Finance – Adomonline.com

We are committed to supporting the Business Community – BoG Governor assures

Joseph Odotei — Thu, 21 Aug 2025 09:35:23 +0000

Governor of the Bank of Ghana, Dr. Johnson Asiama, has given firm assurance that the Central Bank remains committed to supporting the business community through its regulations and market interventions.

Dr. Asiama gave the assurance when he received the leadership of the Importers and Exporters Association of Ghana (IEAG), led by its Executive Secretary, Samson Awingobit Asaki, during a courtesy call at the Bank of Ghana’s Head Office.

Governor of the Bank of Ghana, Dr. Johnson Asiama, addressing the delegation
The delegation, which was welcomed by the Second Deputy Governor, Matilda Asante-Asiedu, commended the Bank for its strong leadership in stabilizing the cedi and improving the macroeconomic outlook.

Executive Secretary of the IEAG, Samson Awingobit, praised the Bank’s policies under Dr. Asiama’s leadership and called for further support to address outstanding concerns that require the Central Bank’s intervention.

Source: Joy Business

World Bank: Ghana’s disinflation gains momentum as cedi strengthens

Dorcas Abedu-Kennedy — Sat, 16 Aug 2025 10:02:59 +0000

Ghana has successfully resumed its disinflationary path in 2025, with a significant decline in headline inflation driven by tight monetary policy, a stronger currency, and improved macroeconomic conditions.

According to the World Bank Group’s 9th Economic Update on Ghana, this trend marks a positive shift after the disinflationary process stalled in 2024.

The report notes that headline inflation has been on a continuous decline since December 2024, reaching 13.7 percent in June 2025.

This six-month-long reduction reflects a broad-based easing of price pressures across core, food, and non-food categories.

“The decline was influenced by a tighter monetary policy rate of 28 percent, improved macroeconomic conditions, and a significant rebound of the currency,” the report states.

A key factor in this progress has been the strong performance of the Ghanaian cedi, which appreciated against all major currencies in the year to June 2025 — a dramatic turnaround from its struggles in previous years.

The cedi’s appreciation was supported by a combination of tight monetary policy, ongoing fiscal consolidation, and interventions by the Bank of Ghana (BoG) in the foreign exchange (FX) market, the report added.

The World Bank also acknowledged the crucial role of the BoG’s interventions in managing liquidity and supporting the currency.

However, it cautioned that such interventions “should be managed carefully to avoid distortions in the currency market and allow for a more flexible exchange rate regime.”

This advice underscores the need to strike a balance between maintaining stability and ensuring market efficiency.

The strong disinflationary trend and the rebound of the cedi are seen as positive indicators that Ghana’s stabilization and recovery reforms are taking hold.

This is giving the Mahama administration confidence to pursue its ambitious reform agenda aimed at restoring growth and achieving long-term fiscal sustainability.

Source: Myjoyonline

Decisions taken must support ongoing economic recovery – Dr. Asiama tells MPC members

Joseph Odotei — Mon, 28 Jul 2025 14:39:11 +0000

The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has charged members of the Monetary Policy Committee (MPC) to ensure that their decisions support the ongoing economic recovery process without compromising current gains.

Dr. Asiama noted that one of the key questions that should be under consideration is whether “current macroeconomic configuration permits a recalibration of the policy stance”.

He reminded members of the committee that their decisions should be guided by the fact that inflation expectation is more firmly anchored, external buffers strengthened, and confidence maintained.

The Governor made the statements in his opening remarks at the Monetary Policy Committee meeting at the Bank of Ghana Head office in Accra today, July 28, 2025.

Dr. Asiama urged all the members to sharpen their focus on “forward-looking risks, policy trade-offs, and credible guidance to markets”.

“Our mandate requires a balanced decision that reinforces stability while enabling sustainable growth”, he emphasized.

Challenges and concerns ahead

Dr. Asiama cautioned that there are some glaring challenges that should not elude the committee in in its analysis and consideration to arrive at a new policy rate decision.

He cited for instance, the 2025 Budget which reflects the firmer commitment to fiscal consolidation, the overhang from the 7.9 percent fiscal deficit in 2024 which still persists.

“Liquidity conditions are still tight, and we must remain attentive to the pace and breadth of policy transmission, particularly to credit channels and the productive sectors”, he pointed out.

Favourable Economic Data

Despite all the concerns, Dr. Asiama noted that domestically, signs of recovery have become more pronounced.

“Real GDP expanded by 5.3 percent in the first quarter, driven by strong growth in agriculture and services, while non-oil GDP rose by 6.8 percent”, he revealed.

“Another development that we should note or be guided by is the fact that the Bank’s Composite Index of Economic Activity increased by 4.4 percent year-on-year in May, and the latest PMI readings point to rising business and consumer confidence”, he said.

“Private sector credit growth has also improved, reaching 19.9 percent in April, up from 10.8 percent a year earlier, with the contraction in real credit narrowing substantially”, he added.

Dr. Asiama also revealed that Ghana’s external position remains robust recording “provisional trade surplus of US$5.6 billion in the first half of 2025, supported by strong gold and cocoa export receipts”.

He stated that the current account surplus has widened to US$3.4 billion over the same period.

The development the Governor maintained that has helped improved investor sentiment, bolstered by Ghana’s IMF-supported programme and better credit ratings, has further strengthened foreign exchange inflows.

Global Concerns

On external issues, the Governor painted some mixed sentiments, warning that the environment remains uncertain.

“Growth momentum is weakening, with global growth projected to slow to 2.8 percent in 2025, down from 3.3 percent in 2024”.

Dr. Asiama said financial conditions remain tight amid elevated interest rates, and disinflation, though ongoing, is expected to proceed unevenly.

“Oil prices have stabilized at around US$69.8 per barrel but lingering geopolitical risks and trade tensions continue to cloud the outlook”, he revealed.

Debt restructuring programme was poorly structured – Ato Forson

Joseph Odotei — Fri, 25 Jul 2025 06:47:10 +0000

finance minister Dr. Cassiel Ato Forson has taken a swipe at the Akufo-Addo administration’s debt restructuring programme, describing it as poorly designed, cancerous, and fundamentally unfair.

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

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

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

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

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

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

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

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

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

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

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

He concluded by painting a grim picture of the consequences.

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

Source: Abubakar Ibrahim

4.5 billion IMF funds used 6 days before Mahama administration began – Finance Minister

Abigail Bonney — Thu, 24 Jul 2025 17:00:37 +0000

Finance Minister Dr Cassiel Ato Forson has revealed that the GH₵4.5 billion disbursed by the International Monetary Fund (IMF) was utilised between January 1 and January 6—just six days before the current Mahama-led administration assumed office.

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

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

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

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

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

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

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

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

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

— Joy Prime (@JoyPrimeTV) July 24, 2025

Mid-Year Budget: Gov’t bans award of contracts in foreign currency

Abigail Bonney — Thu, 24 Jul 2025 16:02:55 +0000

The government has announced a ban on the pricing and awarding of public contracts in foreign currency as part of efforts to stabilize the Ghanaian cedi and enhance fiscal discipline.

Presenting the 2025 Mid-Year Budget Review in Parliament on Wednesday, July 24, Finance Minister Dr. Cassiel Ato Forson noted that the growing reliance on foreign currencies for domestic transactions poses a serious threat to economic stability.

He cautioned that if this trend continues unchecked, it could undermine confidence in the cedi, accelerate inflation, and erode the currency’s role as a symbol of national sovereignty.

“To address this, President John Dramani Mahama has directed that, effective today, July 24, 2025, no government contract—regardless of the source of funding—should be denominated in foreign currency,” Dr. Forson announced.

The Minister further reminded the public that Ghana’s Foreign Exchange Act prohibits companies, institutions, and individuals from pricing, advertising, invoicing, or making payments in foreign currency without prior written approval from the Bank of Ghana.

According to him, the directive is part of a broader set of fiscal measures aimed at protecting the local currency and ensuring macroeconomic stability.

Source: Abigail Bonney | Adomonline.com

IMF Board to consider Ghana’s 4th programme review on July 7, 2025

Joseph Odotei — Wed, 02 Jul 2025 08:50:15 +0000

The Board of the International Monetary Fund (IMF) has scheduled July 7, 2025, to consider Ghana’s fourth programme review in Washington, D.C., USA, according to information obtained by JoyBusiness.

Sources familiar with Ghana’s ongoing programme with the IMF say the government has met almost all the necessary conditions for the Executive Board to proceed with its review.

All required documentation has reportedly been submitted this week, enabling the Board to meet the minimum four-day review window before the scheduled meeting on Monday, July 7.

The review follows a staff-level agreement reached in April 2025 on the fourth assessment of Ghana’s economic programme under the Extended Credit Facility (ECF).

Impact On Ghana’s Economy

According to sources, the IMF Board is expected to approve the fourth review, paving the way for the disbursement of US$370 million, which could reflect in the Bank of Ghana’s account by July 11, 2025.

If disbursed, this amount will bring total IMF disbursements to Ghana under the ECF programme—signed in May 2023—to more than US$2.3 billion.

Some analysts say the inflows will likely boost Ghana’s international reserves by the end of July. The country also expects an additional $360 million from the World Bank within the same period to support economic recovery.

IMF Programme Targets

Ghana’s economic programme under the IMF’s ECF arrangement aims to:

Restore macroeconomic stability
Ensure debt sustainability
Lay the foundation for higher and more inclusive growth

A key target of the programme is to reduce Ghana’s debt-to-GDP ratio to 55% by 2028.

However, recent data from the Bank of Ghana indicates that this goal has already been achieved. As of April 2025, the country’s debt-to-GDP ratio had declined to 55%, aided largely by the cedi’s sharp appreciation against the US dollar.

Commercial bank data shows that the cedi has appreciated by over 40% since the beginning of 2025.

President John Mahama, speaking at a recent engagement with the African Development Bank in Ivory Coast, disclosed that the cedi’s gains had led to a ₵150 billion reduction in Ghana’s total debt stock.

Another key target Ghana has met is foreign reserves. According to the Bank of Ghana’s May Economic Report, the country’s international reserves stood at $10.6 billion as of the end of April 2025. This represents 4.7 months of import cover, a significant improvement compared to previous post-programme levels.

Gov’t misses Treasury Bill target for 4th straight week

Joseph Odotei — Mon, 23 Jun 2025 08:59:40 +0000

The government has failed to meet its treasury bill target for the fourth consecutive week, falling short by about 24%, according to auction results from the Bank of Ghana.

The Treasury aimed to raise GH¢4.551 billion but secured only GH¢3.379 billion. Of this, it accepted GH¢2.952 billion.

Analysts say investor preference has shifted towards Bank of Ghana bills, which offer a 27% yield—well above the inflation rate of 18.4%.

The 91-day bill attracted the highest interest, with bids totalling GH¢2.418 billion (71.55% of total bids). The government accepted GH¢2.191 billion.

For the 182-day bill, bids stood at GH¢716.29 million, with GH¢603.74 million accepted.

The 364-day bill saw GH¢236 million in bids, out of which GH¢157.76 million was accepted.

Meanwhile, interest rates on the yield curve dipped slightly:

91-day bill: 14.69% (down 1 basis point)
182-day bill: unchanged at 15.25%
364-day bill: dropped to 15.69% from 15.74%

Fitch warns Ghana rating at risk if local bond market remains shut

Joseph Odotei — Thu, 19 Jun 2025 10:41:16 +0000

Fitch Ratings has outlined key risks that could lead to a downgrade of Ghana’s credit rating, despite recently upgrading the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-’ with a Stable Outlook.

The rating agency said any renewed liquidity pressures could undermine Ghana’s ability to meet debt obligations. These pressures could arise from weaker fiscal consolidation or the materialisation of contingent liabilities.

Another potential trigger for a downgrade is declining market confidence in Ghana’s ability to refinance short- to medium-term debt, particularly if the local-currency bond market remains closed or inaccessible.

Fitch also flagged external liquidity risks such as a drop in international reserves, possibly due to persistent current account deficits.

