Ghana is set to usher in the new year with a major national worship event as the Ghana Tourism Authority presents Ghana In Praise 2026, a large-scale gospel gathering aimed at uniting the country through music, faith and thanksgiving.

The event will take place on Saturday, 3 January 2026, at the Palms Convention Centre, starting at 6pm, and is expected to attract worshippers, gospel music lovers, families and visitors from across Ghana and the diaspora.

Themed “One Nation, One Praise”, Ghana In Praise seeks to create a shared space for reflection and celebration as the country begins a new year. Organisers describe the event as a national moment of gratitude, unity and spiritual renewal, with gospel music serving as a unifying force.

The night will feature performances and ministrations from a strong line-up of renowned gospel artistes. Scheduled to minister on one stage are Mercy Chinwo, Steve Crown, Joyce Blessing, Empress Gifty, Ada Ehi, Nacee and Noble Nketsiah. The blend of local and international acts is expected to deliver a range of worship styles, from contemporary gospel to traditional praise.

Ghana In Praise forms part of Ghana’s broader cultural and tourism calendar, extending festive activities into January and offering visitors additional experiences beyond the December season. The event aligns with ongoing efforts to promote Ghana as a destination where culture, music, faith and hospitality intersect.

The programme is powered by the Ghana Tourism Authority and supported by the Black Star Experience, reinforcing its national significance and connection to Ghana’s cultural promotion agenda.

Attendance is strictly by invitation.

Organisers are encouraging early ticket purchase due to limited seating and anticipated high demand.

Ghana In Praise 2026 is expected to be one of the first major gospel events of the year, bringing together people of different backgrounds under one roof to begin the year in worship.

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.

Filmmaker and creative industry advocate Socrate Safo has issued a stark warning that Ghana’s creative markets are dying due to chronic failure to enforce existing statutory protections, calling for immediate action to reverse what he describes as a culture of regulatory admiration without implementation.

Safo argued that Ghana already possesses adequate legal frameworks to protect creative rights, but enforcement remains absent. “Ghana’s statutory laws already provide a framework for protection,” he stated. “What is missing is enforcement.” He specifically challenged the Copyright Office of Ghana to abandon passive advocacy and activate its full regulatory powers, particularly concerning digital platforms operating in the country.

The filmmaker warned that theoretical copyright protections mean nothing while markets collapse in practice, advocating for mandatory licensing systems and penalties targeting unregulated mass free distribution. He emphasized that regulatory inaction has created conditions where creative rights exist only on paper, leaving rights holders exposed and revenue streams dangerously unstable.

Safo also directed criticism at collective management organizations, particularly the Ghana Music Rights Organisation (GHAMRO), insisting that public music performance must always generate royalties regardless of ticketing or sponsorship arrangements. “Music used in public spaces is not a donation,” he stressed. “It is intellectual property.” He proposed that royalties be calculated using verified playlists submitted by performers, with enforcement extending across concerts, festivals, and corporate sponsored events.

The creative industry critic identified free distribution as the sector’s fundamental structural weakness, noting it has evolved from occasional exception to market foundation with devastating consequences for artists, promoters, and investors alike. “Creative work has a price,” Safo declared. “Free distribution must return to its rightful place as an exception, not the foundation of the market.”

He challenged the widespread practice of hosting concerts, film premieres, and major creative events without admission fees simply because corporate sponsorship has been secured. Safo maintained that sponsorship was designed to support value creation, not eliminate it, arguing that even modest ticket pricing reinforces the economic dignity of creative labor while training audiences to sustain the industry financially.

“Without this discipline, the industry continues to train its audience out of the habit of supporting it,” Safo added, warning that the sector’s problems are now fully diagnosed and visible. What remains missing, he concluded, is decisive corrective action backed by law, discipline, and collective restraint. “Regulation must be enforced, not admired,” he stated.

A coalition of exporters, importers and traders in Ghana has called for the immediate suspension of the Smart Port Note (SPN), warning that the policy risks increasing costs and duplicating existing customs systems.

In a statement issued on December 29, the Coalition of Concerned Exporters, Importers and Traders said the Ghana Shippers’ Authority (GSA) should halt implementation of the mandatory scheme, scheduled to begin in February 2026, until it is fully reassessed.

The group said the policy had been introduced without a publicly available position paper explaining its necessity or benefits. “The initiative lacks justification and was developed without adequate stakeholder consultation,” the coalition said.

The coalition questioned whether the GSA has the legal authority to introduce a pre-shipment notification system, arguing that inspection and compliance functions fall under the Ghana Revenue Authority’s (GRA) destination inspection framework.

It warned that introducing the SPN without alignment with the GRA could create regulatory overlap and weaken accountability within the port and customs system.

According to the group, while importers may be compelled to submit shipping data, suppliers at ports of origin would not be legally required to comply, creating what it described as a “verification gap” that undermines the system’s effectiveness.

The traders’ group said the SPN duplicates functions already performed by Ghana’s Integrated Customs Management System (ICUMS), which provides cargo data, inventory history and risk profiling. The ICUMS, introduced in June 2020, processes documents and payments through a single window and allows users to create a Unique Consignment Reference for easy identification and tracking of all cargo.

The coalition rejected assurances that the scheme would not impose additional costs on traders, arguing that fees charged to exporters would ultimately be passed on to Ghanaian consignees. “This represents a new financial burden rather than a trade facilitation measure,” the statement said.

The statement argued that the initiative appears primarily designed to generate revenue for the service provider, Inter-Ocean Maritime and Logistics Institute (IOMLI), contrary to the GSA’s core mandate of protecting shippers from avoidable costs.

The coalition further warned that the SPN could conflict with the government’s broader digitalisation agenda, including plans to deploy artificial intelligence tools within customs operations to curb revenue leakages.

The coalition urged the GSA to suspend the policy and return to its core mandate under the Ghana Shippers’ Authority Act, 2024 (Act 1122), which includes protecting traders from exploitative shipping practices and reducing the cost of doing business.

Act 1122 transformed the GSA from an advocacy body into a regulatory authority, empowering it to approve or reject charges proposed by shipping service providers, including shipping lines, freight forwarders, terminal operators, and clearing agents, before they take effect.

The coalition said it remained open to working with the Ministry of Transport, the Ministry of Finance, the GRA and the GSA to develop reforms that genuinely improve trade efficiency.

By Linda Naa Deide Aryeetey

Accra, Dec. 24, GNA – The National Population Council (NPC) has called for stronger coordination and sustained financing to ensure effective implementation of Ghana’s Adolescent Sexual and Reproductive Health (ASRH) Policy. 

Mrs Angelina Osei Kodua-Nyanor, Acting Executive Director of the NPC, made the call at a high-level multi-stakeholder meeting in Accra to review population and ASRH policies and their implementation progress. 

She said while Ghana had made commendable progress in developing policies, strategic plans and frameworks, the real challenge remained effective implementation at national and decentralised levels. 

“Ghana is good at policy development, but implementation is what determines success or failure, the real benefits of our development agenda depend on how policies are implemented on the ground,” she said. 

The meeting, convened by the NPC and the United Nations Population Fund (UNFPA), aimed to enhance collaboration, reduce duplication of efforts and develop a unified advocacy agenda for improved adolescent sexual and reproductive health outcomes. 

It brought together development partners, civil and non-governmental organisations to discuss how population and demographic issues were mainstreamed into national and sectoral development planning and investment decisions.  

The meeting also served to review existing policies, programmes and interventions, identify implementation bottlenecks, and explore ways to align efforts to maximise impact. 

Mrs Kodua-Nyanor emphasised the need for youth-focused stakeholders to align their programmes with national priorities and report interventions to the NPC to avoid duplication and fragmentation. 

“We need to be sure that the little resources we have are used judiciously, equitably and transparently across regions, the government’s commitment would be strengthened where there is a clear, unified advocacy agenda supported by strong evidence,” she said. 

Mrs. Kodua-Nyanor noted that while progress had been made in policy formulation and programme rollout, adolescent pregnancy and new HIV infections among young people remained high, particularly in rural and underserved areas. 

“Statistics indicated that about 15 per cent of girls aged 15–19 had ever been pregnant, with higher concentrations in deprived communities,” she said. 

Ms Adjoa Yenyi, Programme Specialist Adolescent and Youth Development at UNFPA, reiterated the fund’s commitment to supporting Ghana through policy and technical assistance to ensure universal access to comprehensive, youth-friendly sexual and reproductive health services. 

