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Mohammed Ali

May – 05 – 2025 , 10:54

1 minute read

Evelyn Adjei, SSNIT’s Actuarial Manager

The Social Security and National Insurance Trust (SSNIT) says it is working to ensure that contributors to the national pension scheme can look forward to improved retirement benefits, with periodic increases to reflect changes in the cost of living.

Key to these efforts is a reassessment of the Trust’s investment approach, according to SSNIT’s Actuarial Manager, Evelyn Adjei who added that they are focused on strengthening their portfolio to boost long-term returns for retirees.

“The current management is looking at what we have, how we can improve those investments, so that we can give people better pensions,” she said.

Ms. Adjei, who was contributing to a plenary discussion on ‘Optimising Effective Pension Management to Promote Sustainable Retirement Income’ at the 2025 Money Summit (TMS) in Accra, pointed out that while SSNIT continues to raise pensions annually, one’s salary during their working years still plays a significant role in determining their retirement income.

“A better pension also depends on one’s salary,” she said. “But SSNIT increases pensions on an annual basis, for retirees to gain back the purchasing power that they had at the time of their first pension.”

That annual adjustment, she explained, aims to cushion retirees against inflation and erosion of value over time.

“Over the years, the studies we’ve done have shown that most pensions increased by more than 100 percent within 5 years or 6 years when you go on pension,” she added.

“People start with a GH₡1,000 and within a short time they get to about GH₡2,000 or GH₡3,000, depending on how fast we can increase it.”

She averred that most workers in the country seem somewhat more concerned about their allowances and other things. Owing to this, she said, they pay their contributions on the basic salary.

“When they go home, they lose all their allowances. But, SSNIT has been doing its best. At the time of retirement, we calculate your pension and tell you how much you will receive. But every year, we increase your pension.”

The SSNIT official disclosed that: “One way of making sure that we increase your pension is by investing,” while noting that “some of our investments have been under attack”. This has led to re-prioritisation of SSNIT’s investments by the current management.

“In the early days, our strong reserves allowed us to raise pensions by up to 85 percent,” she said. “But with more people now drawing pensions, such increases are no longer feasible.”

Ms. Adjei insisted that people are getting better pensions now because they are also on better salaries. “People are retiring on better salaries. So, when they get better salaries they receive better pensions.”

“Your pension is directly tied to your declared salary,” she explained. “Whether it’s GH₡300 or GH₡25,000, that’s the amount we use to calculate your benefits.”

Also contributing to the discussions, Managing Director-Glico Pensions Dr. Francis Sapara-Grant highlighted the critical need for early investment and retirement planning.

He encouraged Ghanaians, especially young professionals, to begin securing their financial future by contributing to pension schemes at the earliest opportunity.

This year’s TMS, an annual event organised by the Business and Financial Times (B&FT), was themed ‘Optimising Investment and Pensions Management: Strategies for Sustainable Retirement Income and Economic Growth’.

TMS 25’s theme underscored the importance of long-term financial planning amid what some people perceive as an unstable retirement system.

Owing to this, Dr. Sapara-Grant noted that being foresighted toward pension planning is key to long-term financial independence and national economic stability.

“Retirement planning management as a whole concept is based on time, because it takes a long time to be able to plan a successful retirement. Retirement has to have several components, including one that can beat inflation and contribute to a stable income.”

Dr. Sapara-Grant further advocated for more investments in other income-generating ventures as a means to boost retirement benefits, indicating that relying solely on traditional pension schemes may not provide enough financial security in the long-term, especially given the rising cost of living and uncertainties in the pensions system.

“Retirement income planning is a combo-solution; you have to have different types of investment instruments around you to make it comprehensive. You do not bank your hopes on a defined pension scheme that tells you what you will be receiving.”

He suggested sustainable strategic investments such as real estate investments, mutual funds, agriculture, annuities, among others, to be able to rely on multiple income streams during retirement.

