play videoIsaac Boamah-Nyarko is MP for Effia and member of Parliament’s Finance Committee

The Member of Parliament for Effia and a member of the Finance Committee of Parliament, Isaac Boamah-Nyarko, has criticised the National Democratic Congress (NDC) and the John Dramani Mahama administration over the newly-approved 1% energy levy on petroleum products, describing it as a betrayal of public trust.

Speaking in an exclusive interview with GhanaWeb’s George Ayisi, Boamah-Nyarko added his voice to criticisms from energy experts and some Ghanaians who argue that the levy unfairly adds to the financial burden of already struggling consumers.

While recognising the financial difficulties facing Ghana’s energy sector, particularly the growing debts of the Electricity Company of Ghana (ECG), the MP stressed that these inefficiencies should not serve as a justification for imposing extra taxes on the public.

“We all agree that the debts are huge and we need to do something about it. The energy minister said they were discussing with the IPPs to revise some of the charges downwards. He said they are trying to reintroduce some partnership to ECG and bring in the private sector. If there is a need to create some monetary space to pay for the energy sector debts, do we need GH¢1 per litre?” he asked.

Parliament, on Tuesday, June 3, 2025, passed the Energy Sector Levy (Amendment) Bill, which introduces a GH¢1 charge on every liter of petroleum product.

The Minister of Finance, Dr Cassiel Ato Forson, said the levy is expected to generate GH¢5.7 billion to support the energy sector and sustain electricity supply nationwide.

However, Boamah-Nyarko argued that the levy could lead to a surge in prices of goods and services, further worsening the economic hardships faced by citizens, describing the tax as unexpected, which could eventually undermine confidence among Ghanaians.

“The Ghanaian won’t believe the politician or the government, because the government said it is going to reduce taxes, now it is increasing more taxes. Prices were coming down, because of this, prices would either remain the same or go up. The impact is real, nobody should chicken out. If we don’t put our acts together, this would be one of the decisions to bring the confidence of the people down,” he stated.

Watch his full interview below:

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Africaweb – Ghana

The Acting Chief Executive Officer of the National Vaccine Institute (NVI), Dr Sodzi Sodzi-Tettey, has disclosed that the NVI is making giant strides in its quest to achieve vaccine self-sufficiency in the country’s health delivery.

He said the NVI was mandated to coordinate and supervise research, develop and manufacture vaccines and sera, and for related matters nationally, according to its ACT 1097 2023, in response to the vaccine nationalism that characterised the Covid-19 pandemic.

Dr Sodzi-Tettey said this during the recent JEAM Leadership Lecture Series, in memory of late President, Professor John Evans Atta Mills, instituted and organised by the University of Health and Allied Sciences (UHAS).

The Lecture Series was under the theme, “Advancing Quality Health Systems in Ghana Amidst Global Disruptions.”

He disclosed that vaccines have saved millions of lives from time immemorial, with only one per cent of vaccines used being manufactured in Africa, and described the government’s decision to establish the NVI as bold and forward-thinking.

On its second anniversary, in May, this year, Dr Sodzi-Tettey acknowledged its modest gains as organizational set up, supporting the Food and Drugs Authority (FDA) to become a World Health Organisation (WHO) Maturity Three Regulatory Agency for vaccine manufacturing and selected two private companies to lead on vaccine manufacturing through a public, private partnership (PPP) model.

He said the NVI facilitated technology transfer for vaccine manufacturing in Ghana between foreign entities and local vaccine manufacturers and established useful partnerships with the European Union, the German Economic Development and Cooperation, GIZ, World Bank, Africa CDC, WHO, and Universities home and abroad, among others.

He indicated that after months of testing, quality assurance and safety checks, the Ghana FDA issued market authorisation to Atlantic Life Sciences (ALS) Limited for the manufacturing of Snake Venom Anti Serum in commercial quantities.

An average of 9,600 snakebite cases were reported between 2015 and 2019 annually, in the country alone, with a fatality rate of 3 per cent, and lifelong disabilities such as amputations and chronic wounds affecting survivors, according to research.

Again, in sub-Saharan Africa, an estimated 1 million snakebites result in a mortality between 10,000 and 30,000.

