In its bi-monthly Economic Outlook, the IEA stated that Ghana has excess resources and capacities that could enable it to grow at higher rates, which are necessary to accelerate the country’s development and poverty alleviation. It added, “What is required is to leverage these resources to increase investments in physical capital, human capital, and technology to drive economic growth.”

Despite the strong and rising growth in the third quarter of 2024, Ghana’s growth for the year was projected at just 4.0%. This suggests that growth will slow down considerably in the fourth quarter of 2024.

The IEA noted that the reason for the slowdown was not immediately known.

“It could be due to a projected decline in the value of some of Ghana’s major commodities, either from lower volumes and/or prices,” it stated.

The projected growth of 4.0% for Ghana in 2024 is slightly higher than the growth rates of 2.9% and 3.8% recorded in 2023 and 2022, respectively.

Real GDP growth is projected in the IMF programme to rise to 4.4% in 2025, 4.9% in 2026, and then plateau at 5.0% during 2027-2029.

“These growth rates are, however, below the country’s potential,” the IEA expressed concern.

Economy expanded by 7.7% in Q3 2024

Ghana’s economy expanded by 7.7% in Q3, much higher than the 2.2% recorded in the same period of 2023. Non-oil real GDP growth was a little lower at 7.2%.

The strong growth recorded in overall real GDP in Q3 2024 was fueled by extractives, largely oil and gold.

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The company has announced a strategic partnership with the Manhyia Palace, the seat of the Asantehene Otumfuo Osei Tutu II, to enable fee-free remittances in support of the Palace’s key cultural and development projects.

The announcement was made during a courtesy visit by Taptap Send’s Growth Director, Darryl Mawutor Abraham, to the Manhyia Palace on January 24, 2025. Accompanied by Otumfuo Mamesenehene Nana Barima Osei Kwadwo II, the delegation met with the Asantehene to discuss the significance of leveraging remittance technology to strengthen the Kingdom’s development agenda.

“We are thrilled to partner with the Manhyia Palace, an institution that represents both cultural heritage and a forward-looking vision for development,” said Mr Abraham. “This initiative is part of Taptap Send’s larger mission to remove barriers for diaspora communities who want to contribute to meaningful causes back home.”

Taptap Send has carved a niche as one of the fastest-growing money transfer platforms globally, providing low-cost, instant remittances to underserved markets. By eliminating fees for transfers to the Manhyia Palace’s projects, the company aims to maximize the impact of diaspora contributions, ensuring that funds directly support initiatives such as education, infrastructure, and cultural preservation.

Taptap Send have also launched a new special feature called ‘Charities’ where customers in the diaspora can choose curated projects to support. Heal Komfo which is a key project of the Manhyia Palace is one of the first and only vetted projects listed on Taptap Send. Taptap Send customers can directly support such projects with only a few clicks and be rest assured that all funds go directly to drive community development.

The Asantehene praised the initiative, calling it a critical step toward strengthening ties between the Asante Kingdom and its global diaspora. “This partnership is a bridge connecting our people abroad to the development of their homeland. It is also a demonstration of how technology can enhance our ability to preserve and promote our cultural identity while building for the future,” he said.

For Taptap Send, the partnership underscores the company’s commitment to corporate social responsibility. It also highlights the role of technology in facilitating financial inclusion and community impact. As remittance flows to sub-Saharan Africa remain a critical source of development funding, the initiative positions Taptap Send as both a business leader and a force for social good.

With operations spanning multiple regions, Taptap Send continues to gain traction by prioritizing affordability and user experience. This latest collaboration with the Manhyia Palace not only enhances its reputation but also signals a growing trend of fintech companies aligning with cultural institutions to drive meaningful change.

As global remittance flows are projected to exceed $800 billion in 2025, Taptap Send’s focus on community-led initiatives is a reminder of the transformative potential of financial technology in connecting people and fostering development across borders.

On the sidelines of the partnership announcement, the Taptap Send team further demonstrated their commitment to impactful community support by presenting a cheque of 150,000 Ghana cedis to the Komfo Anokye Hospital. This contribution is aimed at bolstering healthcare delivery in the region, aligning with the company’s mission to drive meaningful change through strategic partnerships and community investment.

According to data from the Bank of Ghana, the average lending rate stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024, respectively.

