This was disclosed in a formal response to an information request submitted by Kwadwo Poku, a member of the New Patriotic Party (NPP) and an energy analyst.

The request was made under Article 21(1)(f) of the 1992 Constitution and Section 18 of the Right to Information Act, 2019 (Act 989).

In its reply, dated July 2025, the central bank outlined losses spanning the 2023 and 2024 fiscal years, indicating a GH¢320 million loss in 2023 and GH¢1.82 billion in 2024.

The BoG attributed the financial shortfall to two primary components: gold transactions and petroleum trading.

Despite the financial loss, the Central Bank defended the programme, stating that it offered some short-term economic relief, especially in 2023.

The programme reportedly helped reduce pressure on the interbank foreign exchange market by easing the demand for U.S. dollars from Bulk Oil Distributors (BDCs).

According to BoG, the initiative helped avert an estimated $1.66 billion in foreign exchange demand, which would have otherwise been needed to import 56 cargoes, amounting to over 1.84 million metric tonnes of petroleum products by the end of 2024.

The programme also promoted competition in the petroleum supply chain. Premiums for petroleum products, which previously ranged between $150–$170 per metric tonne, reportedly fell to between $50–$80, contributing to lower fuel prices at the pump.

Additionally, the removal of forward exchange rate pricing helped bring stability to domestic fuel prices.

The BoG confirmed its official exit from the Gold for Oil programme, describing it as a temporary measure intended to cushion the economy during periods of soaring fuel prices.

The decision to end the initiative aligns with recommendations from the International Monetary Fund (IMF).

Looking ahead, the Bank says it will focus on its core mandate, particularly strengthening the Domestic Gold Purchase Programme to build foreign reserves more sustainably.

Furthermore, a new operational framework is being developed to shorten the cash cycle and transition the trading and financing responsibilities for petroleum products to the Bulk Oil Storage and Transportation Company (BOST) and its financial partners.

Read the full statement below:

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Running from July 25 to 27, this year’s fair is themed “Dream it, Own it, Live it,” reflecting its mission to help Ghanaians turn their homeownership dreams into reality.

The three-day event brings together top industry players across the housing and construction sectors, offering solutions in building, roofing, plumbing, finishing, furniture, and financing, all under one roof.

Whether you’re a first-time buyer, a prospective builder, or seeking to renovate, the fair promises expert guidance, innovative products, and exclusive deals tailored to every stage of the homeownership journey.

Hundreds of aspiring homeowners and renovators are expected to visit the clinic over the next few days to take advantage of discounted property offers, affordable mortgage packages, and quality building materials.

Myjoyonline’s photojournalist, David Andoh, was at the fair and captured these photos.

This follows the Attorney-General’s decision to discontinue the criminal case against former Finance Minister Dr. Kwabena Duffuor and seven others linked to the collapse of uniBank.

Mr. Adongo’s comments came shortly after the Attorney-General filed a nolle prosequi, effectively ending the long-standing legal proceedings that stemmed from the Bank of Ghana’s decision in 2018 to revoke UniBank’s licence, citing insolvency and mismanagement.

Speaking on JoyNews Newsfile, Mr. Adongo questioned the logic behind the massive financial outlay associated with the banking sector reforms, which, according to him, cost the state over GH₵30 billion.

“I think that the country must open a bigger conversation into the decisions and the rationale behind collapsing the banks and spending 30 billion, when it has become very clear that we just avoided a 6.9 billion problem with just 2 billion,” he stated.

He emphasised the need for accountability and transparency, particularly regarding the use of public funds to resolve what he described as manageable financial sector challenges.

Emmanuel Tetteh

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France becomes the first country within the Paris Club framework to grant Ghana this relief after the country underwent a debt restructuring exercise caused by unsustainable levels post COVID-19.

While expressing gratitude at the signing ceremony, the Minister of Finance, Dr. Cassiel Ato Forson appealed to other countries within Paris Club framework to consider Ghana’s economic gains and emulate France’s gesture.

“Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement”, he said.

“We expect to complete the process as soon as possible so that Ghana will breathe again.” Dr. Forson asserted in anticipation of a speedy process.

The signing comes a day after the finance minister delivered the mid-year budget statement for the 2025 fiscal year.

The ceremony hosted the French ambassador to Ghana, Jules Armand Aniambossou as well as the co-chair of the official creditors committee and the Secretary General of the Paris Club, William Roos. Also in attendance were officials from the Ministry of Finance, Official Creditors Committee and the French government.

The Member of Parliament for Ajumako Besease was optimistic that the current economic gains being enjoyed by the country will be considered by other members within the Paris Club framework and quicken the process leading to the completion of Ghana’s external debt restructuring.

“We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better.”

The French Ambassador said the action taken by France signifies the healthy relations that exist between the countries.

According to him, the move was crucial due to Ghana’s unique role in the submission and its economic recovery programme.

“This decision was taken not recognise the relationship between the two countries. When your friend or family is facing difficulties, you have to show that you are there for them and take some key actions.”

“This day is also crucial because it enables Ghana to continue its financial recovery.” Amb. Aniambossou noted.

Meanwhile, Willaim Roos, has called for effective collaboration to ensure Ghana sails through its restructuring exercise successfully.

“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members.”

Source: myjoyonline

According to the IMF, the new government has expressed strong support for reforms under the ongoing IMF-supported programme.

The Fund stated that “the authorities [Mahama government] see the latter [Akufo-Addo government] as having played a key role in stabilising the economy and in providing a credible anchor to address long-standing vulnerabilities and buttress confidence.”

This revelation comes just days after a heated exchange in Parliament between Majority and Minority members over Ghana’s recent economic gains, including declining inflation and a strengthening cedi.

The National Democratic Congress (NDC) credited Ghana’s recent macroeconomic gains to legacy policies initiated under former President John Mahama.

Amenfi West MP, Eric Afful pointed to falling inflation, dropping from 21.2% in April to 18.3% in May 2025, alongside a stronger cedi and improved fiscal indicators as evidence of this legacy. He attributed the progress to tight monetary policy, fiscal consolidation, and improved market confidence.

However, Ofoase-Ayirebi MP, Kojo Oppong Nkrumah challenged these claims, arguing the cedi’s rebound is largely due to short-term interventions, including a 1.4 billion dollar injection from reserves, which he says do not reflect long-term economic strength.

Other lawmakers echoed concerns about the sustainability of the gains. Energy Minister John Jinapor cautioned that while inflation has declined, prices are still rising, a case of disinflation, not deflation.

Dr. Kabiru Mohammed warned that the cedi’s appreciation, driven by central bank interventions, creates an illusion of economic strength and contradicts market principles.

He also disputed the improved debt-to-GDP ratio, attributing it more to debt restructuring than actual growth. He stressed that the current administration is reaping the benefits of reforms it did not initiate.

Isaac Kofi Agyei, JoyNews Research

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Speaking on the Citi FM on Friday, July 25, Dr. Forson expressed deep frustration over the scale of illicit trade operations, particularly the infiltration of smuggled goods from neighbouring Togo into Ghana’s markets.

“In the coming days, I think I may relocate my office to the Tema Port. It may have to get to that for us to see what is going on,” he said.

He revealed that intelligence and whistleblower reports have uncovered widespread diversion of goods through Togo’s ports, which are then smuggled into Ghana, bypassing customs and tax systems.

“You can see a lot of smuggling from the Togo port entering through Ghana, and it is a matter of significant concern. This smuggling not only takes away our revenue, but also takes away employment from Ghanaians,” Dr. Forson lamented.

He warned that the ongoing revenue losses are undermining the country’s economic recovery efforts and putting legitimate businesses at a disadvantage.

To tackle the problem, Dr. Forson said the government is preparing to strengthen the preventive arm of the Ghana Revenue Authority (GRA), with a focus on tightening border and port controls.

“This is a serious issue. If we don’t address it, it will cripple our revenue base,” he said.

Source: AdomOnline

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The Minister after presenting the 2025 Mid-Year Fiscal Policy Review to Parliament on Thursday, appeared on PM Express on JoyNews, where he took a direct swipe at what he described as past fiscal recklessness.

“I can’t say I have arrested the cedi, the cedi has appreciated, that is what I can say,” Dr. Forson stated in response to suggestions that the government had finally achieved stability for the local currency. When pressed further, he added pointedly, “I’m not a policeman.”

The Finance Minister rejected Bawumia’s assertion that the recent appreciation of the cedi was not the result of any specific policy by the current administration but rather due to global trends, including U.S. tariff changes and the weakening dollar.

“So first of all, let me name one policy. Number one, they [the Akufo-Addo administration] were indisciplined. We are disciplined. That is the bottom line. They were spending recklessly when the central bank was printing money as if there was no tomorrow.