On the flip side, Fitch noted that Ghana could see further positive rating action if there is a sustained decline in debt-to-GDP levels, backed by strong implementation of a credible, medium-term fiscal consolidation strategy.

Additionally, a steady build-up in international reserves—bringing them closer to the median level for countries rated ‘B’—would support macroeconomic stability and improve investor confidence in Ghana’s ability to service its debt.

Country Ceiling

Fitch maintained Ghana’s Country Ceiling at ‘B-’, in line with the sovereign IDR. It said there are no significant constraints that would prevent the private sector from converting local currency into foreign currency or transferring funds abroad to meet debt payments.

Environmental, Social and Governance (ESG) Considerations

Fitch gave Ghana an ESG Relevance Score of ‘5’ for Political Stability and Rights, indicating governance weaknesses that weigh negatively on the credit profile.

Ghana also received a score of ‘4’ for Creditor Rights. Fitch stated that the country’s willingness and ability to honour its debt obligations remain important rating considerations, as with all sovereign issuers.

BoG moves to block remittance leakages to stabilise cedi

Joseph Odotei — Thu, 05 Jun 2025 10:47:15 +0000

As part of measures to stabilise the cedi, the Bank of Ghana (BoG) has initiated plans to tighten controls and block all leakages in remittance inflows.

The central bank believes this move will help curb the hoarding of foreign currencies, particularly the dollar, and discourage speculative activities.

Addressing members of the Association of Ghana Industries (AGI), the Governor of the Bank of Ghana, Dr. Johnson Asiama, stressed the need for a renewed mindset regarding the cedi. He called on businesses to support the BoG in efforts to close loopholes in the remittances sector.

“Our objective is to ensure that every dollar that is remitted is made to count,” he stated.

Dr. Asiama disclosed that the BoG will soon roll out several measures to sanitise and monitor the remittances sector to ensure proper accounting of foreign currency inflows.

“I wouldn’t go into details about the platforms we intend to put in place, but our objective is to ensure that every dollar that is remitted is properly channelled into the economy,” he added.

On efforts to boost Ghana’s gold reserves, Dr. Asiama described the GoldBod initiative as a strategic step that will continue to shield the cedi from external shocks.

“I’m beginning to see those two things play out,” he said, referring to reforms in the remittances space and the establishment of GoldBod.

He reiterated that the BoG’s drive to stabilise the cedi is expected to positively impact the economy by reducing inflation and fostering growth. By addressing leakages in the gold and remittances sectors, the central bank aims to ease pressure on the cedi and promote stability in the foreign exchange market.

Dr. Asiama affirmed the BoG’s commitment to ensuring the cedi remains stable and competitive, supporting both businesses and individuals.

Concerns Over Remittances

In 2024, banking consultant Dr. Richmond Akwasi Atuahene raised concerns about fintech companies operating in Ghana’s remittance sector, calling for stricter oversight.

He pointed to discrepancies in reported figures and their potential impact on Ghana’s foreign exchange reserves.

Dr. Atuahene urged the BoG to commission international audit firms to conduct forensic audits on all fintech companies, retroactive to 2019. He also suggested that the Ministry of Finance and the BoG ensure fintech firms reimburse BoG Nostro accounts or authorised dealer banks with all foreign exchange components derived from international remittances.

“Foreign exchange from inward remittances can help reduce the current account deficit and stabilise the local currency against major trading currencies,” he noted.

To strengthen oversight, he proposed that BoG acquire digital tools to monitor all inward remittances. “The Bank of Ghana must acquire software that can be linked with the fintech companies’ digital apps to track, trace, and capture all inward remittances,” he said, proposing a middleware platform using APIs and Ethernet-APL technology.

These recommendations come amid growing concerns about discrepancies between World Bank remittance data and figures from authorised dealer banks in Ghana.

“The central bank has consistently failed to address the gap between World Bank data on inward remittances and that of the 23 authorised dealer banks for the period between 2019 and 2023,” Dr. Atuahene said.

Citing the BoG’s 2023 Annual Report, he questioned the fate of significant remittance inflows: “The Governor reported that fintech companies received GH¢22 billion (US$3 billion) in 2022 and GH¢57 billion (US$5 billion) in 2023. Where were these foreign exchanges held?”

While the BoG has denied claims of losing US$8 billion through inward remittances, it acknowledged a shortfall, indicating that newly licensed money transfer operators (MTOs) and fintech companies have withheld approximately US$8 billion over the past two years.

Dr. Atuahene also called for enhancements to the international remittance data framework, urging both the BoG and the International Monetary Fund (IMF) to improve their BPM6 and RCG frameworks to better reflect the evolving nature of the remittance sector.

BoG signals stronger supervision and incoming crypto regulations

Joseph Odotei — Wed, 04 Jun 2025 09:55:29 +0000

The Bank of Ghana (BoG) has reaffirmed its commitment to supervisory priorities centered on governance, anti-money laundering (AML), cybersecurity, climate risk, and innovation oversight — with a renewed focus on digital readiness and crypto regulation.

Delivering remarks at the Post-Monetary Policy Committee (MPC) meeting with CEOs of banks, BoG Governor Dr. Johnson P. Asiama emphasized that the Bank’s approach to supervision will maintain continuity but deepen in scope, with greater emphasis on early warning systems and direct board-level engagement.

“We expect deeper accountability and a stronger risk culture across institutions — not just compliance,” Dr. Asiama stated.

Crypto Regulation on the Horizon

The Governor disclosed that the BoG, in collaboration with the Securities and Exchange Commission (SEC) and other relevant stakeholders, is finalizing a comprehensive regulatory framework for cryptocurrencies and digital assets.

“This will bring clarity, mitigate risks, and support responsible innovation in line with global standards,” Dr. Asiama noted, signaling a proactive stance on a rapidly growing financial sector trend.

He urged financial institutions to begin preparing immediately for the incoming regulatory framework by:

Strengthening AML/CFT and KYC protocols for clients dealing in digital assets;
Investing in secure IT infrastructure and cyber defenses;
Participating in the BoG’s regulatory sandbox for crypto-related pilots;
Educating clients on crypto risks and compliance obligations;
Assessing institutional exposure and internal readiness for crypto activities.

“This is no longer a theoretical issue. The market is evolving. Regulation is coming. And financial institutions must be ready,” the Governor stressed.

As part of its evolving supervisory framework, the BoG plans to enhance forward-looking supervision, ensuring risk detection and regulatory intervention happen earlier and more effectively.

This includes more direct interaction with bank boards and a culture shift from tick-box compliance to active risk management.

Prof. Kwaku Asare shoots down Fiscal Council proposals

Gertrude Okyere — Mon, 02 Jun 2025 09:39:35 +0000

As Ghana grapples with an elevated public debt-to-GDP ratio, hovering around 85% by late 2024, and navigates stringent fiscal reforms mandated by its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), a heated debate has erupted over the proposed establishment of an Independent Fiscal Council.

Amidst discussions envisioning this new body as a cornerstone for long-term fiscal discipline, prominent legal practitioner Professor Stephen Kwaku Asare (popularly known as Kwaku Azar) has vehemently shot down the idea, branding it as an unnecessary, costly, and counterproductive duplication of existing state functions.

Writing from his base in the United States, Prof. Asare, a distinguished professor of accounting, argued forcefully in a social media post on Sunday, June 1, that the impetus for new oversight bodies like a Fiscal Council reflects a persistent flaw in Ghana’s governance philosophy: an ingrained “institutional fetish” for creating new structures rather than fortifying established ones.

He estimates that setting up such a council, complete with a board of 7-9 members, a secretariat, salaries, logistics, and office infrastructure, could drain the national coffers by an estimated GH₵15-20 million annually.

“We have a penchant for creating new institutions for old problems,” Prof. Asare observed. “This approach duplicates existing mandates, muddies responsibility and accountability, and risks becoming tools of patronage masked as technocratic solutions.”

He asserted that the critical functions envisioned for a Fiscal Council – including fiscal compliance, forecasting, and policy oversight – are already embedded within the mandates of existing institutions.

He pointed to the Auditor-General’s Department, tasked with ensuring financial transparency and adherence to regulations; the Ministry of Finance, responsible for macroeconomic forecasting and policy design; and parliamentary committees, which exercise oversight and scrutiny over government spending and fiscal policy.

Instead of enhancing coordination and fiscal discipline, Prof. Asare warned that the introduction of a new council could inadvertently delay decision-making processes and inflate the overall cost of governance without delivering any tangible improvements in fiscal outcomes.

As a more efficient and impactful alternative, Kwaku Azar advocated for a strategic investment in augmenting the analytical and forecasting capacities of current institutions, particularly the Auditor-General’s Department and the Budget Office.

He suggested that a “modest investment” – perhaps a 15-20% increase in their current operational budgets, specifically earmarked for acquiring advanced fiscal modelling software and training a dedicated team of 20-30 economic and financial analysts – could empower these existing bodies to fully absorb the proposed functions of a Fiscal Council, legally, operationally, and independently.

“We must resist the impulse to solve every reform challenge by creating a new committee,” he cautioned. “Creating new structures while neglecting existing ones reflects a misplaced confidence in form over function.”

Prof. Asare maintained that while the concept of an Independent Fiscal Council might be well-intentioned, its implementation in the Ghanaian context would ultimately prove redundant.

He firmly believes it should be shelved in favour of a concentrated effort to bolster the technical capabilities and independence of Ghana’s already established fiscal oversight bodies, thereby ensuring more effective and sustainable fiscal management.

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Past cedi depreciation driven by profit-seekers, not fundamentals – John Awuah

Joseph Odotei — Fri, 30 May 2025 09:18:25 +0000

The CEO of the Ghana Association of Banks, John Awuah, has revealed that a significant portion of the cedi’s past depreciation was driven not by real economic fundamentals, but by calculated profiteering.

Speaking on Joy News’ PM Express Business Edition on Thursday, May 29, Awuah described a worrying trend of currency manipulation, which he said accounted for as much as 30 percent of the cedi’s past declines.

“I once stated with no proper research behind it that I could clearly read that the extent of speculation in the currency movement was between 20 and 30%,” he said.

“So if there was a depreciation, about 20 to 30% of that depreciation is not backed by any effective transaction, but by people who are just playing on the currency for temporary price adjustments to profit from the currency movement.”

According to Mr. Awuah, these speculative players were not responding to trade imbalances or macroeconomic shocks; they were simply gaming the market for short-term gains.

“If the currency is able to hold its own, what you are doing is making that trade [speculation] unattractive,” he said.

“Now, the cedi is more attractive. So the people who are holding cedi, they are looking for cedi investments, because the currency is not depreciating as aggressively as we are used to in the past.”

He was quick to caution, however, that appreciation should not be mistaken for stability. For businesses, what matters is not necessarily a stronger cedi, but a stable and predictable one.

“We should not be too excited about significant appreciation,” he warned. “That is not exactly what the business community is looking for.”

He explained that wild swings in the currency’s value—whether positive or negative—make it impossible for businesses to plan effectively.

“The business community is looking at predictability. Not that the currency has depreciated to ¢5 to the dollar, and tomorrow it is ¢10. Another time it is ¢9.”

Inconsistent currency movements, he added, hurt forecasting, banking, and investment decisions.

“You need to plan effectively. You need some variables to hold their own and not be oscillating significantly beyond levels that you are unable to predict and have a proper forecast,” Mr. Awuah explained.

“Even if you are talking to your banks, your ability to project your revenue generation is hampered if a component of your revenue is foreign currency-based.”

While Awuah expressed some confidence in the current performance of the cedi, he avoided making bold projections.

“I don’t want to say a wait and see, because I don’t have any reason to doubt the ability of the currency to hold its own. Coming down to single digits, I am not sure,” he said.

Source: Abubakar Ibrahim

Ghana Cedi’s recent gains may be temporary without deeper reforms – APL explains why

Joshua Tigo — Thu, 29 May 2025 11:58:57 +0000

Africa Policy Lens (APL), a Policy Research and Analyst Organisation, has commended Ghana’s recent macroeconomic progress but warned that the appreciation of the cedi could be short-lived if not supported by deeper structural reforms.

According to APL, while the cedi has appreciated significantly in the first half of 2025, this has largely been driven by temporary measures.

