The Chief of Staff, Julius Debrah, has lauded Ghanaian entrepreneurs for their resilience and critical role in driving national development.

His remarks were delivered on his behalf by Mr Alvis Afriyie Ankrah during the 15th Anniversary Awards and Dinner Gala of the Ghana Entrepreneurs Foundation on Friday, 1st August 2025.

Addressing the business leaders and innovators as the guest of honour, Mr Debrah praised the country’s entrepreneurial class for their fortitude amid economic headwinds, including high inflation, currency depreciation, global supply chain disruptions, and domestic policy challenges.

“It is entrepreneurs like those gathered here who keep our economy moving, who provide jobs, who invest in innovation, who pay taxes, and who represent Ghana on the global business stage. The Ghanaian entrepreneur has weathered storms—from high inflation and currency depreciation to global supply chain disruptions and domestic policy constraints. And yet, you endured. You improvised. You created. And you prevailed.”

On behalf of President John Dramani Mahama and the Government of Ghana, the Chief of Staff extended heartfelt congratulations to the award recipients, describing the celebration as a testament to the enduring spirit of Ghanaian enterprise.

“On behalf of the President and Government of Ghana, I salute your indomitable spirit. This celebration is not merely ceremonial—it is deeply symbolic. It tells every young Ghanaian that entrepreneurship is not just an option, it is a powerful tool for national transformation.”

He highlighted the significance of the Legacy Lifetime Achievement Awards and the Top 25 Most Influential Entrepreneurs of All Time, stating that they reflect success not measured by momentary gain, but by long-term impact, the transformation of entire industries, and legacies that transcend individuals.

The Chief of Staff concluded with a reflection on the broader trajectory of Ghana’s development, reiterating the government’s commitment to creating an enabling environment for enterprise under the presidency of President John Dramani Mahama.

“This occasion also gives me the opportunity to reflect on how far we have come as a nation and where we’re headed under the visionary leadership of President John Dramani Mahama.”

Read also: Ghana Entrepreneurs Foundation honours distinguished business leaders at 15th anniversary gala

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.

play videoThe Gold-for-Oil programme was launched in 2023 by the Akufo-Addo government

Member of Parliament for Cape Coast South, Kweku Ricketts-Hagan, has questioned the rationale behind the Gold-for-Oil programme initiated by the Akufo-Addo government.

Describing the programme as an “unthinkable policy,” he criticised the approach of barter trading Ghana’s gold for oil in today’s global economic system.

He argued that the policy defies modern economic logic, noting that both gold and oil are commodities traded openly on international markets with standardized pricing.

Speaking on the floor of Parliament, the Cape Coast MP said; “The oil for gold, or gold for oil, whatever you call it, that you were doing, which turned out to be one of the unbelievable, unthinkable policies that can ever be implemented in this modern age. We have a world market for gold. We have a world market for oil and you are sitting in some little corner, you are doing a barter trade of oil and gold. How? And you said it’s an economic policy.”

“Gold has a world market price. If anybody wants to buy gold, they go to the market. Oil has a market price. If anybody wants to buy oil, they go to the market. Why would you call somebody in Dubai and do a barter trade in this day and age? I mean, did you set up your own price in that barter trade?” he quizzed.

Ricketts-Hagan further asked that; “Did you have a different price for gold and a different price for oil than what is being given in the world market? What was in for you? And what was in for the other person? Nobody in their right senses will sell oil to you at a price lower than the market and then you may want to sell gold to other people below the world market. It is not surprising.”

According to him, the programme resulted in a staggering loss of $2.4 billion, citing a lack of transparency in pricing, supplier identity, and transaction structure.

“We don’t know who was supplying the oil. We don’t know the price. The government itself didn’t know,” he said.

The Gold-for-Oil policy was a strategic programme launched by the Akufo-Addo government in 2023.

It aimed to utilise the Bank of Ghana’s Domestic Gold Purchase (DGP) programme to support the importation of petroleum products into the country.

