In a statement, the company outlined key initiatives aimed at expanding accessibility, empowering businesses, and advancing digital connectivity.

AT announced plans to open additional customer service centers nationwide to bring its services closer to customers.

The company also revealed its commitment to launching innovative products and services designed to keep customers at the forefront of the rapidly evolving digital landscape.

Acknowledging the critical role of small-scale businesses in the economy, AT is expanding its Business-to-Business services, offering tailored solutions to help enterprises thrive in a competitive market.

To enhance connectivity, AT will make substantial investments in its network infrastructure, promising faster and more reliable data and call networks to meet customers’ personal and professional needs.

The company’s mobile money service, ATMoney, is set to introduce new features, offering increased flexibility and benefits while streamlining financial management and ensuring convenience and security.

As part of its corporate social responsibility initiative, AT Touching Lives, the company reaffirmed its dedication to supporting sickle cell awareness and care.

“We remain committed to enhancing your experience, delivering value, and leading in innovation,” the statement concluded.

Read the full statement:

AYEEKO TO ALL OUR CUSTOMERS

As we embrace the opportunities of 2025, we are delighted to share with you the next phase of our journey toward innovation and growth. Your continued support and trust continue to drive us to push boundaries and deliver valuable experiences. With the year well underway, we are pleased to provide an update on some exciting initiatives we have planned to enhance your experience with AT.

In our commitment to better serve you, we are expanding our footprint by opening additional customer service centres across the country. This strategic expansion will ensure that our services are more accessible, bringing AT closer to you, wherever you may be. Additionally, we will be introducing innovative products and services designed to keep you at the forefront of a rapidly evolving digital landscape. These advancements will offer more seamless convenience and engagement, transforming the way you connect with technology.

Understanding the pivotal role of small-scale businesses in driving our economy, we are broadening our Business-to-Business services to support their growth. Alongside our existing offers, we are developing tailored solutions to empower these enterprises, equipping them with the necessary tools to thrive in a competitive market.

To ensure a seamless digital experience, will make making substantial investments in our network infrastructure. Our objective is to provide faster and more reliable data and call network enabling you to stay connected effortlessly whether for professional pursuits, leisure, or keeping in touch with loved ones.

Our mobile money service, ATMoney, is poised to unveil new features designed to offer greater flexibility and enhanced benefits. These forthcoming innovations will streamline your financial management, making it more straightforward and rewarding, in line with the convenience and security you have come to expect from us.

Through our corporate social responsibility initiative, AT Touching Lives, we continue to support and raise awareness about Sickle Cell disease. Over the past four years, we have collaborated with esteemed institutions such as the National Blood Service of Ghana, the International Sickle Cell Centre Ghana (ISCC Ghana), and the 37 Pediatric Sickle Cell Clinic. Our efforts include creating educational content, donating essential medical equipment, providing financial support, and organizing blood donation drives to contribute to the education, prevention, management, and eventual cure of Sickle Cell disease in Ghana and beyond. We eagerly anticipate building more partnerships to magnify our impact in 2025.

As we progress, our focus remains steadfast on enhancing your experience, delivering value, and staying at the forefront of innovation. Thank you for being an integral part of our journey. We are excited about the prospects ahead and look forward to serving you with excellence.

Together, let us make 2025 (A year of success, greater connection and growth)

(We thank all our customers for the continued support)

AT, Life Is Simple.

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This was a result of external debt restructuring which has trimmed Ghana’s external debt component.

In dollar terms, the country’s total debt was estimated at US$47.9 billion as of November 2024. This is compared with US$51.6 billion during the same period in 2023.

According to the report, the total debt is equivalent to 72.2% of Gross Domestic Product.

The data showed that the external debt stood at US$27.6 billion in November 2024, lower than the US$ 30 billion recorded during the same period in 2023. In September 2024 and October 2024, the external debt stood at US$32.0 billion and US32.0 billion respectively.

The domestic debt, however, shot up to GH¢311.7 billion, about 30.5% of GDP.

In February 2024, the domestic debt stood at GH¢275.8 billion but persistent borrowing on the treasury market has pushed it up.

For government fiscal operations, the Central Bank could not provide data from August 2024 to December 2024.

However, the government’s budget deficit to GDP stood at 3.9% as of July 2024.

The primary balance stood at a deficit of 1.8% of GDP in July 2024.

Meanwhile, Ghana’s economy stood at GH¢1.020 trillion cedis as of November 2024.

According to the Bank of Ghana, the local currency traded at a rate of GH¢15.06 to the American greenback on the interbank market.

Similarly, the cedi depreciated by 3.0% to the euro on the interbank market, trading at GH¢15.69 to one euro. For the pound, the cedi lost 0.8% in value, selling at GH¢18.55 to one pound on the interbank market.

As of January 17, 2025, the Ghana cedi had depreciated by 2.94% to the US dollar on the retail market, bringing its year-to-date loss to 3.87%.

This was due to continued demand pressures from the manufacturing and energy sectors. It also followed the Bank of Ghana’s auction of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).

The cedi’s loss to the American greenback was the sharpest since the beginning of the year. The local currency had previously traded at a mid-rate of GH¢16.15 to one American greenback the prior week.

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Mr. Mensah will spearhead the Bank’s mission to support the Government of Ghana’s vision for a sustainable, export-driven economy in line with the Ghana Export-Import Bank Act 2016 (Act 991).

He will oversee efforts to transform Ghana’s economy into an export-led one by fostering trade between Ghana and other nations, promoting overseas investments by Ghanaian businesses, and addressing critical market gaps to enhance Ghana’s global competitiveness.

Mr. Sylvester Adinam Mensah is a distinguished finance professional and former senior banker with expertise in public sector banking, fund management, strategic financial management, and governance.

Currently, he serves as a Senior Lecturer at the University of Professional Studies, Accra (UPSA), and an Adjunct Lecturer at the Nobel International Business School.

He is also a faculty member of the Certified Strategy Professional (CSP) program.

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Speaking to journalists in Accra, Mr. Jinapor stated that the committee would audit ECG’s procurement processes following the discovery of inconsistencies in the company’s operations.

He noted that these irregularities are worsening the financial challenges faced by the organization.

The Minister also disclosed that during a visit to the Tema Port, it was discovered that 2,500 containers belonging to ECG were stranded at the port, raising further concerns about the company’s operations and efficiency.

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This initiative aligns with the National Democratic Congress’s (NDC) campaign promise to address inefficiencies within the Electricity Company of Ghana (ECG).

The committee, chaired by Jabesh Amissah-Arthur, includes members such as Ben Boakye, Dr. Shafiq Sulemana, Dr. Simon Akorli, Emma Akua Bulley, and Edward Abrokwa.

Their mandate is to engage stakeholders, including private sector players, unions, and industry experts, to design a transparent framework aimed at enhancing efficiency and reliability in power distribution.

Speaking at the inauguration, Energy and Green Transition Minister John Jinapor emphasized that while the government has not decided on fully privatizing the ECG, it recognizes the need to engage stakeholders to ensure improved service delivery to consumers.

He also stressed the importance of public support for the committee’s work.

The committee has been given one month to present its report to the Minister.

Chairman Jabesh Amissah-Arthur assured the public that the committee would diligently fulfill its mandate and called on all stakeholders to cooperate to ensure the success of the initiative.

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According to the Chief Executive Officer of the chamber, Mark Badu-Aboagye, the business community will resist any attempt to impose new taxes after the electronic levy (e-levy) and other taxes are scrapped.

“If the Minister of Finance or the government, for that matter, scraps the betting tax and the e-levy and tries to find another way to introduce a different tax in the budget, we are going to resist it, I can assure you,” he said on PM Express.

He assured that the chamber will collaborate with the government to compel other businesses to pay their taxes.

This move, he explained, will be vital in helping the government rake in more revenue in the future.

“We want to assure him that we will work with them to identify businesses that do not want to pay taxes,” he stressed.

He also emphasized the need to add value to raw materials and reduce the importation of some products.

Mr. Badu-Aboagye urged the government to find innovative ways to support local businesses and industries.

“Let’s work on protecting our local currency in the short to long term. We have the capacity to produce most of the things we import, and that’s where we need to focus,” he said.

“If we make a conscious effort to reduce our imports and produce here, we can save the Ghana cedi. But if we continue to import, then the cedi will continue to depreciate,” he added.

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“We are prepared to assist in tackling financial challenges and enhancing customs integrity. Together, we can achieve sustainable development that benefits all citizens,” the Association remarked in a statement congratulating the Minister following his swearing-in by President John Dramani Mahama.

