Some farmers claim they have not been paid since November 2025, a situation they say has disrupted farming activities, strained household finances, and left many families struggling to meet basic needs.

The developing crisis is drawing concern across cocoa-growing communities, where farmers depend heavily on seasonal income to maintain their farms and support their families.

With payments outstanding for several months, many farmers say they are unable to purchase inputs such as fertilizers and pesticides, hire labour for farm maintenance, or prepare adequately for the next production cycle.

During a visit to Kechiebi, a prominent cocoa-farming community in the Nkwanta South Municipality, several farmers described how the delay has pushed them into desperation.

Some say they have abandoned stored beans after losing hope of timely payment, leading to spoilage and further financial loss.

Speaking to Adom News, cocoa farmer John Kwabena Ofori expressed disappointment over what he described as government’s failure to ensure prompt payment for cocoa already supplied.

He said the situation has created “untold hardship” for farmers who have waited for more than six months without receiving their money.

According to Mr Ofori, the hardship is being felt most sharply at home, where families are reportedly struggling to cater for basic needs, including children’s school fees.

He explained that many farmers in the area feel trapped, with no alternative sources of income, and have been forced to watch their cocoa go to waste as the delays persist.

Other farmers in the community shared similar concerns, saying they have also been unpaid for beans sold since November 2025.

The farmers warned that if the situation is not addressed urgently, they may refuse to sell under the current conditions, citing both the impact of falling cocoa prices and the lack of commitment to clear arrears.

The farmers are calling for immediate intervention from COCOBOD and relevant authorities to ensure outstanding payments are settled without further delay.

READ ALSO:

• GTVETS announces nationwide recruitment for teaching and non-teaching staff

• NIA workers to strike over delayed migration implementation

Speaking at the Future of Finance Dialogue during the 2026 3i Africa Summit, Dr. Asiama noted that the continent already has enough ideas, frameworks and pilot programmes, but implementation remains the biggest challenge.

“We do not lack ideas, frameworks or pilots, we have these in abundance. The harder question is how we move from controlled experimentation to scaled regulated deployment,” he stated.

The Governor stressed that regulatory sandboxes should no longer be viewed as temporary testing grounds, but as pathways to full market participation and innovation growth.

“Regulatory sandboxes must become bridges to real market entry. The measure of a sandbox is not how many firms are admitted,” he added.

According to him, the success of fintech innovation should be measured by how many solutions successfully transition into trusted, regulated and scalable services that improve lives and support businesses.

Also speaking at the event, Chief Executive Officer of Edel Technology Consulting, Ethel Cofie, urged fintech companies across Africa to prioritise collaboration in order to accelerate growth within the digital finance ecosystem.

She noted that the future of Africa’s fintech industry will depend heavily on strategic partnerships rather than isolated innovation.

“No single fintech can solve Africa’s financial inclusion challenge alone. Collaboration is what will drive scale and sustainability across the ecosystem,” she said.

Ethel Cofie further encouraged fintech firms to work more closely with regulators, banks and technology providers to build solutions that can easily expand across African markets.

“We must stop building in silos and start creating interconnected solutions that can serve the continent at scale,” she added.

The 3i Africa Summit brought together policymakers, regulators, investors and technology leaders to discuss the future of digital finance and innovation in Africa.

READ ALSO:

11 arrested for using Deepfake AI videos to impersonate President Mahama

Ahafo Garages Association appeals for inclusion in National Apprenticeship Programme

Speaking on PM Express Business Edition on the impact of the losses recorded by the Bank of Ghana, he said the scale of the inherited economic difficulties must not be ignored.

“We inherited a situation where debt was suspended and not paid, and we risk being kicked out of the IMF program with disastrous conditions,” he said.

He said the government also took office at a time when confidence in Ghana’s debt market had collapsed.

“We inherited a situation where the ratings of our bonds were junk,” he stated. Mr Terkper added that the broader fiscal environment was also under heavy strain. We inherited a situation where, let’s say, the fiscal was just in a mess, where inflation was high with a huge deficit,” he said.

His remarks came after the host observed that public opinion at the time was that the economy was stable.

In response, Mr Terkper defended the early actions taken by the Finance Ministry, arguing that immediate intervention was necessary to stabilise public finances and reduce pressure on the central bank.

“You seem to be downplaying what the Minister for Finance was doing,” he said.

According to him, one of the first major steps was to tighten control over public funds, arguing that the move was critical in protecting the central bank from continued fiscal pressure.

“The Minister for Finance moved in quickly to mop up loose government cash. That prevented the Bank of Ghana or saved the Bank of Ghana from continuing to finance government,” he stated.

ALSO READ:

• Adongo defends BoG recapitalisation plan amid growing debate over GH¢93.82bn negative equity

• Weak authentication systems threaten digital finance growth – BoG Governor

Speaking on PM Express Business Edition, he entered the debate over the economic impact of the Bank of Ghana’s losses, arguing that attention should also be paid to gains from gold-sector reforms.

The government’s finance adviser said one of the major objectives was to move quickly to rebuild the country’s external buffers.

“One of the things was moving quickly to strengthen the reserves, which translated into the appreciation of the cedi,” he said.

His remarks come at a time when the central bank’s financial position has become a major subject of public discussion, with critics questioning the broader impact of its losses on the economy.

Mr Terkper said the recent developments in the gold trade should not be overlooked in that debate.

“It’s the sanitisation of the marketing of gold,” he said.

While acknowledging that the process was not perfect, he argued that the intervention delivered clear gains.

“I believe that, yes, you couldn’t get everything right, but at the same time, we need to compliment.”

According to him, the reforms brought greater order to a sector that had long suffered from leakages and weak controls.

“There’s some sanitisation of that whole sector, which led to a significant increase in reserves for the central bank,” he stated.

Mr Terkper also placed Ghana’s gold position in a wider global economic context, describing the commodity as one of the strongest alternatives to the US dollar.

“Globally, gold is the most aggressive competitor for the dollar, before you come to the euro, yen and others,” he said.

He said Ghana’s position as a major gold producer made it even more important to tighten oversight of the trade.

“Ghana is the Gold Coast,” he said.

He added that for years Ghana’s gold had been flowing out of the country and supporting other economies instead of strengthening domestic buffers.

“Ghana’s gold was going all the way out to other countries, which they were using to stabilise their economy, from the Middle East to Europe to everywhere,” he said.

ALSO READ:

• Amin Adam calls for IMF action on BoG recapitalisation, gold sales and monetary risks

• BoG losses would have hit GH₵44bn without gold sales – Oppong Nkrumah

According to the Minister, government is taking deliberate steps to ensure that Ghana’s healthcare system remains resilient and sustainable even after external support declines.

Dr. Forson made the remarks during a meeting with the World Health Organization’s Regional Director for Africa, Mohamed Yakub Janabi, as part of discussions on strengthening Ghana’s health system.

“As support from the Global Fund for vaccines and critical medicines winds down by 2029, we are taking steps to ensure that, beginning January 2030, Ghana fully budgets for and finances these vaccines and essential medicines,” the Finance Minister stated.

He explained that government’s broader health sector reforms are aimed not only at extending life expectancy but also at improving the quality of life of Ghanaians.

Dr. Forson noted that since 2025, government has implemented major reforms in the health sector, including increasing budgetary releases, uncapping the National Health Insurance Levy, and ensuring that the National Health Insurance Authority receives its full allocations strictly for health-related activities.

He added that government is also increasing investments in the fight against non-communicable diseases through the Ghana Medical Trust Fund and the establishment of specialised treatment units across the country.

The Finance Minister further highlighted the recent launch of the Free Primary Healthcare Programme as part of efforts to expand access to healthcare.

For his part, Dr. Janabi commended Ghana’s progress and stressed that a healthy population remains essential for productivity and economic growth.

He also urged African countries to strengthen local medicine and vaccine production, reduce dependence on imports, and increase investments in tackling non-communicable diseases.

Charles Amissah’s death: Some leaders must learn to resign when they fail…

Charles Amissah’s death: Headlines blaming only health workers miss the bigger…

Delivering the keynote address at the Ghana Female CEOs Summit 2026 held at the Kempinski Hotel Gold Coast City on Thursday, May 7, the Minister described women as central to Ghana’s competitiveness and long-term economic resilience.

According to her, women have consistently demonstrated leadership and resilience in business despite facing structural barriers and unequal access to opportunities.

“I know what it costs. I know the discipline, the resilience, and the quiet determination it takes to lead while being watched differently, judged differently, and held to a different standard,” she said.

Mrs Ofosu-Adjare praised female business leaders for building businesses, creating jobs, and navigating difficult economic conditions.

“You have built businesses, created employment, navigated economic headwinds, and refused to be the footnote in Ghana’s growth story,” she stated.

The Minister stressed that Ghana’s development agenda cannot succeed without the active inclusion of women in economic decision-making and enterprise development.

“Women constitute approximately 51 percent of Ghana’s population. We are the majority and an underutilised engine of national growth,” she noted.

She emphasised that empowering women should be treated as an economic necessity rather than a symbolic gesture, citing statistics showing that women own about 40 percent of businesses in Ghana and make up over 70 percent of workers within the country’s food system.

Despite these contributions, she said many women continue to face challenges in accessing financing and formal agribusiness assets.

Mrs Ofosu-Adjare referenced estimates by the International Finance Corporation indicating that closing the gender financing gap for SMEs in Sub-Saharan Africa could generate about 42 billion dollars annually in economic value.

She also cited projections by the McKinsey Global Institute suggesting that advancing women’s equality across Africa could add 316 billion dollars to the continent’s GDP.

“These are not soft statistics. They are economic imperatives,” she stressed.

The Minister highlighted several policy interventions introduced under the administration of President John Dramani Mahama to support women-led enterprises.

She revealed that the proposed Ghana Women’s Development Bank, backed by an allocation of GH¢401 million in the 2026 budget, would provide low-interest credit, flexible collateral arrangements, mentorship, and tailored business support services for women entrepreneurs.

Mrs Ofosu-Adjare also pointed to opportunities under the newly passed 24-Hour Economy Authority Act 2026, noting that women in manufacturing, agro-processing, retail, and hospitality stand to benefit significantly.

According to her, businesses operating under the framework would enjoy tax incentives, reduced electricity costs, and financing support through EXIM Bank.

She further highlighted the implementation of the Affirmative Action Law 2024, which seeks to increase female representation in leadership and decision-making positions across public and private institutions.

The Minister added that the African Continental Free Trade Area presents significant export opportunities for women-led businesses in sectors such as cassava processing, textiles, pharmaceuticals, and palm oil production.

She disclosed that government aims to increase Ghana’s non-traditional export earnings from 3.5 billion dollars to at least 10 billion dollars by 2030.

Mrs Ofosu-Adjare concluded by calling for stronger collaboration between government, businesses, and development partners to support women entrepreneurs.

“We see you. We are building for you. And we expect you to grow beyond what any of us can currently imagine,” she said.

READ ALSO:

GJA President represents Ghana at the 2026 IFJ Centenary Congress in Paris

GNFS receives Mercedes-Benz fire tender donation from UK-based Fire Aid

Bolgatanga Central MP insists that both the Central Bank and the Ministry of Finance are fully committed to restoring the institution’s financial health.

His remarks come amid heightened political debate following the release of the Bank of Ghana’s 2025 financial statements, which recorded a GH¢15.63 billion loss and a worsening negative equity position of GH¢93.82 billion.

The figures have raised concerns about the Central Bank’s long-term financial stability and the potential burden on taxpayers.

Mr Adongo maintained that the recapitalisation process is already grounded in law and forms part of a structured roadmap approved by Parliament.

He stressed that the government remains committed to complying with the legal framework governing the recovery of the Bank’s balance sheet and ensuring that the institution remains capable of carrying out its mandate effectively.

Speaking on Channel One TV on Wednesday, May 6, the Bolgatanga Central MP said, “The Central Bank and the Ministry of Finance agree that there must be a roadmap to recapitalising the bank and that will be done.”

He added that the Finance Minister had already presented the framework to Parliament and that there was no indication the government intended to disregard the law.

ALSO READ:

Ghana petitions AU over xenophobic attacks on African nationals in South Africa

GES releases 2026/27 academic calendar; BECE set for May 2027

The report indicates that the housing, water, electricity, gas and other fuels category recorded significant price pressures, contributing notably to overall inflation during the period.

Food and non-alcoholic beverages also posted steady increases, reinforcing their strong influence on the general price level.

Education services recorded moderate price gains, while price growth slowed in restaurants and accommodation services. Clothing and footwear, as well as recreation, sports and culture, saw relatively mild increases.

Other categories, including furnishings, household equipment and routine maintenance, together with alcoholic beverages, tobacco and narcotics, recorded modest changes, suggesting generally stable price movements.

Personal care and miscellaneous goods and services, along with insurance and financial services, registered only marginal adjustments, indicating limited volatility in those areas.

However, the report highlights contrasting trends in some sectors, with information and communication recording slight declines, while the health sector experienced noticeable fluctuations in service costs.