By Benjamin A. Commey

Accra, May 5, GNA – Professor Angela Kwartemaa Acheampong, Dean, School of Nursing and Midwifery, Wisconsin International University College (WIUC), has urged the government to modernise health training institutions to enhance teaching and learning.

She said this would ensure such institutions produce qualified health practitioners to improve healthcare delivery.

Prof. Acheampong made the call at the commissioning of a High Definition (HD) Anatomy Table Lab, also known as a virtual lab, at WIUC’s School of Nursing and Midwifery in Accra.

The lab, jointly commissioned by Health Minister Kwabena Mintah Akandoh and WIUC Vice-Chancellor Dr. Paul Kofi Fynn, will provide students with an interactive and immersive learning experience to explore human anatomy in detail.

Prof. Acheampong said the initiative marked a significant step in leveraging technology for a better understanding of human anatomy.

She explained that anatomy was the foundation of healthcare education,” saying, “A thorough understanding enables healthcare professionals to provide high-quality care.”

Prof. Acheampong emphasised that the lab would provide personalised learning and enable students to study at their own pace.

“The videos are there, the images are there, and students can always go back to it,” she said.

She also noted its impact on clinical practice, adding that knowing the structure and function of the human body improved care delivery. Prof. Acheampong stressed that the lab would support professional development and help healthcare professionals stay updated on advancements in anatomy.

While acknowledging the high cost of such technology, she urged the government to invest in equipping public health training institutions.

“It will make the teaching easier for the teacher and aid in the understanding of the students too,” she said.

Mr. Akandoh said there was the need for innovation in medical training.

“At a time when technology is reshaping every aspect of our lives, it is essential that our health training institutions keep pace,” he stressed.

He called the anatomy table a “bold leap into the future of health education,” noting its use of real human body data and interactive 3D simulations to enhance learning.

“It enhances understanding, improves retention, and provides an unparalleled practical learning experience for nursing and midwifery students,” he said.

“It affirms a shared understanding that to meet the evolving health challenges of today and tomorrow, our training must be innovative, adaptable, and forward-thinking.”

Mr. Akandoh said the ministry was committed to supporting innovations aligned with universal health coverage and resilient healthcare systems.

Dr. Fynn, Vice Chancellor WIUC, said the College would continue investing in modern technology to enhance teaching and learning.

GNA

KAS

President John Dramani Mahama has nominated Dr Paa Kwesi Baidoo as the Chief Executive Officer (CEO) of the Komfo Anokye Teaching Hospital (KATH) in Kumasi, following the dismissal of Prof. Otchere Addai-Mensah.

The decision was confirmed in an official statement dated April 30, 2025, and signed by Callistus Mahama, Secretary to the President.

The letter directed the regularisation of Dr. Baidoo’s nomination by the Ghana Health Service and Teaching Hospitals Act, 1996 (Act 525), as amended.

The dismissal of Prof. Addai-Mensah and the subsequent nomination of Dr. Baidoo have stirred mixed reactions, particularly from the Asante youth who have urged President Mahama to reinstate Prof Addai-Mensah.

The World Bank’s latest April 2025 report warns that Ghana is facing mounting economic pressures that threaten to reverse years of progress in poverty reduction.

The report paints a stark picture of growing vulnerability among Ghanaian households, driven by surging inflation, a depreciating cedi, and intensifying climate risks.

According to the report, more than one in four Ghanaians now live in extreme poverty, surviving on less than $2.15 a day, the equivalent of GH¢30.28 in today’s terms.

It further states that the cost-of-living crisis has been exacerbated by steep increases in the prices of food, fuel, and basic services, significantly eroding household purchasing power.

The report emphasizes that these economic shocks are disproportionately affecting Ghana’s most vulnerable populations, including low-income families and rural communities.

“Poverty in Ghana fell considerably up until the COVID-19 pandemic. However, moderate growth due to substantial fiscal adjustments, global economic and trade uncertainties, and persistent inflation is likely to impact households and may increase poverty in the coming years. If the impacts on the poorest are not properly mitigated, the necessary economic stabilisation reforms could undermine further progress in poverty reduction,” it stated.

