Julie Kozack is the IMF Director of Communications

The International Monetary Fund (IMF) has indicated that Ghana’s recent currency gains could trigger a revision of key programme targets under the country’s US$3 billion Extended Credit Facility (ECF) arrangement.

The cedi’s sharp appreciation of over 40% against the US dollar since the start of 2025 has significantly improved Ghana’s macroeconomic outlook, including a substantial reduction in the national debt-to-GDP ratio.

According to the Bank of Ghana, on Friday, June 13, 2025, the cedi is currently trading at GH¢10.25 to the dollar.

Speaking during a press briefing in Washington DC, the IMF Director of Communications, Julie Kozack, said the Fund is closely monitoring macroeconomic developments, including foreign exchange movements, and may adjust targets accordingly.

“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,” she stated.

She explained that future reviews of the programme will offer an opportunity to ensure that targets remain “appropriate and achievable” in light of Ghana’s evolving financial conditions.

Ghana has also exceeded another key IMF benchmark, international reserves.

As of April 2025, the Bank of Ghana reported reserves of GH¢10.6 billion equivalent to 4.7 months of import cover, well above the programme’s target.

The positive macroeconomic indicators are likely to strengthen Ghana’s position ahead of the IMF Executive Board’s scheduled review in early July 2025.

If approved, the review would unlock a US$360 million disbursement bringing total programme support to US$2.355 billion.

SP/VPO

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

The Office of the Special Prosecutor (OSP) has conducted a search at the offices of  Strategic Mobilisation Ghana Limited (SML) to retrieve relevant information to help in ongoing investigations. 

The search, which was based on a lawful search warrant granted by the court, was to retrieve relevant information to assist the office in its investigation regarding the work of the assurance company on the downstream petroleum sector in a contract with the Ghana Revenue Authority (GRA).

The Director of Strategy, Research and Communication, Samuel Appiah Darko, told the Daily Graphic that the investigators of the OSP did not destroy any property at SML offices during last Monday’s search exercise, except to remove and take possession of items relevant to its investigation.

He said as part of its standard operating procedure, the OSP investigators prepared a list of the items seized. “This is called the Form 3 and it’s titled ‘Inventory of items seized or detained during search by an authorised officer”.

Mr Darko said while a Principal Staff Officer signed the form on behalf of the OSP, the Director of IT at SML, Samuel Jacob Prempeh, signed on behalf of SML and witnessed by his colleague, Rev. Michael Nyamitei.

“Our investigators went to the SML offices for a lawful search to take possession of certain information and items which we need to help us in our investigation,” he said.

“WE did not destroy any property and we filled the seizure notice duly signed by our officers and representatives of SML,” the Director of Strategy, Research and Communication said.

Mr Darko further explained that staff of the SML offices were told that they were not under arrest and should therefore cooperate with the OSP investigators.

The Daily Graphic learnt that earlier that the OSP had demanded for some documents from SML to help with investigations into its operations following a petition by investigative journalist, Manasseh Azure Awuni.

However, lawyers of SML wrote to exercise the right to decline.

When asked, Mr Darko confirmed the information and said that compelled the OSP to apply for a warrant of the court to obtain the needed information from SML.

Context

Asked about the foundation of the investigation, he said, after receiving a petition from the investigative journalist, the then President also asked accounting firm, KPMG, to conduct an audit, an exercise that forced the OSP to pause its investigation of the issue.

Having passed that stage, Mr Darko explained, the OSP continued with the investigations, stressing that the corruption and corruption-related investigative body was not motivated by any external persons, groups or influences to conduct investigations or search the offices of the company for the needed information. 

Background

The President had commissioned KPMG on December 29, 2023 to undertake an inquiry to gain a clear understanding of the matters in controversy, and to be properly advised in taking the necessary decisions.

On May 22, 2024, then President Nana Addo Dankwa Akufo-Addo released the full KPMG report of the transaction between the Ghana Revenue Authority (GRA) and SML for public consumption.

A statement announcing the release said the President, “in the interest of full transparency in governance, openness, and honesty with the public, has decided to waive the privilege under section 5 of the RTI Act and has directed the publication of the KPMG report in full.”

On April 24, 2024, President Akufo-Addo received a request from the Media Foundation for West Africa (MFWA), under section 18 of the Right to Information Act, 2019 (Act 989) (RTI Act), for a copy of the KPMG report on the contracts and transactions between GRA and SML.

The statement from the presidency said bearing in mind the provisions of the RTI Act, particularly section 5(1)(a) and (b)(i) of the Act, the President denied the request by MFWA since the KPMG report constituted matters exempt under section 5 of the RTI Act.

“However, the President, in the interest of full transparency in governance, openness, and honesty with the public, has decided to waive the privilege under section 5 of the RTI Act and has directed the publication of the KPMG report in full,” it added.

Interest rates for the 91-day bills stand at 14.79%

The government is targeting GH¢7.58 billion from its treasury bill auction today, June 13, 2025.