Transport also showed volatility, reflecting ongoing changes in fares and fuel-related costs.

Overall, the GSS report points to uneven price movements across sectors, even as the broader inflation outlook shows signs of stabilising.

ALSO READ:

• Mahama pledges to sustain single-digit inflation after sharp decline

• IMF revises Ghana’s growth rate for 2026 to 4.8%, inflation at 7.9% despite global…

Speaking at the 3i Africa Summit 2026 on Wednesday, May 6, Dr. Asiama said strengthening Africa’s fintech ecosystem will require more than just policies and regulations.

He noted that while laws and guidelines are important, the focus must now shift to building a more effective regulatory infrastructure that promotes transparency and efficiency.

According to him, processes within the system must be clear, submissions properly tracked, and decisions made promptly to build confidence among users and investors.

Dr. Asiama emphasised that trust in digital financial services will largely depend on the strength of digital identity systems and Know Your Customer (KYC) frameworks.

“Weak authentication increases fraud risk, it affects credit quality, and it undermines trust in digital financial services. We must also focus on the development of indigenous firms,” he cautioned.

He called for stronger coordination among institutions, improved data quality, and more robust identity systems as the sector enters its next phase of growth.

The BoG Governor also urged greater support for local fintech companies, stressing that Africa’s digital finance space must not only expand but also mature.

He said indigenous firms need access to capital, strategic partnerships, and the right infrastructure to scale sustainably and compete globally.

ALSO READ:

• Gov’t deploys digital systems to boost revenue, curb leakages

• Ghana’s reset agenda anchored on financial health — Finance Minister

The agreement was signed on behalf of the government by John Abdulai Jinapor, alongside Finance Minister Dr. Cassiel Ato Forson.

The term sheet establishes a framework of commercial principles to support the development of new gas infrastructure under the Offshore Cape Three Points Non-Associated Gas (OCTP NAG) Upgrade Project.

The latest agreement follows a Memorandum of Intent signed in September 2025, which committed the parties to collaborate on strategic investments aimed at strengthening Ghana’s energy sector and increasing domestic gas supply.

Under the proposed expansion, gas production from the OCTP project is expected to increase by up to 350 million standard cubic feet per day by 2028.

The upgrade will be driven by the development of the Gye Nyame field, as well as the installation of a booster compressor and a new non-associated gas system on the project’s floating production storage and offloading vessel.

The project is expected to enhance Ghana’s energy security, reduce dependence on imported fuels and support rising demand from industries and households.

Speaking after the signing ceremony, Mr Jinapor described the agreement as a significant milestone for Ghana’s energy future.

“Today’s signing sends a strong signal that Ghana’s upstream petroleum sector remains open, stable and ready for investment,” he stated.

He added that the government remains committed to creating a predictable and competitive environment for investors while ensuring that the country’s natural resources are developed responsibly for the benefit of all Ghanaians.

READ ALSO:

Amin Adam calls for IMF action on BoG recapitalisation, gold sales and monetary risks

BoG not a profit-driven institution despite GH¢15.6bn loss – Majority

This was largely driven by end-of-month portfolio rebalancing.

Trading activity remained concentrated in the front-to-belly of the curve, with the 2031-2034 maturities accounting for 56.34% of total turnover. This cleared at a weighted-average yield of 12.53%.

The 2027-2030 segment also saw meaningful activity, accounting for 43.62% of turnover at a weighted-average yield of 11.19%.

The long end remained largely sidelined, with the 2035-2038 maturities contributing just 4.0% of turnover at a weighted-average yield of 12.53%.

Meanwhile, the newly issued 7-year 2033 bond recorded modest turnover of GH¢1.04 million at a weighted-average yield of 12.37%.

Overall, Databank Research expects trading activity to remain selective, with investor demand concentrated in the front-to-belly segment as appetite for longer-duration bonds remains limited.

READ ALSO:

BoG not a profit-driven institution despite GH¢15.6bn loss – Majority

Amin Adam petitions IMF over BoG’s 2025 accounts, flags fiscal risks

The response comes after the release of the Bank’s audited financial results, which showed an operational loss of about GH¢15.63 billion for the 2025 financial year.

This represents a significant increase from the GH¢9.49 billion loss recorded in 2024, marking an estimated 65 per cent rise year-on-year, despite improvements in key macroeconomic indicators such as inflation and exchange rate stability.

Speaking on behalf of the Majority, the Member of Parliament for Amenfi West, Eric Afful, argued that the Bank’s financial performance should not be assessed using the same benchmarks as commercial banks.

“It is therefore important to emphasise that these financial outcomes do not impair the operational capacity of the Bank of Ghana. The Bank continues to effectively deliver on its core mandate,” he stated.

Mr. Afful explained that the primary responsibility of the central bank is to maintain macroeconomic stability rather than generate profit.

He further clarified that negative equity in central banking does not amount to insolvency, describing it as an accounting condition rather than an indication of financial distress.

“Negative equity is an accounting condition and does not imply insolvency. Central banks are not profit-making institutions,” he added.

According to him, the Bank’s balance sheet reflects the cost of policy interventions undertaken during a period of economic challenges.

“Simply put, the Bank’s balance sheet reflects the cost of stabilising the economy,” he said.

READ ALSO:

Ghana targets trade expansion as Minister leads high-level visit to Morocco

Two suspected cocoa smuggling kingpins arrested in Dormaa

As part of the visit which begun on Monday 3rd May 2026, the Minister held high-level bilateral discussions with Hon. Karim Zidane, Morocco’s Minister of Investments, Convergence and Public Policy Evaluation.

Madam Ofosu-Adjare expressed her appreciation for the invitation extended by the Moroccan authorities and underscored Ghana’s commitment to strengthening economic ties with Morocco, particularly in the automobile and agro-processing sectors.

She commended Morocco’s progress in advancing the African Continental Free Trade Area(AfCFTA) and called for the removal of non-tariff barriers to facilitate smoother trade flows between the two countries .

The Minister further highlighted Ghana’s flagship 24-Hour Economy policy, positioning it as a key driver for industrial growth and investor attraction.

She again drew attention to Ghana’s revised GIPC investment law, which enhances incentives and creates a more enabling environment for foreign investors.

In response, Mr. Zidane referenced the landmark 2017 visit of His Majesty King Mohammed VI to Ghana as a turning point in bilateral relations, noting that it paved the way for increased economic cooperation.

He encouraged Ghana to boost its export volumes to Morocco to address the current trade imbalance and proposed the urgent organization of a Business and Investment Forum in Ghana to accelerate partnerships.

The Ghanaian delegation also engaged Morocco’s Minister of Foreign Trade, Omar Hejira, in a separate meeting focused on expanding trade collaboration.

Mr. Hejira described Ghana as a strategic trading partner and emphasized that the Minister’s visit represents a significant opportunity to elevate trade relations.

He provided insights into Morocco’s economic growth, highlighting strong performances across key sectors such as renewable energy, port infrastructure, finance, pharmaceuticals, human capital development, as well as the automobile and aviation industries.

Both parties reaffirmed their commitment to swiftly organizing the proposed Business and Investment Forum to catalyze business-to-business engagement.

The Ghanaian delegation was later hosted to a formal ceremony by the Moroccan Minister of Foreign Trade, signaling the strengthening diplomatic and economic ties between the two countries.

Madam Ofosu-Adjare was accompanied by H. E Charity Gbedawo, Ghana’s Ambassador to Morocco, along with senior officials from the Ministry of Trade, Agribusiness and Industry and the Ghana Export Promotion Authority.

ALSO READ:

• Trade Minister urges government appointees to ensure judicious use of public funds

• 1D1F was a failure; factories have become white elephants – Deputy Trade Minister [Audio]

In a detailed letter to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr Amin Adam said the Fund must pay closer attention to safeguarding gains made under the programme.

He commended the IMF’s support but stressed that “greater attention is paid to safeguarding the durability of these gains” as Ghana exits the programme.

He raised concerns over what he described as a worsening negative equity position at the central bank, citing figures showing an increase from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025 for the group, and GH¢61.32 billion to GH¢96.28 billion for the Bank of Ghana itself.

According to him, this reflects a situation where “meaningful balance sheet repair has not yet commenced in substance.”

Dr Amin Adam also highlighted rising losses and monetary policy costs, noting that “the Bank recorded a loss of GH¢15.63 billion in 2025, compared with GH¢9.49 billion in 2024,” driven largely by high open market operation expenses and other financial pressures.

He warned that such developments could have spillover effects on government finances and debt sustainability.

He urged the IMF to strengthen post-programme surveillance and ensure full transparency in central bank operations, insisting that “the durability of that progress will depend on whether fiscal consolidation is supported by transparent recognition of all public-sector obligations.”

He further called for clearer treatment of gold transactions, recapitalisation plans, and safeguards against monetary financing to protect Ghana’s economic gains.

READ ALSO:

We are living on borrowed time – Oppong Nkrumah
BoG losses would have hit GH₵44bn without gold sales – Oppong Nkrumah

He is urging stronger transparency and tighter fiscal risk monitoring ahead of the programme’s conclusion.

In a letter to the IMF Mission Chief dated May 2, he recommended that the Fund require a “transparent central bank recapitalisation plan” based on the existing agreement between the Ministry of Finance and the Bank of Ghana.

The former Finance Minister said the plan should clearly define financing terms, repayment structure, and parliamentary approval processes.

The Karaga lawmaker also urged the IMF to include central bank recapitalisation in Ghana’s fiscal risk analysis, arguing that “the Government’s medium-term fiscal framework should explicitly recognise the central bank’s negative equity as a contingent or direct fiscal obligation.”

He warned that failure to do so could distort debt sustainability assessments.

On gold-related transactions by the Bank of Ghana, Dr Amin Adam raised concerns about volatility and transparency, stating that “the economic net benefit of the gold programme is therefore significantly smaller than the headline gains suggest.”

The former Finance Minister further called for clearer disclosure of transactions, including counterparties, approvals, and risk controls.

He also criticised what he described as inconsistencies in programme implementation and policy advice, arguing that “the Fund’s inconsistent positions on some policies… have been unhelpful in building policy consensus in Ghana.”

Despite his concerns, he acknowledged contributions from the IMF, World Bank, and other partners, while stressing the need to “protect the prohibition on monetary financing” and strengthen post-programme safeguards.

READ ALSO:

BoG cuts currency issuance cost to GH¢471m as cash in circulation rises to GH¢83.8bn

We are living on borrowed time – Oppong Nkrumah
BoG losses would have hit GH₵44bn without gold sales – Oppong Nkrumah

The two-day economic forum is scheduled to take place at the historic Raffles London from June 1 to June 2, 2026, under the theme: “Restoring Investor Confidence to Unlock Opportunities and Shared Prosperity.”

The summit is expected to bring together government officials, global institutional investors, captains of industry and development finance leaders to strengthen economic cooperation, forge strategic partnerships and unlock investment opportunities between Ghana and the United Kingdom.

President John Dramani Mahama is expected to deliver the keynote address. Under his Reset Agenda, Ghana is pursuing policies focused on transparency, economic resilience, fiscal discipline and stronger collaboration with international investors.

Participants will also have access to bilateral meetings, sector-specific investment roundtables and direct engagement with senior government officials.

Why Ghana? Why Now?

Ghana remains one of West Africa’s most stable democracies and fastest-growing emerging economies.

With a youthful English-speaking population, a strong legal framework and a strategic position within the ECOWAS sub-region, the country serves as a gateway to a consumer market of more than 400 million people.

The presence of the African Continental Free Trade Area Secretariat in Accra further provides access to a continental market valued at approximately US$3.4 trillion.

The summit will spotlight investment opportunities across six key sectors:

• Agribusiness
• Trade and Infrastructure Financing
• Real Estate
• Fintech, Digital Assets and Innovation (including Business Process Outsourcing)
• Energy and Green Transition
• Critical Minerals and Carbon Markets

Organising Partners

The summit is being organised by the Ghana High Commission to the UK and Ireland in collaboration with the Ministry of Trade, Agribusiness and Industry and the Ghana Investment Promotion Centre.

Supporting partners include the British High Commission in Accra, the UK-Ghana Chamber of Commerce, and Invest Africa, reflecting the strong economic ties between Ghana and the United Kingdom.

Ghana Diaspora Townhall Meeting

Ahead of the summit, President Mahama will participate in a Ghana Diaspora Town Hall Meeting on Sunday, May 31, 2026.

The event, hosted by Ghana’s High Commissioner to the UK and Ireland, Sabah Zita Benson, will provide members of the Ghanaian diaspora with an opportunity to engage directly with the President on national development priorities and the role of diaspora investment in Ghana’s transformation agenda.

Police Service interdicts five officers captured in viral extortion videos

Two BECE candidates killed in motor crash in Upper West

 That’s according to the central bank’s 2025 Financials.

The report showed that the cost of printing new notes and coins minting went down from GH¢986 million in 2024 to GH¢277 million in 2025.