Dr Angela El-Adas, Board Chair of the NPC, said adolescent sexual and reproductive health was not only a health concern but a critical population and development issue affecting education, labour force participation, maternal health, population growth and national productivity. 

She said the NPC recognised persistent gaps between policy intent and outcomes. 

“Fragmentation of efforts, uneven implementation across regions, limited financing and persistent socio-cultural barriers continue to undermine the impact of otherwise well-designed policies,” she said. 

Dr El-Adas noted that, given its cross-cutting nature, ASRH could not be addressed by a single institution, as it spanned health, education, gender, local government, social protection and youth development sectors. 

“The ASRH Policy, developed by the NPC, provides a comprehensive framework to guide interventions that promote the health, wellbeing and empowerment of adolescents, but its effective implementation required strong coordination among stakeholders across sectors,” she said. 

GNA 

Edited by Kenneth Sackey

The Ghana cedi is closing 2025 with its strongest year-end performance in nearly a decade, breaking a longstanding pattern of fourth-quarter depreciation that has historically weighed on the local economy.

The currency has steadily appreciated in recent weeks, reversing the traditional seasonal trend of heightened foreign exchange pressure ahead of the festive period. The turnaround has brought relief to importers, manufacturers, and businesses across the private sector who typically face elevated costs during this time of year.

For decades, the final quarter has been marked by intense demand for dollars as businesses stock up for Christmas and year-end operations. This year, however, the cedi has gained ground instead, supported by robust diaspora remittances, improved export earnings, and a sustained trade surplus.

Market data from the interbank segment underscores the shift. On December 30, the cedi was trading around GHC10.65 to the US dollar according to Bank of Ghana figures, with the British pound at approximately GHC14.38 and the euro at around GHC12.55.

The improvement stands in stark contrast to the close of 2024, when the cedi faced severe pressure. At that time, the dollar traded around GHC14.70 to GHC14.72 on the interbank market, with the pound at approximately GHC18.42 and the euro at around GHC15.29, driving inflation higher and undermining business confidence.

Economists attribute the current stability to improved foreign exchange supply, disciplined demand management, and renewed investor sentiment. Sustained inflows from Ghanaians abroad and stronger commodity exports have helped insulate the market from the shocks typically associated with year-end trading, they say.

While analysts warn that currency stability depends on continued prudent fiscal and monetary policy, the cedi’s performance in the closing days of 2025 is being seen as a rare encouraging sign for Ghana’s macroeconomic outlook as the country enters the new year.

The Ministry of Energy and Green Transition has called for calm and restraint following nationwide protests by workers of the Electricity Company of Ghana (ECG) over government plans to introduce Private Sector Participation in the utility’s operations.

The statement, released on Tuesday, December 30, stressed that the Private Sector Participation (PSP) framework for ECG is not a sale but a strategy to strengthen operations. The Ministry called for calm and restraint as engagements continue in good faith, explaining that selection of a transaction advisor is a technical and procedural step to properly structure the PSP framework and does not in any way constitute or imply an outright sale of ECG.

The Ministry outlined government commitment to protecting the interests of ECG workers while ensuring the utility becomes more reliable, efficient, and sustainable. Government remains committed to protecting the interests of workers, strengthening ECG, and ensuring a reliable, efficient, and sustainable power sector for all Ghanaians, the statement added.

The clarification follows symbolic nationwide protests on December 29 led by the Public Utilities Workers Union (PUWU) of the Trades Union Congress (TUC). Staff hoisted red flags and wore red bands at ECG offices across the country to express strong opposition to government intention to appoint a transaction adviser for ECG’s transition into PSP.

Speaking to the media, PUWU General Secretary Timothy Nyame said the hoisting of red flags marked the beginning of a series of staff actions aimed at reinforcing the union’s position that ECG could be revived through internal reforms. We see this appointment as being influenced by external interests seeking to take control of a strategic national asset for the benefit of a few individuals, rather than in the interest of Ghanaians, he stated.

The union expressed surprise at reports suggesting government intends to appoint a transaction adviser before year end, noting that it comes at a time when an agreed turnaround programme for ECG is already underway. According to PUWU, the turnaround programme was jointly agreed with the Ministry of Energy and is being implemented collaboratively by ECG management and workers under union leadership.

PUWU highlighted what it described as significant gains made over the past five months through exceptional commitment, discipline, and dedication from ECG workers. The union cited improved revenue collection, drastic reduction in system losses, and stabilisation of power supply for consumers across the country. General Secretary Nyame revealed that in fulfillment of the turnaround programme, ECG workers achieved a record 90 percent improvement in revenue alongside reduced system losses.

These achievements have been publicly acknowledged by senior government officials. PUWU referenced commendations by Finance Minister Dr Cassiel Ato Forson during presentation of the 2026 Budget on November 13, 2025, comments by Majority Leader Mahama Ayariga on the floor of Parliament on November 27, and remarks by Energy and Green Transition Minister John Abdullai Jinapor.

In its response, the Ministry explained that Cabinet under President John Dramani Mahama approved PSP in ECG in April 2025 as part of a broader reform agenda. The objective is to improve billing and revenue collection, enhance service delivery, and reduce aggregate technical and commercial losses within the company.

While there has been significant improvement in ECG’s overall performance since January 2025, critical challenges still persist, the Ministry noted, warning that these challenges could threaten the company’s financial sustainability and the stability of the power sector if left unresolved.

The Government of Ghana does not intend to, and will not, sell ECG, the statement stressed. The approved Private Sector Participation framework is not a sale or divestiture. Rather, it involves the strategic deployment of private sector expertise through multiple concession arrangements to support and improve specific operational areas of ECG.

The Ministry emphasized that the PSP framework is aimed at operational improvements, deploying private sector expertise in strategic areas to enhance service delivery. The statement was signed by Richmond Rockson, the Ministry’s Spokesperson and Head of Communication.

PUWU is urging government to immediately halt all actions toward PSP, allow the turnaround programme agreed with the Ministry of Energy, ECG management and workers to run its full course, and ensure outcomes of the programme are evaluated and aligned with national energy distribution policy. The union insists that any decision on ECG’s future must be guided by due process, transparency, and broad stakeholder consultation.

The controversy over private sector involvement in ECG comes years after the collapse of the Power Distribution Services (PDS) concession in 2019. That failed privatization attempt resulted in Ghana forfeiting approximately 190 million US dollars in Millennium Challenge Corporation compact funding and triggered lengthy arbitration proceedings that concluded in Ghana’s favor.

Richmond Rockson described the PDS episode as arising from weak decisions and lapses in the selection and approval processes undertaken under the previous administration. Those missteps contributed to significant financial losses for the country and damaged confidence in private sector participation frameworks for state utilities.

According to Rockson, government insistence on 51 percent local ownership during the PDS process discouraged several experienced international firms from participating in the deal. We had a lot of international companies from Germany, France, and the United States with the requisite expertise, he explained. But because government insisted that the Ghanaian partners must hold 51 percent, many of these companies pulled out.

The local and Angolan partners lacked the financial capacity to raise the required 250 million dollars, leading to several unmet conditions, including a fraudulent insurance guarantee that ultimately collapsed the deal. An arbitration tribunal dismissed all claims made by PDS and ruled that the guarantee underpinning the concession was void.

ECG is wholly owned by the Government of Ghana and is responsible for electricity distribution in the southern half of the country. The Northern Electricity Distribution Company handles distribution in the northern regions. Both utilities face persistent challenges including high technical and commercial losses, revenue collection difficulties, and aging infrastructure requiring substantial investment.

The Ministry’s statement acknowledged that while ECG has recorded some improvements since January 2025, the company continues to face significant operational and financial challenges that could threaten its future and the stability of Ghana’s power sector if left unresolved. Government intervention is aimed at strengthening ECG, not weakening it, the Ministry stressed.

PUWU maintains that ECG has demonstrated capacity to recover and remain sustainable through local expertise, strong management support, worker commitment, and absence of political interference, without the need for a rushed transfer of the utility into private hands. The union reaffirmed its commitment to protecting the public interest, safeguarding jobs, and ensuring a reliable and affordable electricity supply for Ghanaians.

The Ministry concluded by calling on traditional authorities and worker representatives to channel requests and complaints through proper administrative procedures to ensure timely resolution. It encouraged continued engagement in good faith as government works to structure the PSP framework in a manner that protects worker interests while addressing ECG’s operational challenges.

MTN staff presenting a hamper to one of the newborn mothers

Newborn mothers in the Sekondi-Takoradi Metropolis who received this year’s baby hampers from MTN Ghana have praised the telecommunication company for the annual tremendous support.