“At one point, they printed until inflation reached 54%. You know, when that happens, you deplete your reserves. It is not happening now. The central bank is not printing. The Government of Ghana has been disciplined. The fiscal consolidation is happening. So why won’t you build reserves?”

Dr. Forson turned his attention squarely on Bawumia, questioning why the man who had touted himself as an economic saviour could not deliver on his promises during his tenure.

“If, for example, he knows that he could do this, why didn’t he do it during the 8 years of office. He was there as Vice President and chairman of the economic management team.”

When host Evans Mensah pointed out that Bawumia wasn’t the boss, Forson countered, “He was the chairman of the economic management team. Remember, he touts himself as the Messiah and he said he was going to fix it.

“He had eight years in office, why couldn’t he do what we are doing. Dr. Mahamudu Bawumia had eight years in office. There was a time he said that he has arrested the cedi. Why couldn’t he do it?”

Despite the host citing data showing a 42.6% appreciation of the cedi and urging the minister to lay claim to success, Forson maintained a cautious stance.

“Let me say that I’m very focused. We want to ensure that we’ll end the year with the same level of appreciation. We want to make sure that this level of appreciation and the stability we are seeing is sustained. That is where my focus is.”

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The high-level engagement marked a renewed phase of collaboration between the Ghana Police Service and the transport sector to improve safety and security along Ghana’s key trade corridors.

JAPTU Ghana expressed deep satisfaction with the IGP’s personal commitment and the firm assurances from the Police leadership to address rising security threats faced by truck drivers transporting goods along the Tema–Paga, Tema–Hamile, and Tema–Elubo routes.

These areas have seen a troubling surge in armed robberies and criminal activity targeting transit trucks.

The discussion, described as open and constructive, reflected the Police Service’s willingness to listen and act in the interest of public safety and economic protection.

According to JAPTU, the Police leadership’s plans, ranging from stepped-up patrols at known hotspots, undercover intelligence operations to rapid response systems for emergency cases, are crucial in tackling these threats.

They also welcomed the IGP’s warning to officers to avoid delays in the movement of cargo along transit corridors.

“These practical steps, if fully carried out, will go a long way to restore confidence among drivers and reinforce Ghana’s image as a dependable gateway for trade within the West African sub-region,” JAPTU said in a statement.

The association reaffirmed its commitment to continued cooperation with the Ghana Police and relevant stakeholders, including regional commands and security agencies.

It emphasised that effective collaboration, real-time intelligence sharing, and regular engagement are key to addressing the current challenges confronting the sector.

After the meeting, JAPTU Ghana Chairman Alhaji Shamsu Babayaro noted:
“We thank the Inspector General of Police and the members of the Police Management Board for their time, listening ear, and decisive leadership. JAPTU Ghana remains hopeful that the path forged through this meeting will lead to concrete action, long-term improvements, and greater security for our truck drivers and road users.”

Present at the meeting were officials from the Ghana Shippers’ Authority (GSA), the Burkina Faso Shippers Council (CBC), the Port Security Manager of Tema Port, and representatives of transport and drivers’ unions from Burkina Faso, Mali, and Niger.

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According to him, it is a critical marker of economic stability and investor appeal.

Reacting to the 2025 Mid-Year Budget on JoyNews Prime, Prof. Gyasi acknowledged the Finance Minister’s projection of 11.9% inflation but maintained that further reducing it to single digits would send a stronger signal of macroeconomic discipline.

“When it comes to inflation. Initially, there was a target of a single digit, but if you look at the mid-year budget that was read, the finance minister predicted 11.9. I think more ought to be done. If you can push it to a single digit, I think that can help the economy as well.”

He said if the government can focus on earning a single-digit inflation, the success story of the economy can be sustained.

He praised other aspects of the budget, including the continued appreciation of the cedi and prudent debt servicing, and noted that the overall outlook opens a gateway for increased investment.

“It (the budget) creates investor appeal, it brings investor confidence back, and it also indicates that we are open for business.”

Source: Joy Business

Speaking to the media in Parliament on Thursday, Mr. Agbodza said, “In my view, GH¢95 makes sense instead of the so-called GH¢120 cedis, which I call rent-seeking and so much unfair to the ordinary Ghanaian.”

He expressed disappointment that despite significant economic improvements in recent months, cement prices have remained unchanged, unlike other commodities whose prices have declined.

“Whilst every other commodity in terms of price has responded to the gains we have all made together as a country and as a people by reducing prices, cement dealers are refusing to pass on the gains to buyers,” he said.

The minister warned that the government will reconsider its relationship with cement producers who fail to reflect these economic gains in their pricing, particularly when awarding contracts.

“We will be more aligned to producers who are ready to pass on the gains made in the economy in terms of currency stability to consumers,” Mr. Agbodza stated.

He explained that cement pricing has a direct impact on public infrastructure costs, which are ultimately paid for by the taxpayer.

“Because the price of cement is directly linked to the cost of government projects, and invariably, it is the Ghanaian taxpayer who will pay for those projects,” he noted.

Mr. Agbodza condemned what he described as “rent-seeking” by some cement dealers, highlighting the irony of stable prices for basic food like kenkey and waakye while cement remains unaffordable.

“It is unacceptable that we can all make sacrifices as a country, yet cement dealers refuse to pass on gains to the people. This rent-seeking must stop,” he added.

While he acknowledged the government’s preference for locally produced cement, he cautioned that continued high prices could push consumers toward imported alternatives.

“If even Ghanaian cement producers have made themselves the most expensive, what do you think the average person buying cement will do? He will source it from a cheaper source,” the minister remarked.

Mr. Agbodza further disclosed that government is set to roll out a major road infrastructure programme and will prioritize sourcing materials, including cement, from suppliers offering the most competitive rates.

“Government is about to unveil a massive road infrastructure project. We shall ensure that cement used for government projects is sourced from the cheapest suppliers on the market. It is as simple as that,” he concluded.

Adomonline

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In an interview with Joy News on Thursday, 24 July, shortly after presenting the 2025 Mid-Year Budget Review to Parliament, Dr Forson stated that the current government had inherited a legacy of excessive expenditure unsupported by corresponding revenue.

He defended the Mahama-led administration’s cautious fiscal approach, emphasising its foundation in financial discipline and long-term sustainability.

“The NPP used to spend what they didn’t have. They didn’t have revenue, but they were just spending. So they expect us to spend. They were living large. I mean, they were living a champagne lifestyle on akpeteshie budget,” he remarked.

Dr Forson added that the present government would not be swayed by such habits.

“If you live such a lifestyle and someone comes in and becomes very prudent, you will be worried. That is why they are complaining — they want us to spend as if there’s no tomorrow.

“We don’t do that. That is not our training. You spend within your means; what we have is what we’re spending, and we’re spending rightly,” he stressed.

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Speaking on PM Express on JoyNews, the minister delivered a stunning account of how the policy, widely credited with helping stabilise the cedi, was in fact nothing more than a conventional cash-for-oil arrangement.

“It didn’t work properly. The Bank of Ghana were largely paying the suppliers of crude oil and petroleum products in cash. That was what they were doing. They never paid them with gold, never, never,” Dr. Forson declared in response to a direct question from host Evans Mensah.

Despite repeated public assurances by the previous administration that gold was being used directly to procure oil to ease pressure on foreign exchange reserves, Dr. Forson insisted that no such barter ever occurred.

“Actually, someone sitting somewhere in the Emirates was supplying the Chamber Bulk Oil Distribution (CBOD). And then CBOD will be paying. They give the cedi to the BoG, and it pays the dollars. That’s it.

“Pure trade. Nothing more than what they were touting. It was far from what they were touting. There was no barter where gold was going to change for oil? No, nothing of the sort happened,” he explained.

Asked whether he had confirmed this with officials at the central bank, Dr. Forson replied emphatically, “Oh yes, yes, I asked. They were keeping some gold. You could see that their gold reserves increased. That was a fact.

“They were keeping the gold that they were buying. The central bank was buying gold. They call it gold for reserves. There was no real barter. Nothing of the sort happened.”

He also took issue with attempts to conflate two separate policies, the Bank of Ghana’s gold reserve accumulation program and the so-called gold-for-oil deal.

“BoG buys gold and keeps the gold. It is different from buying the gold, exporting the gold and bringing the Forex. I hear people comparing these two policies, but they are two different policies. It doesn’t mean the same,” Dr. Forson clarified.

When pressed on whether the gold could have helped reduce forex pressure indirectly, Dr. Forson doubled down.

“I’m not aware that there was a direct barter. There was no direct barter. I’m telling you for a fact, there was no barter.”