Dr Sodzi-Tettey said plans are advanced for NVI and the ALS Ltd to produce vaccines to meet national expectations and hopefully a continental supply of Snake Venom Anti Serum by producing what Atlantic Life Sciences describes as “a locally produced, affordable, and multi-species targeted polyherbal anti-venom derived from Ghana’s rich biodiversity.”

“NVI aim is to stop the importation of Snake Venom Anti Serum.”

Again, the National Vaccine Institute has convened a meeting of the Atlantic Life Sciences, DEK Vaccines Limited and Noguchi Memorial Institute to kickstart planning towards developing a ‘fill and finish’ product of Tetanus Diphtheria Vaccine, which is most likely to be the first groundbreaking, locally manufactured vaccine.

“The assurance therefore is that the National Vaccine Institute is alive to its mandate and will proactively play its role in support of the President’s vision for effective management of public health emergencies.”

The Ag CEO of NVI disclosed a partnership with UHAS due to its capacity, human resource and infrastructure towards vaccine research and development as recent visit with a team of experts from the European Union and GIZ shows promising partnership.

“To put it mildly, we were all super impressed. So much so that the team has mobilized initial support to enhance R&D capacity under the PharmaVax project financed by the EU and BMZ.

“We are hopeful that the human resource capacity available here at UHAS will be tapped efficiently to support other institutions across the country,” he added.

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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.

Sammy Gyamfi is the CEO of Goldbod

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has reiterated Ghana’s efforts in combating gold smuggling, particularly in the Artisanal and Small-Scale Mining (ASM) sector.

In an interaction on CNBCA Africa, Gyamfi stated that the Gold Board has deployed a robust national aggregation system aimed at capturing nearly all ASM gold production, a move he described as a game-changer in securing the country’s mineral revenue.

“We have intensified the fight against gold smuggling like never before. Effective aggregation networks and systems have been rolled out across the country to mop up almost all ASM gold produced,” he stated.

He noted that the era in which a substantial portion of ASM gold was lost to smuggling, along with associated revenue and environmental degradation, is now over.

“Today, the state is mopping up ASM gold responsibly. We are exporting it and bringing in the corresponding foreign exchange to support the economy,” he added.

He further emphasised the Gold Board’s commitment to financial integrity and transparency.

“To obtain a Gold Board license, companies must pass Know Your Customer (KYC) and due diligence checks conducted in collaboration with the Bank of Ghana and the Financial Intelligence Centre.

“We are committed to promoting anti-money laundering and counter-terrorism financing regulations. That’s why we work closely with the Bank of Ghana and the Financial Intelligence Centre to ensure compliance,” he added.

Watch CNBCA Africa’s interaction with the CEO of GoldBod Sammy Gyamfi ( Esq.) . The interview focused on the sucesses of the GoldBod so far . pic.twitter.com/AK1GU37PIp

— Ghana GOLDBOD (@GhanaGOLDBOD) June 7, 2025

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The Ministry of Works, Housing, and Water Resources has signed a Memorandum of Understanding (MoU) with S.E.D.A Farminc Ghana Limited, a Czech company for technical cooperation for water exploration in the country.

The company will use a technology to map out areas of groundwater to assist agencies in the water provision sector to address water supply challenges in the rural and peri-urban communities.

The project would start from the Northern Region, and some of the cities and communities that would benefit from the first phase include Tamale, Tumu, Wa, and Damongo.

The cooperation will also provide a platform for joint project development, capacity building, groundwater resource enhancement, and technology transfer.

The Minister of Works, Housing and Water Resources, Kenneth Gilbert Adjei, said the signing of the MoU would pave the way for smarter and more resilient water service delivery across the country.

“Today marks the beginning of a structured and forward-looking collaboration to strengthen Ghana’s water sector through technical expertise, knowledge sharing and sustainable investment.

“It is a significant milestone as we seek practical solutions to long-standing challenges in the delivery of safe, reliable and climate-resilient water supply to all.”

Mr Adjei pointed out that the sector faces numerous constraints, including limited infrastructure, the impacts of climate change, inefficient systems, and financial shortfalls.

“Government cannot address these challenges alone hence the partnership like this one is critical,” he stated.

The Minister noted that the country’s groundwater potential remains under-explored, poorly mapped and in some cases, over-exploited without adequate recharge.

“This creates an unsustainable situation that threatens the long-term viability of water sources, especially in drought-prone and climate-stressed zones.