MTN Ghana has been donating hampers to new born mothers in some selected health facilities in the metropolis every year to show love during Christmas festivities.

This year, the company donated 40 hampers to babies born on Christmas Day and their mothers at the Effia-Nkwanta Regional Hospital and the Essikado Hospital, all within the metropolis.

The gesture formed part of MTN Ghana’s annual Corporate Social Responsibility (CSR) programme.

Each hamper was packaged with essential baby items such as diapers, toiletries, feeding bottles and toys to support mothers during the critical early days.

Speaking to journalists later, the Corporate Services Advisor for MTN Ghana’s South-West Business District, Kennedy Ofosuhene, explained that the initiative was aimed at welcoming the Christmas babies and easing the burden on their families.

“This initiative began in 2011 and has been sustained over the years because of the impact it continues to make,” he said.

” Beyond welcoming the babies, it is our way of deepening and strengthening our relationship with the communities we serve,” he pointed out.

Mr. Ofosuhene noted that the beneficiaries were selected from mothers who were still admitted at the time of MTN’s visit to the hospitals.

He explained that the experiences from previous years, including encounters with mothers who arrived at health facilities without basic baby items, have reinforced the importance of the programme.

“Sometimes, you meet mothers who have absolutely nothing. When we present these items, you can see the relief and happiness on their faces, and that alone motivates us to continue,” he added.

A Senior Midwife at the Essikado Hospital, Veronica Inkoom, said the hampers would go a long way in supporting the mothers and reducing some of the financial pressures associated with childbirth.

She appealed to MTN Ghana to support the health facility construct an additional maternity block to help manage the increasing number of expectant mothers who visit the facility.

“During peak delivery periods, space becomes a challenge, and we are sometimes forced to refer expectant mothers elsewhere”.

“An additional maternity block would help us cater for more mothers and ease the pressure on the existing one,” she indicated.

From Emmanuel Opoku, Takoradi

Policy analyst Sitsofe Mensah has attributed Ghana’s persistent fiscal challenges to a tax exemption regime that successive governments have refused to reform despite repeated warnings from the International Monetary Fund (IMF) spanning more than a decade.

Mensah stated that IMF country reports have consistently identified tax waivers as a major source of revenue leakage, with Ghana losing billions annually through exemptions granted to firms that do not require fiscal support. The analyst argues that promised reviews have never materialized because the exemption framework serves political interests rather than economic necessity.

Successive governments have responded to IMF concerns with pledges to review the system, according to Mensah. However, these commitments have not translated into meaningful reform. The analyst described the exemption regime not as an oversight but as a deliberate feature of Ghana’s political economy.

Mensah characterized the system as functioning like state sanctioned tax avoidance, authorized through legal processes but disconnected from public interest outcomes. According to his assessment, it represents legalized tax evasion for politically connected entities, signed and sealed by the institution meant to protect the public purse.

The analyst questioned why successive IMF programmes continue focusing on austerity measures affecting ordinary citizens while structural causes of revenue loss remain unaddressed. When exemptions are granted, national expenses do not disappear but are instead shifted onto those least able to pay, Mensah noted.

World Bank estimates show that value added tax exemptions result in a two to three percent reduction in the tax to GDP ratio. Ghana’s tax exemptions from Value Added Tax (VAT), Personal Income Tax (PIT), and import duties generate a loss of 3.9 percent of GDP, creating leakages, complexity and distortions in the revenue system.

Ghana’s tax policy design suffers from widespread tax expenditures estimated around four percent of GDP, especially in VAT. The country’s tax to GDP ratio stood at 13.8 percent in 2022, significantly below the IMF Extended Credit Facility (ECF) programme target of 18 to 20 percent by 2027.

Mensah linked declining public services directly to revenue lost through tax exemptions, arguing that waived taxes affect healthcare, education and infrastructure delivery. He urged citizens to reframe how they understand tax waivers, suggesting people should think of missing incubators in district hospitals and textbooks children never received when they hear the term.

Taxes waived by Parliament represent funds that were legally owed to the state and budgeted for national development, the analyst emphasized. That money existed, was owed to the state, and was waived away with a signature, he stated. The resulting funding gaps explain why essential services remain under resourced despite consistent tax collection from consumers.

The IMF recommends that Ghana reduce costly and poorly targeted tax incentives to close the gap between potential and actual revenue collections. The global financial institution argues that many existing tax breaks fail to deliver intended economic benefits while undermining overall tax system efficiency.

During 2024, imports valued at 204 billion cedis entered Ghana, yet only 85 billion cedis qualified as taxable. This discrepancy points to widespread misclassification and under invoicing practices that deprive the government of billions in potential revenue, according to Finance Ministry data.

The value of exempted and zero rated imports decreased from 22.3 billion cedis in 2022 to 20.2 billion cedis in 2023, representing a modest decline of 10.3 percent. However, this still reflects substantial revenue foregone.

Ghana loses over five billion cedis every year through tax exemptions, according to the Institute of Economic Affairs (IEA). The research body has urged Parliament to pass comprehensive tax exemption legislation that has been pending since 2019 to plug what it describes as a big hole in the tax system.

Large tax exemptions made reversing revenue shortfall more difficult, according to IMF assessments of Ghana’s fiscal challenges dating back to 2015. Institutional rigidities in the public finance system, including widespread earmarking of revenues and large spending by agencies, have constrained expenditure reduction efforts.

Mensah also criticized the tendency to spiritualize economic hardship, especially during religious events. You cannot pray away a tax exemption signed in Parliament, he wrote. God provides the harvest, but policy determines who eats.

The analyst concluded by urging citizens to shift from passive acceptance to political scrutiny, particularly of parliamentary voting records on tax exemptions. He called on Ghanaians not to simply say Amen but to demand accountability by requiring their representatives to show their hands on these decisions.

Ghana’s Tax Exemptions Act of 2022 provides clear criteria and guidelines for granting exemptions. However, other legislation introduces further tax incentives that deviate from the notional tax benchmark, creating complexity in the system. The largest source of foregone VAT revenue comes from exemptions on the supply of dwellings and land, accounting for 33 percent of the overall cost.

The revenue challenge extends across Sub Saharan Africa, where similar gaps frequently exceed five percent of GDP. These shortfalls stem from structural obstacles including high levels of informal economic activity, administrative inefficiencies and weak enforcement mechanisms.

Former Deputy Director of Communications under the Akufo Addo administration, Jefferson Sackey, has mounted a vigorous campaign in support of former Vice President and NPP Flagbearer aspirant, Dr. Mahamudu Bawumia, describing him as a leader of principle, discipline and unmatched political pedigree within the New Patriotic Party.

Mr. Sackey, who was the New Patriotic Party Parliamentary Candidate for Ablekuma Central in the 2024 general elections and currently serves as an special aide to Dr. Bawumia, made the remarks while addressing NPP Delegates in Ablekuma Central aimed at mobilising grassroots backing for the Vice President.

According to him, Dr. Bawumia’s political journey and personal character clearly set him apart as the most prepared and credible figure to lead the country.

He stressed that the former Vice President’s consistency, loyalty to the party and calm leadership style have been evident throughout his years of public service.

“This is a man of principle. This is a man of discipline,” Mr. Sackey told the delegates. He traced the electoral history of the New Patriotic Party, recalling the party’s resilience through challenging election cycles and its firm belief in the rule of law, particularly its decision to seek redress at the Supreme Court following the 2012 elections.

Mr. Sackey highlighted Dr. Bawumia’s instrumental role in the party’s eventual victory in 2016, which brought Nana Addo Dankwa Akufo Addo to the presidency, with Dr. Bawumia as Vice President.

He described this achievement as a defining moment in the history of the Fourth Republic and a testament to Dr. Bawumia’s strategic thinking and commitment to democratic governance.

“In the history of our republic, you are a Vice President of the Republic of Ghana who has remained consistent, focused and loyal to party ideals,” he said, adding that no political opponent has been able to diminish Dr. Bawumia’s credibility or national appeal.

The former deputy director of communications also emphasised Dr. Bawumia’s broad national support, noting that his message resonates across regions and ethnic lines.

He said the former Vice President’s ideas and leadership style appeal to Ghanaians from the north to the south and from the east to the west, reinforcing his image as a unifying figure.

Mr. Sackey assured supporters that the New Patriotic Party would once again reward Dr. Bawumia’s dedication and sacrifice with overwhelming backing, expressing confidence in a victorious outcome when party processes and national elections are concluded.