The Finance Minister’s remarks came just hours after he presented the 2025 Mid-Year Fiscal Policy Review to Parliament, marking a turning point in the government’s handling of economic transparency and accountability on major policy claims.

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He vowed they will be held personally accountable for the loss of public funds.

Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, he revealed that government, as part of its fiscal consolidation agenda, has taken sweeping steps to purge the public payroll system of fraudulent entries that continue to drain national resources.

“Mr. Speaker, going forward, we will enforce the monthly payroll validation process and strictly apply sanctions to all who validate ‘ghosts’ for payment of salaries,” Dr. Forson declared.

He did not mince words about the consequences: “Let me use this opportunity to strongly caution those who validate ‘ghosts’ across the public service that they will be personally liable for the loss of public funds.”

The Finance Minister’s strong stance follows the near-completion of a nationwide payroll audit being conducted by the Ghana Audit Service.

According to him, 91% of the exercise has been completed across all 16 regions of the country, uncovering widespread anomalies.

“So far, the Audit Service has not been able to identify and verify over 14,000 workers. Additionally, they have identified 53,311 separated staff,” Dr Forson disclosed.

He explained that “separated staff” refers to individuals who have either retired, resigned, been terminated, are on leave without pay, or are deceased, but have somehow remained on the government payroll, collecting salaries they are no longer entitled to.

The Audit Service estimates that a total of GH¢150.4 million in unearned salaries from these separated individuals is expected to be recovered between 2023 and 2024.

“Mr. Speaker, this is unacceptable. We are losing money to ghosts while real people and real needs go unattended,” Dr. Forson stressed.

He assured Parliament that the Ministry of Finance will remain vigilant, intensifying payroll monitoring and instituting long-term preventive measures to block ghost names from infiltrating the system.

This crackdown on payroll fraud forms part of the government’s broader effort to tighten expenditure, reduce waste, and restore fiscal discipline in the wake of Ghana’s ongoing economic recovery drive.

Source : Joy Business

He was emphatic in vowing that “we will not default.”

Delivering the 2025 Mid-Year Budget Review on Wednesday, July 24, Dr. Ato Forson disclosed that in just the first half of the year, the government had already paid GH¢9.8 billion in coupon payments to DDEP bondholders, of which GH¢3.6 billion was capitalised as part of restructuring agreements.

Additionally, GH¢1.1 billion was disbursed to non-tendered bondholders—those who did not participate in the debt exchange—settling all outstanding debt service arrears from 2024.

“For the second half of 2025, an amount of GH¢10.2 billion is due as coupons on the DDEP bonds and GH¢724.1 million as debt service for the non-tendered bondholders,” Dr. Forson noted.

In what appeared to be a direct response to growing anxieties among investors and analysts, the Finance Minister said the Akufo-Addo administration was committed not only to fulfilling these obligations but also to restoring trust in Ghana’s fiscal credibility.

“It is important to note that government remains committed to honouring its debt service obligations and has therefore made adequate preparations towards full settlement of all debt service in 2025 and beyond,” Dr. Forson declared.

The government’s DDEP, launched in 2022 as part of its broader IMF-backed economic reform agenda, was a difficult but necessary step to restructure Ghana’s unsustainable debt burden.

While it brought temporary relief to the Treasury, it also triggered anxiety among local investors, particularly pension funds and individual bondholders whose savings were affected.

Source: Abubakar Ibrahim

Speaking on JoyNews’ PM Express on Thursday, July 22, shortly after presenting the 2025 Mid-Year Fiscal Policy Review to Parliament, Dr. Forson questioned the very foundation of the debt overhaul he inherited.

“First of all, the debt restructuring for me was not well structured. It was very badly structured,” he told host Evans Mensah. “I say so in the sense that, you would ask, why do you restructure your debt and create such a hump?”

He implied that the restructuring’s design raised concerns about the motives behind it.

“Are you setting someone up to fail? No one restructures a debt like this. Because restructuring a debt by creating this kind of humps can be cancerous.”

According to the Finance Minister, such an approach could have severe consequences for the country’s economic stability.

“It can set the country back to another economic disaster like we saw in 2022.”

Dr. Forson dismissed the idea that the debt restructuring gave his administration any fiscal relief.

“So the debt restructuring that they [NPP] did, I can’t give them credit,” he declared.

He also criticised the aspect of the restructuring that affected pensioners.

“You do a debt restructuring to the extent that you deny pensioners of their savings and their dignity—[that] cannot be said to be a good debt restructuring.”

Blaming the crisis on excessive borrowing, he said, “Why is it that government should have gone into debt restructuring when it was avoidable in the first place? It is because the Akufo-Addo government borrowed and borrowed until Ghana could not pay its debt.”

He concluded by painting a grim picture of the consequences.

“They borrowed and borrowed until the needs of the citizens and then the needs of the creditors collided. That is not the kind of governance we want to do for you.”

Source: Abubakar Ibrahim

Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, 24 July, Dr Forson disclosed that Customs revenue recorded a shortfall of GH¢1.6 billion, representing 12.7%, in the first half of the year, largely due to systemic leakages at key entry points such as Tema Port and the smuggling of goods across land borders.

“This underperformance poses a threat to our fiscal targets,” he stated.

To address these challenges, Dr Forson revealed a range of interventions, including the adoption of AI tools aimed at improving accuracy in customs operations.

“We will adopt Artificial Intelligence to reduce human involvement in revenue assessments, validate the country of origin, and ensure accurate classification and valuation of imports,” he said.

He further announced the rollout of an Advanced Cargo Information (ACI) system to give the Ghana Ports and Harbours Authority and the Ghana Revenue Authority access to full shipment details at least 24 hours before vessels depart their ports of origin.

This, he noted, would enable better pre-arrival risk assessments, reduce documentation amendments, and improve duty accuracy.

Other measures include a new anti-smuggling surveillance programme across inland and maritime borders and a review of the Customs Division’s structure to enhance accountability and decentralise operations.

“These reforms are designed to strengthen revenue mobilisation and ensure greater transparency at the ports,” Dr Forson concluded.

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Dr. Forson said the amount is linked mainly to short-term government securities and forms part of outstanding fiscal obligations.

He also listed GH¢67 billion in arrears and GH¢194 billion in contract-related commitments as liabilities inherited by the current administration.

“We inherited not just a broken economy, but one already drowning in imminent obligations. GH¢137 billion in treasury bill maturities is not a projection; it is a reality we must face in the immediate term,” he said.

Dr Forson stated that the government intends to meet all upcoming maturities as they fall due while gradually reducing the country’s exposure to short-term, high-interest debt.

According to the Finance Minister, Ghana also faces scheduled repayments of GH¢20 billion in 2026, GH¢50.3 billion in 2027, and GH¢45.8 billion in 2028.

Ghana’s treasury market experienced disruptions during the domestic debt exchange programme (DDEP) in 2023, which led to losses for a number of investors, including pensioners.

Dr Forson said the government is not considering default and will continue to meet its obligations. He added that refinancing options remain under consideration but would only be pursued under terms he described as “strategic and negotiated”.

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Finance Minister Dr. Cassiel Ato Forson made the announcement during the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24. He said the selected projects—spanning roads, hospitals, markets, and educational institutions—have been earmarked for fast-tracked implementation under Ghana’s bilateral debt restructuring framework and the IMF programme.

“We aim to ensure that all the priority projects are completed and commissioned by the end of 2028,” Dr. Forson told Parliament.

The 24 initiatives are part of 55 bilateral projects that stalled following Ghana’s external debt default in December 2022. The debt crisis led to the suspension of creditor disbursements, leaving $3 billion in undrawn loans and halting construction at several project sites.

To unlock funding, the government submitted a list of nearly completed projects—each at least 70 percent done—for approval by the Official Creditor Committee (OCC) and the IMF. Once bilateral agreements are finalised, disbursements will resume to enable construction to restart.

Notable projects include the new Volivo Bridge across the Volta River, the first phase of the Tema-Aflao Road Project, upgrades to the Tema Motorway Roundabout through Ashaiman to Atimpoku, the construction of 14 pedestrian bridges, the Kumasi roads and drainage extension, and the Paa Grant Interchange with Sekondi-Takoradi township roads.

Other projects include the Dome-Kitase Road rehabilitation, Obetsebi Lamptey Interchange Phase 2, the Bolgatanga-Bawku-Pulimakom Road, and the Takoradi PTC Roundabout Interchange.

Health and education infrastructure will also benefit. These include the modernization of Komfo Anokye Teaching Hospital, new regional hospitals in Bolgatanga and Takoradi, the construction of Central Medical Stores in Tema, and new drinking water systems in Wenchi and Sekondi-Takoradi.

