Dr Mahamudu Bawumia is Ghana’s former Vice President

Former Vice President of Ghana, Dr Mahamudu Bawumia has cautioned that using tariffs to address trade deficits is a flawed approach, describing it as historically ineffective.

Speaking at the 2025 International Democracy Union Forum in Brussels, Dr Bawumia stressed that trade imbalances stem from deeper macroeconomic challenges and cannot be resolved through tariff measures.

“There are clearly trade imbalances across continents and countries, but what we know from economics is that you cannot fix a trade deficit with tariffs, it just doesn’t work. Tariffs cannot correct macroeconomic imbalances, and any attempt to do so is bound to fail, as history has shown,” he stated.

He further noted that ongoing trade wars, particularly between major economies such as the United States and China, are largely driven by mistrust.

“The biggest challenge in all these negotiations is mistrust,” he said, urging global leaders to prioritize building confidence and transparency in trade discussions.

Dr Bawumia’s remarks come at a time when global trade tensions have fueled a rise in protectionism, with several nations imposing tariffs to protect domestic industries.

The Brussels forum brought together leaders and policy experts from around the world to deliberate on critical global issues, including the evolving dynamics of international trade and ongoing trade wars.

Dr. @MBawumia Shares Recovery Strategy at Brussels Forum

Former Vice President Dr. Mahamudu Bawumia outlined ideas for restoring economic stability amid global trade uncertainty at the International Democracy Union Forum in Brussels.#ChannelOneNews pic.twitter.com/Wtmu8hW7jM

— ChannelOne TV (@Channel1TVGHA) May 17, 2025

SP/MA

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The Ghana Tertiary Education Commission (GTEC) has advised the President of the Ghana Union of Traders Associations (GUTA), Dr Joseph Obeng to furnish it with information on how he acquired the doctorate title with which he is referred to in public.

GTEC says if he fails to do so, they will be compelled to invoke their mandate.

“The Ghana Tertiary Education Commission has noted your continuous use of the title ‘doctor’, i.e., Dr. Joseph Obeng. The Commission would like to know the process, the time. and which institution awarded you the doctorate title,” part of a letter dated May 14 Dr Obeng and signed by the Deputy Director-General of GTEC, Prof Augustine Ocloo, reads.

“For clarity, the Commission expresses its deep concern regarding the increasing prevalence of honorary doctorates such as yours that are conferred upon individuals by various institutions, both in Ghana and abroad. The appropriation of these honorary titles, of any recipient, name is deemed unethical and contravenes several provisions of the Education Regulatory Bodies Act, 2020 (Act 1023), as well as other pertinent laws governing higher education in Ghana,” GTEC further noted.

“In light of this, the Commission requests that you exercise personal responsibility regarding this issue and refrain from using the honorary title ‘doctor’ – Dr – as part of your name. Please be informed that should the directive from the Commission be disregarded, the Commission reserves the right to invoke its regulatory functions to sanction you,” Prof Ocloo warned.

When contacted by 3news for his comment on the content of letter, Dr Joseph Obeng said, “I will respond appropriately.”

Ghana’s coastline stretches 550 kilometers, brimming with untapped economic potential. Yet, for decades, our marine economy has been narrowly focused on fishing – a sector now in crisis due to overexploitation and illegal fishing.

Meanwhile, coastal tourism, a global trillion-dollar industry, remains underdeveloped despite Ghana’s golden beaches, rich cultural heritage, and vibrant coastal communities.

As a former leader in heritage preservation and tourism enthusiast, I argue that Ghana must pivot decisively toward coastal tourism while strategically reforming fisheries to ensure long-term sustainability. The numbers don’t lie: tourism offers higher revenue, more jobs, and greater resilience. The question is whether our policymakers will act – or let another economic opportunity slip away.