“Through this partnership, we aim to undertake a more scientific and comprehensive mapping of groundwater aquifers, establish robust data systems for monitoring groundwater quality and yield and enhance the technical capacity of our local hydrologists and engineers,” he stated.

He said the data from the exploration would support better planning, drilling efficiency and protection of critical underground water resources.

“Reliable groundwater mapping is essential if we are to provide lasting water access in hard-to-reach areas, reduce borehole failure rates and plan water schemes that can endure climate shocks.”

Mr Adlei said also the partnership would help to explore avenues for blended financing, including concessional loans, donor support, climate funds and private capital mobilisation.

“We believe that S.E.D.A Farminc Ghana Limited’s technical and investment networks can be leveraged to develop viable project proposals and bankable concepts that will attract external funding for high-impact water projects.

“We must move towards a model where water infrastructure is not only built but sustainably maintained and where innovative financing models such as Public-Private Partnerships (PPPs) and results-based financing become part of our strategy,” he stated.

The Chief Executive Officer and Co-Founder of the SEDA Africa Group, Martin Habart, said the signing of the agreement was a continuation of the project they had already started in the Eastern Region, with the establishment of a water treatment plant.

He said the cooperation would help establish a training centre in Accra to impart the technology to Ghanaians and that a technical taskforce team would be set up to support the Ministry and key agencies such as the Ghana Water Company Limited.

“The team will give technical advice on all the projects in the water infrastructure,” he stated.

Mr Habart assured the Ministry that they would bring the best experts to Ghana to assist to find solution to the water challenges in the country while helping to mobilise funding by working to attracting investors and donors.

The SEDA Africa were led by the Czech Ambassador to Ghana, Mr Pavel Bilek in the signing of the agreement.

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The Tree for Life programme, targeted at restoring over seven million hectares of degraded land across the country, took off last Thursday with President John Dramani Mahama rallying all citizens to plant at least one tree within the month.

The President planted a commemorative tree at the Kwabenya Community Senior High School in Accra to mark the commencement of the month-long exercise, with a target to plant 30 million trees.

Key stakeholders such as government officials, traditional rulers, members of the diplomatic corpss and development partners gathered to lend their support to the national exercise.

“I entreat everyone in Ghana to actively participate in this important national task for the benefit of current and future generations,” President Mahama declared, urging all citizens to unite and save the environment.

One Child, One Tree    

The commemorative tree-planting event, which coincided with the World Environment Day (WED), was used to launch the One Child, One Tree initiative, an intervention under the Tree for Life programme designed for students to actively participate in revegetating the country’s degraded landscape.

Present at the event were the ministers of Land and Natural Resources, Emmanuel Armah-Kofi Buah; Environment, Science, and Technology (MEST), Dr Ibrahim Murtala Muhammed; Education, Haruna Iddrisu; and Tourism, Culture and Creative Arts, Abla Dzifa Gomashie.

The Chief Executive Officers (CEOs) of the Forestry Commission, Dr Hugh Brown; Environmental Protection Authority (EPA), Prof. Nana Ama Brown Klutse respectively; as well as some Members of Parliament (MPs), members of the diplomatic corps, and development partners also participated in the event.

The President explained that the “One Child, One Tree” initiative was part of the larger Tree for Life Programme, which sought to empower every child in Ghana to plant and nurture a tree.

He said under the initiative, each student would receive a seedling of a native species suited to the various ecological zones, and plant it on school grounds or in their community.

Transformative initiative

For his part, Mr Iddrisu said the One Child, One Tree initiative was a transformative step towards instilling environmental consciousness in children at an early age.

He said the Ministry of Education would work closely with MEST, Land and Natural Resources, Forestry Commission, and other stakeholders to ensure the distribution of seedlings to all schools across the country for planting.

Again, he said the Ghana Education Service (GES) would implement a new instruction module that focused on instilling environmental consciousness in schoolchildren.

Modalities for planting

Dr Brown explained that the trees would be planted in urban centres, rural communities, school compounds, farmlands, riverbanks and on degraded forest reserves.

He said the tree-planting activities had been categorised into components, with the amenity planting by the public to be undertaken from June 5 to June 30.

Aside from the planting by the public, he said there would be the establishment of 10,000 hectares of forest plantation under the Modified Taungya System (MTS) through collaboration between Forestry Commission and local communities.