Education-related investments will cover the expansion of senior high schools, the establishment of nine state-of-the-art technical and vocational training centres, integrated e-learning laboratories, and development works at the University of Environment and Sustainable Development in Bunso.

In the renewable energy sector, the government plans to roll out pilot photovoltaic systems and energy efficiency programmes. Major market redevelopment projects such as the Kumasi Central Market Phase 2 and Takoradi Market are also part of the priority list.

Dr. Forson stressed that only near-complete projects were selected to ensure value for money and timely delivery. He emphasized that there would be no scope expansions, and all implementing agencies must strictly adhere to agreed timelines and budgets.

He further disclosed that a forensic audit is currently underway following reports that some contractors received payments without executing the corresponding work.

“These projects are vital to national development, and we are determined to complete them in a timely and transparent manner,” he stated.

Source: AdomOnline 

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According to Dr. Forson, the intervention forms part of a broader strategy aimed at strengthening NIB’s balance sheet and ensuring its long-term sustainability.

“We have invested some 450 million cedis so far into NIB. We have also issued a remarketable bond with a face value of GH₵1.5 billion to NIB and transferred GH₵500 million worth of Government of Ghana’s shares in Nestlé Ghana Limited to the bank,” he revealed.

The Finance Minister further stated that the strategic measures have successfully preserved depositors’ funds amounting to GH₵6.4 billion, safeguarding the interests of customers and reinforcing public confidence in the institution.

The recapitalisation of NIB is part of the government’s broader financial sector reforms, aimed at stabilising the banking sector and positioning state-owned banks to support national development initiatives.

Background

Government early this month said it has recapitalized the National Investment Bank (NIB) with GH₵ 1.4 billion.

This was done in the form of cash and bonds to support the operations of NIB.

The move is part of efforts to restructure the bank and put it on a strong footing going forward.

In addition, government has been forced to fast-track the process as part of the conditions before the International Monetary Fund (IMF) staff takes Ghana’s fourth programme review to the IMF Board for approval.

Before the 2024 elections, the IMF was pushing government to take drastic action on NIB.

There were suggestions that government should move to shut down the bank because it was a drain on government’s finances.

However, the previous administration rejected the suggestion, opting for the injection of new funding into NIB and working with the bank to undertake some serious restructuring and governance reforms.

Myjoyonline

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Presenting the 2025 Mid-Year Fiscal Policy Review to Parliament on Wednesday, July 24, he declared, “Contrary to the perception that we are not spending, we are indeed spending—and spending at the right places.”

His remarks directly confronted what he described as a “false narrative” of government inaction or misplaced priorities.

“We are making the right investments,” he stressed, before unveiling a sweeping breakdown of payments made across critical sectors of the economy.

In a moment designed to silence sceptics, Dr. Forson rolled out an exhaustive list of financial commitments executed between January and June 2025.

At the top of the list: a US$700 million Eurobond payment, which he cited as evidence of Ghana’s re-engagement with its global financial obligations.

But that was just the beginning.

“We have paid GH¢10 billion to domestic bondholders,” the Minister said, emphasizing the government’s commitment to restoring confidence in local debt markets.

He went further to highlight what he called “key investments in essential services”:

• GH¢2.9 billion to the District Assemblies Common Fund (DACF)
• GH¢2.7 billion to SSNIT to safeguard pensions
• GH¢9.1 billion to the energy sector to ensure a stable electricity supply
• GH¢5 billion to clear outstanding arrears
• GH¢4.6 billion to the Ghana Education Trust Fund (GETFund)

Education, health, and social protection also featured prominently in his list of “impactful spending.”

“We’ve paid GH¢1 billion to sustain free secondary education, GH¢4.6 billion to the National Health Insurance Scheme, and another GH¢1.4 billion to clear NHIS claims,” he announced.

He added that GH¢252 million had been spent on vaccines and essential medicines, GH¢72.8 million on the Capitation Grant, and GH¢895 million to keep the School Feeding Programme running.

“We are not starving the vulnerable either,” he said, pointing to GH¢477 million paid to LEAP beneficiaries, GH¢300 million to the No Fee Stress Policy, GH¢122.8 million for BECE registration, and a combined GH¢654 million to support teacher and nursing trainees.

Dr. Forson also disclosed that GH¢25 million had been paid in Assembly Members’ allowances, GH¢21 million to the National Apprenticeship Programme, and GH¢34.5 million to support the Adwumawura Programme, a jobs and enterprise initiative.

In a move aimed at both bureaucratic efficiency and institutional survival, the Minister revealed that GH¢2 billion had been paid to ensure government Ministries, Departments and Agencies continue to function effectively, and another GH¢2 billion had been used to rescue the struggling National Investment Bank (NIB).

“This is not random spending. These are deliberate, targeted interventions to protect the vulnerable, invest in human capital, and maintain economic stability,” Dr. Forson insisted.

Summing it all up, the Finance Minister said non-interest expenditures amounted to GH¢84.2 billion, while total payments from the Consolidated Fund in the first half of 2025 stood at a staggering GH¢114.5 billion.

“We are not asleep at the wheel. We are working—with focus, responsibility, and urgency—to reset this economy for the Ghana we want,” he concluded, echoing the theme of the mid-year review.

As Parliament now turns to scrutinise the details, Dr. Forson’s message is clear: the government isn’t just spending—it’s spending where it counts.

Abubakar Ibrahim

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• Deputy Finance Minister rejects Minority’s claim of not spending

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson pointed to the country’s recent economic progress as justification for a better rating.

“This is just the beginning,” he said. “We are determined to do better than B-. Ghana deserves better than B-.”

His comments follow a June 16, 2025, announcement by Fitch Ratings, which upgraded Ghana’s long-term foreign currency issuer rating from ‘Restricted Default’ to B- with a stable outlook.

Fitch attributed the upgrade to a stronger cedi, declining debt levels, increased foreign reserves, and robust nominal GDP growth.

Dr. Forson expressed confidence that Moody’s and S&P would follow Fitch’s lead, given the positive trajectory of Ghana’s economy.

“It is expected that other rating agencies, namely Moody’s and S&P, will follow suit, given the remarkable progress we are making toward economic stability and growth,” he told Parliament.

The Finance Minister also highlighted the government’s commitment to fiscal discipline through the implementation of prudent policies aimed at sustainability.

He emphasized the importance of strengthening domestic revenue systems and broadening the tax base without placing additional burdens on citizens.

Dr. Forson further noted ongoing structural reforms in public financial management, particularly efforts to improve transparency and accountability.

He added that the government plans to diversify the economy by investing in sectors beyond traditional exports to reduce the country’s vulnerability to global commodity price shocks.

“These actions are not just about numbers. They are about building a resilient economy that works for every Ghanaian,” he stated.

Source: Adomonline

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Presenting the 2025 Mid-Year Budget Review, Dr Forson explained that the funds were used by the previous government to cover critical expenditures. As a result, no arrears were passed on to the current administration.

“It is important to note that there was no build-up in arrears payable during the period under review, signaling strong commitment control and fiscal discipline,” he said.

He further noted that Ghana’s fiscal deficit for the first half of the year was mainly financed from domestic sources, with net domestic financing recorded at GH₵13.1 billion—significantly below the GH₵18.7 billion target.

Net foreign financing stood at GH₵2.8 billion, primarily from the use of the GH₵4.5 billion IMF disbursement.

Despite the early-year spending and ongoing economic challenges, Dr Forson assured that Ghana remains on track with the implementation of the IMF-supported programme.

He added that the country has borrowed less than initially projected, which he described as evidence of prudent fiscal management and strong expenditure control.

The Finance Minister stressed that the current government differs significantly from the previous NPP administration, particularly in its fiscal discipline and approach to managing the economy.

He assured that efforts are ongoing to stabilise the economy while maintaining transparency in fiscal operations.

Between January 1st and 6th, the IMF disbursement of 4.5 billion was spent, six days before the Mahama administration took office — Cassiel Ato Forson, Minister for Finance #MidYearBudgetReview pic.twitter.com/jGf2gt5VgZ

— Joy Prime (@JoyPrimeTV) July 24, 2025

]]> https://www.adomonline.com/we-have-saved-900-direct-jobs-at-nib-finance-minister/ Thu, 24 Jul 2025 16:35:45 +0000 https://www.adomonline.com/?p=2559620 The Finance Minister, Dr. Cassiel Ato Forson has disclosed that over 900 direct jobs at the National Investment Bank (NIB) have been preserved following strategic interventions to stabilise the institution.

Speaking during the presentation of the 2025 Mid-Year Budget Review in Parliament on July 24, 2025, Dr. Forson commended efforts that have been taken to revitalize the struggling state-owned bank.