Agency fees, on the other hand, went up to 10.6 million cedis. While other currency expenses increased from 14.6 million in 2024 to 183 million cedis in 2025.   

Expenses on the importation of foreign currency rose from GH¢14.4 million in 2024 to GH¢16.5 million in the last year. 

Meanwhile, the total amount of currency in circulation increased marginally from GH¢71.6 billion in 2024 to GH¢83.8 billion last year.

According to the Bank of Ghana, the currency in circulation represents the balance of banknotes and coins held by the general public and financial institutions, recorded at face value.

The liability for the notes and coins issued is the net liability after offsetting notes and coins held by the Bank, as explained in the central bank’s 2025 Financials.

ALSO READ:

• Minority accuses NDC of hiding BoG’s true financial crisis amidst claims of GH¢44bn loss

• The numbers speak for themselves – Majority replies Minority over BoG loss

The meeting was co-chaired by Finance Minister Dr. Cassiel Ato Forson and Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, bringing together key stakeholders across the mining value chain.

Speaking at the meeting, Dr. Forson said the policy is focused on reinforcing Ghana’s external buffers through a reformed gold acquisition framework, alongside stronger compliance mechanisms.

“Our focus is strengthening reserves and supporting a more stable cedi,” he stated.

He explained that under GANRAP, government is undertaking targeted reforms to improve gold acquisition processes while ensuring greater oversight and adherence to regulatory requirements.

The engagement was attended by leadership of large-scale mining companies, Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, and officials from the Minerals Commission.

Dr. Forson described the discussions as constructive, emphasising that the policy is being implemented in partnership with industry.

“This is a partnership. It is not anti-industry. It is pro-country,” he said.

GANRAP forms a central component of government’s strategy to build a stronger reserve position, reduce vulnerability to external shocks, and enhance currency stability over the medium term.

Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah called for an end to political debates over the central bank’s finances and urged stakeholders to focus on solutions.

“We are only living on borrowed time. We should stop the politics. We have to acknowledge that there is a problem and fix it once and for all,” he stated.

The lawmaker reiterated his claims that the central bank is facing serious financial difficulties, alleging that it has become “policy insolvent” and had to rely on proceeds from gold sales to stabilise its position.

He further disputed claims by the National Democratic Congress that the Bank’s losses stand at GH₵15 billion, insisting that a closer reading of the audited accounts indicates total losses of about GH₵34.9 billion.

According to him, the figure includes both core operational losses and additional losses captured under other comprehensive income.

Mr Oppong Nkrumah accused the government of downplaying the severity of the situation, describing the lower figure being circulated as misleading.

He stressed the need for transparency and decisive action to restore confidence in the central bank, warning that failure to act could worsen the situation.

“The narrative from the NDC is that there has been a loss of 15 billion Ghana cedis, but they claim there are some benefits to show for it. This is the propaganda they want to spread. If you look closely at the accounts, the actual loss amounts to no less than 35 billion Ghana cedis. The core loss is 15.6 billion Ghana cedis, while the hidden comprehensive income shows an additional loss of 19.8 billion Ghana cedis for the group, and 19.32 billion Ghana cedis for the bank alone. Therefore, to determine the true loss for the central bank, you need to add 15.6 billion cedis and 19.3 billion cedis, which totals 34.9 billion cedis,” he stated.

READ ALSO:

Handling of BoG 2025 report risks politicisation – Oppong Nkrumah

We remain policy solvent despite operating loss and negative equity – BoG

According to him, the central bank’s financial position would have been worse, estimating that the real loss could be around GH₵44 billion.

Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah alleged that the Bank of Ghana became “policy insolvent” based on its internal management accounts compiled in September 2025.

He claimed that the subsequent sale of gold in November and December was a one-off measure intended to improve the bank’s financial position rather than a routine portfolio rebalancing exercise.

“If you take away the gold sales, the Bank of Ghana would be policy insolvent,” he stated.

The lawmaker further argued that the gold transactions helped reduce the reported losses, which he insists stand at GH₵34.9 billion rather than the GH₵15 billion figure being cited by the National Democratic Congress.

He also questioned the transparency of the central bank’s communication, suggesting that public briefings on the matter did not fully reflect the extent of the losses.

Mr Oppong Nkrumah reiterated concerns about what he described as attempts to downplay the financial situation, urging a more transparent presentation of the Bank of Ghana’s accounts to the public.

“The press conference was aimed at obscuring the actual financial loss. The official loss of the Bank of Ghana is GH₵34.9 billion, not the GH₵15 billion that was presented to the Ghanaian public. The GH₵15 billion figure quoted by the NDC is pure propaganda and should be disregarded,” he said.

READ ALSO:

Handling of BoG 2025 report risks politicisation – Oppong Nkrumah

We remain policy solvent despite operating loss and negative equity – BoG

According to him, the GH₵15 billion figure being circulated by the National Democratic Congress does not reflect the full picture and should be disregarded.

Speaking on Ekosii Sen on Asempa FM, Mr Oppong Nkrumah argued that a detailed reading of the central bank’s audited 2025 annual report reveals significantly higher losses.

He explained that the reported GH₵15.6 billion represents only the core operational loss, while additional losses captured under other comprehensive income bring the total to about GH₵34.9 billion.

“When you go into the accounts, the loss is nothing less than GH₵35 billion. The GH₵15 billion being quoted is only part of the story,” he stated.

He further alleged that the presentation of the lower figure is a political narrative intended to downplay the extent of the losses.

Mr Oppong Nkrumah maintained that a proper interpretation of the financial statements is necessary to understand the true state of the central bank’s finances, cautioning against what he described as the politicisation of economic data.

“Because they are manipulating the figures, those who don’t read carefully may remain unaware. They are playing politics with these numbers. In accounting, remember that your assets are not part of your stock in trade,” he added.

READ ALSO:

Handling of BoG 2025 report risks politicisation – Oppong Nkrumah

We remain policy solvent despite operating loss and negative equity – BoG

According to him, the report was improperly handed over to the National Democratic Congress instead of being presented to Parliament through the appropriate legal process.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Oppong Nkrumah explained that the established procedure requires the report to be submitted to the Finance Minister, who then reviews it and lays it before Parliament.

He argued that bypassing this process sets a dangerous precedent that could lead to the politicisation of the central bank.

“The official audited annual report for 2025 from the Bank of Ghana was given to the NDC to announce, instead of being presented to Parliament as required. Typically, the report is sent to the Finance Minister, who adds their comments and then submits it to Parliament. However, that process was not followed; instead, the report was handed directly to the NDC party.

“What they are doing is setting a precedent that will lead to the politicisation of the Bank of Ghana,” he stated.

Oppong Nkrumah further cautioned the leadership of the Bank of Ghana against allowing political influence to dictate how it complies with its legal obligations.

He described the development as a “blatant illegality” and insisted that such an occurrence should not be repeated.

“Are we supporting the bank’s independence and credibility, or are we undermining it? The governors should not allow the NDC party to dictate how they comply with the Bank of Ghana Act. This situation should never occur again, as it represents a blatant violation of established procedures,” he said.

READ ALSO:

We remain policy solvent despite operating loss and negative equity – BoG

BoG losses reflect cost of stabilising economy – Joe Jackson

Speaking to a Pan-African audience at the Lafferty Retail Banking Council Africa Meeting, Mr. Quayson pointed to PBL’s own digital journey as proof, saying fintechs came in handy to close the gap on reach and service delivery almost overnight.

“At a time when our digital infrastructure was still developing, fintech partnerships enabled us to quickly bridge the gap in reach and service delivery,” he explained, citing mobile money integration and USSD-based services as key examples. “Prudential Bank was not a partner bank to any telco, yet customers needed mobile money services on the bank’s USSD platform. Instead of building everything from scratch, the bank turned to fintechs.

“They helped us narrow the gap quickly – in reach, speed to market, and value-added services,” he continued. “Within months, customers could buy airtime, pay TV bills, and settle utilities via USSD – something that would have taken years to develop on our own.”

He said the collaborations keep the bank competitive and responsive, while improving operational efficiency through faster transaction processing and reconciliation.

Mr. Quayson credited PBL’s leadership for being open to experimentation. “We made a deliberate policy to target the right fintechs,” he said. “That mindset – willing to trust, share revenue, and co-create – has turned Prudential Bank into a more agile, responsive institution.”

Successful partnerships, he noted, rest on trust, shared objectives, and mutual benefit. “It must be a win-win relationship,” extending beyond service delivery to joint business development and revenue sharing.

On fears that banks lose customer ownership to fintechs, Mr. Quayson disagreed. “The relationship is complementary, not competitive. Fintechs provide the tech backbone; the bank remains the primary customer interface.”

Mr. Quayson was blunt about the risks. Data protection and cybersecurity remain non-negotiable, he said. Any partnership must meet strict regulatory compliance and global standards to protect customer information and maintain trust. His closing warning: “Partnerships are not a free pass. Due diligence is everything.”

The session, themed “Partnerships and Scale: Progress of Fintech & Banking in Africa,” brought together banking leaders, fintech operators and other decision makers from across the continent.

Lafferty Retail Banking Council Africa is a confidential peer group for senior bank executives, established in 2015 by the Lafferty Group. Operating under Chatham House rules, it meets quarterly as a neutral forum to share best practice and drive digital innovation in African retail banking.

REaD aLSO:

The company’s latest disclosures reveal that the previous operator, Future Global Resources (FGR), left behind significant liabilities, including about $25 million in unpaid electricity bills; over $25 million owed to workers; and debts to institutions such as SSNIT, GRA, and GRIDCo.

By the time Heath took over in late 2024, operations had ceased, and the mine had been inactive for nearly two years.

Heath says it has since paid more than GH¢139 million to workers and is restructuring remaining obligations through agreements with unions and stakeholders.

The underground mine, which was completely flooded after power cuts halted pumping systems, is now undergoing continuous dewatering at a rate of 10 million litres per day.

The company projects full drainage by August 2026, highlighting the scale of rehabilitation required.

This context, Heath argues, is often missing in public discourse, which focuses more on current delays than inherited challenges.

The company has also responded to certain public discourses that have suggested that it lacked techinical and financial capacity.

According to the firm, the lease granted to it in December 2024, followed a “thorough review” which found its technical and financial proposal satisfactory.

The company has dismissed claims that it lacked any such capacity, stating it has already deployed over US$52 million into the mine and secured an additional US$65 million financing facility from global commodity trader, Trafigura.

Heath further clarified that the controversial “$800 company” narrative is misleading, explaining that its initial stated capital reflects standard registration requirements and not actual operational investment.

On legality, the firm pointed to a Supreme Court ruling in November 2025, which upheld the validity of the lease transfer after a challenge by the previous operator.

The company insists it remains compliant with Ghana’s mining laws and continues to operate under a valid permit issued in December 2025.

The Central Bank maintains that it remains “policy solvent,” meaning it has the internal capacity to implement key monetary policy actions, such as controlling inflation and managing interest rates, without relying on emergency government support.

In its 2025 financial statement, the Bank explained that this position is supported by its ability to generate sufficient income from monetary policy operations, particularly open market operations used to manage liquidity, inflation and exchange rate pressures.

It argued that recent economic developments will require continued intervention through these operations, but stressed that it still has the capacity to finance them internally.

The Bank said structural improvements in its income base and an agreed recapitalisation programme with government underpin its outlook.

It noted that “its financial performance over the medium term is assessed against Ghana’s macroeconomic trajectory.”

Looking ahead, the Bank projected that between 2026 and 2030, the economy is expected to record sustained real GDP growth, lower inflation following a prolonged disinflation process, and a stabilised external sector.

These conditions, it said, are expected to strengthen its financial position over time.

“These conditions… are expected to progressively improve the Bank’s net interest income, reduce interest expense on reserve accumulation, and restore cumulative profitability over the forecast horizon,” it stated.

The Bank added that returns from its external reserves will continue to support income generation.

“As the external reserve portfolio continues to generate returns at prevailing global interest rate levels, its ability to run its operations should not be a challenge at all going forward,” it said.

It also explained that as monetary policy shifts towards easing, pressure on its earnings structure is expected to reduce.

“As the monetary policy cycle transitions to an easing phase, the compression in the net interest margin… is expected to moderate,” the statement noted.

The Bank further said its outlook is anchored on disinflation trends, structural improvements in income, and government-backed recapitalisation.

Equity Position concerns

The Bank of Ghana disclosed that its negative equity worsened to GHC 93 billion in 2025, attributing it mainly to the Domestic Debt Exchange Programme and monetary policy operations in 2024 and 2025.

It explained that government has acknowledged its obligation to restore the Bank’s capital base under the Bank of Ghana Act, 2002 (Act 612), as amended.

“A phased recapitalisation programme has been agreed between the Bank and the Ministry of Finance,” it stated.

Under the plan, government will inject instruments and/or cash between 2026 and 2032 to rebuild the Bank’s capital position.

“The recapitalisation inflows… are expected to result in positive net equity by 2032,” the Bank said, adding that this will restore reserves to a prudent buffer level.