He called for humility, unity and renewed commitment among party members, urging them to rally behind Dr. Bawumia out of conviction and love for the party and the country. “We believe in you, and we will stand with you,” he further said.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Emerge New Woman founder Lady Mae positioned women’s mental and emotional renewal as a driver for national productivity at the 6th Renewed Woman conference held Monday, December 30, 2025.

The event, conducted under the theme Recharge at the Emmanuel Event Enclave in Labone, attracted over 700 attendees and featured media personality Nana Ama McBrown as guest speaker.

Various elements anchored the message of recharge, including a session with clinical psychologist Dr. Abra Dziedorm. Lady Mae framed the annual conference not merely as a motivational event but as a necessary intervention for promoting wellness that translates to peak performance and productivity, indicating how burnout impedes professional and entrepreneurial output.

Renewed Woman is a transformative gathering where women come to reflect, share their stories, and draw strength, Lady Mae stated. It provides a safe, empowering space for mental, emotional, and personal renewal, reminding women that restoration is part of growth. The organization’s founder emphasized the business oriented philosophy behind the non governmental organization’s (NGO) work, connecting the theme of Recharge directly to sustained performance.

Recharge is about recognizing that need and choosing restoration before exhaustion sets in, she explained. Many of us feel lost or that we are failing, but we are simply running on empty batteries, highlighting how burnout impedes professional and entrepreneurial output. The three pillars that underpin Emerge New Woman’s ethos are Healing, Empowerment, and Re-integration.

To date, the NGO has invested in excess of one million cedis across psycho education, seed funding, business skills training, and various support services. The event also served as a platform for partnership appeals and a showcase of the organization’s financial footprint. Lady Mae announced the launch of her second book, Save You First, which underscores the principle of conscious self investment.

According to her, to expand the foundation’s impact, they are actively seeking sponsorship and partnerships from government institutions, corporate bodies, and other NGOs. This call for investment was punctuated by tangible action during the conference, directly linking the day’s themes of renewal to concrete business advancement. A total of 30 seed fund beneficiaries were supported, with five seed fund beneficiaries exhibiting products from their skills.

Twelve beneficiaries received a share of 50,000 cedis, while 18 others received products worth about 100,000 cedis, including appliances, equipment, and supplies for their businesses. Combined, the direct financial and in kind support provided to beneficiaries at the conference totaled approximately 150,000 cedis, reflecting Emerge New Woman’s commitment to translating wellness conversations into economic empowerment.

Special guest speaker Nana Ama McBrown reinforced the necessity of recharging for peak performance. Sharing her own life’s journey, she charged the audience with a mandate not to give up and keep pushing. You can’t sit at the same place and expect things to move in your favor in 2026. As you enter into 2026, always be on the move and God’s favor will locate you, she said.

The conference was attended by dignitaries including Founder of the Solid Rock Chapel International, Rev. Dr. Christie Doe Tetteh, Apostle Felicia Acheampong of Aroma of Christ, Rosemund Obeng representing the Deputy Chief of Staff from the Office of the President, veteran actress Akofa Edjeani Asiedu, guest artist Obaapa Christy, Ark Band, and media personalities Kwesi Ernest and AJ Pounds who served as master of ceremonies for the event.

Lady Mae, whose real name is Marian Assibi, founded Emerge New Woman as a platform addressing the mental health, economic empowerment, and social reintegration needs of Ghanaian women. The organization operates on the principle that women’s wellness directly correlates with national productivity, positioning psychological and emotional health as economic imperatives rather than luxury concerns.

The NGO’s three pillar approach of Healing, Empowerment, and Re-integration reflects a comprehensive strategy addressing both immediate crisis intervention and long term capability building. Healing focuses on trauma recovery and mental health support, Empowerment provides business skills and seed capital, while Re-integration helps beneficiaries establish sustainable livelihoods and community connections.

The conference format combines inspirational messaging with practical support mechanisms. Unlike purely motivational events that end with participants feeling inspired but lacking concrete resources for change, the Renewed Woman conference pairs wellness messages with tangible economic interventions through seed funding, equipment provision, and business skills training.

Dr. Abra Dziedorm’s clinical psychology session provided evidence based perspectives on burnout, stress management, and the physiological impacts of chronic exhaustion. Her participation reflects Emerge New Woman’s commitment to grounding wellness conversations in scientific understanding rather than relying solely on motivational rhetoric.

The choice of Nana Ama McBrown as guest speaker carried strategic significance. The actress, television presenter, and entrepreneur brings both celebrity appeal and authentic struggle narratives that resonate with audiences. Her journey from modest beginnings to becoming one of Ghana’s most recognized media personalities provides a compelling case study in resilience and sustained performance management.

McBrown’s emphasis on continuous movement and positioning for opportunity aligns with Lady Mae’s framework connecting self care to productivity. The message challenges cultural narratives suggesting that rest represents laziness, instead framing strategic restoration as essential infrastructure for sustained high performance.

The presence of government representation through Rosemund Obeng from the Deputy Chief of Staff’s office signals potential institutional interest in women’s empowerment programming. Such connections could facilitate future partnerships enabling Emerge New Woman to scale its impact through access to government resources, policy influence, or collaborative programme delivery.

Religious leaders including Rev. Dr. Christie Doe Tetteh and Apostle Felicia Acheampong attending the conference reflects the significant role faith communities play in Ghana’s social support ecosystem. Many women access initial help through churches before connecting with formal NGO or government services, making religious leaders important referral partners for organizations like Emerge New Woman.

The exhibition component featuring five beneficiaries showcasing products from their skills provided tangible evidence of program effectiveness. Seeing fellow participants successfully launching enterprises through seed funding validates the organization’s model while inspiring current beneficiaries about possibilities for their own ventures.

The distinction between the 12 beneficiaries receiving cash shares versus 18 receiving in kind support likely reflects different business needs. Start up enterprises may require cash for initial inventory or licensing, while established ventures benefit more from equipment, appliances, or supplies that reduce overhead costs and improve operational capacity.

Lady Mae’s second book launch at the conference, Save You First, extends her message beyond the annual gathering into literature accessible year round. The title encapsulates the core philosophy that women must prioritize their own wellbeing before effectively supporting others, challenging cultural expectations that women should perpetually sacrifice personal needs for family, community, or national demands.

The book launch also represents revenue diversification for Emerge New Woman. Beyond donations and grants, book sales can provide sustainable income streams supporting organizational operations. Author platforms also amplify founder visibility, potentially attracting larger donors, corporate sponsors, or government partnerships.

The call for sponsorship and partnerships during the conference reflects pragmatic recognition that expanding impact requires resources beyond founder contributions and small donor bases. Lady Mae’s explicit appeal to government institutions, corporate bodies, and other NGOs demonstrates sophisticated understanding of funding ecosystem navigation.

Corporate sponsorships could provide substantial capital while offering companies visible association with women’s empowerment initiatives beneficial for corporate social responsibility positioning. Government partnerships could enable service delivery at scale through existing institutional infrastructure and budgets. Collaborations with other NGOs could facilitate resource sharing, technical expertise exchange, and coordinated service delivery avoiding duplication.

The timing of the conference in late December positions it as both year end reflection and new year preparation. Participants can process lessons from 2025 while setting intentions and accessing resources for 2026 ventures. This liminal timing capitalizes on natural human tendencies toward retrospection and forward planning during year transitions.

However, late December scheduling also presents challenges. Holiday commitments, travel, and year end work pressures could reduce attendance despite the 700 participant turnout suggesting strong interest. The organization may need to evaluate whether alternative timing would enable even greater participation while maintaining the symbolic power of new year transitions.

The 700 attendee figure represents significant growth for an NGO founded relatively recently. Sustaining and expanding this audience requires consistent value delivery, strategic marketing, and continuous innovation in programming. As the Renewed Woman conference enters its seventh year in 2026, maintaining participant enthusiasm while attracting new audiences will test organizational creativity and resource management.

Looking forward, Emerge New Woman faces questions about sustainability and scale. The organization has invested over one million cedis to date, but expanding to reach more women across Ghana’s diverse geography requires multiples of current resources. Building institutional partnerships, diversifying revenue streams, and demonstrating measurable impact through rigorous monitoring and evaluation become increasingly important as the organization matures.

The emphasis on women’s mental health and economic empowerment reflects growing recognition in Ghana and across Africa that development strategies ignoring women’s psychological wellbeing inevitably underperform. Women comprise significant portions of agricultural labor forces, dominate informal sector trade, and bear primary responsibility for child rearing. Their exhaustion, trauma, or mental health challenges ripple through families, communities, and national economies.