The average lending rate began in January 2024 at 32.94% and took a nosedive in February 2024 and March 2024, respectively.

It stood at 32.77% in February 2024 and further dropped to 32.35% in March 2024. It again eased in April 2024 to 31.25%.

Subsequently, it went down slightly to 31.10% in June 2024 and then to 30.71% in July 2024. It, however, went up marginally to 30.79% in August 2024.

The Ghana Reference Rate, however, stood at 28.84% in December 2024.

The Central Bank kept the policy rate unchanged at 29% in November 2024. It cited slightly elevated inflation, driven by high and unstable food prices, the pass-through of previous exchange rate pressures, fuel prices, and utility tariff adjustments.

Average lending rates vary among banks

The average lending rates, however, vary among the banks and the respective sectors they lend to.

Some banks offer loans equivalent to the Ghana Reference Rate, while others charge rates as high as 40%.

This, however, depends on the risk profile of the customers.

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Assistant Commissioner Potakey, speaking to the Ghana News Agency (GNA) on the sidelines of a pull-out ceremony for her predecessor, Assistant Commissioner Christiana Odi Adjei (Rtd.), said the Division has a 24-hour sector that aligns well with President John Dramani Mahama’s vision of a 24-hour economy.

She said, “We have a 24-hour policy, and I am glad that the president is emphasizing it. I believe that apart from MPS, which provides 24-hour services, the Ghana Ports and Harbours Authority (GPHA) and other freight stations will adopt that as we have the personnel to do our work and support that.”

She noted the Tema sector collects over 80.5 percent of customs revenue, and that whenever Tema fails, the entire customs division faces challenges. She pledged that, as the new sector commander, she would ensure they exceed their target.

In 2024, the Tema collection exceeded its target of GH¢33,925,850,000, collecting GH¢36,857,370,000 by the end of the year.

Assistant Commissioner Potakey said she would also attend to officers’ welfare and make sure that all issues with the command’s stakeholders were resolved to ensure that the command exceeds its revenue collection target by the end of the year.

“We liaise with our stakeholders; I will intensify that and operate an open-door policy, ensuring that their issues are addressed. We know how to ensure that consignments are released without delays. We always have a backup to ensure smooth service,” she said.

Meanwhile, the immediate past sector commander, Assistant Commissioner Christiana Odi Adjei (Rtd.), expressed belief in her successor, noting that she is very capable of exceeding the set target.

“I know what she can do and what she is capable of, so she is going to carry the mandate and make it even better, and even when she retires, I know that we have coached and mentored other people who can take up the mandate,” she stated.

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Hon. Bawa brings over 20 years of experience in energy policy, management, and public service to the role.

Currently pursuing a PhD in Global Energy Policy at EUCLID University, he holds a Bachelor of Science degree in Chemistry from the University of Cape Coast and an MBA in Finance from the University of Liverpool.

Before his appointment, Hon. Bawa represented the Bongo Constituency in Parliament from 2017 to 2025. During his tenure, he played a key role in shaping energy legislation and policy, serving on the Parliamentary Committees on Mines and Energy and Communications.

He also contributed to Ghana’s energy reforms. Additionally, Hon. Bawa served as a Communications Consultant for the World Bank Oil and Gas Capacity Building Project at the Ministry of Energy, where he led stakeholder engagement and public advocacy for critical energy initiatives.

Hon. Bawa is certified in petroleum revenue management, upstream agreements, and energy commercialization.

His leadership experience extends to various technical and advisory roles on energy committees and task forces.

In his new role at GNPC, Hon. Bawa is committed to enhancing operational efficiency, innovation, and sustainability.

He aims to position GNPC as a prominent player in Ghana’s energy sector and in Africa’s broader energy transition.

His vision includes delivering measurable impact through strategic partnerships, workforce empowerment, and the adoption of cutting-edge technologies.

GNPC encourages all staff, partners, and stakeholders to extend their support to Hon. Bawa as he takes the Corporation forward. Plans are underway for him to engage stakeholders in the coming weeks.

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This reduction represents a 3.3 percent decrease within a month and reflects efforts to stabilize the country’s fiscal outlook.

The decline in the public debt stock has been attributed to adjustments in both external and domestic debt levels during the period under review.

