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In her detailed response, the Atiwa East MP criticized him for presenting what she described as an overly bleak picture of the economy without acknowledging the critical interventions that stabilized it before he took office.

“The NPP has never shied away from acknowledging the economic challenges that Ghana faced, but we took decisive and responsible actions to put the economy back on the path of recovery, culminating in the IMF giving the economy a clean bill of health,” she stated.

According to Osei-Asare, the financial sector was in a much stronger position at the end of the NPP’s tenure than Mahama suggested in his address.

“Depositors’ funds were protected during the financial sector clean-up, preventing the total collapse of the banking industry.

“The banking sector’s total assets rose from GH¢81.2 billion in December 2016 to GH¢367.2 billion in October 2024. Private sector credit increased by 28.8% in 2024, compared to negative 7.5% in 2023, showing strong financial recovery,” she noted.

She further dismissed Mahama’s claim of scant reserves for debt servicing, highlighting that despite global economic pressures, Ghana’s Gross International Reserves improved from $5.9 billion in December 2023 to $7.7 billion in October 2024, representing 3.5 months of import cover.

“The cedi remained stable, moving from GH₵12.4 per dollar in December 2023 to GH₵14.50 per dollar in December 2024—a controlled depreciation considering external pressures,” she added.

In her critique, Osei-Asare pointed out that Mahama had failed to acknowledge that the NPP left behind resources for the new government to meet early 2025 debt service obligations, including the GH¢6 billion paid out to bondholders, which he proudly announced to Parliament.

“He was quick to highlight the $250 million in the sinking fund at the end of 2016 but conveniently ignored the $1 billion due for external debt repayments in 2017, which the NPP had to manage,” she remarked.

Rejecting Mahama’s assertion that the economy was “criminally handled” by the NPP, Osei-Asare provided evidence of economic growth and stability before the change in government.

“Real GDP growth averaged 6.3% in 2024, led by Industry at 10.4%. We achieved a positive primary balance of 0.4% in November 2024 compared to the negative 1.4% of GDP in 2016. Total revenue exceeded its target by 3.3%. The signs of economic recovery were clear,” she asserted.

Osei-Asare also took issue with Mahama’s introduction of ambitious social intervention programs without a clear funding strategy.

“For an economy supposedly in an ‘intensive care unit,’ one would have expected cautious, responsible economic planning.

“Instead, the President outlined a series of new programs, including the Agriculture for Economic Transformation Agenda (AETA), the Feed Ghana Programme, the One Million Coders Programme, and the Ghana Medical Trust Fund (MahamaCare), without explaining how they will be financed,” she said.

Warning against a return to excessive public spending, Osei-Asare reminded Ghanaians that the NDC’s approach led to an IMF bailout in 2015.

“A responsible government should focus on sustaining and improving the growing confidence in the economy before committing to large-scale social programs. Ghana cannot afford another cycle of reckless spending and fiscal mismanagement,” she emphasized.

On Mahama’s proposed National Economic Dialogue, Osei-Asare was skeptical, describing it as a political maneuver rather than a sincere effort to engage stakeholders.

“Instead of resorting to endless committees and dialogues, the President should get down to implementing the policies he campaigned on. Governance is about leadership and execution, not deferring responsibility through unnecessary consultations,” she stated.

Concluding her response, Osei-Asare called on Mahama to move beyond political blame and focus on Ghana’s future.

“This State of the Nation Address was more about looking backward than moving forward. Mr. President, Sankofa yenkyi, but a leader who spends too much time looking back will eventually stumble. Ghana needs a leader with vision, not one obsessed with revisiting the past,” she said.

She reiterated the NPP’s commitment to constructive engagement but warned against misleading economic narratives and unsustainable policies.

“Ghana does not need more rhetoric—it needs strong leadership, a vibrant private sector, and policies that empower individuals to thrive. We must stand for the future of Ghana,” she concluded.

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Speaking on JoyFM’s Top Story on Thursday, February 27, Prof. Bokpin said while the Akufo-Addo administration expanded Ghana’s GDP by $20 billion, data suggests that the overall financial health of the country has deteriorated.

“What is becoming clearer is that even though over $20 billion has been added to our economy, the previous government’s data exists to confirm that they left this country in a much poorer state,” he stated.

He pointed to Ghana’s rising debt burden, explaining that by December 2022, inflation had soared to 54.1 per cent, and the debt-to-GDP ratio in nominal terms had exceeded 104 per cent.

“If you look at the debt numbers, at the time, in 2017 when the NPP was describing the economy as so bad, they inherited inflation of 15.4%.

“If you look at debt service to revenue ratio, even public debt to GDP ratio without debt restructuring, the NPP have debt restructuring to be thankful for, for what they are leaving behind. Otherwise, it could have been serious.”

Prof. Bokpin further noted that poverty levels have worsened, with nearly 30 per cent of Ghanaians in extreme poverty as of January 2025.

“If you look at the poverty numbers, we are talking about the fact that approximately 30% of Ghanaians are in extreme poverty at the time the NPP was leaving office in January 2025.”

He stressed that despite record revenues and resources available to the previous government, expectations were not met, leading to widespread disappointment among Ghanaians.

“….So the fact of the matter is that much of the disappointment with the NPP had to do with the fact that the expectation was so high.

“In as much as the former Minister of Finance was saying that he added $20 billion to our economy, let’s also put on record that no government has had the kind of revenue and resources that they (NPP) had within the eight-year period. And with that massive resources at their disposal, we were expecting much and more from them,” he said.

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According to Dr Amin, President Mahama’s assertions do not reflect the true state of the economy inherited from the Akufo-Addo government.

His response follows President Mahama’s first State of the Nation Address (SONA) under his second term on Thursday, February 27, where he described the economy as being in crisis.

President Mahama claimed that at the end of the Akufo-Addo administration, Ghana’s debt had reached GH₵721 billion, with state-owned enterprises such as the Electricity Company of Ghana (ECG) owing GH₵68 billion and COCOBOD saddled with GH₵32 billion in debt.

The President further criticised Dr Amin’s handling of the economy, comparing its condition to a patient in an intensive care unit.

However, speaking on JoyNews’ The Pulse on Thursday, February 27, Dr Amin argued that the health of an economy cannot be assessed solely based on debt levels.

“You have liabilities and you have assets and so a basic accountant knows this basic fact that when you assess the performance of a company, you look at debts, liabilities and then you look at assets.”

“If the president was only talking about debts, then the equation is incomplete and that will be intellectual dishonesty,” he explained.

Dr Amin further attributed Ghana’s debt situation to external factors, including the COVID-19 pandemic and the Russia-Ukraine war, which significantly impacted global economies.

“Even the IMF and the World Bank have reiterated the effect of Covid and the war in Ukraine. So if you want to look at how we came by these debts, the context is very clear,” he stated.

He noted that simply mentioning debt figures was insufficient, as debt sustainability should be measured in relation to GDP.

The former Finance Minister added that while the Akufo-Addo government borrowed, it also expanded Ghana’s GDP by $20 billion over seven years.