The Global Landscape: Fishing vs. Coastal Tourism

1. Economic Value
   Fishing Industry: A Declining Lifeline

• Global Market: Approximately $253 billion (2023), with aquaculture growing but wild fisheries shrinking.
• Ghana’s Share: Once a regional leader, Ghana’s fisheries now contribute about $1.5 billion annually, down from $2 billion a decade ago due to overfishing and illegal trawling.
• Key Problem: Foreign vessels (particularly Chinese trawlers) engage in Illegal, Unreported, and Unregulated (IUU) fishing, costing Ghana $200 million yearly in lost revenue.

Coastal Tourism: The Sleeping Giant

• Global Market: Approximately $4.7 trillion before COVID-19, rebounding strongly.
• Ghana’s Share: A mere $3 billion in total (2023), despite having better beaches which account for little.
• Untapped Potential: Our coastline could generate $10 billion+ annually with proper investment in resorts, cruise tourism, and cultural attractions.

Verdict: Tourism is 1,800% larger globally than fishing – why is Ghana still betting on a dying industry?

2. Employment: Quality vs. Quantity
   Fishing: A Sector in Distress

• Jobs: About 2.5 million Ghanaians depend on fisheries, but stocks are collapsing.
• Challenges: Most jobs are informal, low-paying, and dangerous (e.g., hazardous sea conditions, child labor in processing).
• Future Outlook: Without drastic reforms, half of these jobs could disappear in 10 years.

Tourism: A Job Multiplier

• Jobs: Already about 700,000 Ghanaians work in hospitality, but coastal tourism could triple this number.
• Diverse Opportunities: Hotels, tour guides, artisans, transport, and entertainment – all higher-skilled and better-paying than fishing.
• Case Study: Dakar’s beaches attract 10x more tourists than Accra’s, creating several formal jobs.

Verdict: Tourism creates more, better, and sustainable jobs – exactly what Ghana’s youth need.

Sustainability: Which Industry Has a Future?

Fishing: On the Brink of Collapse

• Overfishing: 33% of global fish stocks are overexploited; Ghana’s small pelagic stocks (sardines, mackerel) have declined by 80% since 1990.
• Climate Change: Rising sea temperatures disrupt fish breeding, worsening shortages.
• Solution? Shift to aquaculture (fish farming), but Ghana invests less than $50 million/year – far below Nigeria ($300m) and Egypt ($1bn).

Tourism: A Renewable Resource

• Beaches Don’t Deplete: Unlike fish, Ghana’s coastline is a permanent asset – if maintained.
• Eco-Tourism Boom: Global travelers increasingly seek green, cultural, and community-based tourism – Ghana’s forts, festivals, and fishing villages are perfect for this.
• Threats: Poor sanitation (e.g., plastic pollution) and weak infrastructure (e.g., no 5-star beach resorts).
• Tourism is a 24 hour operation which aligns perfectly with the agenda of the current government.

Verdict: Fishing is fighting for survival; tourism is waiting for investment.

A Blueprint for Ghana’s Marine Economy

1. Immediate Tourism Investments

• Public-Private Resorts: Lease beachfront lands to international hotel chains (e.g., Radisson, Marriott) with local employment quotas.
• Cruise Tourism: Develop Takoradi and Tema ports as cruise destinations (like Senegal’s Dakar).
• Festival Economy: Expand Kundum, Hogbetsotso, and Panafest into major tourist draws.

1. Fisheries Reform: A Managed Transition

• Ban IUU Fishing: Deploy naval patrols and satellite surveillance (as Seychelles does).
• Aquaculture Zones: Designate Volta and Central Regions for fish and shrimp farming.
• Alternative Livelihoods: Train fishers in boat tourism, seafood restaurants, and handicrafts.

1. Avoid Past Mistakes

• No More Zoomlion-Style Monopolies: Contracts must be competitive, transparent, and performance-based.
• Community Involvement: Coastal towns must own and benefit from tourism projects – not just be spectators.

Conclusion:
We stand at a crossroads: continue clinging to a dying fishing industry or embrace tourism as the future of our marine economy. The data is clear – tourism wins on jobs, revenue, and sustainability.

