Former Minister of Finance, Ken Ofori-Atta

The then Minority Leader in Parliament, Cassiel Ato Forson, questioned the absence of BoG Governor, Dr. Ernest Addison, and Vice President, Dr. Mahamudu Bawumia, during the budget reading in November 2024.

He asked, “This is the scorecard of this government, this is the legacy of this government, so I am not surprised that today you are here reading the budget alone. Where is the Governor of the Bank of Ghana? Nowhere. Where is the Vice President? Nowhere.”

Read the full story originally published on November 16, 2023 by www.ghanaweb.com.

Minority Leader, Cassiel Ato Forson, demanded the whereabouts of two top managers of the economy during in his comments after the 2024 budget was presented before Parliament by finance minister, Ken Ofori-Atta on November 15.

He asked the minister how come the governor of the Bank of Ghana (BoG) and the Vice President were absent from the session.

Ato Forson had serially critiqued the budget as an insensitive and out of touch document even though the minister labeled it ‘nkunim’ (victory) budget.

“This is the scorecard of this government, this is the legacy of this government, so I am not surprised that today you are here reading the budget alone, where is the governor of the Bank of Ghana, now where. Where is the Vice President, no where.”

“But let me say, they cannot abandon you, you did this with them and so, they are the faces of destruction and you are part of it. Bye bye NPP, bye bye Mr. Minister, this is your scorecard,” he stated to loud cheers and applause from the minority side of the House.

The BoG governor, Dr Ernest Addison has been criticized by the opposition and experts for the slump in the Ghanaian economy.

He is said to have allowed government breach existing regulations especially relative to borrowing.

The Vice President on the other hand, being the head of government’s Economic Management Team, has been directly accused as having superintended over the worse economic performance in the country’s history.

Ofori-Atta in his presentation expressed optimism about the prospects of the 2024 budget which according to him, being the last budget to mark the end of the tenure of the the Nana Addo Dankwa Akufo-Addo-led government, is tailored with inputs from the various stakeholders that matter.

He noted that the budget is set to advance the country on the path of fiscal consolidation and growth that began a year ago.

Ofori-Atta also said the budget sets out a new debt sustainability path after the “excruciating” debt distress that saddled the country since last year.

“And I am confident that this “Nkunim” budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people. For with national dedication, the Lord will continue to give us treasures of dark places and hidden riches in secret places.

“Mr. Speaker, I present to you the “NKUNIM” Budget. A people with a manifest

destiny for greatness. We are resilient and we shall prevail, because the Battle

is still the Lords,” he said in parliament.

The presentation of the 2024 budget is per Article 179 of the 1992 Constitution of the Republic of Ghana and Section 21(3) of the PFM Act 2016 (of ACT 921) which requires the minister to provide the fiscal policy of the year contained in the Budget Statement and Economic Policy of the government.

This year’s budget will be the first after Ghana signed on to the US$3 billion loan facility for economic recovery after being saddled with high debt issues. This year’s budget is also the President’s last budget in power. It is expected to address the country’s high inflation rates and unstable exchange rates among other economic issues.

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The Minister of Health, Kwabena Mintah Akandoh, has assured the public of his ministry’s preparedness to curb the spread of meningitis, particularly in the Upper East region.

According to him, the ministry has recorded 94 suspected cases, with 20 confirmed infections so far.

“We have so far recorded about 94 suspected cases, but 20 out of the number have been confirmed,” he stated.

Providing an update on February 12, 2025, regarding the meningitis situation in the Upper West region, Akandoh reported that no deaths had been recorded in the past week, expressing confidence in the preparedness of healthcare professionals.

He emphasised that health facilities in affected areas have been supplied with essential medical resources, including antibiotics and vaccines, to ensure swift treatment for infected persons.

The minister also urged the public to remain vigilant and report early symptoms—such as severe headaches, fever, and neck stiffness—to the nearest health centre for immediate medical attention.

Ghana’s heavy reliance on cash transactions remains a major driver of corruption and inflation.