It mentioned heavy forex market interventions by the Bank of Ghana (nearly $1 billion between January and May 2025) and tough fiscal decisions such as freezing government spending and suspending payment of arrears as factors that have significantly contributed to these gains.

“These gains, while encouraging, are built on temporary pillars that require deeper reforms to become sustainable,” APL noted.

APL points out that Ghana has seen similar periods of stability before, particularly between 2017 and 2019 during the IMF Extended Credit Facility program.

During that time, the cedi was relatively stable due to improved fundamentals, disciplined fiscal policy, and external conditions such as rising oil production and commodity prices.

APL suggests that today’s policymakers can learn from that period by focusing on long-term reforms instead of relying on interventions.

“There are lessons from the past—particularly the 2017–2019 period—that show sustainable stability must be anchored in strong fundamentals, not ad hoc measures,” the organisation stated.

In a press release issued on Tuesday, May 27, 2025, it highlights potential risks if current strategies continue without adjustment while warning that the over-reliance on gold-backed interventions and deferred obligations could backfire, especially if commodity prices fall or external financing becomes more difficult.

“Over-reliance on short-term tools such as gold-backed forex support and deferred government obligations could leave the economy vulnerable to external shocks,” APL warned.

It indicated that analysts such as S&P Global Ratings and Fitch Solutions have already warned that the cedi could face renewed depreciation in the second half of 2025 if structural imbalances resurface.

“Global credit watchers are already flagging risks, and Ghana must act swiftly to insulate itself from renewed pressures,” APL emphasized.

APL calls for stronger policy action, including the completion of debt restructuring, diversification of export revenue sources, and improved fiscal management.

It also emphasizes the importance of transparent communication from government institutions to maintain investor confidence.

“To maintain the current momentum, reforms must be bold, and communication must be clear to avoid spooking markets,” the group stated.

In conclusion, APL states that while Ghana’s currency has shown impressive recovery, “the challenge now is to ensure these gains are not only preserved but built upon,” reiterating that “without long-term reforms, the current stability may not hold.”

Reduced public spending the reason for the Cedi’s recent strength – APL argues

Joshua Tigo — Thu, 29 May 2025 11:06:29 +0000

Research and Policy Analysts, Africa Policy Lens (APL), have highlighted factors that have accounted for the significant appreciation of the Ghanaian cedi in the year 2025, making a notable turnaround after a difficult 2024.

According to APL, the cedi has appreciated by over 20% against the US dollar so far this year, making it one of the best-performing currencies globally.

As of mid-May 2025, the cedi is trading at approximately GH¢13.5 to the dollar, reflecting a 17% gain since January.

APL attributes this recovery to a combination of factors, including the government’s fiscal consolidation measures like a sharp reduction in public spending, suspension of new projects, and a freeze on the clearance of arrears, which have helped reduce pressure on the currency.

“The Ministry of Finance is reported to have held back payments worth about GH¢69 billion pending audit,” APL stated, “effectively curbing excess demand for foreign exchange.”

At the same time, the Bank of Ghana (BoG) has played a central role through strategic interventions.

Through the Domestic Gold Purchase Programme (DGPP), the BoG accumulated gold reserves that were later used to support the cedi via gold-backed foreign exchange operations.

Between January and May 2025, the central bank injected nearly $1 billion into the forex market.

“This included $490 million in April alone and $264 million in March,” APL noted, “which helped improve dollar liquidity and ease depreciation pressure.”

In a press statement issued on Tuesday, May 27, 2025, APL notes that while these interventions have brought short-term stability, their sustainability remains uncertain.

“Drawing down reserves and delaying payments are not long-term solutions,” the think tank stressed.

APL also acknowledges the influence of external factors such as the weakening of the US dollar amid global trade tensions, which have contributed to the cedi’s recent gains.

Despite the progress, APL warns that short-term gains should not lead to complacency.

The group emphasizes the need for continued reforms, urging the government to build on current momentum with permanent policy measures aimed at fiscal discipline, export diversification, and institutional transparency.

“Short-term gains should not lull policymakers into inaction,” APL cautioned. “Sustainable growth depends on deep, structural reforms.”

Ghana’s economic rebound is real, but… – Bank of Ghana

Joseph Odotei — Wed, 28 May 2025 13:02:18 +0000

The Ghanaian economy is showing renewed signs of recovery, but sustaining this progress will require consistent policy execution, deep structural reforms, and collective national resolve.

This was the key message from Mr Osei Gyasi of the Bank of Ghana’s Governance Department, who delivered an address at the inaugural Daily Graphic/Ecobank Ghana Economic Forum held in Accra today (May 28, 2025).

Speaking on behalf of the central bank, Mr Gyasi said the economy was gradually rebounding from years of cyclical crises and structural vulnerabilities, bolstered by tight monetary policy, improved external sector performance, and ongoing reforms under the International Monetary Fund (IMF) programme.

He praised the organisers for creating a platform for open and candid discussion on the economy and challenged participants to use the forum as a springboard for co-creating a roadmap towards economic renewal.

Mr Gyasi noted that signs of recovery have become more pronounced in 2025, with the cedi appreciating and reversing a 19.2 per cent depreciation recorded in 2024. Inflation, he said, had moderated significantly from 23.8 per cent in December 2024 to 21.2 per cent in April 2025, aided by currency stability, tight monetary policy, and improved supply-side conditions.

He cited marked improvement in the external sector, with a strong current account surplus in the first quarter of 2025, driven by gold and cocoa exports.

Ghana’s gross international reserves reached $10 billion at the end of April—an all-time high—equivalent to 4.7 months of import cover. The country also posted a real GDP growth of 5.7 per cent in 2024, exceeding expectations, and is projected to grow by four per cent in 2025. These developments, Mr Gyasi said, have led to renewed investor confidence, culminating in an upgrade of Ghana’s credit rating by S&P from ‘selective default’ to ‘CCC+’.

However, Mr Gyasi cautioned that the progress made remains fragile. He said fiscal pressures, currency volatility, and the global economic environment still pose significant risks. He stressed the need for close policy coordination between monetary and fiscal authorities, noting that a single misstep could reverse the hard-won gains.

On monetary policy, he disclosed that the Bank of Ghana’s Monetary Policy Committee had unanimously voted to maintain the policy rate at 28 per cent during its May 2025 meeting.

This, he explained, was a deliberate decision aimed at consolidating the gains made in bringing down inflation. He also announced a structural reform to the cash reserve ratio framework, requiring banks to hold reserves in the currency of their respective deposits—a move designed to enhance liquidity management and the effectiveness of monetary policy transmission.

Mr Gyasi acknowledged ongoing concerns in the banking sector, particularly relating to asset quality. He said the non-performing loan ratio stood at 23.6 per cent but dropped to 9 per cent when adjusted for provisions, indicating that banks are actively working to clean up their loan books. The banking system, he stressed, remains strong and well-capitalised, with a capital adequacy ratio of 15.8 per cent as of April 2025, well above the regulatory minimum of 10 per cent.

Looking ahead, Mr Gyasi argued that macroeconomic stability, while necessary, is not sufficient to reset Ghana’s economy. He called for a broader growth model that goes beyond reliance on gold and cocoa, urging greater investment in value addition, diversification, and strategic sectors such as agro-processing, light manufacturing, logistics, tourism, education, and health.

He said these sectors have high potential for job creation, export expansion, and innovation, but require targeted policy support and infrastructure investment.

He further highlighted the importance of tackling structural challenges such as limited domestic revenue mobilisation, weak public financial management systems, and governance gaps. According to him, Ghana’s economic transformation will depend not only on sound policy tools but also on policy consistency, institutional reform, and commitment to transparency and the rule of law.

In his concluding remarks, Mr Gyasi acknowledged that the road ahead would be difficult but stressed that with courage, integrity, and collective effort, the goal of building a stable, sovereign, and globally competitive Ghana was within reach.

He reaffirmed the Bank of Ghana’s commitment to prudent policy implementation and encouraged participants to ensure that the forum becomes a true catalyst for national economic renewal.

The forum, held at the Ecobank Head Office under the theme “A Broad Review of the Economy of Ghana: Then, Now, and the Way Forward,” also featured remarks from Presidential Advisor on the Economy, Seth Terkper, and PwC Ghana’s Tax Partner, Abeku Gyan-Quansah. Participants explored issues of monetary policy, taxation, and fiscal discipline, with a focus on repositioning Ghana’s economy for long-term growth.

Source: Graphic Online

BoG to resume monetary easing in quarter 3, 2025

Gertrude Okyere — Tue, 20 May 2025 08:32:58 +0000

The Bank of Ghana (BoG) is expected to resume monetary easing in the third quarter of 2025, but at a measured pace, Fitch Solutions has predicted.

According to the UK-based firm, the central bank will cut its policy rate by 200 basis points to 26.00% by the end of 2025, and follow with a further 300 basis points reduction to 23.00% in 2026.

“Inflation easing gradually, supported by exchange rate stability and lower energy prices, we forecast a cumulative 200bps [basis points] reduction in the policy rate to 26.00% by end-2025, followed by a further 300bps cut to 23.00% in 2026,” it noted in its latest report.

In March 2025, the BoG surprised markets with a 100 basis points hike in the policy rate, bringing it to 28.00%. It marked the first Monetary Policy Committee (MPC) meeting under new Governor Johnson Asiama, who has taken a more hawkish stance than his predecessor, Dr. Ernest Addison.

The MPC, at the time, stressed the need for inflation to become “firmly anchored” before any consideration of rate cuts.

Policy Rate To Remain Steady For Now – Databank Research

Meanwhile, Databank Research has projected that the BoG will likely maintain the policy rate at 28% in the short term, with any potential cut depending on continued progress in reducing inflation.

The investment firm noted that the MPC is expected to adopt a wait-and-see approach to assess the impact of earlier tightening measures.

The MPC will hold its next quarterly sitting from May 21 to May 23, 2025.

“Barring internal or external shocks, our projections suggest a steady disinflation path, likely settling between 17–19% by mid-year on base effects and stable prices,” Databank stated.

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Why is a board member doing PR? – Ken Thompson questions Adongo’s dollar withdrawal comments

Gertrude Okyere — Mon, 19 May 2025 06:49:46 +0000

Economist Kenneth Kwamina Thompson has questioned why Dr. Isaac Adongo, a board member of the Bank of Ghana (BoG), is publicly commenting on operational and public relations issues.

Speaking on JoyNews’ Newsfile, the former Dalex Finance CEO said Dr. Adongo’s public remarks were unusual and inappropriate for someone serving on the central bank’s board.

“When I heard Dr. Isaac Adongo speaking about the over-the-counter dollar issue, I was thinking to myself, why would a board member get involved in something like that?” Ken Thompson asked.

“It’s a PR matter. Why are you getting involved?”

Mr. Thompson stressed that such issues should be handled by communication professionals or executives directly managing monetary operations, not board members.

“There are a lot of issues related to it, and really, I wouldn’t have gotten involved in it at all as a board member,” he said.

“What he did was almost rare. I haven’t come across those kinds of situations. That’s where I stand on the matter.”

His comments came days after Dr. Adongo announced plans to intensify restrictions on over-the-counter access to foreign currency.

In an interview on PM Express with Evans Mensah, Dr. Adongo explained the policy direction: “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”

The announcement has stirred debate, with critics calling for clearer communication and better coordination from the central bank.

Mr. Thompson believes such pronouncements, especially when coming from a board member, create confusion about roles and weaken institutional discipline.

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Cedi stability backed by organic, non-debt creating reserves – BoG

Gertrude Okyere — Fri, 16 May 2025 07:19:23 +0000

The First Deputy Governor of the Bank of Ghana (BoG), Dr. Mumuni Zakaria, has clarified that the recent rally of the cedi is not due to artificial intervention by the central bank, but rather the result of strong, non-debt-creating foreign reserves and sound policy measures.

Speaking to host George Wiafe, Dr. Zakaria explained that the Bank of Ghana has strategically met market demand without drawing down its foreign exchange buffers.