The initiative was designed to free up foreign exchange resources and reduce pressure on the central bank’s foreign reserves and the banking sector.

It also sought to procure petroleum products at competitive prices through government-to-government arrangements.

The BoG purchases all gold produced and exported by companies with licensed small-scale concessions, including community mines.

This gold is then used to pay for oil supplies to Ghana, either through barter trade or via a broker channel.

However, the programme’s execution quickly drew scrutiny.

According to the Bank of Ghana, the country recorded some loses of GH¢2.14 billion from the programme, GH¢320 million in 2023 and GH¢1.82 billion in 2024.

The central bank attributed it to exchange rate differentials and petroleum stockpiling.

SA/EB

How Virtual Reality is enhancing business and customer experience

Aug 2 (BBC/GNA) – US President Donald Trump says he has ordered two nuclear submarines to “be positioned in the appropriate regions” in response to “highly provocative” comments by former Russian President Dmitry Medvedev.

Trump said he acted “just in case these foolish and inflammatory statements are more than just that. Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances”.

He did not say where the two submarines were being deployed, in keeping with US military protocol.

Medvedev has recently threatened the US in response to Trump’s ultimatums to Moscow to agree to a ceasefire in Ukraine or face tough sanctions.

Russia and the US possess the most nuclear arms in the world, and both countries have a fleet of nuclear submarines.

GNA/Credit: BBC

Security Analyst Prof. Kwesi Aning has expressed concern over the timing and possible political undertones of recent operations by Ghana’s security agencies, particularly the demolition of the McDan warehouse and the invitation of NPP Ashanti Regional Chairman, Bernard Antwi-Boasiako, also known as Chairman Wontumi.

Speaking on Channel One TV’s The Big Issue on Saturday, August 2, Prof. Aning urged the public and policymakers to critically examine how and when security agencies act on intelligence and implement national decisions.

Citing the demolition of the McDan warehouse on Spintex Road on July 30, 2025, he questioned the timing and legal justification of the exercise.

“When do statutory security agencies get access to critical information upon which they act, and how should those operations be undertaken? One example is the demolition of this particular structure. When did it become law that that structure ought to be demolished? Has the fact just come out, or has the fact always been there but was politicised?” he asked.

Prof. Aning also referenced the recent invitation of Chairman Wontumi by National Security, linking both events to broader governance concerns.

“The second is the invitation of Chairman Wontumi. When did it become clear that some of the activities by his company had flouted national rules? I am raising these two examples to broaden the conversation about timing performance and political control,” he explained.

He argued that these developments reflect deeper issues surrounding decision-making at the highest levels of national security and warned that selective enforcement risks eroding public trust.

“When did National Security, or the council, decide that there was a need for a National Security Council-approved operation to demolish a structure? Have the facts always been known to other statutory institutions that ought to have given the permit, or ought not to have given the permit for that structure to be there?”

Prof. Aning concluded by calling for a national dialogue on institutional capacity and transparency, stressing that effective governance requires consistent application of the law and the confidence of the citizenry.

“So while we talk about the excerpts, we also need to broaden the conversation because this is about institutional capacity and more importantly, the trust that citizens have in the statutory institutions,” he stated.

Osae-Kwapong: Condemnations not enough, sanction Journalist attackers

The Member of Parliament for Ejisu, Kwabena Boateng, has also condemned the recent assault on a JoyNews journalist and his interviewee by a military officer, describing it as an attack on one of the pillars of democratic governance.

Speaking on JoyNews’ Newsfile programme, Mr Boateng underscored the constitutional role of the media as the fourth estate of the realm, arguing that any assault on a journalist should be treated with the same gravity as an attack on any other arm of government.