It further noted that the programme will strengthen financial resilience and reduce sensitivity to short-term income fluctuations.

“The proposed recapitalisation plan will further strengthen the Bank’s financial resilience by augmenting its capital base,” it stated.

READ ALSO:

BoG losses reflect cost of stabilising economy – Joe Jackson

The numbers speak for themselves – Majority replies Minority over BoG loss

Yet behind these impressive numbers lies an uncomfortable question: the very institution that engineered this recovery, the Bank of Ghana, is financially broken. And fixing it will cost every Ghanaian, one way or another, for years to come.

A close reading of the Bank’s newly released 2025 financial statements, prepared on 29 April 2026, reveals the full scale of the damage. The central bank’s total equity, the difference between what it owns and what it owes, stands at a staggering negative GH¢96.3 billion. That is not a typo. The Bank of Ghana, the guardian of our currency, has a balance sheet that is deeply underwater.

How did we get here? The answer is both simple and troubling. The Bank of Ghana has, in effect, spent itself into a deep financial hole in order to rescue the economy from runaway inflation. Its primary weapon has been Open Market Operations, the process of selling high interest securities to commercial banks to mop up excess money in the system. In 2025 alone, the interest cost of these operations reached a staggering GH¢16.7 billion, nearly double the GH¢8.6 billion spent the year before.

To put that number in perspective, GH¢16.7 billion is roughly equivalent to the entire budget of some government ministries combined. It is money the central bank has paid out to commercial banks, essentially as the price of controlling inflation. The strategy worked. Inflation is down, the currency has stabilised, and businesses can plan again. But the central bank itself has been left financially crippled.

A large one off gold sale provided a lifeline. The Bank sold 869,915 ounces of refined gold in 2025, generating proceeds of roughly US$3.6 billion and booking a gain of GH¢9.57 billion. Without this windfall, the reported loss of GH¢15.63 billion for the year would have been far worse. Even so, the Bank still recorded a total comprehensive loss, including exchange rate movements on its foreign reserves, of GH¢34.95 billion.

The Bank’s management is keen to point out that despite these frightening numbers, the institution remains what they call “policy solvent.” This means its core income can still cover the direct costs of its monetary policy operations. They calculate this surplus at GH¢5.5 billion for 2025, a significant improvement over the GH¢794 million recorded in 2024.

Technically, they may be right. A central bank is not like a commercial bank. It cannot become insolvent in the traditional sense because it can always create cedis to meet its local currency obligations. But this argument, while legally sound, misses the practical reality. A central bank that finances its own operations by printing money is a central bank that is fuelling the very inflation it is supposed to fight. We cannot celebrate the defeat of inflation while quietly laying the groundwork for its return.

So what happens next? The Government has signed a Memorandum of Understanding with the Bank, and Parliament has passed the Bank of Ghana (Amendment) Act, 2025, which commits the state to recapitalise the central bank. The plan is to inject capital in phases between now and 2032, with the goal of restoring positive equity by the end of that period.

This is where the bill lands on the doorstep of every Ghanaian. Recapitalising the Bank of Ghana will require the Government to transfer either cash or interest bearing bonds to the central bank. Those bonds must be serviced. That money must come from somewhere. It will come from taxpayers, either through higher taxes, reduced public spending, or more government borrowing that crowds out private investment.

Ghanians are, in effect, being asked to pay for the successful fight against inflation. The alternative, leaving the Bank to print its way out of trouble, would be catastrophic. It would destroy the hard won gains of the last two years and plunge the country back into a cycle of rising prices and a collapsing currency. Nobody wants that.

But Ghanaians deserve an honest conversation about what this recapitalisation means. Every cedi the Government transfers to the Bank of Ghana is a cedi that cannot go to building roads, equipping hospitals, funding schools, or supporting vulnerable citizens. The trade off is real and it will be felt over the next seven years.

There is also a risk that the recovery proves fragile. The improved “policy solvency” figure for 2025 depends heavily on the gold sale windfall, which cannot be repeated every year. If inflation proves stubborn, if the currency comes under renewed pressure, or if global interest rates remain high, the Bank could easily slide back into a position where its core income no longer covers its costs. That would require even more taxpayer support, or worse, a temptation to abandon the zero financing agreement with the Government.

The current economic trajectory is encouraging. Inflation is low, growth is solid, and the IMF programme, now extended to August 2026 for technical reasons, has provided a crucial anchor of discipline. But this success was purchased at an enormous cost that the country has not yet fully paid and that cost is now sitting on the Bank of Ghana’s balance sheet.

As the IMF programme draws to a close and the Government’s need to issue bonds for the recapitalisation begins to push the debt to GDP ratio back toward 53 percent, we will face a critical test. Can we maintain the fiscal discipline that brought us this far? Can we recapitalise the central bank without undermining the very stability we have fought to achieve?

The Bank of Ghana has done its job. It has tamed inflation at great cost to its own financial health. Now the Government, and by extension every Ghanaian citizen, must pick up the bill. How we manage that obligation, honestly, transparently, and sustainably, will determine whether the current recovery endures or proves to be another false dawn.

READ ALSO:

The numbers speak for themselves – Majority replies Minority over BoG loss

Minority accuses NDC of hiding BoG’s true financial crisis amidst claims of GH¢44bn loss

Real GDP grew 6.3 % in the first half of 2025. The primary balance swung from a deficit of 2.9 % of GDP to a surplus of 2.6 %. Public debt tumbled from 61.8 % to 45.3 % of GDP, beating the IMF’s 2034 target by nearly a decade. Inflation, which had scorched households at 54 % in December 2022, was wrestled down to 13.7 % by mid‑2025 and, by March 2026, sat at a quiet 3.2 %. The Fund projects it will drift back to 7.9 % by year‑end, and GDP growth of 4.8 % in 2026, slightly above the sub‑Saharan average.

Finance Minister Dr Cassiel Ato Forson, receiving the mission, called the reform journey “long, demanding, but ultimately transformative” and, “in every material sense, a success.” The IMF team echoed the sentiment, describing the moment as a significant milestone.

Good numbers, however, have a dangerous habit of hiding bad structures. Imagine the economy as a tripod. One leg is fiscal, how the state collects and spends. The second is structural or real, the farms, factories, energy grids, ports and skills that produce value. The third is monetary, the central bank’s management of prices, credit and the currency. A stable nation walks on all three. What Ghana has done in recent years is more precarious: it has balanced almost the entire recovery on the third leg, using it to prop up the first, while the second, the one that actually builds wealth, remains dangerously thin.

The cedi’s comeback and a central bank fighting alone

The fight against inflation was won not only by high interest rates but by a dramatic appreciation of the cedi. After losing more than half its value in 2022, the currency staged a ferocious rally. By October 2025 it had gained 37 % against the dollar, ranked as sub‑Saharan Africa’s best performer over eight months. By April 2026, cumulative appreciation topped 40 %, gross international reserves hit $12 billion, and import cover reached 5.8 months. The central bank, having held the line, delivered its largest rate cut on record in July 2025, slashing the Monetary Policy Rate from 28 % to 25 %.

The exchange rate was the transmission belt that made the disinflation story credible. Imported goods, from fuel to food, are priced directly off the cedi. A strengthening currency compresses pass‑through into domestic prices faster than any interest rate alone can. It also anchors the daily expectations of businesses and households, who watch the cedi the way a patient watches a pulse.

Yet this triumph belongs largely to the Bank of Ghana, fighting almost alone. The fiscal leg, despite headline surpluses, relied heavily on cash rationing. Parliament authorised capital spending of 1.5 % of GDP. According to the Minority in Parliament, the government implemented only about 0.5 %, a $1.1 billion shortfall in public investment. That is not discipline; it is anaemia dressed up as prudence.

Structural hole: energy bleeds the budget

The IMF’s sixth review places structural reforms at the top of the agenda, and no issue is more urgent than energy. The Fund estimates the annual power‑sector shortfall at $2.2 billion, driven by massive commercial and technical losses at the Electricity Company of Ghana and sluggish tariff adjustments. The government paid $1.47 billion in 2025 alone to clear legacy debts and restore a depleted World Bank guarantee. Cumulative liabilities across the sector run into tens of billions of cedis, a drain the World Bank warns could cost the government $2 billion a year by 2026, roughly 20 % of the national budget.

This is not operational friction; it is structural haemorrhage. Unmetered streetlights, power theft, procurement inefficiencies and distribution losses swallow resources that could otherwise fund schools, roads, or agricultural extension. The IMF has repeatedly flagged weaknesses in state‑owned enterprises, especially energy, as persistent fiscal risks. Nationally, electrification stands at a laudable 90 %, yet rural access is stuck near 50 %. Electricity is available; reliability and affordability are not.

Beyond power: the hardware of an economy is missing

Energy is the most visible wound, but the structural deficit runs wider. Cocoa, which contributes a tenth of GDP, saw output crash to 425,000 tonnes in 2023/24, a 22‑year low, before recovering to a forecast 650,000 tonnes in 2025/26 on better weather, higher farm‑gate prices and a crackdown on illegal mining. The rebound is welcome, but it exposes how much of the productive base remains hostage to rain, price cycles and environmental decay, not anchored in processing and value addition.

Agriculture employs roughly one‑third of the workforce and contributes a fifth of GDP. Yet post‑harvest losses, low mechanisation and weak industry linkages cap its potential. Manufacturing, the classic engine of transformation, is stuck in reverse: value‑added fell to 10.1 % of GDP in 2024, down from the year before. The informal sector, where nearly 80 % of working Ghanaians earn a living, produces only 27 % of GDP, a staggering productivity chasm.

The composition of recent growth deepens the worry. The 6.3 % expansion in the first half of 2025 was services‑heavy, led by ICT, finance and trade. Construction and manufacturing lagged. Ghana is not building the productive base that sustains jobs and incomes over decades; it is consuming and transacting its way to growth that could evaporate with the next external shock.

Finance Minister Forson, even while welcoming the IMF team, named the silent threat: youth unemployment. “If we do not create the conditions for the private sector to absorb our young people,” he warned, “the pressure on the state to provide jobs will become unsustainable.”

The fiscal leg: the revenue trap and a historic legal break

All three legs converge on a stubborn number: the tax‑to‑GDP ratio has hovered below 14 % for years, roughly half the average of lower‑middle‑income peers. Without structural transformation, the tax base cannot broaden. The government is forced to borrow domestically. Banks now hold GH¢162.9 billion in government instruments against GH¢89.2 billion in private‑sector loans, a lopsided allocation that starves the very enterprises that might create jobs and pay taxes.

Parliament’s December 2025 amendment to the Bank of Ghana Act prohibits the central bank from buying government securities on the primary market, a clean break from the printing‑press financing that fuelled the 2022 crisis. That legal barrier is essential, but it cannot substitute for a growing real economy. If the structural leg does not strengthen, the fiscal numbers will wobble again, and the monetary leg will once more be asked to carry the weight.

A scaffold, not a building

The IMF mission will now draft its report. A Board meeting within weeks could clear the final disbursement and close the programme. African Department Director Abebe Aemro Selassie was blunt before the mission left Washington: “This is not for the IMF,  this is for the people of Ghana, the government, private sector and civil society.”

The World Bank’s 2025 Policy Notes frame the long game: Ghana can triple per‑capita income from $2,200 to $6,600 by 2050, but only with deep reforms that restore macro‑financial stability, lift productivity, manage natural resources and strengthen institutions. The pillars are indivisible. Fiscal discipline without structural reform is nothing but austerity. Monetary tightening without credit to the real sector is stagnation.

The macro‑stabilisation Ghana has delivered, anchored by a resurgent cedi and falling inflation, was necessary and genuinely hard‑won. The IMF programme provided the framework, the financing and the external discipline. But it is a scaffold, not a building. Exchange rate appreciation and reserve accumulation buy time. They do not, by themselves, modernise a port, repair a distribution line, or move a farmer from subsistence to agro‑processing.

For as long as the monetary leg props up the fiscal leg  without the structural leg bearing weight, stability in Ghana will remain borrowed, from the IMF, from foreign reserves, from deferred public investment. The final review is a moment of truth. Not for the Fund. For Ghana.

Structural transformation is not a slogan. It is the unglamorous, granular, politically costly work of making the Electricity Company of Ghana collect what it bills, of turning cocoa beans into chocolate, of giving small and medium enterprises cheaper capital than the government, of making rural electrification mean power that stays on, not just a wire that passes through.

The tripod can stand. But only when all three legs are planted in the ground.

END.

Disclaimer: This article is an opinion piece written for general informational and commentary purposes only. The views expressed are solely those of the author and do not necessarily represent the position of any institution, organisation, or employer. All data and statements attributed to public officials, institutions, and other sources are based on publicly available information and have been fact‑checked to the best of the author’s ability at the time of writing. However, economic data can be revised, and readers are advised to consult official sources for the most current figures. Nothing in this article constitutes financial, investment, legal, or policy advice. Readers should seek independent professional guidance for decisions related to financial or economic matters.