“If we were that heavy in terms of support to the market, we would not be doing well with reserves,” he said. “But if there is one thing we’ve done well under the IMF programme, it is reserve accumulation.”

He described Ghana’s reserve performance as “very, very impressive.”

“Look at the IMF target — we have already achieved it. The target was three months of import cover. We’re now at 3.7 months using the IMF’s own metric,” Dr. Zakaria noted. “If you include petroleum funds, we’re even at 4.7 months.”

Dismissing claims that the central bank is depleting reserves to prop up the cedi, he said, “Unfortunately, if this were the case, the market would have seen through it. Market players are very smart. They wouldn’t trust us, and the rally would be short-lived.”

Dr. Zakaria emphasized that the current reserves are organically accumulated rather than dependent on debt or short-term inflows.

“At the end of April, we were above $10 billion. And we expect to hit $11 billion by the end of June,” he revealed. “This is way above what’s expected under the IMF programme. That’s what’s giving the market confidence.”

He added that this level of reserve accumulation represents a fundamental shift in the country’s economic position.

“This time is different,” he said.

Beyond reserves, Dr. Zakaria pointed to other factors underpinning the cedi’s strength.

“You have the IMF Staff Level Agreement, which sent a strong signal to the world. You have inflation coming down from nearly 24% to 21.2%. You also have fiscal consolidation. Government borrowing is slowing,” he explained.

He also highlighted the Bank of Ghana’s aggressive liquidity management measures.

“We’ve sterilised three times the amount we did last year,” Dr. Zakaria said. “That tells you we’re not flooding the market with cedi liquidity, but we’re still meeting forex demand.”

Describing the central bank’s approach as balanced and effective, he concluded, “We are not intervening recklessly. We’re supporting the market strategically while building buffers. We are in a much stronger position today. And we’re determined to keep it that way.”

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We’re not burning reserves to hold the cedi – BoG Deputy Governor

Gertrude Okyere — Fri, 16 May 2025 07:15:52 +0000

The First Deputy Governor of the Bank of Ghana, Dr. Mumuni Zakaria, has dismissed claims that the central bank is depleting its foreign reserves to prop up the cedi, insisting that the recent gains in the local currency are genuine and sustainable.

“If we were that heavy in terms of our support to the market, we would not be doing well with our reserves accumulation,” Dr. Zakaria told Joy News.

He described the cedi’s rally as credible and backed by real market confidence, rejecting speculation that the Bank of Ghana is drawing down its buffers.

“Unfortunately, if this were the case, market players who are very smart would have seen through it,” he explained. “The rally would have been short-lived. They wouldn’t trust you.”

Contrary to such speculation, Dr. Zakaria revealed that the central bank has been accumulating reserves faster than expected.

“We are even accumulating reserves much, much faster than what has been expected,” he said. “And that is why the market really thinks this can be sustained.”

On the quality of the reserves, he added: “These are not debt-creating reserves. These are organically accumulated reserves. At the end of April, we had over $10 billion. We expect to hit $11 billion by the end of June.”

Dr. Zakaria noted that these reserve levels exceed International Monetary Fund (IMF) targets. “The IMF program set a target of three months of import cover. We are now at 3.7 months using IMF metrics,” he said. “If you include petroleum funds, we’re around 4.7 months. That’s quite a lot.”

Highlighting the bank’s strategic approach, he said, “We have devised very strategic ways of meeting market demand while still accumulating external buffers.”

“This time is different,” he emphasized.

Dr. Zakaria also cited other factors supporting the cedi’s strength, including the IMF Staff Level Agreement, which sent a positive signal globally.

“We’ve had a Staff Level Agreement with the IMF. That sent a strong message globally. It means things are changing.”

He pointed to progress in inflation management and fiscal consolidation.

“Inflation dropped from nearly 24% to 21.2%. That’s progress,” he said. “Fiscal consolidation is also taking shape. Public sector borrowing has slowed sharply compared to last year.”

The Deputy Governor also spoke about liquidity management. “We’ve sterilised three times more than last year,” he explained. “So we’re keeping cedi liquidity tight while still meeting forex demand.”

“We are not intervening recklessly,” he stressed. “We’re building confidence, not burning reserves.”

“This is not smoke and mirrors,” Dr. Zakaria concluded. “This is real. And we intend to sustain it.”

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BoG settles brouhaha on over-the-counter dollar withdrawal

Gertrude Okyere — Thu, 15 May 2025 13:31:45 +0000

The Bank of Ghana (BoG) has clarified that existing rules on foreign exchange withdrawals remain in force.

This follows claims by BoG board member and Bolgatanga Central MP, Isaac Adongo, who disclosed plans to intensify restrictions on over-the-counter US dollar withdrawals from financial institutions. He said the move was part of efforts to curb cedi depreciation.

However, the Ghana Association of Bankers (GAB) said no such directive had been issued to the banks by the BoG.

In a public notice, the Central Bank emphasized that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted.

“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” the bank added.

The BoG explained that such transactions must be backed by a valid passport, visa, and a confirmed travel ticket, in accordance with BoG Notice BG/GOV/SEC/2014/09.

The notice also confirmed that cheques and cheque books may continue to be issued on both FEA and FCA accounts.

“The Bank has not contemplated reviewing these existing measures,” the statement concluded.

All banks and the general public have been urged to take note and comply accordingly.

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BoG Governor calls for trust-based partnerships to accelerate Fintech and digital initiatives

Joseph Odotei — Thu, 15 May 2025 11:11:55 +0000

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has called for collaboration to promote fintech and digital initiatives to enhance Africa’s integration.

He said fintech is bridging access gaps, particularly for underserved and remote communities, and cross-border digital payments are gaining traction, promising to ease trade frictions and accelerate regional commerce.

The Governor was speaking at the 3i Africa Policy Forum on the theme: “One Africa, One Market: Driving Innovation, Investment, and Impact for a Connected Future.”

The forum presented a unique opportunity to build shared momentum and aimed to address key levers for driving Africa’s digital financial integration, including attracting sustainable investment into fintech and digital finance, aligning regulatory approaches to unlock cross-border payments, and empowering SMEs as drivers of regional trade and innovation.

Other initiatives discussed include operationalizing the Digital Trade Protocol to support regulatory convergence, ensuring responsible and secure adoption of stablecoins and digital assets, and unlocking investor capital through strategic de-risking frameworks.

Leaders in policy, regulation, finance, and technology who are shaping Africa’s digital transformation attended the forum.

Dr. Asiama said the forum was not merely to reflect on last year’s Summit outcomes but to translate them into clear, executable strategies.

“The focus is implementation: scaling fintech, digital assets, and cross-border payment solutions to deepen financial inclusion and intra-African trade in alignment with the AfCFTA,” he said.

He noted that regulatory sandboxes and innovation hubs were taking root, offering safe environments to test new technologies within the realities of African contexts.

These gains are being reinforced by modern regulatory approaches, pilot programs, innovation offices, and digital public infrastructure frameworks—all designed to promote inclusive finance, enhance SME participation, and unleash the creativity of Africa’s youth and entrepreneurs.

The Governor said the Bank remains firmly committed to the agenda. Their work with the Pan-African Payment and Settlement System (PAPSS), and more recently the bilateral fintech passporting collaboration with the National Bank of Rwanda, reflect their conviction that regional integration is achievable through trust-based partnerships.

“We are also proud to announce our collaboration with the National Bank of Rwanda and the Global Financial Technology Network (Singapore) on the Next-Gen Digital Payment Infrastructure Project (DPI),” he added.

This initiative aims to modernize Africa’s cross-border payments ecosystem through a central bank-led, innovation-enabled approach co-developed with fintechs and financial institutions.

The project will support scalable pilots that can serve as templates across the continent, accelerating interoperability and unlocking the full potential of Africa’s digital economy.

In a keynote address, Vitaliy Kramarenko, African Department Deputy Director at the IMF, urged policymakers to focus on developing supporting infrastructure, digital finance innovation, and regional trade facilitation, among other priorities.

He emphasized the need for creative solutions, including public-private partnerships, to continue advancing digital infrastructure development.

Despite significant progress in mobile penetration—with cellular subscriptions increasing rapidly since 2000 to about 80 subscriptions per 100 people in sub-Saharan Africa—much more remains to be done.

“Also, despite falling behind other regions in traditional access to finance, as proxied by the number of commercial bank accounts per adult, the region is ahead in mobile financial access, such as the use of mobile money accounts,” he added.

Mr. Kramarenko urged governments to provide essential payment infrastructure and sound policy frameworks to mitigate risks, build resilience, and harness the benefits of digital payments.

We’re guiding the cedi to its true level – Isaac Adongo

Joseph Odotei — Thu, 15 May 2025 09:06:41 +0000

Bank of Ghana Board Member Isaac Adongo says the recent calm in the cedi’s volatility is the result of a deliberate and coordinated policy move, not a fluke.

Speaking on JoyNews’ PM Express on Wednesday, May 14, he said the Nana Akufo-Addo era of reckless monetary management is over, and Ghanaians are now seeing what leadership with discipline looks like under President John Mahama and Finance Minister Cassiel Ato Forson.

“What is happening now is an intentional policy implementation,” the Bolga Central MP explained.

“It is a complementary effort from the Ministry of Finance and the central bank. The central bank is doing its bit, and government, under the leadership of the Finance Minister, is also doing its bit, so the two of them are collaborating.”

When host Evans Mensah asked if the cedi had now been “arrested,” a reference to then opposition leader Dr. Mahamudu Bawumia’s 2014 claim, Mr. Adongo responded sarcastically.

“No, we have not arrested the cedi. The man who arrested it is out there. What is happening to the cedi now is that we are gradually massaging it to find its true level.”

For the Ranking Member on Parliament’s Finance Committee, this isn’t about grand gestures or media gimmicks. It’s about sending the right message to the market and applying pressure where it matters.

“We are trying to let them know—‘Hey, we are in Ghana now. Akufo-Addo is gone. Bawumia is gone. It is now Ato Forson and John Mahama who are here. If you misbehave, we will deal with you.’ And they are beginning to say, ‘yes sir, yes sir.’ That’s what we are doing.”

Isaac Adongo said the priority is not to chase unrealistic exchange rate targets but to secure lasting macroeconomic balance.

“What we are looking for is stability, not a quantum jump of the cedi from ¢15 to ¢3. What we are doing now is to get the cedi to find the level that supports the economy.”

He explained that while the exchange rate calm is part of the immediate relief strategy, the broader plan is to tackle inflation at its roots.

“This is an initial remedy to give Ghanaians some relief,” he said, “whilst the fruit that we really want to bear is to tackle head-on food inflation.”

We haven’t received any directive to halt over-the-counter dollar withdrawals – Bankers Association

Gertrude Okyere — Thu, 15 May 2025 06:14:28 +0000

The Ghana Association of Bankers (GAB) has clarified that commercial banks have not received any official directive from the Bank of Ghana (BoG) to suspend over-the-counter withdrawals of foreign currencies.

This clarification follows recent comments made by BoG board member Dr. Isaac Adongo, who suggested during an interview on JoyNews’ PM Express that such a restriction would soon be enforced.

However, GAB Chief Executive John Awuah dismissed this, stating categorically that no such instruction has been issued by the central bank.

“I can say on authority that as a community of banks, we do not have any directive that bars over-the-counter withdrawal of USD or any foreign currency,” Mr Awuah said on JoyNews Prime.

He emphasized that banks only act on formal communications from the Bank of Ghana itself—not individual members of its board.

“And another point I want to make is we need to be very careful here, and with all due respect to the board member who spoke, Dr Isaac Adongo, that as banks, we do not take instructions from individual board directors of Bank of Ghana. Never. We do not take instructions from directors of the board. We take instructions from the Bank—the Bank here being the Bank of Ghana—under the pen of the Governor,” he stressed.

While acknowledging that customers must provide valid reasons to withdraw foreign currency, Mr Awuah noted that there is no outright ban in effect.

“You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition,” he clarified.

He reiterated the need to maintain proper communication channels and cautioned against misinterpretations.

“With all due respect to Dr. Adongo, we do not take instructions from board directors. Our directives come from the Bank of Ghana under the Governor’s authority,” he said.

