First National Bank has announced the appointment of Adwoa Boateng-Addo as the Chief People Officer.

Prior to this appointment, Adwoa served as Senior Human Resource Business Partner at the bank, leading the implementation of several key human resource initiatives.

Adwoa takes over from Ernestina Danquah, who has proceeded to retirement on April 30, 2025 after serving the bank as Head of Human Resources for almost ten years.

Warren Adams, Chief Executive Officer of First National Bank, explained that Adwoa’s appointment is a reflection of the bank’s philosophy of ‘growing its own timber’.

“We are confident that under Adwoa’s leadership, our people strategy will continue to thrive and evolve”, he said.

Prior to this, Adwoa was the Senior Human Resource Business partner at First National Bank, where she’s known for building high-trust relationships, influencing at executive levels, and successfully leading projects such as performance enablement and its applicable platform transitions, development of the employee value proposition, among others.

“We have no doubt that she can deliver excellently in this elevated capacity”, Warren added. 

In this new role, Adwoa will be responsible for the development and supervision of the bank’s strategic people initiatives, including talent development, performance enablement, and organisational design.

Adwoa is a results-driven and people-focused human resource executive with over fifteen years of experience in leading transformative human capital strategies across the banking, media, and public service sectors in Ghana and the United Kingdom.

Adwoa expressed her excitement for her appointment, indicating that she’s ready to work with the impressive talent at First National Bank to achieve the bank’s goals.

“First National Bank has an amazing talent group, and I am confident that we can seamlessly align the human resources with the bank’s priorities, drive cultural change, and deliver strong commercial and people outcomes”.

Adwoa holds a Master of Science degree in International Human Resource Management – London South Bank University, United Kingdom and a Bachelor of Arts degree in Sociology from the University of Ghana.

She’s also an old student of the Achimota School. She is also a certified member of the Society for Human Resource Management Senior Certified Professional (SHRM-SCP) with expertise in talent management, employee relations, learning & development, reward, and HR analytics.

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.

Special Prosecutor, Kissi Agyebeng (Left) and former finance minister, Ken Ofori-Atta (Right)

Former Minister of Finance, Ken Ofori-Atta, is expected to appear before the Office of the Special Prosecutor (OSP) on Monday, June 2, 2025, in connection with an ongoing investigation into multiple financial dealings during his tenure.

The OSP had previously declared Ofori-Atta a fugitive, citing his absence from the country despite being summoned for questioning.

His name was temporarily removed from the wanted list after he assured authorities of his willingness to return voluntarily.

The OSP’s investigation involves five high-profile financial cases, including contracts related to the Ghana Revenue Authority (GRA), the Electricity Company of Ghana (ECG), and payments linked to the National Cathedral project.

Responding to a tweet on X that sought clarity on the latest update regarding Ofori-Atta, and as sighted by GhanaWeb Business, the OSP stated that the former finance minister is expected to appear on June 2, 2025.

“Ken Ofori-Atta is expected to report at the headquarters of OSP on 2 June 2025. Thank you,” the office replied.

Ken Ofori-Atta, who served from 2017 to early 2024, has come under scrutiny for his role in Ghana’s economic management, including matters related to public debt, bond issuance, and emergency COVID-19 expenditures.

Ken Ofori-Atta is expected to report at the headquarters of OSP on 2 June 2025. Thank you.

— Office of the Special Prosecutor-Ghana (@ospghana) May 15, 2025

Former Finance Minister, Ken Ofori-Atta expected at the Office of the Special Prosecutor on June 2nd 2025 #Politicalbeat | #JoyNews pic.twitter.com/vdFVKqJ0aF

— JoyNews (@JoyNewsOnTV) May 21, 2025

SP/MA

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Dr Cassiel Ato Forson, Minister of Finance

Ghana is reportedly engaged in a dispute with the African Export-Import Bank (Afreximbank) over the treatment of a $768.4 million loan as part of its broader debt restructuring initiative.

According to a report by bloomberg.com, the contention centers on Afreximbank’s assertion of “preferred creditor” status, a designation typically reserved for institutions like the International Monetary Fund (IMF) and the World Bank, which exempts them from debt restructuring.

Afreximbank maintains that its founding treaty, ratified by member states including Ghana, prohibits the restructuring of its loans.