Again, he said there would be direct planting of 2,000 hectares by the Youth Forest Champions recruited under the Tree for Life Reforestation initiative while tree seedlings would also be distributed to farmers for planting within farms.

Additionally, he said 500 hectares of mine-out lands had been earmarked for reclamation as part of this year’s exercise, which would also see enrichment planting within degraded forest reserves.

The Greater Accra Regional Minister, Linda Obenewaa Akweley Ocloo, urged members of the public to actively engage in efforts aimed at addressing the menace of plastic pollution.

She underscored the need for every Ghanaian to get involved in the Tree for Life initiative to help revegetate the environment.

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Richmond Rockson is the PRO at the Ministry of Energy and Green Transition

The Public Relations Officer at the Ministry of Energy and Green Transition, Richmond Rockson, has defended the absence of a sunset clause in the Energy Sector Levy Act, stating that the government’s priority is to address longstanding inefficiencies in the sector.

Speaking on The Key Points on June 7, 2025, as monitored by GhanaWeb Business, Rockson explained that the levy remains necessary as the sector continues to grapple with critical structural and financial challenges.

“There were huge inefficiencies in the energy sector. There is no sunset clause on the levy because we want to focus on fixing the challenges first,” he said.

His comments were in response to calls from private legal practitioner and energy expert, Kwame Jantuah, who urged the government to clearly communicate when the fuel levy would be phased out.

Jantuah, who also appeared on the programme, emphasised the need for transparency and accountability in the management of the levy.

“Ghanaians will not object to this, we just want to know when it will end,” he stated.

The Energy Sector Levy Act, introduced to address debt and inefficiencies within the energy sector, has faced criticisms over the years, particularly regarding its indefinite nature and impact on fuel prices.

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QNET, a global lifestyle and wellness-focused direct selling company, firmly denies recent false media reports in Ghana and Burkina Faso linking the company to human trafficking and illegal migration.

The company said these claims are entirely unfounded and misrepresent its legitimate business model.

In a statement, QNET said it is not involved in the case reported in Assin Fosu, in the Central region, where a Burkinabe national was arrested for allegedly trafficking seven foreign nationals under the pretense of overseas employment opportunities allegedly connected to QNET.

The statement said that “QNET does not offer jobs, migration assistance, or overseas employment services. Our company operates as a direct-selling e-commerce platform, offering individuals the opportunity to become independent distributors of our wellness and lifestyle products.”

“Any person or group using the QNET name to deceive others is doing so without our authorization and in direct violation of our strict ethical policies. We maintain a zero-tolerance stance on fraud and unethical conduct and cooperate fully with law enforcement to take disciplinary action where necessary. We commend the Ghana Police Service for their quick action in the matter,” it added.

On May 27, 2025, QNET collaborated with the Embassy of Burkina Faso in Ghana to facilitate the safe return of 22 Burkinabe nationals, including 20 victims and two suspects, in a humanitarian initiative.

The operation was made possible through joint efforts with INTERPOL Ghana, the Burkinabe Embassy, and the report of a concerned parent. QNET provided logistical and coordination support throughout the process, further underscoring our commitment to community welfare.

ONET said they are currently supporting authorities in Burkina Faso to prosecute individuals involved in these illegalities.

“We are proud to have supported the safe return of Burkinabe citizens and will continue to uphold our values by protecting individuals from exploitation. Our commitment to integrity and ethical practices remains unwavering,” said Biram Fall, Regional General Manager, QNET Sub-Saharan Africa.

We urge the public, media, and community stakeholders to verify facts before sharing reports that can harm victims and damage legitimate businesses. QNET remains actively engaged with law enforcement and diplomatic bodies to combat fraudulent activity and educate the public about our genuine business model.

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.

Accra, June 7, GNA-Typhoon Greenfield Development Ltd and MKS PAMP, in conjunction with Development Gold International (DGI), have presented a limited run of unique gold bars to mark the first export of fully traceable and responsibly produced gold sourced from Ghanaian small-scale mines.

The presentation was made to the King of the Ashanti Kingdom, Otumfuo Osei Tutu II, during the Mining in Motion summit at a gala dinner held in Accra.
Six bars were donated for auction, with proceeds going to the King’s charities supporting land restoration and clean water conservation.

