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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Speaking during a meeting with the leadership of the Food and Beverage Association of Ghana (FABAG), Dr. Forson reiterated the government’s commitment to maintaining the cedi’s stability and strength.

“I want to use this opportunity to assure all of you that what you are seeing — the appreciation of the cedi — will not only continue but will be sustained,” he stated.

Dr. Forson explained that the positive trend is underpinned by sound economic planning and strategic interventions.

“The stability and appreciation you are witnessing is not a knee-jerk reaction; it is the product of careful, well-thought-out planning,” he noted.

In recent weeks, the cedi has recorded significant gains against major trading currencies. The interbank rate currently stands at GH¢13.29 to the US dollar, a notable improvement from over GH¢16 earlier this year.

The Finance Minister reminded the gathering that upon assuming office, he set out to stabilise the local currency, reduce inflation, and create jobs — pledging to remain steadfast in achieving these goals.

“This is not a nine-day wonder. There will be stability, the cedi will be stronger, and we expect you to support these efforts so that Ghanaians can feel the impact,” he emphasised.

Dr. Forson’s remarks come amid broader government efforts to restore macroeconomic stability and boost investor confidence.

Ghana recently secured a staff-level agreement with the International Monetary Fund (IMF) on the fourth review of its IMF-supported programme, which is expected to result in the disbursement of approximately $370 million to support the country’s economic recovery agenda.

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At the Financial Industry Command Security Operations Center (FICSOC) Stakeholders Forum held in Accra, First Deputy Governor Dr. Zakari Mumuni underscored the central bank’s strategic alliance with the Cybersecurity Authority, aimed at protecting Ghana’s financial institutions from increasing digital threats.

“The Cyber Security Authority has formally designated the Bank of Ghana as the Sectoral Computer Emergency Response Team (CERT) lead for the financial industry. This is more than a title—it’s a mandate to drive collective defense across the sector,” Dr. Mumuni stated.

He noted that the financial sector’s critical information infrastructure faces evolving threats, including insider breaches, digital fraud, and advanced persistent threats. As the Sectoral CERT lead, the Bank of Ghana is expected to spearhead cross-sector intelligence sharing and develop unified responses to cyber incidents.

“When we collaborate, we don’t fight alone—we defend with shared purpose and tools,” he added.

Dr. Mumuni also announced that the central bank is revising its Cyber and Information Security Directive to address new and emerging digital risks. The updated framework will incorporate guidelines for artificial intelligence, data privacy, cloud computing, and digital governance.

“The revised directive will be proportional and adaptive, ensuring institutions of all sizes can innovate while maintaining strong security standards,” he said.

The forum brought together a high-level mix of stakeholders, including central bank governors, director-generals of regulatory bodies, CISOs and CIOs from banks and financial institutions, and senior officials from the Bank of Ghana. It was organized under the auspices of FICSOC—a threat intelligence-sharing platform created to foster collaboration, risk prioritization, and resource allocation across the financial ecosystem.

This was contained in a market data released by the BoG on April 5, 2025.

The gold reserves position ending April 2025 represents more than 200% increase compared to December 2022.

Details of BoG’s Reserve Position

The data showed that on March 31, 2023, the BoG’s Total Gold Holdings, stood at 8.78 tonnes.

However, this increased by some significant margin over the past months to reach 31.73 tonne in April 2025.

A careful look at the data, showed that in some cases the amount of gold reserves added by the BoG on a month-on-month basis went up by more than 20 percent.

However, since the beginning of this year, the aggressive increase in the gold reserve holdings slowed, compared to the margin of increase in previous months.

BoG’s Gold Purchase Programmme 

The BoG has attributed the strong growth in its gold reserves over the years to the Domestic Gold Purchase programme, which was launched in June 2021.

The move was part of measures to increase Ghana’s reserves by diversifying the central bank’s holdings with the purchase of gold from mining firms in the country.

It also helped the BoG to reduce global shocks and volatilities associated with the dollar but immune from gold reserves.

Per the arrangement, the BoG buys gold from the mining companies and pay them back in Ghana cedis.

The central bank had earlier raised concerns about Ghana’s low gold reserves, calling for new measures to improve the situation going forward.

The Governor of the BoG Dr. Johnson Asiama in a recent interview with JOYBUSINESS noted that the central bank is committed to preserving the country’s total international reserves going forward.

“A move that should also go a look way to help firmly stabilize the cedi” he said.

Impact

The cedi is expected to be the biggest gain from a strong BoG gold reserve position.

The situation sends a good signals on the market, whiles assuring investors that the central bank is in a strong position to defend the local currency.

Some market analysts have in past argued that the weak gold reserve position created uncertainties that led to some persons betting on the ability of the central bank to support the cedi.

This in the past fueled the activities of speculators.

This was contained in a market data released by the BoG on April 5, 2025.

The gold reserves position ending April 2025 represents more than 200 percent increase compared to December 2022.

Details of BoG’s reserve position

The data showed that on March 31, 2023, the BoG’s Total Gold Holdings, stood at 8.78 tonnes.

However, this increased by some significant margin over the past months to reach 31.73 tonne in April 2025.

A careful look at the data, showed that in some cases the amount of gold reserves added by the BoG on a month-on-month basis went up by more than 20 percent.

However, since the beginning of this year, the aggressive increase in the gold reserve holdings slowed, compared to the margin of increase in previous months.

BoG’s Gold Purchase Programmme 

The BoG has attributed the strong growth in its gold reserves over the years to the Domestic Gold Purchase programme, which was launched in June 2021.

The move was part of measures to increase Ghana’s reserves by diversifying the central bank’s holdings with the purchase of gold from mining firms in the country.

It also helped the BoG to reduce global shocks and volatilities associated with the dollar but immune from gold reserves.

Per the arrangement, the BoG buys gold from the mining companies and pay them back in Ghana cedis.

The central bank had earlier raised concerns about Ghana’s low gold reserves, calling for new measures to improve the situation going forward.

The Governor of the BoG Dr. Johnson Asiama in a recent interview with JOYBUSINESS noted that the central bank is committed to preserving the country’s total international reserves going forward.

“A move that should also go a look way to help firmly stabilize the cedi” he said.

Impact

The cedi is expected to be the biggest gain from a strong BoG gold reserve position.

The situation sends a good signals on the market, whiles assuring investors that the central bank is in a strong position to defend the local currency.

Some market analysts have in past argued that the weak gold reserve position created uncertainties that led to some persons betting on the ability of the central bank to support the cedi.

This in the past fueled the activities of speculators.

The local currency sold at GH¢14.60 to one US dollar on the retail market, while going for GH¢13.65 on the interbank market.

