The World Bank has approved a $360 million financial support to help bolster Ghana’s macroeconomic stability and increase job creation.

In a statement issued by the bank as sighted by GhanaWeb Business on indicates that the Board of Executive Directors approved the $360 million from the International Development Association for the Second Resilient Recovery Development Policy Financing operation to support the Ghana government’s efforts to restore macroeconomic stability.

The intervention is expected to reinforce the economic framework of the country to ensure a steady economic growth aimed at boosting job creation.

The bank explained that the Second Resilient Recovery Development Policy Operation is part of a broader World Bank engagement respond to economic crisis to ensure a sustained economic growth.

“Its objectives are to restore fiscal sustainability, support financial sector stability and private sector development, improve energy sector financial discipline, and strengthen social and climate resilience,” the statement said.

The Minister of Finance, Dr Cassiel Ato Forson welcomed the support from the bank, describing it as a boost to Ghana’s economic reforms under the IMF-support programme.

“The successful implementation of reform actions under the IMF programme and the Development Policy Operations series (DPO) has strengthened macroeconomic stability, restored investor confidence, and laid a solid foundation for sustained economic recovery and inclusive growth. We are confident that the measures supported by this DPO will help our efforts to enhance fiscal discipline and build a more resilient and inclusive economy, capable of withstanding future shocks,” he stated.

According to the World Bank, this programme will promote fiscal discipline and greater domestic revenue mobilisation, enhance the stability of the financial sector and promote private investment for a private-sector-led growth.

It added that the bank will also support measures to improve the financial sustainability of the energy sector to ensure efficient management and operations.

The programme is also set to invest in reforms to bolster social resilience and integrate climate-related considerations into public policy to foster sustainable development.

SP/VPO

How social engineering hacks your mind and your bank account

Government misses treasury bill target

The government raised a total of GH¢3.34 billion from the domestic debt market at the latest treasury bills auction held on June 27, 2025, falling slightly short of its GH¢3.86 billion target.

Data published by the Bank of Ghana (BoG) shows that investor demand remained strong with bids totaling GH¢3.64 billion across the 91-day, 182-day, and 364-day bills.

However, only GH¢3.34 billion was accepted by the government, suggesting a cautious approach to managing borrowing costs amid rising yields.

The 91-day bill attracted the lion’s share of interest, with bids amounting to GHc 2.90 billion, all of which were accepted.

The weighted average discount rate for the instrument stood at 14.17% slightly below the market range of 14.30% to 15.10%.

Meanwhile, the 182-day and 364-day bills saw lower investor uptake, with GH¢385.82 million and GH¢60.81 million accepted respectively.

The corresponding interest rates were 15.25% for the 182-day bill and 15.66% for the 364-day bill both reflecting higher investor return expectations compared to prior weeks.

The government in its June 20, 2025, auction raised GH¢2.95 billion from total bids of GH¢3.37 billion reinforcing a steady pattern of strong demand albeit with moderated uptake by the Treasury.

SP/VPO

How social engineering hacks your mind and your bank account

Wahu Mobility, Ghana’s pioneering electric vehicle (EV) company, officially launched its flagship digital platform, the Wahu Hero App, at a vibrant event hosted at the British High Commissioner’s residence in Accra.

The event brought together dignitaries, mobility stakeholders, and members of the rider community to celebrate a major step in Ghana’s transition to clean, tech-driven transportation. Representing Hon. Sam George (Minister of Communications, Digital Technology and Innovations ), Dr. Samuel Antwi-Gyekye, Director of Digital Technology, delivered the keynote speech on his behalf. Also in attendance were representatives of Letshego Ghana, reaffirming their support for green innovation and sustainable entrepreneurship in Ghana.

In an earlier address, the team lead of the Green Economic Transformation at the British High Commission, Nana Frimpomaa, reiterated the Commission’s continued support of the government and private sector in promoting sustainable development and re-echoed their support of Wahu’s bold steps in that regard.

A Hub of Smart, Sustainable, and Rider-Centric Features

Designed as the all-in-one companion for electric bike ownership, Wahu Hero introduces a suite of innovative tools that put riders in control of their ride: Real-time bike tracking for enhanced security and autonomy, Flexible in-app payments and subscription management, Component purchases and access to maintenance services, Battery monitoring and performance analytics and Carbon emissions tracking, empowering riders to contribute to a greener Ghana.

The app, developed in partnership with an all-Ghanaian software development team,  marks Wahu Mobility’s transition from hardware to a wholistic digital ecosystem, aligning with broader ambitions for data-driven urban planning and EV interoperability.