Mr Awuah also touched on Ghana’s recent macroeconomic gains, including improvements in exchange rate stability.

“We’ve witnessed fantastic currency performance. As a community, we must help sustain this stability,” he added, urging public support in protecting the cedi’s recent appreciation.

This clarification comes at a time when the central bank has been implementing various policy measures to strengthen the local currency.

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No more over-the-counter dollar withdrawals – Adongo

Gertrude Okyere — Thu, 15 May 2025 06:00:23 +0000

Bank of Ghana (BoG) board member Isaac Adongo has announced plans to intensify restrictions on over-the-counter US dollar withdrawals from financial institutions as part of efforts to curb cedi depreciation.

While existing regulations permit limited dollar withdrawals with justification, the central bank will soon enforce a near-blanket prohibition with minimal exceptions.

In an interview on PM Express with Evans Mensah, the Bolgatanga Central MP explained, “If you put your dollars in the bank account, it is okay. We are happy with that. You can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” he revealed.

He stressed, “The Central Bank’s role includes regulating the use of our legal tender. When you request dollars, we’ll provide cedis instead.”

Adongo expressed confidence that the measure would positively impact exchange rates, coinciding with the cedi’s recent recognition as the world’s best-performing currency.

“You’ll see the results reflected in the dollar rate,” he emphasised. “We’re eliminating dollar speculation through bank accounts. Deposited dollars will only be released for legitimate foreign transactions – dollars are meant for spending abroad, not domestically.”

Cedi’s Remarkable Recovery

The cedi maintained stability at approximately GH₵15.50 to the US dollar between February and April 2025 before strengthening significantly to GH₵13.10 in early May – its most robust position in twelve months.

Analysts at Databank Research attribute this performance partly to Goldbod’s recent agreement with nine mining companies. The deal secures 20% of their monthly estimated gold production (200kg) for domestic purchase before export, with payments made in cedis rather than dollars.

However, the primary driver appears to be a dramatic increase in export revenues. Ghana recorded over $2.3 billion in gold exports during January–February 2025 – the highest two-month total in more than ten years.

The cedi’s strength is not limited to the US dollar. The British pound has fallen to GHS17.45 from GHS20.60 in late April, while the euro has slipped to GHS14.78 from GHS17.72.

The Canadian dollar is also down to GHS9.40 from GHS11.00 over the same period.

On the back of this, authorities are implementing measures to ensure that the gains are sustained to boost the local economy.

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Mahama appoints Florence Adei Ohene as second Deputy MD of Consolidated Bank Ghana

Gertrude Okyere — Wed, 14 May 2025 21:33:30 +0000

President John Mahama has appointed Florence Adei Ohene as the second Deputy Managing Director of Consolidated Bank Ghana Ltd (CBG).

With more than 25 years of experience across both local and international banking institutions, Adei’s appointment marks a significant milestone in Ghana’s financial leadership landscape.

She joins the executive leadership team of CBG comprising Managing Director Dr. Naomi Kwetey and Deputy Managing Director Sheila Azuntaba.

Her addition is expected to further strengthen the leadership synergy needed to drive the bank’s bold vision of delivering exceptional value to its customers.

Adei has held various high-level roles within CBG, most recently leading the bank’s International and Diaspora Business, where she spearheaded strategies that increased diaspora engagements.

Her deep understanding of banking, both in Ghana and abroad, has earned her a reputation for excellence, innovation, and visionary leadership.

She previously served in executive positions at uniBank and held senior roles in the United States with prestigious financial institutions such as JP Morgan Chase, PNC Bank, and SunTrust Bank.

Her experience cuts across Wealth and Investment Management, Corporate Banking, Strategy, Project Management and Business Transformation.

A graduate of Georgetown University with an MBA, and a holder of two degrees from University of California Los Angeles (UCLA) graduating Cum Laude.

Adei also champions women’s economic empowerment and financial inclusion, especially among women-owned businesses.

Her appointment is widely seen as a boost to CBG’s mission of delivering impactful and transformative banking services to Ghanaians everywhere.

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Cedi to continue appreciating; one dollar trades at GH¢13.60

Joseph Odotei — Tue, 13 May 2025 10:42:01 +0000

The Ghana cedi gained 6.25% week-on-week against the dollar in the retail market, cementing its position as the best currency among a basket of 15 Sub-Saharan African currencies.

This took its year-to-date gains against the American greenback to 16.29%.

It traded at a mid-rate of GH¢13.60 to one dollar at the close of the week’s trading on the retail market.

The market remained liquid following an aggregate market supply of US$378.6 million.

The local unit also gained 7.61% week-on-week versus the pound and 5.81% to the euro.

The cedi began the week on May 12, 2025, selling at GH¢13.60 to one US dollar in the retail market. In the interbank market, it is going for GH¢12.89 to one dollar.

The Global Credit Rating Agency S&P Global Ratings upgraded Ghana’s long- and short-term foreign currency sovereign credit ratings to ‘CCC+/C’ from ‘Selective Default.’ The agency also affirmed the country’s debt at “CCC+” and long- and short-term local currency ratings at ‘CCC+/C,’ with a stable outlook on both the foreign and local currency ratings.

The firm attributed the upgrade to Ghana’s economic growth, ongoing fiscal reforms, and Ghana’s improved external position against high debt service costs, along with an improving track record of public financial management through election cycles.

Analysts see the upgrades as positive developments that will support the cedi’s stability in the near term. However, this week, they expect the cedi to continue gaining on improved sentiments and Bank of Ghana’s support.

Bond Market: Secondary activity eases 2.67% to GH¢1.23bn

Gertrude Okyere — Tue, 13 May 2025 07:16:16 +0000

Activity in the secondary bond market declined by 2.67% week-on-week to GH¢1.23 billion, down from GH¢1.26 billion.

Trading remained concentrated in the General Category bonds, with prices on the February 2027 maturity firming into the low-80 price range and clearing at an average yield of 20%.

The 2027–2030 bucket accounted for 39% of total volumes, trading around a 20% average yield.

Longer-dated maturities (2031, 2038) dominated with a 61% share, clearing at an average yield of 21%.

Analysts expect improved secondary bond market activity as the recent upgrade of Ghana’s Long-Term Foreign Currency Debt Rating from ‘SD’ to ‘CCC+’ by S&P boosts investor confidence.

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“A welcome break for Ghanaians” – Joe Jackson hails Cedi’s rise

Gertrude Okyere — Sat, 10 May 2025 14:25:48 +0000

Ghana’s national currency, the Cedi, is currently enjoying a rare moment in the global spotlight.

According to a recent Bloomberg report, the local unit has been named the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April 2025.

As of the latest check, it was trading at GH₵13.70 to the dollar—a significant improvement that has brought a sense of relief and cautious optimism across the country.

Speaking on Marketplace on JoyNews, Joe Jackson, Chief Executive Officer of Dalex Finance, described the development as a welcome break from the financial pressure Ghanaians have endured.

“Appreciation of the cedi and the stability alone has me excited,” he said. “We are clawing back the devastating effect on our purchasing. That can’t be a bad thing. Let’s pray it continues.”

Favorable Global and Local Winds

While global factors such as a weakening US dollar, a drop in petroleum prices, and increased investor interest in gold have contributed to the cedi’s rise, Mr. Jackson was quick to note that the gains are not purely external.

“We are uniquely situated to take advantage of these developments,” he noted, pointing to Ghana’s increasing gold reserves and the general trend of investors moving toward safer assets like gold.

At the same time, Ghana’s internal economic policy has played a vital role. “It is not external factors alone,” Jackson emphasised.

“The internal commitment by the government to be fiscally disciplined is also a factor.”

He credited both the government and the Bank of Ghana for making strategic choices—such as reducing expenditure, keeping treasury bill rates low, and maintaining a relatively high monetary policy rate—to stabilize the currency and restore confidence.

Contrasts and Cautions

In comparing Ghana’s situation with that of other African nations, Mr. Jackson was candid: “The situation is not the same in Nigeria. It is not the same in other African countries. We have to credit government too. Let’s give credit to the Government and the Central Bank who have taken advantage of these global developments.”

However, he also issued a word of caution. While the sharp appreciation of the cedi brings clear benefits, there are risks.

“Definitely there are risks to the cedi’s sharp appreciation, but at this moment the stars have aligned and put us in a good place,” he warned.

“Too early to demand prices go down. It will take some time. We are coming out of a national crisis”, he added.

Looking Ahead

One of the more immediate benefits of the currency stabilisation is the expected improvement in banking sector liquidity. With investors more confident in the cedi, more capital is likely to remain within the local economy. “There will be more liquidity to lend to the private sector,” Mr. Jackson predicted.

Still, he called for measured optimism: “Let’s be grateful for small mercies and enjoy it while it lasts. Ghanaians suffered when the cedi depreciated. It affected our purchasing. At this moment we are in a good space.”

As Ghana navigates these encouraging economic waters, the message is clear: celebrate the progress, remain vigilant, and support policies that sustain stability.

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What do I do with my dollars? – GUTA reveals growing panic among traders holding on to forex

Joseph Odotei — Fri, 09 May 2025 09:34:49 +0000

Charles Kusi Appiah, Head of the Business and Economic Bureau of the Ghana Union of Traders Association (GUTA), has revealed a growing sense of panic among traders holding foreign currency as the cedi continues to strengthen.

According to him, many traders are now calling him directly to ask what to do with their dollar holdings.

“Someone called me today asking, ‘What am I supposed to do? I’m holding forex. Are we going to see a downtrend of forex?’” he disclosed on Joy News’ PM Express Business Edition on Thursday, May 8.

The GUTA official says the fear is real—and for good reason. The cedi is gaining value, and traders who once saw the dollar as a lifeline are now losing money by holding it.

“The trajectory shows that the cedi is, day in and day out, gaining strength. So it doesn’t make economic sense for you to hold on to something you are losing value on every day,” Charles Appiah warned.

He advised that those who have no urgent need for foreign currency should liquidate and consider safer alternatives.

“If you think you don’t have anything to do with that forex, liquidate. There are other investment options—probably the gold coin—that you can invest in, so you don’t lose totally.”

Charles Appiah explained that during volatile economic periods, traders naturally turned to forex as a hedge.

“People put their trust in forex when the cedi, the local currency, is not doing well. And the forex becomes the store of value.”

But the current market dynamics, he said, are completely different.

“The opposite has occurred. Now, the confidence is that the local currency is strong enough to be the store of value, so I don’t need to hold forex.”

He attributed the cedi’s recent strength partly to government initiatives like the Gold-for-Oil and Gold-for-Reserves programs.

“With the introduction of the GoldBod, where most international transactions use gold to do the transaction, the demand for forex has reduced. Therefore, there’s no need for one to hold forex for any transaction.”

According to Charles Appiah, even among GUTA members, there is a clear shift.

“Yes, the reason is that now the demand for forex has reduced when it comes to international trade. And the cedi is appreciating against the forex. Why then hold on to forex when you are losing value?”

He stressed that forex hoarding used to be a strategy to protect capital when the cedi depreciated, but that logic no longer applies.

“When we look at the dynamics within the forex and the cedi market, anytime forex outperforms the cedi, our working capital gets depleted.

“So people would say, ‘Let me make sure I put some limit on my losses.’ But when the dynamics have changed… the demand for forex reduces, and that is accounting for the downward [trend] of forex in our market.”

Charles Kusi Appiah wants traders to reassess, saying: “Dump the dollar if it’s no longer working for you.”

The fundamentals haven’t changed – Lecturer cautions against cedi hype

Joseph Odotei — Fri, 09 May 2025 09:16:55 +0000

An Economics lecturer at the University of Ghana says the recent cedi appreciation must be viewed with caution, warning that the underlying fundamentals of the economy have not changed.

Professor William Baah Boateng, speaking on Joy News’ PM Express Business Edition on Thursday, May 8, cautioned against being carried away by the strengthening currency, especially when the structure of the economy remains unchanged.

“When you look at the structure of the economy, we still have the same structure as it used to be last year,” Prof. Baah Boateng said.