The data reveals that Ghana’s external debt fell to GH¢425.3 billion in November 2024 from GH¢453.7 billion in October 2024.

Similarly, domestic debt also saw a slight decrease, dropping from GH¢311.7 billion to GH¢307.3 billion over the same period.

The report also shows that the public debt stock as a percentage of GDP declined to 72.2 percent in November 2024, down from 74.6 percent in October 2024. This marks an improvement in Ghana’s debt sustainability metrics, which had previously reached concerning levels due to the country’s fiscal challenges.

Ghana’s government remains committed to fiscal consolidation, with various measures in place to reduce debt and improve revenue mobilization.

The drop in the debt stock provides some relief as the country works to stabilize its economy and regain investor confidence.

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The move is part of the government’s efforts to revitalise the state-owned entity.

The committee has Mr. Jabesh Amisah-Arthur, an energy consultant, as Chairman, and Dr. Shafic Suleman as Secretary.

Other members are Mr. Benjamin Boakye, Dr. Simon Akorli, Mr. Ebenezer Baiden, Mr. Emma Akua Bulley, and Mr. Edward Abrokwah.

The Minister said the move came in response to longstanding challenges faced by ECG, including inefficiencies, financial losses, and growing debt, which had hindered its ability to deliver reliable electricity to Ghanaians consistently.

“…We believe there should be private sector participation,” he said.

Privatisation or some form of private-sector involvement could provide the resources, expertise, and efficiency required to turn around ECG’s fortunes and enhance electricity supply across the country, Mr. Jinapor said.

He, therefore, emphasised a non-partisan approach to the process, stating the importance of neutrality and expertise in the committee’s composition.

“…We will stay off as politicians and let them develop a framework in a transparent, open, and frank manner. Once we get the buy-in of Ghanaians, we can set standards using a Request for Proposal (RFP) or competitive tender process,” he said.

During Mr. Jinapor’s vetting on Monday, January 13, 2025, he explained that the committee’s primary task would be to examine and propose viable models for private-sector involvement that could enhance ECG’s financial and operational sustainability.

Mr. Amisah-Arthur, the committee chairman, pledged to work diligently to address the concerns of customers, stakeholders, and the sector as a whole.

While acknowledging the importance of financial sustainability in the sector, he promised the committee would give attention to recommendations, interventions, and lessons from past efforts.

This will be done by emphasising the committee’s commitment to prioritising homegrown approaches and strategies, to ensure local private sector entities had the opportunity to contribute to the sector’s development.

“We will do our best to address the concerns of our customers, the owners of the business, the staff, and management,” Mr. Amisah-Arthur said.

“…We will consider the main weaknesses of the distribution sector and give priority to homegrown approaches and strategies.”

He expressed the committee’s gratitude for being called upon to provide service through the members’ expertise to bring benefits to the sector and its customers.

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.

In a statement congratulating Rev. Ing. Edmund Yirenkyi Fianko on his “well-deserved appointment” as the Director General of the NCA, the association described it as “a true testament to his dedication, expertise, and exemplary leadership.”

According to NCASA, Rev. Ing. Edmund Yirenkyi Fianko’s remarkable journey began as a National Service Person (NSP) at the NCA, where he steadily rose through the ranks to become Director of Engineering, and is now Director General.

“Your story inspires many and reflects the value of hard work, perseverance, and commitment to excellence. We are confident that under your leadership, the NCA will continue to thrive and achieve even greater heights in regulating Ghana’s communications sector.”

The workers expressed their gratitude to President Mahama for the recognition.

“We also take this opportunity to sincerely thank His Excellency the President for placing confidence in Ing. Fianko and recognizing the value of promoting talent and experience within the NCA. This appointment is a strong endorsement of his competence and leadership capabilities.”

They wished Rev. Ing. Edmund Yirenkyi Fianko success in his new role and assured him of their unwavering support.

In an earlier announcement of his appointment, the NCA stated that this marks a historic moment for the Authority, as it is the first time a Director General has been appointed from within the organization.

More About Rev. Ing. Fianko

Rev. Ing. Fianko is an electronic communications engineer with over twenty (20) years of expertise in radio frequency spectrum management, telecom and broadcasting regulation, policy formulation, change management, ICT industry research, writing, publishing, teaching, and public speaking.