Wahu Hero is free to download on Android and iOS. Riders can begin accessing components, tracking their bikes, managing subscriptions, and monitoring their contribution to Ghana’s carbon footprint, right at their fingertips.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

GBA fully withdraws its services today, June 30, 2025, in observance of Martyrs’ Day

The Ghana Bar Association (GBA) has fully withdrawn its services today, June 30, 2025, in observance of Martyrs’ Day.

This action, formally permitted by Ghana’s Acting Chief Justice, Paul Baffoe-Bonnie, is expected to significantly impact court proceedings nationwide, potentially delaying numerous cases and raising questions about access to justice.

The GBA’s decision comes amidst escalating disputes between the legal community and the government.

The association has voiced several grievances, including delays in implementing judicial reforms and concerns regarding the independence of the judiciary.

In a circular issued on Tuesday, June 17, 2025, Acting Chief Justice Baffoe-Bonnie informed all judges and magistrates that the exemption aligns with a long-standing tradition.

“In conformity with tradition, approval has been granted for members of the Ghana Bar Association to withdraw their services from court appearances on Monday, June 30, 2025,” the statement said.

This tradition honours the lives of judges who were murdered in the line of duty.

Martyrs’ Day is a significant annual event commemorating the abduction and murder of Justices Fred Poku Sarkodee, Cecilia Koranteng-Addow, and Kwadwo Agyei Agyapong, along with Major Sam Acquah (Rtd.), on June 30, 1982.

This tragic event occurred during a dark chapter in Ghana’s political history, as reported by citinewsroom.com on June 29, 2025.

To ensure widespread compliance and coordination, the directive granting the GBA’s withdrawal of services was copied to key judicial officials, including the Acting Judicial Secretary, the Court Manager of the Law Court Complex, supervising High Court judges, and all registrars.

On this solemn day, the legal fraternity’s unified action underscores the deep-seated issues within Ghana’s legal system, making a powerful statement about their ongoing concerns.

NAD/VPO

You couldn’t have been a ‘poor kid’ – Watch Kwasi Kwarteng’s message to Bawumia

Former MD of GIHOC Distilleries Company Limited, Maxwell Kofi Jumah

Former Managing Director of GIHOC Distilleries Company Limited, Maxwell Kofi Jumah, has been arrested by national security personnel at his residence in Kumasi, according to a news report from asaaseradio.com.

The arrest, which took place on Sunday, June 29, 2025, was described as sudden and forceful. Eyewitnesses say the operatives arrived under the guise of a request to speak with the former GIHOC boss but proceeded to detain him after showing what they claimed was a warrant on a mobile phone.

“He wasn’t allowed to change his clothes,” said Paul Yandoh, Ashanti Regional Communications Director for the New Patriotic Party (NPP), who confirmed the development.

“They bundled him into a pickup vehicle and took him to the Ashanti Regional Police Command. He is still in custody, awaiting further directives from Accra.”

Yandoh expressed concerns over the nature of the arrest, calling it an act of political persecution.

“This is not the democracy we are building. It appears the President is using state institutions to suppress the opposition,” he stated.

“So far, no formal charges have been filed against Jumah, and no national security agency or police department has officially taken responsibility for the operation. However, three lawyers have reportedly arrived at the police station to offer legal representation.”

This is not the first time security operatives have targeted the former GIHOC boss. On May 15, 2025 officers raided Jumah’s home in an attempt to retrieve state-owned vehicles believed to be in his possession. He was not home at the time.

Sources familiar with the ongoing probe say Jumah is allegedly under investigation for a range of financial and administrative irregularities during his time at the helm of the state-owned distillery.

Among the key allegations is the controversial acquisition of a Genesis G90 luxury vehicle, which Jumah reportedly purchased in 2019 for just GH¢4,943.11 roughly 5% of its market value.

An independent valuation had placed the vehicle’s worth at close to GH¢99,000, with investigators asserting it was in good condition and required no significant repairs.

He is also accused of retaining two additional vehicles, including an Audi worth over $60,000. One of the vehicles, allegedly used by his son, has since been returned to Accra.

Other accusations involve the unauthorized sale of GIHOC properties in Tema valued at over $700,000, as well as allegations of inflating the company’s staff size during his tenure.

AM/SEA

GhanaWeb Special: The gold market that fuels galamsey

How social engineering hacks your mind and your bank account

The Asantehene, Otumfuo Osei Tutu II, is expected to meet with the Kusaug Traditional Council on Monday, 30th June, as part of ongoing efforts to restore peace in Bawku.

This was announced in a press release issued by the Manhyia Palace on Sunday, 29th June.

According to the statement, the meeting forms part of His Majesty’s commitment to finding a lasting solution to the conflict in the area.