Despite the availability of modern payment systems such as debit and credit cards, electronic transfers, and mobile banking, cash continues to dominate financial transactions, creating an enabling environment for financial misconduct.

The preference for cash in government transactions, private business dealings, and daily financial activities makes it difficult to track money flow, leading to widespread bribery, money laundering, and unaccounted expenditures.

A fundamental issue in Ghana’s cash-dependent system is the disbursement of tax funds during government meetings. Reports indicate that both lawmakers and executive officials prefer handling cash, a practice that fosters corruption and weakens financial transparency.

In a digital economy, such transactions would leave an electronic trail, making it easier to detect fraudulent activities and hold individuals accountable.

The excessive use of cash also contributes significantly to inflation. The Bank of Ghana, which is responsible for regulating money circulation, does not have an accurate record of cash in the system, making monetary policy implementation difficult.

The overwhelming presence of GHS 200 and GHS 100 notes in circulation has fueled inflationary pressures, yet the central bank has remained silent on the issue.

A disturbing reality is the daily sight of individuals withdrawing or depositing large sums of cash at banks, sometimes spending the entire day counting money with tellers. In a well-regulated economy, cash transactions of this nature would be rare, as electronic payments would provide a safer, more efficient alternative.

Lessons from Advanced Economies

Many developed nations have successfully transitioned to a predominantly cashless economy, making corruption more difficult and financial tracking more efficient.

Sweden, for instance, is leading the world in cashless transactions, with over 90% of financial dealings conducted electronically. Retailers and public institutions rarely accept cash, significantly reducing the chances of bribery and fraud.

In the United States, authorities continuously monitor the amount of cash in circulation. Instead of increasing the quantity of money, they replace old banknotes with newly designed ones, ensuring financial stability and security. This system limits the ability of criminals to hoard cash and engage in illegal activities.

Similarly, in the United Kingdom, contactless payments and online banking have become the norm, further reducing cash dependency. Every transaction leaves a trace, making it difficult for corrupt individuals to hide illicit funds.

Interestingly, Ghanaian ministers and government appointees, who insist on cash transactions locally, always use credit cards when they travel outside the country. This raises a fundamental question: if electronic payments are good enough for international transactions, why are they not mandated within Ghana?

If Ghana and other African nations adopt similar systems, corruption levels will drop significantly, and economic stability will improve.

The African Perspective

The issue of excessive cash transactions is not unique to Ghana—it is a widespread problem across the African continent. Many African governments continue to rely heavily on physical cash, making it easy for corrupt officials to siphon public funds.

Countries like Nigeria, Kenya, and South Africa have made progress in promoting digital transactions, but challenges remain.

Kenya has pioneered mobile banking with M-Pesa, allowing millions of citizens to make payments electronically. This innovation has significantly reduced the risk of corruption in some sectors.

Nigeria, despite being Africa’s largest economy, still struggles with corruption due to a cash-heavy financial system. The Nigerian government attempted a cashless policy, but resistance from certain political and business elites stalled the process.

South Africa has a well-developed banking system, but cash transactions remain prevalent in informal sectors, making tax evasion and corruption difficult to track.

To address this issue, Ghana and other African nations must take decisive action by introducing a nationwide debit and credit card system as the primary mode of financial transactions.

A Call to Action for Ghana and Africa

For Ghana to achieve financial stability, authorities must determine the exact amount of money in circulation. One effective approach is to introduce new banknotes with enhanced security features while implementing a time-bound transition period. This will force individuals hoarding cash in their homes to deposit it into the banking system, thereby promoting accountability.

Furthermore, limiting cash transactions and enforcing electronic payments for salaries, business transactions, and government expenditures will minimize corruption. For example, if board members were paid directly into their bank accounts instead of receiving cash, fraudulent financial activities would be significantly curtailed.