“This democracy that we are practicing, without the media, I don’t know what we are doing with democracy, if we sit in parliament and pass all the laws, the oversight, the Executive also does all that they have to do, and there is no what we have described as the fourth estate of the realm to take it out there to break it down for the consumption of the general public, then our democracy hasn’t come to where we expect it to be.”

“So an assault on a journalist is like an assault on any arm of government, which shouldn’t be taken lightly,” he stressed.

The MP warned that if the country allows such assaults to go unchecked, it undermines democratic credentials both locally and on the global stage.

“Anybody observing internationally and sees that journalists have been beaten in a jurisdiction, obviously, what it means is that you are not serious about your democracy,” he said.

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.

Ghana, Tanzania, and Uganda face heightened vulnerability to foreign exchange reserve instability if gold prices decline sharply, according to a new Fitch Solutions’ BMI analysis.

These countries rely heavily on bullion for export revenue 45%, 42%, and 35% respectively leaving their currencies exposed to commodity market fluctuations.

BMI Senior Analyst Orson Gard warned a gold slump could deflate reserve values, reduce foreign currency inflows, and strain non-gold reserves, particularly affecting external solvency.

The risk compounds existing liquidity challenges, as African central banks may struggle to convert gold into liquid assets like foreign exchange during crises.

While BMI maintains a 2025 base gold price forecast of $3,100 per ounce, Senior Commodities Analyst Olga Savina noted the metal’s recent rally has likely peaked despite prices surging 26% this year to $3,298.54. Central bank purchases, driven by efforts to diversify from U.S. assets amid global trade tensions, contributed to the rise.

The World Gold Council confirms continued central bank buying plans over the next year, involving Burkina Faso, South Africa, Nigeria, Rwanda, and Kenya. Gard emphasized that gold-dependent economies require strategic buffers to mitigate price shocks, noting: “Reliance on export receipts for solvency intensifies these risks.”

Fishermen pulling back their net after making a catch

The Deputy Director-General of Operations at the Ghana Meteorological Agency (GMet), Dr Ignatius Kweku Williams, has appealed to all stakeholders within Ghana’s fishing and maritime sectors to take marine weather warnings seriously and collaborate closely with GMet to enhance safety at sea.

Speaking at the opening of a marine forecasting stakeholder engagement held at the University of Cape Coast, Dr Williams emphasized that the effectiveness of marine forecasts hinges not only on GMet’s delivery but also on the readiness of end users, especially fishers and boat operators to act on the information provided.

The Cape Coast workshop was part of GMet’s ongoing Marine Weather Forecasting engagement, aimed at deepening understanding of how marine weather information is received, interpreted, and applied in Ghana’s coastal communities.

Following a similar engagement held earlier in Keta, the Cape Coast session brought together stakeholders and representatives from Elmina, Winneba, Anomabo, Moree, and Cape Coast.

As in previous workshops, participants were presented with detailed case studies of real-life marine accidents — such as the Atikagome disaster on Volta Lake, vessel sinkings in Ada, and the Azizanya–Azizakpe capsize – to provoke reflection on the consequences of ignoring weather forecasts.

Representatives from the National Disaster Management Organization (NADMO), the Fisheries Commission, the Africa Centre of Excellence in Coastal Resilience (ACECoR), Canoe and Fishing Gear Owners Association of Ghana (CaFGOAG), the UCC Physics Department, and members of the media actively engaged in open dialogue and breakout sessions.

Key discussions focused on reasons why some marine warnings are disregarded, strategies for improving forecast communication, ensuring that fishers, boat operators, and vulnerable communities have a voice in the forecasting process.

The Cape Coast engagement reinforced the call for stronger collaboration between national institutions and local communities in marine risk communication.

GMet’s coastal outreach continues with the aim of delivering marine forecasts that are not only scientifically sound but also inclusive, trusted, and actionable.

Two SHS students have lost their lives to fatal stabbing under 12 months

In just under 12 months, two senior high school students in Accra have lost their lives to fatal stabbing, raising concerns about safety lapses in students’ safety as well as supervision.