In 2022, he was elected to the prestigious Radio Regulations Board (RRB) by member countries of the International Telecommunication Union (ITU) to serve the global radio communications community for a four-year term (2023–2026).

Since joining the NCA as a National Service Person in 2004, Rev. Ing. Fianko has risen through the ranks and was confirmed as the Director of the Engineering Division in January 2024.

In this role, he has led teams to plan, administer, manage, license, and monitor the radio frequency spectrum for telecommunications and broadcasting services in Ghana. He has also served as Chairman of the Significant Market Power (SMP) Operations Team.

Rev. Ing. Fianko has chaired and served as a member of several technical and regulatory committees that have shaped industry standards, guidelines, and procedures.

Internationally, he has played a significant role in organizations such as the African Telecommunication Union (ATU), the Regional African Satellite Communication Organization (RASCOM), the ITU Policy and Regulation Initiative for Digital Africa (PRIDA), and the Economic Community of West African States (ECOWAS) Commission.

His work has also benefited neighboring countries such as Benin and The Gambia.

Additionally, Rev. Ing. Fianko spearheaded Ghana’s transition from analogue to digital broadcasting and served as Secretary to the Digital Broadcasting Migration Committee (DBMC) from 2010 to 2016. His contributions include developing DTT receiver specifications, which were later adopted as ECOWAS standards.

He holds a first degree in Electrical/Electronic Engineering from Kwame Nkrumah University of Science and Technology (KNUST), a master’s degree in Communications Management from Buckinghamshire New University, England, and an MPhil in Applied Business Leadership and Management from Universidad Católica de Murcia, Spain.

Rev. Ing. Fianko is a member of the Ghana Institution of Engineers (GhIE) and the Institute of Electrical and Electronics Engineers (IEEE). He is also a minister of the Methodist Church Ghana, a published author, and the founding leader of the evangelistic outreach ministry, Nkwa.Life.

With a proven track record in technology regulation, leadership, and innovation, Rev. Ing. Fianko brings a wealth of experience to the NCA and is expected to lead Ghana’s communication industry into a new era of growth and technological advancement.

He succeeds Dr. Joe Anokye as the Acting Director General of the NCA.

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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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Addressing senior management at the Ministry of Finance during an inaugural meeting on Thursday, January 23, 2024, Dr. Forson emphasized the importance of collective effort in addressing Ghana’s economic challenges.

The meeting, held shortly after his parliamentary approval and subsequent swearing-in by President John Dramani Mahama, marked the Minister’s return to a familiar environment.

He was accompanied by Fifi Kwetey, a former Deputy Minister of Finance, underscoring a blend of experience and fresh leadership within the Ministry.

Describing his appointment as both a privilege and a responsibility, Dr. Forson expressed enthusiasm for his role, reaffirming his dedication to the needs of Ghanaians.

“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,” he stated.

Outlining his vision, Dr. Forson identified key priorities, including job creation, prudent fiscal management, exchange rate stability, and reduced inflation.

He stressed that these objectives reflect a determined approach to tackling the economic issues facing the country.

His commitment to these goals, he noted, is central to the government’s efforts to improve the lives of ordinary Ghanaians.

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The event, held under the theme “Gateway to Ghana: Unveiling Opportunities for Global Diaspora Investors,” aimed to introduce the Diaspora Property Expo 2025 as a platform designed to facilitate property investment opportunities for Ghanaians abroad.

In his presentation, Daasebre Kwebu Ewusi VII, Omanhen of the Abeadze Traditional Area, Mankessim, emphasized the importance of a hassle-free approach to investing in landed property in Ghana.

The chief, who also serves as the Board Chairman for the Diaspora Property Expo and Nkunim Diaspora City, stated, “We are gathered today at the Ghana Embassy in Washington, D.C., to officially launch the Diaspora Property Expo, which will take place from March 21 to 23, 2025, at the World Trade Center in Philadelphia.

This expo, as many of you already know, is an event of critical importance not only for the development of real estate in Ghana but also for enhancing the bond between Ghanaians abroad and their homeland. It is an opportunity for our diaspora communities to invest in their own future and in the future of Ghana.”