The statement, dated January 22, 2025, and signed by the Association’s National Secretary, Gift E. Kofi Tsamah, commended Dr. Ato Forson for his unwavering dedication to public service.

The CSA emphasized the pivotal role of the Finance Ministry in steering Ghana toward economic stability and growth. It expressed confidence in the Minister’s ability to implement critical reforms and lead the nation to greater economic resilience.

The Association underscored the significance of effective fiscal policies in enhancing revenue generation and ensuring the efficient operation of customs systems.

“We anticipate working closely with your office to advance policies that bolster the economy while improving customs efficiency,” the statement continued.

The CSA further lauded Dr. Ato Forson’s extensive experience and dedication, describing him as an excellent choice for the role.

“Your vision and commitment to public service inspire confidence in a brighter, more prosperous future for all Ghanaians,” the statement concluded.

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Dr. Cassiel Ato Forson made this call during his inaugural meeting with the senior management of the Ministry on Thursday, January 23.

This meeting followed his approval by Parliament and his swearing-in by President John Dramani Mahama.

Accompanied by former Deputy Minister of Finance, Fifi Kwetey, Dr. Forson described his return to the Ministry as both a privilege and an opportunity to serve the people of Ghana.

“We are here to work together to better the lot of the people of Ghana; indeed, we will constantly be mindful of the needs of Ghanaians,” the Finance Minister stated.

He also highlighted his commitment to fostering job creation, stabilizing the exchange rate, reducing inflation, and ensuring prudent fiscal management, which he identified as critical priorities for addressing the nation’s economic challenges.

Dr. Forson concluded by expressing his confidence in the Ministry’s collective ability to implement effective solutions.

He emphasized the significance of collaboration, urging the staff to remain focused and dedicated in their efforts to rebuild the economy and deliver on the aspirations of the Ghanaian people.

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In his final address as Majority Leader on Thursday, January 23, Dr. Ato Forson pledged to work tirelessly to ensure that the needs and aspirations of the Ghanaian people remain a top priority.

As he assumes his new role, Dr. Ato Forson emphasized the importance of putting the Ghanaian people first.

He stated, “In my capacity as Minister of Finance, I pledge to work tirelessly for the people of Ghana, ensuring that the needs and aspirations of the people of Ghana remain at the forefront of our agenda.”

Dr. Ato Forson’s background in finance and economics makes him well-suited to lead Ghana’s financial sector.

With a PhD in Business and Management (Finance option) from the Kwame Nkrumah University of Science and Technology, he brings a wealth of knowledge and expertise to the role.

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He highlighted the region’s significant production of cassava, ginger, and yam, lamenting the absence of large-scale processing facilities to transform these products and boost the local economy.

“Oti Region is endowed with a very good land mass. We cultivate cocoa and ginger, among other crops, but unfortunately, we do not have any industry that processes these products in the region. When I get the nod, I will engage stakeholders to establish processing factories for cocoa, ginger, cassava, and yam production in the region,” he stated.

Mr. Gyapong expressed confidence that such initiatives would not only stimulate economic growth but also create employment opportunities for the region’s youth.

“I am very confident that this initiative will boost the economy of the region and provide employment for the youth,” he added.

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Data seen by JOYBUSINESS shows that the GRA mobilized GH₵7.5 billion more than the GH₵145.9 billion targeted for 2024, representing 5.3 percent increase.

The performance, according to the GRA, represents a nominal growth of 35 percent compared to 2023.

The addition of Sanitation Debt Recovery Levy, Energy Sector Debt, Sanitation and Pollution Levy, put the total revenue at GH₵157. 9 billion.

Drivers of the 2024 revenue collection

The component of domestic revenue grew by 31.6 percent, while Customs grew by 47.0 percent.

Most of the direct tax handles mobilized more than what was anticipated by the GRA.

For instance, the GRA was hoping to get GH₵30 billion from Corporate Tax. The authority however ended 2024 collecting GH₵38 billion.

Mineral Royalty brought in GH₵5.2 billion as against the target of GH₵3 billion.

Airport tax brought in GH₵1.6 as against a target of GH₵1.3 billion.

Persons close to the GRA have told JOYBUSINESS that apart from some tax handles doing very well, the authority’s quest to press hard on compliance also helped in meeting the target for 2024.

Performance of e-levy and Covid-19 levy

The GRA was hoping to collect GH₵2.1 billion for e-levy in 2024. However, it ended up realizing GH₵2 billion.

For the COVID-19 Heath Recovery Levy (Flat Rate). The GRA was targeted GH₵128 million but got GH₵86 million.

For the COVID-19 Heath Recovery Levy (Standard Rate), the GRA got GH₵2.7 billion as against GH₵4.2 billion.

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Speaking during her vetting by Parliament’s Appointments Committee, Ofosu-Adjare acknowledged the successes of the 1D1F program but highlighted several hurdles.

These include raw material shortages for agro-processing factories and limited access to capital, compounded by market fluctuations that led to a significant funding gap.

Despite government support through subsidized loans and capped interest rates of 20%, interest rates surged to 55%, creating a 15% gap that businesses struggled to cover.

Additionally, the government’s failure to fulfill its promise of covering 10% of the subsidized interest rate further worsened the situation.

To resolve these issues, Ofosu-Adjare proposed transitioning to a 24-hour economy, which would allow factories to maximize productivity and improve supply chains by extending operational hours.

She acknowledged the program’s benefits but stressed the need to address these challenges to fully realize its potential. “The solution to 1D1F lies in a 24-hour economy,” she stated.

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Speaking on the topic “Why Become an Entrepreneur?” during Adom FM’s Reboot Your Life Series, she emphasized the importance of clarity, passion, and adaptability in building a successful business.

“As an entrepreneur, you need to be clear about what you want and the type of product you want to sell. Think outside the box, be an innovator, and grab opportunities that come your way,” she advised.

Mrs. Appiah encouraged entrepreneurs to explore multiple streams of income and take bold steps to start their ventures without waiting for external support.

She cautioned against relying on loans to launch businesses, emphasizing the need for market assurance, research, and planning.

“Passion is key; it drives you to go the extra mile. Research your niche, identify loopholes, and find ways to fill them. Build trust with your clients, document everything, and create networks within your field to learn and grow,” she added.

She further highlighted the critical role of marketing in business success, urging entrepreneurs to remain proactive and focused on their goals.

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His nomination, approved by Parliament on Tuesday, January 21, reflects widespread confidence in his ability to lead the country’s financial sector under the administration of President John Dramani Mahama.

Taking to social media shortly after his confirmation, Dr. Forson expressed deep gratitude to God, President Mahama, Parliament, and the people of Ghana for entrusting him with this significant responsibility.

“I am deeply humbled and grateful to the Almighty God for this opportunity to serve Ghana in the capacity of Finance Minister,” he wrote.

Dr. Forson committed to discharging his duties with humility, integrity, and transparency. Outlining his vision for the nation, he emphasized plans to tackle pressing economic challenges.

“Together, we will work to bring down inflation, stabilize the Cedi, create jobs, foster inclusive growth, and create opportunities for all Ghanaians,” he assured.

Highlighting Ghana’s readiness for global collaboration, Dr. Forson proclaimed, “Ghana is open for business. We welcome partnerships and investments that will drive sustainable development and prosperity for all.”

He concluded by calling for unity and resilience, expressing confidence in achieving remarkable progress for the nation’s economy.

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This is despite strong demand for the short-term instruments by the government to finance maturing bills.

Interest rates have been escalating since the beginning of this year, indicating some troubling times. They are now hovering around 29% on average.

Meanwhile, the government plans to borrow GH¢6 billion on Friday through the issuance of the 91-day, 182-day, and 364-day T-bills. This will settle GH¢5.60 billion in maturing bills.

There has been strong investor participation in T-bills lately, driven by the opportunity to capitalize on the high-interest rate environment. This is despite market expectations of a hold in this week’s monetary policy decision.

Analysts believe this trend is further supported by strong demand from the Treasury, amid significant upcoming maturities.

Last week, the government recorded its third consecutive oversubscription in the money market, accepting a total uptake of GH¢8.84 billion against a target of GH¢6.35 billion and upcoming maturities of GH¢5.53 billion.

Despite marginal rejections of the 91-day and 182-day instruments, yields continued to rise.

The 91-day, 182-day, and 364-day bills settled at 28.42% (+8 basis points), 28.96% (+1 bps), and 30.29% (+11 bps), week-on-week, respectively.

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This initiative is part of broader efforts to empower the private sector and reduce unemployment in Ghana.

Speaking on behalf of President Mahama at the First Sky Group Thanksgiving Service, Chief of Staff Julius Debrah shared that the government is working to engage the private sector to support its operations.