“Twenty billion dollars is no easy achievement that you have borrowed and you have added to the size of the GDP over seven years.

“It means that we have used the money well, we have used it productively and we have used it to build the economy,” Dr Amin asserted.

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The report shows that gold remained Ghana’s top export totaling GH₵49.8 billion or 53.6% of total exports. This represents an increase from 50.3% recorded in the fourth quarter of 2023. Other major exports included crude petroleum, cocoa beans, cocoa paste, and natural cocoa butter, respectively. Meanwhile, the share of mineral fuels and oils in total exports fell from 23.9% in Q4 2023 to 14.4% in Q4 2024.

On the import side, diesel, motor spirit (super), self-propelled bulldozers, shea oil and fractions, and crude petroleum were the top five products imported in the quarter.

The two leading import products, diesel and motor spirit (super), accounted for GH₵13.1 billion, with diesel alone amounting to GH₵7.2 billion, representing 23.4% of total imports.

However, this marks the third consecutive quarter in which Ghana recorded a nominal trade surplus, meaning the value of trade (exports and imports) was measured at current market prices without adjusting for inflation.

In contrast, real trade, which accounts for inflation, remained in deficit. Despite the reported surplus, the data reveals a GH₵2.2 billion real trade deficit in the fourth quarter of 2024.

Additionally, while the total nominal trade value increased by GH₵57.8 billion from the first to the fourth quarter, the increase in real terms was only GH₵7.0 billion.

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The financial assistance is intended to support the recapitalization of banks and other financial institutions adversely impacted by the programme.

Andrew Amerkson, the Head of Banking and Non-Banking at the Ministry of Finance, revealed that the government is focusing on helping recapitalize at least eleven financial institutions in 2025.

His remarks were made during the launch of the Ghana Association of Savings and Loans Companies’ five-year strategic plan in Accra.

Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, Amerkson underscored the government’s commitment to ensuring that the institutions are adequately capitalized to enhance their operations and overall stability.

In his speech, Dr. Forson explained the background of the financial interventions aimed at stabilizing the banking sector.

“The government has long been proactive in ensuring the stability of the financial sector. We designed the Ghana Financial Stability Fund and allocated 5.7 billion cedis to recapitalize bonds, which has been critical in stabilizing the financial system,” Dr. Forson remarked.

He further emphasized the success of the Ghana Financial Stability Fund A2, which was introduced in the previous year. “At the end of last year, Fund A2 supported 11 financial institutions, including four banks, four capital market operators, and three insurance companies. This demonstrates the government’s unwavering commitment to ensuring the long-term stability of our financial sector,” Dr. Forson added.

The government’s current initiative to engage the World Bank for a 250 million dollar loan facility is seen as a key part of the broader strategy to stabilize the financial system. “We have engaged with the World Bank for a loan facility of 250 million dollars, which will specifically support the recapitalization of banks and savings and loans institutions (SDIs). This initiative is part of the World Bank-funded Ghana Financial Stability Project and aims to promote financial stability across the country,” Dr. Forson confirmed.

Looking ahead, the government is optimistic about the positive impact this financial support will have on the broader economy. “By securing this facility, we are not just addressing immediate liquidity concerns, but also ensuring that our banks and other financial institutions remain resilient and continue to contribute effectively to the economy,” he concluded.

This move comes at a critical time, as the government seeks to mitigate the financial fallout from the DDEP, which has had significant effects on local banks.

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Some sellers have already implemented the new pricing.

Samuel Azu, a cement retailer, confirmed the price hike, stating, “We have not yet increased the price, but this will take effect starting Thursday. From then on, any customer purchasing a bag of cement will need to pay GHC 120.00.”

He explained that the adjustment was necessary to sustain their business. “If you don’t have that amount, you won’t be able to buy cement in Tema or anywhere else in the country. The factories have attributed the increase to rising port tariffs imposed by the government,” Azu added.

He further highlighted the reliance on imported materials, noting, “Since most materials used in cement production are imported, any increase in costs from the source directly impacts the final price.”

Another retailer, Bismark Owusu Tetteh, expressed frustration over frequent price changes and called for stricter regulatory measures to stabilize the market.

Meanwhile, the Ghana Chamber of Construction Industry (GhCCI) has urged the government to intervene before the situation worsens.

The Chamber’s CEO, Emmanuel Cherry, emphasized the government’s responsibility in addressing the matter.

“The best person to assist us is the government, as they are the ones with the power. The mandate lies with them. We can only talk or advise, but it is their decision to act or not.”

Cement pricing was a contentious issue last year, leading to a standoff between the Cement Manufacturers Association of Ghana and former Minister of Trade and Industry, K.T. Hammond, over a Legislative Instrument (LI) aimed at regulating prices.

The initiative introduced by the former minister received mixed reactions from stakeholders in the supply chain.

As the year progresses, cement prices continue to rise, with retailers attributing the increases primarily to higher port tariffs.

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Energy Minister John Jinapor engages partners of East Cape Three Point…

During the visit, officials from GPHA and the Transport Ministry toured key areas of the Tema Port, including the Shipyard and Terminals 2 and 3, as part of efforts to align government policy with maritime industry needs.

Way Forward

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The meeting took place on the sidelines of the International Energy Week in the United Kingdom, focusing on the development of Ghana’s offshore oil and gas sector.

The East Cape Three Point Block, situated in the Offshore Tano Basin, is currently operated by Medea Development Ltd and Cola Natural Resources.

Potential partners, including Strategic Fuel Fund, Safri West Energies, and Jade Energy, reaffirmed their commitment to exploring the field, with the goal of achieving first oil production by 2028 or 2029.

They indicated that preparations were underway to commence the first exploration well drilling either later this year or early next year.

In addressing the partners, Mr Jinapor reiterated the Ghanaian government’s dedication to implementing investor-friendly policies while ensuring the country’s interests are well safeguarded.

He underscored the importance of fostering a balanced and sustainable approach to the development of Ghana’s natural resources.

The Minister further assured investors that Ghana’s upstream petroleum sector remains open to business, emphasising the nation’s strong regulatory framework and conducive investment climate.

He encouraged stakeholders to collaborate effectively in order to drive innovation and efficiency within the industry.

The meeting served as a platform to strengthen partnerships and reaffirm Ghana’s commitment to enhancing its energy sector.

With exploration efforts set to advance, the East Cape Three Point Block stands as a promising contributor to the nation’s long-term energy strategy.

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Focusing on three key landscapes — Kenya’s Greater Rift Valley, the Ghana Cocoa Belt, and the Lake Kivu and Rusizi River Basin spanning Burundi, Rwanda, and the Democratic Republic of Congo — Restore Local works with these groups to expand access to finance, strengthen technical capacity, secure policy reforms and improve impact monitoring.

“Community-led organisations are the beating heart of Africa’s land restoration efforts, but they can’t do it alone — they need more support to take their impact to the next level,” said Dr Susan Chomba, Director of Vital Landscapes at WRI.