However, the report added that Ghana’s Former Finance Minister, Dr Cassiel Ato Forson, had stated that the government does not recognise Afreximbank’s claim to preferred creditor status and considers its debt as part of the restructureable envelope.

This disagreement arises as Ghana has made significant strides in its debt restructuring process, having completed agreements with official creditors and Eurobond holders.

The country is now focusing on the remaining 7 percent of its external debt, which involves negotiations with commercial creditors, including Afreximbank.

The outcome of this dispute could have implications not only for Ghana but also for other African nations facing similar debt challenges, such as Zambia, Kenya, and Ethiopia.

ID/MA

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Dr Cassiel Ato Forson, Minister of Finance

Ghana is reportedly engaged in a dispute with the African Export-Import Bank (Afreximbank) over the treatment of a $768.4 million loan as part of its broader debt restructuring initiative.

According to a report by bloomberg.com, the contention centers on Afreximbank’s assertion of “preferred creditor” status, a designation typically reserved for institutions like the International Monetary Fund (IMF) and the World Bank, which exempts them from debt restructuring.

Afreximbank maintains that its founding treaty, ratified by member states including Ghana, prohibits the restructuring of its loans.

However, the report added that Ghana’s Former Finance Minister, Dr Cassiel Ato Forson, had stated that the government does not recognise Afreximbank’s claim to preferred creditor status and considers its debt as part of the restructureable envelope.

This disagreement arises as Ghana has made significant strides in its debt restructuring process, having completed agreements with official creditors and Eurobond holders.

The country is now focusing on the remaining 7 percent of its external debt, which involves negotiations with commercial creditors, including Afreximbank.

The outcome of this dispute could have implications not only for Ghana but also for other African nations facing similar debt challenges, such as Zambia, Kenya, and Ethiopia.

ID/MA

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Electroland Ghana, one of the country’s leading consumer electronics dealers, has announced significant price reductions across its product range in response to the sustained appreciation of the Ghana Cedi against major foreign currencies.

The company’s “Cedis Apicki” promotion reflects the local currency’s remarkable 17.17 percent gain against the US Dollar since January 2025.

This strategic price adjustment aligns with the government’s plea for businesses to lower prices with the Cedis improved performance.

Head of Marketing and Media Relations at Electroland Ghana, Adiza Ibrahim, emphasised the company’s commitment to passing on forex benefits to consumers as a responsible and customer-centric entity.

She noted that the exchange rate has always been a critical pricing factor for importers, hence an appreciation reflects in its operation just like depreciation.

“With Ghana’s economic resurgence and the Cedis impressive recovery, we’re excited to share these gains through substantial price cuts. Our ‘Cedi Apicki’ promo celebrates this economic milestone with the Ghanaian consumers who make our business thrive,” she said.

The promotion runs concurrently with ongoing unprecedented discounts and freebies in the Akyedea Kesea giveaway, which features across-the-board price reductions on electronics and appliances, special freebies on select product models, and nationwide availability at all Electroland showrooms.

Government Appeal Implemented

The price reduction initiative directly responds to recent government appeals for businesses to adjust pricing to reflect the Cedi’s strengthened position. Electroland leads the retail sector in implementing this consumer-friendly measure.

Consumers can enjoy these exceptional offers at any Electroland Ghana showroom nationwide.

In the Ghanaian business environment, the exchange rate is the major component of pricing, especially for importers. With the recent blooming of the Ghanaian economy in general, combined with the appreciation of the Ghana Cedis against other foreign currencies,

“Electroland Ghana Ltd is glad to announce gargantuan reductions on all our prices. Electroland Ghana Ltd believes our customers are shareholders in our business, thus, we should celebrate,” she reiterated.

Electroland Ghana Ltd is a leading retailer of SAMSUNG, TCL, Midea and NASCO electronic appliances in Ghana, committed to providing quality products and excellent customer service.

The Governor of the Bank of Ghana, Dr Johnson Asiama has stated that Ghana’s economy is showing early signs of stabilisation, supported by recent policy measures and improving economic fundamentals, both domestic and external.

He made these remarks during the opening of the 124th Meeting of the Monetary Policy Committee (MPC) in Accra on Wednesday, May 21, 2025.

“We convene at a time when Ghana’s macroeconomic conditions are exhibiting early signs of stabilization, supported by recent policy actions and improving external and domestic fundamentals,” Dr Asiama stated.