Debrah outlined that as part of the “resetting agenda,” the government will hold consultations with businesses across various sectors, offering certain concessions to facilitate their growth and job creation.

“As part of the resetting agenda, we will hold various consultations with businesses across the sector. We will allow various private sector businesses with certain concessions to enable their work to flourish and create jobs for people,” he said.

In a related development, the First Sky Group announced plans to construct a 200 Megawatt renewable power plant in the northern regions of Ghana within the next two years. Executive Chairman of the Group, Eric Kutortse, confirmed that the initiative would complement an ongoing power plant project designed to support Ghana’s energy sector.

“The First Sky Group has taken a bold step to raise the needed funds to undertake the construction of a solar PV in Yendi. This collaboration with the Bui Power Authority is 65 percent complete, and we intend to complete it by the second quarter of 2025,” he assured.

About First Sky Group

The First Sky Group is a diversified, wholly Ghanaian-owned holding entity with subsidiaries in hospitality, construction, insurance, banking, commodities trading, and bitumen processing. With a combined workforce of over 3,800 employees across the country, the group’s subsidiaries include First Sky Construction Limited, First Sky Commodities Limited, First Sky Bitumen Processing Limited, Volta Serene Hotel, Serene Insurance Company Limited, Frerol Rural Bank, and First Sky Energies Limited.

The group’s first company, First Sky Construction Limited, was established in 2002 with a workforce of just three. Today, the company employs over 1,200 permanent staff and an additional 1,700 casual workers.

The other subsidiaries, including First Sky Commodities and Volta Serene Hotel, began operations in 2015, followed by Serene Insurance and First Sky Bitumen Processing in 2018. Frerol Rural Bank was established in Kpando in the Volta Region, with an additional branch opening in Ho in 2021.

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During the vetting, he addressed pressing issues, including cocoa production, the poultry industry, youth participation in agriculture, and institutional farming.

1. Ghana’s Cocoa Production Hits a Two-Decade Low

Mr. Eric Opoku expressed concern over the sharp decline in Ghana’s cocoa production, which has reached its lowest level in 20 years. He cited data from the Ghana Cocoa Board (COCOBOD), which revealed that cocoa production for the season stood at 530,000 metric tonnes.

“Just recently, during the transition engagement, COCOBOD submitted a list to us. In that document, they indicated that their production was 530,000 metric tonnes. In this case, both of you are right. But whether it is 430,000 or 530,000 metric tonnes, the fact remains that production has declined to the lowest level in the last two decades,” he stated.

Mr. Opoku further revealed that Ghana defaulted on a syndicated loan of $800 million, taken to purchase 850,000 tonnes of cocoa, due to the inability to meet production targets. He assured that the government would prioritize addressing this debt and other financial challenges within the sector.

2. Revamping Ghana’s Poultry Sector

Mr. Opoku described the poultry industry as being “in crisis” and outlined a comprehensive plan to revitalize it under the Poultry Farm to the Table Programme. This initiative, he explained, will support poultry farmers by providing financial resources to expand their businesses and increase production.

“To revamp the poultry sector, we have outlined a program in our manifesto called the Poultry Farm to the Table Programme. Under this initiative, we aim to collaborate with poultry farmers’ associations, providing them with the necessary financial resources to expand their businesses and increase production,” he said.

He identified the high cost of poultry feed as a major challenge and pledged to prioritize the production of affordable feed to ease the burden on farmers.

3. Making Agriculture Attractive to the Youth

Mr. Opoku emphasized the need to make agriculture appealing to young Ghanaians, stating, “We want to make agriculture attractive to the youth and to everyone in this country.”

To achieve this, he proposed a government-led initiative to acquire land from landowners, prepare it for agricultural purposes, and hand it over to farmers. This strategy, he noted, aims to boost food production and enhance food security.

“We intend to acquire the land, prepare it for agricultural purposes, and then hand it over to prospective investors so that we can increase production and drive our nation towards food sufficiency,” he explained.

Opoku also stressed the importance of recruiting more agricultural extension officers to provide technical support to farmers, addressing the current shortfall in extension services.

4. Institutional Farming in Secondary Schools

The Minister-Designate proposed an initiative to establish farms in every secondary school in Ghana as part of efforts to strengthen the agricultural sector. He highlighted the benefits of institutional farming, particularly for the school feeding programme.

“Every secondary school in this country will be required to own a farm,” he said, adding that collaboration with the Ministry of Education would ensure the recruitment of laborers to establish and maintain the farms.

“If nothing else, we can reduce the cost of school feeding and also enhance both the quality and quantity of the food provided to our students,” he explained.

Mr. Opoku believes this initiative will not only improve food security in schools but also instill an appreciation for agriculture among students.

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This depreciation was due to continued demand pressures from the manufacturing and energy sectors.

It also follows the Bank of Ghana’s auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).

The local currency traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025.

The cedi also shed 0.52% week-on-week against the pound and 1.52% against the euro.

The cedi has begun trading this week unchanged against the US dollar and other major currencies. One dollar is currently selling at GH¢16.40.

Meanwhile, analysts expect the local currency to remain relatively stable this week as US President-elect Donald Trump is inaugurated and announces his accompanying policies.

Additionally, key US macroeconomic data are scheduled for release this week, which could impact global market sentiments.

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According to GPRTU, the recent hikes in fuel prices, recorded for the second time in January, have exceeded the 10% threshold required to warrant fare increases.

The union attributes the rising fuel costs to global crude oil price surges and the depreciation of the cedi.

Speaking in an interview, Abass Imoro, the Industrial Relations Officer for GPRTU, explained that their approach has always been to engage directly with the Transport Ministry on such matters.

“If the President is going to choose a Transport Minister, then we will work with the Transport Ministry. So, we are still waiting to see if a Transport Minister is appointed, goes through the vetting process, and is approved. Then, of course, we will write to [him/her] and begin discussions,” he told Citi News.

When asked about the delay in pursuing fare adjustments, Mr. Imoro clarified, “We are far above the 10% threshold that allows us to change transport fares. However, we are not rushing or pressuring anyone. We are waiting patiently.”

In addition to fare adjustment talks, GPRTU plans to engage relevant stakeholders on the removal of certain taxes on fuel as part of efforts to reduce costs for transport operators and passengers alike.

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He made this disclosure on Monday, January 20, during his vetting by the Appointments Committee.

Mr. Agbodza’s announcement marks a significant shift from the previous toll collection system, which involved obstructions on the road and manual payment collection by toll attendants.

In his statement, Agbodza expressed his concern over the government’s decision to cancel road tolls previously, highlighting the potential loss of revenue and the negative impact on road infrastructure development.

“We decided to caution the government not to cancel road tolls but to find a way to improve the system,” he explained.

According to Agbodza, the previous system had its flaws, particularly in preventing leakages, and could have been enhanced rather than dismantled.

Agbodza criticized the manner in which the toll system was cancelled, describing it as an act of “illegality,” noting that the decision was made unilaterally, without proper consultation or consideration.

He referred to the previous government’s claim that tolls were only accruing ¢80 million, which, he argued, was misleading, especially when road contractors across the country are still owed substantial amounts.

He pointed out that road contractors are currently owed up to GH¢5,000, a significant sum that demonstrates the financial mismanagement and neglect surrounding the previous toll collection system.

The new system, according to Agbodza, will focus on leveraging technology to improve toll collection efficiency and eliminate the need for physical barriers that slow down traffic.

By using modern methods and technological solutions, road tolls will be easier to collect and will likely improve the overall road maintenance and development process.

Mr. Agbodza assured that the new system would be fair and efficient, addressing the concerns of both road users and contractors while ensuring that road infrastructure projects receive the necessary funding.

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The report reveals that over 80% of Ghana’s external debt is in dollars, leaving the country vulnerable to exchange rate volatility.

“Over half of Africa’s external debt is in US dollars, and countries like Angola, Ethiopia, Ghana, Nigeria, South Africa, and Zambia are more vulnerable to currency fluctuations, as more than 80% of their external debt is in US dollars,” the report emphasizes.

The report also indicates that Ghana ranks 14th in Africa for experiencing exchange rate volatility, which contributes to its growing debt burden.

Exchange rate volatility refers to how much a currency’s value—such as the Ghanaian cedi—changes relative to another currency, like the US dollar, over time.

This situation places Ghana in a difficult position, as fluctuations in the exchange rate between the Ghanaian cedi and the US dollar can significantly increase the cost of repaying these loans. When the cedi loses value against the dollar, Ghana must spend much more in its local currency to cover the same debt.

