A photo of cedi and dollar notes

The Executive Director of Revenue Mobilisation Africa, Geoffrey Kabutey Ocansey, has attributed the appreciation of the cedi against some major currencies to government initiatives, as well as efforts by the previous administration.

He noted that the activities of the Ghana Gold Board, combined with gold reserves policies from the previous government, have helped stabilize the local currency.

Kabutey Ocansey also highlighted the Bank of Ghana’s decision to curb dollar hoarding as a contributing factor to the cedi’s gains.

Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, he explained that dollar hoarding and the dollarization of the economy have consistently led to cedi depreciation.

He stated that some business owners collect cash from sales, convert it into dollars, or hoard foreign currency to profit when the cedi falls and demand for forex rises.

Ocansey emphasized the importance of strict enforcement to ensure the cedi remains Ghana’s legal tender.

“To maintain our gains, we must ensure that our laws are strictly enforced. The cedi — not the dollar — is Ghana’s legal tender for business transactions, so we should not entertain the dollarization of our economy. Those who hoard dollars for selfish reasons must stop. We must also address black market trade, especially among those transferring dollars to other countries, particularly Nigeria.”

He also advocated for reducing imports of commodities Ghana can produce, such as rice, which costs the country over $700 million annually.

He concluded by urging stakeholders to support Gold Board activities to prevent smuggling.

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Pediatric nurse and childhood cancer advocate, Akua Sarpong

Pediatric nurse and childhood cancer advocate Akua Sarpong is calling on individuals, businesses, and faith-based organizations to support the construction of a 48-bed pediatric cancer care facility at Korle Bu Teaching Hospital.

Sarpong, who also serves as executive director of Lifeline for Childhood Cancer Ghana, made the appeal during an art auction fundraiser held at the Mercedes-Benz CFAO Showroom. The event, themed “Little Hands, Big Dreams,” showcased children’s art to raise funds for pediatric cancer care.

Sharing her personal journey in an exclusive interview with GhanaWeb, Sarpong revealed that she lost her child to cancer years ago, an experience that inspired the formation of the Lifeline Foundation.

The foundation is now the official partner of the Pediatric Oncology Unit at Korle Bu, raising funds for diagnostics, treatment, nutrition, and skills development programs for mothers.

Currently, the Pediatric Oncology Unit at Korle Bu has only 24 beds. The new three-storey, 48-bed facility aims to significantly improve survival rates for children with cancer by providing comprehensive, dedicated care.

“Our work is not finished. We’ve started the construction of this big, ambitious treatment centre for children with cancer. And this is important because our children don’t have a lot of hope. And it’s important that if we want to ensure that our survival rate goes up,” she explained.

The project is estimated to cost $1.6 million, but only $458,000 has been raised so far.

“Although we have four cancers on the National Health Insurance. But we all know the challenge with National Health Insurance, we’re not getting the access and cancer treatment is still out of pocket for parents, and that’s why we do what we do to ensure that these kids live,” Sarpong said.

She added that she and her team remain committed to their vision, stating “We won’t stop until no child in Ghana dies from cancer.”

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Jun – 01 – 2025 , 07:36

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Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, has urged Ghanaian businesses to seek restructuring and insolvency services in times of temporary financial difficulty to avert liquidation.

“I want to strongly urge SMEs, state-owned enterprises and even large corporations to seek restructuring support at the first sign of distress and not when their businesses are already on the brink of insolvency,” he advised.

He noted that: “The resilience of our nation’s business environment is not determined by the number of companies that never fail, but how many are able to rise again after facing adversity”.

Speaking at the Annual Public Lecture of the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) held in Accra, Madjie cautioned Ghanaian SMEs from making over ambitious expansion plans that are not backed by sufficient financial resources, saying this more often than not leads to liquidity problems.

“Businesses may grow faster than they can sustainably finance. This results in mis-payments to suppliers and creditors,” he stated.

The lecture, themed ‘Unlocking Business Resilience: How CIRA Empowers Companies to Recover from Distress and Thrive’, aimed to build the capacity of insolvency practitioners, the judiciary and financial players to utilise the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).

“The Corporate Insolvency and Restructuring Act, 2020 (Act 1015) is a legal lifeline that offers hope to struggling and viable businesses that would otherwise collapse under the weight of temporary financial difficulty,” he said, highlighting its enactment as an important milestone in Ghana’s quest to create a resilient, supportive and forward-looking business environment.