However, he was quick to caution that “the path ahead remains complex and fraught with risks, both global and domestic.”

The Governor highlighted recent developments in the economy, including a notable decline in inflation and a strong appreciation of the cedi.

According to the Ghana Statistical Service, inflation dropped to 21.2% in April 2025, down from previous highs, although it remains above the Bank’s medium-term target of 8 ± 2%.

“In March, the Committee responded decisively to the inflation outlook by raising the policy rate by 100 basis points to 28 percent. Preliminary evidence suggests this action has contributed to dampening inflation momentum,” Dr Asiama said.

He noted that the Ghanaian cedi had appreciated sharply by nearly 19% between April and May, a development he credited to prudent monetary policy, improved market sentiment, and gains in the external sector.

“This appreciation has helped ease imported inflation pressures and restore public confidence,” he added.

Dr Johnson Asiama also referenced Ghana’s recent progress under the IMF’s Extended Credit Facility (ECF) programme.

“Ghana has reached a Staff-Level Agreement with the IMF on the Fourth Review of the ECF Programme… the trajectory is clearly positive,” he noted.

Additionally, the recent S&P credit rating upgrade from Selective Default to CCC+ was cited as further affirmation of economic progress.

Despite these gains, the BoG Governor acknowledged ongoing challenges, particularly concerning inflation risks from food supply constraints, global commodity price volatility, and geopolitical tensions, including the recent US-led tariff disputes.

In response, he mentioned that the Bank is revising its monetary policy implementation framework, moving away from the reliance on the unremunerated Cash Reserve Ratio to more active Open Market Operations using longer-tenor instruments.

“This is intended to enhance policy transmission, improve liquidity management, and allow greater room for credit expansion to the private sector,” Dr Asiama explained.

He also emphasised the importance of the Committee’s policy decisions and the need for clear communication.

“Our post-meeting communiqué must clearly articulate the rationale behind our policy decisions and provide an accessible, transparent account of recent economic trends,” he urged.

As the MPC Committee meets to deliberate on the appropriate monetary policy stance going forward, Dr Asiama posed key questions:

• Is the observed exchange rate appreciation sustainable?

• How durable is the nascent return of market confidence?

• What are the implications of these dynamics for our inflation forecast over the medium term?

He concluded his remarks by calling on members to approach their deliberations with professionalism and rigor.

“Our credibility depends on our ability to respond decisively and proportionately to evolving economic realities,” the BoG Governor rallied.

The Monetary Policy Committee of the Bank of Ghana (BoG) will on Wednesday, May 21, 2025, begin its 124th meeting to review recent macroeconomic developments and assess the country’s economic outlook.

This meeting is significant as it comes on the back of recent gains by the Ghana Cedi against the US dollar and ongoing efforts to tame inflation.

At its last meeting, the MPC increased the monetary policy rate by 100 basis points to 28 percent.

Already, some market watchers expect the BoG to maintain the policy rate at 28 percent, with any potential cuts dependent on continued disinflation.

The MPC’s decision on the policy rate will have implications for lending costs, investor confidence, and overall economic activity.

The meeting will conclude with a press briefing on Friday, May 23, 2025 to provide further clarity on the central bank’s monetary stance and the measures it intends to take in sustaining economic stability.

MA

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The Governor of the Bank of Ghana, Dr Johnson Asiama has stated that Ghana’s economy is showing early signs of stabilisation, supported by recent policy measures and improving economic fundamentals, both domestic and external.

He made these remarks during the opening of the 124th Meeting of the Monetary Policy Committee (MPC) in Accra on Wednesday, May 21, 2025.

“We convene at a time when Ghana’s macroeconomic conditions are exhibiting early signs of stabilization, supported by recent policy actions and improving external and domestic fundamentals,” Dr Asiama stated.

However, he was quick to caution that “the path ahead remains complex and fraught with risks, both global and domestic.”

The Governor highlighted recent developments in the economy, including a notable decline in inflation and a strong appreciation of the cedi.

According to the Ghana Statistical Service, inflation dropped to 21.2% in April 2025, down from previous highs, although it remains above the Bank’s medium-term target of 8 ± 2%.

“In March, the Committee responded decisively to the inflation outlook by raising the policy rate by 100 basis points to 28 percent. Preliminary evidence suggests this action has contributed to dampening inflation momentum,” Dr Asiama said.