Endnotes

1. IMF mission arrival, leadership, programme status and extension:

   Ministry of Finance (Ghana), “IMF Mission Arrives for Final ECF Review,” 29 April 2026; multiple news outlets (GhanaWeb, NewsGhana, The Herald) consistently report Dr Ruben Atoyan as mission chief, sixth review under the $3 billion ECF, and technical extension to 16 August 2026.

2. Finance Minister’s statement:

   Dr Cassiel Ato Forson quoted verbatim by MOFEP release (29 April 2026) and reproduced by GhanaWeb, NewsGhana, The Herald: “long, demanding, but ultimately transformative” and “in every material sense, it is a success.”

3. IMF African Department Director’s remark:

   Abebe Aemro Selassie, IMF Spring Meetings press briefing, reported by Ghana News Agency and Citinewsroom (April 2026): “This is not for the IMF – this is for the people of Ghana – the government, private sector and civil society.”

4. Real GDP growth of 6.3 % in H1 2025:

   Finance Minister’s 2026 Budget Speech to Parliament, 13 November 2025, as reported by multiple media.

5. Primary balance improvement from −2.9 % to +2.6 % of GDP:

   MOFEP fiscal data, also cited in NewsGhana and GhanaWeb.

6. Public debt decline from 61.8 % to 45.3 % of GDP:

   MOFEP and IMF programme documents; widely reported.

7. Inflation history: 54 % (December 2022), 13.7 % (June 2025), 3.2 % (March 2026):

   Ghana Statistical Service monthly CPI releases; March 2026 figure from MoFEP April 2026 release.

8. IMF inflation forecast: 7.9 % by end‑2026:

   IMF World Economic Outlook and programme review projections, reported by NewsGhana and The Herald.

9. GDP growth forecast of 4.8 % for 2026:

   IMF staff projections, cited in multiple news reports.

10. Cedi appreciation: 37 % by October 2025, 40 %+ by April 2026; best‑performing currency ranking:

    Bank of Ghana Governor statement (28 October 2025) and MoFEP April 2026 release; ranking attributed to World Bank assessment per the Governor’s speech.

11. Gross international reserves: $12 billion, import cover 5.8 months:

    Bank of Ghana Governor (October 2025) and MoFEP April 2026 data; SONA February 2026 cited “over $13 billion, five months.”

12. Monetary Policy Rate cut from 28 % to 25 % in July 2025:

    Bank of Ghana Monetary Policy Committee press release, 30 July 2025.

13. Capital expenditure gap ($1.1 billion):

    Minority in Parliament’s response to the 2026 Budget, November 2025; note this is a political statement, not an official outturn.

14. Energy sector shortfall estimate of $2.2 billion:

    IMF Fifth Review under the ECF (2025), cited by Ministry of Finance and World Bank documents.

15. Government payment of $1.47 billion for energy legacy debts:

    Ministry of Finance statement, 12 January 2026.

16. Energy sector liabilities “tens of billions of cedis”:

    Various sources report GH₵24.63 billion in ECG cumulative losses (2017–2023) and total sector debt of GH₵70 billion; the article avoids a single unverifiable figure.

17. World Bank warning of $2 billion annual cost by 2026:

    World Bank Ghana Economic Update and Public Finance Review (2025).

18. Electrification rates: ~90 % national, ~50 % rural:

    Energy Commission and Ministry of Energy data, widely cited.

19. Cocoa output: 425,000 tonnes (2023/24), 650,000 tonnes (2025/26 forecast):

    COCOBOD production reports and international cocoa market data.

20. Agriculture employment (~1/3) and GDP share (~20 %):

    Ghana Statistical Service Labour Force Reports and National Accounts.

21. Manufacturing value‑added: 10.1 % of GDP in 2024, down from 2023:

    Helgi Library, TheGlobalEconomy.com, World Bank WDI.

22. Informal sector productivity: 80 % employment, 27 % GDP:

    GSS National Report on Productivity, Employment and Growth, February 2025.

23. Banking sector allocation: GH¢162.9 billion government vs GH¢89.2 billion private:

    Bank of Ghana Governor Asiama, June 2025 data (reported by Joy Business, others).

24. Tax‑to‑GDP ratio below 14 %:

    GRA and IMF analysis; multiple media citations.

25. Parliament amendment to Bank of Ghana Act (December 2025):

    Bank of Ghana (Amendment) Bill, passed December 2025, prohibiting primary market purchases; reported by parliamentary news outlets.

26. World Bank Policy Notes 2025: $2,200 to $6,600 projection:

    “Transforming Ghana in a Generation: Policy Notes 2025,” World Bank.

27. IMF mission agenda (structural reforms, energy, social protection):

    NewsGhana, MOFEP releases.

28. Final disbursement of ~$360 million:

    NewsGhana and MOFEP.

29. Executive Board meeting timeline (2‑3 weeks):

    NewsGhana.

30. Forson’s youth unemployment warning:

    The Herald and other outlets covering the IMF mission arrival.

Speaking on the Super Morning Show on Monday, 4 May, Mr Jackson said the central bank’s financial position must be understood within the context of its recent interventions, particularly efforts to curb inflation.

“I will say this clearly and definitely. It is a good justification. You can’t avoid that, I know there are all kinds of arguments, there are also all sorts of red flags we should be aware of,” he said.

He pointed to open market operations as a major cost driver, explaining that these interventions—used to mop up excess liquidity—have been essential in reducing inflation.

“Let us look at the two biggest costs that are in the Auditor’s accounts that they gave us. The biggest cost was the open market operations, which, in simple English, means the cost that the central bank incurs in mopping up money in the system so that inflation comes down,” he noted.

“That cost was GH₵16.73 billion. But let’s look at it, inflation came down from over 20 per cent to now less than 5 per cent. If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation….”

Mr Jackson’s remarks come amid an ongoing public debate over the central bank’s financial performance, particularly in relation to its gold trading and stabilisation programmes.

Recent figures indicate that the Bank of Ghana recorded multi-billion cedi losses linked to its Domestic Gold Purchase Programme (DGPP), with reported losses rising from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025. While some officials have described these as strategic costs incurred to support macroeconomic stability and the cedi, critics have raised concerns about their long-term implications.

Mr Jackson has previously questioned aspects of the central bank’s approach, particularly persistent trading losses, warning that they could undermine confidence in the institution if not properly managed.

The Bank of Ghana, however, has rejected claims of mismanagement, maintaining that the losses reflect calculated interventions designed to cushion the economy against external shocks and stabilise the currency.

The debate unfolds against broader concerns about structural weaknesses in Ghana’s economy. Mr Jackson has highlighted issues such as foreign exchange leakages from the extractive sector, which he argues continue to exert pressure on the cedi despite periods of trade surplus.

His latest comments reinforce the argument that while the central bank’s losses are significant, they may represent the cost of achieving short-term macroeconomic stability.

READ ALSO:

• Minority accuses NDC of hiding BoG’s true financial crisis amidst claims of GH¢44bn loss

• BoG has not made any losses that should be a topic for discussion — Sammy Gyamfi

The Minority had earlier argued that the central bank is “policy insolvent,” claiming it can no longer sustain its core monetary operations without relying on extraordinary measures.

But in a statement issued on Sunday, May 3, 2026, Atta Issah, Member of Parliament for Sagnarigu and a member of the Finance Committee, rejected that position. He accused the Minority of misinterpreting technical financial data and drawing conclusions that could mislead the public.

“The characterization of the GH¢9.6 billion as a falsehood simply because it arises from gold transactions is misleading,” the statement said.

According to the Majority, gold transactions are a routine part of central banking, as reserve management often involves shifting assets between gold, foreign currency, and other instruments to improve liquidity, safety, and returns.

“Gains from such portfolio management are legitimate income. They are not fake because they are not recurring every year. Non-recurring does not mean illegitimate,” the statement added.

The Minority had argued that removing the one-off gold gains would leave the Bank with an operational deficit of about GH¢4 billion, which it cited as proof of “policy insolvency.” It also alleged that the Bank had sold as much as 50 percent of its gold reserves to prop up its finances.

However, the Majority firmly rejected those claims.

“Central banks are not commercial institutions. Policy solvency is not determined by a single year’s operating income minus expenses. It depends on the overall balance sheet, including reserves, revaluation buffers, and sovereign backing,” the caucus stated.

It also dismissed suggestions that the gold transactions were carried out under distress.

“The audited statements do not show any distress liquidation. What they show is measured portfolio adjustment,” the statement stressed.

The Majority further noted that Ghana has, in recent years, pursued policies aimed at increasing its gold reserves through domestic purchase programmes, arguing that this contradicts claims that reserves are being depleted due to financial pressure.

It added that converting part of the Bank’s gold holdings into liquidity should be seen in the context of broader economic challenges, including debt restructuring, exchange rate pressures, and tighter global financial conditions.

“This is not evidence of collapse. It is evidence of management under pressure,” the statement concluded.

ALSO READ:

• BoG’s losses worse than reported despite gold sales – Amin Adam

• BoG GHS15.6bn loss: Yesterday’s whistleblowers have become today’s defenders – Oppong Nkrumah

Addressing a press conference in Parliament, led by Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, the Minority said its review of the Bank’s 136-page report confirms concerns it had long raised about the institution’s direction.

“We have come here not to gloat about the things we forewarned,” Mr Oppong Nkrumah said, “but to share with the Ghanaian people the numbers that the government wanted to hide and the worrying implications those numbers reveal.”

The caucus also took issue with an earlier briefing by the Majority, which sought to explain anticipated losses before the official accounts were released. The Minority described that move as improper and politically motivated, arguing that it undermines established procedures.

“What happened was not only irregular but a blatant attempt to politicise the Bank of Ghana and shape public opinion before the facts were known,” they said.

At the heart of their concerns is the claim that the central bank can no longer sustain its core monetary operations from its own income. The Minority argued that while the Bank reported operational income of GH¢22.2 billion against open market operation costs of GH¢16.7 billion, the figures are misleading because they include a one-off gain of GH¢9.6 billion from gold sales.

Removing that income, they say, leaves operational earnings at GH¢12.7 billion, creating a deficit of about GH¢4 billion.

“A central bank that needs to sell gold to avoid insolvency is operating on borrowed time,” Mr Oppong Nkrumah warned.

The caucus further disputed the widely reported GH¢15.6 billion loss, insisting the actual figure is much higher when all components are considered.

They pointed to an additional GH¢19.3 billion recorded under Other Comprehensive Income, pushing total losses to about GH¢34.9 billion, and argued that when adjusted for the gold sale proceeds, the underlying loss could reach GH¢44 billion.

“This is the figure they did not want Ghanaians to see,” the Minority said, accusing authorities of relying on accounting adjustments and asset sales to soften the headline loss.

They also raised concerns about the accounting standards used in preparing the financial statements, noting that the accounts were not fully aligned with International Financial Reporting Standards but rather based on the Bank’s internal policies.

According to them, this approach allowed significant losses, particularly those linked to foreign exchange revaluation, to be shifted into Other Comprehensive Income, thereby reducing the reported deficit.

The Minority said the latest figures mark a reversal of a recovery trend recorded in previous years, citing official data that showed losses declining from GH¢13.23 billion in 2023 to GH¢9.49 billion in 2024, before rising again to GH¢15.63 billion in 2025.

“The central bank was healing. Now it is deteriorating,” Mr Oppong Nkrumah stated.

They attributed the situation to policy decisions, including changes to the cash reserve ratio framework, foreign currency reserve requirements, and the gold purchase programme—moves they say have increased sterilisation costs and pushed interest payments to commercial banks above GH¢14 billion.

In what they described as a troubling development, the Minority argued that the Bank’s operations have effectively resulted in a transfer of public resources to private banks.

“This is not monetary policy; this is a wealth transfer from the public balance sheet to private balance sheets,” they said.

They added that the situation is having real consequences for the broader economy, including tight liquidity, weak private sector credit growth, rising living costs, youth unemployment, and mounting pressure on key sectors.

“Stability of numbers is not the same as stability of livelihoods,” Mr Oppong Nkrumah stressed.

The caucus also pointed to what it sees as a contradiction in earlier positions taken by the opposition, recalling past criticisms of the central bank over smaller losses.

“By their own standards, what should be said today?” they questioned.

Despite the strong criticism, the Minority said its goal is to push for urgent reforms rather than assign blame, adding that it will present policy alternatives aimed at restoring the Bank’s financial health and safeguarding its independence.

“There is no triumph in being right when your country is bleeding,” Mr Oppong Nkrumah said. “What matters now is that we act to prevent further damage.”

The debate is expected to intensify in the coming days as questions mount over the true state of the central bank and the long-term sustainability of current economic policies.

ALSO READ:

• Gideon Boako questions IMF over BoG losses, calls for policy discipline

• BoG has not made any losses that should be a topic for discussion —…

The new kid on the block, established through the Ghana Gold Board Act, 2025 (Act 1140), was set up to oversee, monitor and undertake the buying, selling and export of gold and other precious minerals. It was also to promote value addition, support responsible mining, accumulate gold reserves for the Bank of Ghana, and help generate foreign exchange.