Despite the dip, the cedi remains one of the top-performing currencies in Africa in 2025, having appreciated by over 7% since January 1. The CFA franc, used by Francophone West African countries, is currently the best-performing currency on the continent this year.

All things being equal, the cedi is expected to remain relatively stable in May 2025.

Analysts at Databank Research believe a recent agreement between the Ghanaian government and nine mining firms—secured through the Ghana Gold Board (Goldbod)—to purchase 20% of their monthly estimated gold production of 200 kilogrammes before export, is helping sustain the cedi’s strength.

The deal allows the government to pay the mining companies in Ghana cedis instead of US dollars, thereby easing pressure on the foreign exchange market.

“We believe this is a positive move to help shore up Ghana’s gold reserves and strengthen the Ghana Cedi in May 2025. Additionally, we expect the central bank’s targeted intervention to help stabilise the unit. As such, we expect the Ghana Cedi to remain strong this week,” Databank Research stated.

In April 2025, the Bank of Ghana injected US$490 million into the forex market to meet demand and stabilise the cedi.

The central bank injected US$490 million into the market, effectively easing demand pressures by sufficiently meeting forex needs.

As a result, the cedi appreciated by 5.3% month-on-month against the US dollar, translating to a 7.44% year-to-date (YTD) gain.

The local unit also gained 0.71% against the British pound (0.79% YTD), and remained relatively stable against the euro, slipping just 0.3% month-on-month—narrowing its YTD depreciation to 1.83% on the retail market.

According to a Reuters report, the Gold Board (Goldbod) has secured an agreement with nine mining companies to purchase 20% of their monthly estimated gold production—about 200 kilogrammes—before export.

The deal allows the government to pay the mining companies in cedi equivalents rather than in US dollars.

Analysts believe this move will reduce the burden on Ghana’s foreign exchange reserves.

“We believe this is a positive move to help shore up Ghana’s gold reserves and support the Ghana Cedi in May 2025. Additionally, we expect the central bank’s targeted intervention to help stabilise the unit. As such, we expect the Ghana Cedi to remain strong this week,” Databank Research noted.

The suspects were arrested on April 30, 2025. Two of them, Kwabena Tawiah and Kwadwo Asiedu, were picked up from their hideout at a hotel in Nkawkaw.

The third suspect, Dennis Debra, also known as “Kapun,” was arrested at Pemenase in the Ashanti Region for dishonestly receiving the stolen vehicle.

A police statement copied to the Ghana News Agency said initial investigations revealed the vehicle was stolen from a washing bay at Kuntunse Satellite in Accra, six days prior to the arrests.

During interrogation, Tawiah and Asiedu reportedly admitted to selling the vehicle to Debra for GH¢15,000.

Police said GH¢2,000 had been paid as part of the transaction.

A search conducted on Debra led to the recovery of the vehicle’s ignition key.

The suspects and the recovered vehicle have been handed over to the Accra Police Command to assist with further investigations.

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According to him, records available to the party do not support Dr. Tamakloe’s long-held claim of being a founding member.

Mr. Nkansah made this assertion in a Facebook post on Sunday, May 4.

In the brief but pointed statement, he wrote: “Dr. Nyaho Tamakloe’s name is missing from the NPP founding members’ register. He is fake.”

The post has since attracted reactions from party supporters and observers.

Police officer interdicted for possession of restricted substances

Matilda Asante-Asiedu sworn in as Second Deputy BoG Governor

The ceremony took place on Thursday, May 2, 2025, and was officiated by President John Dramani Mahama at the Jubilee House.

Mrs. Asante-Asiedu’s appointment is in line with Section 17 of the Bank of Ghana Act, 2002 (Act 612), as amended by Section 11 of the Bank of Ghana (Amendment) Act, 2016 (Act 918).

With a career spanning leadership roles in Ghana’s banking sector, Mrs. Asante-Asiedu brings to the central bank deep experience and expertise.

Prior to her appointment, she served as Group Head of Retail Banking at Access Bank Ghana PLC, where she was instrumental in driving customer-centred strategies and inclusive finance.

She is a Chartered Executive Banker, certified by the Chartered Institute of Bankers, Ghana (2024).

Her academic credentials include an MBA in Marketing from GIMPA Business School (2021), an MA in Journalism Studies from Cardiff University (2005), and journalism diplomas from the Ghana Institute of Journalism and Berlin (2000).

Her international exposure includes executive training at some of the world’s top business schools, including the Saïd Business School at Oxford University (2023), Wharton School of the University of Pennsylvania (2015), and Marquette University’s Les Aspin Centre in Washington D.C. (2003).

The Bank of Ghana expressed confidence that her appointment will strengthen the leadership at the apex bank and contribute significantly to its ongoing mission of monetary stability, financial sector growth, and economic resilience.

Mrs. Asante-Asiedu now joins the BoG’s top leadership team at a critical time, as the institution continues to navigate complex economic conditions and drive regulatory innovation.

Madam Agnes passed away on April 9, 2025.

The burial service took place at the New Achimota Christ the King Congregation Presbyterian Church.

The final funeral rites were held at the Achimota Astroturf Mile 7 Park.

She was interred at the Somanya Awudime Ebenezer Presbyterian Cemetery.

A thanksgiving service will be held in honour of Madam Agnes on Sunday, May 4, 2025.

Check out some photos and videos below:

The Multimedia Group Limited (MGL), led by its CEO and COO, also sympathised with Akumaa Mama Zimbi at her late mother’s funeral.

A vibrant display of culture also took place at the funeral, with the Adowa dance taking center stage.

Empress Gifty honored the memory of Akumaa Mama Zimbi’s mother with a powerful performance of ‘Watch Me’ during the funeral.

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Speaking to JoyBusiness on the sidelines of the IMF/World Bank Spring Meetings, he said the revised target is based on new monetary measures by the Bank of Ghana, alongside complementary fiscal actions by the government.

“Look at what is happening to the cedi, as well as the policy action taken at the last Monetary Policy Committee meeting—that should help tackle food inflation and deliver lower inflation going forward,” he stated.

Dr. Asiama confirmed that the next Monetary Policy Committee (MPC) meeting is scheduled for May 22, 2025. “I can assure you that the Bank of Ghana will take the required actions based on our data,” he added.

The revised 12 per cent target marks a sharp cut from the earlier projection of 16 per cent for 2025.

If achieved, it could represent one of the lowest inflation rates Ghana has recorded in recent years. Some analysts suggest it could be the lowest in four years.

Inflation slowed for the third consecutive month in March 2025, reaching 22.4 per cent—down from 23.1 per cent in February.

This trend has reinforced expectations that inflation could continue to ease in the months ahead.

At its last meeting, the MPC raised the policy rate by 100 basis points to 28 per cent in an effort to curb inflation.