“We have saved 900 direct jobs at NIB through deliberate and timely actions,” he announced, stressing the importance of preserving livelihoods while reforming public financial institutions.

He described the National Investment Bank as “prime for business,” adding that the bank is now in a much stronger financial position.

“NIB is now liquid and fully active,” Dr. Forson said, indicating that the bank has regained its footing and is ready to effectively support Ghana’s industrial and commercial sectors.

The remarks come in the wake of recent efforts to restructure and recapitalise the bank, which had faced years of financial and operational challenges. Dr. Forson lauded the turnaround as a positive development, especially in the context of protecting jobs and boosting confidence in state-owned enterprises.

He urged continued support and oversight to ensure that NIB remains viable and contributes meaningfully to Ghana’s economic growth agenda.

The announcement has sparked renewed interest in the bank’s role in financing small and medium enterprises (SMEs) and supporting industrial development, as government pushes forward with its economic recovery programme.

James Eshun

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• NIB will operate with independence and professionalism under new board – Finance Minister

Below is the full statement delivered on July 24, 2025:

Speaking during the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr Forson described President Mahama as a principled leader with a strong sense of purpose.

“President John Dramani Mahama is a man of his word. He is determined to deliver on his mandate to the Ghanaian people,” he said.

Dr Forson added that the President is unwavering in his commitment to national development and economic recovery, particularly after inheriting a troubled economy earlier in the year.

“He is focused and he will deliver. Inshallah, he will deliver,” the Finance Minister stated, drawing applause from members on the Majority side.

The Finance Minister’s remarks come at a time of growing public interest in the government’s ability to stabilise the economy, create jobs, and address the cost-of-living pressures.

Dr Forson used the occasion to rally support behind the Mahama administration’s economic recovery agenda, urging Ghanaians to trust in the leadership and vision of the President.

Source: Ernest Arhinful

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• Mid-Year Budget Review: Gains of first half just the beginning – Finance Minister
• Minority stages walkout ahead of 2025 Mid-Year Budget review presentation

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr Forson acknowledged the challenges citizens have faced over the past few years, but said the government is determined to restore hope and improve livelihoods.

We see you, we hear you, and we’re working for you, he stated, underscoring the administration’s responsiveness to public concerns.

He noted that the Mahama-led government has, within its first 200 days, taken significant steps to stabilise the economy, enhance social protection, and support job creation.

According to him, these interventions are rooted in the belief that governance must meet the real needs of the people.

The Finance Minister also called for unity and patience, stressing that while the path to full recovery may take time, the government remains committed to inclusive growth and long-term prosperity.

Parliament is expected to debate the revised estimates in the coming days as part of the legislative process.

Source: Ernest Arhinful

READ ALSO:

• Mid-Year Budget Review: Gains of first half just the beginning – Finance Minister
• Minority stages walkout ahead of 2025 Mid-Year Budget review presentation

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson described the development as a major milestone, crediting it to sound fiscal management and strong domestic reforms.

“In just six months, even before the IMF disbursement and without external borrowing, we have added $2.14 billion to the country’s gross international reserves,” he stated.

According to him, Ghana’s reserves rose from $8.98 billion in December 2024 to $11.12 billion by the end of June 2025.

He added that the current reserve level is sufficient to cover 4.8 months of imports—up from the four-month cover recorded at the end of last year.

Dr. Forson attributed the progress to the government’s commitment to macroeconomic stability and disciplined governance.

“This is not just a number. It signals that confidence is returning to our economy and that the measures we are implementing are yielding results,” he said.

Source: Adomonline.com

READ ALSO:

• Mid-Year Budget Review: Gains of first half just the beginning – Finance Minister
• Minority stages walkout ahead of 2025 Mid-Year Budget review presentation

Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson stated that in just under 200 days, the government had restored “clarity, certainty, stability, and purpose” to the country’s economic policy direction.

“We have made significant progress. The signs of recovery are obvious, evident, noticeable, visible, tangible, and they are being felt,” he said.

He announced a primary budget surplus of 11.1% of GDP on a commitment basis as of June 2025—far exceeding the target of 0.4% for the period.

The Finance Minister credited the achievement to robust domestic revenue performance, prudent expenditure controls, and strong collaboration with development partners.

His presentation was delivered amidst political tension, as Minority MPs staged a walkout in protest over alleged electoral irregularities.

By Emmanuel Tetteh 

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson attributed the progress to prudent debt management strategies and renewed investor confidence in the economy.

He noted that the 91-day T-Bill rate had dropped by 13.2 percentage points—from 27.7% in December 2024 to 14.7% in June 2025.

Similarly, the 182-day T-Bill rate declined from 20.4% to 15.34%, while the 364-day T-Bill saw a steep drop from 29.95% to 15.76%, representing a reduction of 14.19 percentage points.

The Finance Minister also reported a fall in the average lending rate in the banking sector from 30.3% to 24%. Additionally, the Ghana Reference Rate dropped from 28.31% in December 2024 to 24% by June 2025.

“These developments signal restored market confidence and the impact of disciplined, effective debt management,” Dr. Forson stated.

He explained that the savings in interest payments had created fiscal space to support key government programmes.

Dr. Forson reaffirmed the government’s commitment to maintaining fiscal discipline while implementing growth-oriented reforms for long-term economic stability.

Source: Adomonline.com

READ ALSO:

• Mid-Year Budget Review: Gains of first half just the beginning – Finance Minister
• Minority stages walkout ahead of 2025 Mid-Year Budget review presentation

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson declared, “Cedi no apicki,” highlighting the cedi’s stability and appreciation in recent months.

According to him, the local currency is gaining strength against major foreign currencies, particularly the U.S. dollar and the British pound.

“The cedi, which began 2025 at around GH¢15 to the dollar, is now trading at approximately GH¢10.45 on the interbank market,” the Minister revealed.

He attributed the rebound to stronger macroeconomic indicators, increased export earnings, and renewed investor confidence.

“This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he said.

Dr. Forson reaffirmed the government’s commitment to preserving these gains.

“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” he assured.

Source: Adomonline.com

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He made the remarks while presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, 24 July.

Dr Forson stated that the decision to restructure Ghana’s domestic debt, which resulted in severe losses for many bondholders, became necessary due to the fiscal recklessness of the previous government.

“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity,” he told the House.

The Finance Minister highlighted the human impact of the DDEP, stressing that it was not just an economic policy, but a painful episode that caused immense distress to ordinary Ghanaians.

He explained that many individuals who had trusted the government with their investments were left with little to no returns, undermining public confidence in the financial system.

Despite the challenges, Dr Forson assured Parliament that the current administration is committed to restoring fiscal discipline, rebuilding trust in government securities, and ensuring that similar disruptions do not recur.

He called for bipartisan support to implement necessary reforms and steer the country toward long-term stability and inclusive economic recovery.

Source: Ernest Arhinful

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Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson said the decision to restructure the country’s domestic debt — which resulted in significant losses for bondholders — was necessitated by fiscal recklessness under the former government.

“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme, which denied pensioners and the middle class their lifetime savings, livelihoods, and dignity,” he stated.

The Finance Minister highlighted the emotional and financial toll of the programme, noting that it went beyond economics to become a painful experience for many Ghanaians.

He said the DDEP shattered the trust of ordinary citizens who had invested in government bonds with expectations of financial security.

Despite the setbacks, Dr. Forson assured the House that the current administration is committed to restoring fiscal discipline, rebuilding investor confidence, and preventing a recurrence of such disruptions.

He also called for bipartisan cooperation to advance critical reforms aimed at securing long-term economic stability and inclusive growth.

Source: AdomOnline

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• Mid-Year Budget Review: Gains of first half just the beginning – Finance Minister
• Minority stages walkout ahead of 2025 Mid-Year Budget review presentation

He made the disclosure during the presentation of the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24.

“We inherited a bleeding energy sector with annual financing shortfalls over $1.5 billion,” Dr. Forson stated.

He attributed the situation to unsustainable debts, poorly structured power purchase agreements, and inefficiencies that continue to exert significant pressure on the economy.

The Minister explained that the financing gap had resulted in an accumulation of arrears and payment delays across the energy value chain, undermining investor confidence and straining public finances.

He stressed the urgency of implementing reforms to restore financial viability and improve service delivery.

According to him, the government has initiated corrective measures, including the renegotiation of power purchase agreements and efforts to enhance revenue collection within the sector.

Dr. Forson assured Parliament of the administration’s commitment to restoring financial discipline and accountability in Ghana’s energy sector.

Source: Ernest Arhinful

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• Minority stages walkout ahead of 2025 Mid-Year Budget review presentati
• Mid-Year Budget Review: Ghanaians should expect good news – Kwakye Ofosu

on

Long transaction times, high fees, FX rate inconsistencies, and regulatory bottlenecks are just a few of the hurdles people face when trying to transfer funds across borders.