PWC’s 2021 Report, titled ‘Why Businesses Fail’, identified weak corporate governance as the major cause of business failure in Ghana.

It also revealed that poor oversight, lack of ethical leadership and flawed decision-making weaken stakeholder confidence and expose companies to reputational, market and regulatory risks.

“Many corporate failures can be traced to weak governance, poor board oversight, inadequate controls and unethical practices among parties,” Madjie noted while encouraging businesses to promote the principles of accountability, transparency and stakeholder engagement, which are important principles of good governance.

“Many businesses with strong potential have struggled to see the light of day due to inadequate governance structures,” he decried.

President of Chartered Institute of Restructuring and Insolvency Practitioners, Felix Addo, charged shareholders to appoint competent people to the company’s board of directors, saying, “their choices affect the company directly”.

“Shareholders should make sure the people they appoint to their board of directors are competent and possess the necessary skills. They should understand the duties of a company director and be willing to carry out those duties properly and be accountable at the Annual General Meeting,” he advised.

“Inadequate crisis management is another critical issue. External factors such as strong competition, exchange rate volatility, regulatory interventions and global disruptions can push even best-run businesses into crisis,” he noted.

According to the 2023 PwC Global Crisis Survey, 96% of executives have encountered crisis in the past two years – yet only eight had the foundational elements in place to support resilience.

“Many companies adopt a reactive stance rather than preparing for potential disruptions. Lack of preparedness can turn manageable challenges into severe setbacks,” he noted.

The Corporate Insolvency and Restructuring Act (CIRA) 2020, brings a transformative twist to how corporate issues are addressed in Ghana.

“It was enacted to provide a modern and efficient insolvency and restructuring regime that shifts the focus from liquidation to business rescue,” he said.

“The Act recognises that failure does not have to be final and fatal. Instead, it offers a structured pathway for companies to reorganise, secure temporary protection from creditors and return to viability,” he noted.

Under the law, when a company enters into administration it is granted a moratorium – a temporary legal force that protects it from creditor actions – allowing some time for a qualified Insolvency Practitioner (IP) to conduct a thorough evaluation of the company’s operations, organise financial obligations and make recommendations for the business’s turnaround.

“This makes it easier for distressed companies to access the capital they need to recover and continue operations,” he said.

To serve the multinational companies in Ghana, CIRA incorporates provisions that allow for cooperation between Ghanaian courts and foreign jurisdictions in cross-border insolvency proceedings.

This ensures legal sensitivity for trade and investment and provides a fair and efficient process for managing cross-border insolvencies.

“In anticipation of increased cross-border commercial activity under the African Continental Free Trade Agreement, there is need for a continent-wide protocol on insolvency that is tailored to the reality of African businesses,” he said.

It should offer a harmonised framework that facilitates cooperation among member states in handling insolvency cases.

Four years after its enactment, only three companies have entered administration compared to over 400 liquidations, according to the Office of the Registrar of Companies, signalling less usage of the Act.

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The Committee on Food, Agriculture, and Cocoa Affairs and the Committee on Trade, Industry, and Tourism of Parliament have recommended that Ghana ratify the World Trade Organisation (WTO) Agreement on Fisheries Subsidies.

This move, according to the Committees, aims to promote sustainable marine resource management and curb harmful fisheries subsidies that contribute to overcapacity, overfishing, and Illegal, Unreported, and Unregulated (IUU) fishing.

Moving the report of the Committees on the floor of Parliament for the adoption of the House on Friday, Dr Godfred Seidu Jasaw, Chairman of the Committee on Food, Agriculture, and Cocoa Affairs, said the Committee considered the Agreement a significant step in global efforts to curb harmful fisheries subsidies that contributed to overcapacity, overfishing, and IUU fishing, promoting sustainable marine resource management.

“Mr Speaker, the ratification would also highlight Ghana’s commitment to global cooperation, aligning with its roles as host of the African Continental Free Trade Area (AfCFTA) and as a founding member of the African Union (AU),” he said.

Dr Jasaw, noted that the implications of the ratification included enhancing measures against IUU fishing and other unsustainable fishing practices; improving data collection and reporting on fisheries indicators; increase transparency among WTO members and supporting global efforts to sustainably manage fisheries resources.