Some analysts now believe the Bank may have to hike rates again in May, along with other monetary measures, to meet the revised target.

The International Monetary Fund has also backed further tightening of monetary policy.

In a statement following Ghana’s staff-level agreement with the IMF, the Fund noted: “The ensuing tightening in the monetary policy stance, together with the ongoing fiscal consolidation, is expected to bring inflation down.”

In its Africa Regional Economic Outlook, the IMF projected that Ghana would end 2025 with an inflation rate of 17.5 per cent—significantly higher than the 11.9 per cent forecast in the 2025 Budget by Finance Minister Dr. Ato Forson.

The IMF expects Ghana’s inflation to fall further to 9.4 per cent by the end of 2026, potentially bringing the country closer to achieving single-digit inflation for the first time in years.

In the 2025 Budget, Dr. Forson announced the government’s goal of ending the year with an inflation rate of 11.9 per cent, as part of broader efforts to stabilise the economy.

However, some economists, including Professor Peter Quartey, have described the government’s inflation target as overly ambitious.

He argued that, given the current economic challenges, achieving that goal may be difficult.

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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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Speaking to Joy Business on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., Dr. Asiama assured that the central bank would continue implementing measures to preserve the current stability of the Ghana cedi.

“Going forward, we have enough reserves to maintain the current stability the cedi is enjoying against the US dollar,” Dr. Asiama stated.

However, he was quick to add, “The Bank of Ghana is not going to operate a fixed exchange rate regime. The cedi is an endogenous variable, and we must allow it to float. What the Bank of Ghana aims to do is ensure there is no excessive volatility.”

Reasons Behind the Cedi’s Stability

The Ghana cedi has recorded one of its longest periods of stability against the US dollar in recent times. Since December 2024, the local currency has remained largely stable, even appreciating against the dollar on some days.

Data from the Bank of Ghana and some commercial banks show that, as of April 2025, the cedi had appreciated by 2.76 percent against the dollar.

Bloomberg’s currency platform reported that as of April 28, 2025, most commercial banks were selling the dollar at GH¢15.58, with some quoting GH¢15.40.

Market analysts have attributed the cedi’s resilience to several factors, including active liquidity support from the central bank and BoG’s Gold Purchase Programme, which has boosted market confidence and curbed speculative activities.

The International Monetary Fund (IMF) also highlighted Ghana’s stronger-than-expected international reserve buildup.

According to the Bank of Ghana’s Economic and Financial Data, international reserves reached $9.3 billion at the end of February 2025, significantly exceeding targets set under the IMF’s Extended Credit Facility (ECF)-supported programme.

Governor’s Perspective on the Cedi’s Performance

Dr. Asiama outlined key reasons behind the currency’s stability:

• Improved external sector performance, supported by strong remittances and better earnings from gold and cocoa exports.

• Effective coordination between fiscal and monetary policy, ensuring both sides work harmoniously to strengthen economic fundamentals.

• Weaker US dollar performance globally, creating favourable conditions for the cedi.

He emphasised, “The fiscal side has been supportive of monetary measures, helping to maintain the current development.”

Impact of the IMF Programme

The BoG Governor also noted that the recent Staff-Level Agreement with the IMF has played a crucial role in boosting investor confidence.

“The Staff-Level Agreement with the IMF was like a stamp of approval for the government’s efforts to restore macroeconomic stability,” Dr. Asiama explained.

He added that discipline on both the fiscal and monetary fronts continues to help reset market expectations and restore confidence.

Impact on Inflation

Dr. Asiama expressed optimism that the cedi’s improved performance would contribute to a further slowdown in inflation in the coming months.

“This should be complemented by the monetary measures the Bank of Ghana is implementing to continue driving inflation lower,” he stated.

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This was a purposeful and forward-looking engagement with Ghanaian professionals embedded within the IMF and World Bank systems.

The President of the Heritage Club, Kofi Tsikata, welcomed the delegation and shared that approximately 350 Ghanaian staff are currently working within the IMF and World Bank in Washington. Globally, that number exceeds 700—underscoring the growing influence and presence of Ghanaian professionals in global economic institutions.

Dr. Forson emphasized Ghana’s strong and cooperative relationship with both the IMF and the World Bank.

He noted the recent increase in the World Bank’s Development Policy Operation (DPO) facility to over $400 million as a mark of confidence in Ghana’s reform efforts.

More importantly, he stressed that the focus should not be solely on the amount of borrowing, but on how the borrowed funds are used.

There is now a clear shift toward borrowing for impactful investments rather than non-productive expenditures such as capacity building or consultancy contracts with limited national benefit.

His message was one of financial discipline, strategic planning, and accountability—prioritizing projects that yield tangible benefits for the Ghanaian people.

Bank of Ghana(BoG) Governor, Dr. Johnson Asiama echoed the Minister’s remarks, highlighting the strong technical and policy support received from Ghana’s international partners.

He disclosed that the Bank is currently working on a new legal framework aligned with modern economic realities and supported by the Bretton Woods institutions.

He further indicated that the Bank of Ghana does not expect to declare a loss this year, signaling improved financial management and institutional stability.

Also present at the meeting were Senior Economic Advisor to the President, Seth Emmanuel Terkper, and Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson.

The meeting with the Ghana Heritage Club underscored the important role of the Ghanaian diaspora in global development institutions and reinforced the call for deeper collaboration

between homegrown policy leadership and international expertise. It was not only a moment of reflection but also a strategic conversation about the future of Ghana.

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Minister for Education, Haruna Iddrisu, has inaugurated the reconstituted Governing Council of the University of Ghana (UG).

The committee, inaugurated on Friday, April 25, 2025, is chaired by former Attorney General and Minister for Justice, now Presidential Legal Counsel, Marietta Agyeiwaa Brew.

At a brief ceremony, the minister tasked Council members with working assiduously to improve the University’s standing as a leading global higher education institution.

The Council Chairperson, in her acceptance speech, touted UG as a bedrock of academic excellence in the country and pledged to work with management in the spirit of commitment and visionary leadership.

Other members of the Council include the Vice Chancellor, Prof. Nana Aba Appiah Amfo, Naa Dr. Alhassan Andani, Dr. Kwesi Amakye-Boateng, Ms. Precious Kyei Bonsu, Dr. Abdul Karim Hatsu, Ms. Doris Kisiwa Ansah, Prof. Nana Akua Anyidoho, and Michael Owusu Ansah.

The rest are John Dadzie Mensah, Prof. Folassade Tolulope, Rev. Fr. Stephen Owusu Sekyere, Mr. George Agyekum Donkor, Ms. Tina Sackeyfio, Major Daniel Ablorh-Quarcoo (Rtd), Mrs. Yvette Adounvo Atekpe, Dr. Inusah Abdul-Nasiru, Maradona Adjei Yeboah, Bright Amansiah, and Benjamin Nkumsah.