By Kwame Sowu, Former Board Chairman, Ghana Museums and Monuments Board

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Bernard Mensah is the President of International for Bank of America

The President of the United States, Donald Trump, recently wrapped up a working visit to the Middle East and Asia where he has been signing landmark deals, including trade agreements with several Asian countries such as Saudi Arabia and Qatar.

Among the U.S. president’s delegation is a Ghanaian man, Bernard Mensah, who was captured on camera in a discussion with President Trump and the Crown Prince of Saudi Arabia, Mohammed bin Salman.

Bernard Mensah’s older brother, Herbert Mensah, President and Board Chairman of the Ghana Rugby Association and former Board Chairman of Asante Kotoko FC, shared a screen recording of the moment on Facebook.

Herbert Mensah captioned the video saying: “Bernard Mensah. Immensely proud of my younger brother. Proof of Ghanaian/African greatness and potential around the world!”

But who is Bernard Mensah?

Bernard Mensah is the President of International for Bank of America and a member of the bank’s Executive Management Team. He also serves as Chief Executive Officer of Merrill Lynch International, the largest international subsidiary of Bank of America.

The distinguished banker is a board member of the Kofi Annan Foundation and co-chairs the Africa Advisory Board of The King’s Trust International.

Mensah holds a BA in Social Sciences from the Joint School of Philosophy and Economics at the University of Bristol and is a chartered accountant by profession.

Before his appointment as President of International at Bank of America in 2020, he jointly led the bank’s Global Fixed Income, Currencies, and Commodities (FICC) Trading business worldwide. He also served as President for the UK and CEEMEA (Central and Eastern Europe, the Middle East, and Africa) at the bank.

Prior to joining Bank of America, Bernard Mensah was a senior executive at Goldman Sachs in London.

Below is a profile of him as detailed by the Bank of America:

Bernard Mensah is President of International for Bank of America and is a member of Bank of America’s Executive Management Team. He is also the Chief Executive Officer of Merrill Lynch International, Bank of America’s largest international subsidiary.

Based in London, Bernard is responsible for the development and execution of Bank of America’s strategy and extensive business activities internationally. These span corporate, commercial and investment banking, sales and trading, research and treasury services and associated support and control functions. He is also responsible for ensuring the effective delivery of the broad Bank of America franchise to its corporate and institutional clients internationally. Prior to assuming his current position in 2020, he jointly led the bank’s fixed income, currencies and commodities trading business globally.

He joined the firm in 2010 from Goldman Sachs in London, where he was a Partner and global head of Bank Loan and Distressed Trading, and prior to that ran the bank’s Asia Credit and Convertibles business, based in Hong Kong and Tokyo.

Bernard co-chairs the Africa Advisory Board of The King’s Trust International and is a member of the board of the Kofi Annan Foundation, a not-for-profit organisation that promotes better global governance to achieve a fairer, more peaceful world.

He is a member of the Stanford University Parents and Family Advisory Board, and previously served as Co-Chair.

BAI/MA

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Director of Communications for the opposition New Patriotic Party (NPP), Richard Ahiagbah has attributed the recent financial losses of the Electricity Company of Ghana (ECG) to what he describes as “egregious” inefficiencies and unfavorable power purchase agreements (PPAs) signed by the previous National Democratic Congress (NDC) government.

Speaking on JoyNews’ Newsfile, Ahiagbah criticised the NDC for entering into agreements that obligated the state to provide fuel to Independent Power Producers (IPPs) without cost recovery mechanisms, a decision he labeled as “sinful” and economically damaging.

Mr Ahiagbah expressed bewilderment over the terms of the PPAs, stating, “I have not come to settle in my mind why we signed power purchase agreements where we agree to provide fuel for IPPs without recovering the cost. They just bill us, and we pay.”

He referenced World Bank critiques, which reportedly described such contracts as “expensive and wrong.”

The NPP communicator argued that these agreements have contributed significantly to ECG’s financial struggles, alongside operational inefficiencies within the power distributor.