He also outlined several key strategies for navigating the complexities of the market, including:

• Due diligence: Conducting comprehensive research on property developers, legal frameworks, and market trends.
• Engaging trusted intermediaries: Utilizing the services of reputable real estate agents and legal professionals to ensure transparency and safeguard investments.
• Understanding local regulations: Familiarizing oneself with relevant laws and regulations regarding property ownership and transactions in Ghana.

Daasebre Ewusi VII seized the opportunity to thank the event organizers, particularly Diaspora Property Investment Limited, and its directors Verus Nartey, Sidney Justin Tehoda, and Meshack Okai, for leading this remarkable initiative.

He also congratulated His Excellency John Dramani Mahama on his victory in the 2024 elections.

“I would like to take a moment to congratulate His Excellency John Dramani Mahama on his recent victory in the presidential polls. This is a victory for Ghana and for all Ghanaians, both at home and abroad. His leadership offers us a unique opportunity to reset our economy and create a favorable environment for global businesses to invest in Ghana,” Daasebre Ewusi VII stated.

The Diaspora Property Expo 2025, scheduled for March in Philadelphia, will collaborate with notable industry experts, including PS Global, Nesta Homes, Lakeside Estate, Goldkey Properties, Signum Development, Brix, Kuber Group Africa, Global Homes, Elrano Projects & Consults, Waylead Properties, Brickstone Properties, Melden Properties Ltd, Devtraco Limited, Indigo Homes, MaxBens, and others. These experts will offer key guidance and collaboration with the Ghanaian diaspora towards a strategic approach to investment in Ghana.

Attendees were assured of a valuable experience exploring a range of investment options—from residential properties to commercial ventures—while gaining firsthand knowledge of the evolving landscape of Ghana’s real estate market at the main event in March 2025.

The launch event was met with enthusiasm, with many attendees expressing interest in participating in the Diaspora Property Expo 2025 to capitalize on the growing opportunities in the Ghanaian property market.

The organizers, in turn, reaffirmed their commitment to empowering the diaspora to invest wisely and contribute to the development of Ghana’s real estate sector through the much-anticipated Diaspora Property Expo 2025, scheduled for March 21 to 23, 2025.

Earlier reports suggested that in 2024, MIIF, operating under the Ministry of Finance, underwrote an overdraft facility for Goldridge Limited through Fidelity Bank.

However, MIIF allegedly defaulted on repayment, leading to the reported seizure of funds.

In a statement, the bank clarified that it had facilitated a pre-settlement of a forex transaction, expecting MIIF to fulfill its obligations within the agreed timelines.

“MIIF experienced delays in settling their portion of the transaction in forex. Subsequently, MIIF took the necessary measures to address the overdue amount and fulfill their commitments under the agreement,” the statement added.

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The union has described the claims as “baseless” and “unfounded.”

According to PUWU, the allegation has exposed ECG staff to public ridicule and potential attacks.

In a statement, PUWU said that no evidence has been provided to support such accusations, raising concerns over the potential harm the allegation could cause to the reputation of ECG workers.

“Statements like these, especially from a public figure of his calibre, erode public trust and harm morale, particularly at a time when stakeholders should be working together to address critical challenges in Ghana’s energy sector,” the statement read in part.

Reaffirming its commitment to the ECG staff’s professional mandate of providing quality, reliable, and safe electricity, PUWU called on ACEP to engage constructively with stakeholders.

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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Sammi Awuku advises against burying lottery proceeds in Consolidated Fund

He expressed concern that the current practice of funneling lottery proceeds into the Consolidated Fund has made the impact of these funds less noticeable.

Awuku highlighted examples from other countries that have effectively channeled lottery proceeds into major projects.

He pointed out how the Great Wall of China was partially funded by lottery revenue.

Similarly, the City of Miami and the United Kingdom’s Olympics were supported by lottery funds.

Speaking at the World Lottery Association (WLA) Marketing Seminar in Barcelona, Spain, Awuku joined an esteemed panel that included two former WLA presidents, Rebecca Paul and Jean-Luc Moner-Banet, as well as Romana Girandon the current European Lotteries President.

Awuku was the only African on the panel and took the opportunity to emphasize the need for lottery proceeds to benefit remote, underserved communities globally.