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Of these, 83 dismissals — representing 54 percent — were linked specifically to cash theft and suppression, the dominant form of internal financial misconduct.

The report, which covers banks, SDIs, and payment service providers (PSPs), paints a concerning picture of rising insider threats within the financial sector. Staff involvement in fraud jumped by 33 percent in 2024, with 365 employees implicated in various offenses, up from 274 in the previous year.

“Cash theft/suppression remains the most prevalent staff-related fraud, accounting for 75% of reported internal cases,” the report stated. It also noted that despite the scale of offenses, only 43% of staff involved were actually dismissed — a trend blamed on protracted legal procedures that discourage institutions from fully pursuing justice.

The Bank of Ghana expressed deep concern about the “consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” and called for immediate improvements in internal control systems. It urged banks and SDIs to intensify recruitment background checks, reinforce professional training, and ensure diligent prosecution of offenders to deter future breaches.

The BoG’s 2024 report also documented a broader increase in fraudulent activity across the financial ecosystem. A total of 16,733 fraud cases were recorded last year, up from 15,865 in 2023 — representing a five percent increase. While fraud cases in traditional banks decreased slightly, those within the SDI and PSP sectors saw noticeable rises.

The most dramatic spike was seen in forgery and document manipulation, with the value at risk ballooning to GH¢53.5 million — nearly eight times the GH¢6.9 million recorded in 2023. This category alone accounted for 67 percent of the total fraud value risk recorded by banks and SDIs. The surge was primarily driven by one major outlier case involving GH¢53 million.

Similarly, identity theft saw significant growth, with losses increasing from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. The report attributed this spike to weak due diligence practices and poor verification processes using Ghana Cards.

In total, the value at risk from fraud across banks, SDIs, and PSPs reached approximately GH¢99 million in 2024, up 13 percent from GH¢88 million the previous year. Of this, about GH¢75 million related to risks faced by banks alone.

Despite these high figures, only GH¢3 million — representing four percent of the total at risk — was recovered. The BoG acknowledged that prolonged legal battles remain a major obstacle to recovering stolen funds and restoring public confidence.

The Payment Service Provider (PSP) sector alone recorded 15,673 fraud cases, with a value at risk of GH¢19 million, representing increases of seven percent and 18 percent, respectively.

The BoG urged continued collaboration between financial institutions and law enforcement agencies to create a “zero-tolerance culture” toward fraud. It said it will continue publishing the annual fraud report to promote transparency and safeguard the integrity of Ghana’s financial sector.

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However, this decrease resulted in an 11% increase in the total value at risk associated with these cases in 2024, relative to 2023.

According to the Banks, SDIs and Payment Service Providers (PSPs) 2024 Fraud Report by the Bank of Ghana, the total values at risk stood at approximately GH¢80 million and GH¢72 million in 2024 and 2023, respectively.

Notably, the total values at risk recorded across all fraud types declined in 2024, with the exception of forgery and document manipulation, which increased sevenfold compared to the 2023 figure of GH¢7.47 million. This fraud type also accounted for 67% of the total value at risk recorded for banks and SDIs in 2024.

The report stated that the rate of recovery of potential losses has become a challenge for banks and SDIs due to prolonged legal proceedings, which eventually lead these institutions to stop pursuing the cases.

Similarly, the PSP sector also recorded a value at risk of GH¢19 million involving 15,673 cases in 2024. In percentage terms, the value at risk and number of cases increased by 18% and 7%, respectively, from figures recorded in 2023.

The aggregate data collated from the three sub-sectors indicated that the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise. These cases correspond to a total value at risk of approximately GH¢99 million in 2024 as compared to GH¢88 million in 2023, indicating a 13% increase.

Value of Risks to Banks Stood at GH¢75m in 2024

The total value at risk to banks with respect to fraud cases recorded in 2024 was approximately GH¢75 million compared to GH¢63 million in 2023, representing an increase of 19%.

Forgery and manipulation of documents recorded the highest fraud value at risk in 2024, totaling GH¢53.5 million — a rise of eight times over the GH¢6.9 million recorded in 2023. The significant jump in the value at risk for this fraud category was influenced by an outlier case involving an amount of GH¢53 million.

Identity theft also recorded a surge, increasing from GH¢0.6 million to GH¢5.7 million. This was attributed to inadequate due diligence and verification of the identities of persons conducting financial transactions using their Ghana Cards.

The publication of the annual fraud report by the Bank of Ghana seeks to highlight trends and typologies of fraudulent activities identified within the banking industry for a reporting year. It also aims to sensitize stakeholders and promote the soundness and integrity of the financial sector.

The 2024 report therefore presents fraud typologies and values at risk observed in relation to services provided by Banks, SDIs, and PSPs.

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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.

Speaking at the African Leaders and Partners Forum organised by the EBII Group on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., he explained that the move is contingent on the passage of the Virtual Asset Providers Act.

This legislation will empower the Bank of Ghana to license and regulate platforms and players operating in the virtual asset space.

“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” Dr. Asiama revealed.

“This is a technology we cannot prevent, hence the need to move fast to regulate it.”

The forum brought together stakeholders from finance, trade, and agriculture across Ghana, the U.S., Europe, and the Americas to explore strategies to improve trade and investment between Africa and the United States.

SEC Collaboration and Background

The Director-General of the Securities and Exchange Commission, Dr. James Klutse, had earlier disclosed on PM Express Business Edition on March 27 that the Commission has made significant progress in establishing a regulatory framework for the cryptocurrency sector.

Back in January 2018, the Bank of Ghana issued a public notice reminding Ghanaians that cryptocurrencies such as Bitcoin were not recognised under Ghanaian law.

The central bank warned the public to be cautious when transacting with institutions using crypto and advised financial institutions to refrain from facilitating cryptocurrency transactions.

Broader Strategy and Africa’s Positioning

Addressing participants at the forum, Dr. Asiama emphasised the importance of macroeconomic credibility and strategic autonomy in securing investor confidence and redefining Africa’s global economic role.

“This is one of four key proposals from the Bank of Ghana on how to reshape US-Africa engagement,” he noted.

“Policies are being implemented to reduce and stabilise inflation, build reserves, and consolidate fiscal discipline.”

He added that across the continent, central banks are adopting bold reforms to improve transparency, independence, and credibility.

Dr. Asiama also highlighted the importance of fostering financial system resilience and enhancing risk mitigation strategies to attract productive capital flows and manage vulnerabilities.

