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Ahafo

Bank of Ghana Appoints Three Advisors to Strengthen Monetary Policy Committee

The Bank of Ghana (BoG) has appointed three distinguished economists as advisors to its Monetary Policy Committee (MPC). This strategic move aims to enhance the committee's capacity in formulating effective monetary policies amidst evolving economic challenges. The Newly Appointed Advisors Dr. John Kwabena Kwakye: Currently serving as the Director of Research at the Institute of Economic Affairs (IEA), Dr. Kwakye brings a wealth of experience in economic analysis and policy formulation. Professor John Gatsi: As the Dean of the University of Cape Coast Business School, Prof. Gatsi is renowned for his expertise in finance and economics, contributing significantly to academic and policy discourse in Ghana. Dr. Priscilla Twumasi Baffuor: A Senior Lecturer at the University of Ghana's Department of Economics, Dr. Baffuor specializes in development economics and has been instrumental in research on economic growth and policy development. These appointments […]

Ahmad May 21, 2025

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Ahafo

Ghana Risks Further Revenue Losses: Experts Advocate for Tech-Driven Tax Reforms

Ghana faces escalating revenue losses due to systemic tax leakages and inefficiencies. Experts at the recent National Dialogue emphasized the urgent need for technology-driven reforms to enhance tax collection and broaden the tax base. Background At the National Dialogue on "Tackling Tax Revenue Leakages in Ghana," held on April 23, 2025, stakeholders from academia, industry, and government convened to address the persistent challenges in Ghana's tax system. The consensus was clear: without significant reforms, Ghana risks continued revenue shortfalls that could hinder national development efforts. Expert Insights Abigail Maame Esi Mensah, Manager of Business Tax Advisory at Ernst & Young, highlighted the challenges posed by the informal economy. She noted that the lack of an integrated tax system makes it difficult to incorporate informal sector actors into the tax net. Additionally, she pointed out that practices like related-party transactions and […]

Ahmad May 21, 2025

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Ahafo

Ghana’s gold reserves hit GH₵46billion in April 2025

The Bank of Ghana’s gold reserves reached a valuation of approximately GH₵46.3 billion at the end of April 2025 per the central bank’s announcement on May 6 that the price of gold had risen to GH₵46,086.32 per ounce. According to official data published by the Bank of Ghana, the nation’s total gold holdings stood at 31.37 tonnes as of April 30, 2025. This translates to 1,008,837.07 ounces of gold, using the standard conversion of 32,150.7 ounces per metric tonne. Multiplying the total ounces by the official spot price gives a calculated value of GH₵46,439,963,249.28, marking a rapid rise in the country’s reserves and underlining gold’s importance as a strategic financial asset for the Ghanaian economy.The central bank has gradually increased its reserves over the past two years, starting from 8.78 tonnes in May 2023 to over 31 tonnes by April […]

Ahmad May 6, 2025

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Ahafo

See list of 701 diplomatic, service passports cancelled because holders failed to return them

The Ministry of Foreign Affairs has cancelled 701 diplomatic and service passports because the holders failed to return them as directed.The cancellation takes effect from May 6, 2025. They are made up of 341 diplomatic and 360 service passports.The Ministry of Foreign Affairs in January 2025 directed a recall of all Diplomatic and Service Passports issued during the previous administration, specifically naming a broad range of former officials and other individuals required to return their travel documents. The Ministry of Foreign Affairs named the bearers of such passports as former ministers and their spouses, former Members of Parliament across all political affiliations, retired Justices of the Superior and Lower Courts, former Regional Ministers, Metropolitan, Municipal, and District Chief Executives, Chief Executive Officers of state institutions, chairs, and members of boards, officials of the National Cathedral Project, former Political Ambassadors and […]

Ahmad May 6, 2025

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BRONG AHAFO

Facebook facing lawsuits in Ghana over impact of extreme content on moderators

Lawyers are gearing up for court action against a company contracted by Meta, which owns Facebook and Instagram, after meeting moderators at a facility in Ghana that is understood to employ about 150 people. Moderators working for Majorel in Accra claim they have suffered from depression, anxiety, insomnia and substance abuse as a direct consequence of the work they do checking extreme content.The allegedly gruelling conditions endured by workers in Ghana are revealed in a joint investigation by the Guardian and the Bureau of Investigative Journalism. It comes after more than 140 Facebook content moderators in Kenya were diagnosed with severe post-traumatic stress disorder caused by exposure to graphic social media content.The workers in Kenya were employed by Samasource, an outsourcing company that carries out content moderation for Meta using workers from across Africa. Majorel, the company at the centre […]