“That’s where Restore Local comes in. We’re bringing in new partners, unlocking new resources, and amplifying their voices so that restoration efforts are not just expanded, but deeply rooted and widely embraced.”

The initiative is building on its momentum by expanding its reach, rallying even greater support for locally led restoration efforts and growing a broader movement.

This means bringing in new partners beyond those already supported by TerraFund, Restore Local’s financing arm, to drive greater impact.

“Since partnering with Restore Local, we have increased seedling production from 6,000 to 500,000 annually”, said Shiro Ndirangu, Managing Director, of Afrex Gold.

“Being a part of this initiative means restoring the environment while strengthening the community around you. Restore Local is turning action into impact, and I’m proud to be a part of it.”

Tropenbos Ghana echoed these sentiments, emphasising the restoration work their organization has been doing in the degraded Ghana Cocoa Belt.

“It is exciting to see more people getting involved,” said Kwame Sekyere, Tropenbos’ Project Manager.

As Africa faces increasing climate challenges, Restore Local is proving that locally led restoration is not just possible — it’s essential.

By mobilizing communities, policymakers, and investors, the initiative is turning grassroots action into large-scale impact, ensuring that Africa’s landscapes are not only restored but also sustained.

About Restore local

To learn more about Restore Local, visit the Restore Local Website.

This will nudge back down towards the pre-pandemic average of 12.4% year-on-year over 2015-2019.

“While Ghanaian inflation will follow a more stable and cooling path over 2025, it has started 2025 relatively sticky, coming in at 23.5% year-on-year in January. This is an acceleration from the 2024 low of 20.3% year-on-year in August 2024. Despite the slight reacceleration, inflation will continue to broadly come down and is supporting improving households purchasing power, particularly when considering inflation hit a peak of 54.1% in December 2022”, it stated in a report titled “Ghana 2025 Consumer Outlook: Growth Moves Up As Stronger Tailwinds Emerge”.

It added that the reacceleration of food inflation over quarter 4, 2024, and into 2025 is posing some concern for households over the short term.

Given that food and non-alcoholic drinks account for more than 42% of total household spending in Ghana, it pointed out that sticky prices will remain somewhat of a drag on spending and will see households retain a focus on essentials.

“Key household spending segments, such as housing and utilities as well as transport prices are however beginning to come down and are settling following the upward revision of water and electricity tariffs in July 2024”, it stated.

As inflation across the three segments settle over 2025, it alluded that households will see their purchasing power improve and demand for more non-essential segments begin to improve.

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In this role, he will support the Acting Commissioner in ensuring effective regulation, supervision, and growth of Ghana’s insurance industry.

Mr. Ohemeng-Baah is a Chartered Insurer with over 20 years of experience in both industry and academia.

He holds a Master of Laws in Insurance Law from Queen Mary University of London, a Master of Science in Accounting and Finance, and a Bachelor’s in Business Administration with a major in Insurance from the University of Ghana.

He brings extensive knowledge of Ghana’s insurance industry, along with exposure to best practices and emerging trends in insurance regulation from the United Kingdom and the United States.

His expertise includes leading multi-country software projects, raising venture capital, and exploring the role of artificial intelligence in insurance.

Mr. Ohemeng-Baah joins Dr. Abiba Zakariah, the Acting Commissioner of Insurance, who has 30 years of industry experience, to steer the National Insurance Commission into its next phase of growth.

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During his vetting before the Appointments Committee on Tuesday, February 25, Mr. Gyan-Mensah stressed that private sector involvement could provide the necessary capital injection to address inefficiencies within ECG.

“I think my minister’s position on the privatisation of ECG is necessary, given the current issues within the company. ECG urgently needs capital injection to address the inefficiencies in the system. Bringing in the private sector will play a key role in resolving these challenges and making ECG financially buoyant, which is crucial for consistent and stable power supply,” he stated.

The government has already initiated steps to introduce private sector participation in ECG’s operations, citing persistent inefficiencies and financial losses. On January 24, 2025, a seven-member committee was inaugurated to study potential participation models.

However, trade unions have expressed concerns, arguing that the move is a pretext for full privatisation, an approach they claim has repeatedly failed in Ghana.

Addressing these concerns, Mr. Gyan-Mensah clarified that the proposed privatisation would not involve ECG in its entirety but would focus on specific sections, primarily distribution, billing, and collections.

“Although I haven’t had extensive discussions with my minister on this, I am confident that Ghana’s Local Content Act will be upheld. The privatisation will not be left solely in the hands of foreign players. Local private companies will also have opportunities to participate if necessary,” he assured.

He further explained that the goal of the partial privatisation is to strengthen ECG’s operations while safeguarding national interests.

Addressing Parliament on Tuesday, February 25, 2025, the former Minister for Works and Housing and Information under the erstwhile Akufo-Addo administration argued that PPPs offer a viable alternative to traditional funding sources, which have become increasingly difficult to mobilise.

“Ghana, in the last decade, has faced a critical infrastructure and public service deficit heightened by fiscal constraints, rising debt levels, and limited access to international capital markets. The demand for road investments, energy, healthcare, water, and education far exceeds the government’s financial capacity to deliver at any point in time,” he stated.

Mr. Oppong Nkrumah explained that while most administrations have resorted to cutting government expenditure in response to these challenges, such an approach risks slowing economic growth and limiting job creation. He noted that many countries increasingly turn to PPPs to bridge the infrastructure financing gap, allowing private sector actors to assume significant responsibility for financing and managing public projects.

“By leveraging private sector capital, technical expertise, and innovation, PPPs can deliver essential projects more effectively and efficiently while reducing the financial burden on the government,” he said.

Challenges Hindering PPPs in Ghana

Despite the passage of the Public-Private Partnership Act (Act 1039) in 2020, Mr. Oppong Nkrumah observed that Ghana’s PPP ecosystem remains underdeveloped, with only a few projects successfully executed under the model.

He cited parts of the Tema Motorway expansion and the Bonkra Inland Port project as some of the limited cases where PPPs have been utilised.

According to him, several factors continue to hinder the widespread adoption of PPPs in Ghana.

“First, there’s a low level of awareness and preference for PPPs within both the public and private sectors. Many project promoters and government agencies still prefer outright contracts where the private sector delivers and the government pays, rather than structuring projects as PPPs,” he explained.

He also pointed to limited capacity within both the public and private sectors for structuring, modelling, and negotiating PPP transactions, noting that even when there is an appetite for PPP arrangements, institutions often lack the technical know-how to execute them effectively.

Additionally, he lamented the bureaucratic bottlenecks embedded in the current legal framework, which slow down the negotiation and execution of PPP projects.

“Anecdotal evidence suggests that in some cases, it takes close to a year to put one project together,” he revealed.

He further highlighted the high financial risks associated with PPP projects, which are compounded by national macroeconomic challenges such as inflation and exchange rate depreciation, discouraging private sector players from engaging in long-term PPP investments.

Recommendations for the Way Forward

To address these challenges, Mr. Oppong Nkrumah proposed a series of recommendations to help mainstream PPPs in Ghana’s infrastructure and public service delivery.