By positioning wellness as productivity infrastructure rather than individual luxury, Lady Mae and Emerge New Woman contribute to shifting narratives about women’s health from private concern to public investment priority. Whether this framing successfully attracts the government and corporate partnerships sought remains to be seen, but the organization’s growth trajectory and conference scale suggest resonance with target audiences.

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Attractive News Blog of Tuesday, 30 December 2025

Source: Andre Mustapha NII okai Inusah

Mining consultant Ing. Wisdom Gomashie has questioned the justification for reported losses at the Ghana Gold Board (GoldBod), arguing that a state institution with monopoly powers in gold trading should not be recording deficits. Speaking on the Asaase Breakfast Show Monday, December 29, Gomashie said GoldBod’s mandate goes beyond supporting the Bank of Ghana’s (BoG) gold for reserves programme and includes buying, selling, and exporting gold, activities that should ordinarily generate value for the state.

Gomashie stated that Gold Board is not a new concept, noting that before its establishment, BoG was already buying gold through the Precious Minerals Marketing Company (PMMC) while private traders were exporting gold, paying taxes, and making profits. According to him, private exporters previously paid up to 1.5 percent of the value of gold exports to the state, a revenue stream that has disappeared following GoldBod’s monopoly.

The mining consultant noted that under previous administration, Ghana added 22 tonnes of gold to its reserves, which he said yielded a net benefit estimated at 17 billion cedis based on current gold prices. Gomashie argued that one cannot demonize past gold for reserves activities and then justify today’s losses when gold prices are at historic highs. He further disputed claims that all gold purchased by GoldBod had been added to national reserves, insisting that a significant portion had been exported as part of trading operations.

Ghanaians must be told how much of the gold bought is sitting at BoG and how much has been exported, Gomashie emphasized. The narrative that all 100 tonnes are in the vaults is misleading, he stated. The consultant also criticized GoldBod leadership, accusing Chief Executive Officer Sammy Gyamfi of misunderstanding the core mandate of the institution.

Public claims that GoldBod was not established to make profits are not only misleading but scandalous, according to Gomashie. He bluntly stated that Sammy Gyamfi does not know his job at the Gold Board, arguing that the Gold Board Act clearly mandates the institution to buy, sell, and export gold, activities that are inherently commercial. According to Gomashie, no entity involved in gold trading anywhere in the world is set up to operate at a loss, especially when gold prices have surged by over 60 percent in the past year.

Gomashie questioned how GoldBod could record losses in a period of historic gold price increases, describing the situation as economically unjustifiable. He warned that continued mismanagement could result in massive future losses that would burden the Ghanaian economy, calling on government to tame the leadership of GoldBod and return to sound policy foundations.

The consultant has rejected assertions that GoldBod was not created as a profit making institution, insisting such claims contradict the law establishing the body. Appearing on the same broadcast, Gomashie said the Gold Board Act, 2025 (Act 1140) gives GoldBod explicit authority to regulate, trade, export, and support Ghana’s gold reserve accumulation, functions that require commercial viability. Nobody establishes a gold trading entity with the intention of making losses, he stated.

Gomashie explained that Ghana’s earlier Domestic Gold Buying Programme implemented by BoG proved successful, increasing the country’s gold reserves from about 8.7 tonnes to over 22 tonnes within two years at a time when gold prices were significantly lower. He also criticized what he described as excessive state control of small scale gold trading, warning that monopolistic pricing could distort the market and fuel smuggling.

If state pricing becomes unattractive, smugglers will pay more, and gold will leave through illegal routes, Gomashie cautioned. He urged authorities to adopt a balanced pricing strategy that protects state revenue while remaining fair to small scale miners. The consultant warned that any attempt to recover losses by suppressing local gold prices could backfire by increasing smuggling. If the state buyer offers 9,000 cedis when the market price is 12,000 cedis, smugglers will fill the gap. You cannot legislate your way out of that, he said.

Central to Gomashie’s concerns is the role of the sole aggregator model. He stated there is no justification for handing Ghana’s entire gold aggregation process to one company in a country of over 30 million people. According to Gomashie, monopolizing aggregation creates opportunities for price manipulation, inefficiency, and hidden losses, particularly in a sector historically vulnerable to corruption.

When losses are reported, they are often not purely operational losses. Inefficiencies usually hide other things, he warned. The consultant added that single aggregator systems in other jurisdictions had been linked to money laundering and illicit financial flows, citing experiences from parts of Latin America. He called on Parliament and the media to demand clarity on aggregation arrangements.

On Tuesday, December 30, Gomashie escalated environmental concerns, stating that GoldBod is unable to trace even 20 percent of the gold it purchases to licensed mining operations, raising serious questions about the source of gold feeding into the state system. Mining starts at the pit, not at the gold shop. Traceability must begin from the mine, he stated on the Asaase Breakfast Show.

Gomashie referenced official data indicating that 63 tonnes of gold were exported from small scale mining in 2024, a sector he said is historically difficult to regulate. He questioned how gold production could rise further in 2025 when government insists it has not issued new small scale mining licenses. Where is the gold coming from? From rivers, forest reserves, and behind schools and police stations, he stated.

According to him, Section 42 of the Gold Board Act requires disclosure of gold sources, a provision he believes has not been complied with. He warned that continued opacity could turn GoldBod into what he described as a state sponsored vehicle for environmental destruction while delivering no economic benefit to citizens.

The consultant has gained public attention after reportedly predicting in August 2025 that the Ghana Gold Board would record massive losses based on its business model. In a Facebook post dated August 5, 2025, Gomashie wrote that Ghana GoldBod shall soon declare losses and also the foreigners that have been banned are now operating freely than ever. He urged Sammy Gyamfi to return the gold trade to natural market dynamics.

Since the release of the International Monetary Fund (IMF) report on December 17, 2025 showing losses of approximately 214 million dollars from operations between January and September 2025, Gomashie has been receiving wide acclaim online for his August prediction. The IMF disclosed in its fifth review report that operational costs from GoldBod alongside trading shortfalls drove losses under the gold for reserves programme to 214 million dollars within the first nine months of 2025.

However, GoldBod has rejected these findings, clarifying that the board does not charge off taker fees and that its mandate is limited to purchasing, assaying, and exporting gold on behalf of the central bank. Gyamfi emphasized that all gold trading and sales decisions remain the sole responsibility of BoG, with GoldBod functioning purely as a procurement and logistics intermediary.

GoldBod Chief Executive Officer Sammy Gyamfi has announced plans to publicly address allegations surrounding the IMF’s reported loss beginning Monday, January 5, 2026. In a December 29 statement, Gyamfi released what he described as audited figures showing BoG losses from artisanal small scale gold purchases under both gold for reserves and Gold for Oil programmes during New Patriotic Party (NPP) administration.

Gyamfi stated that for 2023, Gold for Oil gold component losses recorded 1.18 billion cedis while gold for reserves losses reached 973 million cedis, bringing total losses for the year to 2.15 billion cedis. In 2024, audited figures showed Gold for Oil losses of 667.79 million cedis and gold for reserves losses of 4.18 billion cedis, producing total losses for 2024 at 4.84 billion cedis, according to the GoldBod chief executive.

Describing the situation as a paradox, Gyamfi questioned why the NPP, under whose administration cumulative losses of about seven billion cedis were recorded between 2023 and 2024, was now calling for a probe into what he claims represents a significant reduction in losses. He emphasized that gold for reserves is designed to generate foreign exchange and strengthen Ghana’s reserves, not to operate as a profit making venture.

Parliamentary Minority Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, criticized Gyamfi’s response as unfortunate, saying if a CEO presides over significant losses, the response should not focus on comparative losses under previous administrations but rather address the scale of the issue. The Minority has called for a bipartisan parliamentary investigation into the reported 214 million dollar loss.

Professor Isaac Boadi, speaking on the Asaase Breakfast Show Monday, December 29, said while central banks are not profit driven institutions, the consistency, transparency, and justification of losses remain critical. The problem is not that losses occurred; the problem is the lack of transparency, governance weaknesses, and unclear pricing mechanisms, he explained.

Professor Boadi noted that the IMF had flagged operational, pricing, and governance concerns related to the gold for reserves programme, warning that these weaknesses had reduced the net macroeconomic gains. He questioned why GoldBod has been relying on funds from BoG to purchase gold despite parliamentary approval of seed capital and budgetary allocations that were never released. Where is the approval for BoG to fund Gold Board operations? he asked.