“But something is happening in terms of the fiscal. Government has tried as much as possible to manage expenditure, and that is one thing you cannot lose sight of.”

He clarified that the current policy posture should not be confused with aggressive cost-cutting.

“Government is not cutting expenditure. We have to differentiate between cutting expenditure and managing expenditure,” he said. “Government is making sure that the expenditure it incurs will be supported by economic activity. That helps tame the fiscal side.”

Prof. Baah Boateng explained that such fiscal discipline is easing pressure on the monetary side.

“Now, if fiscal is putting its acts together, then it means that the mess will not be there for the central bank to come in. The central bank will have peace of mind to focus on monetary and exchange rate policy,” he added.

He also weighed in on calls from some business leaders, particularly those in GUTA, who are celebrating the cedi’s strength and predicting further gains.

“I disagree with my friend from GUTA who said he would be happy to see the dollar go from ¢13.49 to ¢5,” he said pointedly. “I’ll be happy if he says that when the dollar goes down, he will reduce his prices accordingly. But if that’s not going to reflect in the domestic market, then we have to be very careful.”

Prof. Baah Boateng was especially critical of traders who increase prices when the cedi weakens but fail to reduce them when it appreciates.

“If the cedi is appreciating, then they should reduce the price in anticipation of further appreciation,” he insisted. “Importers always increase prices in anticipation of depreciation. Let’s see the same behaviour in reverse.”

On the role of the Bank of Ghana, the economist praised the central bank’s calm stance.

“What I see the central bank doing is watching and not just reacting,” he said. “There’s no economy that has only demand and supply doing everything. There is always some regulation. So the Bank of Ghana’s posture is prudent.”

He cautioned again, “Don’t let us just talk about perfect competition or extreme monopoly. No economy is purely one or the other. There is always intervention.”

Prof. Baah Boateng emphasised that while the current economic environment appears to show signs of recovery, the fundamentals require sustained structural reforms and responsible fiscal management—not just short-term currency appreciation.

If you don’t need that forex, liquidate it – GUTA advises traders

Gertrude Okyere — Fri, 09 May 2025 06:20:45 +0000

Charles Kusi Appiah, Head of the Business and Economic Bureau of the Ghana Union of Traders’ Associations (GUTA), has warned individuals and businesses against holding on to foreign exchange unnecessarily.

He gave the advice on JoyNews’ PM Express Business Edition on Thursday, May 8, pointing to recent market dynamics that show the cedi gaining strength against major currencies.

According to him, clinging to dollars or other forex holdings when not required for immediate trade or transactions is not just unwise—it is economically damaging.

“Someone called me today asking, ‘What am I supposed to do? I’m holding forex. Are we going to see a downtrend of forex?’ Of course, yes,” he said.

“The trajectory shows that the cedi is, day in and day out, gaining strength. So it doesn’t make economic sense for you to hold on to something you are losing value on every day.”

He explained that for years, the dollar was seen as a safe haven for local investors and traders who had lost confidence in the cedi.

“People put their trust in forex when the cedi—the local currency—is not doing well, and forex becomes the store of value,” he said.

“Everybody wants to reference their investments. And when you are in an environment where predictability becomes a challenge, you always want to see what you can do to protect your gains.”

But that, he noted, has changed.

“Now, forex demand has reduced when it comes to international trade, and the cedi is appreciating. Why do you then hold on to forex when you are losing value?” he asked.

“With the introduction of the Gold for Oil policy and the increased use of gold in international transactions, the demand for forex has reduced. Therefore, there’s no need for one to hold forex for any transaction,” he explained.

He confirmed that many GUTA members have already begun reducing their excessive demand for dollars.

“Yes, the opposite has occurred. Now, the confidence is that the local currency is strong enough to be the store of value, so I don’t need to hold forex. That is what accounts for the things we are seeing now,” he said.

Kusi Appiah believes this shift is one reason the cedi is stabilising.

“When the dynamics have changed and you can see that there’s no need to hold on to [forex], the demand reduces. And that is accounting for the downward trend of forex in our market.”

He urged traders to explore alternatives.

“There are other investment options—probably the gold coin—that you can invest in so that you don’t lose totally.”

In a final warning to speculators, he said: “When forex outperforms the cedi, our working capital gets depleted. But if the cedi is now stable and strong, then it’s time to rethink. Liquidate what you don’t need.”

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April 2025 inflation slows to 21.2%; fifth consecutive decline

Joseph Odotei — Thu, 08 May 2025 09:43:18 +0000

Inflation for the month of April 2025 slowed marginally to 21.2 percent from 22.4 percent in March.

The drop was influenced by decline in food and non-food inflation compared to the same period for last year.

Speaking at News Conference in Accra today, new Government statistician Dr. Alhassan Iddrisu noted that this is the fifth consecutive decline since December 2024.

He announced that inflation for locally produced items dropped from 24.0 percent in March to 22.7 percent in April 2025.

Recommendations

Mr. Iddrisu advised that there is the need to sustain, macro-economic stability and pursue measures to reinforce the downward inflation trend.

“Government must also work hard to sustain social intervention programmes such as the Livelihood Empowerment Against Poverty (LEAP), Capitation Grant , School Feeding and other programmes that can protect the real income of the poor”, he said.

He added that government must fast track the implementation of Agriculture for Transformation programme to reduce food inflation.

Mahama appoints Matilda Asante-Asiedu as BoG Second Deputy Governor

Gertrude Okyere — Mon, 28 Apr 2025 17:32:26 +0000

President John Mahama has appointed Matilda Asante-Asiedu as the Second Deputy Governor of the Bank of Ghana (BoG).

This was announced in a statement signed by the Spokesperson to the President and Minister for Government Communications, Felix Kwakye Ofosu.

The appointment, made under Section 17 of the Bank of Ghana Act, 2002 (Act 612), underscores the government’s commitment to bringing seasoned expertise to the nation’s financial sector.

The statement touted Mrs. Asante-Asiedu’s impressive portfolio of qualifications and experience for her new role.

She holds an MBA in Marketing from GIMPA Business School (2021) and an MA in Journalism Studies from Cardiff University (2005).

Her academic foundation includes diplomas in Journalism from the Ghana Institute of Journalism (1997) and Politics and Public Affairs Reporting from the International Institute of Journalism in Berlin (2000).

Most recently, she earned certification as a Chartered Executive Banker (CIB-Ghana, 2024), further cementing her credentials in the financial sector.

Her professional journey includes serving as Group Head of Retail Banking at Access Bank Ghana PLC, where she demonstrated exceptional leadership in driving growth and innovation in retail financial services.

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IMF boss commends Finance Minister for strong commitment to economic reforms

Gertrude Okyere — Sat, 26 Apr 2025 17:57:38 +0000

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended Minister for Finance, Dr. Cassiel Ato Forson, and his team for their “strong commitment to the Fund-supported program and reforms aimed at restoring macroeconomic stability.”

During a meeting on Saturday, Georgieva praised the leadership shown by Dr. Forson noting the significant progress Ghana has made under challenging circumstances.

She reaffirmed the IMF’s continued support for the country, stating, “The IMF remains a strong partner of Ghana.”

This high-level endorsement follows the announcement that Ghana has reached a staff-level agreement with the IMF on the fourth review of the Fund-supported program.

Once formally approved by the IMF Executive Board, the agreement will pave the way for the disbursement of approximately 370 million dollars to Ghana.

The achievement is particularly remarkable given that, before the new government assumed office, several structural benchmarks and quantitative targets under the program had been breached.

The breakthrough reflects the aggressive and focused efforts of the Mahama administration to reverse the economic situation and restore confidence in Ghana’s financial management.

Since taking office, the government has accelerated the implementation of structural reforms, delivering results ahead of schedule and bolstering optimism about Ghana’s economic prospects.

A major focus of the administration’s reform agenda has been the resolution of the large accumulation of payables in 2024, which had contributed to a significant primary deficit instead of the modest surplus originally targeted.

To address this, the government has introduced a range of bold and pragmatic measures aimed at strengthening spending controls, restoring budget credibility, and ensuring fiscal and debt sustainability.

In addition to these reforms, the government has already completed a number of structural benchmarks that were originally scheduled for completion at the end of December 2024 and March 2025, underlining its strong commitment to economic recovery.

Also in attendance were governor of the Bank of Ghana Dr. Johnson Asiama, Senior Economic Advisor, Seth Tekper and chairman of the National Development Planning Commission Dr. Nii Moi Thompson.

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GOLDBOD commences licensing of service providers

Joshua Tigo — Wed, 23 Apr 2025 10:44:40 +0000

The Ghana Gold Board (GoldBod) has officially commenced the licensing of service providers within the country’s gold trading sector.

Commencement of the licensing marks a significant step in the government’s efforts to regulate and formalize the industry.

The licensing initiative, which begins today, was announced in a statement issued by the GoldBod’s Media Relations Officer, Prince Kwame Minkah.

Effective immediately, Ghanaian individuals aged 18 and above, as well as wholly-owned Ghanaian companies, are eligible to apply for licenses through GoldBod’s online portal goldbod.gov.gh or in person at its main office in Accra.

The categories of licenses currently open for application include:

Aggregator License
Self-financing Aggregator License
Buyer License (Tier 2)
Buyer License (Tier 1)

Additional categories, such as Refining, Smelting, Fabrication, Storage, Transportation, and Importation Licenses, will become available starting in July 2025.

GoldBod emphasized that all applicants must read, understand, and accept the Terms and Conditions associated with each license before submission.

Detailed information on licensing procedures, operational guidelines, and regulatory policies is accessible on the organization’s official website.

In a firm reminder of its regulatory mandate, the Board reiterated its earlier directive requiring all foreign entities to exit Ghana’s local gold trading market by April 30, 2025.

This move is backed by the Ghana GoldBod Act, 2025 (ACT 1140), and violators will be subject to legal penalties.

Foreigners, however, may still apply to off-take gold directly from GoldBod under regulated conditions.

The GoldBod also reaffirmed that all gold transactions must align with the official Bank of Ghana (BoG) Reference Rate, available at www.bog.gov.gh, as part of its commitment to promoting transparency and standardization in the industry.

This initiative is part of broader reforms to restructure and streamline the gold trading ecosystem in Ghana, with the overarching goal of optimizing national revenue and ensuring equitable benefits for citizens.

“We look forward to working collaboratively with stakeholders to bring greater order, efficiency, and accountability to Ghana’s gold sector,” said Minkah.

“The success of this initiative depends on the full cooperation of the public, and we remain committed to prioritizing their feedback,” he added.

Finance Minister Dr. Cassiel Ato Forson leads Ghana’s delegation to 2025 IMF and World Bank Spring Meetings

Dorcas Abedu-Kennedy — Mon, 21 Apr 2025 11:51:18 +0000

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, is leading the country’s delegation to the 2025 IMF and World Bank Spring Meetings.

This marks the first such participation under the new National Democratic Congress (NDC) administration led by President John Dramani Mahama.

The meetings come just one week after Ghana secured a staff-level agreement with the International Monetary Fund on the fourth review of its IMF-supported programme.

This agreement is expected to lead to the release of approximately 370 million dollars in support of Ghana’s economic recovery agenda.

What makes the deal particularly noteworthy is that it was reached despite several structural benchmarks and quantitative targets under the programme being missed before the new administration took office.

The agreement is a sign of renewed international confidence in Ghana’s economic direction, largely driven by the swift and targeted actions taken by the new government.

The Mahama-led administration has worked tirelessly to reverse the country’s fiscal challenges. In many cases, it has fast-tracked the implementation of key structural reforms while introducing additional corrective measures aimed at restoring macroeconomic stability and credibility.

One of the most urgent issues addressed was the large buildup of payables in 2024, which created a significant primary deficit—far exceeding the modest surplus that had been programmed.

The government has responded with a bold and pragmatic reform package to curb arrears, reinforce spending discipline, and strengthen Ghana’s public financial management system.