He noted that the Ghanaian cedi had appreciated sharply by nearly 19% between April and May, a development he credited to prudent monetary policy, improved market sentiment, and gains in the external sector.

“This appreciation has helped ease imported inflation pressures and restore public confidence,” he added.

Dr Johnson Asiama also referenced Ghana’s recent progress under the IMF’s Extended Credit Facility (ECF) programme.

“Ghana has reached a Staff-Level Agreement with the IMF on the Fourth Review of the ECF Programme… the trajectory is clearly positive,” he noted.

Additionally, the recent S&P credit rating upgrade from Selective Default to CCC+ was cited as further affirmation of economic progress.

Despite these gains, the BoG Governor acknowledged ongoing challenges, particularly concerning inflation risks from food supply constraints, global commodity price volatility, and geopolitical tensions, including the recent US-led tariff disputes.

In response, he mentioned that the Bank is revising its monetary policy implementation framework, moving away from the reliance on the unremunerated Cash Reserve Ratio to more active Open Market Operations using longer-tenor instruments.

“This is intended to enhance policy transmission, improve liquidity management, and allow greater room for credit expansion to the private sector,” Dr Asiama explained.

He also emphasised the importance of the Committee’s policy decisions and the need for clear communication.

“Our post-meeting communiqué must clearly articulate the rationale behind our policy decisions and provide an accessible, transparent account of recent economic trends,” he urged.

As the MPC Committee meets to deliberate on the appropriate monetary policy stance going forward, Dr Asiama posed key questions:

• Is the observed exchange rate appreciation sustainable?

• How durable is the nascent return of market confidence?

• What are the implications of these dynamics for our inflation forecast over the medium term?

He concluded his remarks by calling on members to approach their deliberations with professionalism and rigor.

“Our credibility depends on our ability to respond decisively and proportionately to evolving economic realities,” the BoG Governor rallied.

The Monetary Policy Committee of the Bank of Ghana (BoG) will on Wednesday, May 21, 2025, begin its 124th meeting to review recent macroeconomic developments and assess the country’s economic outlook.

This meeting is significant as it comes on the back of recent gains by the Ghana Cedi against the US dollar and ongoing efforts to tame inflation.

At its last meeting, the MPC increased the monetary policy rate by 100 basis points to 28 percent.

Already, some market watchers expect the BoG to maintain the policy rate at 28 percent, with any potential cuts dependent on continued disinflation.

The MPC’s decision on the policy rate will have implications for lending costs, investor confidence, and overall economic activity.

The meeting will conclude with a press briefing on Friday, May 23, 2025 to provide further clarity on the central bank’s monetary stance and the measures it intends to take in sustaining economic stability.

MA

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Osman Abdulai Ayariga, Chief Executive Officer of the National Youth Authority (NYA)

Chief Executive Officer of the National Youth Authority (NYA), Osman Abdulai Ayariga has praised the Minister of Finance, Dr Cassiel Ato Forson, for what he described as effectively managing Ghana’s economy within a short period.

Speaking on GHOne TV during a panel discussion on May 21, 2025, Ayariga stated that the previous New Patriotic Party (NPP) government plunged Ghanaians into undue hardship.

However, he claimed that under just a few months of the National Democratic Congress (NDC) administration, the economy is beginning to recover.

According to Ayariga, the former government was responsible for severe economic hardship, broken promises, and the introduction of burdensome taxes.

“The current Minister of Finance has achieved more in four months, in terms of economic management, than the previous government,” he said.

He cited the controversial E-Levy, betting tax, and other financial impositions as deliberate policies that worsened the economic situation, especially for the youth.

“The NPP should apologise to the youth for failing to create jobs and for burdening us with the e-levy, betting tax, and all the other taxes that caused suffering and pain,” Ayariga added.

The NYA CEO further stated that Ghanaians should not consider returning the NPP to power.

He argued that under the leadership of President John Mahama and Finance Minister Ato Forson, genuine efforts are being made to steer the economy back on track, rendering any apology from the NPP on economic issues “lacking in credibility.”

AM/MA

By Muyid Deen Suleman

Kumasi, May 21, GNA – A District Court in Mamponteng, in the Kwabre East Municipality, has granted bail in the sum of GHC 50,000 to a 16-year-old student of the Osei Kyeretwie Senior High School (OKESS) who is at the centre of police investigation for unlawful possession of firearm.