But that’s changing. Thanks to digital innovation, platforms like Mybitstore and Binance now offer faster, more affordable alternatives to traditional remittance systems.

Whether you’re supporting family, paying a vendor, or doing cross-border business, understanding how to send money from Ghana to Nigeria efficiently is more important than ever.

In this article, we explore why bank-based transfers are still problematic, how crypto makes a difference, and the easiest way to move funds between the two countries using modern tools.

Why It’s Still Hard to Send Money Between Ghana and Nigeria

Despite technological advancements, cross-border money transfers in West Africa remain a challenge. According to World Bank data, remittance fees in sub-Saharan Africa are among the highest globally, averaging around 8%. Moreover:

• Banking penetration remains low in some regions, making it harder for recipients to access funds.
• Transaction limits and bureaucratic red tape can delay transfers.
• Volatile FX rates between the Ghanaian cedi and the Nigerian naira often result in significant losses.
• Regulatory differences between countries affect the consistency and reliability of cross-border banking.

For the average person or small business, these challenges make everyday financial transactions unnecessarily complex.

Crypto to the Rescue — How Digital Assets Help

Cryptocurrency, especially stablecoins like USDT, has opened new pathways for sending money internationally without relying on banks. Here’s how:

• Faster transfers: With blockchain, money can move in minutes, not days.
• Bypassing banks: No need for account approvals, clearing times, or middlemen.
• Mobile-friendly: All you need is a smartphone to access a crypto wallet.
• Price predictability: Stablecoins maintain value and reduce the risk of currency depreciation.

Using crypto wallets, a sender in Ghana can transfer USDT, BTC, or another token directly to a recipient in Nigeria, who can then convert it to local currency using peer-to-peer (P2P) platforms. This makes it easier to transact even in areas with limited banking infrastructure.

Step-by-Step: How to Send Money from Ghana to Nigeria Using Mybitstore

If you’re wondering how to send money from Ghana to Nigeria using a secure crypto platform, here’s a simple guide with Mybitstore:

1. Create a free Mybitstore account on the website or mobile app.
2. Verify your account using a valid government-issued ID to enable transactions.
3. Buy Bitcoin or USDT directly into your wallet.
4. Send the crypto to the recipient’s wallet address in Nigeria through Mybitstore’s withdrawal process
5. The recipient can sell the crypto on a local P2P platform to receive naira directly to their bank or mobile wallet.

Buy crypto with mobile money and send funds easily across Africa in just a few minutes.

Costs, Time, and Safety

Compared to traditional banks or money transfer operators, crypto platforms offer:

• Lower transaction fees (often under 1%).
• Faster settlement times (usually within 10–30 minutes).
• No banking hours or delays.
• Transparent exchange rates, especially with stablecoins.

As long as users choose trusted platforms and double-check wallet addresses, these transfers are not only safe but more efficient than legacy systems.

Tips for First-Time Cross-Border Senders

If you’re new to crypto or P2P transfers, here are a few things to keep in mind:

• Use verified platforms with strong user reviews.
• Always confirm the recipient’s wallet address before sending.
• Start with a small test amount to confirm everything works.
• Choose platforms with mobile support, local payment methods, and active customer service.

The world of cross-border payments is changing fast. What used to be a frustrating experience with banks is now being redefined by digital platforms and crypto rails.

Whether you’re looking to send money from Ghana to Nigeria or the other way around, tools like Mybitstore make it faster, safer, and more affordable.

Crypto is not just about speculation, it’s becoming a practical solution for real financial needs in Africa.

And as adoption grows, it’s only going to get easier to move money across borders without the limitations of traditional banking.

Source: Ernest Pappoe

He revealed that the Bank of Ghana is currently working with relevant agencies in the country to ensure that the Ghana cedi is the only legal tender for all financial transactions.

The Governor revealed this when the management members, board of directors and two deputy governors of the Bank of Ghana paid a courtesy call on the Asantehene, Otumfuo Osei Tutu II at Manhyia Palace in Kumasi.

Dr. Asiama appealed to the Asantehene to support the Bank of Ghana in its campaign to educate the public on the cedi as the only legal tender in Ghana.

He stated that the eminent personality of the Asantehene can complement the efforts of the central bank in its drive to make the public understand that the cedi is the only legal tender in the country.

“We have always been preaching to Ghanaians that the cedi is the only legal tender in Ghana and we believe that we can also seek the support of the Asantehene”, Dr. Asiama said.

“The Bank of Ghana is working hard to firmly stabilise the cedi and we also believe that should also help in dealing with this challenge”, he added.

Enforcing cedi’s legal tender status

Dr. Asiama disclosed that the central bank is adopting different approaches to appeal to the public to voluntarily educate the people on the importance of widely accepting the cedi as the only legal tender.

“The Bank of Ghana apart from enforcing the law, will also use moral suasion to ensure that all transactions and sale of goods are priced in the cedis in the country”.

He explained to the Asantehene that “without a dominant legal tender like the Ghana cedi, no central bank, no matter how technically capable, can execute its mandate successfully”.

“If we all embrace the cedi, that will go a long way to stabilise the local currency and help smoothen their work on the monetary side”.

“In countries like Kenya and South Africa, it would be unthinkable for a citizen to reject the local currency in favour of the US dollar”.

He stated that building currency confidence is not just a function of policy but a function of collective behavior.

Ghana’s IMF programme and monetary interventions
The Governor used the opportunity to brief the Asantehene on some monetary measures taken as well as the current state of the International Monetary Fund (IMF) programme with Ghana.

“We took over at a very challenging time, when it comes to the economy and even how the IMF programme was performing, but we have taken some tough measures to stabilize things” he added.

Touching on the Bank of Ghana’s upcoming 60th anniversary of the cedi, Dr. Asiama pledged that the central bank will engage the office of the Asantehene in its celebration.

“We will formally send an invitation to the Asantehene to participate in the programmes that we have lined up”.

on his part, the Asantehene reminded the Bank of Ghana of its critical role on reducing inflation and also making the Ghana cedi stable.

He commended the Bank of Ghana for working with the Finance Ministry to stabilize the economy as well as the cedi.

“I can see there is strong coordination between the monetary and fiscal side and that is commendable”, he said.

He appealed to the Bank of Ghana to improve lending to the private sector, especially small business.
“How is the Bank of Ghana working with the fiscal side to improve lending and pay outstanding arrears, especially when it comes to paying contractors” he quizzed.

He enquired whether, the country’s reserves are in a strong position to support payments due investors from next year and in 2027.

Source: Joy Business

The proposed Consumer and Public Complaints Procedure Guidelines (CPCPG), developed by an 11-member working group sanctioned by the Authority, seeks to establish a standardised framework for addressing consumer grievances while enhancing service delivery across the industry.

Held on Tuesday, 22nd July 2025, the session brought together representatives from prominent industry and consumer-focused organisations. It was chaired by Mr Awuku Larbi, Esq., head of the Working Group responsible for drafting the guidelines.

Participating institutions included CUTS International, the Africa Centre for Energy Policy (ACEP), the Ghana Private Road Transport Union (GPRTU), the Progressive Transport Owners Association (PROTOA), and the Ghana Online Drivers Union, which represents drivers on platforms such as Bolt, Yango, Shaxi, and Uber.

The engagement provided an opportunity for stakeholders to scrutinise the draft document, offer feedback, and submit recommendations to ensure the final guidelines are comprehensive and responsive to the expectations of all parties involved.

The final consultation is scheduled for Tuesday, 29th July 2025, and will feature entities such as the Ghana Bar Association (GBA), Toyota Ghana, Japan Motors, CFAO Group, and the Chamber of Bulk Oil Distributors (CBOD).

According to the NPA, these stakeholder engagements are essential in shaping a robust and inclusive complaints resolution mechanism that safeguards consumer rights and reinforces accountability in the sector.

The CPCPG initiative aligns with the Authority’s wider mandate to foster transparency, consumer satisfaction, and responsible practices throughout Ghana’s petroleum industry.

Source: myjoyonline

Dr. Daniel Seddoh, speaking on JoyNews’ PM Express, said he wasn’t surprised by the announcement from the Office of the Attorney-General.

The office, in collaboration with EOCO and other state agencies, recently disclosed that it had recovered 60% of the over GH¢5 billion allegedly lost and would reconsider prosecution.

“I wasn’t surprised, because this case took us how many years, between seven to eight years,” Dr. Seddoh said.

“We have a legal system that is very slow and very painful. We’ve lost lives because of this whole thing.”