For example, a debt amount that cost GHS 5.5 billion in 2019 would now cost GHS 15.8 billion in 2024 due to the surging USD/GHS exchange rate. This sharp rise in debt servicing costs exerts significant pressure on government finances and limits available funds for critical sectors such as health and education.

As a result, it becomes increasingly difficult for the government to manage its finances, leaving less money for vital areas like health, education, and infrastructure. Ghana’s situation is part of a broader problem faced by many African countries that rely heavily on foreign currency-denominated loans.

With global financial conditions remaining uncertain, finding solutions to reduce these risks and manage debt more effectively is crucial for Ghana’s economy.

The demand for US dollars to meet debt obligations further exacerbates the exchange rate surge. Ghana must purchase dollars in the foreign exchange market to repay its loans, which drives up the USD/GHS exchange rate, particularly when the supply of dollars is limited.

Additionally, concerns over debt sustainability can prompt capital outflows, further weakening the cedi and compounding the issue.

As of September 2024, Ghana’s external debt stood at GHS 470 billion, with approximately 80% of this amount denominated in US dollars—equivalent to GHS 376 billion. At the start of the year, the exchange rate was 12.0356 GHS/USD, but it has since risen to 15.8 GHS/USD, an increase of 3.764.

This depreciation of the cedi has caused Ghana’s dollar-denominated debt to increase by 31.27% purely due to exchange rate fluctuations. A stronger US dollar globally has made Ghana’s dollar debt even more expensive.

This creates a vicious cycle where a weakening currency increases debt costs, leading to further borrowing and greater fiscal strain. Addressing this challenge requires Ghana to diversify its debt portfolio away from the dollar, strengthen its local currency through sound economic policies, and enhance its resilience to external shocks.

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This is designed for collecting property rates and business operating permits. It aims to streamline revenue mobilisation and enhance transparency.

The meeting, held at the Okaikoi South Sub-Metropolitan District Council, was attended by property owners, business operators, and other interested partners.

The initiative forms part of the Assembly’s broader strategy to improve its financial management systems.

Mr Gilbert Nii Ankrah, the Head of Public Affairs at AMA, said the centralised digital system was developed to address challenges associated with manual revenue collection processes.

“This platform is purposely designed to ensure efficient revenue collection, which will help in funding developmental projects in the city. It will also help reduce leakages in the system and ensure accountability,” he said.

“It is secure, accessible, and efficient. We are confident that it will transform the way rates are paid in the metropolis.”

Nii Ankrah said plans were afoot to roll out the platform across all the sub-metros in Accra.

He called for collaboration among the stakeholders to make the centralised digital payment system succeed while reinforcing the Assembly’s commitment to improving service delivery and fostering local development.

He urged all ratepayers to embrace the new platform and pay their property rates and business operating permits promptly.

Mr Noble Atsu Ahadzie, the Director of Budget, AMA, emphasised the importance of digitalising revenue collection processes to enhance generation and provide convenience for ratepayers.

He described it as a significant step forward in modernising revenue collection.

Mr Ahadzi assured stakeholders that the platform was user-friendly and accommodating on both Android and basic mobile phones.

In a presentation by Omni Strategies, a key partner in the development and deployment of the digital payment platform, stakeholders were given a live demonstration, during which representatives explained how users could register, view their obligations, and make secure payments.

Participants expressed enthusiasm about the initiative but raised some concerns over its security.

They bemoaned the exorbitant charges demanded from ratepayers, unprofessional service delivery by rate collectors, and sanitation issues, among other things.

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Businesses are facing increased costs, while consumers are cutting back on spending, which will negatively impact both economies.

Deloitte expects that monetary policy will continue in Nigeria, while the Bank of Ghana is likely to maintain the status quo, with the possibility of a rate hike if inflation continues to rise.

Rising food prices drove Ghana’s inflation to 23.8% in December 2024, marking the fourth consecutive increase.

Similarly, Nigeria’s headline inflation surged to 34.80%, fueled by festive-related spending.

In its inflation update, Deloitte West Africa noted, “The underlying inflation pressures, driven by food price volatility, exchange rate fluctuations, and global commodity prices, are expected to persist in 2025.”

Meanwhile, the Economist Intelligence Unit is forecasting average inflation rates of 27.7% and 15.5% for Nigeria and Ghana, respectively, in 2025.

It also stated that inflationary pressures are expected to ease from the more elevated levels seen in 2023 for all but a small handful of African countries—including Seychelles and Sudan.

“Inflationary pressures are expected to ease from the more elevated levels recorded in 2023 for all but a small handful of African countries—namely Angola, Seychelles, Sudan, and Tanzania, where country-specific factors will push up consumer price inflation,” the update concluded.

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As such, he sees no issue with the recent report suggesting that ECG had failed to account for millions of generated revenue.

Defending his tenure at the company, he told JoyNews’ Kofi Kyei on The Pulse on Thursday, January 16, that “Under-declaration is not a criminal offence.”

He explained that the discrepancies arose because the company needed to pay salaries and other expenses before remitting the revenue to the state.

“Let’s look at the salary bill of ECG. Let’s consider how much ECG needs to keep the lights on in your districts, including maintenance on the lines. Where do you expect ECG to get that money from if ECG gives all the money it receives away?” he argued.

Mr Mahama further attributed the under-declaration to various factors, including foreign exchange volatility, where the US dollar’s value increases the cost of the cedi.

According to the 2025 Ghana Energy Sector Recovery Programme (GESRP) report, ECG had under-declared a total of GH₵490 million between October and December 2023.

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According to Policy Lead, in charge of Petroleum and Conventional Energy at ACEP, Kudzo Yaotse this will free up some GH₵6.3 billion in annual revenues to fund critical projects.

Speaking at a press conference on Ghana’s Downstream Petroleum sector, he said social programmes such as the Free Senior High School policy is confronted with challenges, hence the need to channel some of the funds to the educational sector and other areas.

“Convert the UPPF, BOST Margin, Fuel Marking Margin and CRM Margin into tax revenues and redirect these revenues towards developmental projects. This would save the economy with some GH₵6.3 billion to support social programmes and infrastructure,” he stressed.

Mr. Yaotse further called for the commercialization of the Bulk Oil Storage and Transportation.

He said government should prioritize addressing the energy sector debts in the short to medium term period.

“We need to commercialize BOST and list it on the stock exchange. This will ensure transparency and accountability in BOST’s operations while reducing the burden on consumers. There is the need to address the energy sector debts for developmental purposes, “he maintained.

He explained that “seeing and hearing are two critical principles that enter the heart,” and help transform people.

“Transformation happens within and not without and also starts with self-leadership,” he indicated.

Speaking as the Guest Speaker at the Jospong Leadership Conference (JLC) 2025, Dr. Adeyemi presented on “Bridging the Gap: Leadership Journey of Connection and Change” on Wednesday, January 15, 2025.

As CEO of Sam Adeyemi GLC Inc., he encouraged the JGC staff and management to reflect on their surroundings, take practical steps, and strive for results.

The JLC-2025, 12th edition, themed “Transformation through Leadership,” aims to promote business sustainability, positive work ethics, and impactful change within the group.

Over 2,000 managers and senior staff members of the JGC participated both in-person and via Zoom.

Dr. Adeyemi stressed the importance of intentional transformation, highlighting the transformative power of movies and other media.

He also emphasised changing the narrative around oneself, saying, “Be intentional about how you want your life to be transformed.”

Additionally, he noted that communication, mentoring, and international travel contribute to sustainable transformation.

On that score, the man of God commended the Executive Chairman of Jospong Group, Dr. Joseph Siaw Agyepong, for investing in staff development through international training opportunities.

Dr. Siaw Agyepong also expressed gratitude to Dr. Adeyemi for consistently supporting Jospong Group’s JLCs despite his busy schedule.

ACEP argues that BOST currently collects a margin of 12 Ghana pesewas per litre of petroleum to fund its operations and maintain strategic reserves, a mandate the think tank believes the company has failed to uphold.

Instead of focusing on its core responsibilities, BOST has reportedly shifted its operations and now controls about 20% of Ghana’s petroleum import market through the Gold for Oil program.

Additionally, the company is said to receive approximately GH₵600 million annually from petroleum product margins, even as it competes with private entities subject to taxation.

Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at ACEP, highlighted the need for a reevaluation of BOST’s role during a media briefing on January 15, titled “Downstream Petroleum Products Taxation: A Call to Action.”

“The current market dynamics suggest that we no longer need BOST in its current form. If it is to remain operational, it should be commercialized and listed on the stock exchange,” Yaotse stated.