Policy analyst Dr. Emmanuel Steve Asare Manteaw has defended losses reported under gold backed programmes, arguing that economic policy must be judged by macroeconomic outcomes rather than isolated financial figures. He characterized criticism of GoldBod as politically motivated attacks rather than substantive institutional assessment. Dr. Manteaw stated that benefits from GoldBod activities currently outweigh operational losses.

Economist Dr. Theo Acheampong’s recent econometric analysis using nearly three years of official BoG data demonstrated that reserve accumulation follows programmatic decisions rather than reactive price driven strategies. His research showed that while gold prices and Ghana’s reserves show strong correlation over time, when examining month to month movements, correlation becomes negative, confirming that purchases follow policy rather than prices.

Gomashie’s intervention adds a technical dimension to debates that have often been conducted through political lenses. His mining sector expertise and August prediction lend credibility to current criticisms, though defenders argue operational costs should be evaluated within the context of macroeconomic stabilization achieved during 2025, including inflation declining from 23.8 percent to 6.3 percent and the cedi appreciating over 35 percent.

The coming days leading to Gyamfi’s January 5 exposé will test whether detailed responses can address growing concerns about GoldBod’s operational efficiency, transparency, and environmental safeguards. As Parliament prepares to reconvene in the new year, questions about whether a bipartisan investigative committee will be established to examine gold aggregation arrangements remain unresolved.

Ecobank, the leading pan African banking group, has been recognized with multiple prestigious international awards in 2025, marking a standout year for the institution as it celebrates four decades of continental financial services. The breadth of recognition across trade finance, small and medium enterprise (SME) banking, digital innovation, cash management, capital markets, and institutional excellence underscores Ecobank’s position as a leading African financial institution.

In a milestone year reflecting both legacy and momentum, Ecobank received top honors from leading financial services platforms including Global Finance, Euromoney, African Banker, All Africa Business Leaders Awards (AABLA), and other respected opinion formers. The pan African lender secured prestigious titles including Best Bank in Africa from Global Finance announced May 27, 2025, Best Bank for SMEs in Africa from Euromoney announced August 28, 2025, and multiple subsidiary recognitions from The Banker magazine.

Global Finance named Ecobank Best Trade Finance Bank in Africa, Best Bank in Africa, and Best Bank for Cash Management in Africa during its various award ceremonies throughout 2025. The publication’s editorial panel evaluated factors including growth in assets, profitability, strategic relationships, geographic reach, new business development, and product innovation when selecting winners.

Euromoney Awards for Excellence 2025 recognized Ecobank as Best Bank for SMEs in Africa, Best Digital Bank in Africa, Africa’s Best Cash Management Bank 2025, and named Isaac Kamuta as Africa’s Transaction Banker of the Year 2025. Euromoney highlighted Ecobank’s robust digital transformation including accelerating digital onboarding and enhancing cross border payment capabilities to over 100 countries through strategic partnerships.

African Banker Awards designated Ecobank as the African Women in Finance Access to Finance (AFAWA) Bank of the Year for supporting women led enterprises. Global Banking and Markets Africa Awards 2025 recognized the institution’s 400 million dollar senior bond issuance as Financial Institutions Bond Deal of the Year, while All African Business Leaders Awards named Ecobank Company of the Year.

These accolades recognize Ecobank’s ability to connect markets, unlock trade, and deliver integrated financial solutions at scale across Africa. They reflect the group’s leadership in trade finance and transaction banking, its market leading support for SMEs and women led enterprises, and its continued investment in digital platforms that expand access to finance and improve efficiency for businesses and consumers alike.

Complementing group level recognition, several Ecobank affiliates were recognized for performance in their respective markets. Global Finance named Ecobank Ghana as Best SME Bank in Ghana, recognized Ecobank as Best Trade Finance Provider in Burkina Faso, Côte d’Ivoire, and Rwanda, and designated Ecobank as Best Bank in Gambia and Togo.

The Banker magazine, a Financial Times publication, named six Ecobank subsidiaries as Bank of the Year 2025 in their respective countries: Ecobank Cameroon, Ecobank Equatorial Guinea, Ecobank Gabon, Ecobank Gambia, Ecobank Guinea, and Ecobank Togo. The awards, widely regarded as a leading global benchmark for the banking industry, assess institutions on financial strength, operational performance, service quality, and capacity for innovation within their respective markets.

These national awards highlight the strength of Ecobank’s local franchises and the group’s ability to deliver consistent excellence across diverse markets, combining global standards with deep local insight. Together, the awards reflect Ecobank’s distinctive role in powering intra African trade, financing development, advancing financial inclusion, and supporting entrepreneurs and SMEs across the continent.

Jeremy Awori, Group Chief Executive Officer of Ecobank, stated that the awards represent a powerful endorsement of the pan African model and progress made under the Growth, Transformation and Returns strategy. Receiving this recognition in the 40th anniversary year makes it especially meaningful, according to Awori. It speaks to the dedication of teams across the continent and to a bank that has spent four decades building the financial infrastructure Africa needs to trade, grow, and compete.

Looking ahead, Awori emphasized remaining focused on building a technologically enabled, future fit institution that continues delivering exceptional outcomes for clients and for Africa. The group reported profit before tax of 657 million dollars for the first nine months of 2025, representing a 34 percent increase from the previous year. This performance, according to Awori, is driven by the success of the Growth, Transformation and Returns strategy.

Founded in 1985 with the vision of creating a bank for Africans, by Africans, Ecobank Transnational Incorporated (ETI) has expanded its footprint to 35 countries including 34 African nations plus France, the United Kingdom, United Arab Emirates, and China. The institution serves over 32 million customers across the continent through nearly 15,000 employees from 43 nationalities, reflecting the diverse continent it was built to serve.

From pioneering longer banking hours and opening on weekends, considered radical at the time, to navigating political upheavals and civil conflicts, Ecobank has consistently been at the forefront of transformation while becoming synonymous with banking in Africa. The group offers Consumer, Commercial, Corporate, and Investment Banking products, services, and solutions across multiple channels including digital platforms.

Ecobank Kenya Managing Director Josephine Anan Ankomah, who also serves as Regional Executive for the Central, Eastern and Southern Africa (CESA) region, recently celebrated the group’s 40th anniversary in Nairobi, emphasizing the bank’s resilience and innovation. Ecobank’s transformation is proof that the dream of the founders not only endured but thrived, she stated. As of August 31, 2025, Ecobank Kenya Limited reported an asset base of 110 billion Kenyan shillings, operating through a network of 16 branches and a growing number of digital access points.

Technology and pan African expertise remain central to Ecobank’s strategy, enhancing customer value and delivering an exceptional seamless banking experience across all touchpoints. Through its One Bank approach, Ecobank delivers consistent banking solutions across and beyond its pan African network, enabling customers to access services wherever they are located.

The group’s strategic focus aligns with ambitions across multiple African countries to become regional financial hubs and gateways for pan African commerce. Ecobank’s emphasis on trade finance, recently recognized with the Best Trade Finance Provider in Africa award, appears particularly relevant. The bank’s innovative Ecobank Single Market Trade Hub digitally connects buyers and suppliers across the continent, a tool that directly benefits businesses looking to expand into wider African markets under the African Continental Free Trade Area (AfCFTA).

The 40th anniversary celebrations reached a high point December 4, 2025, with two major events at Ecobank group headquarters in Lomé, Togo. The institution unveiled a commemorative plaque honoring the 70 visionaries who created the bank four decades ago, followed by an exceptional gala evening that brought together distinguished guests from across Africa and beyond.

Speaking at the plaque unveiling ceremony, which featured some of the bank’s founding members, Awori highlighted the deep significance of the monument. This plaque is a lasting tribute to the 70 founders who dared to imagine a pan African bank when such a vision seemed impossible, he stated. The ceremony paid tribute to their bold vision and determination.

As Ecobank celebrates its 40th year, its focus extends to corporate social responsibility. The 13th annual Ecobank Day, held October 11, 2025, centered on championing inclusive education with a goal of establishing 40 information technology laboratories and training 40,000 young people in digital skills across Africa. This initiative reflects the bank’s commitment to developing human capital alongside financial infrastructure.

The group has announced strategic partnerships advancing its technological capabilities. In July 2025, Ecobank and Google Cloud announced a partnership to accelerate financial inclusion and innovation across Africa. Google Cloud technologies will strengthen Ecobank’s platform for enhanced digital banking, SME support, and economic development on the continent.

In March 2025, Ecobank Côte d’Ivoire launched West Africa’s first gender bond to accelerate financial inclusion for women entrepreneurs, demonstrating the institution’s commitment to innovative financial instruments supporting inclusive growth. The sustainability linked debt issuance aligns with broader efforts to advance women’s economic participation across the continent.