Beyond policy changes, addressing corruption requires a societal shift. Educational institutions, churches, and mosques must actively teach ethical conduct and expose the consequences of corruption. Unfortunately, many religious leaders turn a blind eye to corruption, despite the fact that most corrupt individuals are active members of their congregations.

A troubling trend is that those engaged in corruption are often praised, while innocent individuals suffer wrongful imprisonment. A glaring example is when a sector minister involved in corrupt dealings was set free while a subordinate agency head under the same ministry was unjustly jailed.

Another major advantage of a cashless system is the facilitation of international trade. If Ghana encourages the widespread use of credit cards and Point of Sale (POS) systems, it would eliminate the need for individuals to visit forex bureaus to exchange currencies.

Instead, businesses and individuals could make purchases directly from suppliers in China, the United States, and other countries from the comfort of their homes. This would enhance trade efficiency and reduce reliance on the informal currency exchange market, which is often exploited for illicit financial transactions.

Additionally, implementing a cashless system would revolutionize the import and export industry. With credit cards and digital payment solutions, customs clearance processes would be streamlined, reducing bureaucratic delays and minimizing the potential for corrupt practices at border checkpoints. Importers and exporters would benefit from faster transactions, reducing operational costs and improving overall business efficiency.

A well-regulated digital economy would also help control inflation and curb black market activities. The informal economy thrives on untraceable cash transactions, making it difficult for regulators to monitor economic activity accurately. A transition to digital payments would reduce the circulation of unregulated money, thereby stabilizing inflation and promoting economic growth.

The government must also introduce policies that incentivize digital payments. Offering tax rebates for businesses that adopt electronic payment systems, reducing transaction fees on digital platforms, and implementing stricter regulations against cash-based transactions will accelerate the transition to a cashless economy.

Additionally, electronic payments must be made mandatory for all market women and traders. The notion that digital transactions are only for the elite or corporate entities must be discarded. Market women handle billions of cedis in daily transactions, yet most still rely on cash.

If electronic payment systems such as mobile money and POS devices were made compulsory in marketplaces, financial transparency would improve significantly, making it harder for illicit cash movements to thrive.

Moreover, public awareness campaigns must be launched to educate citizens on the benefits of digital transactions. Many Ghanaians, especially those in rural areas, still prefer cash due to a lack of understanding of digital banking. A nationwide financial literacy program will help bridge this gap and ensure a smooth transition.

Ghana and Africa stand at a crucial crossroads. To curb corruption and inflation, the government must take bold steps to phase out excessive cash transactions, enforce digital payment systems, and instill a culture of integrity in all sectors of society.

The path to a transparent financial system is clear—will Ghana and Africa take it?

By Solomon Gumah 

Walewale (NE/R), Feb 13, GNA – The West Mamprusi Municipal Directorate of the National Commission for Civic Education (NCCE) has visited some communities in the area to sensitise them on the need for peaceful coexistence and national cohesion to promote development.  

It was to further sensitise them to put aside whatever negarive energies and confrontations that ensued during last year’s general election, and to enable them to refocus their contribution to the country’s development.  

Communities visited were Wungu, Bulbia, Zua, Yama, Diibsi, Kpasenkpe, Sareba, Duu Silinga, Wulugu and Walewale Market. 

Mr Thomas Imoro Issahaku , West Mamprusi Municipal Director of NCCE, who led staff of the NCCE office to address community members through face-to-face meetings and announcements during the visit, urged them to forget the past and forge ahead in unity. 

He urged those who felt wronged by others to accept any apologies they would render. 

He said, “If Ghana develops, the benefits will go to everybody and same will happen if Ghana doesn’t progress.” 

He urged the winning party during the elections to bring on board members so that they would all contribute their quota towards the development of the communities and the country.  

He urged the community members not to discriminate against minority ethnic groups to avoid rancour. 

Other speakers were Madam Salifu Zeinab, a Chief Field Officer of the NCCE, Mr Mohammed Alhassan, also a Chief Field Officer of the NCCE and Madam Ubeidatu Abubakari.  

GNA