The World Bank warns that without immediate environmental action and comprehensive structural reforms, over one million more Ghanaians could be pushed into poverty in the near future.

Meanwhile, experts from the Bank have stressed the urgent need for investment in human capital, targeted social protection programs, and climate resilience initiatives.

Structural reforms aimed at restoring macroeconomic stability, improving governance, and enhancing job creation are also seen as critical to reversing the rising poverty trend.

Despite these challenges, the report highlights Ghana’s strong potential for recovery if bold, inclusive, and sustainable policy actions are implemented.

The World Bank continues to work closely with the government and development partners to address these overlapping crises and support a pathway toward long-term stability and equity.

SP/MA

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GCB Bank PLC has announced a GH¢1 per share dividend for the 2024 financial year pending final approval from the Bank of Ghana.

The announcement, made at the bank’s 31st Annual General Meeting (AGM) in Accra, marks a return to shareholder payouts after a two-year suspension and highlights the bank’s remarkable financial turnaround.

The proposed dividend totaling GH¢265 million would represent a yield of 15.7%, underlining GCB’s restored financial strength following the economic disruptions of Ghana’s domestic debt exchange.

This comes on the back of a record-breaking year for the indigenous lender, which reported a profit before tax of GH¢1.9 billion, a 23.3% increase compared to 2023.

The bank also moved up to second place among peers in key indicators including deposits, loans, and total assets.

The Managing Director of GCB Bank, Farihan Alhassan, described 2024 as the strongest financial year in the bank’s history in nominal terms, crediting solid fundamentals and strong execution.

However, he noted the need for further gains in cost efficiency, and reiterated the management’s focus on investing in talent, digital systems, and service delivery.

Board Chairman, Professor Joshua Alabi, newly appointed alongside Alhassan as part of a reconstituted 10-member board, outlined the bank’s next strategic phase from 2025 to 2028.

He added that the roadmap would prioritise customer experience, digitisation, and enhanced sales.

Under its recently concluded four-year strategic plan, GCB achieved impressive growth: its loan book expanded by 52.8% to GH¢10.2 billion, deposits rose 58.5% to GH¢34.5 billion, and total assets surged to GH¢42.8 billion a 57.6% increase that exceeded industry averages.

Shareholders’ equity also grew 41% to GH¢4.3 billion, lifting the capital adequacy ratio to 15.23%, above the 13% regulatory requirement.

The bank posted a return on equity of 32.4% and a return on assets of 3.4%, while improving asset quality the Non-Performing Loan (NPL) ratio dropped to 15.1%.

In line with its social responsibility agenda, GCB invested GH¢12 million in community initiatives during 2024.

These spanned education, health, sports, and youth entrepreneurship, with notable programs, including textbook donations, medical assistance, and the “The Entrepreneurship in You” initiative.

SP/AE

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Minority Leader in Parliament Alexander Afenyo-Markin has issued a passionate appeal to fellow legislators, urging them to rise above partisan interests and help safeguard Ghana’s democratic institutions.

His comments came on Monday, 5 May, when members of the New Patriotic Party (NPP) staged a demonstration and presented a petition to Parliament in protest against the suspension of Chief Justice Gertrude Torkornoo.

Mr Afenyo-Markin described the ongoing political developments as a direct threat to the country’s constitutional order as he presented a petition to Parliament which was received by Clerk of Parliament Ebenezer Ahumah Djietror.

“Ghana is under siege,” he declared. “This is a call to all of us, regardless of political affiliation, to defend the rule of law and the independence of the judiciary.”

He condemned what he termed as politically motivated interference in the judicial process and called on Parliament to play its oversight role in ensuring that democratic principles are not eroded.

“We cannot allow institutions of state to be undermined under the guise of accountability. Parliament must act as the last line of defence for our democracy,” he stated.