“His Majesty Otumfuo Osei Tutu II, Asantehene, will meet with the Kusaug Traditional Council on Monday, 30th June, 2025,” the release said.

The Manhyia Palace further called on all parties involved in the Bawku crisis to support the peace process. “Asantehene requests all stakeholders to cooperate for us to find a lasting peace in Bawku,” it added.

Earlier this year, Otumfuo Osei Tutu II actively led mediation in the Bawku conflict, guiding talks held in Kumasi and helping restore a relative calm.

He has resumed stalled negotiations and emphasised the need for long-term peace in Bawku.

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play videoJohn Dramani Mahama is the President of Ghana

In May this year, President John Dramani Mahama expressed concern over why GIHOC Distilleries Company Limited, an alcohol manufacturing company, was operating at a loss.

He made the comment during the May Day procession at Independence Square.

Read the full story originally published on May 1, 2025 by www.ghanaweb.com.

President John Dramani Mahama has expressed shock at GIHOC Distilleries Company Limited’s financial difficulties, wondering how an alcohol manufacturer could suffer such large losses in face of robust local demand.

Speaking to workers during Thursday, May 1st’s May Day procession in Accra’s Independence Square, President Mahama cited new data showing GIHOC Distilleries experienced losses in 2022 and 2023.

Mahama noted that with Ghana’s steady and increasing demand for alcoholic beverages, the issue was particularly worrisome.

“How can you sell alcohol and be in debt? When I was president, GIHOC was making a profit. Because Ghanaians, when we are happy, we drink alcohol, when we are sad, we drink alcohol, so how can an alcohol manufacturing company make losses?” he questioned.

He urged for greater accountability and used the example to draw attention to more general worries about poor management in state-owned businesses.

His comments follow a revelation made by Finance Minister Dr Cassiel Ato Forson on March 13 in a meeting with the CEOs of specific State Interest and Governance Authority (SIGA) firms.

The Finance minister claims that GIHOC Distilleries lost GH¢25.1 million in 2022 and an additional GH¢25.5 million in 2023.

How social engineering hacks your mind and your bank account

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Ghana’s local currency, the cedi, has appreciated slightly on the interbank market against major trading currencies, particularly the US dollar.

In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.30 and a selling price of GH¢10.31 to the dollar. It was earlier selling at GH¢10.32 to a dollar.

The British pound is being bought at GH¢14.14 and sold at GH¢14.15, while the euro is trading at a buying price of GH¢12.06 and a selling price of GH¢12.07.

Checks by GhanaWeb Business on June 30, 2025, at 7:50 AM indicate that the cedi is trading at GH¢12.70, while the pound is selling at GH¢17.25 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢14.95 on the retail market.

Meanwhile, the Bank of Ghana has announced that Ghana is expected to receive $360 million from the IMF in July 2025 to further stabilise the cedi.

GhanaWeb Special: The gold market that fuels galamsey

How social engineering hacks your mind and your bank account

Simon Madjie, CEO of Ghana Investment Promotion Centre

The Chief Executive Officer (CEO) of the Ghana Invest­ment Promotion Centre (GIPC), Mr Simon Madjie, has urged Chinese investors to take advantage of the vast investment opportunities that exist in Ghana to diversify their investment portfolios.

He said Ghana had huge investment opportunities in sectors such as energy, agro-processing, infrastructure, and manufacturing which they could explore.

Speaking at the third-day of the Ghana China Business Summit 2025, dubbed “The Big Push”, Mr Madjie said Ghana was strategi­cally positioned to offer high-yield returns on investment, with policies and protections in place to ensure long-term business success.

The five-day summit, which be­gan on Monday was organised by the Govern­ment of Ghana, SINO- Africa Group and Perfect World Company Limited.

It was attended by more than 120 Chinese investors and delegates.

In a presentation on the topic

“Why You Must Invest in Ghana,” Mr Madjie said the country had high investment potential in the areas of electric vehicles (EVs), packaging facilities, tractor assembly plants, industrial parks, and agro-ecolog­ical zones, which aligned with the government’s flagship 24-Hour Economy policy.

In the energy sector, he said Ghana currently produced about 24,260 megawatts of power annu­ally and had 27 power plants, with ongoing production of 48.25 million barrels of crude oil.

He said the government had opened up the energy sector for private participa­tion in electricity distribution, off-grid power generation, wind turbine installation along the coast, and the establish­ment of transmission entities.

The GIPC CEO mentioned strategic investments in solar refrig­eration and the upstream petroleum sector, including a recent Memoran­dum of Understanding with Jubilee Partners to drill 20 new wells.