The court, presided over by Natacha Abena Tuffour, also granted GHC 30,000 bail to the father of the suspect, Mr. Daniel Owusu Baafi whom the suspect claimed was the owner of the firearm.

The bail was subject to the provision of two sureties each.

One of the sureties for the student must be a government employee or a senior staff member earning no less than GHC 4,000 monthly.

The same condition applies to the stepfather, though the income threshold for his surety is GHC 3,000.

Their plea was not taken by the court.

According to police prosecutors, the incident occurred on May 14, 2025, when an assistant headmaster of the school discovered the student (name withheld) in possession of a locally manufactured pistol while on campus.

The student was promptly handed over to the police.

Subsequent investigations led to the apprehension of the student’s stepfather, who is a pastor.

The two were subsequently granted police enquiry bail prior to being formally charged under Section 192 of Ghana’s Criminal Offences Act, 1960 (Act 29), which forbids the unlawful possession of firearms.

The police, however, revealed in court on Wednesday that the stepfather denied ownership of the weapon, asserting in his caution statement that the pistol belonged to his late uncle, who passed away a year ago.

He contended that the firearm had been stored in his uncle’s room, which the boy later occupied and from which he allegedly retrieved the weapon.

The court has adjourned the proceedings to June 17, 2025.

GNA

Edited by Benjamin Mensah

Bolga All Stars stakeholders display their trophy

BOLGA ALL Stars have completed a dream resurgence, sealing their return to the National Division One League after a thrilling 2-1 victory over Zorkor United on Sunday in the final of the Upper East Regional Division Two Promotional Championship.

Playing at the lively Kurt Okraku Technical Center in Winkogo, the ‘Stars of the East Faithfuls delivered a performance brimming with heart and purpose to cap their middle-league campaign in style.

The win marks a significant milestone for the club, who last featured in Division One during the 2020/21 season.

With the promotion, Bolga All Stars will compete in Zone One B of the 2025/26 Division One League, setting the stage for renewed northern rivalries with Tamale City, Wa Power FC, and other regional heavyweights.

Chairman of the Upper East Regional Football Association, Alhaji Salifu Zida, lauded the team’s success and called for unity in pushing the region’s football forward. “This achievement is a testament to hard work, and it must inspire all stakeholders to commit to developing the vast talent in the Upper East,” he said.

Fueled by youthful talent, strong community support, and growing momentum, Bolga All Stars are not just aiming to survive the rigors of Division One. Their sights are firmly set on recapturing the form that once brought them to the brink of Premier League qualification.

By Wletsu Ransford

Economic Advisor to the Vice President, Dr Sharif Mahmud Khalid

Economic Advisor to Vice President Professor Jane Naana Opoku-Agyemang, Dr Sharif Mahmud Khalid, has countered claims by former Vice President Dr Mahamudu Bawumia that the recent appreciation of the Ghanaian cedi is due to policies implemented by the previous New Patriotic Party (NPP) administration.

During an interaction with the Young Executive Forum in London, as part of his Thank You Tour, Dr Bawumia argued that the cedi’s recent stability results from the gold reserves initiative introduced under the Akufo-Addo government.

He challenged the current administration to name any policy they have implemented that has contributed to the cedi’s appreciation.

However, speaking on CitiFM on May 20, 2025, Dr Khalid emphasised that the cedi’s recent gains can be attributed to the current government’s fiscal discipline, expenditure cuts, and commitment to economic programs.

He questioned the effectiveness of the previous administration’s gold-for-oil program, noting that the cedi was not performing as expected and inflation was rising during its implementation.

“You would see that even in the wake of the gold-for-oil programme, the Cedi was not performing as it should, and inflation was still rising. So, where is this claim coming from?” he questioned.

Dr Khalid further argued that the current administration inherited an overheated economy characterised by negative indicators, including central bank losses and a domestic debt exchange program.

He credited the government’s commitment to painful reforms, such as the domestic debt exchange program and engagement with the International Monetary Fund (IMF), for the observed macroeconomic stability.

ID/MA

By Hafsa Obeng

Accra, May 21, GNA – Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), says the recent appreciation of the cedi is the result of a complex mix of domestic and international factors.