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One arrested after discovery of illegal mining site in Aowin Nkwanta

The intelligence-led operation, conducted on Thursday, April 18, also resulted in the seizure of 11 excavators and a bulldozer at the site, located along the banks of the Tano River.

The machinery has since been transported across the river and placed in secure police custody.

This latest operation follows a similar raid on Wednesday, April 17, during which police apprehended 26 suspects — including 18 Ghanaians and eight Chinese nationals — in the Subri Forest and along the Tano River.

These back-to-back operations highlight the growing urgency to combat illegal mining, which continues to pose a serious threat to Ghana’s water bodies, forests, and ecosystems.

The police’s decisive actions represent a commendable contribution to the broader national effort to restore and safeguard the environment, which remains under increasing pressure from galamsey-related activities.

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The NEC meeting is scheduled for 10:00 am at the Alisa Hotel, while the National Council meeting will follow at 2:00 pm at the same venue.

This was announced in a statement issued by the party’s General Secretary, Justin Frimpong Kodua.

At the meetings, the party is expected to receive and deliberate on the report submitted by the committee tasked with investigating its 2024 election defeat.

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Speaking on Joy FM’s Newsnight on Tuesday, April 15, in the wake of intensified violence in the Upper East town, Prof. Aning described Ghana’s current risk assessments in the region as “at best bogus, at worst, utterly distasteful.”

His remarks followed a wireless message from the Ghana Police Service, which raised alarm over escalating attacks against security personnel and their families in Bawku and its surrounding areas.

In response to the growing insecurity, the Inspector General of Police (IGP), Dr. Christian Tetteh Yohuno, has banned the movement of officers and their relatives into the area and directed those already stationed there to wear full protective gear and move only under armored escort.

According to Prof. Aning, the police directive is a tacit admission that the situation in Bawku has spiraled out of control, signaling a dramatic escalation of insecurity.

He cited the recent killing of two uniformed officers in Binduri and reports of an attempted assassination of the IGP as evidence of growing boldness among armed factions.

“In operational calculus, this sends a signal to those who are armed that they are now on an upward ascendancy — that the security forces have been pinched to the wall,” he said. “So we need some dramatic change in our operational tactics within the next 72 hours. Otherwise, I’m afraid we will lose the initiative.”

Prof. Aning also stressed the urgent need for psychological support and reinforcements for officers stationed in Bawku, emphasizing that the state must demonstrate its capacity to “recapture the territory” and restore order.

“The Ghana Police Service recognizes the extreme situation that is in Bawku, and they need to take all the necessary measures first to protect their own. Hopefully, we can beef up the response and show that the state still holds authority there,” he added.

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Egypt and Uganda claimed the final two African slots for the global tournament after crucial wins in the play-off round on Saturday, joining Burkina Faso, Côte d’Ivoire, Mali, Morocco, Senegal, South Africa, Tunisia, and Zambia as the continent’s flagbearers at the world stage.

The expanded tournament – the largest in the history of the U-17 World Cup – will feature 48 teams for the first time and will be held from 3 to 27 November 2025 in Qatar.

Uganda made history by qualifying for their maiden U-17 World Cup after a thrilling 2-1 comeback victory over The Gambia.

After conceding in under a minute, goals from James Bogere in the 13th and 33rd minutes turned the tide for the East Africans, who held firm to book a debut appearance on the world stage.

Later in the day, hosts Egypt delighted home fans with a hard-fought 2-1 win over Angola.

A deflected strike from Abdel Aziz El Zoghby and a second-half effort by Hamza Mohamed Abdel Karim sealed the ticket for the Pharaohs, despite Angola pulling one back late in the game.

The other eight African nations had already qualified by progressing to the knockout stages of the U-17 AFCON.

Among them are Senegal, defending African champions at youth level, and Côte d’Ivoire, who impressed with a resounding 4-2 win over Mali during the group stage.

Tunisia and South Africa also secured their places early after finishing strongly in their respective groups, while traditional powerhouses Morocco and Zambia return to the global stage with high expectations.

The U-17 World Cup has been a proving ground for future superstars including Michael Essien and Sammy Kuffuor, Nwankwo Kanu, Seydou Keita and Mahamadou Diarra.

Now, Africa’s new generation of talent will look to shine on the world stage and possibly follow in their illustrious footsteps.

With the continent’s ten teams now confirmed, the focus turns to preparations and the final draw, as Africa gears up to challenge for global glory in Doha later this year.

In a statement, GES said the break will begin end on Monday, 21st April 2025.

“Students who wish to travel home and celebrate the Easter festivities with their families should be given the opportunity to do so,” the statement read.

GES noted that the break is optional, and students who prefer to stay on campus during the period will be allowed to remain under proper supervision.

“All students who will travel home are expected to return to school on Tuesday, 22nd April 2025, to resume academic activities promptly,” it added.

All Regional Directors have been therefore directed to disseminate the information to heads of all the schools in the specified category for the necessary action.

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In a statement, the Initiative, a lifelong project by the E ON 3 Group honouring the Asantehene’s contributions to peacebuilding and national development, noted that the acclaimed wisdom that Otumfuo used to resolve the Dagbon conflict over 17 years and involving over 1,000 mediation sessions, would bring peace to Bawku.

Pillar of Peace

Hailed as a “Pillar of Peace”, Otumfuo Osei Tutu II will require the full cooperation of all parties involved to achieve lasting reconciliation.

The statement therefore urged the feuding factions to lay down their arms and support the Asantehene’s efforts.

In a writ filed at the Accra High Court, the plaintiff, Balbir Violet Allan, a resident of Adabraka, contends that the drastic depreciation of the cedi during Dr Addison’s tenure has significantly eroded the value of her investments in government treasuries, particularly ESLA Bonds.

According to the suit, when Dr Addison assumed office in February 2017, the cedi-dollar exchange rate stood at GH¢4.26 to $1. However, by February 3, 2025 — when he proceeded on terminal leave — the rate had surged to GH¢15.49 to $1, reflecting a depreciation of approximately 264 percent.

Filed by her lawyer, John E. Baiden of The Liberty Institute Law Firm, the suit argues that the Bank of Ghana, through its Governor, was legally mandated to provide the country with a stable currency.

Instead, the second defendant allegedly allowed the cedi’s value to be dictated solely by market forces such as demand and supply in the foreign exchange market, resulting in instability and volatility.

The plaintiff claims the former Governor failed to develop or implement a credible and lawful plan to stabilise the currency. As Governor, Dr Addison also chaired both the BoG’s Board and its Monetary Policy Committee, which are responsible for formulating and executing monetary policy measures, including currency stabilisation.