It effectively replaced the Precious Minerals Marketing Company, but with greater monopoly powers over the trade of gold and other minerals. GOLDBOD, per its Act, was to be the sole exporter of gold in the country.

On face value, the numbers pointed to a state institution that delivered on its mandate. But reading those numbers alongside the Bank of Ghana’s own 2025 financial results tells a very different story.

The same programme that produced GOLDBOD’s surplus handed the central bank a GH¢9.05 billion net loss — deepening the hole in an already precarious financial position.

How GOLDBOD was to operate

GOLDBOD was to be funded by a $279 million revolving fund allocated in the 2025 budget, which would allow it to buy doré gold directly from artisanal and small-scale miners on its own balance sheet and trade independently.

That fund only arrived in December 2025.

For the entire year, GOLDBOD did not carry active trading positions on its own books. It operated primarily as an intermediary — collecting funds from the Bank of Ghana, going into the field to buy gold on the central bank’s behalf, and earning service charges and fees on every transaction after assaying the gold.

For twelve months, the Bank of Ghana supplied the capital and absorbed any losses. GOLDBOD collected transactional fees and kept its balance sheet intact.

That is the structure that produced two very different sets of financials for the same year, under the same programme.

The IMF alarm

Even before the full financial damage had been tallied, the IMF raised the flag.

In its fifth review of Ghana’s economic recovery programme, the Fund disclosed that losses from the artisanal and small-scale doré gold transactions had already reached $214 million by the end of September 2025 alone — about 0.2 percent of GDP — mostly trading losses, with a small portion in GOLDBOD’s fees.

The Fund warned that the domestic gold purchase programme posed risks to the financial sustainability of the BoG and that those losses should not be borne by the central bank.

The policy design that was never going to balance

Despite the original plan of a revolving fund for GOLDBOD, the government and the central bank continued an existing arrangement — one that had operated between the PMMC and the BoG under the now-defunct gold-for-oil programme. That programme was itself discontinued in March 2025 over its cost to the bank’s balance sheet, having incurred a total net loss of GH¢2.14 billion across 2023 and 2024.

Under that arrangement, the Bank of Ghana provided foreign exchange to PMMC at the official BoG rate to buy gold from small-scale miners. The problem was that miners were paid at the unofficial forex rate, under the justification that no miner accepts the BoG rate.

The gold purchased was also not refined bullion. It was raw doré, which trades at a discount on international markets to account for refining, assay risk, transport, and financing costs. The offtaker discount offered by the BoG initially stood at 2.25% below world market prices, later reduced to 1.25% in the last quarter of 2024 and further to 1.1% in 2025.

On top of that, the central bank paid PMMC a 0.5% ad valorem service fee and a 0.258% assay fee on every transaction.

The BoG was buying at a premium, selling at a discount, and paying fees throughout. The losses were essentially built into the design.

That arrangement did not end with the establishment of GOLDBOD. It simply escalated. GOLDBOD became the sole exporter of ASM gold, inheriting the same fee structure — 0.5% ad valorem and 0.258% assay fee — until December 2025 when those were reduced to 0.4% and 0.2% respectively.

More significantly, GOLDBOD was buying at spot — sometimes above spot, to deter smuggling — while the Bank of Ghana was selling below it.

JoyNews Research data shows that in October 2025, when the global gold price averaged $4,054 per ounce, Ghana realised $3,919 — a shortfall of $135 on every ounce.

The losses were therefore expected but the bigger question was always how deep.

What the BoG’s full accounts revealed

When the Bank of Ghana finally opened its books last week, the number was no longer $214 million.

The net loss of the Domestic Gold Purchase Programme had ballooned to GH¢9.05 billion for the year.

But even that headline failed to tell the full picture.

Whereas the three-month loss from the discontinued gold-for-oil arrangement was GH¢203.03 million, the central bank incurred a gross loss of GH¢21.89 billion on its doré gold trade with GOLDBOD. So although GOLDBOD, through its assayer role, exported ASM gold valued at $10.8 billion, that came at a cost of GH¢21.89 billion — approximately $2 billion — to the Bank’s balance sheet.

Per the financials of both parties, the BoG paid GOLDBOD over GH¢827 million in charges in 2025, with nearly GH¢560 million comprising service charges alone. That meant, excluding the government’s GH¢4.5 billion grant to GOLDBOD, approximately 82% of GOLDBOD’s 2025 revenue came directly from the Bank of Ghana.

But those fees are a relatively small portion of the GH¢21.89 billion gross loss. The single largest contributor was the rate gap — embedded in every single transaction from the start.

Atta Issah, MP for Sagnarigu and member of Parliament’s Finance Committee, who uncharacteristically broke the news of the Banks’ losses sought to explain the core mechanism:

“Bank of Ghana gives money to GOLDBOD to go and purchase the gold. BoG purchases at an International Traded Currency, USD. So it will give USD to GOLDBOD at, for example, $1 to GH¢10. But when they go into the field, you and I know that no gold trader will sell his gold at BoG rate. So the difference between the forex market and BoG rates reflects the loss.”

Here is a clean explanation of a messy problem.

If the cedi was GH¢10 at the BoG window but GH¢11 on the forex market, then for every GH¢11 the central bank gave GOLDBOD, it received gold worth GH¢10. When the cedi strengthened and paradoxically widened the gap between the BoG rate and the retail rate, the Bank paid more for less gold. And with the programme scaling dramatically — doubling in volume from 56 tonnes to 111 tonnes — that meant more transactions, a wider gap, and a bigger loss.

Simply put, as GOLDBOD’s revenue grew and export volumes rose, the BoG’s expenditure deepened and its capital depleted even more rapidly.

The central bank took on the full currency risk, the full price risk, and the full market execution risk. The underlying trade was structured in a way that made losses almost unavoidable.

The GH¢21.89 billion gross loss only improved to GH¢9.05 billion on the central bank’s income statement after being partially offset by a GH¢5 billion government cost-share intervention and GH¢7.9 billion in realised gains on gold bullion sales reclassified from reserves.

The way forward

GOLDBOD’s CEO announced late last year that the Board was expected to fully take over the artisanal and small-scale gold trading programme from January 2026, and no longer operate as an intermediary for the Bank of Ghana.

Under this arrangement, GOLDBOD would be responsible for purchasing, trading, and selling gold on its own — giving the central bank’s balance sheet some much-needed breathing space.

But with the full financial risk now back on GOLDBOD, the programme needs structural fixes before it scales further.

The practice of indexing field purchase prices to the forex rate rather than a published market benchmark must be reconsidered. Cocoa prices are indexed to the BoG rate, and farmers receive accordingly. Gold cannot be treated differently under the guise of preventing smuggling. The cost of smuggling must be made expensive through enforcement — not by paying above-spot prices that hollow out the central bank.

GOLDBOD has in recent times explored discount buying, but needs to be firmer and braver with that decision. The fear of market resistance and a short-term drop in export volumes is understandable. But the potential financial cost far outweighs any temporary dip in numbers. If the arrangement cost the central bank over GH¢20 billion in gross trade losses in a single year, the question worth asking is how many months — perhaps days — it would take GOLDBOD to exhaust its GH¢4.5 billion working capital simply to maintain the same pace of exports.

The full picture, now told

While GOLDBOD may have had a good year on its own books, the Bank of Ghana paid for it.

The argument that Ghana needed the reserves is never in doubt, but a programme structured so that one entity captures the gains while another absorbs the losses is a programme that needs to be fixed.

The cost to the BoG will eventually be borne by Ghanaians through taxes. That is the part GOLDBOD’s “beautiful” financials did not show.

ALSO READ:

• Damang Mine sells 100% of first gold output to GoldBod, BoG in historic move

• GoldBod supports 6-year-old leukemia patient with $12,724 for life-saving surgery

“The Bank of Ghana has not made any losses that should even be a topic for discussion,” he said, pushing back against mounting criticism from the opposition following the release of the central bank’s latest accounts.

His remarks come after the Bank’s 2025 Financial Statement, published on May 1, 2026, revealed an operational loss of GH¢15.6 billion — the second highest recorded since the cedi redenomination in 2008.

The figures have triggered sharp political exchanges between the governing National Democratic Congress (NDC) and the opposition New Patriotic Party (NPP).

NPP MP for Tano North and a member of Parliament’s Finance Committee, Gideon Boako, described the development as “a new low,” blaming what he termed policy missteps.

He argued that the losses were avoidable, especially as 2025 was not marked by a major economic crisis.

But speaking on Newsfile, Sammy Gyamfi rejected that position, aligning with the NDC Majority’s long-held view that the losses reflect deliberate policy choices aimed at stabilising the economy.

At a press briefing on April 30, Majority MP Atta Issah defended the figures, saying the costs captured in the accounts were tied to tangible economic gains.

“The costs you see in the financial statements are the costs of producing the outcomes that you are living through currently. The institution carried them on its books; the country received the benefits,” he said.

According to the central bank, the reported loss was largely driven by three factors: monetary policy operations, the gold accumulation programme, and exchange rate-related accounting adjustments.

On the gold programme, the Bank recorded an accounting cost of about GH¢9 billion. However, officials maintain this does not represent a realised loss, as roughly 111 tonnes of gold remain held as reserve assets.

The exchange rate component also played a major role. The Bank reported a GH¢19.32 billion charge in other comprehensive income, reflecting valuation changes as the cedi strengthened. In 2025, the local currency appreciated by 41 per cent, reducing the cedi value of foreign-denominated reserves.

Sammy Gyamfi has also distinguished the central bank’s accounts and those of the Ghana Gold Board, stating that GoldBod generated over GH¢960 million in revenue in 2025 against expenditure of less than GH¢120 million, and is on track to post a surplus.

He further defended BoG Governor Johnson Asiama, describing the costs associated with the gold-for-reserves programme as intentional policy outcomes rather than signs of mismanagement.

Meanwhile, the NDC Majority maintains that the Bank’s negative equity did not originate in 2025 but dates back to 2022, largely linked to the Domestic Debt Exchange Programme.

Despite the concerns, they argue the Bank of Ghana remains operationally sound and capable of executing its core mandate.

Speaking on JoyNews’ Newsfile, Dr Boako said while recent gains in macroeconomic stability are evident, the GH¢15.6 billion loss recorded by the central bank in 2025 raises concerns about the approach used to achieve those results.

“I can recognise that there is some level of stability,” he said. “But the cost of this stability is unacceptable, because you don’t need to incur huge losses before you can stabilise your economy.”

His comments come in the wake of the Bank of Ghana reporting a GH¢15.6 billion loss.

He argued that Ghana has previously experienced periods of strong economic performance without imposing significant financial strain on the central bank.

Ghana travel guideAccording to him, between 2017 and 2019, the country recorded sustained growth, single-digit inflation for nearly two years, and improved fiscal balances without the kind of losses now being reported.

“We had growth moving from about 3.4 per cent to an average of about 7 per cent for three consecutive years. We had about 24 months of single-digit inflation and recorded a primary balance surplus. There was stability, but we did not incur these huge losses,” he noted.

Dr Boako acknowledged that the economic shocks between 2020 and 2022 required policy interventions, including aggressive inflation control measures. However, he maintained that the scale of losses associated with those interventions must be scrutinised.

“Yes, there was a crisis, and measures had to be taken. But containing the crisis does not mean we should accept any level of cost without question,” he added.

Dr Boako insists that while stabilisation efforts may involve trade-offs, policymakers must ensure that the cost remains proportionate and sustainable.

The UK-based firm has therefore revised its 2026 growth projection from 5.9% to 5.5%. This will be lower than the 6.0% recorded in 2025.

“We have nudged down our 2026 growth projection from 5.9% to 5.5% as stronger-than-expected price pressures have slightly softened the outlook for consumer spending”.

It, however, noted that the growth rate is significantly stronger than what was experienced during the 2022-2023 energy price shock following Russia’s invasion of Ukraine.

“While higher global fuel prices will apply some upward pressure to inflation, we still think this will remain lower in 2026 compared to recent years”, it explained.

It, however, expects the main transmission channel to be via fuel prices, with major oil marketing companies having hiked petrol and diesel pump tariffs by 10-15% in March 2026.

Meanwhile, it is projecting about 9% year-on-year inflation by the end of 2026.

According to the UK-based firm, price growth is likely to tick up.

Ghana’s economy grew strongly in 2025 with real Gross Domestic Product (GDP) growth reaching 6.0%, a 0.2 percentage points increase over the previous year.

This was driven strongly by the services and non-oil sectors.

Growth was particularly strong in the first three quarters, with non-oil GDP surging by 7.5%, indicating broad-based economic recovery.

A line-by-line analysis of the Bank’s audited 2025 Financial Statements indicated that a single bullion-gold transaction absorbed GH¢17.56 billion of losses for the year through two distinct accounting channels.