Ecobank has also focused on nurturing financial technology innovation through its flagship Ecobank Fintech Challenge. In 2024, Ivorian fintech Daba Finance won the grand prize of 50,000 dollars after 12 innovative fintech startups competed before a panel of five judges. Kenyan startup Melanin Kapital finished as runner up winning 10,000 dollars, while Guinean fintech YMO took third place with 5,000 dollars.

The group has executed significant capital market transactions supporting its growth trajectory. In June 2025, Ecobank Transnational Incorporated appointed Ayo Adepoju as Group Executive Director. Over the years, Adepoju has led numerous strategic initiatives including landmark capital market transactions such as Eurobonds, Basel III compliant instruments, and sustainability linked debt.

The 2025 awards add to Ecobank’s extensive recognition history. In 2024, the institution won a record number of 14 awards at Euromoney Awards for Excellence, Global Finance Best Investment Banks and Sustainable Finance Awards 2024, Global Finance Best Bank Awards, and Global Finance Transaction Banking Awards. These previous awards recognized the bank’s unrivaled commitment to innovative financial services and superior customer experience across Africa.

Ecobank’s consistent recognition across multiple award platforms demonstrates sustained excellence rather than isolated achievements. The institution’s ability to win top honors from different evaluators using distinct assessment criteria suggests fundamental strength across key performance dimensions rather than optimization for specific metrics.

Looking forward, the challenge for Ecobank involves maintaining momentum beyond the celebratory 40th anniversary year while navigating an increasingly competitive African banking landscape. Digital transformation by both traditional banks and fintech startups is reshaping customer expectations and service delivery models across the continent.

The institution’s pan African footprint provides competitive advantages through economies of scale, diversified risk exposure, and ability to facilitate cross border transactions. However, this geographic breadth also creates complexity in managing operations across 35 countries with varying regulatory frameworks, economic conditions, political environments, and market maturity levels.

Ecobank’s awards success in 2025 validates strategic choices made in recent years around digital investment, SME focus, trade finance capabilities, and women’s economic empowerment. Whether this recognition translates into sustained market share gains, profitability improvement, and shareholder value creation will determine if the 40th anniversary year represents a peak or a platform for continued advancement.

For now, the institution has demonstrated that four decades after its founding, Ecobank remains central to Africa’s financial sector evolution and continues earning recognition from respected global authorities evaluating banking excellence. As Africa’s economic integration deepens through initiatives like AfCFTA, institutions capable of facilitating continental commerce while maintaining local market relevance will likely capture outsized opportunities. Ecobank’s 2025 awards suggest it is well positioned for this emerging environment.

President Mahama has signed the bill into law to regulate crypto | File Photo

There is a new law in place, as President John Dramani Mahama has signed the Virtual Asset Service Providers (VASP) bill into law.

This formal exercise ushers in Ghana’s regulated virtual assets ecosystem and marking a significant milestone in the country’s financial sector development.

The Deputy Director-General of the Securities and Exchange Commission, Mensah Thompson, announced this via a post on Facebook, indicating that it follows the passage of the bill by Parliament after an extensive consideration process.

The new law provides a legal framework for the use, trading and provision of services related to virtual assets, including cryptocurrencies, effectively bringing activities in the digital assets space under regulatory oversight.

With the law now in force, the Securities and Exchange Commission and the Bank of Ghana are expected to play central roles in supervising and regulating virtual asset service providers, a move aimed at strengthening investor protection, market integrity and financial stability.

In the post, Mensah Thompson wrote that; “The Bill among other things legalizes the usage, trading and provision of service in the virtual assets (including cryptocurrencies) space. The SEC and the Bank of Ghana wishes to congratulate His Excellency the President, The Minister for Finance, the Governor of the Central Bank and the Director General of the SEC for their foresight in moving Ghana an inch closer towards the next phase of global finance and inclusion.

“Special thanks to VASP market operators including the big exchanges and traders who made immense contributions towards the bill and most important to the Chairman of the Finance Committee of Parliament the Hon Isaac Adongo for his enormous directions and support through out the legislation process.”

The statement acknowledged the role of key stakeholders, including the Presidency, the Ministry of Finance, the Bank of Ghana, Parliament and industry operators, in advancing the legislation.

It also highlighted the bipartisan support the bill received in Parliament and the technical contributions from staff of the SEC and the central bank.

The enactment of the VASP law is seen as part of Ghana’s broader efforts to align its financial system with global trends in digital finance, promote innovation and expand financial inclusion within a clear and robust regulatory framework.

AE

Participants at the one day workshop

An Information technology (IT) based organisation in Ho, Young and Safe MEL has ended a training workshop for public institutions in the Ho Municipality on effective data collection and it’s relevance to managing institutions.

The workshop was attended by 37 participants drawn from the Department of Gender, Department of Children, and four tertiary institutions in the Ho Municipality.

They were equipped with skills in data collection, usage , and how it would promote institutional growth.

A Monitoring and Evaluation Consultant and Focal person, Mr Isaac Newton Bortey said effective data collection using modern technology had become necessary for organisations to enhance performance.

Mr Bortey stressed that it was crucial for institutions to improve data collection methods, which he said would definitely make information easier to understand.

According to him, visualisation of data was the best method to present information that would be clear and interesting to all.

A Group Leader of Node 8 Studio, an Information Communication Technology (ICT) organisation based in Ho, Mr Xorse Senanu lauded Young and Safe MEL organisations for the establishment of an Artificial Intelligence (AI) laboratory in Ho.

Mr Senanu said the laboratory would aid the teaching and learning of AI among the youth and institutions in the area.

According to him, the application of AI would enable community health nurses (CHN) to detect malnutrition at an early stage, help teachers to effectively prepare lesson plans, which he stressed would ensure growth.

Mr Senanu said the laboratory would not only shape communities but also support institutions to deliver effectively on their mandate, and urged the youth to take advantage of available opportunities to develop themselves.

FROM SAMUEL AGBEWODE, HO

Economist and political risk analyst Dr. Theo Acheampong has outlined a comprehensive framework to protect Ghana’s Domestic Gold Purchase Programme (DGPP), enhance transparency, and ensure it effectively supports the cedi and broader economy.

The recommendations follow his recent econometric analysis concluding that Ghana’s gold reserve accumulation is driven by policy rather than opportunistic responses to price fluctuations.

Dr. Acheampong, who serves as Technical Advisor at the Ministry of Finance and Vice President of policy think tank ImaniAfrica, argues that without clear operational rules, even well intended policies can lose public trust and create economic risks. His four point framework addresses systematic purchase protocols, liquidity management, foreign exchange sales transparency, and governance structures.

The economist emphasizes that Ghana should follow clear purchase rules by buying gold steadily over time instead of rushing to acquire more whenever global prices rise. This calm and predictable approach avoids panic decisions and protects the Bank of Ghana (BoG) from price shocks. Steady accumulation represents critical infrastructure for making the programme effective rather than reactive to market volatility.

Dr. Acheampong’s econometric research using nearly three years of official BoG data demonstrated that while gold prices and Ghana’s reserves show strong correlation over time at 0.92, this relationship proves misleading. When examining month to month movements, correlation becomes negative at minus 0.38, showing that during months with rising prices, reserve increases tend to be smaller. After removing linear time trends, correlation drops sharply to minus 0.64, confirming that price spikes do not coincide with extra accumulation.

The second recommendation addresses liquidity management, recognizing that buying gold injects cedis into the economy. Dr. Acheampong stresses the need for clear liquidity rules deciding when and how excess cedis are removed from circulation. Without proper management, inflation could rise and weaken household purchasing power, undermining the programme’s stabilization objectives.

The economist calls for transparent sterilization protocols that account for inflation targeting frameworks. The Bank of Ghana must coordinate closely with the Ministry of Finance to ensure gold purchases do not inadvertently flood the money supply, creating inflationary pressures that offset foreign exchange benefits. Clear liquidity rules provide predictability for monetary policy implementation while maintaining programme credibility.

Third, Dr. Acheampong advocates for transparent foreign exchange sales rules so Ghanaians and investors clearly understand how gold reserves are used to supply dollars to the market. When foreign exchange sales are rule based and predictable, businesses can plan better, investors gain confidence, and the cedi becomes less volatile. Transparent and market neutral mechanisms prevent accusations of favoritism or discretionary allocation benefiting connected parties.