The first tragedy occurred on September 2, 2024, at the O’Reilly Senior High School.

Edward Borketey Sackey, a final-year student, was allegedly fatally stabbed by his classmate, Godwin, following a heated argument over whose father was wealthier.

The incident unfolded shortly after students had completed an examination

Edward was stabbed three times in the chest and died at LEKMA Hospital despite efforts to save him.

The Ghana Education Service (GES) immediately launched an investigation, and the suspect was arrested and placed in police custody.

The incident stirred debate over moral discipline and the growing intensity of interpersonal conflicts among students.

The second incident occurred on July 31, 2025. Addib Alhassan, a 15-year-old first-year student, was stabbed during a classroom altercation.

He was rushed to the Adabraka Polyclinic and later transferred to Ridge Hospital, where he was pronounced dead.

The news triggered immediate unrest on campus.

Angry youth stormed the school grounds, demanding justice and accountability.

The Member of Parliament for the Klottey Korle, Dr Zanetor Agyeman Rawlings, visited the school and condemned the violence.

She urged a comprehensive review of safety and disciplinary structures within schools.

Though occurring in different settings, both cases share distressing similarities of young students fatally harmed during school hours by peers, driven by impulsive disputes.

In each case, school authorities and the police were forced to respond swiftly, but only after irreversible loss.

These two-timed tragedies expose the fragility of discipline and safety in many of the senior high schools across the country.

They also raise concerns over the psychological and emotional well-being of students in an era of growing school enrollment, peer pressure, and the limitations of overburdened guidance systems.

JKB/EB

Meet the ‘queen’ of décor, making strides since Rawlings’ era

Featured

Jemima Okang Addae

Aug – 02 – 2025 , 10:26

2 minutes read

Founder of defunct uniBank, Dr Kwabena Duffuor

Private legal practitioner, Kwame Boafo Akufo, has described the collapse of uniBank as a process marred by legal inconsistencies and what he termed a “remarkably painful error,” raising fresh concerns about the legitimacy of the 2018 banking sector clean-up exercise.

His comments follow the Attorney-General’s decision on July 22,2025, to file a nolle prosequi in the criminal case involving former Minister of Finance, Dr Kwabena Duffuor and seven others.

The accused had been standing trial for alleged offenses including theft and money laundering in connection with uniBank’s insolvency.

Speaking in an interview on Morning Starr with Naa Dedei Tettey on Thursday, July 31, Akufo stated that no forensic audit had been conducted to verify the financial claims that led to uniBank’s collapse.

“So far as I’m concerned, the records do not disclose that a forensic audit was done. In fact, KPMG issued the report and said that the figures they relied on were not validated. That’s why the basis of the exercise itself was fraught with a remarkably painful error,” Akufo explained.

He further argued that the entire process was not aligned with proper legal standards.

“These matters that took place were not in alignment with the law,” he emphasized.

While refraining from speculating on individual motives behind the collapse, Akufo maintained that the absence of proper auditing and reliance on unverified figures rendered the Bank of Ghana’s actions questionable.

“The decision to revoke uniBank’s license was based on figures that were not only unaudited but, by KPMG’s own admission, not validated. That alone shows the exercise was deeply flawed,” he added.

The case, The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), formed part of the broader financial sector clean-up that led to the closure of several indigenous banks.

However, Deputy Attorney-General Dr Justice Srem-Sai indicated that the state was discontinuing the case due to “significant recoveries” of public funds—reportedly covering at least 60% of the alleged losses.

Meanwhile, the Minority in Parliament has strongly criticized the Attorney-General’s decision to drop the case, labeling it a betrayal of public trust.

They have demanded a full explanation and are considering legal action, arguing that the discontinuation undermines accountability and sets a troubling precedent.

By Kodjo Adams  

Accra, Aug. 1, GNA – The National Folklore Board (NFB) has reintroduced the “By the Fire Side” storytelling series to preserve Ghana’s cultural heritage and promote oral traditions. 