He added that such a move would ensure better governance and reduce costs for consumers, potentially eliminating the GHp 0.12 margin currently added to petroleum prices.

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Speaking to journalists at a workshop reviewing consumer price index variables, Data Scientist at the Ghana Statistical Service, Simon Tichutab, called for a multi-stakeholder approach to address the high cost of transporting foodstuffs to the markets.

For example, transporting tubers such as yam and cassava from the middle belt to markets in the south led to astronomical price increases. The cost, he lamented, is passed on to consumers, which drives food inflation.

“If you look at the items, fuel, bus, and trotro fares ranked about 70 times in the top fifteen of the 72 data points that we have, and a lot of food items like unprocessed food, including yam, fresh tomatoes, and other farm produce,” he said.

Describing the situation as a major hurdle that must be addressed, Mr. Tichutab advocated for a policy shift to resolve the issue.

“It is a multifaceted challenge, and if you ask my view, I think if we really want to tackle inflation, we have to look at our food basket and its inflation rates,” he stated.

He pointed out that the trend has continued for years, indicating a pattern that affects food prices.

“Every year, bus and trotro fares are ranked higher than necessary, which impacts prices. We need to address the gap between the market and farmgate, and through stakeholder conversation, a broader approach can be developed.”

The Ghana Statistical Service made the disclosure at a stakeholder engagement to review the 2024 trends in consumer price indices and items driving inflation in Ghana.

The objective of the engagement was to foster collaborative dialogue among key stakeholders, including government officials and the media, on consumer price inflation. According to the Ghana Statistical Service, the engagement is important for developing a better approach to calculating the inflation rate.

The meeting also highlighted the importance of understanding the complex factors contributing to consumer price inflation. It generated discussion on the development of comprehensive strategies to address these issues, focusing on key consumable items that have influenced the upward trends in inflation in Ghana.

The items consistently recording the highest price changes constitute almost a third of average household expenditure.

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They discussed key aspects of the funding arrangement, focusing on strategies for economic stabilisation, growth, and fiscal sustainability.

The engagement emphasised collaborative efforts between the Ghanaian government and the IMF to address the country’s current financial challenges and ensure long-term prosperity and sustainability.

The focus of the meeting was on stabilising the economy and fostering sustainable growth.

In attendance at the meeting were Dr. Cassiel Ato Baah Forson, the Finance Minister-designate, and Mr. Fifi Fiavi Kwetey, the General Secretary of the ruling National Democratic Congress (NDC).

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She said a resilient leader drives success, not just survival, during tough times.

Dr. Mrs. Siaw Agyepong made the observation when she took her turn at the Jospong Leadership Conference (JLC) 2025 to address management and staff members of the Jospong Group of Companies (JGC) on Wednesday, January 15, 2025, at the Pentecost Convention Centre, Gomoa in the Central Region.

The 12th edition of the JLC 2025, themed “Transformation through Leadership,” is expected to close on January 17, 2025.

It aims to promote business sustainability and positive work ethics, an in-depth focus on how leadership at all levels can catalyse impactful and sustainable change within the group.

In a presentation on the subject” The Path To Resilience”

The Chief Executive Officer of African Agribusiness Consortium (AAC) Limited has emphasised the importance of resilient leadership in driving business growth.

She noted that resilient leaders drive success, not just survival, during challenging times.

Dr. Mrs Adelaide Siaw Agyepong made these observations at the Jospong Leadership Conference (JLC) 2025, where she addressed management and staff of the Jospong Group of Companies (JGC) on Wednesday, January 15, 2025, at the Pentecost Convention Centre in Gomoa, Central Region.

The 12th edition of JLC, themed “Transformation through Leadership,” aims to promote business sustainability, positive work ethics, and impactful change within the group.

Dr. Adelaide Siaw Agyepong’s presentation, “The Path to Resilience,” emphasised that resilience is forged through embracing discomfort and overcoming challenges.

She noted that resilience sparks innovation and drives solution-finding in organisations, businesses helping them navigate challenges effectively.

“Resilience is not something you’re born with—it’s something you build,” she indicated.

According to her, a resilient leader remains focused and committed to their vision, even when faced with overwhelming obstacles, hence “it is a leader who takes and implements bold reforms to bring about changes.”

“Resilient leaders also demonstrate resilience rooted in purpose, stressing that “it is a continuous process.”

Dr. Mrs. Siaw Agyepong cited Jesus Christ, Nelson Mandela, Elon Musk, and Ngozi Okonjo-Iweala as exemplary purpose-driven leaders who have demonstrated remarkable resilience in the face of adversity.

While challenging the participants to cultivate resilience in their respective fields, she urged them to seek strength and guidance from God.

She also shared personal anecdotes, recounting the challenges she and her husband, Dr. Joseph Siaw Agyepong, Executive Chairman of the JGC, faced even before they got married.

For his part, Dr. Siaw Agyepong lavished praise on his wife, Dr. Adelaide Siaw Agyepong, calling her a “wonderful and beautiful wife.”

“I am proud of you,” he gladly expressed.

In a statement issued on Tuesday, January 14, 2025, TEWU’s General Secretary, King James Azortibah, emphasized the urgent need for action, citing unfulfilled assurances from the FWSC following a nationwide strike in November 2024.

“TEWU of TUC (Ghana) has some emergency pending issues with the FWSC regarding the delayed conclusion and implementation of reviewed conditions of service for our members in the Ghana Education Service (GES), Ghana Museums and Monuments Board, Ghana Library Authority (GLA), and public and technical universities. The gift we want from the new government is the timely conclusion of these negotiations,” Mr. Azortibah stated.

TEWU further urged the government to actively involve labor unions in socio-economic policy reviews.

Highlighting key areas such as the Free Senior High School Programme, constitutional reforms, and Ghana-IMF agreements, the union stressed the importance of considering workers’ perspectives in decision-making processes.

“Labour’s input must be sought and seriously considered in such reviews, as the cumulative negative effects are borne by Ghanaian workers in both formal and informal sectors,” the statement added.

The union also appealed to President Mahama to address the formation of rival unions in public universities, calling it a divisive practice. They urged the government to denounce such actions and direct relevant state agencies to ensure compliance with established labor laws.

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This will be used to refinance maturing bills worth GH¢5.53 billion.

Analysts believe the increased participation in last week’s auction confirms renewed investor confidence and a desire to lock in current high interest rates.

Currently, Ghana stands out among 49 Sub-Saharan African countries for having one of the highest short-term yields and an attractive US dollar-adjusted rate, bolstered by the recent strong performance of the cedi.

Sustained participation is expected in the coming weeks, with yields likely to moderate due to strong demand.

Last week, the Treasury recorded an oversubscription of GH¢2.88 billion for the second consecutive time.

This surplus amount contributed to total accepted bids of GH¢8.08 billion against a target of GH¢5.20 billion and upcoming maturities of GH¢4.85 billion.

However, yields continued to rise, with the 91, 182, and 364-day bills settling at 28.33% (+14 basis points), 28.96% (+5 basis points), and 30.17% (+2 basis points), respectively.

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Speaking at a Minority press conference, Dr. Boako clarified his stance, stating that he has never made such a claim and that the matter has been misrepresented.

“I have never said anywhere that scrapping the betting tax and e-levy will be in violation of the IMF programme,” Dr. Boako insisted.

He explained that the decision to remove these taxes aligns with the New Patriotic Party’s (NPP) manifesto promise, which was championed by the party’s flagbearer, Dr. Mahamudu Bawumia.

According to him, the NPP is committed to fulfilling this pledge as part of its vision for economic relief and tax reform.

Dr. Boako further highlighted that Dr. Bawumia has consistently opposed taxes of this nature, referencing a 2020 interview on Peace FM where the NPP leader shared his views against the e-levy.

He stressed that the party’s stance is rooted in its long-standing policy positions, not in any potential conflict with the IMF programme.

The Tano North MP reiterated the importance of honouring campaign promises, particularly those aimed at easing the financial burden on citizens.

He called on stakeholders to focus on the broader objectives of Ghana’s economic recovery rather than misconstruing the party’s intentions regarding tax policies.

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Dr Gideon Boako, Member of Parliament for Tano North, addressed a press conference, expressing reservations about Dr Forson’s plan to address revenue shortfalls. He described the responses as evasive and unconvincing.

Dr Boako pointed out that the Minister-designate failed to clarify how he intends to address the revenue gaps without imposing additional financial burdens on Ghanaians.

“The Minister-designate’s unconvincing responses regarding how he intends to make up for the revenue shortfalls leave us with no choice but to think that he will scrap these taxes but introduce new ones, perhaps more draconian than those he would scrap,” Dr Boako stated.