Additionally, he advocated for stronger regulations to prevent lottery addiction, particularly to protect minors, while still maximizing revenue.

He shared insights from Ghana’s experience, where the NLA created the Good Causes Foundation to support vulnerable populations, including the poor, destitute, and those with physical and mental challenges.

It was revealed that in 2024, lottery proceeds amounting to $90 billion, were allocated to various good causes.

Over 500 guests attended the seminar, and Awuku used the occasion to express his gratitude to the WLA for their support during his tenure as NLA Director General.

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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She disclosed this initiative during her vetting before the Appointments Committee on Wednesday, January 22, 2025.

The proposed bank, to be set up in collaboration with the Ministry of Finance, will provide women in business with access to credit at low-interest rates and flexible repayment terms.

Dr. Lartey emphasized that this initiative aims to address the financial challenges faced by women in growing their businesses.

“Many women have the ideas and skills but lack the financial resources to take their businesses to the next level. The Women Development Bank will bridge that gap and empower them economically,” she said.

Highlighting the broader vision of the ministry, Dr. Lartey explained that the bank would not only focus on access to credit but also offer training and capacity-building programs.

“We will ensure that women receive the financial literacy and business development training they need to maximize the benefits of these loans. This is about building sustainable businesses that can thrive and contribute to the economy,” she added.

The minister-designate expressed her commitment to championing policies that prioritize the welfare of women and children, emphasizing the transformative impact of economic empowerment. “An empowered woman strengthens her family and community.

This initiative is a step toward breaking the cycle of poverty and creating opportunities for all,” Dr. Lartey concluded.

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She revealed that funds had previously been allocated to address these issues, but a comprehensive evaluation of the factory’s condition is required.

“I have been told that as we speak, the Komenda Sugar Factory is not operational, and one of the major challenges the factory has suffered is the lack of raw materials to feed that industry and some missing parts,” she stated.

Madam Ofosu-Adjare emphasised the need for a thorough assessment before any step is taking.

“The total health of the factory should be done after an evaluation. So I will work to ensure we know the actual health of the factory,” she noted.

She pointed out that Ghana currently spends approximately $500 million annually on sugar imports. Reviving the Komenda Sugar Factory, she argued, is a strategic move to reduce this dependency and enhance local production.

“Once I take office, I will work together with the ministry to ensure we assess the health of the factory and ensure Ghana benefits from that monumental project,” she assured.

The Komenda Sugar Factory, commissioned in 2016, was envisioned as a cornerstone of Ghana’s industrialisation agenda. However, operational and management challenges have stalled its progress.

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In a statement, the union emphasized the need for transparency and accountability.

GTPCWU demanded that the probe be conducted by an Independent Non-Partisan Committee to review, focusing on due diligence regarding the activities and performance of the board.

“Being a public institution, TOR holds significant importance to the nation; the TOR BOD must be held accountable for all decisions that had adverse financial consequences, which were proven to be driven by personal interest during its tenure,” portions of the statement read.

The union noted that the activities of the erstwhile TOR BOD suggest a deliberate intention to engage known individuals and affiliates within the previous government to partner with TOR for various transactions in a non-transparent manner.

“Therefore, sanctioning an independent and transparent review of TOR BOD’s actions will safeguard the public trust and ensure adherence to best practices in state governance, administration, and financial management,” the statement added.

As part of the committee’s work, GTPCWU has proposed that the investigation focus on the negligence of engaging Decimal Capital-VITOL in a joint partnership with TOR.

Additionally, allowing the incorporation of a special purpose vehicle, “Torentco Asset Management Limited,” by the shareholders of Decimal Capital to cover up all its structural irregularities and flaws identified by the union executives.

“With the above-failed attempts, the TOR BOD colluded with the shareholder of Torentco Asset Management Limited, Mr. Michael Darko, Mr. Christopher Hesse-Tetteh, and some compromised workers of TOR to incorporate Tema Energy and Processing Limited in August 2023.

“These TOR workers were made to incorporate a company limited by guarantee named TOR Workers Charity Trust for 20% shares in Tema Energy and Processing Limited without the knowledge or approval of TOR Management and Workers,” the statement detailed.

GTPCWU also wants an investigation into the subsequent removal and resignation of all objective and astute general managers and the subsequent reassignments of incorruptible managers and officers for those whom the TOR BOD could easily manipulate.