“First, we need to improve the level of awareness and acceptability of PPPs. It’s important for increased public and stakeholder engagement to make PPPs a more common feature in infrastructure and service delivery,” he urged.

He further called for increased investment in specialised training for government officials in areas such as negotiation, risk assessment, and financial structuring.

“Consulting groups, including legal and accounting firms, as well as project management experts, also need to deepen their expertise in modelling and structuring PPPs,” he added.

To encourage private sector participation, the MP recommended that the government introduce credit enhancement mechanisms, such as government-backed guarantees, to mitigate investment risks.

Citing his experience as Minister for Works and Housing, he noted that efforts had been made to de-risk housing PPPs by providing incentives such as access to land.

“The PPP Act itself, though new, may require some immediate amendment to certain sections and enforcement of others,” he suggested.

He specifically called for a revision of Section 77 of the Act to streamline project implementation and urged the government to expedite the passage of regulations to clarify grey areas in the law.

Finally, Mr. Oppong Nkrumah proposed that the government package a pipeline of bankable PPP projects and embark on regular investment roadshows to attract potential partners.

“This will fast-track the rollout of PPP projects in the country,” he emphasised.

The Ofoase Ayirebi legislator reiterated that PPPs present a strategic solution to Ghana’s infrastructure and public service challenges, urging the government to prioritise the PPP option in delivering essential projects for the benefit of the Ghanaian people.

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The amount was raised through the issuance of 91-day, 182-day, and 365-day Treasury Bills.

According to Bank of Ghana data, the new Mahama-led administration first accessed the domestic bond market on January 10, 2025, just three days after assuming office, borrowing GH₵8.07 billion.

This was followed by GH₵8.83 billion on January 17 and GH₵8.16 billion on January 24.

On January 31, the Government borrowed GH₵7.99 billion, followed by GH₵7.60 billion on February 7, GH₵9.43 billion on February 14, and GH₵9.60 billion on February 21.

The total amount borrowed within the period sums up to GH₵59.68 billion.

The President gave the assurance on Tuesday when he formally swore in Dr. Asiama as Governor and Dr. Zakari Mumuni as First Deputy Governor of the Bank of Ghana at the Jubilee House in Accra.

He emphasized that the appointments were not merely routine exercises to satisfy Article 183(4) of the Constitution but a deliberate commitment to upholding the Bank of Ghana’s core mandate under Article 183(1-3)—to regulate currency, ensure monetary stability, and promote sustainable economic development.

“It is in full adherence to Section 17(1) of the Bank of Ghana Act, 2002 (Act 612), that these appointments uphold the legal stipulation that the Governor and Deputy Governors of the Bank of Ghana be individuals of demonstrable financial and banking experience,” President Mahama stated.

He described Dr. Asiama and Dr. Mumuni’s appointments as an affirmation of their professionalism, integrity, and proven competence.

Dr. Asiama, a distinguished economist with a PhD from the University of Southampton, has over two decades of service at the Bank of Ghana. Rising through the ranks from banking supervision and financial markets to leading research and policy implementation, he has played a pivotal role in shaping Ghana’s monetary policy and ensuring financial stability.

“As Deputy Governor, Dr. Asiama was instrumental in controlling inflation, stabilizing the currency, and strengthening regulatory oversight,” President Mahama noted. “His deep expertise in banking supervision, risk management, and digital finance makes him the right leader at this critical time.”

The President underscored the challenges facing Ghana’s financial sector, emphasizing that the task ahead demanded experience, foresight, and decisive leadership.

“With Dr. Asiama heading the Bank of Ghana, I am confident that we will rebuild trust, restore stability, and put our economy on a path of sustained growth,” he said. “I entrust him with this responsibility, knowing he will serve with diligence and excellence.”

Dr. Mumuni’s appointment as First Deputy Governor, President Mahama explained, recognizes his exceptional expertise in banking, financial markets, and economic policy.

With over two decades of experience at the Bank of Ghana, Dr. Mumuni has played a key role in shaping monetary policy and strengthening financial stability. His academic credentials, including a PhD from the University of Nottingham and an MPhil from the University of Ghana, reflect his deep understanding of the complexities of the economy.

“As First Deputy Governor, he will be a key pillar in supporting the Governor to implement sound policies, reinforce regulatory oversight, and navigate the challenges ahead,” President Mahama stated. “His experience and analytical rigor will be crucial in ensuring that the Bank remains steadfast in its mandate to maintain price stability, safeguard the financial sector, and drive sustainable growth.”

He added that Dr. Asiama and Dr. Mumuni bring the leadership, expertise, and vision needed to restore confidence in Ghana’s economy.

“To you, Mr. Governor and Deputy Governor, in discharging your mandate, you must go beyond mere technical considerations and act in full recognition that every statistic, every movement on a chart, and every shift in an index is more than just data—it is the pulse of an economy, a measure of resilience or distress,” the President said.

He stressed that behind economic indicators were real human stories—dreams either nurtured or shattered—requiring not just technical expertise but empathy and foresight.

“Our recent banking history has shown us the cost of neglecting this truth,” President Mahama remarked. He referenced the banking sector cleanup exercise, which led to thousands of job losses, arguing that some institutions could have been salvaged while ensuring stability.

“The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps—recognizing that policies must not only enforce regulations but also safeguard the futures that depend on them,” he said.

On his part, Dr. Asiama expressed gratitude to the President and the Council of State for the confidence reposed in them.

He pledged to work towards restoring public trust, rebuilding confidence, and ensuring a stable and innovative economy.

“Through responsible financial sector governance, digital transformation, and sound economic policies, we will create an economic and financial system that is transparent, predictable, and stable,” Dr. Asiama assured. “Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

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The Association welcomed assurances from the new administration to streamline the tax system and cut down taxes, duties, and levies, which have long been a burden on the trading community.

“The assurance to ease the business climate through tax reforms is a step in the right direction,” GUTA President Dr. Joseph Obeng stated. “Our expectations are clear, and we believe this budget is an opportunity to address long-standing challenges traders face.”

GUTA has outlined key expectations from the budget, starting with the elimination of what it terms “nuisance taxes.” The Association believes scrapping redundant taxes will significantly relieve businesses, promote growth, and foster a more competitive market environment.

High on the list of demands is the restructuring of the Value Added Tax (VAT) to make it simpler, more affordable, and uniform across sectors. “A reformed VAT system will ease compliance burdens and make operations more predictable for businesses,” Dr. Obeng noted.

Addressing concerns over the volatility of the Ghana cedi, GUTA has proposed that the Bank of Ghana’s dollar rate—used to determine import duty payments—be fixed quarterly or bi-annually instead of the current weekly or biweekly adjustments.

“Frequent changes in the dollar rate destabilize business planning. Pegging it quarterly will bring much-needed stability,” the Association emphasized.

GUTA is also advocating for the introduction of unconditional tax amnesty programs to broaden the tax base. The Association believes such initiatives will encourage non-compliant businesses to enter the tax net and allow companies with irregularities to settle obligations without harsh penalties.