He further argued that such actions would be akin to “giving with one hand and taking with the other.”

The Minority also questioned Dr Forson’s integrity, citing inconsistencies in his responses. During the vetting, he was accused of using incorrect data when defending his claims regarding the fiscal deficit for 2016.

Dr Forson initially cited a deficit of 6.1%, claiming to be charitable, but this conflicted with the International Monetary Fund’s (IMF) data, which reported a 6.3% deficit. Dr Boako criticized this, remarking, “Can a Minister boldly claim he was charitable in presenting incorrect figures? Interesting.”

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Speaking on the topic “Being Financially and Economically Disciplined” during the Reboot Your Life Series on Adom FM, he emphasized the importance of budgeting and prudent financial planning.

He urged individuals to track their income and expenses while advising against excessive spending on fashion, luxury, and unplanned events, noting that such expenditures do not add value.

“To achieve financial discipline, you must live within your means. Be aware of your income and expenses. Avoid excessive spending on fashion and luxury items, as they often do not add real value to your life. Steer clear of wasting money on frequent parties and festivities, and don’t overspend on unplanned purchases. It’s also important not to rely on others for financial support. Always create a budget and stick to it. Remember, you should not live to impress anyone,” he advised.

Mr. Lartey’s key recommendations included creating and adhering to a budget, avoiding financial dependence on others, and resisting the urge to impress others with unnecessary spending.

He also highlighted the need for a forward-thinking financial approach.

“Focus on earning extra income. Do something that will bring in additional revenue. Have a clear picture of how you want your life to look in the coming years,” he advised.

Mr. Lartey stressed the importance of building financial reserves, encouraging listeners to establish an emergency fund, project fund, retirement fund, and legacy fund.

According to him, these measures are crucial for achieving long-term financial stability and success.

“Develop a plan for major breakthroughs and make sure to prioritize savings. Establish an emergency fund, a project fund, a retirement fund, and a legacy fund,” he concluded.

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This increase is influenced by rising prices of crude oil on the international market and recent pressures on the cedi.

The cedi started 2025 on a losing streak, depreciating by 0.38% against the US dollar in the retail market.

Speaking to Joy Business, the Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, explained that global crude prices and recent cedi depreciation are the main drivers for the projected price increase.

According to him, the drivers were stable until some changes were noticed in the global price of crude and the strength of the local currency.

“Ideally, things were going well, as we all know, but plant prices are rising. Within just 24 hours, we’ve observed a 0.33% increase in global Free-On-Board plant prices. The exchange rate remains unstable,” he said.

“We’ve seen some hikes, ups and downs. Petroleum prices are also increasing, driven by the rise in plant prices and forex rate volatility,” he added.

Dr. Oppong stressed that oil marketing companies are obliged to adjust prices to conform to the directives of the regulator.

“Whether my members will adjust, we are required to adhere to the regulatory framework concerning the floor price. We are not permitted to sell below the floor price set by the National Petroleum Authority. Therefore, the floor price for this current window will differ from the upcoming window, mandating that we increase our prices accordingly,” he said.

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Initially slated for January 20, 2025, the operation will now commence on February 3, 2025, to better accommodate stakeholder interests.

In a statement issued on Wednesday, January 14, WAPCo announced that the four-week exercise will involve the temporary suspension of reverse gas flow from Ghana’s Western Region to Tema, as well as the shutdown of key facilities in Tema, Lomé (Togo), and Cotonou (Benin).

During this period, subsea valves at these strategic locations will be replaced to enhance operational safety.

The offshore pigging exercise is a crucial regulatory requirement that aligns with industry best practices to ensure the safe and efficient operation of the West African Gas Pipeline (WAGP).

This comprehensive cleaning and inspection will cover the entire pipeline network, spanning from Itoki in Ogun State, Nigeria, to Takoradi in Ghana’s Western Region.

The project consists of two phases. The first phase, completed in December 2024, focused on cleaning and inspecting the onshore section of the pipeline in Nigeria.

The second phase, scheduled for February 3 to March 2, 2025, will address the offshore section, stretching from Badagry, Lagos State, Nigeria, to Takoradi, Ghana.

WAPCo is mandated to conduct these inspections every five years as part of its commitment to maintaining the integrity of the WAGP and ensuring its continued safe and reliable operation across the West African region.

Read the statement below:

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The Chamber links this looming crisis to the suspension of the gold-for-oil programme and the stoppage of refining operations at Sentuo Oil.

Dr. Riverson Oppong, the Chief Executive Officer of the Chamber, called on the government to take immediate and decisive action to prevent the expected shortage.

“When the gold-for-oil programme began, it reached a peak, and we in the petroleum sector foresaw this issue. Whenever a graph peaks, a decline follows, and we warned the government, but it didn’t heed our concerns,” Dr. Oppong explained.

He further pointed out that the reduction in supply, coupled with the halt in operations at the Sentuo Oil refinery, has led to the current shortage.

“Today, the fuel shortage we are experiencing is linked to the PMS. BDCs stopped importing because of the gold-for-oil programme,” he added.

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He noted that politicians have created uncertainty among farmers regarding the future of cocoa and related issues.

Mr. Aidoo criticised the Finance Minister Designate, Dr. Cassiel Ato Forson, for allegedly dodging the National Democratic Congress’ (NDC) stance on cocoa pricing during his vetting.

He stated that the NDC, under the leadership of Dr. Forson, who was then the Minority Leader, had accused the Akufo-Addo administration of treating cocoa farmers unfairly.

According to Mr. Aidoo, Dr. Forson had argued that cocoa farmers deserved GHS 6,000 per bag instead of the GHS 3,100 being offered by the government at the time.

However, Mr. Aidoo claimed that Dr. Forson backtracked on his party’s earlier position when questioned during his vetting about whether the NDC, if in power, would increase the cocoa price to GHS 6,000 per bag.

The Oforikrom MP has therefore called on the government to fulfill its promises to cocoa farmers and ensure they are treated fairly.

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According to the UK-based firm, the impact on sovereign credit metrics will depend on the magnitude and longevity of the increases, but may also reflect the underlying mix of purely monetary policy-related versus non-monetary considerations influencing market moves.

“US and eurozone yields rose at the start of 2025, in some cases to multi-month highs, while UK gilt yields reached multi-year highs. Inflation risks and upward pressure on real interest rates had already contributed to a rising US term premium, pushing US Treasury yields higher in 4Q24 [4^th quarter 2024] despite the reduction in the fed funds rate”, the UK-based firm disclosed in its latest report dubbed “Rising Bond Yields Point to Fiscal Challenges for Sovereigns”.

US 10-year yields have also risen by more than 100 basis points since the US Federal Reserve started cutting policy rates last September, and the Treasury yield curve has continued to steepen.

Fitch also said the rising yields are particularly noteworthy given widespread ongoing policy rate reductions.

It added that the latest market moves may reflect continuing shifts in the distribution of perceived inflation risks, partly due to expected tariff increases and tighter immigration policies in the US, as well as possible fiscal loosening by the incoming Trump administration.

However, they are also consistent with market concerns about the volume of planned government bond issuance to meet their borrowing requirements where fiscal deficits remain large.

“Sustained increases in borrowing costs make it harder to reduce deficits and stabilise or reduce public debt, all else equal. Higher term premiums resulting from greater fiscal uncertainty or perceived credit risk would be particularly unfavourable for public debt dynamics compared to higher bond yields driven by strengthening growth expectations or higher inflation, due to the lack of offsetting positive impacts on the debt ratio from higher nominal GDP growth”, it stated.

It mentioned that strong nominal growth had helped to limit the impact of rising yields on developed market sovereign debt ratios as central banks tightened policy from 2022.

Source: Joy Business

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This would driven by geopolitical tensions, potential US Fed interest rate cuts, and supply shortfalls.

According to Databank Research, gold prices may reach US$2,600-US$3,100, while cocoa prices could rise between US$7,000 and US$9,600.

“We expect gold prices to trade higher in 2025, ranging from US$2600-US$3100 on the prolonged effect of geopolitical tension. We are optimistic about a recovery in gold prices throughout 2025 as geopolitical uncertainties are likely to drive safe-haven demand. Additionally, we foresee further interest rate cuts by the US Fed in 2025, could drive gold prices high, potentially reaching between US$2,600 and US$3,100 per ounce following the January 2025 FOMC meeting”.

Furthermore, it said “Given the positive outlook for gold prices, we believe local investors in Ghana could diversify their portfolios by considering the New Gold ETF and the Bank of Ghana’s Ghana Gold Coin (GGC). We believe these assets provide an opportunity to benefit from rising global gold prices while serving as a hedge against local currency depreciation”.