“The second defendant has so controlled and conducted the affairs of the first defendant in a manner that extensive harm has befallen the cedi, including that of the plaintiff’s,” the writ states. It argues that justice requires that the legal responsibilities of the Bank of Ghana be made coterminous with those of the Governor, given his dual role as head of the institution and chair of its policy-making bodies.

Ms Balbir said she officially notified Dr Addison on May 30, 2024, of her intention to sue should no steps be taken to restore the cedi’s soundness and value. Following no action on his part, she proceeded with legal action.

Reliefs Sought

The plaintiff contends that unless the court orders compensation, she would have no avenue for recovering the value lost in her investments. She is, therefore, asking the court to lift the corporate veil shielding the Bank of Ghana and hold both the institution and the former Governor jointly and severally liable.

Among other reliefs, she is seeking:

• A declaration that the second defendant was grossly negligent in the management of the Ghana Cedi through the first defendant.

• A declaration that the exchange rate losses she suffered are enforceable against both defendants, jointly and severally.

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His comments follow recent violent clashes between youth and security agencies in the area, which have led to rising tensions and concern among the public.

In a press statement issued on Friday, 11 April, the Majority Leader traced the origins of the peace initiative to the administration of former President Nana Addo Dankwa Akufo-Addo, who referred the matter to Otumfuo for mediation.

He further noted that the current President, John Mahama, upon assuming office in January 2025, requested Otumfuo to continue with the process.

“I support President John Dramani Mahama’s decision for very good reasons,” Ayariga said.

Emphasising the need for calm, the MP urged all parties to support the peace-building efforts.

“I therefore once again appeal to everyone to exercise restraint and allow the peace process led by Otumfuo to come to its logical conclusion,” he stated.

He stressed the importance of patience in such a delicate situation that demands collective responsibility.

Mr Ayariga also appealed to residents to positively engage with law enforcement officers.

He called on the public to avoid confrontations and cooperate with security personnel to preserve lives and ensure public order.

“I also appeal to everyone to maintain cordial relations with the law enforcement agencies to protect lives in the interim,” he added.

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BoG Governor urges banks to strengthen internal controls

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He explained that this approach is aimed not just at enforcing compliance but at shaping a banking system that is agile, accountable, and future-ready.

Dr. Asiama shared these insights during a meeting with Heads of Commercial Banks at the Bank Square, following the recent Monetary Policy Committee meeting. The gathering included chief executives or representatives from Ghana’s regulated banks, as well as officials from the Bank of Ghana, including 1st Deputy Governor Dr. Zakari Mumuni.

Key Focus Areas for Regulation

The Bank of Ghana’s Governor outlined several key focus areas for the upcoming regulatory framework:

• Risk Identification and Mitigation: A key priority will be using data analytics and early warning indicators to identify emerging risks, particularly given the 5.0% increase in fraud cases and a 13.0% rise in value at risk, as reported in the 2024 Fraud Report. Dr. Asiama emphasized the need for stronger internal controls and oversight.

• Digital Resilience: The central bank will ensure that banks take greater responsibility for the safety of their systems, product integrity, and customer protection, urging banks to invest significantly in product security and expand public financial education.

• Governance and Compliance: Dr. Asiama highlighted the importance of effective governance, compliance culture, and accountability across all levels of banking institutions. He also mentioned the possibility of compulsory Basel III & IV training for all bank directors to improve regulatory knowledge and governance.

• Collaboration and Capacity Building: The Governor stressed the importance of collaboration in co-creating solutions rather than merely enforcing rules. Additionally, the central bank will prioritize capacity building for future challenges, focusing on sustainable oversight, especially in credit risk and reputational exposure.

Through these reforms, Dr. Asiama reaffirmed the Bank of Ghana’s commitment to enhancing the banking sector’s stability and resilience in the face of evolving risks.

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The expansion is in collaboration with the Government of Ghana through the Ministry of Communication, Digital Technology, and Innovation.

Deputy Chief Executive Officer of TP, Thomas Mackenbrock, reaffirmed the company’s commitment to job creation, stating that TP plans to hire over 5,000 young Ghanaians nationwide. He noted that the initiative aligns with government efforts to reduce unemployment across the country.

Mackenbrock explained that TP has experienced rapid growth in Ghana since commencing operations in January 2022 with a single site and 36 employees. The company now views Ghana as a strategic hub for digital services in West Africa and intends to deepen its presence in the region.

“Our ambition is to work closely with the government to create real opportunities for young people in Ghana,” he said. “We see Ghana playing a key role in our long-term global strategy.”

TP’s Global CEO and Founder, Daniel Julien, visited Ghana to explore the country’s strategic value to the company’s regional expansion plans. TP operates in more than 95 countries and employs nearly 500,000 people worldwide.

Country Lead of TP Ghana, Elhadi O. Bencherif, acknowledged the pivotal role of the company’s leadership and the Government of Ghana in the operation’s growth.

“Together with our leadership, we are truly proud to see that what began as a small initiative in Ghana is now embraced with tremendous support and goodwill,” he said. “We are immensely grateful to the government for providing a conducive business environment that supports our vision to create meaningful jobs for the youth in the digital space.”

Speaking on behalf of the Minister for Communication, Digital Technology, and Innovation, CEO of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, highlighted that the project supports the government’s broader vision of building a 24-hour economy.

He expressed optimism that the 5,000 jobs projected could significantly increase in the near future.

TP specializes in business process outsourcing and offers a range of high-quality services, including customer relationship management, content curation and moderation, and high-value customer experience delivery.

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According to him, the commercial banks should maintain transparent communication with clients in carrying out this action.

He disclosed this at a meeting with captains of the commercial banks after the Monetary Policy Committee meeting.

The engagement was part of the Bank of Ghana’s maiden meeting with the heads of the various commercial banks at the Bank Square, the headquarters of the central bank.

This was also the first meeting with the banks by the new management of the central bank headed by Dr Asiama.

In attendance were chief executives or representatives of regulated banks in Ghana and officials of Bank of Ghana, including the 1st Deputy Governor, Dr. Zakari Mumuni.

Background

The Monetary Policy Committee of the Bank of Ghana, after its recent meeting to review the developments in the economy, hiked the policy rate by 100 basis points to 28%.

This is the first time since September 2024, that the Bank of Ghana reviewed its key lending rate to commercial banks.

Justification

The Governor noted that the decision was “aimed at reinforcing the disinflation process, which, while underway, remains too gradual to secure lasting stability.

“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,”  the Bank of Ghana Governor observed

Dr. Asiama however noted that “ inflation expectations remain elevated, and core inflation is still above the medium-term target”.

“The Committee therefore adopted a proactive stance—guided by recent experience that delayed tightening can result in more persistent inflation and costlier adjustments” he added.