He acknowledged that some may see the 60% recovery as better than nothing, but disagreed.

“Some people will tell you it’s better than nothing, but I have deeper questions to ask than telling me it’s better than nothing,” he said.

Dr. Seddoh explained that banks operate not with their own money, but with funds entrusted to them by depositors and other stakeholders.

“Banks have no money of their own. They leverage on depositors and other people’s money to work,” he explained.

“The depositors put money in the bank with the understanding that it’s a relationship of trust… that anytime they go for their money, they will get it.”

But that trust was broken, he argued, when depositors could not access their money and no one came to their aid.

“What has happened has created a situation where the depositors could not get their money, and there was nobody to come to the air rescue.”

Referring to the state’s recovery efforts, he questioned: “When you take 60% and you can get 40%, who is going to finance that 40%? Because ultimately, the money belongs to depositors. Ultimately. So who is going to finance that?”

He added that the chosen path to resolve the crisis may not have been the wisest. “We use a certain approach to resolve the issue, and it just comes back to bite us. Probably this is not the most efficient approach.”

Dr. Seddoh suggested that a better route would have been to bring in investors and turnaround experts to revive and eventually sell the troubled banks.

“We should have probably used approach of an investment… get people in, put money in, get stronger hands to manage the bank and get it out of the hole, turn it around, sell it and get your money out.”

Instead, he lamented, “The approach we have used is to throw money at it as an expense that will never come back. And that ultimately falls on the taxpayer, which includes the depositor.”

Source: Abubakar Ibrahim

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The Finance Minister, Dr. Cassiel Ato Forson, is expected to present the 2024 Mid-Year Budget Review to Parliament today, July 24, 2025.

The presentation is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

It will provide an update on the implementation of the 2025 Budget, highlighting the government’s economic and fiscal performance for the first half of the year.

The review is also expected to outline proposed amendments to fiscal strategies in response to evolving economic conditions, particularly in the areas of revenue generation, public expenditure, debt servicing, and structural reforms.

Dr. Forson is further anticipated to report on key macroeconomic indicators—such as inflation and exchange rate trends—and update the public on whether Ghana is on track to meet its end-of-year revenue targets.

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The disclosure is contained in the Fund’s latest review report of Ghana’s 36-month Extended Credit Facility Programme, which is expected to conclude in 2026.

“On the expenditure side, the 2025 Budget comprises measures that aim at containing primary expenditure, including capping public sector wage increases to 10 percent,” Ghanaian authorities informed the IMF.

This development comes ahead of the presentation of the 2025 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson, scheduled for tomorrow, January 24, 2025.

Official data from the finance ministry indicate that Ghana’s public sector wage bill is projected to cross $7 billion, consuming more than 30% of the country’s projected revenue and grants this year.

The current wage cap means salary increments for public sector workers will not exceed 10 percent in 2025.

The government has also outlined plans to limit spending on goods and services, streamline the operations of statutory funds, eliminate low-impact expenditure programmes, and carefully manage the pace of foreign-financed capital projects.

“Spending on goods and services will be limited, operations of several statutory funds rationalized, and programmes with limited value-for-money eliminated,” the government assured the Fund. “Execution of foreign-financed investments will be carefully paced, while social benefits will be expanded.”

In addition, the government has allocated what it described as “limited additional funding” — estimated by IMF staff to be less than 0.1 percent of GDP to support health and agriculture programmes, in a bid to partially offset reductions in development assistance from USAID.

Ghanaian authorities also disclosed that a comprehensive audit of the country’s accumulated domestic arrears is underway. Preliminary findings suggest that a significant portion of the arrears may lack valid supporting documentation, raising the possibility of a downward revision.

Already, government has made it clear in the 2025 budget that it will “complete work on the revision of the Single Spine Pay Policy to quell the incessant agitations of Organized Labor with special emphasis on linking pay to productivity. ”

According the Finance Minister, “this will reduce the wage overruns emanating from ad-hoc reviews in conditions of service, fuelled by the in-year labour agitations.”

He stressed that “public institutions have exploited this weakness by staging protests to agitate for enhancement in their conditions of service, a backdoor way of increasing their consolidated salaries”

As the government seeks to rein in expenditure to meet IMF programme targets, labour unions, including the Ghana Registered Nurses and Midwives Association and other public sector groups, are closely monitoring the mid-year budget for clarity on how their demands will be addressed.

Source: Isaac Kofi Agyei, JoyNews Research

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The new board is chaired by former Saboba MP, Nayon Bilijo.

Other members include Mugabe Maase, a known pro-NDC broadcast journalist; Edmond Kombat (Esq.), Acting TOR Managing Director; Thomas Martey Laari; Robert Kempes Ofosuhene; Dr. Sebastian N. Sandaare; Mohammed Issah Bataglia; Osabarima Kyei Osafo Kantanka; and Ben Nunoo Mensah.

The inauguration marks a significant step for TOR, a key component of Ghana’s energy infrastructure that has faced persistent operational and financial setbacks.

“Your foremost duty is to get TOR back on stream,” Mr. Jinapor charged. “You must implement bold and strategic actions to return the refinery to profitability. TOR is not just another company; it is a vital national asset.”

Mr. Bilijo, speaking on behalf of the board, thanked the President for the trust placed in them and pledged their commitment to reviving the refinery in line with national energy needs.

Source: Adomonline.com

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According to the World Bank’s 2025 Global Findex Report, 74% are formal borrowers.

“In Ghana, the rise in borrowing through a mobile money account between 2021 and 2024 drove an overall increase in formal borrowing over that period”, the report explained.

Despite similar levels of overall borrowing by gender in all three economies (Ghana, Kenya and Uganda), the report said borrowing from a mobile money provider differs according to gender in these economies.

For instance, in Ghana, women are 4.0 percentage points less likely than men to borrow from this source, whereas in Kenya and Uganda, the gaps are 16 and 13 percentage points, respectively.

Similar gaps, however, exist between adults from the poorest 40% and wealthiest 60% of households by income.

The Global Findex 2025, in addition to asking questions about borrowing through a mobile money provider, for the first time asked about other sources of digital credit, to capture data on people who do not borrow through a mobile money account, but rather through some other digital method.

“In particular, the survey asked separately about applying for and receiving a loan through a mobile phone: 1.0 percent of adults in low- and middle-income economies borrowed only this way (and not through a mobile money account, from a bank or similar financial institution, or through a credit card), including 3 percent of adults in Sub-Saharan Africa”.

According to the report, this region is home to all seven of the world’s economies in which at least 5% of adults report they borrowed through a mobile phone but did not borrow formally otherwise.

Although this source of digital credit is one to watch, given the overall small share of adults who used it but did not borrow formally and the uncertainty about who provides the digital credit, Global Findex 2025 does not include it in its definition of formal borrowing.

Source: Joy Business

Her appointment comes shortly after her induction into Parliament on Tuesday, July 22, 2025, following a closely contested rerun of the constituency election.

Miss Aubynn, a first-time MP, brings to the board a strong background in community development and social impact. She is widely respected for her philanthropic work and dedication to grassroots engagement.

Her inclusion is expected to strengthen the Authority’s relationship with local stakeholders and contribute to the development of inclusive policies in the trade and logistics sector.

The rerun election, held on Friday, July 11, 2025, across 19 polling stations, was triggered by the Electoral Commission’s annulment of the December 2024 parliamentary results. The annulment followed allegations of electoral irregularities and the submission of unauthenticated pink sheets.

Miss Aubynn emerged victorious with 34,090 votes, narrowly defeating the New Patriotic Party’s (NPP) Akua Afriyie, who polled 33,881 votes.

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Speaking on Asempa FM’s Ekosii Sen, Mr. Ofosu highlighted signs of economic recovery, including a strengthening cedi and declining inflation, as indications that the government’s policy measures and fiscal discipline are yielding results.

“Absolutely, there will be good news that will bring calm among Ghanaians. Already, we are seeing positive signs. We cannot do everything within four years, let alone six months, but I believe largely, the expectations of Ghanaians have been met,” he said.

The Finance Minister, Dr. Cassiel Ato Forson, is expected to present the mid-year budget review to Parliament on Thursday, July 24, 2025. The presentation is in line with Section 28 of the Public Financial Management Act, 2016 (Act 921).

The review will provide an update on the implementation of the 2025 budget, focusing on the government’s economic and fiscal performance during the first half of the year.

It is also expected to outline any proposed amendments to fiscal strategies in response to evolving economic conditions, particularly in areas such as revenue generation, public expenditure, debt servicing, and structural reforms.

Dr. Forson is further anticipated to report on the country’s macroeconomic indicators—such as inflation and exchange rate trends—and update the public on whether Ghana is on course to meet its end-of-year revenue targets.