The gold that did the rescuing was bought largely during 2023 and 2024, the same period when the cedi was sliding, fuel prices were biting, and Ghana was deep in IMF talks. 

During 2025, the Bank of Ghana sold roughly 870,000 ounces of refined gold, about 27 tonnes of bullion. The buyers paid roughly US$3.6 billion for it, which translated to about GH¢40 billion in foreign exchange flowing into the country.

That gold had been sitting on the Bank’s books for years, much of it acquired when global gold prices were lower. By the time it was sold, the price had moved sharply higher.

The difference between what the Bank had paid for the gold and what it received was GH¢9.57 billion, and that went straight onto the income statement as profit. It was the single biggest line of income the Bank reported all year, larger even than the interest it earned on its lending.

But that is only half the rescue story.

There is a quirk in how central banks account for gold. When the price rises year after year, the Bank of Ghana doesn’t book those gains as profit straight away. Instead, the gains get parked in what is essentially an internal savings jar, a special reserve that grows in value but doesn’t touch the headline profit figure.

That savings jar had been filling up steadily through 2023 and 2024, two strong years for global gold prices. By the start of 2025, it held billions of cedis in unrealised gains, all tied to the gold the Bank had been buying.

When the bullion was finally sold last year, accounting rules required the Bank to crack the jar open and pour everything into the same year’s profit-and-loss. That added another GH¢7.99 billion of gains into the income statement.

Combine the two effects, the GH¢9.57 billion profit on the actual sale plus the GH¢7.99 billion released from the savings jar, and gold delivered GH¢17.56 billion of relief in a single year. Strip that out, and the 2025 loss would have ballooned to about GH¢33.19 billion.

You can find full visualized analysis here

Reacting to the Bank of Ghana’s 2025 financial statements, Dr Boako said the IMF’s safeguards assessments were intended to prevent “quasi-fiscal leakage,” yet the Fund continued to endorse the Bank’s foreign exchange intermediation framework.

“The IMF continues to endorse the Bank’s FX intermediation framework while simultaneously warning that the losses are unsustainable,” he stated.

The MP questioned whether the IMF’s continued support for the framework affected the institution’s credibility.

“What is the IMF doing here? Waiting for BoG to come back to the IMF again for the 18th time?” he asked.

Dr Boako argued that Ghana did not need what he termed a “crisis-management partnership” with the IMF, but rather a “policy-discipline partnership” that would strengthen economic resilience.

He also accused the Bank of Ghana of becoming increasingly politicised, alleging that policy choices were being driven by “optics over solvency” and “narrative-management over transparency.”

According to him, the Bank’s 2025 financial statements amounted to “a confession” that revealed a central bank abandoning its own recovery path.

He listed what he described as key concerns, including a weakened balance sheet, a liquidity strategy that subsidised banks instead of stabilising markets, and foreign exchange and gold operations that generated losses.

“A central bank that loses GH¢36 billion in a non-crisis year, and would have lost GH¢44 billion without selling gold, cannot credibly claim that it is being attacked,” he stated.

Dr Boako maintained that the Bank of Ghana should focus on accountability rather than political defence.

“It should be answering questions, not deflecting them,” he said.

The MP concluded by calling on Ghanaians to demand greater transparency and discipline from the central bank, warning that the country could not afford to treat financial credibility lightly.

In a statement reacting to the Bank’s 2025 financial statements, Dr Boako argued that the central bank’s handling of Open Market Operations (OMO) contributed significantly to its heavy losses while commercial banks recorded strong profits.

“BoG booked the losses, commercial banks booked the profits,” he stated.

According to him, the Bank’s OMO costs rose sharply from GH¢8.2 billion in 2024 to GH¢16.73 billion in 2025 after it abandoned the dynamic Cash Reserve Ratio mechanism.

He described the move as a return to “the most expensive liquidity-management tools” despite declining inflationary pressures.

“This is not monetary policy. This is a wealth transfer from the public balance sheet to private balance sheets. And it is indefensible,” the Tano North MP asserted.

Dr Boako further accused the central bank of reversing foreign exchange reserve-holding rules in a manner that injected liquidity back into the financial system, only for the Bank of Ghana to mop it up again at high interest rates through OMO instruments.

He maintained that such decisions unnecessarily weakened the Bank’s balance sheet.

The MP also criticised the Bank’s foreign exchange and gold operations, claiming they were being conducted at a “structural loss.”

He alleged that the BoG recorded a GH¢9 billion loss under its gold purchase programme and questioned why the Bank sold 18 tonnes of gold reserves while still ending the year with substantial losses.

“The Bank buys FX or gold at market rates but values or sells them at an artificially lower official rate,” he said.

Dr Boako argued that such practices amounted to “policy-manufactured losses” rather than unavoidable economic outcomes.

He warned that continued losses at the central bank could undermine confidence in Ghana’s financial system and damage institutional credibility.

“Credibility, once broken, is expensive to rebuild,” he added.

In a detailed Facebook post on Friday, May 1, the Karaga MP said the central bank’s reported GH¢15.6 billion net loss did not fully reflect its underlying financial challenges because gains from the sale of gold reserves were recognised as income.

Dr Amin Adam stated that the Bank reportedly sold about 18 tonnes of gold reserves, generating around GH¢40.3 billion in proceeds and a net gain of GH¢9.57 billion.

He contended that the gains were transferred from equity into the profit and loss account, thereby reducing the scale of the reported deficit.

“If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GH¢25 billion,” he wrote, adding that the figure could potentially be higher depending on the treatment of the gold transactions.

The former Finance Minister questioned the rationale behind the gold sales, saying the explanation that the transaction was intended to rebalance reserves did not align with the country’s previous policy direction of building gold reserves.

According to him, the financial statements suggest the sales were necessary to support the Bank’s monetary policy operations.

He pointed specifically to sterilisation costs, which he said reached GH¢16.73 billion in 2025.

“The Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he quoted from the financial report.

Dr Amin Adam argued that without the gold sales, the Bank’s operating income would have been inadequate to absorb those costs.

He also used the occasion to defend the Domestic Gold Purchase Programme introduced during the previous administration led by former Vice President Mahamudu Bawumia.

He said the programme had become “a major buffer” for the central bank despite criticism from the current administration.

The Karaga MP further accused the current management of the central bank of relying on accounting measures to conceal deeper structural weaknesses.

“Using gold reserves to offset operational losses does not eliminate the problem — it only masks it,” he wrote.

He warned that the strategy could delay necessary policy adjustments and obscure the true cost of monetary interventions.

In a Facebook post on Friday, May 1, Dr Amin Adam claimed the central bank’s reported net loss of GH¢15.6 billion would have been significantly higher if gains from gold sales had not been recognised in its profit and loss account.

According to him, the Bank sold about 18 tonnes of Ghana’s gold reserves accumulated under the previous New Patriotic Party administration, generating approximately GH¢40.3 billion in proceeds and a net gain of GH¢9.57 billion.

He argued that although the Bank explained the transaction as a reserve portfolio rebalancing exercise, the published financial statements raise questions about that justification.

“There was no obvious macroeconomic need for such rebalancing, especially under a policy framework that had previously been approved to build—not reduce—gold reserves,” he wrote.

Dr Amin Adam further claimed that the GH¢9.57 billion gain from the gold sale was reclassified from equity and recognised as realised income.

“This is critical,” he stated.

“Therefore, the GH¢15.6 billion net loss reported in 2025 must be interpreted in context. If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GH¢25 billion.”

He added that the Bank’s monetary operations remained expensive, citing sterilisation costs of GH¢16.73 billion in 2025.

“The financial report notes that the Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he said.

According to him, without the gold sales, the Bank’s operating income would have been insufficient to cover the sterilisation costs.

Dr Amin Adam also defended the Domestic Gold Purchase Programme introduced under former Vice President Mahamudu Bawumia, describing it as a major support for the central bank.

“One policy by Dr Bawumia — the Domestic Gold Purchase Programme — has clearly been a major buffer for the Bank of Ghana,” he stated.

He accused the current management of the central bank of prioritising “optics over sound balance sheet management,” warning that using gold reserves to offset operational losses only conceals deeper policy challenges.

“The losses — driven largely by costly monetary interventions — raise serious questions about policy efficiency,” he added.

When Dr. Boako, who also serves on Parliament’s Finance Committee, warned in January 2026 that the Bank of Ghana’s audited accounts would reveal deeper losses linked to the GoldBod programme than the $214 million already flagged by the International Monetary Fund, some critics dismissed his comments as politically motivated.

However, with the release of the central bank’s delayed 2025 audited financial statements, those warnings appear to have been confirmed.

The Bank of Ghana’s 2025 accounts, published on Thursday, April 30, 2026, after securing a statutory deadline extension from Finance Minister Dr. Cassiel Ato Forson, showed that the institution recorded another substantial operating loss for the year.

The development came as Dr. Boako had earlier predicted, reinforcing his claims about the central bank’s financial exposure to the Ghana Gold Board gold-for-reserves initiative.

In January 2026, while the IMF’s Fifth Review report under Ghana’s Extended Credit Facility programme had already highlighted $214 million in GoldBod-related trading losses up to the third quarter of 2025, Dr. Boako argued that a second and larger stream of losses would emerge.

“The losses are coming from two streams. The $214 million loss is from GoldBod’s trading activities. But there is another leg of the loss that will come up in the BoG’s audited accounts, and it will be higher,” he said at the time.

He further explained that the Bank of Ghana was operating what he described as a multiple exchange rate system — a practice criticised by the IMF — where reserve gold was acquired at Bloomberg market rates but held at a lower internal valuation.

According to him, once auditors reassessed those holdings, exchange losses would reflect on the balance sheet.

He maintained that the losses were structural and linked to exchange rate policy rather than GoldBod’s operational model.

Months later, following the release of the report, the lawmaker reacted on his X page, writing:

“I hear the long-awaited Bank of Ghana something something is out but the PR is championed by the NDC Majority in Parliament rather. Ah! Why? Do you remember my prediction on the BoG loss a few months ago?”

According to the Authority, fraudsters are creating fake business listings that appear authentic, using them to deceive unsuspecting users into sharing sensitive information or making payments.

From January 1 to April 26, 2026, the CSA recorded 54 reported cases linked to this scheme, resulting in total financial losses of GH¢266,195.

Officials say victims typically search for services online and unknowingly engage fake contacts listed as genuine businesses. Once contact is made, the fraudsters manipulate victims through social engineering tactics.

The CSA explained that the criminals often request personal and financial details under the guise of service processing or payment verification. Victims are sometimes directed to fill online forms requiring mobile numbers, transaction amounts, and Mobile Money PINs.

Once such details are shared, the fraudsters proceed to carry out unauthorised transactions, leading to direct financial loss.

To reduce exposure, the Authority is urging the public to independently verify business contacts through official websites or trusted sources before engaging any service provider found online.

It also cautioned users to be wary of newly created online listings or profiles with limited reviews, which are often used in these schemes.

The CSA further advised the public never to disclose sensitive credentials such as Mobile Money PINs, one-time passwords (OTPs), or banking details to any individual or online contact.

Citizens are encouraged to report suspicious listings and incidents promptly for investigation.

The Authority has also activated a 24-hour Cybersecurity and Cybercrime Incident Reporting system. Members of the public can report cases via call or text on 292, WhatsApp on 0501603111, or email report@csa.gov.gh.

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, received a delegation from Damang Gold Mine led by Mr. Ibrahim Mahama at the GoldBod Assay Laboratory in Accra, where he briefed the media on the historic transaction.

He noted that having Ghanaians at the helm of the country’s minerals and mining sector is critical to maximising national benefits, promoting local value retention, and driving economic transformation.

The Chief Executive Officer also expressed concern about the relatively low contribution of large-scale mining companies to Ghana’s foreign reserve accumulation efforts.

He urged other large-scale miners to emulate the example set by Damang Gold Mine, describing it as essential for the successful implementation of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been launched by government and approved by Parliament.

The first gold output from Damang Mine delivered to the GoldBod weighs approximately 110kg. The gold will be assayed, valued, and purchased by the Ghana Gold Board on behalf of the Bank of Ghana, refined, and added to the Central Bank’s gold holdings.

Under the arrangement, 80 percent of the donation will go to brilliant but financially challenged female students pursuing Science, Technology, Engineering and Mathematics (STEM) programmes.

The donation supports the university’s “Support One Student with One Laptop” (SONSOL) initiative, introduced by Vice Chancellor Rita Akosua Dickson, aimed at ensuring students have access to essential digital learning tools.

The donation was led by the Managing Director of Stanbic Bank Ghana, Kwamena Asomaning, who stressed that access to technology remains critical in an increasingly digital world and should not be limited by gender or financial status.

“As the digital economy continues to expand, equitable access to technology enables individuals to pursue education and skills development, secure employment, and engage meaningfully in civic life,” he said.

Mr. Asomaning noted that women remain underrepresented in STEM fields, a gap the bank hopes to help address through targeted support.

“We believe that women are underrepresented. Women are the marginalized group when it comes to STEM education. We have the majority going to women just as a means of bridging the gap in STEM education,” he stated.