Post Policy Rate Hike and Concerns

Speaking at the meeting with heads of the various commercial banks, the Governor noted that the Bank of Ghana recognised the effect of the policy rate hike on borrowing costs of businesses and households.”

But was quick to add that “Viable businesses should continue to receive support, and tailored solutions to mitigate the impact on the most vulnerable sectors”.

Outlook and Concerns

The Bank of Ghana Governor noted that despite recent challenges  the banking sector, even without reliefs “ showed sustained improvement on the back of improving solvency and asset quality measures amid strong liquidity and profitability”.

Dr. Asiama was quick to add that despite these solid developments, solvency concerns persist, “especially few domestically controlled and state-owed banks, whiles capitalization efforts remain unclear”.

The Governor was of the view that addressing these capital shortfalls in these banks remains a priority.

“We are working closely with the affected institutions to achieve sustainable capital levels, restore depositor confidence and ensure compliance with regulatory requirements” the Governor disclosed

The Governor also advised the commercial banks to be guided by the past banking resolutions, especially shaping their crises preparedness.

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The foundation’s first project will commence in Konongo, where efforts will be concentrated on rehabilitating lands degraded by illegal mining activities.

Speaking at the launch, Director of the Foundation, Kofi Twum Ampofo Aggrey, announced that the team would begin by planting mahogany and castor oil seedlings as part of the initial phase.

He also noted that baseline studies would be conducted to assess the specific needs of the local community and guide future interventions.

This initiative complements ongoing national efforts, such as the Ghana Land Restoration and Small-Scale Mining Project (GLRSSM), launched in 2021 by the Ministry of Environment, Science, Technology and Innovation (MESTI), the Environmental Protection Agency (EPA), and the Ministry of Lands and Natural Resources (MLNR).

GLRSSM forms part of the broader National Alternative Employment and Livelihood Programme (NAELP), which seeks to restore degraded lands and create sustainable jobs for communities affected by illegal mining.

The launch event attracted key stakeholders from the mining and environmental sectors, including policymakers and sustainability experts.

Director of PW Mining International, Sam Priddy, commended the government for its policy interventions in curbing illegal mining but emphasized the importance of stronger community engagement to sustain the progress made.

In a related development, the government has intensified efforts to protect Ghana’s water bodies through the newly launched Blue Water Initiative.

Energy Minister Emmanuel Armah-Kofi Buah announced a four-week training programme for 460 Blue Water Guards, who will provide 24/7 surveillance and protection for rivers and other vital water sources.

Deputy CEO of the Minerals Commission, Emmanuel Kwamena Anyimah, told Adom News that President John Mahama is expected to officially commission the first batch of 400 youth river guards on Monday, April 14, in collaboration with the Ghana Navy.

These joint efforts by government institutions and private sector entities like Aggrey and Associates reflect a growing national commitment to reversing the environmental destruction caused by illegal mining and advancing sustainable development across Ghana.

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The group recommended that Parliament fast-track the establishment of a National Export Adjustment Facility.

“This fund, drawn from petroleum windfalls or levies, could cushion exporters, subsidise trade logistics, and support retooling for affected industries,” the CDM stated in its 9 April release.

The proposal forms part of a broader strategy aimed at mitigating the negative impact of the tariff on industries such as cocoa processing, textiles, and agro-exports.

CDM emphasised the need for long-term economic resilience.

“Let our response be measured, informed by law and diplomacy, and driven by the collective good of the Republic. Ghana first. Always,” the group declared.

The statement also called for the One District, One Factory (1D1F) initiative to be repurposed with a strong export-oriented focus to boost value addition and reduce overreliance on raw exports.

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Dr. Asiama commended NIB’s partnerships with institutional clients, particularly the Ghana Armed Forces, and urged the bank to deepen engagements with such stakeholders. He also encouraged NIB to expand its reach in underserved areas, proposing the opening of an agency in Damongo or Bole in the Savannah Region to enhance financial inclusion.

Other action points from the meeting included BoG’s continued hosting of NIB’s disaster recovery site in Kumasi and consideration of a waiver for associated fees.

The Governor emphasized the need to improve staff welfare as the bank strengthens its balance sheet, and to recognize the loyalty of long-standing customers. He called for measures to reward staff who remained committed during difficult times.

The meeting underscored a shared vision between NIB and BoG to reposition the bank as a credible financial institution capable of supporting Ghana’s industrial and economic transformation.

Chief Dr. Zakaria expressed deep appreciation for the Governor’s support and reaffirmed NIB’s readiness to collaborate with the central bank to implement reforms that will deliver lasting impact for the bank and the country.

He expressed optimism that NIB will serve as a key catalyst in Ghana’s journey toward industrialization and economic growth.

In a statement, the Office of the Auditor-General outlined that the payroll records of Ministries, Departments, Agencies (MDAs), and subvented bodies from January 1, 2023, to December 31, 2024, will be thoroughly audited.

The exercise will also involve a full headcount of all government-paid staff.

Institutions within the affected categories have been urged to provide auditors with full and unrestricted access to all relevant records to ensure the audit’s success.

“The Office of the Auditor-General calls on all institutions to provide unhindered access to books, returns, and other documents, including computerized and electronic records, to ensure the audit is completed smoothly and within schedule,” the statement added.

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This decline is primarily attributed to the Islamic holidays.

Trading activity in the general category of maturities was modest, with the February 2030 maturity leading at an average yield to maturity (YTM) of 23.5%.

The shorter end of the local currency yield curve accounted for 51% of trading activity, averaging a YTM of 23%. Meanwhile, the belly to tail end represented 49% of trades, with an average YTM of 22%.

Analysts predict that secondary bond market activity will remain subdued in the coming weeks, as investors cautiously await clearer economic signals and the outcome of the International Monetary Fund review.

They foresee low trading volumes until market confidence improves.

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In an interview, NPP General Secretary Justin Kodua Frimpong announced the decision to postpone the party’s meeting, initially planned for Monday, April 7, citing the gravity of the drug trafficking allegations as the reason.

According to Mr. Kodua, the party considers the ongoing scandal a matter of national interest that requires urgent attention and critical engagement with the government, rather than diverting attention to internal disciplinary matters involving Adwoa Safo.

“There is not going to be any discussion on whether or not Honourable Adwoa Safo is going to appear before any committee or not. What the party is going to discuss is the ongoing issue with respect to the alleged drug trafficking in our country,” he stressed.

The General Secretary emphasized that the party would not allow its focus to shift to Adwoa Safo’s matter at this critical time.

“Our priority now is the alleged drug trafficking scandal, not internal party politics. Ghanaians deserve answers from the government. We expect transparency, accountability, and clarity on this matter,” he added.