“This is not just about revenue mobilization—it’s about giving businesses breathing space to recover and grow,” Dr. Obeng explained.

On compliance, GUTA is urging the government to adopt effective education, monitoring, and enforcement strategies to ensure the fair application of tax laws.

Traders are also looking forward to the implementation of a fixed duty system for spare parts, a promise highlighted in the governing party’s manifesto. GUTA believes this pilot project could eventually be extended to cover all imported commodities, further stabilizing import costs.

Economic stability remains a top priority for the trading community. GUTA is calling for policies that will ensure the stability of the local currency, reduce inflation and interest rates, and improve key economic indicators.

“A stable economic environment is crucial for business predictability and growth,” Dr. Obeng stressed.

Beyond revenue measures, the Association is urging the government to scrutinize and evaluate its expenditures to prevent waste and mismanagement of public funds.

“We pay taxes to see meaningful development. Value for money should be a guiding principle in public spending,” Dr. Obeng asserted.

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Speaking at the swearing-in ceremony of Dr. Johnson Asiama and Dr. Zakaria Mumuni at the Jubilee House, Mahama cautioned against excessive and unregulated Central Bank financing, warning that it has had devastating consequences on Ghana’s economy in recent years.

“When government resorts to unsustainable consumption and excessive money printing, the consequences can be severe—from spiraling inflation and erosion of incomes to driving millions into poverty. Such actions not only weaken public confidence in financial institutions but also threaten long-term stability,” he warned.

Mahama was firm in his stance, stating, “One thing for sure, I’m not going to come and ask you to print more money.”

His remarks come amid ongoing concerns about Ghana’s economic management, particularly the Bank of Ghana’s past role in financing budget deficits.

Excessive money printing has previously been linked to rising inflation, currency depreciation, and declining purchasing power, fueling calls for stronger monetary discipline.

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Speaking at the swearing-in ceremony, President Mahama emphasized the need for policies that protect ordinary citizens and businesses.

He highlighted the impressive track records of the new governors, expressing confidence in their ability to reset the economy and maintain price stability.

The President urged them to focus on their core mandate of reviving what he described as a collapsed economy.

He also stressed that their decisions must be human-centered, preventing burdens on private businesses.

Citing the collapse of some financial institutions in recent years, which led to job losses and business closures, he tasked the new leadership to ensure such crises do not occur under their watch.

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The funding cut has already prompted President John Mahama to direct Finance Minister Dr. Cassiel Ato Forson to seek alternative financial sources to bridge an estimated $156 million gap.

During his vetting on Monday, February 24, 2025, Thomas Ampem highlighted Ghana’s long-standing dependence on donor support for development initiatives but noted a consistent decline in aid inflows over the years.

“This happened at a time when we are in the process of preparing the 2025 budget, so I am sure the Minister will be able to make provisions to bridge the gap. This should bring us to the larger conversation about aid. We know that aid to our country has been dwindling over the years,” he stated.

He cited examples such as the Danish International Development Agency (DANIDA) ceasing its financial support to Ghana and the United Kingdom reducing its aid budget from 0.75% of its Gross National Product (GNP) to 0.5%.

“This should tell us that aid to our country will eventually dwindle to zero. The only difference between DANIDA and other donor funding compared to USAID is that the USAID withdrawal announcement came suddenly. But we have seen the trend, and it is important that we begin to plan our lives without aid and see what we can do for ourselves,” he told Parliament’s Appointment Committee.

Mr Ampem stressed that achieving economic self-reliance would require strengthening domestic revenue mobilization, expanding the tax base, and improving public spending efficiency.

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He said some shipping companies had raised concerns about Act 1122 of 2024, stating that the law positioned the GSA as both a regulator and an asset manager, leading to bureaucratic challenges that increased the cost of doing business at the ports.

The Minister gave the assurance on Monday when he paid his first official visit to the GSA in Accra, to familiarise with their operations, listen to their concerns and share his vision with them.

He mentioned President John Mahama’s pledge during the electioneering period to reduce the cost of doing business at Ghana’s ports by revising existing laws.

Addressing these concerns, he said, could persuade shipping lines to reconsider their decisions to exit Ghana and pledged to work closely with the Authority to streamline operations and eliminate bureaucratic hurdles that deter business.

“The threat of shipping lines relocating is real. We must act ahead of time to create an environment that encourages them to stay. My presence here today is to listen to your concerns and assure you of our commitment to working together to protect the interests of shippers and shipowners,” he said.

The Minister said with over 80 per cent of global trade being done by sea, Ghana must create a business-friendly environment to attract and retain international trade partners.

He assured the GSA that the Ministry would support the implementation of the revised Act 1122 of 2024, which strengthens the Authority’s regulatory role.

He added that the government remained committed to fulfilling its promise of reducing the cost of doing business at Ghana’s ports by reviewing taxes, duties, and levies to create a more competitive shipping environment.

The Minister called for enhanced collaboration between the GSA and the Ministry to ensure Ghana’s ports remained attractive to business.

He stressed the importance of addressing inefficiencies and implementing policies that aligned with the government’s “24-hour economy” agenda.

He urged the GSA’s management and staff to support the newly appointed Chief Executive Officer (CEO) and work collectively to transform Ghana’s shipping industry into a hub for trade in the sub-region.

“Next time we visit you, the story of people trying or thinking to leave our seaports will not come up. Instead, we should be talking about new investments and increased trade activity in Ghana,” he said.

Professor Ransford Gyampo, CEO of the GSA, welcomed the Minister’s visit, stating that it was long-awaited and reassuring.

He mentioned the Authority’s role in protecting the interests of shippers and outlined the historical background of the GSA, which was established in 1974 to counter unfair pricing practices by liner conferences.

Prof. Gyampo said the 2024 revision of the GSA Act expanded its role to regulate commercial activities of shippers and shipping service providers in the shipment, storage and delivery of international trade cargo by sea, air and land.

However, he noted that some shipping lines had expressed concerns over the Authority’s regulatory oversight, particularly in approving charges.

The CEO further revealed that some shipping lines owed the GSA outstanding fees, an issue that had been raised at the Public Accounts Committee.

He assured the Minister that under the government’s “Reset Ghana Agenda,” the GSA would effectively regulate commercial shipping activities to ensure fair pricing and efficiency.

Prof. Gyampo reiterated the GSA’s commitment to working with the Ministry to enhance Ghana’s competitiveness in the global shipping industry and to retain shipping lines in the country.

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Mr. Amable in the application is arguing that government can only go ahead to issue Treasury Bills if it secures prior approval from Parliament.

The arguments were captured in the application filed at the Registry of the Supreme Court on November 11, 2024.

The Motion for Interlocutory Injunction is seeking to stop government and its agents like the Finance Ministry and the Bank Ghana from borrowing through Treasury Bills.

Details of the application

The application cites the Attorney General Godfred Yeboah Dame as the Defendant.