He said investment opportuni­ties existed in the construction of oil refineries with a daily capacity of 300,000 barrels, as well as a $60- billion petroleum hub project comprising three refineries, five petrochemical plants, and 10 million cubic metres of storage capacity.

He disclosed that Ghana Gas was seeking $745 million to con­struct the Takoradi-Tema and Ta­koradi-Ivory Coast pipeline projects.

In the manufacturing sector, Mr Madjie said the Ghana Integrated Aluminium Development Cor­poration was seeking $1.5 billion in investment, while the Ghana Integrated Iron and Steel Development Corporation had opened up nine iron ore blocks in the Oti Region for exploration, requiring between $35 million and $40 million.

The Electricity Company of Ghana, Mr Madjie indicated required $462 million to expand its network and reduce losses, while the Ghana National Petroleum Corpo­ration was seeking over $200 million for seismic surveys.

The GIPC CEO said there were investment prospects for a $2-billion port infrastructure, $250 million for Terminal 2 expansion at Kotoka International Airport, and various manufacturing, housing, and logistics projects.

Mr Madjie said the government’s Big Push initiative, a US$10 billion infrastructure programme over five years, sought to boost productivity and link road infrastructure to agri­cultural production and trade routes.

“Already, GH¢13.7 million has been allocated to support imple­mentation this year,” he said.

On investor protection, Mr Madjie assured participants of guarantees under the Ghana-China Bilateral Investment Treaty, signed in 1989, including protection against expropriation, national treatment, most-favoured nation treatment, and unhindered repatriation of capital and profits.

He noted that even after termi­nation, protections extend for 10 years on existing investments.

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Education

Jun – 30 – 2025 , 05:57

1 minute read

Ghanaian business mogul, Ibrahim Mahama

The brother of Suzy Adwoa Pinamang, the Adventist Senior High School student in Bantama who was shot in the eye during a recent incident, has expressed gratitude to Ghanaian business mogul Ibrahim Mahama for sponsoring her surgery that has restored his sister’s vision.

Speaking in a live video shared on social media, he praised Ibrahim who is a brother of President John Dramani Mahama, stating, “Mr. Ibrahim Mahama is not a politician. He is a gift from God to Ghana,” he declared.

“Yes, she can see now. God has chosen good people to help us, but because of politics, we often overlook them or twist their intentions.”

According to him, despite being closely related to the president, Ibrahim Mahama should not be viewed through a political lens.

He emphasised that Ibrahim Mahama’s act of kindness in funding Suzy’s travel to the United Kingdom for a specialized surgery goes beyond politics.

The surgery, which was carried out by a team of medical professionals abroad, has reportedly restored Suzy’s sight.

“We have good people in this country. God has specially selected some to help us. Let’s not turn everything into politics,” he said.

Suzy Adwoa Pinamang, a second-year student, became the subject of national attention after she was reportedly hit in the eye by a stray bullet.

“Ibrahim Mahama is God-sent,”

Suzzy Pinamang’s brother, as he and his sister express profound gratitude to Engineers and Planners CEO, Ibrahim Mahama, for fully funding Suzzy’s eye surgery in the UK, which has restored her vision. Suzzy faced the camera for the first time after… pic.twitter.com/Y1Gatz5ZU0

— EDHUB🌍ℹ (@eddie_wrt) June 29, 2025

AM/KA

GhanaWeb Special: The gold market that fuels galamsey

Ghana losese approximately GH¢13.8billion (US$3 billion) annually to corruption

Renowned tax and legal expert Professor Abdallah Ali-Nakyea has called for urgent amendments of Ghana’s anti-corruption laws to close longstanding legal loopholes that continue enabling impunity and eroding national development efforts.

Speaking at a multi-stakeholder forum in Accra organised by the Media Foundation for West Africa (MFWA), Prof. Ali-Nakyea emphasised that although Ghana boasts a wide range of anti-corruption institutions and legal frameworks, the fight against graft remains weak due to fragmented implementation, institutional under-resourcing and outdated legislation.

The forum was themed “Hidden Riches, Hollow Laws: Dissecting the Loopholes that Fuel Corruption in Ghana”.

“Corruption undermines democracy, violates human rights, distorts markets and allows organised crime and terrorism to flourish. It is not just a legal issue; it is a developmental crisis,” he stated.

He highlighted alarming statistics, such as Ghana losing approximately GH¢13.8billion (US$3billion) annually to corruption – a figure that, if curbed, could build 12 facilities equivalent to the 430-bed Ridge Hospital in Accra.

He juxtaposed this with the country’s request for a US$3billion IMF loan over three years, underscoring that internal leakages outstrip external aid.