“There are leakages in the system, and ECG must ensure consumers pay for the power they use,” he added.

When questioned why the NPP government, during its eight years in power, did not renegotiate or terminate these contracts, Ahiagbah defended his party’s record, suggesting that solving inherited problems is complex.

“You can be pardoned if you inherit a bad problem and couldn’t solve it. The person who created it should be held accountable,” he stated.

In 2021, the ECG suffered a GH¢10.21 billion loss in 2022, worse than the GH¢1.91 billion.

However, he called for a holistic review of Ghana’s power sector agreements, urging stakeholders to engage in constructive dialogue to address the financial burden on the state.

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A private legal practitioner, Martin Kpebu, has called on Minister of Trade, Agribusiness and Industry to work with the leadership of the Ghana Union of Traders Associations (GUTA) to ensure that its members reduce the prices of goods earlier than the sixty days period they have promised.

Mr Kpebu contends that the traders are fleecing consumers by not reducing the current prices of their wares.

His comment comes after the recent appreciation of the value of the cedi against the dollar, which is currently about GHC14 to $1.

This has resulted in calls for traders to reduce the prices of their wares.

GUTA’s leadership responded by saying that they would require some time to exhaust all their old stock before prices can be reduced.

But speaking on TV3’s KeyPoints on May 17, Mr Kpebu said the Oil Marketing Companies have reduced the prices of fuel at the pumps so the traders should follow suit

“GUTA, let’s come down. The prices stay where they are, and the fleecing of the consumer continues because government is not tough on traders. Citizens too are not that empowered and enlightened to act to get traders to do the needful,” he said.

He therefore urged the Minister of Trade and Industry, Mrs Elizabeth Ofosu-Adjare to intervene.

“The point is that, sometimes government too can push. I heard the Trade Minister, she was being diplomatic. She said government has no control over the traders. That’s true- Free market economy. But it gets to a point where the traders are fleecing us too much. We should do something to reign them in,” he suggested

It is recalled that on May 14, the Ministry of Trade, Agribusiness and Industry and various trade associations reached an agreement to significantly reduce the prices of finished goods over the next two months, provided the Ghana Cedi maintains its favorable performance against the US dollar and other major international currencies.

Cedi selling GH¢12.32 against the US dollar as of May 17, 2025

Ghana’s local currency, the cedi, has appreciated on the interbank market against major trading currencies, particularly the US dollar, according to rates from some forex bureaus.

In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢12.31 and a selling price of GH¢12.32 to the dollar.

The British pound is being bought at GH¢16.32 and sold at GH¢16.33, while the euro is trading at a buying price of GH¢13.71 and a selling price of GH¢13.72.

Checks by GhanaWeb Business on May 17, 2025, at 9:00 AM indicate that the cedi is trading at GH¢13.65, while the pound is selling at GH¢18.00 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢15.50 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

SP/MA

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Hopeson Adorye is a former NPP stalwart

A former NPP stalwart, Hopeson Adorye, has expressed strong support for efforts to eliminate the black market in foreign exchange trading, stating that such a move would be warmly welcomed by the business community.

He alleged that some illegal operators in the market have direct links to officials at the Bank of Ghana, which enables them to manipulate the system for their own benefit.

Speaking on Adehye Nsroma on UTV, as monitored by GhanaWeb Business, Adorye emphasised the negative impact of black market forex operations on the formal economy, including distortions in exchange rates and increased inflationary pressure.

He noted that legitimate businesses often suffer due to the unregulated nature of the market, which undermines confidence in the banking system and creates unfair competition.

“The Minister of Finance and the Bank of Ghana must flush out the black market, and I can tell you for a fact that the business community would be happy. These illegal operators determine the price at which they want to sell the dollar. The BoG sets the rate, but the abochi by the roadside has his own rates. This is what is going on,” he stated.

The issue of black market forex trading has gained renewed attention in recent months, as the Ghanaian cedi continues to experience volatility against major international currencies.