Ahmad April 27, 2025

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General

BoG Governor leads Africa’s call for urgent debt restructuring at World Bank/IMF meeting

The Governor of the Bank of Ghana, Dr Johnson Asiama, speaking on behalf of African Governors, stressed that urgent international intervention is needed to prevent a full-blown economic crisis across the continent. Debt servicingDr Asiama revealed that nearly half of Sub-Saharan African countries are either at high risk of debt distress or already trapped in it.He noted with concern that many nations are now spending more on debt repayments than on essential services such as health and education. This alarming trend, he said, has been worsened by a combination of global shocks, including the lingering effects of the COVID-19 pandemic, geopolitical tensions, climate disasters, and tightening financial conditions.“Africa’s per capita spending on interest payments now exceeds investments in health and education,” Dr Asiama said.He added: “This is unsustainable and demands immediate action from the international community.”Four-pronged solutionThe African Governors outlined […]

Ahmad April 24, 2025

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ASHANTI

Finance Ministry submits bill to Parliament to end sole-sourcing of power contracts

Finance Minister Dr Cassiel Ato Forson made the announcement on April 23 2025, during a session on the Ghana Energy Compact under Mission 300, organised by the World Bank. He said the proposed regulation is aimed at improving transparency in power procurement and securing better value for money.“We have submitted the LI to Parliament to make competitive procurement of power plants the standard approach,” Dr Forson said. “If we are serious about fixing the deep-rooted problems in the energy sector, this is a necessary step.” Dr Forson described the energy sector as the country’s most pressing economic challenge, revealing a current financial shortfall of about US$2 billion.He attributed much of the gap to inefficiencies across the energy value chain, particularly at the Electricity Company of Ghana (ECG).“ECG alone could reduce the shortfall by half if it addressed its internal challenges,” […]

Ahmad April 23, 2025

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General

Govt to Scrap E-Levy and COVID Levy in 2025 Budget

The government of Ghana has confirmed that it will abolish both the E-Levy and the COVID Levy in the upcoming 2025 budget, which will be presented on March 11, 2025. Felix Kwakye Ofosu, the Minister of State for Government Communications, shared this development during a press briefing in Accra on March 10. These changes are part of the government’s 120-day Social Contract, which includes 26 key pledges aimed at revitalizing the economy and easing the financial burden on citizens.In addition to scrapping the levies, the government is also planning a review of taxes and levies on vehicles and equipment imported for industrial and agricultural purposes. Other significant promises include launching the 24-Hour Economy Policy, introducing a ‘No-Academic-Fee’ policy for all first-year public tertiary students, and establishing a Women’s Development Bank. Furthermore, job creation initiatives are a priority within the budget.Ofosu […]

Edem 4Style March 10, 2025

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Nigeria

‘Govt Must Not Get Comfortable With Rebased Inflation Figure’

Lagos Chamber of Commerce and Industry (LCCI) has said the government must not get comfortable with a rebased inflation figure and lose the fight against inflationary pressures. The Chamber stated this in a statement titled, ‘Beyond the Numbers: Ensuring Real Economic Relief For Nigerians’. The director-general of LCCI, Dr. Chinyere Almona said that the latest decision by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.50 per cent is well appreciated and taken as the beginning of a better deal for the business community regarding the cost of credit. She said that “in recent months, the rising and high interest rates have tormented businesses seeking to leverage credit for business operations and expansion. “We look forward to seeing a persistent focus on fighting the fundamentals that have contributed to […]

Ahmad February 23, 2025

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VOLTA

Ho Municipality Set to Attain Metropolitan Status.

The Ho Municipality in the Volta Region is on track to becoming a metropolitan area due to the steady growth in its population and economic activities. The municipal authorities, along with the Ministry of Local Government and Rural Development, are working on the necessary processes to elevate the municipality to metropolitan status.With its booming commercial sector, educational institutions, and strategic location, Ho is attracting investments and development projects that will enhance its urbanization. This move is expected to further boost infrastructure development, create more job opportunities, and improve public services for residents. The decision comes after several consultations and assessments, showing that Ho meets the required criteria for a metropolitan upgrade.Residents and stakeholders have expressed optimism that this development will propel the Volta Region’s capital to greater heights, making it a major hub for economic and social activities.

Edem 4Style October 24, 2024

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