The monthly series, launched at the NFB office in Cantonments, Accra, will be held on the second Friday of every month and feature stories from Ghana’s diverse regions, told in local languages to reflect the country’s cultural and linguistic richness. 

In a speech read on behalf, Madam Dzifa Ablah Gomashie, Minister for Tourism, Culture and Creative Arts, described storytelling as a “living library” and a vital tool for education and moral instruction. 

 “We cannot allow a very important intangible cultural heritage to go down, as it serves in safeguarding our society’s identity, fostering social cohesion, and promoting economic growth,” she said. 

The Minister said the initiative would help children learn firsthand cultural practices that support socialisation.  

“From Ananse stories in the South to epic histories from the Savannah, from Ewe, Dagbani and Ga oral traditions to the symbolism of Kente and Adinkra, showcasing the depth and breadth of Ghanaian creativity,” she added. 

Madam Gomashie said the programme formed part of the government’s “Black Star Experience,” initiated by President John Mahama to boost cultural tourism. 

Mrs Bernice Ann Deh-Kumah, Executive Director of the NFB, said the Board was established to preserve Ghana’s intangible cultural heritage. 

She explained that the Copyright Act, 2005 (Act 690), mandates the Board to protect expressions of folklore and ensure proper documentation, use, and promotion. 

“Since our establishment, we have organised various activities to disseminate information on folklore and assisted in the administration and monitoring of its use,” she said.  

These include World Folklore Day celebrations, Folklore Fun Day events, and the formation of folklore clubs in basic schools. 

She called on parents and the public to embrace the initiative, which aims to reconnect the younger generation with Ghana’s storytelling traditions. 

GNA 

Edited by Kenneth Sackey 

Ghana has officially commenced the 2025 Ghana Digital Innovation Week (GDIW) under the theme “Catalysing Change: Innovation and Digital Transformation at the Centre of Ghana’s Development Agenda,” reinforcing its commitment to positioning digital advancement as a core pillar of national progress.

The Accra launch event united government officials, private sector leaders, civil society representatives, and startup innovators, demonstrating broad consensus on leveraging technology for job creation, inclusive growth, and economic resilience.

Speaking for the Minister for Communications, Digital Technology and Innovation, government representatives emphasized concrete infrastructure and policy initiatives to unlock Ghana’s digital potential. Officials highlighted ongoing efforts to expand broadband access, roll out digital identification systems, and establish e-government frameworks, while stressing that young innovators and local startups remain the true engines of transformative change.

Now in its fifth year, GDIW has evolved beyond a conference into an actionable national platform connecting policymakers with solution creators, translating ideas into investments and strategies into scalable implementations across critical sectors including agriculture, education, climate resilience, and public health.

GDIW Consortium Chair Yaw Adu-Gyamfi issued a compelling call for implementation beyond symbolism, stating the event represents “a call to embed innovation into the everyday lives of Ghanaians.” He urged a shift from isolated pilots to integrated platforms and from short-term hacks to sustainable, high-impact solutions that deliver tangible employment opportunities and economic value.

The Consortium – comprising Ghana Hubs Network, Impact Investing Ghana, and the National Entrepreneurship and Innovation Programme – reaffirmed its mission to build a digitally inclusive economy through investment readiness programs, policy advocacy, and nationwide innovation showcases.

Amid rising youth unemployment and pressing economic diversification needs, stakeholders advocated for institutionalizing GDIW to ensure long-term alignment with national priorities like Ghana Vision 2030 and the Digital Economy Policy.

The launch initiates a series of regional exhibitions and dialogues culminating in the main Accra event from November 12-14, framing the week as a critical catalyst for Ghana’s transition from a consuming to a creating economy through sustained digital transformation.

Featured

Jemima Okang Addae

Aug – 02 – 2025 , 10:05

1 minute read