Source: Gertrude Otchere

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The Vice President of the GIFF, Nana Asiamah Peprah I, disclosed this on JOYNEWS’ Businesslive Programme on July 22, 2025.

He explained that most of the shipping lines are quoting rates “way above” the BoG’s rates as well as the commercial banks rates. This, he said has made the cost of some imported items a little expensive.

“Some of these shipping lines who were quoting very high rates are now being compelled to work with the Bank of Ghana rates, that will definitely impact on cost of imports and prices on the market”, he said.

Nana Peprah I is hopeful the development will deal with concerns about high prices of imported goods despite recent gains made by the cedi.

“This is one of the reasons why some of these traders have not been responding to current developments on the market when it comes to the cedi’s appreciation”, he said.

Background

The BoG has announced a new set of guidelines on the application of exchange rates by players in the shipping industry, effective July 22, 2025.

The central bank held an extensive consultation with stakeholders in the shipping industry to reach an effective guideline aimed at ensuring transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for services offered at the ports.

According to a notice issued by the BoG, all industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises.

According to the BoG, the rates must be available to customers and communicated clearly to them prior to the issuance of invoices or payment.

GIFF on new guidelines

Speaking on the Businesslive programme on JOYNEWS, the Vice President also praised the BoG over the speed at which it moved to address the concerns.

“We just had this meeting recently on arbitrary rates used by the shipping lines at the ports and the next thing we saw is a notice on the guidelines”, he said.

He added that “this can be described as a timely and good for the industry”.
Nana Peprah I said the guidelines will also help bring some sanity into the import and clearance of goods at the country’s ports.

“The next thing that we will be pushing for is the rates being fixed for at least a month to aid planning for most importers and businesses”.

He suggested that the proposal if adopted will go a long way to reduce the cost of doing business, as businesses pass on the expected benefits to consumers.

Source: Joy Business

According to the professional services firm, the sustained disinflationary trend gives the Bank of Ghana sufficient headroom to resume its interest rate cuts, which could start at its July MPC meeting.

“An ease in interest rates will encourage more lending to the real sector and support further output and overall economic growth”, it added.

Deloitte continued that the combination of fiscal consolidation and further policy adjustments will ensure a sustained decline in inflation in the second half of the year.

It, however, warned of upside risks including ongoing global shocks and tariff adjustments example, the 2.45% increase in electricity tariffs, resulting in higher production costs and prices of goods and services.

Again, it expressed worry about the implementation of the GH¢1.00 fuel levy on petroleum products, as it described it as another upside risk that could increase fuel and transport costs.

Decline in Inflation Widens Positive Real Return

Ghana’s June 2025 inflation declined to 13.7% from 18.4% in the prior month. This was attributed to lower domestic fuel prices, reduced transport costs, a fall in food prices and the appreciation of the cedi.

The month-on-month inflation moved in tandem with the headline index, recording its first monthly deflation of -1.2% since August 2024.

The food and non-food sub-indices decelerated to 16.3% and 11.4% respectively in the review month.

Deloitte said the further decline in inflation widens the positive real rate of return on investment to 14.3% from 6.2% in June 2024, using the monetary policy rate as a benchmark.

Transport Records Negative Inflation Rate

Of the 13 inflation divisions, Transport was the only division to record a negative inflation rate of -8.5% from 19% in June 2024, reflecting the decline in domestic fuel prices and transport costs.

Out of the top five largest contributors to inflation in June, only the insurance and financial services segment recorded an increase from a year ago.

On a monthly basis, housing, water, electricity, gas and other fuels, and information and communication recorded an increase to 24.9% and 10.4% from 21.6% and 9.7% respectively in the month of May. This could be an indication of rising utility costs.

Source : Joy Business

This follows consultations with stakeholders in the shipping industry on an effective guideline aimed at ensuring transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing, for services offered at the ports.

According to a statement issued by the BoG and signed by its secretary Sandra Thompson, the guideline applies to all players in the shipping industry in Ghana.

The statement also maintained that non-compliance may result in administrative sanctions.

Details of the guidelines

• All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises

• The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment

• The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment

1. Invoices should clearly indicate: The currency of the service;The applied exchange rate;The date of application; and
2. The final amount in GHS or USD.

• Exchange rates must be market-reflective of their commercial bank rates which is expected to be benchmarked to the Bank of Ghana’s published interbank exchange rate and not arbitrarily determined

Settlement of Disputes

The BoG further stated that in case of dispute relating to the Exchange Rates application, customers may first lodge a complaint with the service provider.

However, when that is not resolved, the said consumer may escalate it to the Ghana Shippers Authority.

The BoG also reminded players in the industry that they are all expected to comply with the Foreign Exchange Act, 2006 (Act 723 ), adding that “The guidelines shall come into effect on 22nd July, 2025 and remain in force until otherwise amended or revoked. “

This gives the government the goodwill to proceed with the initiative, which is likely to feature in the mid-year budget review by the Finance Minister, Dr. Casel Ato Forson, on Thursday, July 24, 2025.

According to the Ghana Revenue Authority (GRA), several engagements on the new tax reforms have progressed steadily, as the local business community aligns with the IMF on some of the proposed initiatives.

Speaking to Joy Business, Commissioner of the Domestic Tax Revenue Division at the GRA, Edward Apenteng Gyamera, disclosed that stakeholders agreed on the removal of the COVID-19 levy, as well as other tax components that hamper business growth.

The Commissioner was speaking at one of the stakeholder engagements on the proposed tax reforms in Accra, where many business associations expressed confidence that the reforms will ease the tax burden on businesses while supporting domestic revenue mobilization.

“I think from the engagements with stakeholders and the IMF, issues that the Minister even indicated in the budget — for instance, the removal of the COVID levy — is something that has been agreed upon. I think so far, with our interaction with the stakeholders, everybody is of the view that this levy should be taken off when the reform is completed.

“Then the removal of the cascading effect of the levies — treating the levies as part of the VAT mechanism, where businesses can claim input and deductions — has been generally accepted by all,” he added.

The COVID-19 levy was introduced by the previous government to raise funds in support of COVID-19-related activities, as the government sought to revive the economy.

The levy was passed under the COVID-19 Health Recovery Levy Act, 2021, and assented to by then President Nana Addo Dankwa Akufo-Addo. It imposed a special levy — the COVID-19 Health Recovery Levy — on the supply of goods and services and on imports, to raise revenue to support COVID-19 expenditures and related matters.

Source: Ebenezer Sabutey

Trading remained concentrated in the General Category bonds, with the February 2027 paper recording the highest turnover.

Overall, the 2027-2030 maturities accounted for 56% of total volumes. They cleared at a weighted average yield to maturity (YTM) of 17.81%.

The 2031-2038 maturities contributed 44%, with an average YTM of 17.77%.

Analysts expect trade activity to moderate this week.

This is because investors adopt a cautious stance ahead of the upcoming Mid-Year Budget presentation on Thursday, July 24, 2025.

Source: Joy Business

The data shows that Ghana exported 261,248 tonsof cocoa beans in 2024, down from 533,057 tonsin 2023, a drop of over 50 percent. Exports of processed cocoa products like butter, paste, and powder also declined, falling from 240,897 tons in 2023 to 192,429 tons in 2024.

Yet, total cocoa export receipts jumped by 37.5 percent, from US$1.26 billionin 2023 to US$1.73 billion in 2024. This increase was largely driven by higher global prices and steady performance in value-added cocoa products.

A major concern flagged in the report was the sharp decline in inflows from syndicated cocoa loans, which are key to financing Ghana’s cocoa sector. In 2024, syndicated loan proceeds dropped from US$681 million to just US$50 million, a decline of more than 92 percent. The report clarified that the US$50 million recorded was not from the usual pre-export syndicated facility, but rather from non-collateralized loan proceeds used to pay interest on COCOBOD’s debt.

The Bank of Ghana had projected cocoa receipts of about US$1 billionfor the year, but actual receipts stood at US$1.73 billion, resulting in a positive variance of over US$734 million.

Cocoa contributed 14.47 percent of Ghana’s total foreign exchange earnings of US$11.99 billion in 2024.

The decline in production volumes despite the rise in earnings raises questions about long-term sustainability. With global prices currently driving revenue growth, there are concerns about how the sector would perform if prices drop and output levels remain low.

The fall in syndicated loan inflows also points to tighter financing conditions for Ghana’s cocoa industry. Without strong investment in production and support for farmers, stakeholders worry the gains made in 2024 may not last.

Source: Report of the Auditor General on the Consolidated Statements of Foreign Exchange Receipts and Payments of the Bank of Ghana for the year ended 31st December 2024

Source: Winston Tackie