The expected rise in cocoa price will be due to a significant supply constraint from Ghana and Côte d’Ivoire, which are slowly recovering from adverse weather with illegal gold mining in Ghana affecting some cocoa farms.

“We asset that the EU Deforestation Regulation (EUDR), effective in early 2025, will further restrict supply availability, likely keeping prices elevated amid strong global demand for chocolate”.

Brent crude to trade below US$76 per barrel

Databank Research also expects Brent crude oil prices to trade below US$76 per barrel in 2025.

This will be influenced by high US inventories and a shift towards cleaner energy.

“Our outlook remains cautious as major consumers, such as China and North America, face economic challenges alongside increasing demand for sustainable energy sources. Consequently, global oil demand growth is projected to decline from 1.74 million barrels per day (bpd) to 1.64 million bpd in 2025”.

This will reflect a broader trend of slowing consumption amid economic uncertainties and a transition to alternative energy.

Source: Joy Business

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On the issue of SML, one of the most wasteful decisions taken by the previous government, for instance, CSOs and the parliamentary opposition literally sang from the same hymn sheet.

And some of us, especially those on the activist front, backed many of his positions to the hilt, in reverse fashion.

Now that he is in government, the spotlight is on him. He has just endured hours of grilling by the parliamentary vetting committee today.

I want to touch on only one set of the issues that came up: the ruling NDC party’s manifesto pledge to kill the following taxes: a) e-levy b) COVID-19 levy c) betting tax d) emissions levy e) and import duties on industrial and agricultural equipment and vehicles.

1. The e-levy is a distortive tax. It is undermining the digital sector. Worse, by distorting consumer and business behavior, we believe it is starting to cross-cannibalise other taxes in the digital sector, such as communications services taxes, which have been declining in value in real terms over time. It is usually good for political parties to keep their promises to voters. Of course, one can argue that the exception to this is when the promises are patently absurd.

2. Abolishing e-levy is not absurd. Doing so is supported by many rigorous analysts. The most detailed assessment of e-Levy’s impact that I know is the one by the GSMA, described in the hyperlinked reference above, which showed that in 2022, e-Levy LOST the government 1.4 billion GHS. The reader should pay serious attention: e-Levy is already LOSING Ghana money by undermining growth in the digital sector and thus cannibalising other revenue sources as summarised below.

The Finance Minister designate says the e-levy will go within 120 days. No one will miss it. Right from its inception, activists debunked basically every justification made in support of the ungodly e-levy.

3. At any rate, the new government must conduct another review of the public revenue framework for the digital economy as a whole and determine how it makes more money from the sector without undermining productivity in the sector.

4. Removing betting tax divides analysts. Some say that because gambling is harmful, a tax on betting is not only necessary (because the government desperately needs the money) but smart. My sense is that the evidence tilts towards removing it.

5. The most rigorous assessment I have seen of the effect of gambling tax hikes was one conducted in the United Kingdom context, and the conclusions have been that they are counterproductive. Professor Matthew Rockloff of Central Queensland University and Dr. Philip Newall of Bristol University present compelling evidence that gambling taxes simply increase the cost of addiction and do nothing to curb the urge to gamble.

The betting companies just find other inducements to get gamblers to keep gambling but now with harsher financial effects on addicts.

6. There is no reason why removing betting tax, and forgoing the ~$3 million it generates per year, should lead to revenue losses because the government can simply tighten the regime for the betting companies themselves. In the UK, for instance, the government has even gone to the extent of introducing a levy on the companies to pay for anti-addiction therapy.

7. In the case of Ghana, it is important for readers to recognise that there are two tax regimes in this sector, and that the NDC government is only proposing to eliminate the smaller regime: the 10% withholding tax on winnings. Untouched will be the 20% tax on the “gross revenue” (GGR) of the betting companies. There has been no commitment not to increase this 20% tax level to say 25% or even 30%.

In Kenya, where betting tax on the companies is 15% of gross revenue (lower than Ghana’s 20%), monthly tax revenues from the betting industry is said to be close to $12.5 million every month. The nearly $150 million a year from the betting industry in Kenya makes taxes on bettors in Ghana (roughly $3 million a year) pale into insignificance.

Nor has the new government tied its hands when it comes to reviewing current concessions such as the arrangement that allows betting companies to carry forward losses they make when gross winnings exceed gross revenue. Such concessions can enable aggressive marketing by allowing the betting companies to lure new bettors with ridiculously juicy odds and high payout ratios.

In short, there are multiple opportunities within the existing tax regime to extract money from gambling for the government without persisting the 10% withholding tax on winnings. Nobody would miss this tax.

8. The NDC government is completely unclear in its reasons for wanting to remove the emissions levy. Here, the problem is lack of clarity about intent. Some analysts, myself included, questioned the measurement model especially on industrial taxpayers.

In respect of vehicles, opinions vary as to the likely impact of emissions levy. How carbon taxes within a fiscal framework is a globally contested issue. To be frank, the government needs to quickly do the serious work needed to situate the decision within a clear set of policies, including Ghana’s climate-finance objectives.

9. As far as I am concerned, the COVID-19 levy was merely a stealthy move to raise the VAT rate. For that reason, my analysis in respect of VAT reforms below applies to this levy as well.

10. Removing import duties on vehicles and equipment imported for agricultural and industrial purposes could become distortive. Here is how. If I import a Kia truck for my sachet water distribution business and use it every Friday for that purpose but, in the rest of the week, it does some light corporate-trotro duties (minibus transport or rentals), do I deserve a tax waiver? If I bring in a giant articulated truck to transport corn from the North once a month and, the rest of the time, it also carries vehicular spare parts around, is that “agricultural” enough? Is “spare parts” cartage industrial enough? You get the picture.

11. These kinds of tax policies leave too much discretion to the tax authorities who sometimes abuse it. All said, it is not clear whether this is a good or bad tax waiver. That determination belongs to a more comprehensive assessment of the entire tax exemptions logic in Ghana and should thus probably not have been a manifesto pledge.

12. To further buttress the point, it is to be noted that the practice of exempting specified equipment from duties has been a longstanding element of Ghanaian tax policymaking with limited effect.

For example, the below list is a verbatim extract from the schedule to the 1995 customs and excise law regarding items exempt from duties:

Machinery, apparatus, appliances and parts thereof, of the following kinds:
(a) Agricultural and horticultural;
(b) Marine;
(c) Mining and dredging;
(d) Railway and Tramway;
(e) Industrial including timber; and
(f) For use in generating electric current.

Similar exemptions and waivers have consistently been made over the years. Yet, Ghanaian governments rarely conduct any clear impact analysis to understand why previous concessions do not appear to have benefitted industrial and agricultural sector players before proceeding to introduce new variants of the same logic.

13. As for reviewing VAT and removing the COVID-19 levy, which the NDC also promised to do, every government goes through the same motions, often several times during their term. In my modest view, these “reviews” usually end up generating more uncertainty for business.

The constant menu, calculation, and burden changes have become a strain on businesses with high transaction turnover, such as retailers. Until we know exactly what the plans for VAT reform are, we can’t say one way or another if this is a good manifesto policy.

Should the nominee for Finance Minister get approved, a foregone conclusion given the degree of parliamentary control by this government, he has some serious work to do in addressing some of the issues raised above.

Speaking at the opening ceremony of the Jospong Leadership Conference (JLC 2025) on Monday, January 13, 2025, at the Pentecost Conference Centre in Gomoa, Central Region, Dr Agyepong highlighted JGC’s alignment with the government’s vision of a 24-hour economy. He explained that the branding of the group’s waste management trucks reflects their readiness to support this initiative.

Additionally, Dr. Agyepong expressed JGC’s dedication to collaborating with the government on green economy projects, emphasizing the importance of sustainability in Ghana’s economic transformation.

The conference, which runs until January 17, 2025, is themed “Transformation through Leadership” and aims to promote business sustainability, positive work ethics, and the role of leadership in driving impactful and sustainable change within the organization. This year marks the 12th edition of the annual JLC.

Driving Transformation through Leadership

In his remarks on the conference theme, Dr. Agyepong urged JGC staff to embrace leadership with purpose, stating that transformational leadership requires courage, resilience, and innovative actions.

“I challenge each of you to fully immerse yourselves in this year’s leadership conference. Seize this opportunity to learn, reflect, and grow with purpose. Be active participants—ask thought-provoking questions, share innovative ideas, and engage in meaningful discussions,” he encouraged.

He emphasized the need for innovation and green initiatives as crucial pillars for growth and sustainability. Dr. Agyepong also announced JGC’s plans to expand its global footprint, with a new office in Kenya set to commence operations soon.

