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Ghana Economy

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Ahafo

Bright Simons Blasts Intermediaries Over GH¢7bn Leak in Ghana’s Gold-for-Oil Programme

Vice President of IMANI Africa, Bright Simons, has sharply criticised the use of intermediaries in Ghana’s Gold-for-Oil programme, following a new report by the think tank that revealed a GH¢7 billion leakage. Speaking on JoyNews’s Newsfile, Mr. Simons said the intended beneficiaries—the Ghanaian public—did not gain from the initiative. Instead, he claimed, a network of brokers and middlemen reaped significant profits from the monetisation process. “The eventual beneficiaries of this case were the brokers and the middlemen,” Mr. Simons stated. “The only people who got any benefit are those who were in the middle during the monetisation, enabling the shipment of the fuel to BOST and others.” He argued that Ghana could have met its objectives through a simpler, more transparent approach—without relying on opaque and costly intermediaries. “Ghana could simply have said, we have our domestic gold purchasing programme, […]

Ahmad October 5, 2025

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Ahafo

Prof. Bokpin Slams NPP, NDC Over Cocoa Sector Failures

Professor Godfred Alufar Bokpin, Professor of Finance and Economist at the University of Ghana Business School, has strongly criticised both the New Patriotic Party (NPP) and the National Democratic Congress (NDC) for decades of mismanagement of Ghana’s cocoa industry. Speaking on JoyNews’ Newsfile, Prof. Bokpin argued that successive governments have consistently failed cocoa farmers, traders, and the nation through short-sighted policies, poor investment, and politically motivated pricing regimes. Prof. Bokpin stressed that both the NPP and NDC must accept responsibility for the current state of the cocoa sector. “Both the NPP and NDC owe Ghanaians an apology big time for their handling of the sector,” he declared. He noted that the latest controversy surrounding the newly announced cocoa producer price reflects a much deeper, structural problem that has left farmers vulnerable and unrewarded for their labor. Once the backbone of […]

Ahmad August 23, 2025

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Ahafo

Ramseyer Credit Union Marks 25 Years, Urges Stronger Regulations

The Ramseyer Cooperative Credit Union has celebrated its 25th anniversary with a strong appeal to government to strengthen financial regulations to safeguard the operations of credit unions across Ghana. Speaking at the milestone event in Kumasi, Chief Executive Officer Kennedy Yeboah highlighted the crucial role of credit unions in expanding financial inclusion, especially for low- and middle-income earners who often lack access to mainstream banking services. Mr. Yeboah stressed that despite remarkable progress in the cooperative sector over the past decades, weak regulatory frameworks and emerging risks in the financial landscape continue to pose challenges. “Government must look at the legislation that requires credit unions to be efficient, so that the unions can work hand in hand with government to achieve the results we want,” he urged. He emphasized that stronger financial oversight would not only protect members’ hard-earned savings […]

Ahmad August 18, 2025

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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

Bawumia Dismisses NDC’s Claim Over Cedi Gains

Former Vice President Dr. Mahamudu Bawumia has challenged the National Democratic Congress (NDC)'s assertion that their policies have led to the recent appreciation of the Ghanaian cedi. Speaking at the Young Executive Forum in London, Dr. Bawumia emphasized that the NDC has not implemented any concrete policies to influence the currency's performance. Bawumia's Perspective Dr. Bawumia highlighted that the NDC's budget was only passed in March, with no significant expenditures or projects initiated that could impact the cedi's value. He attributed the currency's gains to strategic initiatives undertaken during his tenure, notably the gold purchase program, which increased Ghana's gold reserves from 8.7 tons to 30 tons over two years. This accumulation provided a substantial backing for the cedi, enhancing investor confidence. NDC's Counterpoint In contrast, Finance Minister Dr. Cassiel Ato Forson credited the cedi's appreciation to synchronized fiscal and […]