Prof. Ali-Nakyea cited numerous cases, including the GYEEDA and recent National Service Scheme scandals, as evidence for the enduring scale of public sector corruption.

He noted that corruption disproportionately affects the poor by diverting resources meant for development, deepening inequity and poor service delivery.

Failures

The tax and anti-money laundering specialist outlined several deficiencies in the anti-corruption laws, especially the Criminal Offences Act which only addresses bribery when it involves public officers – leaving out private sector actors and indirect benefits.

He also criticised the Public Procurement Act, stating that while it includes provisions on private sector bribery, its scope is limited to procurement processes and does not criminalise broader unethical corporate practices.

“In any procurement, there is both demand and supply. We keep prosecuting the public officers, but the private actors – those who offer the bribes – go untouched. That has to change,” he stressed.

Prof. Ali-Nakyea also decried the misuse of sole-sourcing in public procurement, which he said defeats the very essence of competitive and transparent contracting.

Institutional weaknesses

Despite Ghana having numerous anti-corruption institutions – including the Office of the Special Prosecutor (OSP), EOCO, CHRAJ, Financial Intelligence Centre and Auditor-General – many remain underfunded and understaffed.

“These institutions are always broke,” he remarked. “How are they expected to investigate, prosecute and recover stolen assets without the needed resources?”

He called for enhanced collaboration among these bodies, especially in tracking beneficial ownership under the Companies Act, 2019 (Act 992).

He also lamented the low compliance with requirement for companies to disclose true, individual owners to prevent politically exposed persons from hiding behind anonymous corporate structures.

He also questioned the capacity and independence of internal audit systems and expressed concern over the safety and protection of whistleblowers, calling for a review of the Whistleblower Act to guarantee confidentiality and relocation support where necessary.

Recommendations

To this end, he recommended: Amendment of anti-corruption and procurement laws to explicitly cover third-party beneficiaries and private sector bribery; Strengthening institutions like the OSP, Auditor-General, and CHRAJ with adequate funding and autonomy; Criminalising conflict of interest and establishing clearer penalties for non-declaration of assets by public officials; Ensuring that findings from the Public Accounts Committee are enforced, including recovery and prosecution.

Enhancing access to public information for journalists and civil society, while protecting whistleblowers more robustly; Blacklisting companies found engaging in unethical practices from public procurement opportunities; Promoting public transparency through technology and reducing manual interference in financial transactions.

He further urged international partners to focus support on institutional capacity building rather than aid handouts.

“We don’t need loans. Help us plug the holes and we’ll have enough to develop,” he said, further stressing that the country must make corruption an uncomfortable venture.

For his part, Dr. Kojo Impraim, Programme Director (MFWA), noted that corruption and illicit financial flows are undermining Ghana’s democracy, national security and development financing.

He called for a united front and stronger accountability measures, urging government and stakeholders to allow the law to work without political interference.

Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Asiedu, has affirmed the central bank’s commitment to the Pan-African Payment and Settlement System (PAPSS), highlighting its critical benefits for Ghana’s economy.

Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, Nigeria, she said the system offers major advantages in managing Ghana’s balance of payments, strengthening the Bank’s reserves, and reducing the cost of cross-border trade.

“For us in Ghana, PAPSS is very active. We believe in the infrastructure and its impact on financial intermediation,” she said.

“Indeed, we were among the first group of central banks in the region to sign up to this system.”

The Pan-African Payment and Settlement System, spearheaded by Afreximbank, is a centralised financial infrastructure that facilitates the smooth and secure transfer of funds across African borders.

It eliminates the need for currency conversions and minimises transaction costs, which Mrs. Asiedu said is key to unlocking trade potential for Ghana and the continent at large.

“We are happy that more countries are coming on board. This expansion will further reduce the cost of cross-border transactions for Ghanaian businesses,” she added.

Mrs. Asiedu also emphasised the Bank of Ghana’s broader commitment to developing and regulating digital payment systems.

She said the Bank is not only advancing domestic infrastructure but also collaborating with regional partners to strengthen innovation and supervision.

“We are working hard to catch up with global trends in digital banking and payment systems,” she stated. “It’s about effective regulation, and that means embracing innovative solutions that can help us regulate smarter.”

She revealed that during the Afreximbank meeting, several central bank governors expressed interest in learning from Ghana’s experience in payment system regulation and digital innovation.

“We’re open to collaboration and knowledge-sharing. That’s how we all grow,” she added.

The Abuja meeting concluded with the election of George Elombi, former Vice President in charge of legal and corporate services at Afreximbank, as the new President and Board Chairman of the Bank.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.