The latest donation brings the total number of laptops donated by Stanbic Bank Ghana under the SONSOL initiative to 400 over the past five years, deepening what both institutions describe as a long-standing partnership.

Beyond technological support, the collaboration has also expanded into skills development and industry exposure for students.

As part of the partnership, Stanbic Bank Ghana annually trains top students from the Computer Science Department, with some later undertaking their national service at the bank after graduation.

Receiving the laptops on behalf of the university, Rita Akosua Dickson expressed gratitude for the bank’s continued support over the years.

“Today, I’m able to confirm that when we knocked on your door, for the past five years, you have never turned your back on KNUST. You have kept the vision. Words fail me in expressing how KNUST feels this morning about your perpetual love for this university,” she said.

She also appealed for the expansion of training opportunities for students, noting that the university’s growing population continues to increase demand for industry support and digital resources.

She assured that the university would continue to strengthen the partnership to ensure mutual benefit for both institutions.

In the Ashanti Region, that gap came under the spotlight as the third edition of the Women in Business Dialogue brought together female entrepreneurs, investors and policymakers to chart a path toward inclusive and sustainable growth.

With the government preparing to roll out the Women’s Development Bank, stakeholders say real progress will depend not only on funding, but also on bold structural reforms to unlock the full potential of women-led businesses.

About 80% of Ghana’s informal economy is made up of small and medium-sized businesses, with women constituting approximately 46% of the entrepreneurial workforce.

Despite contributing significantly to the country’s GDP, many women continue to face major investment challenges, including limited access to credit facilities, markets and financial literacy.

The third edition of the Women in Business Dialogue, organised by Business and Financial Times in partnership with Ecobank, provided a platform to bridge the gap for women-led businesses in the Ashanti Region.

As the government moves to operationalise the Women’s Development Bank, the Chief Executive Officer of Business and Financial Times, Dr. Gordon Acquaye, stressed the need for structural reforms for businesses.

“Women need to be given the tools and structures from the onset as they start their businesses. We are able to help them with bookkeeping, then the next level will be to scale up where they will need to go to a formal financial institution for loans,” he said.

The dialogue brought together dozens of female entrepreneurs from diverse sectors, including petty trading, agriculture, technology and innovation, as well as students.

It focused on critical discussions around building sustainable and inclusive opportunities for women, particularly in agribusiness.

Participants were provided with practical business development tools, improved access to credit opportunities and connections with potential investors to help scale up their enterprises.

“Women can do a lot to support their businesses, like registering their companies. We are helping them to understand the reasons so that we are able to support them to set up their businesses,” Head of Marketing and Branding at Ecobank, Regina Ofori, said.

Deputy Director at the Ashanti Regional Coordinating Council, Samuel Twum Nkansah, reiterated government’s commitment to supporting local businesses.

The event was held on the theme: “Building Market Leaders; Empowering Women-led SMEs and Agribusinesses for Inclusive and Sustainable Growth.”

Speaking after the exercise, Dr Forson said the decision to file publicly was deliberate.

“We did so for a simple reason: leadership must be demonstrated, not declared,” he stated.

He commended Ghanaian taxpayers for their consistent contribution to national development, describing their role as central to sustaining the state.

“Paying taxes is a shared civic responsibility. It is the foundation of good governance and a cornerstone of national development,” the Minister said.

Dr Forson stressed that all citizens and institutions are equal before the law and must comply with their tax obligations.

“Compliance is not just a legal obligation. It is a moral responsibility. When each of us pays our fair share, the burden is distributed more equitably and development is accelerated,” he added.

He noted that tax revenues remain critical to financing key sectors of the economy.

“Tax revenue is what funds our schools, hospitals, roads, and security systems,” he said.

The Minister also praised the Ghana Revenue Authority for its efforts, particularly during the Tax and Good Governance Month observed in April.

“I commend the GRA for its work and urge the Authority to intensify public education and continue reforms to simplify processes, reduce compliance costs, and improve transparency,” he said.

Dr Forson reaffirmed the Ministry’s support for the Authority in delivering its mandate.

“The Ministry of Finance stands ready to support the GRA in fully delivering on its mandate,” he noted.

He further encouraged individuals and businesses yet to file their returns to do so promptly, making use of available digital platforms and support systems.

“A strong tax culture strengthens economic stability, deepens accountability, and builds a fairer society,” the Finance Minister added.

READ ALSO:

Exam malpractice more dangerous than galamsey – Ahafo Catholic Schools Manager

Jomoro MP engages US investors to boost jobs and tourism

According to the traders, the initiative will offer eggs at farm gate prices and is expected to significantly boost sales while encouraging more Ghanaians to include eggs in their daily diets. They noted that despite the nutritional value of eggs, consumption levels have not been as high as expected in recent times.

They explained that the discounted sale presents an opportunity for families to purchase eggs at reduced prices, especially at a time when the cost of living continues to rise. The sellers expressed optimism that such initiatives will also help sustain their businesses by increasing demand.

The Greater Accra Poultry Farmers Association has also engaged Multimedia Group Limited to reactivate the egg sales initiative, describing it as an opportunity to strengthen public engagement while supporting a key local industry.

The initiative will feature the sale of eggs at farm gate prices as part of efforts to improve affordability and boost consumption.

The promotion is scheduled as follows:
Date: Friday, May 1, 2026 (Public Holiday – Workers’ Day)
Time: 6:00 AM – 6:00 PM
Venue: Joy FM Car Park

The sellers further encouraged the public to participate in the event, stressing that regular egg consumption contributes to improved health, particularly for children and the elderly.

ALSO READ:

Kasoa death: They told me to buy malt while my daughter…

GRA in Ashanti rolls out a digital modified tax system to…

The digital system is aimed at simplifying compliance for the informal sector and improving revenue mobilisation through the shortcode *880#.

The informal sector contributes about 27.4% to the country’s GDP, yet its contribution to total tax revenue is less than 5%.

The GRA in the region extended its campaign to educate players in the informal sector at the Kejetia Market in Kumasi on the need to pay their taxes for national development.

The event forms part of its Tax and Good Governance Month, an annual return filing period aimed at educating business owners and individuals on their obligation to file returns and comply with tax regulations.

Ashanti Regional Area Director of the GRA, Agnes Adu Gyamfi Adjei, underscored that taxpayer education is a continuous process, particularly for the informal sector.

She noted that the GRA has established permanent points of presence within the market to ensure sustained engagement with traders.

“We have a point of presence here at the Kejetia ‘Dubai’ Market. Our team moves from shop to shop daily to ensure that once you are earning income and selling taxable products, you are duly registered,” she explained.

Under existing regulations, businesses that meet a turnover threshold are required to register for Value Added Tax (VAT), which is administered in accordance with the law, including provisions for exempt goods and services.

Failure to comply attracts sanctions, including daily penalties added to outstanding tax liabilities.

As part of efforts to improve accessibility, the Authority has expanded its operational footprint in the region, upgrading facilities such as Tafo-Pankrono and Bekwai into fully functional taxpayer service centres.

The new centres bring the total number of tax outlets in the region to ten.

Mrs Adu Gyamfi Adjei emphasised that while enforcement remains necessary, the primary focus is on education and voluntary compliance, especially among small-scale enterprises.

She reiterated that taxes remain the backbone of national development.

“Taxes are what the government uses to run the machinery of the country. Roads, schools, hospitals, and markets are all funded through tax revenue. That is why we are committed to educating the public,” she asserted.

The exercise also provided an opportunity for on-the-spot tax payments, particularly for individuals with outstanding VAT and personal income tax obligations for the first quarter.

Free Health Screening

In a move to give back to taxpayers, the GRA incorporated a free health screening into the programme, deploying a medical team from Accra to attend to participants.

According to Mrs. Adu Gyamfi, the gesture reflects the Authority’s recognition of the link between citizens’ wellbeing and their economic productivity.

“We are always taking from taxpayers. This time, we have brought healthcare services to them. When they are in good health, they can work and contribute meaningfully through taxes for national development,” she noted.

READ ALSO:

Gov’t to purchase power generation plant to boost energy supply – Deputy Energy Minister

Auditor General recovers GH¢57.2m unearned salaries, supervisors to be surcharged

Speaking on Ekosii Sen on Asempa FM, Mr. Nurudeen claimed that the current administration inherited a “collapsed power sector” alongside a debt of about $1.5 billion.

According to him, the previous government failed to make substantial investments in the energy sector during its eight years in office, despite the steady growth in electricity demand.

“In eight years, there was no significant investment in the energy sector. Demand is not static, it grows by about 20 percent annually, and you need excess capacity to manage losses,” he stated.

He explained that Ghana requires at least 2,000 megawatts above its dependable capacity to address transmission losses and ensure stable supply.

Mr. Nurudeen also rejected claims that the country is experiencing “dumsor,” describing the current situation instead as intermittent power cuts.

“If intermittent power cuts are what we call dumsor, then it started during the Nana Akufo-Addo administration,” he argued.

He further urged critics to allow the current government time to address the challenges, insisting that efforts are underway to stabilise the sector.

“They should remain quiet and allow us to do what they were unable to achieve in their eight years,” he added.

READ ALSO:

Gov’t to purchase power generation plant to boost energy supply – Deputy Energy Minister

Kasoa: Pregnant woman dies after C-section request allegedly denied due to lack of bed

The initiative, held in Kumasi, forms part of the bank’s broader strategy to equip media professionals with practical knowledge and tools to build wealth and work towards financial independence.

Facilitators Nabil Hussayn and James Otchere led engaging, hands-on sessions focused on transitioning from financial stress to stability and ultimately financial freedom. The training covered key areas such as savings and investment planning, asset and debt management, and the effective use of financial tools.

The Head of Communication and Reputation Management at Stanbic Bank, Derick Romeo Adogla, underscored the importance of financial empowerment for journalists, noting that improved personal financial management enhances professional output, particularly in financial reporting.

“We brought some of our top financial experts from Stanbic Bank to take participants through financial wellness, to ensure our colleagues in the media can better manage their finances,” he said.

Mr Adogla further indicated that the bank has, in recent years, extended similar financial literacy programmes to small businesses, students, professional groups, and other specialised institutions as part of its commitment to inclusive economic empowerment.

The Ashanti Regional Chairman of the Ghana Journalists Association, Kofi Adu Domfeh, commended the bank for its sustained support to journalists in the region.

He described the training as timely and impactful, stressing that financially stable journalists are better positioned to uphold ethical standards and deliver high-quality public-interest journalism.

“When journalists are financially sound, they are better able to cater for their families and produce their best work. They are less susceptible to undue influence that could compromise professional ethics and their watchdog role. This is why we deeply appreciate this intervention by Stanbic Bank,” he stated.

As part of its support package, Stanbic Bank Ghana also donated five laptops to selected journalists to enhance their reporting capacity.

The bank reaffirmed its commitment to strengthening its partnership with the media in the region for mutual growth and long-term impact.

ALSO READ:

AkoFresh launches mobile cold storage trailer to tackle post-harvest losses

We have enough aviation fuel to meet demand — Edward Bawa

This innovative solution extends the organisation’s solar-powered cold storage model, offering flexible, on-demand cold chain services directly to farming communities, including those in remote and underserved areas.

The launch comes on the heels of AkoFresh’s recent accolade as the Most Innovative Development Project (MIDP) 2024 by the Global Development Network (Global Development Network).

Founder and CEO of AkoFresh, Mathias Charles Yabe, emphasised the significance of the initiative, highlighting its role in improving flexibility and accessibility for farmers to minimise losses.

“This mobile trailer allows us to meet farmers where they are and reduce losses at the most critical moments,” he noted.

The Accra-based agritech social enterprise is dedicated to combating post-harvest crop losses among smallholder farmers in Ghana and West Africa.

The company has successfully extended the shelf life of perishable produce from 3–5 days to up to 21 days through the use of solar-powered, off-grid cold storage technology.

This advancement provides farmers with more time to sell, increased incomes, and reduced food waste.

Mr Yabe noted the worrying impact of infrastructural deficiencies in Ghana and across sub-Saharan Africa, where farmers continue to lose significant portions of their produce.

“Despite producing enough food to feed communities, smallholder farmers in Ghana and across sub-Saharan Africa face a paradox: they lose between 40 to 60 per cent of perishable crops such as tomatoes, peppers, and leafy vegetables due to spoilage before reaching markets,” he said.

He stressed that this challenge is not due to production failures but infrastructure gaps.

“This is not due to production failures but infrastructure deficiencies. The lack of affordable, accessible cold storage means that produce harvested in the morning can become unsaleable by evening,” he added.

AkoFresh says its innovations have helped extend shelf life, reduce waste, empower farmers with stronger bargaining power, and contribute to a more stable food supply.

To date, the organisation has impacted over 10,000 people, reduced food waste emissions, and increased farmer incomes by up to 40 per cent.

The project has received support from the Global Development Network and the Ministry of Finance, Government of Japan, under the Global Development Awards Competition.