Prof. Quartey emphasized that while the cedi had faced downward pressure, some domestic policies were actively helping to mitigate the decline.

The Director was speaking in an interview with the Ghana News Agency, on the back of a two-day conference of Merian Institute of Advanced Studies in Africa’s (MIASA’s) 12th Interdisciplinary Fellow Group (IFG12) in Accra.

The conference was on the theme: “Cash in Crisis in Africa: Navigating Financial Realities in Times of Disruption.”

It is aimed at exploring the often conflicting dynamics between policy and governance frameworks and crises in shaping the circulation, accessibility and utilization of cash, in an

increasingly digitized African society.

He pointed to the government’s Gold for Reserves programme as a positive step in cushioning the impact of global economic instability.

“Domestically, the gold for reserves policy is helping because of what is happening globally,” he said.

Prof. Quartey said there were improvements in fiscal discipline, indicating that the government was currently living within its means, spending within the limits of what it raises in revenue.

“If we were running an excessive deficit, we would have to borrow more, and that would increase interest payments and put pressure on the cedi. But we are not doing that now,” he explained.

He commended the improved coordination between the Ministry of Finance and the Bank of Ghana, noting a more unified and transparent approach to economic management.

“I find the Bank of Ghana to be more engaged now and they are carrying the public along, explaining policies and reforms. When you do that, people gain confidence in the local currency and that strengthens the cedi,” he said.

Prof. Quartey pointed to global tensions, particularly

the ongoing trade dynamics between the United States and China, as a contributing factor to the weakening of the US dollar.

However, he expressed optimism that as tariff-related disputes eased and international agreements took shape, global currency markets were likely to stabilize.

He urged the government to stay the course with its current domestic strategies, warning that any deviation could reverse the progress made.

“If we continue doing what we are doing domestically, we will see more stability in the cedi, otherwise, the depreciation could worsen again,” he said.

GNA

CA/

The Senior Staff Association of Universities of Ghana (SSA-UoG), in collaboration with the Technical University Administrators Association of Ghana (TUAAG) and the Federation of Universities Senior Staff Association of Ghana (FUSSAG), has declared an indefinite nationwide strike.

The strike, effective Wednesday, May 21, is to protest the government’s persistent inaction and failure to honour a signed agreement reached six months ago.

Addressing journalists in Accra on Wednesday, May 21, George Ansong, National Chairman of the Senior Staff Association of Ghana,

“The leadership of the Senior Staff Association of Universities of Ghana (SSA-UoG), the Technical Universities Administrators Association of Ghana (TUWAG) and the Federation of University Senior Staff Association of Ghana (FUSAG) announce, with deep regret but unwavering resolve, our decision to embark on an indefinite strike action effective today 21st May, 2025,” he stated.

He added that, “This difficult decision comes after countless engagement and goodwill efforts extended to the government which have unfortunately been met with persistent inaction, neglect and blatant failure to honour the terms of our duly signed agreement six months ago.”

“…The government has continuously reneged on its commitment, thereby undermining the trust and cooperation that should exist between both parties.”

Read also…

Don’t panic, cedi stability will continue – BoG assures

File photo of a Sky Train

The former Board Chairperson of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi and the former Chief Executive Officer of GIIF, Solomon Asamoah, are being prosecuted for their involvement in the Accra Sky Train Project, which the erstwhile Nana Addo Dankwa Akufo-Addo government sought to implement.

The two officials are being prosecuted for allegedly expending $2 million of state funds on the “botched” project.

State prosecutors have cited two African entities – Africa Investor Holdings (Proprietary) Limited and Ai SkyTrain Consortium Holdings – as the entities that received the $2 million Prof Ameyaw-Akumfi and Solomon Asamoah are being prosecuted for.

The public, however, is yet to hear from these two companies and scanty details have been shared about them by the state.

Do these companies exist or are they mere fictions to loot from the state? Here is what GhanaWeb found about the two companies.

Africa Investor Holdings Limited:

Africa Investor Holdings (Proprietary) Limited, according to the facts of the case, was the partner of the GIIF in the Accra Sky Train project in a “design, finance, build and operate” contract.

State prosecutors indicated that Africa Investor Holdings was a company incorporated under the laws of the Seychelles.

A search by GhanaWeb on the official company registry of the Seychelles government (registry.gov.sc and egov.sc) for Africa Investor Holdings (Proprietary) Limited and Africa Investor Holdings Limited showed no result.