The others he noted were the benefit from fair trade practices in both domestic and international markets; contributing to job creation, poverty alleviation, national food security, and good foreign exchange earnings

Among the challenges and concerns the Committee’s report enumerated were potential impact on local fishing communities, particularly small-scale and artisanal fishers who relied on government support such as subsidies on premix fuel, outboard motors, and fishing gear.

“There is the need for careful consideration of domestic implications and mitigating measures to protect vulnerable fishing communities,” the report said.

The Committee recommended that the Ministry of Fisheries and Aquaculture finalised a new Fisheries Bill, which will incorporate the provisions of the WTO Agreement on Fisheries Subsidies.

“The Committee will closely monitor the drafting and passage of the new legislation to ensure it reflects Ghana’s international commitments and socio-economic realities of fishing communities,” the report said.

Some Members of Parliament (MPs) who contributed to the debate on the adoption of the Committee’s report called for sustainable practices with an emphasis on environmentally friendly practices, reduction of plastic waste, and promotion of local materials for fishing gear.

Mr Habib Iddrisu, the New Patriotic Party (NPP) MP for Tolon, seconding the Motion raised concerns about potential effects on fishermen’s livelihoods, with plans to mitigate adverse effects.

Mr Murtala Mohammed, a National Democratic Congress MP for Tamale Central, and the Minister for Environment, Science, Technology, and Innovation, called for investing in infrastructure and equipment to support fishing communities as well as the improvement of working conditions and resources available to officials in these areas.

Madam Emelia Arthur, the Minister for Fisheries and Aquaculture, said the WTO agreement prohibited subsidies to vessels engaged in IUU fishing, relevant to Ghana’s current “yellow card” status from the European Union.

She told Parliament that the expected outcomes of the ratification would include improved sustainability, efficiency, transparency, and cooperation among WTO members, potentially boosting Ghana’s fishing industry.

“Mr Speaker, potential outcomes will improved Industry Sustainability that will enhance measures against IUU fishing and unsustainable practices economic benefits where fair trade practices and sustainable fishing may lead to economic gains and increased Transparency for better data collection and reporting among WTO members,” she said.

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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.

Cedi has appreciated in recent times

Ghana’s local currency, the cedi, continues to appreciate 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¢10.27 and a selling price of GH¢10.28 to the dollar.

The British pound is being bought at GH¢13.84 and sold at GH¢13.86, while the euro is trading at a buying price of GH¢11.66 and a selling price of GH¢11.67.

Checks by GhanaWeb Business on June 1, 2025, at 7:30 AM indicate that the cedi is trading at GH¢11.50, while the pound is selling at GH¢15.80 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢13.00 on the retail market.

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

SA

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Lady Reverend Adelaide Heward-Mills

The first lady of the United Denomination originating from the Lighthouse Group of Churches, Lady Reverend Adelaide Heward-Mills, has shared how praying mothers are responsible for the success of many individuals.

Speaking at the Woman Redefined Conference 2025 in Accra, Heward-Mills addressed the challenges women face due to social media’s portrayal of idealized lifestyles.

She noted that such pressures can lead women to feel inadequate if they don’t conform to certain standards. However, she reminded attendees of their worth.

“Now with social media, there’s so much pressure, especially on women, to be this and that. You feel that you are not a slay queen, but you are a queen. You were a queen before you came.

“God has a purpose for your life. And that purpose doesn’t just fall from the scene. It must be birthed in the realm of the spirit,” she said.

She added that the previous generation is responsible for most of the successes many people have and thus, should be recognised.

“Many of us are successful because we had praying mothers. These women would rise every morning, lifting their voices to God, laying the spiritual groundwork for our lives even before we became aware of ourselves,” she stated.

Heward-Mills encouraged women to focus on their God-given purpose and to find strength in the spiritual heritage passed down to them.

The event, organized by the Women’s Rights Centre (WRC), was a dynamic gathering aimed at celebrating and empowering women, particularly within the creative arts and entrepreneurial sectors. Held under the theme “Women’s Empowerment through Creativity and Enterprise,” it brought together diverse participants including female creatives, businesswomen, and stakeholders.