Lawyers for the plaintiff have told JOYBUSINESS that the office of the Attorney General has been served hence any attempt by government to issue a new Treasury Bill on Friday November 22, 2024 will be illegal.

Legal Arguments

The Motion for Interlocutory Injunction is seeking to restrain government from undertaking any activity which constitutes borrowing or debt financing, until the final determination of the suit  “  upon grounds contained  in the accompanying  the affidavit  and for such  further orders that will be determined by the court”.

The plaintiff further argued that based on the Financial Administration Act and Bank of Ghana Amendment Act,  Parliament of Ghana has created  a statutory framework  that enables the state to borrow and this approach adopted by Government does not fall in line with this.

The application stressed the need for parliamentary approval since the borrowings create repayment obligations for the state.

Implications

Government is planning to raise about 78 billion cedis in new borrowings through Treasury Bills for 2024.

This was captured in the Treasury Bills Calendar for the 2024.  It is not sure for now how the application could impact government’s finances.

The Finance Ministry is for instance hoping to raise 10.8 billion cedis in the last quarter of this year.

Funds raised through Treasury Bills have been a major source of revenue for government.

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The meeting, held at the Ministry of Energy on Monday, February 24, focused on finding long-term solutions to stabilise the country’s power supply.

During the discussions, the Energy Minister engaged representatives from IPPs, the Electricity Company of Ghana (ECG), the Ghana Grid Company (GRIDCo), and other power generation companies to assess the sector’s current challenges.

Key topics included fuel supply constraints, the financial sustainability of power producers, and infrastructure maintenance.

Stakeholders also explored strategies to improve efficiency and prevent prolonged outages.

Mr Jinapor reaffirmed the government’s commitment to collaborating with industry players to resolve the crisis, stressing the importance of joint efforts in enhancing power generation and distribution.

“Ensuring a stable and reliable power supply remains a priority, and we will continue to engage all relevant stakeholders to address the challenges affecting the sector,” he stated.

The meeting concluded with an agreement to implement immediate measures to mitigate power disruptions while working on long-term reforms.

The minister assured the public that regular updates would be provided as efforts to resolve the power supply challenges progress.

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Appearing before the Appointments Committee of Parliament on Monday, February 24, 2025, Ampem stated, “I think we should concentrate on the good news that this sends or signals to the market.”

He reassured investors and stakeholders that the government has made provisions for DDEP payments, reinforcing its commitment to honouring financial obligations. According to him, this step will boost investor confidence and stabilise Ghana’s financial sector.

The Ministry of Finance has fulfilled the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders as of February 17, 2025. Additionally, the Payment-In-Kind (PIK) portion of GHS3.46 billion has been deposited into bondholders’ securities accounts in line with the DDEP Memorandum.

Further strengthening debt management efforts, the Mahama administration has initiated a buildup of the Debt Service Recovery Cedi Account (Sinking Fund) with GHS9.7 billion, serving as a buffer for the fifth DDEP coupon due in July and August 2025.

A statement signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister for Government Communications, affirmed, “Through the 2025 Budget Statement, the government will introduce further measures to restore market confidence, prioritize spending, and enhance transparency and accountability in public finances.”

Beyond debt management, Thomas Nyarko Ampem pledged to work closely with the Ghana Revenue Authority (GRA) to use technology to boost government revenue generation.

“I will work with my minister [Dr Cassiel Ato Forson] and Ghana Revenue Authority (GRA) to use technology to ensure that we rake in more revenue,” he assured.

He underscored the role of experienced GRA officials in improving revenue mobilisation, stressing that providing them with the right leadership and incentives would be key to achieving set targets.

“Without technology, we will not be able to achieve the target we’re setting for ourselves. We will build on whatever has been done previously. Government is a continuum. We will deploy all those infrastructure that has been provided for us to be able to improve. We’re going to aggressively pursue revenue generation. And we will cut expenditure, as for expenditure, we need to constrain it,” Ampem stated.

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The suit stems from references to the company in Manasseh’s book, The President Ghana Never Got, which has ignited controversy surrounding the company’s role in a disputed contract with the Ghana Revenue Authority (GRA) and the Ministry of Finance.

The suit, which was filed in November 2024 but only surfaced recently, demands GHS 21 million in damages for alleged defamation caused by the portrayal of the SML deal as “the biggest scam” and “shady.”

But, the coordinated publications across several online portals and newspapers have raised eyebrows with Manasseh alleging that some media houses may have been induced to publish the stories.

Manasseh grounded his allegation on the revelation that an editor from a popular online news outlet had been approached by an unnamed source with an offer of money to publish the story.

“The editor of an online portal told me on Saturday that someone called to offer him money to publish the story, and he declined,” Manasseh wrote on his Facebook page.

The offer allegedly suggested that Manasseh was evading service of the writ. However, the editor declined, questioning the source’s motives.

SML’s legal team, led by Victoria Barth of Sam Okudzeto & Associates, also objects to Mr Azure’s characterization of SML’s claims of savings and services rendered as “falsehoods” and “lies.”

SML’s public grievance escalates a narrative that has already been the subject of intense scrutiny after a probe was triggered by President Akufo-Addo’s instruction for KPMG to investigate the matter.

This investigation, sparked by Manasseh’s original reporting, has cast a shadow over high-ranking government officials, most notably former Finance Minister Ken Ofori-Atta, who is currently under investigation for corruption-related offenses involving the SML contract.

The defamation case has raised eyebrows, especially given that it comes at a time when the Special Prosecutor has revealed ongoing investigations related to the SML contract.

Manasseh, who has been based in the United States since August 2024 for a year-long journalism fellowship at Harvard University, has clarified that the claims of evasion are unfounded.

He pointed out that SML had previously filed a defamation suit in February 2024 for the same matter, and the court had served him the writ through substituted service due to his international location.

In response to the fresh legal action, Manasseh assured the public that his lawyers are already taking steps to ensure the writ is properly served so he can legally address the claims in court.

He emphasized his long-standing commitment to transparency, stating that this suit represents the 11th defamation action against him since 2015, and he has never shied away from defending his work.

“I am a law-abiding citizen. I have never run away from any suit, and I will continue to defend myself and my work. My investigations have saved Ghana hundreds of millions of dollars, led to significant reforms, and contributed to successful prosecutions,” he said.

This initiative, which began in March last year, seeks to address key challenges such as cargo diversion, unauthorized truck movements, and inefficiencies in freight tracking.

The introduction of the Driver & Vehicle Management System (DVMS), coupled with NFC-enabled ID cards, provides an automated, secure, and transparent method of verifying truck drivers and cargo handlers, ensuring a more accountable port operation.

The Joint Association of Port Transport Unions (JAPTU), Ghana is the brainchild of the GPHA in collaboration with the Ghana Shippers’ Authority. Established in the year 2002.

A Major Boost for GRA-Customs

The Japtu NFC Driver Card offers significant benefits to GRA customers by ensuring accurate driver and vehicle identification, thereby reducing fraudulent cargo movements.

The AI-powered analytics embedded in the system can predict potential cargo diversions by monitoring route deviations and anomalies, allowing authorities to take preventive action.