Key Measures Implemented:

Comprehensive Audit of Outstanding Payables and Commitments
An audit to verify the legitimacy of outstanding payables and commitments, with recommendations for corrective actions. The audit is expected to be completed within eight weeks.
Amendment of the Procurement Act
The Procurement Act has been amended to make the Finance Minister’s commitment authorisation a requirement before any central government procurement can proceed.
Reform of the Public Financial Management (PFM) Act
- Establishment of a binding debt rule targeting a 45% debt-to-GDP ratio by 2035.
- Introduction of a fiscal rule requiring an annual primary surplus of at least 1.5% of GDP.
- Establishment of an Independent Fiscal Council.
Operationalisation of a Compliance Desk at the Ministry of Finance
A Compliance Desk has been set up at the Ministry of Finance to monitor how Ministries, Departments, and Agencies (MDAs) are adhering to fiscal rules.
Launch of the PFM Commitment Control Compliance League Table
A PFM Commitment Control Compliance League Table will rank MDAs based on their level of compliance with spending controls and financial discipline.

In addition to these, the government has completed several structural reforms that were originally scheduled for completion by the end of December 2024 and March 2025—demonstrating its determination to stay ahead of schedule in resetting the economy.

Strategic Engagements in Washington

Throughout the week, Dr. Forson and the Ghanaian delegation will participate in a series of high-level meetings and discussions. These engagements will focus on key areas such as job creation, energy access, food security, and climate resilience.

A major highlight of the week will be a meeting between Dr. Forson and IMF Managing Director Kristalina Georgieva, where Ghana’s progress, challenges, and reform agenda will be discussed in detail.

Additional engagements are also planned with members of the Paris Club, rating agencies, the U.S. Treasury, and other development partners, all aimed at deepening collaboration and strengthening investor confidence.

Ghana’s Reset Story

In all his engagements, Dr. Forson is expected to share what he calls “Ghana’s reset story”—a vision grounded in restoring and sustaining macroeconomic stability, ensuring debt sustainability, and laying the foundation for stronger and more inclusive growth.

This reset includes protecting the poor and vulnerable, building resilience through ambitious structural reforms, and steering the country toward the broader goal of achieving “The Ghana We Want.”

Minority criticizes IMF Staff Level Agreement, accuses gov’t of fiscal manipulation

Joseph Odotei — Tue, 15 Apr 2025 16:36:50 +0000

The Minority in Parliament has issued a strongly worded statement following the announcement of a Staff Level Agreement between the International Monetary Fund (IMF) and the Government for the fourth review of the ongoing economic support programme.

In the statement signed by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, he accused the government of manipulating fiscal data to achieve political goals.

“The Staff Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives and to support the earlier claims by the President that the economy he inherited was run-down,” the statement read.

The IMF’s announcement, which paves the way for a $370 million disbursement upon Executive Board approval, revealed positive economic performance in 2024, with Ghana’s real GDP growth at 5.7%, exceeding the target of 4%.

The country’s gross international reserves rose to $8.9 billion, and debt-to-GDP decreased from 82% in 2022 to 61.8% by the end of 2024. However, the IMF also raised concerns about fiscal performance, citing rising inflation and accumulated arrears as areas where targets were missed.

Despite the optimistic outlook, the Minority criticized discrepancies in fiscal reporting. Dr. Amin Adam pointed out a gap between the 2025 Budget’s reported primary fiscal deficit of 3.9% of GDP and the IMF’s calculation of 3.25%, questioning the accuracy of the government’s fiscal reporting.

The Minority also accused the current administration of a “propaganda agenda,” arguing that the Staff Level Agreement vindicated the previous NPP government.

They highlighted that most targets had been met, and that the few missed targets did not jeopardize the programme as the government claimed.

The Minority concluded by urging the IMF Executive Board to ensure the integrity of Ghana’s fiscal reporting and reiterated their commitment to holding the government accountable.

eTranzact Ghana clinches top honors at Ghana Corporate Finance Gala Dinner 2025

Joshua Tigo — Tue, 15 Apr 2025 12:57:46 +0000

eTranzact Ghana continues to affirm its leadership in the financial technology sector, taking home two of the most coveted awards at the just-ended Ghana Corporate Finance Gala Dinner 2025.

The company was honored with the “Outstanding Payments Technologies Provider of the Year 2024” award, a recognition of its innovation, reliability, and impact in transforming digital payments in Ghana and beyond.

“We are deeply proud of this achievement,” said Yvonne Effe Faska, Communications and CSR Manager of eTranzact Ghana at the awards ceremony.

“This award is a reflection of the tireless work and commitment of our entire team. It inspires us to keep raising the bar in payment technology,” Faska added.

Adding to the celebration, John Apea, CEO of eTranzact Ghana, was named “Fintech CEO of the Year”, recognising his visionary leadership and unwavering dedication to driving financial inclusion through technology.

“This is not just a personal honor. It’s a tribute to the incredible minds and hearts at eTranzact Ghana. We’re building more than tech, we’re building trust, empowering businesses, and changing lives,” John Apea said.

eTranzact Ghana, a subsidiary of the pan-African electronic payment giant eTranzact Global, has played a critical role in accelerating digital transformation in Ghana’s financial services ecosystem.

With a robust suite of payment solutions, the company provides seamless services to banks, telecoms, government agencies, merchants, and individuals across the country.

eTranzact, renowned for its innovative and reliable platforms, offers a comprehensive suite of digital financial services designed to support secure, real-time transactions.

These include mobile money transfers, card payments, online banking integrations, and agency banking solutions, empowering businesses with scalable and trusted payment tools.

Its diverse range of services includes the XCEL mobile app, USSD services, web payments, remittances, agency banking, mass payments, bill payments, and more. ensuring seamless financial operations for individuals, businesses, and institutions alike.

Under the leadership of John Apea, eTranzact Ghana has seen rapid growth, with several strategic partnerships and product innovations that have strengthened its market position.

The company has also been instrumental in promoting financial inclusion, especially among unbanked and underserved communities, by leveraging technology to bridge gaps in access.

The dual recognition at the Ghana Corporate Finance Gala Dinner 2025 marks a significant milestone in the company’s journey and reinforces its position as a dominant force in Ghana’s fintech landscape.

Bank of Ghana governor urges prudence in lending rate adjustments

Joseph Odotei — Thu, 10 Apr 2025 10:43:19 +0000

The Bank of Ghana Governor, Dr. Johnson Asiama, has urged commercial banks to exercise caution and transparency when adjusting their lending rates following the recent increase in the policy rate.

Speaking at a meeting with the heads of various commercial banks after the Monetary Policy Committee (MPC) meeting, Dr. Asiama emphasized the importance of clear communication with clients during this adjustment process. This engagement marked the first official meeting between the new management of the central bank and the commercial banks at the Bank Square, the headquarters of the Bank of Ghana.

The meeting was attended by chief executives and representatives of regulated banks in Ghana, along with officials from the Bank of Ghana, including 1st Deputy Governor Dr. Zakari Mumuni.

Background

The Monetary Policy Committee of the Bank of Ghana recently raised the policy rate by 100 basis points to 28%, marking the first review of the key lending rate since September 2024. The decision follows a detailed review of economic developments and is intended to reinforce the disinflation process, which, although underway, remains too gradual to secure lasting stability.

Justification

Dr. Asiama explained that the hike was necessary to address ongoing inflation concerns. “The decline in headline inflation from 23.8% in December to 22.4% in March confirms that recent policy actions are having the intended effect,” he observed. However, he pointed out that inflation expectations remain high, and core inflation is still above the medium-term target.

The Governor stated that the MPC adopted a proactive stance, recognizing that delayed tightening could result in more persistent inflation and higher costs in the long run.

Post-Policy Rate Hike Concerns

While acknowledging the impact of the policy rate hike on borrowing costs for businesses and households, Dr. Asiama reassured that viable businesses would continue to receive support. He emphasized that tailored solutions would be provided to mitigate the effects on vulnerable sectors.

Outlook and Challenges

Despite the challenges, Dr. Asiama noted that the banking sector has shown sustained improvement, with stronger solvency and asset quality measures, as well as strong liquidity and profitability. However, he acknowledged ongoing solvency concerns, particularly with domestically controlled and state-owned banks, where capitalization efforts remain unclear.

Addressing these capital shortfalls remains a priority for the Bank of Ghana, with the Governor revealing that efforts are underway to work closely with affected institutions to ensure sustainable capital levels, restore depositor confidence, and comply with regulatory requirements.

Dr. Asiama also advised commercial banks to draw lessons from past banking crises and prepare for future challenges with a focus on improving crisis management preparedness.

Finance Minister to establish compliance desk to enforce new PFM Act

Joseph Odotei — Wed, 09 Apr 2025 13:04:54 +0000

The Minister for Finance, Dr Cassiel Ato Forson, has announced the establishment of a dedicated Compliance Desk within the Ministry to monitor and enforce adherence to the newly upgraded Public Financial Management (PFM) Act, 2025.

This announcement was made during a meeting with the World Bank Africa team, led by Vice President Ousmane Diagana.

The meeting followed the successful National Economic Dialogue, which was held with strong support from the World Bank.

Addressing the gathering, Dr. Forson stressed the urgent need to tackle fiscal indiscipline, particularly among covered entities that have been awarding contracts without obtaining the legally required commencement certificates.

These practices, he said, have led to serious inefficiencies and budgetary shortfalls.

To curb these issues, a key amendment to the PFM Act now authorises the Ministry of Finance to issue commencement authorisations, marking a significant shift in fiscal oversight.

More importantly, the Ministry is instituting a Compliance Desk that will track and evaluate whether ministries, departments, and other covered entities comply fully with the new law.

The Compliance Desk will also maintain a Compliance League Table, which will publicly rank institutions based on their adherence to financial regulations.

Persistent non-compliance will attract sanctions, the Minister warned, reaffirming the government’s commitment to transparency and accountability in public finance.

“We are determined to ensure that every programme we implement delivers maximum efficiency and impact,” he said. “This is how we build a disciplined and prosperous Ghana.”

Vice President Diagana congratulated the Minister on his recent nomination and praised Ghana’s ongoing fiscal reforms.

He reaffirmed the World Bank’s strong partnership with Ghana, describing the country as a beacon of stability and progress in the region.

The new Compliance Desk is expected to begin operations in the coming weeks.

GRA exceeds revenue target in quarter one, records GH¢41bn

Joseph Odotei — Tue, 08 Apr 2025 09:51:22 +0000

The Ghana Revenue Authority (GRA) has exceeded its first-quarter revenue target, recording GH¢41 billion, surpassing the target of GH¢36 billion.

Acting Commissioner-General of the GRA, Anthony Akwasi Sarpong, highlighted the Authority’s strategic efforts, including expanding the tax base to cover the informal sector, particularly in the Ashanti region.

Sarpong revealed that the GRA is aiming to generate at least GH¢220 billion in revenue by the end of the year.

He made the announcement during a working visit to the Ashanti region’s Tax Services Centre, where he expressed optimism about achieving the annual target. “Our first-quarter performance has been impressive with improved revenue generation from the Ashanti region. We are confident that we can meet our set target for the year,” he said.

He further added, “The budget for the first quarter was GH¢36 billion, but I am happy to announce that we have collected GH¢41 billion by the end of the quarter, which is an improvement.”

The visit is part of management’s efforts to familiarize itself with the operations at various collection points under the GRA.

In 2024, the GRA exceeded its revenue target by mobilizing GH¢153.5 billion. The Ashanti region has consistently improved its revenue generation, with both customs and domestic collection units surpassing their targets in 2024.

Sarpong emphasized that the Authority is exploring ways to expand the tax net in the Ashanti region to increase revenue from the informal sector.

Cedi is 7th strongest currency in Africa in Q1 2025

Joseph Odotei — Wed, 02 Apr 2025 10:44:01 +0000

As of the end of the first quarter of 2025, the Ghana Cedi has been ranked 7th as the strongest currency in Africa, with a value of GH¢15.48 to one US dollar. This rating was provided by the Forbes currency calculator.

Despite the Cedi’s strong position, it experienced a 5.3% depreciation on the interbank market in the first quarter of 2025. Additionally, it lost nearly 3.0% to the US dollar in the retail market.