The demonstration, which saw a significant turnout of party supporters and civil society actors, was part of broader resistance to what the organisers describe as an unjust and unconstitutional move to sideline the Chief Justice.

The petition submitted calls for immediate parliamentary intervention and public transparency surrounding the suspension.

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’s import volumes are projected to decline, falling below 1.5 million tonnes by 2030

Ghana’s import volumes are projected to decline, falling below 1.5 million tonnes by 2030, a study by the Center for Applied Research and Innovation in Supply Chain – Africa- (CARISCA) has revealed.

Meanwhile, export traffic is expected to rise, reaching approximately 1.2 million tonnes over the same period, signaling a major shift in the country’s trade dynamics.

This study explores the relationship between tax policies and port operations in Ghana, focusing on how changes in tax regimes affect port traffic and government revenue.

The trade forecast, based on trends reveals diverging outlooks for Ghana’s import and export activities. Historical data from 2011 to 2022 show that import volumes generally rose, with a notable surge beginning in 2013. Imports peaked at approximately 2 million tonnes in 2021 and 2022, a high point likely driven by post-pandemic recovery and heightened demand for goods.

However, the outlook from 2023 onwards paints a more cautious picture. The forecast shows a consistent downward trend, with import volumes expected to dip below 1.5 million tonnes by 2030.

This anticipated decline is attributed to a combination of factors, including rising import costs, the elimination of the Benchmark Value Discount Policy (BVDP), the Ghanaian Cedi’s persistent underperformance against major currencies, and a potential increase in local production reducing reliance on imported goods.

“This downward trend in import volumes signals a shift that both government and industry players must respond to. We are entering a phase where Ghana will need to lean more on domestic capacity and export-led strategies,” the report noted.

On the other hand, the export forecast offers a more optimistic outlook. From 2011 to 2019, export volumes steadily grew, reaching about 1 million tonnes by 2019. The period from 2020 to 2022, however, was marked by fluctuations likely stemming from global supply chain disruptions during the COVID-19 pandemic.

Looking forward, export traffic is forecast to rise sharply, notably in the previous year 2024, when volumes are expected to increase exponentially before stabilizing in subsequent years.

According to the report, the projected rise in exports by 2030 to approximately 1.2 million tonnes could be driven by improved global demand, coupled with enhanced domestic production capabilities, as data suggest.

However, the report caution that this upward trend will be sustainable only if Ghana implements favorable trade and industrial policies.

“The export sector’s growth potential is real, but it won’t reach its full promise without intentional investment in infrastructure, trade facilitation, and policy consistency,” the report stated.

The diverging paths of imports and exports call for adjustment of Ghana’s trade and economic strategies. Policymakers are urged to capitalize on the promising export outlook while mitigating the factors driving the import decline. This includes supporting value-added manufacturing, reducing barriers to export markets, and stabilizing the macroeconomic environment to encourage investment.

This reflects the potential for Ghana to capitalize on its export sector if favorable policies are implemented, the report added.

Government raises GH¢4.72 billion in its latest treasury bill auction on May 2

The government raised GH¢4.72 billion in its latest treasury bill auction on Friday, May 2, 2025, falling short of the government’s GH¢6.32 billion target and marking a sharp reversal from the previous week’s oversubscription of GH¢548 million.

Investor demand totaled GH¢5.29 billion, of which GH¢4.72 billion was accepted.

The auction recorded an undersubscription of GH¢1.59 billion, underscoring growing investor caution amid declining yields and persistent macroeconomic uncertainties.

The auction results, published by the Bank of Ghana, showed a strong appetite for shorter-term instruments, with the 91-day bill accounting for 63.1% of the total amount accepted.

All GH¢2.98 billion tendered for the 91-day paper was accepted, suggesting investors continue to prefer liquidity and lower duration risk.

Meanwhile, GH¢668 million was accepted for the 182-day tenor out of GH¢869 million tendered, while GH¢1.07 billion was secured for the 364-day bill from bids totaling GHS 1.43 billion.