The business community will be happy if the government flushes out the black forex market. – Hopeson Adorye #UTVGhana pic.twitter.com/yE4FEeX9Xx

— UTV Ghana (@utvghana) May 15, 2025

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Ghana’s Minister for Communication, Digital Technology, and Innovations, Hon. Samuel Nartey George, has given satellite internet provider Starlink one month to meet the country’s regulatory requirements.

Why it matters

Starlink is currently operating in Ghana without a physical office or customer support system. The government says that must change—fast.

Details

The Minister outlined three key conditions for Starlink to continue operating in Ghana:

• Local office: Starlink must set up a physical presence to facilitate coordination and oversight.
• Customer support: A toll-free number and in-country support center must be established to address user complaints.
• Regulatory compliance: The company must register, obtain proper licenses, and meet tax obligations.

Zoom out

Starlink’s low-Earth orbit satellite technology has made it popular in rural and underserved areas, where traditional ISPs fall short.

What they’re saying

Sam George noted that while Ghana welcomes innovation, “compliance with the law is non-negotiable.” He added that once regulatory issues are resolved, the government is open to partnering with Starlink to boost rural connectivity.

Between the lines

This move signals Ghana’s push for greater oversight of tech firms operating in its digital space—especially those with growing influence but limited local accountability.

A special police team against illegal mining has intercepted and seized four excavators at Akani in the Western Region.

Two of the seized excavators were reportedly being escorted by armed men believed to be military personnel.

According to the Director of Special Operations at Police Headquarters, ACP Eric Asiedu, the operation was launched following credible intelligence indicating suspicious movement of heavy-duty mining equipment outside the Samreboï Township.

Led by ASP Mr. Adorye, the team of police officers proceeded to a location where they intercepted two low-bed trucks, each carrying an excavator.

The team had early on conducted a successful raid at a large illegal mining site identified as Akani, situated on the outskirts of Asankragua.

The operation resulted in the arrest of nine suspects and the seizure of mining equipment being used for illegal mining activities.

This operation forms part of the team’s sustained efforts to complement the vision of the Inspector-General of Police (IGP) in combating illegal mining and safeguarding Ghana’s natural resources.

Police have since secured all equipment involved.

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President John Dramani Mahama and Togo’s President, Faure Gnassingbé

President John Dramani Mahama has reaffirmed Ghana’s commitment to responsible debt management and inclusive economic growth, emphasising the country’s ongoing efforts to enhance fiscal stability and create a prosperous future for all Ghanaians.

Speaking at an African Union Conference on Debt in Lomé, Togo, President Mahama emphasised the importance of a united African front in addressing debt challenges and advocating for fair global financial solutions.

President Mahama stated, “Ghana, under my leadership, is committed to and already rolling out policies to rebuild its fiscal buffers, strengthen institutions, and promote inclusive growth.”

He acknowledged the potential impact of fiscal adjustments on social protection programs, underscoring his government’s commitment to a transformation agenda that prioritises long-term economic stability and intergenerational progress.

“In Ghana, we are prioritising value-added agriculture, renewable energy, and digital infrastructure, all sectors that yield multiplier effects in jobs, exports, and innovation,” President Mahama explained.

He outlined the key pillars of Ghana’s ‘Reset Agenda,’ designed to achieve sustainable and inclusive development: protecting investments in education, youth empowerment, and rural development; ensuring that all Ghanaians have the opportunity to participate in and benefit from the nation’s economic progress; enhancing debt transparency through the establishment of an independent fiscal council; promoting accountability and informed decision-making in public finance management; expanding the role of the Ghana Infrastructure Investment Fund to attract private capital; and facilitating strategic investments in critical infrastructure to drive economic growth and create jobs.

President Mahama commended the African Union Commission for organising the High-Level Conference.

He recognised the conference’s theme, “Africa’s Public Debt Management Agenda in Restoring and Safeguarding Debt Sustainability,” as a critical call to action.