Tunisia’s Dinar emerged as the strongest currency in Africa, valued at 3.09 to one US dollar. The Libyan Dinar, Morocco’s Dirham, Botswana’s Pula, Seychelles Rupee, and Eritrean Nakfa followed in 2nd to 6th positions, respectively.

Lesotho Loti, Namibian Dollar, and South African Rand ranked 8th, 9th, and 10th, respectively. The top five currencies saw slight increases in value compared to the previous month.

Forbes highlights that a strong and stable currency is a crucial economic asset, especially for African nations pursuing long-term growth and global competitiveness. A stable currency also acts as a buffer against economic shocks, preserving buying power and economic confidence.

For instance, Kenya’s shilling has remained steady due to foreign inflows from NGOs and remittances.

Cedi loses 5.3% to dollar in Q1 2025 – BoG

Joseph Odotei — Fri, 28 Mar 2025 10:24:05 +0000

The Ghana cedi depreciated by 5.3% against the US dollar in the first quarter of 2025.

According to the Bank of Ghana, the local currency traded at GH¢15.53 to the American greenback on the interbank market as of March 2025.

In January and February 2025, the cedi weakened by 5.3% and 3.9%, respectively, against the US dollar.

Similarly, the cedi lost 9.2% of its value against the euro in the first quarter, trading at GH¢16.75 on the interbank market. Against the British pound, it depreciated by 8.2%, selling at GH¢20.03.

However, last week, the local unit gained 0.31% week-on-week against the US dollar in the retail market, closing at a mid-rate of GH¢15.90. This reduced the year-to-date loss to 2.36%.

Next week, a team from the International Monetary Fund (IMF) is expected to visit Ghana to begin the fourth review of the US$3.0 billion Economic Credit Facility programme.

The review will assess the country’s performance under the IMF programme and the 2025 Budget.

Analysts believe a successful review could pave the way for another tranche disbursement, which would support the Bank of Ghana’s market intervention efforts and help stabilise the cedi.

Finance Minister announces cost-cutting measures

Joseph Odotei — Wed, 26 Mar 2025 11:12:03 +0000

Finance Minister Dr. Cassiel Ato Forson has outlined a series of cost-cutting measures aimed at reducing government expenditure and ensuring prudent financial management.

Speaking at a meeting with World Bank Division Director Robert Taliercio O’Brien and his team, Dr. Forson reaffirmed Ghana’s commitment to fiscal prudence, particularly within the framework of the country’s IMF-supported programme.

Acknowledging the financial challenges of the past year, including the struggle to achieve even a 0.5% primary surplus, he stressed that the government remains resolute in maintaining fiscal stability.

“As a government, we are taking decisive action to curb unnecessary expenditures across all sectors,” Dr. Forson stated.

“Leading by example, I have made it clear that the era of free, non-essential conference travel is over. Delegation sizes will be significantly reduced, with three officials now expected to accomplish the work of ten, ensuring greater efficiency without compromising productivity.”

Among the bold measures introduced, the Finance Minister has implemented substantial budget cuts, including reductions within the Office of the President.

These steps, he stressed, are designed to ensure that public funds are allocated effectively to projects that drive economic growth and improve the lives of Ghanaians.

Dr. Forson also welcomed the World Bank’s continued support for Ghana’s education reforms, particularly the additional resources allocated to the sector.

GRA denies freezing accounts of BILLS Micro Credit chairman Richard Nii Armah Quaye

Joshua Tigo — Tue, 25 Mar 2025 11:12:25 +0000

The Ghana Revenue Authority (GRA) has refuted claims that it has frozen the financial accounts of Richard Nii Armah Quaye, the businessman and Chairman of the Micro Credit firm, BILLS.

The GRA’s denial comes on the back of many news reports that have suggested otherwise.

The reports suggested that Quaye’s accounts had been restricted, but the GRA clarified that such actions are part of a routine procedure to assess tax payments and ensure compliance.

According to the GRA, the assessment is a standard part of their audit process, aimed at verifying tax compliance among businesses and high-net-worth individuals.

Sources within the GRA confirmed that discussions are ongoing with Mr. Quaye regarding his tax obligations, with efforts focused on ensuring that all necessary payments are made.

The authority emphasized that these assessments are periodic and often carried out for individuals and companies with a history of compliance.

Following the audit, Quaye will be expected to settle any outstanding tax obligations, including duties on imported goods, as advised by the GRA.

A source within the GRA explained to Joy Business: “This is a routine exercise aimed at fostering a cooperative relationship between the GRA and taxpayers as part of efforts to increase tax revenue this year.”

Richard Nii Armah Quaye Celebrates 40th Birthday in Style

In other news, Richard Nii Armah Quaye recently marked his 40th birthday with a lavish celebration at Accra’s Black Star Square.

The event, themed #RNAQ40, attracted a host of influential business leaders, entertainment stars, and government officials.

Prominent figures such as Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong attended, highlighting Quaye’s significant presence in Ghana’s business community.

The celebration also featured performances from top artists including Nigerian superstar Davido, Ghanaian rapper Sarkodie, and dancehall sensation Stonebwoy, adding to the excitement and making the occasion unforgettable.

GRA conducts tax assessment on businessman Richard Nii Armah Quaye

Joseph Odotei — Tue, 25 Mar 2025 10:23:11 +0000

The Ghana Revenue Authority (GRA) has initiated an income tax assessment on businessman and Chairman of Micro Credit firm BILLS, Richard Nii Armah Quaye.

The exercise forms part of the GRA’s routine audit process aimed at ensuring tax compliance among businesses and high-net-worth individuals. However, the authority has denied reports that it has frozen Mr. Quaye’s financial accounts.

Sources within the GRA indicate that discussions are ongoing for Mr. Quaye to fulfill his tax obligations. Contrary to claims that his accounts have been restricted, the GRA maintains that the assessment is a standard procedure undertaken to verify tax payments and ensure compliance.

According to the authority, such assessments are periodically conducted, especially for individuals and companies with a track record of tax compliance. Following the audit, Mr. Quaye will be required to meet any outstanding tax obligations, including payments on imported goods, based on the GRA’s recommendations.

“This is a routine exercise aimed at fostering a collaborative relationship between the GRA and taxpayers, as the government seeks to boost tax revenue this year,” a source told Joy Business.

Mr. Quaye Marks 40th Birthday in Grand Style

Meanwhile, Richard Nii Armah Quaye recently celebrated his 40th birthday with a star-studded event at the Black Star Square in Accra. The celebration, dubbed #RNAQ40, attracted top business executives, entertainment icons, and government officials.

Prominent figures such as Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong graced the occasion, underscoring Mr. Quaye’s influence in Ghana’s business landscape.

Musical performances from Nigerian superstar Davido, Ghanaian rapper Sarkodie, and dancehall artiste Stonebwoy added to the excitement, making the event a memorable one.

Governor Asiama chairs first MPC meeting with proposed reforms

Joseph Odotei — Mon, 24 Mar 2025 10:13:51 +0000

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, will today, March 24, 2025, chair his first Monetary Policy Committee (MPC) meeting to review economic developments.

The meeting, which begins today, is expected to conclude on Wednesday, March 26, 2025. The committee will engage the media on Friday, March 28, to announce its decision on the policy rate.

Key Issues on the Agenda

The main focus of the meeting is to assess economic developments and implement measures to control inflation, which currently stands at 23.1 percent. The government is targeting an end-of-year inflation rate of 11.9 percent.

Some analysts speculate that the committee may increase the policy rate to curb inflation. Another consideration is whether to adjust the rate to compensate investors following a decline in Treasury Bill rates over the past two months.

Sources familiar with the committee’s deliberations suggest there is a strong possibility of a policy rate hike.

Proposed Reforms

Ahead of the meeting, Dr. Asiama proposed several reforms to improve transparency in the committee’s work. These include modifications to the Monetary Policy Framework, publishing meeting minutes, and disclosing the voting patterns of members.

He also pledged to engage the private sector and the Ghana Union of Traders Association (GUTA) after the meeting. However, it remains unclear whether these reforms will take effect during this session.

The policy rate plays a critical role in influencing the cost of credit in the country and shaping interest rate trends in the coming months.

Commercial banks expand lending amid Treasury Bill rate decline

Joseph Odotei — Fri, 21 Mar 2025 13:12:22 +0000

Commercial banks have begun exploring more lending options for businesses and diversifying their investments into high-yielding asset classes in response to declining Treasury Bill (T-bill) rates.

Lending to enterprises has been gradual, with banks seeking prudent returns on their funds amid a significant drop in T-bill rates. Since the beginning of the year, the rate has fallen by more than 20%, reaching approximately 15% in March.

The President of the Ghana Association of Banks and Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, disclosed this on PM Express Business Edition on March 20, 2025, with host George Wiafe. He noted that banks are adjusting their strategies to align with current market developments.

Treasury Bill Rate Reduction and Market Impact

Mr. Asomaning explained that the sharp decline in inflation has placed sudden pressure on the cedi.

“This is because the return investors are getting now is not commensurate with the expected inflation rate,” he said.

He warned that this development could influence the demand for foreign exchange, potentially increasing pressure on the cedi in the coming weeks.

Treasury Bill Rate Reduction Debate

Mr. Asomaning advised that the pace of T-bill rate reductions must be managed carefully to prevent market shocks and ensure alignment with macroeconomic indicators such as inflation and the Monetary Policy Rate.

He also urged investors to focus on projected inflation trends rather than historical data when making decisions.

“The Finance Minister, Dr. Ato Forson, in the 2025 Budget, projected that inflation will hit 11% by the end of the year. That should indicate the government’s commitment to reducing inflation further,” he stated.

High Interest Rate Dynamics and Non-Performing Loans

Addressing concerns over high interest rates, Mr. Asomaning dismissed claims that commercial banks benefit from such conditions.

“We are not happy when interest rates are high because they affect businesses’ ability to repay loans on time. That is why some banks reduce lending,” he noted.

On non-performing loans (NPLs), he described the situation as concerning.

“We have taken measures to address the issue, with support from the Bank of Ghana,” he assured.

Data from the Ghana Association of Banks as of December 2024 put the NPL ratio at approximately 21.8%. This has affected banks’ lending capacity, as many institutions focus on strengthening their financial positions.

“We should not overlook the impact of the external environment on businesses’ ability to repay loans,” Mr. Asomaning added.

Gold can give Ghana ten times more forex than cocoa gives – Sammy Gyamfi

Joseph Odotei — Thu, 20 Mar 2025 15:22:54 +0000

The acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has raised concerns over the significant loss of foreign exchange Ghana is experiencing due to unregulated gold exports.

He stated that the situation continues to weaken the national currency.

Speaking on Joy FM’s Super Morning Show, Mr. Gyamfi pointed out that despite gold having the potential to generate far more revenue than cocoa, Ghana is failing to retain foreign exchange from its gold trade.

He questioned the country’s approach to gold exports, noting that unlike cocoa, which is controlled by a single exporter, gold exports are left largely unregulated.

“Cocoa in terms of value does not compare to gold. Gold can give Ghana ten times more forex than cocoa gives, but why is it that with cocoa, Ghana decided long ago to be the sole exporter, yet with gold, we allow different people to export?” he asked.

He also highlighted the negative environmental impact of gold mining and the lack of financial returns to the state, stressing that those involved in gold mining are not paying adequate royalties.

“We mine gold at great cost to the environment. Those who mine the gold don’t pay royalties. The only tax they were paying was corporate tax and a 1.5% withholding tax, and now even that 1.5% withholding tax has been removed,” he said.

Mr. Gyamfi further pointed out that once the gold is mined, it can be sold to anyone, with a large portion of the gold being smuggled out of the country. He expressed concern that the dollars from the gold exports do not return to Ghana, leaving the economy without the crucial forex it needs.

“The dollars don’t come back, and our cedi keeps getting weaker and weaker. Today, on the black market, if you want one dollar, you need more than 15 Ghana cedis. Are we not all worried?” he asked.

To address these issues, Mr. Gyamfi suggested that Ghana should centralize gold purchasing and trading through a single agency to ensure the country benefits from its gold exports and foreign exchange earnings.

“At least we can get the forex back through an agency that will centralize the purchasing and trading. Then mining will make sense,” he concluded.