The system also enhances government revenue collection by reducing tax evasion and increasing compliance with customs regulations.

Impact on Industry Stakeholders

For Freight Forwarders & Shippers:

• Prevents unauthorized cargo handling, ensuring secure transport of goods.
• Provides digital tracking and documentation, enhancing shipment transparency.

For Ghana Ports & Harbours Authority (GPHA):

• Improves security by restricting port access to only verified drivers and transporters.
• Reduces congestion through fast-tracked clearance processes.

For Ghana Shippers’ Authority (GSA):

• Provides real-time data on registered truck operators.
• Strengthens enforcement of trade policies and industry standards.

For Exporters & Transit Operators:

• Facilitates seamless movement of goods with verified driver authentication.
• Minimizes financial losses due to unauthorized cargo diversions.

For Truck Owners & Transporters:

• Enhances driver accountability through digital identity tracking.
• Uses AI-powered risk assessment to predict and prevent cargo theft.
• Enables faster access to port facilities and reduced waiting times.

AI-Powered Fraud Detection and Cargo Diversion Prevention

Practical Use Cases of the Japtu NFC Card

• Port Entry & Exit Verification – Ensures only authorized trucks and drivers access Ghana’s ports.
• Customs Clearance & Compliance – Enables customs officers to authenticate driver identities before releasing cargo.
• Insurance & Risk Management – Assists insurers in verifying driver credentials and mitigating risks.
• Warehouse & Transit Management – Enhances security for goods in bonded warehouses and transit operations.
• Fleet & Logistics Optimization – Provides transporters with real-time driver data to improve decision-making.

Call for Government and Industry Support

Japtu is seeking collaboration and support from relevant government agencies, industry stakeholders, and regulatory bodies to implement this transformative initiative.

By integrating AI-powered NFC verification systems, Ghana can significantly enhance cargo security, improve compliance, and increase revenue generation for the government.

This project remains ongoing, with Japtu committed to working closely with GRA-Customs, GPHA, GSA, shippers, truck owners, and other key players to ensure its full-scale implementation.

With able leadership of Babayaro Shamsu Alhaji(Japtu chairman ) and CEO of CAS BROKER (Mr Eugene Ohemeng ) with other  executives and team from CAS broker made this possible

1. Ghana Private Road Transport Union (GPRTU) – Tema Articulator Branch

2. Ghana Haulage Transport Drivers Association (GHTDA)

3. Haulage Transport Drivers And Training Centre (GTDTC)

5. Ghana Haulage Transport Owners’ Association (GHATOA)

6. Flat Body Articulator Drivers Union (FBADU)

7. Tema Main Harbour Co-Operative Transport Society (TMHCTS)

9. Tema Main Harbour Drivers’ Association (TMHDA)

10. Tema Port Biakoye Tow Truck Association

11. Tema Port GPRTU Tow Truck Drivers’ Association

13. Union Des Conducteurs Routiers Du Burkina (UCRB)

14. Conseil Malien De Transporteur Routers (C.M.T.R)

15. Syndicat National Des Transporteurs Mechandise Du Niger (S.N.T.M.N)

For further information or to schedule a demonstration of the Japtu NFC Card System.

Read the statement below:

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The budget will outline the state of the economy and the government’s policy proposals aimed at resetting and transforming Ghana’s economic trajectory in line with President John Mahama’s vision.

Minister for Government Communications, Felix Kwakye Ofosu, disclosed this at a media briefing following the government’s first Cabinet meeting.

He stated that the budget’s policies will be shaped by recommendations from the National Economic Dialogue, scheduled for March 3 and 4, 2025.

“The Presidential Advisor on the 24-hour Economy, Mr. Gossie Tandoh, has proceeded with preparations for the full rollout of President Mahama’s primary policy to transform Ghana,” Kwakye Ofosu noted.

He added that Dr. Ato Forson informed Cabinet that the economic situation is worse than initially assessed before the elections.

The first Cabinet meeting, which primarily focused on setting benchmarks for ministers, also covered security briefings, the rollout plan for the 24-hour economy policy, the agricultural transformation agenda, and the state of the economy.

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He described it as “one of the most egregious acts of economic injustice perpetrated by the state.”

He said this during the launch of The UT Story: Volume 3, authored by Prince Kofi Amoabeng, the founder of the defunct UT Bank.

Sir Sam Jonah expressed his dismay over the government’s decision to close the bank six years ago.

He argued that the move has had far-reaching consequences, discouraging ambitious entrepreneurs and sending a chilling message about the fragility of private enterprises in Ghana.

Sir Sam Jonah lamented that UT Bank’s collapse was not merely a financial event but a symbolic setback for Ghanaian entrepreneurship.

He stressed that it illustrated the harsh reality that no matter how diligent or rule-abiding a business may be, political interference can swiftly undo years of hard work and success.

“It was not only a collapse of a bank, it was a blow to the very idea that Ghanaians could build something of their own and succeed at the highest level.

“It sent a chilled message to entrepreneurs and innovators that no matter how hard you try, no matter how well you play by the rules, your success can easily be undone by those in power,” he stated.

Sir Sam Jonah used the occasion to advocate for a stable and predictable business environment, urging policymakers to shield businesses from undue political interference.

He warned that excessive state involvement in the private sector erodes investor confidence and hampers economic growth.

“The seizure of his bank was one of the most egregious acts of economic injustice perpetrated by the state; a move driven by malice, deceit, envy, and jealousy,” he bemoaned.

He cautioned that Ghana’s economic progress hinges on leaders supporting and nurturing private enterprises rather than allowing political agendas to dictate the fate of thriving businesses.

However, he emphasized that “this review should be done gradually” to prevent economic disruptions.

Dr. Asiama acknowledged the impact of the CRR on commercial banks, stating, “We recognize the impact of the Cash Reserve Ratio for commercial banks and intend to review it critically.”

He assured that “any adjustments must be phased to avoid unintended economic consequences.” His comments came in response to an appeal from the Governing Council of the Ghana Association of Banks (GAB) during a meeting to discuss industry challenges.

The meeting, requested by GAB members, aimed to foster an open dialogue between banks and the regulator to build trust and consensus on key financial policies.

Background on Cash Reserve Ratio Adjustment

In March 2023, the Bank of Ghana announced a reversal of the cash reserve ratio on local currency deposits for banks, increasing it from 12% to 14%. This measure was part of efforts to mop up excess liquidity in the market.

During the meeting, commercial banks appealed to the central bank to review the CRR, arguing that it was limiting financial intermediation and increasing banking costs.

The discussion also covered Ghana’s credit rating challenges and their impact on correspondent banking relationships. GAB members called for an upward revision of Nostro and affiliate exposure limits to ease constraints on international transactions.

In response, Dr. Asiama acknowledged the practical difficulties banks face in securing new correspondent banking relationships and committed to further assessing the situation.

Regulation of Foreign Exchange and Money Transfer Operators

The Governing Council of the Ghana Association of Banks urged the Bank of Ghana to end the mandatory sale of foreign exchange proceeds from mining and oil companies to the central bank.

