partners in progress.

“Our efforts are also aligned with the Government of Ghana’s vision, to ensure that communities around mining operations receive real and lasting benefits. We continue to invest heavily in infrastructure, human capital and sustainable initiatives that directly benefit the people within the operational area,” Dr. Amoah noted. 

Source: Emmanuel Bright Quaicoe

The move forms part of the Board’s mandate under the Ghana Gold Board Act, 2025 (Act 1140), to formalize downstream gold value addition, strengthen regulatory compliance, and promote sustainable industry growth.

According to a statement from the Board, all previous licenses issued by the Ministry of Lands and Natural Resources for gold refining and fabrication are no longer valid under the new law.

Existing operators are required to regularize their activities by applying for new GoldBod licenses by December 31, 2025.

The Board cautioned that operating a gold refining or jewellery fabrication business after the deadline without a valid license constitutes a criminal offence.

Applications are to be submitted exclusively online via www.goldbod.gov.gh, as manual or in-person submissions will not be accepted.

The new licensing categories include:

• Category A: For Ghanaian artisans and small-scale jewellery producers.
• Category B: For medium-sized Ghanaian-owned jewellery manufacturers producing for local and export markets.
• Category C: For large-scale local and foreign companies.
• Refinery License: For entities seeking to operate gold refineries in Ghana.

Applicants are advised to review all eligibility requirements and fee schedules on the GoldBod website before submission.

Source: AdomOnline

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He wants to make the Ghana cedi the sole currency of trade and payment in the country.

Speaking in an interview with the IMF at the ongoing IMF/World Bank Spring Meetings in Washington DC, Dr Asiama said de-dollarisation has become central to achieving monetary and price stability.

He described the persistence of dollar use in Ghana’s economy as a structural weakness that undermines the effectiveness of monetary policy.

“So my mandate is clear — to achieve price and financial stability. It’s been eight months now. I believe we are on course. We are on course towards achieving that. But a couple of things bother me.

“First of all, the issue of dollarisation. You know, I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it,” he said.

Dr Asiama disclosed that the central bank will use the upcoming Cedi at 60 celebration to launch a renewed campaign to promote exclusive use of the local currency in all transactions.

“On the 28th of this month, we are having the Cedi at 60 celebration. The local currency will be 60 years old this year, and we want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy.”

He stressed that reducing dollar dependence would be one of the key legacies he hopes to leave behind.

“It’s at the core of most of our problems, and so it’s one of the things I would want to be remembered for — that I came, I solved that problem, I made the local currency the currency of choice,” he noted.

Dr. Pandit also outlined a broader vision for the Bank of Ghana, emphasising the need for institutional agility to keep pace with global financial evolution.

“The next thing is to have a central bank that is agile, a central bank that is ready and able to contend with the new challenges that most central banks face,” he said.

He cited the rise of fintech and cryptocurrencies as new areas of risk requiring proactive regulation.

“As I said when I started my career some 30 years ago, many of the things we are seeing now weren’t there. For example, fintechs — we do not have fintechs those days.

“But I believe that if not handled properly, fintechs, for example, in that area could be an area where a risk could emerge going forward.

“And so we are looking at that industry well. We are mending the legislation there as well. And then you have the cryptocurrencies as well. This is another challenge for central banks,” he said.

Dr Asiama said his goal is to position the central bank as a forward-looking institution capable of responding to emerging risks with confidence and flexibility.

“What I want to see is a central bank that is ready and able to adapt. It is critical today. It could be something else tomorrow. It could be anything. Who knows. But we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future. That’s what my vision is,” he concluded.

Source: Abubakar Ibrahim

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Speaking in Washington DC during the ongoing IMF/World Bank Spring Meetings, he said his clear mandate is to achieve price and financial stability, and that after eight months in office, he believes the country is on course.

He said one of the biggest challenges confronting the economy is dollarisation, a problem he has observed throughout his 30-year career in central banking.

According to him, the widespread use of foreign currency undermines the effectiveness of monetary policy and weakens confidence in the cedi.

“I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it to make the local currency the sole legal tender,” he said.

Dr Asiama disclosed that on October 28, the Bank of Ghana will mark the 60th anniversary of the cedi in an event dubbed “The Cedi at 60.” 

He said the celebration will symbolise a new beginning for Ghana’s currency regime.

“We want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy,” he said.

“It’s one of the things I would want to be remembered for, that I came, I solved that problem, I made the local currency the currency of choice.”

Beyond currency stability, Dr Asiama said his vision is to modernise the central bank to effectively manage emerging risks in the financial ecosystem.

He noted that the banking landscape has changed dramatically from when he began his career three decades ago.

He cited fintechs and cryptocurrencies as new realities that must be managed carefully to preserve financial stability.

“We do not have fintechs those days, but I believe that if not handled properly, fintechs, for example, that area could be an area where a risk could emerge going forward. And so we are, you know, looking at that industry well. We are mending the legislation there as well,” he said.

On digital assets, Dr Asiama acknowledged that cryptocurrencies pose another challenge for modern central banks.

He emphasised the need for a forward-looking institution that can adapt to any emerging threat or innovation.

“What I want to see is a central bank that is ready and able to adapt. It is critical today. It could be something else tomorrow. It could be anything. Who knows, but we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future,” he said.