Also present at the event were Mr Emmanuel Armah-Kofi Buah, Minister of Lands and Natural Resources, Ghana; Kenneth Zikhale Ng’oma, Minister of Mining, Republic of Malawi; Colonel Ousmane Abarchi, Minister of Mines, Republic of Niger; Wilmot Paye, Minister of Mines, Liberia; Godard Gibolum, Deputy Minister of Mines, Democratic Republic of Congo; Aboubacar Kourama, Vice Minister of Mines, Guinea-Conakry; Abdiwahab Abdi Omar, Deputy Minister of Mineral Resources, Republic of Somalia; Sammy Gyamfi, CEO of Ghana GoldBoard; and Cisse Vakabe, Mining Advisor to the President of Côte d’Ivoire.

In a historic partnership between Typhoon Greenfield Development Ltd, MKS PAMP and DGI, backed by the London Bullion Market Association (LBMA), the first 445 grams of gold was produced by Typhoon at its Adomanu mine and exported to Switzerland for refining at MKS PAMP’s facilities.

According to a statement copied to the Ghana News Agency in Accra, the initiative-fell under the DGI programme that supports small-scale mining operations in meeting international standards, specifically the Development Gold Ghana Performance Standard and the LBMA Responsible Sourcing.
The achievement is the culmination of years of collaboration and marks a new era in the formalisation of Ghana’s small-scale mining sector. It positions Ghana as a credible source of LBMA-compliant gold from small-scale mining entrepreneurs.

Max Afriyie-Barwuah, President of Development Gold International (DGI), said: “This is a major milestone in the Ghanaian gold industry that has been many years in the making, working with mines in the field to build their technical capacity to meet international standards. It signals the serious intention of small-scale miners in Ghana to meet international standards and of LBMA Good Delivery List refiners to recognise Ghana as a source of formal and responsible gold from small-scale mines. Our goal is to reduce environmental degradation and enable these miners to access responsible gold markets globally at scale.”

Kwaku Afrifa Nsiah-Asare, CEO of Typhoon Greenfield Development Ltd, stated:“We are thrilled to pioneer this home-grown Ghanaian responsible mining initiative DGI, and the first small-scale mining business to have our operations assessed to the Development Gold Ghana Performance Standard. Doing so has opened the opportunity to work with the most respected businesses in the international gold market such as the LBMA GDL refinery, MKS PAMP. Partnering with DGI has also assisted us operationally, building our team’s capacity and enhancing our operating systems for greater efficiency and management of our mines’ environmental and social aspects. I expect others to follow and the formalisation of small-scale mining in Ghana to scale rapidly.”

Omar Liess, Chief Commercial Officer of MKS PAMP, commented:
“This partnership represents a significant step forward for responsible sourcing in the artisanal and small-scale mining sector in Ghana. We’re proud to support this initiative and look forward to continued collaboration with our partners in Ghana to scale these efforts and inspire similar initiatives globally.”

Ruth Crowell, Chief Executive of the LBMA, remarked:“The LBMA is encouraged by this announcement. This is exactly the kind of initiative LBMA supports. Ghana is paving the way for similar arrangements between small-scale producers working with GDL refineries in a range of countries.”

DGI’s Development Gold Ghana Performance Standard was created in collaboration with mining industry experts at TDi Sustainability, to independently assess and verify the responsible practices of small-scale gold miners.
The standard aims to create opportunities for Ghana and other nations to redefine small-scale gold mining, countering a legacy of illegal mining and its associated ESG issues such as deforestation, pollution, water contamination, habitat loss, safety risks, and social instability.

The initiative also enhances the traceability of the gold supply chain through DGI’s mine-to-export tech platform, MineTrace, while ensuring environmentally sustainable and socially responsible mining practices.

Assheton Carter, Executive Chair of TDi Sustainability, stated:
“DGI is doing something very important; providing an indigenous Ghana-appropriate, progressive good-practice framework facilitating mine-site improvement at small-scale mines. It is creating an assurance process to demonstrate compliance with international due diligence expectations and, crucially, the technical assistance and capacity development support to uplift this vital sector for the country. TDi has a long history of developing responsible value chains for minerals and ASM gold in particular. It is never easy to do and takes time; in this case, four years of hard work on the ground. We are unbelievably proud to be involved in the launch and roll out of this truly African initiative.”

The LBMA launched its responsible artisanal and small-scale mining (ASM) programme in 2022 to support the inclusion of responsibly sourced ASM gold into the LBMA Good Delivery List. Ghana was identified as one of four countries globally with the strongest potential to scale the responsible sourcing of ASM gold.