Yields across all maturities declined modestly, reflecting the central bank’s ongoing monetary stabilisation efforts.

The 91-day yield fell to 15.23% from 15.32%, the 182-day bill eased to 15.77% from 16.03%, and the 364-day instrument declined to 16.95%, down sharply from 18.37% a week earlier.

SP/AE

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Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢13.89 and a selling price of GH¢13.90 to a dollar.

The British pound is being bought at GH¢18.45 and sold at GH¢18.47, while the euro trades at a buying price of GH¢15.73 and a selling price of GH¢15.75.

Checks by GhanaWeb Business on May 5, 2025, at 08:30 AM indicate that the cedi is trading at GH¢14.90 to the dollar, while the pound is trading at GH¢19.70 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢17.00 on the retail market.

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

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Minority Leader Alexander Afenyo-Markin has led a protest to the Judicial Service, demanding the immediate reinstatement of Chief Justice Gertrude Torkornoo, whose suspension by President John Dramani Mahama has triggered significant political and civic backlash.

Presenting a petition on behalf of a coalition led by the New Patriotic Party (NPP), Mr Afenyo-Markin described the President’s action as “an attack on the very soul of Ghana’s democracy” and accused the Executive of undermining judicial independence for partisan purposes.

“We are here not as party activists, but as concerned citizens empowered by the Constitution to protest blatant executive interference and intimidation of the judiciary,” he said.

Coalition condemns suspension

The NPP-led coalition—which includes the Liberal Party of Ghana (LPG), National Democratic Party (NDP), People’s National Party (PNP), and Ghana Union Movement (GUM)—described the suspension as “an unprecedented attack on judicial independence.”

“The judiciary is our last hope. When you single out the Chief Justice based on flimsy, politically tainted allegations, you attack the entire justice system. Today it is Gertrude Torkornoo; tomorrow, it could be any of you,” Mr Afenyo-Markin warned.

He further accused the Council of State of failing to uphold constitutional checks and balances, saying it merely “rubber-stamped” the President’s decision.

“This is not a revolution – It’s a democracy”

The Minority Leader cautioned against the long-term consequences of executive overreach, citing historical precedents to underscore the danger.

“Don’t be comfortable today because the political winds favour you. This is about the soul of Ghana’s democracy. If the judiciary does not rise now, as it did during the era of Chief Justice Georgina Wood, we are heading down a dangerous path. Be guided by the principle: touch one, touch all.” he stated.

Drawing comparisons with past resistance by the Judges and Magistrates Association, he urged current members of the bench to consider bold actions, including a possible sit-down strike.

Mr Afenyo-Markin also criticised the recent appointment of seven new Supreme Court justices by the Mahama administration, describing the move as rushed and politically motivated.

“The same government that complained about judicial bloat has now stacked the court. The usual process—consultation with the Judicial Council, vetting by the Council of State, and parliamentary approval—has been sidestepped,” he alleged.

He urged judicial staff not to be swayed by promises of promotion or threats of transfer.

“We will speak up for posterity. Some judges are remanding individuals based on instructions from the Attorney General—not the law. That is not justice.”

Background

Chief Justice Gertrude Torkornoo was suspended last month by President Mahama, following the establishment of a committee to investigate petitions filed against her.

The decision, announced in a statement from the presidency, was said to be in accordance with Article 146(6) of the Constitution, which mandates a committee to probe allegations against a superior court judge once a prima facie case is established.

The presidency said the move followed consultations with the Council of State and that it had determined there were sufficient grounds for further inquiry.

The coalition has urged the Judicial Service to act swiftly in defending the autonomy of the judiciary. Copies of the petition are expected to be sent to Parliament and the Office of the President.

“Let your conscience prick you. You must not wait to be victimised before you act. Ghana’s democracy is at stake—and history is watching,” Mr Afenyo-Markin said.

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