The only official website that had details of the company was the UK government registrar of companies, Companies House.

The details on the Companies House website showed that Africa Investor Holdings Limited was a “limited company” incorporated in “Seychelles” with the address “Second Floor The Quadrant, Manglier Street, P O Box 1312, Victoria, Mahe, Seychelles”.

A Nigerian by the name Olatunji Okulaja was listed as a partner. The beneficial owners of the company included two Nigerians, Adetokunbo Fayemiwo and Adetokunbo Fayemiwo.

It is imperative to note that Companies House does not verify information on companies on the website.

Ai SkyTrain Consortium Holdings

The second company mentioned in the prosecution’s facts was Ai SkyTrain Consortium Holdings, which was apparently owned by Africa Investor Holdings Limited.

In the agreement, Africa Investor Holdings Limited was to transfer 10 per cent of its alleged 100% shares in Ai SkyTrain Consortium Holdings, a limited liability company registered in Mauritius, to GIIF.

The GIIF, in turn, was to pay a lump sum of $2 million as the price for the alleged shares, which was apparently authorised by Solomon Asamoah and approved by Prof Ameyaw-Akumfi.

The report on techlabari.com indicated that “Ai Sky Train Consortium Holdings is yet to obtain the licence for ‘Aeromovel Technology’, required for the Sky Train Project. Feasibility studies are reported to be still ongoing.”

A search of the official company registry for Mauritius, the Corporate and Business Registration Department (CBRD), showed that the company no longer existed.

The company, which had its official address as “24 Cybercity, 5th Floor, Ebene Esplanade, Ebene, Mauritius”, was incorporated on December 11, 2018 and was defunct as of April 4, 2025.

In conclusion, it appears the government of Ghana paid $2 million to companies that no longer exist. These companies did not even have official websites.

The details above only leave us with the question: Was “a whole” government of Ghana scammed?

View more documents on the two companies below:

BAI/VPO

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The Management of the Lands Commission has held a strategic discussion aimed at enhancing its operational efficiency across the country.

The key highlight of the deliberations was the proposed decentralisation of the Commission’s operations through the establishment of district-level offices.

The decentralisation agenda, which has been tasked by Emmanuel Armah-Kofi Buah, the Minister for Lands and Natural Resources, is aimed at ensuring greater productivity and efficiency in Ghana’s land administration system by establishing Lands Commission offices in various districts across the country.

The management of the Commission expressed its full commitment to actualising the Minister’s directive and emphasised the need for strategic collaboration among regional offices to ensure its successful implementation.

The meeting was also used to officially welcome the Commission’s new Deputy Executive Secretary in Charge of Operations, Anthony Mallen Ntiador, to the staff.

In his remarks, Mr. Ntiador expressed his gratitude for the warm reception accorded him and re-affirmed his commitment to supporting the Commission’s strategic vision.

He emphasised the importance of collaboration and innovation in driving progress, particularly in streamlining land service operations across the country.

The Lands Commission is confident that Mr. Ntiador’s extensive experience and fresh perspectives would significantly contribute to the ongoing transformation of land administration in Ghana.

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.

The 1-month currency chart (see image below) shows a consistent downward trend in the USD/GHS rate — a clear indication of the cedi’s rebound on the forex market.

“We’re beginning to see results from the efforts put in place by the Bank of Ghana and the Ministry of Finance,” an economist at the University of Ghana told Asaaseradio.

The appreciation comes at a time when inflationary pressures are beginning to ease, and Ghana is seeing improved export earnings from cocoa, gold, and oil.

Key Drivers of the Cedi’s Strength:

•Improved forex inflows from international development partners and exports.

•Tighter monetary policy by the Bank of Ghana.

•Restructured debt talks under the IMF program showing positive signs.

•Stronger consumer and investor confidence since the beginning of Q2 2025.

Market Reaction:

Financial analysts advise cautious optimism, as global market uncertainties and oil price fluctuations still pose risks.

“This isn’t a time to celebrate just yet, but it’s a positive signal for businesses and households alike,” noted a currency trader in Accra.

What’s Next?

If current policies remain consistent, the cedi may continue its gradual recovery. However, economic watchers remain focused on:

•Inflation trends

•Import demand

•External debt servicing pressure

•Performance of Ghana’s key export sectors