Furthermore, the union wants the promotions of all five workers involved in the incorporation of TOR Workers Charity Trust reviewed.

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Read the full statement below:

During her vetting before Parliament’s Appointments Committee on Wednesday, January 22, Mrs. Ofosu-Adjare described AfCFTA as a transformative opportunity for Ghana to expand its export markets across Africa.

She highlighted that Ghana’s hosting of the AfCFTA Secretariat in Accra offers a unique platform to position the country as a leading exporter of goods and services within the continent.

“Our focus is to produce more and export, taking full advantage of trade agreements like AfCFTA to ensure Ghanaian products find markets across Africa and beyond,” she stated.

The Minister-Designate emphasized the need to collaborate with AfCFTA structures and international trade bodies to ensure that Ghanaian products meet global standards and remain competitive in the international market.

This, she explained, would help reduce the country’s trade deficit while increasing foreign exchange earnings.

Mrs. Ofosu-Adjare also stressed that the government’s vision includes building a “24-hour economy” to create more opportunities for Ghana’s youth.

“As we produce, we are looking for markets, leveraging trade agreements to ensure our products are exported and jobs are created for our teeming youth,” she affirmed.

Her strategy seeks to position Ghana as a major player in the African trade landscape, using AfCFTA as a springboard to boost economic growth and employment.

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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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The appointment was announced in a statement signed by the Executive Secretary to the President, Dr Callistus Mahama.

Dr Mahama noted that the appointment takes effect from Tuesday, January 21, 2025.

This follows the resignation of Julie Essiam in a letter dated January 20, 2025, and addressed to the president through the Finance Minister-designate.

Madam Essiam expressed her gratitude to the government for the opportunity to serve as Commissioner-General.

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Read the full statement below:

The company’s General Manager, Ting Using Deng Teresa, shared this vision during a ceremony where renowned actor James Gardiner was announced as the official Brand Ambassador for U-Fresh’s range of products.

In her address, Teresa highlighted the importance of these efforts in ensuring a supportive environment for U-Fresh’s continued success. She emphasized that the company is poised to expand its reach and impact across Ghana through strategic partnerships and increased brand visibility.

With James Gardiner now as its face, U-Fresh aims to enhance awareness around the significance of choosing high-quality, locally produced beverages.

Teresa assured attendees that the company remains dedicated to maintaining the highest product standards, with an ambitious goal of becoming Ghana’s leading beverage producer.

The partnership with Gardiner will focus on promoting U-Fresh’s diverse selection of drinks, which are now available in markets nationwide. Teresa encouraged all Ghanaians to support the brand by choosing U-Fresh products, contributing to the growth of a local business with a strong commitment to quality.

Mr. Gardiner, expressing his excitement about the collaboration, pledged to work diligently to elevate the U-Fresh brand. He expressed his gratitude for the opportunity and his dedication to helping the company reach a broader audience, ensuring its continued success in the competitive beverage market.

U-Fresh’s new partnership with Gardiner marks an exciting chapter for the brand, promising not only to create jobs and support local economies but also to promote healthy, quality beverages across Ghana.

The driver and his mate were arrested in connection with the incident.

According to police sources, the truck, with registration number 3166D303, was reportedly transporting the cocoa beans from Circle, Accra, to Burkina Faso.

The interception occurred when the driver stopped at Gulumpe to rest, and residents, who detected the distinct smell of cocoa, alerted the police.

Upon interrogation, the suspects confessed they were hired by an unidentified individual to transport the cocoa to Burkina Faso.

Although staff from the Ghana Cocoa Board (COCOBOD) have visited the police station, both the police and COCOBOD representatives have declined to speak to the media on record.

The truck and its load remain in police custody as investigations continue.

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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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In a letter dated January 20, 2025, and addressed to the president through the Finance Minister-designate, she expressed her gratitude to the government for the opportunity to serve as Commissioner-General.

“With the greatest depth of gratitude, after five and a half years of an incredible career at the Ghana Revenue Authority (GRA), I write to resign from my position as the Commissioner-General of the Authority, with immediate effect,” the letter read.

Ms. Essiam served less than a year as Commissioner-General after being appointed by former President Akufo-Addo on March 24, 2024. Prior to her appointment, she was responsible for the GRA’s Support Services Division.