Ethical Leadership and Corporate Responsibility

A key highlight of the event was a presentation by renowned Marketing Professor, Professor Robert Ebo Hinson, on the topic “Ethical Leadership and Corporate Responsibility.” He stressed the importance of ethical leadership in building trust, driving sustainability, and giving companies a competitive edge.

“Ethical leadership guides behavior and helps navigate complex situations,” he noted, while cautioning against the detrimental effects of favoritism in organizations.

Professor Hinson outlined key attributes of ethical leaders, including honesty, fairness, and proactive role modeling. He also urged JGC to embed ethics into its strategic planning, prioritize transparency and accountability, and align its corporate purpose with ethical practices.

To strengthen its corporate social responsibility (CSR) efforts, he recommended initiatives such as corporate philanthropy, community volunteering, and socially responsible business practices.

Empowering the Next Generation

A major milestone at the conference was the launch of the Joseph Siaw Agyepong Foundation, aimed at nurturing young entrepreneurs by equipping them with the necessary tools and mentorship to become future leaders. The foundation received a seed funding of 500,000 Ghanaian Cedis to support its activities.

In a symbolic and heartwarming gesture, a painting of Dr. Agyepong and his family was presented to him and his wife, honoring his visionary leadership and philanthropic contributions to society.

With the 2025 JLC underway, the Jospong Group continues to demonstrate its commitment to leadership development, innovation, and sustainable growth, aligning with its mission to transform Ghana’s economy and empower its people.

According to Chief Executive Officer-Star Assurance Boatemaa Barfour-Awuah, this promotion provides the company an opportunity to engage with its clients and partners while showing appreciation for their loyalty and commitment to the brand.

The promo will feature quarterly draws, with winners receiving exciting prizes and souvenirs including an all-expenses-paid trip to Dubai.

Speaking at the promo’s launch, Mrs Barfour-Awuah emphasised that the initiative reflects Star Assurance’s dedication to delivering more for its clients and partners.

“This exciting promo focuses on our motor insurance portfolio, recognising that motor insurance is the most popular form of insurance in Ghana. Through this promo, we are not only offering rewards but also peace of mind – ensuring our clients feel protected while enjoying the benefits of owning our motor insurance policies. We will also unveil a range of exciting activities and exclusive experiences for our valued partners,” she said.

Mrs. Barfour-Awuah further highlighted that the 40th-anniversary celebrations’ theme, ‘Experience you can trust’, encapsulates the spirit and essence of Star Assurance.

“Trust forms the foundation of our relationships with customers, partners and even within our team. Over the years, we have built a reputation for reliability and integrity. As we commemorate this milestone, we’re thrilled to launch the ‘40 Reasons to Smile’ promo; reflecting on our past achievements while igniting optimism and enthusiasm for the future,” she stated.

Celebrating achievements

The Acting Commissioner for Insurance-National Insurance Commission, Michael Kofi Andoh, speaking during the anniversary launch in Accra, applauded Star Assurance’s achievements and progress over the years and commended the founder, former directors, management and staff for their contributions to the indigenous insurance company’s growth and sustainability.

“It is indeed an achievement for an indigenous insurance company to thrive for over 40 years. This success is significant for the industry, economy and nation as a whole. Star Assurance has demonstrated remarkable growth, resilience and innovation.

“Notably, the company separated its life insurance business from its non-life insurance operations before the Insurance Act of 2006’s implementation, which prohibited composite insurance companies. This separation led to the establishment of Star Life Assurance, which has also experienced significant growth,” Mr. Andoh stated.

Mr. Andoh further noted that Star Assurance ranked as the top non-life insurer for 2023 – in terms of underwriting profit, total assets and claims paid.

“By the end of 2023, Star Assurance had achieved the highest underwriting profit, held the largest total assets and paid the most claims. The company has also excelled in innovation, particularly in product distribution and partnerships, contributing to the impressive growth we see today,” he added.

The event was graced by esteemed guests, including Star Assurance’s founder Dr. Kwabena Duffuor and his wife Akosua Duffuor. Other dignitaries included the CEO of Ghana Insurers Association; President of the Insurance Brokers Association; President of the Chartered Institute of Insurance and CEOs of insurance brokerage companies, as well as key partners of Star Assurance.

Speaking during his vetting before Parliament’s Appointments Committee on January 13, 2025, Mr. Jinapor disclosed that the energy sector’s debt had surged to over $3 billion as of January 12, 2025.

“The debt stood at $2.1 billion when we left office in August 2017. As of yesterday, January 12, 2025, the debt has exceeded $3 billion,” Mr. Jinapor revealed.

A key contributor to the rising debt is the government’s financial obligations to Independent Power Producers (IPPs), which amounted to $1.2 billion as of October 2024.

He also highlighted inefficiencies, such as unaccounted-for power sales, further exacerbating the sector’s financial woes.

Mr. Jinapor stressed the need for pragmatic and sustainable solutions to resolve the debt crisis, ensuring the energy sector remains viable while protecting Ghana’s broader economic stability.

He urged robust financial management practices and comprehensive reforms to tackle the mounting liabilities, restore investor confidence, and enhance the sector’s operational efficiency.

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Speaking during his appearance at the Appointments Committee of Parliament on Monday, he said the government will grow the economy from the real sector, not just from the micro.

“As Minister, I will dedicate a considerable amount of my attention towards the development of the microeconomy,” Dr. Ato Forson said.

He mentioned that his priorities for the development of the country’s real sector include agriculture and agribusiness, micro, small and medium enterprises, power, petroleum and hydrocarbons, infrastructure, and mining and quarry.

On revenue mobilization, Dr. Ato Forson said his many years of experience in public financial management tell him that Ghana has a lot of potential when it comes to revenue mobilization.

He stated that the government will introduce strong compliance measures in Ghana’s tax administration to improve revenue collection. “We will promote transparency and accountability to build public trust and encourage compliance,” the Minister of Finance-designate said.

Dr. Forson added that he will regularly engage businesses, civil society, and development partners to fashion inclusive revenue strategies that consider the needs and contributions of all sectors.

“We shall also focus on non-tax revenue, which has often been neglected but has immense potential,” he said.

Touching on public expenditure, Dr. Ato Forson said Ghana needs a paradigm shift in the management of public expenditure.

He therefore promised to lead a public expenditure management reform to decentralize budget implementation, adding, “This is to make sector ministers wholly responsible for their own budgets.”

Dr. Ato Forson said the quality of expenditure matters. “To this end, I will ensure that public expenditures that drive inclusive growth and job creation are prioritized, especially given our current economic conditions,” he said.

He said this will provide huge relief to businesses that are suffocating under the chaotic and distorted implementation of the VAT.

Dr. Ato Forson was speaking during his appearance at the Appointments Committee of Parliament on Monday.

He stated that concerns raised by the business community so far include unpredictable tax policy and administration, such as the distorted VAT regime.

“To this end, the government will undertake a comprehensive review of Ghana’s VAT regime as captured in the manifesto of the National Democratic Congress (NDC),” Dr. Ato Forson said.

He said this is intended to provide relief to households and businesses.

The Minister of Finance-designate mentioned that, in this vein, the government will adhere to the underlying principles of VAT by abolishing the Covid Levy, reversing the decoupling of GETFund and NHIL from the VAT, and reducing the effective VAT rate to make life bearable for Ghanaians.

Dr. Ato Forson added that the government will also take steps to reverse the VAT flat rate regime, upwardly adjust the VAT registration threshold to exempt micro and small businesses from the collection of VAT, and improve compliance through public education and awareness.

He concluded by saying the government’s plan to reform the VAT regime is aimed at implementing a simplified and transparent tax system.

On Sunday night, a Joy News team monitored fuel stations and found that only two out of the five stations in Damongo had fuel (petrol and diesel).

Some pump attendants at the Zen and Dukes stations confirmed they received a delivery of petrol on Sunday, January 12, 2025.

However, stations like Petrosol and Nasona were still waiting for their stock, with their managers currently in Accra trying to secure the commodity.

At the Zen fuel station, a motorist, Sofo Danjemah, who purchased a jerrycan of petrol, explained, “As a sawmill operator, I can’t be confident that there will be petrol in Damongo after this week. So, I had to buy enough to avoid last week’s shortage.”

At the time of filing this report, no other station, apart from the two mentioned, had received petrol or diesel.

Joy News’ checks at some transport stations revealed that, in order to remain operational, transport owners have opted to purchase fuel from Tamale in the Northern region.

If the situation continues in this manner until Tuesday, January 2025, the situation could worsen, especially for businesses.

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