“This is not just a technical theme; it is a call to confront one of the most defining challenges of our generation,” he stated.

Looking ahead to the 2025 G20 Summit, President Mahama urged African nations to forge a common position advocating for timely, fair, and transparent debt restructuring frameworks.

He emphasised the necessity of standardised debt transparency benchmarks across the African Union and fostering greater accountability and comparability in debt management practices.

President Mahama also called for the full operationalisation of the African Monetary Institute and the Pan African Payment and Settlement System (PAPSS), reducing reliance on foreign exchange, promoting regional trade, and strengthening financial integration across the continent.

Johnson Akuamoah Asiedu is the Auditor-General

The Office of the Auditor-General has recovered an amount of GH¢12.7 billion from disallowed expenditures recommended for retrieval between 2020 and 2023.

This was contained in a special audit report submitted to Parliament.

According to the report, the GH¢12.7 billion recovered during the period came from public boards (GH¢10.79 billion); ministries, departments, and agencies (GH¢1.86 billion); technical universities (GH¢35 million); internally generated funds (GH¢13.8 million); pre-university institutions (GH¢9.09 million); and the District Assemblies Common Fund (GH¢7 million).

The amount forms part of a total of GH¢38.99 billion flagged and recommended for recovery by the Auditor-General over the four-year period.

The findings were disclosed in a special audit report on recoveries, which consolidates progress made based on recommendations from the Auditor-General’s reports covering 2020 to 2023.

In addition to the recovered sums, the report highlights that the state saved GH¢86,865,701.07 through payroll certification exercises conducted between 2022 and 2024.

The special audit report was formally submitted to the Speaker of Parliament in February 2025, reinforcing the importance of enforcement actions and accountability mechanisms outlined in previous audit reports.

SP/MA

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John Jinpor has announced that Karpowership has suspended decision to withdraw operations

Minister for Energy and Green Transition, Dr John Abdulai Jinapor, has announced that independent power producer Karpowership has rescinded its decision to halt operations on May 18, 2025.

According to the minister, successful negotiations were held with officials of Karpowership, resulting in an agreement on a roadmap to settle the $400 million debt owed to the company.

He emphasised that the debt, inherited from the previous New Patriotic Party (NPP) administration, has presented significant challenges to the current government’s operations in the energy sector.

Speaking in an interview on TV3’s News360, Jinapor assured the public not to worry about a potential power crisis, stating that Karpowership had agreed to suspend its planned shutdown.

“If you take Karpower, for instance, we have had very good meetings with them, and I can tell you the good news is that they have withdrawn the May 18 deadline. That’s very positive news, and that’s what we do here – we find solutions.

“We have agreed on a roadmap with Karpower, and the letter has been withdrawn. We inherited that problem, a legacy debt of $400 million,” he said.

Earlier, on May 14, 2025, Jinapor had disclosed during a stakeholder meeting in the energy sector that Karpowership, which supplies 450MW of power to the national grid, had notified the ministry of its intention to suspend operations due to non-payment.

Ghana’s energy sector is currently grappling with excess debt of $3.1 billion, including $1.7 billion owed to Independent Power Producers (IPPs) and GH¢2 billion in monthly under-recoveries by the Electricity Company of Ghana (ECG).

SB/MA

This Saturday on Newsfile, host Samson Lardy Anyenini and his panel will unpack Ghana’s looming power crisis, following Energy Minister John Jinapor’s alarming revelation that the country has less than three days’ worth of liquid fuel for power generation. With billions owed to IPPs and Karpower threatening a shutdown, is Ghana on the brink of a nationwide blackout?

The discussion also turns to the cedi’s recent appreciation and growing calls for traders to reduce prices, as well as the controversy surrounding Ghana Gold Board’s acting CEO, Sammy Gyamfi, after his cash gift to Evangelist Agradaa sparked public backlash.

Are these signs of meaningful progress or reactive measures to mounting pressure? Join us for a deep dive into these pressing national issues.

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.