They argued that allowing these proceeds to flow through the banking system would improve foreign exchange price discovery. Dr. Asiama assured them of his commitment to further engagement on this request.

Additionally, the Governor stated that the Bank of Ghana is working to review the operations of Money Transfer Operators (MTOs) and urged commercial banks to cooperate in streamlining the sector for greater transparency.

He highlighted the growing influence of MTOs and fintech companies in the remittance business and addressed concerns about regulatory gaps that could lead to foreign exchange losses for the country.

Special Dispensation for Commercial Banks and Agricultural Financing

Dr. Asiama also revealed that the central bank is committed to extending the special dispensation granted to commercial banks during the Domestic Debt Exchange Programme (DDEP).

This response came after banks raised concerns over the expiration of the special dispensation on restructured cocoa bonds under the DDEP, which is set to end in April 2025. Banks expressed fears that market illiquidity and COCOBOD’s financial position might make it difficult to sell these bonds.

On the issue of rising non-performing loans, Dr. Asiama emphasized the role of fiscal policy in reducing inflation and interest rates.

He reaffirmed the Bank of Ghana’s commitment to doubling agricultural financing and supporting the Ghana Incentive-Based Risk-Sharing System for Agricultural Lending (GIRSAL) in raising additional guarantee funds.

However, he also urged commercial banks to take the lead in stakeholder engagements to improve and de-risk selected agricultural value chains.

The initiative, which covered 120 public sector institutions in four regions, aimed to reduce the public sector wage bill and enhance transparency in public sector employment.

Speaking on The Pulse Show on JoyNews, the commission’s chief executive officer, Benjamin Arthur, revealed that GH₵345 million was saved last year through diligent monitoring efforts.

“Last year, we made a lot of savings—345 million cedis from the monitoring exercise,” he said.

Beyond financial savings, the CEO emphasized that the exercise played a crucial role in improving productivity.

“But it has other benefits on improving productivity. We go out to collect comprehensive information, conduct field monitoring, and also review payrolls,” he explained.

He added, “About 8% of what we pay in the public sector can be saved, and when we started payroll monitoring, the analysis showed that for 2023 and 2024.”

Arthur also highlighted key lessons from the monitoring process.

“Going forward, the payroll monitoring has taught us a lot. Of course, we also saw some anomalies—some people entitled to allowances were not receiving them,” he stated.

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His visit comes as engineers work to complete ongoing maintenance on the gas pipeline, which is reportedly about 70% done.

The shutdown has contributed to power disruptions affecting businesses and households.

Authorities have assured the public that every effort is being made to stabilise the energy sector and prevent prolonged outages.

Speaking on Asempa FM on Thursday, February 20, Mr. Jinapor attributed the current power challenges to an inherited weak energy sector but reaffirmed the government’s commitment to implementing lasting solutions.

“We inherited a very weak energy sector. Ghanaians should bear with us as we work to fix the problems permanently,” he stated.

He further assured that the power supply situation would stabilise within two weeks, expressing confidence in the government’s intervention measures.

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The committee will be responsible for determining the salaries of all public sector workers, including the President, to bring consistency and transparency to the nation’s wage structure.

Speaking at a meeting with Organised Labour on Thursday, February 20, Mahama reiterated his administration’s commitment to ensuring fair and equitable wages across all categories of public sector employees.

He acknowledged longstanding concerns over pay discrepancies and assured labour representatives that the government was prepared to take decisive action to address the issue.

According to him, the Emolument Committee’s formation aims to resolve confusion and dissatisfaction surrounding salary structures in Ghana’s public service. He emphasized that its work would help streamline wages and ensure fairness for all.

“We are proposing an independent Emolument Committee that would set the incomes for everybody—from the President down to the ordinary labourer. We are prepared to walk this journey with you. Once the economy moves in the direction we are all hoping for, if you suggest 35 percent, I will support you because it will affect my pay too,” Mahama stated.

He further expressed his willingness to collaborate with labour unions to ensure the committee effectively fulfills its mandate.

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He argued that the government’s decision to shut down the bank six years ago has had far-reaching consequences, discouraging ambitious entrepreneurs from pursuing transformative ventures.

Speaking at the launch of ‘The UT Story: Volume 3’ by Prince Kofi Amoabeng, Sir Sam Jonah underscored the critical need to protect businesses from undue political interference.

He emphasised that a stable and predictable business environment is essential for long-term economic prosperity, warning that excessive state control undermines investor confidence and stifles entrepreneurial ambition.

Reflecting on the closure of UT Bank, he described it as a painful chapter in Mr Amoabeng’s journey, highlighting the betrayal and harsh realities that come with power and politics.

“The seizure of his bank was one of the most egregious acts of economic injustice perpetrated by the state; a move driven by malice, deceit, envy, and jealousy,” he lamented.

Sir Sam Jonah further noted that the bank’s collapse was not just a financial failure but a symbolic setback for Ghanaian entrepreneurship.

He stressed that it sent a chilling message to business owners and innovators—that no matter how diligent, rule-abiding, and hardworking they may be, their success could be undone at any moment by those in authority.

He urged policymakers to learn from such events and prioritise the creation of a business-friendly environment that fosters growth rather than suppressing ambition.

According to him, Ghana’s economic progress depends on the ability of its leaders to nurture and support the private sector rather than allowing political agendas to dictate the fate of thriving businesses.

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Dr Humphrey Ayim-Darke underscored the distortions VAT creates in the market, stressing that its current structure is stifling the operations of companies, particularly small and medium-sized enterprises (SMEs).

“The major tax issue that we have tabled is the rationalization of the VAT. We believe strongly that it is distorting a lot of operations,” he said on Joy News’ PM Express Business Edition on Thursday, February 20.

He illustrated the problem with a striking example: “Two companies in the same sector, both importing the same item and paying the same charge for the raw materials that come in are treated differently under the current VAT structure. This inconsistency is distorting the market.”

The AGI president did not mince words when highlighting how the VAT system is undermining fair competition.

“If you want to implement a total VAT at 21%, then we say, do input-output. Don’t embed levies that distort operations. When you do that, businesses have no choice but to pass the cost on to consumers,” he explained. Dr. Ayim-Darke emphasized that once the government addresses the VAT issue, it will be incumbent on state agencies to ensure compliance and effective collection.

While acknowledging the government’s efforts to eliminate some taxes, Dr. Ayim-Darke remained firm that VAT reform should be the priority.

“We welcome the removal of some COVID-related taxes and betting taxes. That’s a good step. But let’s be honest, the VAT is the biggest hurdle. It’s the elephant in the room, or as I put it, the killer in the room. It must be streamlined,” he urged.

Dr. Ayim-Darke’s remarks signal a decisive push by the AGI to influence fiscal policy, with the association making VAT reform its foremost proposal to the Finance Ministry.

“Our first proposal on tax issues is clear: rationalize the VAT. Let’s stop the market distortions and help local industries thrive,” he concluded.

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