Last week, the government’s short-term debt auction saw a deepening undersubscription in the latest issuance, falling short by GH¢2.29 billion of its GH¢6.66 billion target.

A total of GH¢4.37 billion was raised at the close of the auction, reflecting weakened investor participation and marking a significant dip from last week’s GH¢353 million shortfall.

Investor interest remained firmly anchored on the 91-day bill, which continued to dominate demand.

The government accepted all bids tendered for the 91-day instrument, raising GH¢2.65 billion.

Demand for the medium and long-dated tenors remained subdued.

A total of GH¢1.67 billion was accepted for the 182-day bill, while the 364-day bill attracted only GH¢48 million, both amounts fully allotted by the government.

Yields across the three instruments recorded modest declines, consistent with the Bank of Ghana’s disinflation-focused monetary policy stance.

The 91-day bill held steady at 14.79%, the 182-day bill dipped by 3 basis points to 15.45%, and the 364-day bill fell 12 basis points to 15.79%.

The marginal yield declines point to an improving inflation outlook and a possible easing of short-term funding pressures for the government.

SSD/MA

The Attorney General and Minister for Justice, Dr. Dominic Ayine, has disclosed that a criminal network within the National Service Authority (NSA) led to the loss of over GH¢548 million through the insertion of ghost names into the national payroll.

Speaking at a press briefing on Friday, June 13, 2025, on the government’s anti-corruption efforts, Dr. Ayine provided an update on the ongoing investigations under the Operation Recover All Loot (ORAL) initiative.

The revelations come in the wake of a directive from President John Dramani Mahama instructing the National Investigations Bureau (NIB) to probe irregularities at the NSA, following the discovery of over 8,000 ghost names on its payroll.

According to Dr. Ayine, the investigation has uncovered that certain individuals in positions of authority during the Akufo-Addo administration orchestrated the scheme, which he described as a “criminal enterprise” involving directors, staff, and service providers.

“In the 2022/2023 service year, 350,926,977.12 was lost to the state. for the 2023/2024 service year, 32,881, 157.07 was lost to the republic. In total, as stated, we lost about 548,333,542.65 to the criminal enterprise perpetrated by these executives, directors, and staff, as well as 5the service providers in the market.

“The criminal enterprise that resulted in the loss of this colossal loss of sum of money involved the creation of ghost names in the NSA payroll system by some directors and staff, which was subsequently exploited to misappropriate state funds for their gain,” he stated.

NSA Ghost names scandal: Single name repeated 226 times – The Fourth Estate

International Monetary Fund (IMF)

The International Monetary Fund (IMF) Executive Board is scheduled to consider Ghana’s Fourth Review under the US$3 billion Extended Credit Facility (ECF) programme in early July 2025.

A potential disbursement of US$360 million is expected, pending approval.

The announcement was made by IMF Director of Communications, Julie Kozack, on Thursday, June 12, 2025.

If approved, the forthcoming disbursement will bring Ghana’s total receipts under the ECF arrangement to approximately US$2.355 billion since the programme’s inception in May 2023.

The IMF commended the Ghanaian government for its recent efforts to restore macroeconomic stability.

These measures include tightening monetary policy, adjusting electricity tariffs, and implementing reforms in public financial management.

“The new authorities have taken bold measures to address policy and reform slippages and ensure the achievement of programme objectives,” Kozack noted.

The anticipated approval and disbursement are expected to boost investor confidence and support Ghana’s ongoing efforts to stabilize the economy and achieve long-term debt sustainability under the IMF-supported programme.

SP/MA

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

The Attorney General, Dr. Dominic Ayine, has revealed an expansive criminal enterprise involving top-level officials at the National Service Scheme (NSS), who allegedly orchestrated a payroll fraud operation across the country.

Nationwide Criminal Enterprise Ayine’s office says it has uncovered evidence suggesting that senior administrators—including district directors, payroll officers, and the NSS CEO—collaborated over several years to inflate the NSS payroll with fake names.

Investigators identified 81,885 “ghost” names used to siphon state resources.

The scheme allegedly resulted in the diversion of approximately GH¢548 million from public coffers.

Funds intended for newly enrolled service personnel were rerouted into the pockets of officials and accomplices.

Ghost Names on Payroll

Authorities estimate that at its peak, the fraud generated over GH¢50 million monthly in false payments.

The ghost names were supported with fabricated index and ID numbers; the system was deliberately bypassed to create unauthorised entries.

Evidence also suggests the NSS CEO and other executives diverted state funds for personal use.

Bribery is suspected: In November 2024, funds were allegedly paid to a Member of Parliament to suppress media coverage of the scandal.

Dr. Ayine disclosed that before each service year, NSS directors submitted lump-sum payments to bolster the payroll. These sums were then redistributed via ghost accounts—cementing the scheme as recurring and institutionalised.

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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.