Ahmad May 20, 2025

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Ahafo

Ghana cedi named world’s best-performing currency by Bloomberg

Ghana's cedi has recently garnered international attention by being named the world's best-performing currency in April 2025, appreciating nearly 16% against the US dollar, according to Bloomberg. This significant turnaround marks a notable shift from its previous status as one of the weakest currencies globally. A Remarkable Reversal In 2022, the Ghanaian cedi faced severe depreciation, losing over 50% of its value and ranking among the world's worst-performing currencies. This decline was attributed to unsustainable debt levels, high inflation, and dwindling foreign exchange reserves. The situation prompted the Ghanaian government to seek a $3 billion bailout from the International Monetary Fund (IMF) to stabilize the economy. Economic Recovery and Currency Appreciation The cedi's recent appreciation has had a positive impact on Ghana's economy. Consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest rate […]

Ahmad May 8, 2025

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Ahafo

GUTA Applauds Bank of Ghana for Strengthening Cedi, Urges Sustained Economic Measures

The Ghana Union of Traders’ Associations (GUTA) has lauded the Bank of Ghana (BoG) for the recent strengthening of the Ghanaian cedi against major international currencies, attributing this development to effective forex market management and prudent fiscal policies. In a statement released on May 7, 2025, signed by GUTA President Dr. Joseph Obeng and Head of Business & Economic Bureau Charles Kusi Appiah Kubi, the association acknowledged the cedi's consistent appreciation since the beginning of the year. This positive trend has brought relief to the business community, enabling traders to recover some of the capital lost during previous periods of currency depreciation. GUTA emphasized that the cedi's stability has not only bolstered business confidence but also altered market perceptions, reducing the reliance on foreign currencies as a store of value. The association urged the BoG and the government to maintain […]

Ahmad May 7, 2025

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Ahafo

Ghana’s inflation falls to 21.2% in April 2025

Ghana's headline inflation rate declined to 21.2% in April 2025 from 22.4% in March, marking the fifth consecutive monthly drop and the lowest level in eight months, according to the Ghana Statistical Service (GSS) . Government Statistician Dr. Alhassan Iddrisu attributed the decline to moderating food and non-food prices, though food inflation remains elevated at 25%, continuing to strain household budgets. The strengthening of the Ghanaian cedi has played a significant role in curbing import-related inflation, with non-food price inflation slowing to 17.9% in April . Despite the annual slowdown, monthly inflation edged up to 0.8% in April from 0.2% in March, signaling potential renewed price pressures, particularly within the food segment. Inflation for locally produced items stood at 22.7%, higher than the 17.7% recorded for imported goods, highlighting internal supply constraints as a key inflation driver. The Bank of […]

Ahmad May 7, 2025

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Greater Accra

Shai Hills Industrial Park: $500M Investment Set to Revamp Ghana’s Economy

Ghana is set to receive a major economic boost with the development of the Shai Hills Industrial Park, backed by a $500 million investment. This initiative promises to transform the nation's economy by attracting industries, creating jobs, and fostering economic growth. The project aims to capitalize on Ghana's strategic location and growing industrial sector, making it a hub for local and international businesses. The Shai Hills Industrial Park is expected to play a key role in the country’s long-term development goals.

Muhammad Saminu April 5, 2025

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General

Ghana Scraps E-Levy and Other Taxes in 2025 Budget

Ghana, 2025 Budget, E-Levy, Tax Reform, Business GrowthIn a significant move, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, unveiled the 2025 budget with a major tax overhaul aimed at easing financial pressures on citizens and fostering business growth. The government has decided to remove several taxes, including the controversial Electronic Transfer Levy (E-levy) and the Betting Tax, which have been major points of contention in recent years.The scrapped taxes include:A 10% withholding tax on lottery winnings (Betting Tax)A 1% E-levy on digital transactionsThe 10% withholding tax on betting activitiesEmissions Levy on industries and vehiclesVAT on motor vehicle insurance policiesA 1.5% withholding tax on unprocessed gold by small-scale minersThese tax removals, originally introduced to expand the government’s revenue base, are now being reversed to alleviate financial burdens on households and support business operations. Dr. Forson emphasized that the aim is to […]

Edem 4Style March 11, 2025

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