To this end, the LBMA hosted a Ghana government delegation at its 2023 Responsible Sourcing Summit, co-convened with the World Gold Council.
International delegations have since visited Ghana to engage with supply chain stakeholders. Since 2023, the LBMA has worked to enable responsible ASM sourcing from Ghana by its GDL refinery members, engaging with mines, traders, and the Bank of Ghana. LBMA also published an ASM Toolkit to help GDL refineries implement a system of progressive improvement.

GNA
Edited by George-Ramsey Benamba

play videoDrivers reacting to the new GH¢1 charge on petroleum products

Following the approval of the GH¢1 charge on every liter of petroleum product by Parliament on Tuesday, June 3, 2025, some drivers have reacted to this new levy.

According to them, the new charge comes just weeks after a nationwide reduction in transport fares, creating a financial strain on their businesses.

They say, the new levy threatens the survival of Ghana’s transport system.

Speaking to GhanaWeb Business, a driver at the Kaneshie Lorry Station said drivers are maltreated by governments when it comes to issues relating to the transport sector.

He said the new GH¢1 tax will worsen the plight of drivers in the country as they risk making mega sales compared to previous times.

“You have forced us to reduce transport fares, now you are telling us to pay GH¢1 on every litre. Why? What have we done to you. If you want to generate to support your economy and ECG, then you must tax everyone. Tax both the private and government workers. Why are you taxing only drivers? This is not fair. We are suffering,” he bemoaned.

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Jemima Okang Addae

Jun – 07 – 2025 , 12:22

2 minutes read

By Stanley Senya

Accra, June 7, GNA – Mr Paul Osae Offei, the Municipal Chief Executive (MCE) of Akuapim South, has commended the National Commission for Civic Education (NCCE) for its impactful educational campaigns and tree-planting activities to mark the 2025 World Environment Day.

Interacting with students and residents of the Aburi East Electoral Area after a cleanup and tree-planting exercise along the Jamaicaso River, Mr Offei praised the Commission’s role in raising public awareness and promoting environmental responsibility.

He urged Ghanaians to adopt environmentally responsible behaviours, emphasising that environmental protection was a shared national obligation.

“The Government is committed to rolling out policies that will reduce environmental waste and promote cleanliness. But every citizen must do their part, starting with proper waste disposal,” Mr Offeistated.

He hinted at upcoming policy measures aimed at improving sanitation and minimising waste generation across the country.

Mr Osman Seidu, the Akuapim South Municipal Director of  NCCE, expressed appreciation to the Municipal Chief Executive for his continued support towards civic education and environmental awareness.

He cited Article 41(k) of the 1992 Constitution, which mandates every citizen to safeguard and protect the environment, and called on the public to live up to that constitutional responsibility.

Madam Joana Asinor, the Vice Principal, Akuapim Technical Institute, called for a shift in public attitudes towards environmental stewardship.

She said sustained action was needed to protect the environment for future generations.

As part of the 2025 World Environment Day commemorations, the NCCE planted 35 trees in schools across Aburi, Kitase, and Peduase, demonstrating its commitment to long-term sustainable environmental practices within the municipality.

GNA

Edited by Agnes Boye-Doe

Bank of Ghana’s new headquarters

The Bank of Ghana (BoG) has withdrawn from the Gold for Oil programme following significant financial losses recorded under the initiative.

The decision was made during a board meeting held on March 13, 2025, and comes after the central bank reported a staggering loss of GH¢41.82 billion from the programme for the financial year ending December 31, 2024.

This marks a sharp increase from the GH¢317 million loss recorded in the previous year.

According to the BoG’s financial report, as of December 31, 2024, the bank had committed GH¢4.69 billion in seed capital toward the programme.

A key component of the overall exchange losses was a GH¢1.82 billion shortfall, specifically attributed to the Gold for Oil initiative.

The programme, which aimed to use locally sourced gold to purchase oil in a bid to reduce pressure on the country’s foreign exchange reserves, was a central part of the government’s strategy to stabilise fuel prices and ease forex demand.

The central bank’s exit signals a major shift in its policy direction amid rising concerns about fiscal sustainability.

It remains to be seen how the government will restructure or continue the Gold for Oil programme following the Bank of Ghana’s withdrawal.

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