Activities included panel discussions, exhibitions, performances, and networking sessions that highlighted the achievements of women while addressing challenges they face in business and the arts.

The event fostered collaboration, knowledge sharing, and inspiration, reaffirming WRC’s commitment to supporting women’s economic independence and creative expression.

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A law lecturer at the University of Ghana, Professor Kwadwo Appiagyei-Atua, has criticised the Minority in Parliament for what he described as an overly dramatic protest against the continued detention of Bernard Antwi Boasiako, popularly known as Chairman Wontumi, the Ashanti Regional Chairman of the New Patriotic Party (NPP).

The protest followed Wontumi’s arrest by the Economic and Organised Crime Office (EOCO) on Tuesday, May 27.

Chairman Wontumi was initially detained by the Criminal Investigations Department (CID) of the police before EOCO also held him over other allegations.

Although he was granted bail in the sum of GH¢50 million on Wednesday, May 28, with conditions including two verified sureties, his release has been delayed due to a pending High Court application seeking to review the bail terms. Despite meeting the bail conditions by May 30, the legal process has yet to conclude.

On Thursday, May 29, Minority MPs staged a walkout from Parliament. They later marched to the EOCO headquarters, where they staged a sit-down protest demanding Wontumi’s immediate release on self-recognisance bail, citing his public profile and low flight risk.

However, Professor Appiagyei-Atua, speaking on Channel One TV on Saturday, May 31, dismissed the protest as unnecessary and politically motivated.

“One would have expected that the NPP team would have followed the due process, and that is why I fault the steps they took—leaving Parliament to go and sit down on the floor at EOCO,” he said.

“I think it was needless, just to create some drama and attention, which in the end could have led to lawlessness. Indeed, some lawlessness occurred, considering that a journalist was assaulted. The whole thing was overdramatised,” he added.

He also expressed disappointment that some of the protesting MPs, many of who are lawyers, appeared to have ignored legal protocols in favour of public theatrics.

“Some of these MPs are lawyers, they know the rules, and I don’t know why this time they decided to choose this route, which creates the perception that they want to politicise the situation,” he remarked.

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Citi News can confirm the passing of Joseph Ade Coker, the former Greater Accra Regional Chairman of the National Democratic Congress (NDC).

Though the exact cause of death has not been publicly disclosed, sources indicate that he died after a short illness at the Bank Hospital on Saturday, May 31.

Ade Coker was well-known for his outspoken views on national and political issues and was highly regarded by the NDC grassroots.

He was first elected as Greater Accra Regional Chairman of the NDC in 2009 and went on to serve three consecutive terms. He lost his re-election bid in 2022 to the current regional chairman, Emmanuel Nii Ashie Moore.

Before his tenure in politics, Ade Coker also served as Vice Chairman of the Ghana Football Association, bringing his leadership to the world of sports as well.

His passing marks the loss of a prominent figure in both politics and football administration in Ghana.

President John Dramani Mahama on Friday, May 30, stated that rebuilding the nation requires national unity, determination, and discipline.

He said the task ahead remained herculean but added however that with discipline and commitment, the nation’s progressive and sustainable development could be achieved.

Addressing a durbar of chiefs and people of the Bono Region at the Sunyani Jubilee Park, as part of his “Thank You Tour” to the region, President Mahama said the 2025 budget outlined practicable measures and interventions to restore macroeconomic stability, support small businesses, and drive job creation.

He said: “The work ahead is immense, but with unity, determination, and discipline, we will rebuild our beloved country.

President gave assurance that the Bono Region would be well positioned and would play a central role in his “Resetting” agenda.

“Through job creation, infrastructure investment, agricultural transformation, and rural development, we shall reset our nation,” the President stated.

He called on Ghanaians to rise above partisanship and divisive tendencies, urging a collective effort toward building a better country for all.

President Mahama described his “Thank You Tour” as “more than a gesture of appreciation” saying it represented a renewed commitment and confidence between himself and the people.

“It is a reaffirmation of the trust you have placed in me, and of our shared determination to build a nation worthy of our children and future generations,” the President stated.

President Mahama said the “reset” of Ghana was rooted in restoring national dignity, expanding opportunities, and reviving a shared sense of purpose, saying, “I am happy to say that the programme of resetting Ghana has begun to take shape.”

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