He expressed disappointment in the government’s handling of the situation, raising concerns about inconsistencies in the official narrative surrounding the scandal, which he believes has dented Ghana’s image internationally.

“The rank and file of our party have expressed disappointment at the worrying behavior of this government. There are several mind-boggling questions we expect the government to answer. The attempt to sweep these critical issues under the carpet is unacceptable,” Mr. Kodua stated.

He further criticized the government’s silence on the matter, questioning why there has not been any official communication from the country’s security agencies despite the magnitude of the allegations.

“This is worrying and embarrassing for our country. It is shocking that, when this issue has become an international topic, we are yet to hear any official communication from our security agencies,” he lamented.

His comments come ahead of Madam Adwoa Safo, accompanied by her supporters, storming the NPP headquarters to appear before the party’s Disciplinary Committee. She expressed disappointment that the committee failed to officially notify her about the postponement of her scheduled appearance before them.

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This follows a recent decision by the Monetary Policy Committee (MPC) of the Bank of Ghana to increase the policy rate by 100 basis points to 28%. In its analysis, titled “A Hawkish Kick-Off to the New Regime,” IC Research noted that the MPC left the door open for a gradual easing of its policy stance as inflation becomes firmly anchored.

“We do not rule out a first cut in 3Q2025. Reassuringly, the MPC left an open door for a gradual easing in the policy stance as inflation becomes firmly anchored,” the report stated.

The research firm expressed confidence that a faster disinflation trend would emerge in the coming months, driven by the tighter monetary policy and ongoing fiscal disinflation measures. It added that this could widen the real policy rate from its current 4.9% to over 8.0% by June 2025, reinforcing the expectation of a policy rate cut at the July 2025 MPC meeting.

In December 2024, IC Research had anticipated a 200 basis points hike in the policy rate at the January 2025 MPC meeting, following inflation overshooting the International Monetary Fund’s target in December 2024. This would typically trigger the Monetary Policy Consultation Clause (MPCC), leading to policy adjustments aimed at restoring inflation to the target.

However, this action was delayed to assess the impact of fiscal disinflation measures included in the 2025 budget.

In a statement titled “Use and Misuse of Bank of Ghana Currency Transport Boxes,” the central bank clarified that while the wooden boxes used for currency import operations are exceptionally durable and occasionally repurposed after official use, any suggestion that the Bank is associated with criminal use of these containers is entirely false and damaging.

“These boxes are robust, reusable, and well-suited to withstand wear and tear associated with logistics,” the statement read. It noted that commercial banks often return them empty or find alternative non-currency uses for them.

“However, due to their durability, some members of the public have repurposed them for domestic and commercial uses, including storage and transport.”

The Bank drew a clear line, stating that any misuse of these boxes, particularly for criminal activities, must be treated with the seriousness it deserves.

“The BoG cannot be associated with any misuse of these boxes for criminal or unauthorized activities,” it stated.

“Reports have emerged indicating that certain individuals are using these boxes to implicate the Bank or undermine public trust in its operations,” the statement continued.

The central bank warned that such misuse could potentially damage its reputation and insisted that law enforcement agencies must take swift action.

“Misuse of such boxes for criminal activities must be thoroughly investigated… and all persons found culpable prosecuted,” the Bank emphasized.

In a time where visual association can drive dangerous assumptions, the BoG made it clear: a reused currency box does not carry the authority or endorsement of the nation’s central bank.

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Mr. Peters, who is currently in police custody, was apprehended on Monday during a joint operation by National Security operatives, the police, and the military.

The Deputy Director of Operations at the Presidency, Mustapha Gbande, confirmed the incident during an interview on Asempa FM’s Ekosii Sen programme.

He revealed that the operation followed a distress call indicating that Peters had taken control of the entrance to the apartment complex with about 40 heavily armed men, leaving residents unable to enter or exit.

“The apartment is just about 800 metres from the Jubilee House. They blocked the place such that no individual could go in or come out. They were dressed like National Security operatives, but our checks revealed they were not,” Mr. Gbande stated.

He said the team had to call for reinforcements after Peters allegedly threatened to shoot anyone who approached.

“He told us he owns about eight apartments but was given only one key. He demanded more keys, and when management told him the keys were being made in Israel, he got alarmed and decided to block the entrance,” he explained.

Security forces eventually overpowered the armed men, entered the apartment, and arrested Peters.

“Nobody can come into our country and hold our people to ransom. This act is illegal and unacceptable. Such conduct would not be tolerated in Nigeria and certainly not here,” Mr. Gbande stressed.

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He highlighted its role in stabilising the cedi, boosting foreign exchange inflows, and creating sustainable jobs.

Speaking at a recent meeting with the Canadian High Commissioner to Ghana, Myriam Montrat, Dr. Forson emphasized the government’s commitment to leveraging the Goldbod to address key economic challenges.

He explained that the initiative is designed not only to enhance the tracking and management of gold exports, but also to support broader economic objectives such as currency stability and long-term growth.

“There is so much to gain from this initiative,” the Minister stated.

“Goldbod will give us better control over our gold exports and help shore up our foreign exchange reserves. It is part of our strategy to reduce pressure on the cedi and to prioritize job creation over short-term revenue.”

Dr. Forson acknowledged recent mismanagement within Cocobod but was quick to caution against using those setbacks to discredit the broader Goldbod vision.

“While Cocobod has faced some challenges, we must not lose sight of its significant contributions to Ghana’s development. The Goldbod builds on that legacy with a renewed focus on transparency, efficiency, and impact.”

He expressed confidence that the Goldbod will be fully operational soon.

The Minister also noted that the government has taken corrective actions under the IMF programme to address structural slippages inherited from the previous administration.

The High Commissioner ofCanada to Ghana, in her remarks, congratulated Dr. Forson on his appointment and reaffirmed Canada’s commitment to its longstanding partnership with Ghana, particularly in the areas of agriculture and technical vocational education and training (TVET).

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According to Issahaku, he was informed via WhatsApp around 6:14 p.m. by a friend that approximately 30 masked and armed military personnel had forcibly entered his home.

He claims the operatives ransacked the entire property, causing significant damage.

Among the reported damages were broken security doors, disconnected CCTV systems, and the removal of internet routers, switches, and the home’s hard disk.

Issahaku stated that all rooms in the residence were allegedly searched without explanation or legal justification.

He identified the leader of the operation as a police superintendent, who he says is currently stationed at the Jubilee House and operates from the Blue Gate

Notably, Issahaku mentioned that he knows the officer personally and that the superintendent is aware of their acquaintance, further raising concerns about the motive and legality of the raid.

The incident has sparked serious concerns about the actions of state security operatives and the treatment of individuals associated with former high-ranking officials.

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