For Dr Asiama, his defining legacy will not only be about achieving monetary stability but also about creating a resilient, adaptive, and innovative central bank prepared to meet the demands of a rapidly changing financial world.

Source: Abubakar Ibrahim

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In a statement signed by GAB Chief Executive Officer John Awuah on Tuesday, October 21, 2025, the Association explained that IDFs are customs documents managed solely by the Ghana Revenue Authority (GRA) through the Integrated Customs Management System (ICUMS).

Banks, it said, only facilitate legitimate trade payments in line with guidelines from the Bank of Ghana (BoG) and the GRA.

The GAB noted that some importers have exploited loopholes in the system by using IDFs to make advance payments and later generating new forms to evade customs duties through under-invoicing, actions that occur outside banks’ oversight.

To address this, the GAB said it has collaborated with the BoG, GRA, and ICUMS to form a consultative committee to review the IDF process and close existing loopholes.

The Association added that both the BoG and the banks have completed their parts of the review, while engagements with the GRA and ICUMS are ongoing.

The statement also clarified that the USD 200,000 transaction limit applies only to importers without complete documentation, while customers with verified import papers can process payments above that threshold.

The GAB reaffirmed its commitment to compliance, transparency, and ethical banking practices, stressing that the alleged irregularities arise from misuse of the IDF system by some importers, not from the banks themselves.

Source: AdomOnline

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Deputy Finance Minister, Thomas Nyarko Ampem, disclosed this at a media engagement ahead of the budget presentation.

He said the move forms part of the government’s broader strategy to ensure sustainable growth and inclusive development as Ghana prepares to exit the IMF support programme next year.

According to him, fiscal discipline will remain central to the government’s economic management framework to prevent a relapse into high deficits and debt accumulation.

“Our focus is to maintain fiscal stability while creating more jobs for Ghanaians. We want to ensure that the gains made under the IMF programme are protected and translated into real improvements in the lives of our citizens”, he said.

He noted that job creation will be a major pillar of the 2026 budget, with interventions targeting key sectors such as agriculture, manufacturing, and digital innovation to expand employment opportunities, particularly for the youth.

The Deputy Minister also assured that government will continue to engage stakeholders to ensure that the upcoming budget reflects the country’s development priorities while maintaining fiscal prudence.

The 2026 Budget Statement and Economic Policy is expected to be presented to Parliament in November.

Source: James Eshun   

This is coming after it posted a 23% oversubscription of the short-term instruments the previous week.

According to trading results by the Bank of Ghana, the government got GH¢2.92 billion of the short-term instruments as against a target of GH¢6.57 billion.

Ghana travel guide

It, however, accepted GH¢2.08 billion of the total bids.  

A little over 71.2% of the bids came from the 91-day bill compared with 83% the preceding week.  About GH¢2.085 billion of the bids were tendered. The uptake was GH¢2.080 billion.

For the 182-day bill, GH¢704.6 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢699 million.

Also, GH¢136.5 million of the bids were tendered for the 364-day bill. About GH¢110 million of the bids were accepted. 

Meanwhile, the yield on the 91-day bill increased by 16 basis points to 10.69%. 

That of the 182-day bill also shot up to 12.43% from 12.30% the preceding week.

The yield on the 364-day bill rose by 5.0 basis points to 12.92%.

Source: Joy Business

Ghana travel guide

This follows social media posts and reports from some media outlets suggesting that commercial banks were implementing the charge based on instructions from the government and the Bank of Ghana (BoG).

Responding to questions from Joy Business, the Chief Executive of the Ghana Association of Banks, John Awuah, described the reports as false.

“I can confirm that the Ghana Association of Banks and its member banks have not received any directive from the government or the Bank of Ghana to deduct any tax on card transactions,” Mr. Awuah stated.

He added that while e-commerce transactions could have tax implications, no such directive has been received from either the Bank of Ghana or the Government of Ghana.

Mr. Awuah further explained that this may have stemmed from a misunderstanding of a recent regulatory directive which instructed banks to standardise their pricing models for payment card transactions.

“The directive had nothing to do with taxation,” he clarified.

According to him, the measure was introduced to promote clarity, consistency, and consumer protection in the pricing of foreign currency transactions on international cards. In fact, it resulted in a reduction in fees charged by banks for cross-border card transactions.

Addressing concerns that the news could discourage debit card use, Mr. Awuah downplayed any potential impact.

“Our member banks communicate clearly with their customers, and their pricing guides are transparent. Moreover, customers are unlikely to notice any difference in transaction pricing,” he noted.

He emphasised that, “In effect the Bank of Ghana’s notice to banks rather resulted in reduction in the charges to the cards of customers”

Mr. Awuah also assured the public that banks remain committed to transparency in all their dealings, particularly regarding the pricing of financial products.

“I would like to thank those who took the initiative to verify information with the Association and their respective banks after seeing the social media post,” he said.

He encouraged customers to always refer to official sources for accurate information:

“We encourage the public to visit their banks’ websites or branches to review the latest policy updates and obtain accurate information” he said 

On the way forward, Mr. Awuah advised Ghanaians to be cautious about financial information circulated online.

“Always verify such claims directly with your bank or trusted institutions like the Ghana Association of Banks before sharing or acting on them,” he advised, warning that “misinformation can cause unnecessary panic and confusion.”

“It’s important to rely on official channels for accurate and up-to-date information,” he concluded.

Source: Joy Business