In her letter, she highlighted the GRA’s revenue performance, which exceeded expectations for the 2024 fiscal year. The GRA recorded a revenue of GH₵152.977 billion, surpassing the target of GH₵145.998 billion by GH₵6.978 billion, an increase of 4.8%. This performance led to a Tax to GDP ratio of 17.0%, exceeding the target of 16.1%. Overall, this represents a 35.3% nominal growth compared to the 2023 performance.

Despite this success, Ms. Essiam emphasized that there are still opportunities for a fundamental transformation of the Authority’s operating model for optimal revenue mobilization.

“This notwithstanding, there still remain opportunities for a fundamental transformation of the Authority’s operating model for optimal revenue mobilization,” she stated.

She suggested the urgent full implementation of the IMF Structural Benchmarks, including the execution of the Integrated Tax Administration System (ITAS) for the Domestic Tax Revenue Division (DTRD), and the sustainability of the ongoing Taxpayer Data Cleansing initiative.

“I have outlined all of this in my report to be shared with the Honorable Finance Minister-Designate,” she said.

“The opportunity to serve this nation in this capacity has been an honor and a privilege,” she concluded.

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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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The visit, according to Mr. Mene, was to express his sincere appreciation to Dr. Bawumia for the support extended to the AfCFTA Secretariat during his tenure as Vice President.

“Your Excellency, I am here today to express my sincere gratitude for the support you extended to the AfCFTA Secretariat during your tenure as the Vice President of the Republic,” he indicated.

The discussions also touched on the AfCFTA Digital Trade Protocol, particularly on Cross-Border Digital Payments.

The Secretary-General seized the opportunity to commend Dr. Bawumia on his remarkable concession during the recently held presidential and parliamentary elections.

“Ghana’s democratic credentials were further strengthened when you conceded defeat less than 24 hours after the presidential elections. You have indeed shown that you love your country and its people,” he lauded Dr. Bawumia.

The AfCFTA also used the occasion to encourage Dr. Bawumia not to stop giving his best in ensuring that the country moves forward.

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On January 15, President John Mahama appointed the former Northern Regional Secretary of the National Democratic Congress (NDC) to the role. However, the Muslim community expressed apprehension in a press release, citing Islamic teachings that prohibit gambling, betting, and lottery activities.

“Intoxicants and games of chance are only an infamy of Satan’s handiwork. Leave it aside that you may succeed” (Quran 5:90), the statement emphasized.

Additionally, the community referenced a hadith from the Prophet Muhammad (PBUH), which condemns games of chance, describing such acts as disobedience to Allah.

The community respectfully urged President Mahama to reconsider the appointment, stating, “This decision appears to be a direct challenge to Islamic principles and may undermine the goodwill you have fostered among the Muslim community.” They also called on Muslim leaders and clerics to urgently engage with the president to address the issue, emphasizing that reversing the appointment would uphold Islamic values and protect the youth from being influenced to engage in gambling activities.

In response to the criticism, Mr. Abdul-Salam defended his acceptance of the position, asserting that his role reflects Ghana’s secular governance structure.

“I am a practising Muslim. I’m not just a Muslim; I am a practising Muslim, but I’m not a fanatic leader. Neither am I an extremist,” he said.

The Kekeli Muslim Community concluded its statement by appealing to President Mahama to act swiftly, emphasizing that reconsidering the appointment would strengthen trust and cooperation between the Muslim community and the government.

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The re-emergence which has claimed five lives with several properties destroyed has raised safety concerns, prompting the bank to take immediate precautionary measures.

In a statement, the Bank assured that all its staff members are safe and accounted for.

GCB further assured it is collaborating with security services to monitor the situation and will provide updates on when the branch will resume operations.

To mitigate the inconvenience caused by the closure, the bank has reminded customers that its nearby Kadjebi and Jasikan branches as well as its digital banking platforms, remain fully operational for all banking needs.

“GCB Bank PLC reaffirms its commitment to delivering value and exceptional service at all times. We sincerely apologise for any inconvenience caused during the temporary closure,” the statement added.

Meanwhile, following the deployment of a joint Police and Military team by the government, the Ghana Police Service has said calm has been restored.

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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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