The International Monetary Fund (IMF) disclosed in its fifth review report released December 17 that the BoG, working with the Ministry of Finance and other state institutions, has adopted a new Foreign Exchange Operations Framework to improve transparency, limit discretion, and reduce market distortions associated with large DGPP related inflows. This development aligns with Dr. Acheampong’s recommendation for systematic rather than ad hoc foreign exchange interventions.

The fourth pillar involves protecting the programme through strong governance including independent audits, transparent selection of gold aggregators and assayers, and strict tracking of gold sourcing. This helps prevent corruption, protects the environment, and reassures citizens that Ghana’s gold is not being misused or smuggled through weak oversight.

Environmental concerns have intensified following Parliamentary Minority allegations that GoldBod purchases gold from illegal mining operations without adequate sourcing verification. Dr. Acheampong emphasized in September 2025 that ensuring GoldBod does not purchase galamsey gold remains critical, noting that gold exports contributed 11.2 billion dollars of Ghana’s 18 billion dollars total exports between January and August 2025, representing 62 to 63 percent of all exports.

The economist highlighted that roughly 70 percent of all small scale mining activities operate without proper licensing, creating significant risks that illegally sourced gold enters official channels. Robust governance structures including Organisation for Economic Co-operation and Development (OECD) due diligence standards and Financial Action Task Force (FATF) anti money laundering protocols become essential for maintaining programme legitimacy.

Dr. Acheampong’s recommendations address criticisms that have emerged following IMF disclosure that DGPP operations incurred losses of approximately 214 million dollars during the first nine months of 2025. The Fund attributed losses primarily to trading margins and off taker fees, underscoring the need for tighter cost and risk controls.

The economist previously explained that from inception, the DGPP design made operational losses almost inevitable because GoldBod purchased gold at zero percent discount, meaning full market price with no margin covering costs. Transport expenses, employee wages, utility bills, and operational overheads all register as losses under this zero margin approach. However, he argued these operational costs represent less than three percent of foreign exchange income generated, suggesting the programme delivered substantial positive returns when viewed comprehensively.

GoldBod Chief Executive Officer Sammy Gyamfi stated the Board exceeded its 2025 small scale gold export target of 100 tonnes, generating over 10 billion dollars in foreign exchange for Ghana. Both GoldBod and BoG have contested the IMF’s loss characterization, arguing that claiming profitability while the central bank absorbs exchange rate losses obscures the programme’s true financial impact.

The IMF recognized DGPP as a key stabilization tool that materially supported reserve accumulation and exchange rate stability during acute macroeconomic stress. The Fund noted that rapid scaling up of domestic gold purchases, especially in 2025 from the artisanal and small scale mining sector, enabled Ghana to meet medium term reserve adequacy targets ahead of schedule, strengthening credit, external buffers, and restoring market confidence.

Gold reserves have surged nearly 39 percent over the past year, climbing from 25.97 tonnes in August 2024 to 36.02 tonnes by August 2025, valued at 3.17 billion dollars. The cedi appreciated more than 50 percent against major trading currencies between January and May 2025, trading at 11.85 cedis to the US dollar by May, representing the first time the cedi has appreciated since 2007.

Dr. Acheampong previously warned that cedi gains could prove temporary without disciplined policy action, emphasizing structural economic reforms beyond reserve accumulation. His current recommendations provide specific operational frameworks to institutionalize the discipline he argues determines whether gains prove sustainable or ephemeral.

The economist serves as non resident fellow at various think tanks including Ghana’s ImaniAfrica and the Aberdeen Centre for Research in Energy Economics and Finance (ACREEF), Scotland. He is also a visiting fellow at the European Council on Foreign Relations (ECFR), where he works on how the energy transition, natural resource governance, and global value chains affect Africa.

Parliamentary opposition has raised serious concerns over gold aggregation arrangements, alleging that a single private company, Bawa Rock Limited owned by Alhaji Rashid Bawa Namoro, has exclusively purchased gold worth more than 10 billion dollars on behalf of GoldBod and BoG over the past nine months. The Minority argues this situation raises troubling questions about transparency, competition, and governance that Dr. Acheampong’s governance recommendations directly address.

Policy analyst Dr. Emmanuel Steve Asare Manteaw has defended losses reported under gold backed programmes, arguing that economic policy must be judged by macroeconomic outcomes rather than isolated financial figures. He characterized criticism of GoldBod as politically motivated attacks rather than substantive institutional assessment, noting that benefits from GoldBod activities currently outweigh operational losses.

Dr. Acheampong’s framework attempts to bridge this debate by accepting that operational costs may be justified while insisting on systematic rules preventing those costs from spiraling beyond reasonable bounds. His recommendations acknowledge both the programme’s macroeconomic value and the legitimate concerns about operational efficiency, transparency, and environmental protection.

The IMF signaled overall support for retaining stabilization benefits while recommending operational reforms to minimize losses and ensure long term macroeconomic and institutional sustainability. Dr. Acheampong’s four pillars provide specific implementation pathways for the reforms the Fund advocates without dismantling the programme’s core stabilization function.

Taken together, Dr. Acheampong believes these measures would help Ghana run a gold programme that is stable, transparent, and trusted. Such discipline is essential if gold is to remain a reliable anchor for reserves, foreign exchange support, and long term economic confidence. Without systematic rules governing purchases, liquidity management, foreign exchange sales, and governance, even a programme delivering macroeconomic benefits risks losing public legitimacy.

The coming months will test whether policymakers implement these recommendations or continue operating under more discretionary arrangements. As Ghana works toward completing its IMF programme by August 2026, demonstrating that DGPP operates under transparent, rule based frameworks could strengthen confidence in the country’s broader economic management.

Dr. Acheampong’s intervention provides technical content to debates that have often been conducted through political rather than analytical lenses. His econometric work establishing that purchases follow policy rather than prices, combined with these operational recommendations, offers a path toward maintaining DGPP benefits while addressing legitimate governance concerns.

Economist and political risk analyst Dr. Theo Acheampong has outlined a comprehensive framework to protect Ghana’s Domestic Gold Purchase Programme (DGPP), enhance transparency, and ensure it effectively supports the cedi and broader economy.

The recommendations follow his recent econometric analysis concluding that Ghana’s gold reserve accumulation is driven by policy rather than opportunistic responses to price fluctuations.

Dr. Acheampong, who serves as Technical Advisor at the Ministry of Finance and Vice President of policy think tank ImaniAfrica, argues that without clear operational rules, even well intended policies can lose public trust and create economic risks. His four point framework addresses systematic purchase protocols, liquidity management, foreign exchange sales transparency, and governance structures.

The economist emphasizes that Ghana should follow clear purchase rules by buying gold steadily over time instead of rushing to acquire more whenever global prices rise. This calm and predictable approach avoids panic decisions and protects the Bank of Ghana (BoG) from price shocks. Steady accumulation represents critical infrastructure for making the programme effective rather than reactive to market volatility.

Dr. Acheampong’s econometric research using nearly three years of official BoG data demonstrated that while gold prices and Ghana’s reserves show strong correlation over time at 0.92, this relationship proves misleading. When examining month to month movements, correlation becomes negative at minus 0.38, showing that during months with rising prices, reserve increases tend to be smaller. After removing linear time trends, correlation drops sharply to minus 0.64, confirming that price spikes do not coincide with extra accumulation.

The second recommendation addresses liquidity management, recognizing that buying gold injects cedis into the economy. Dr. Acheampong stresses the need for clear liquidity rules deciding when and how excess cedis are removed from circulation. Without proper management, inflation could rise and weaken household purchasing power, undermining the programme’s stabilization objectives.

The economist calls for transparent sterilization protocols that account for inflation targeting frameworks. The Bank of Ghana must coordinate closely with the Ministry of Finance to ensure gold purchases do not inadvertently flood the money supply, creating inflationary pressures that offset foreign exchange benefits. Clear liquidity rules provide predictability for monetary policy implementation while maintaining programme credibility.

Third, Dr. Acheampong advocates for transparent foreign exchange sales rules so Ghanaians and investors clearly understand how gold reserves are used to supply dollars to the market. When foreign exchange sales are rule based and predictable, businesses can plan better, investors gain confidence, and the cedi becomes less volatile. Transparent and market neutral mechanisms prevent accusations of favoritism or discretionary allocation benefiting connected parties.

The International Monetary Fund (IMF) disclosed in its fifth review report released December 17 that the BoG, working with the Ministry of Finance and other state institutions, has adopted a new Foreign Exchange Operations Framework to improve transparency, limit discretion, and reduce market distortions associated with large DGPP related inflows. This development aligns with Dr. Acheampong’s recommendation for systematic rather than ad hoc foreign exchange interventions.

The fourth pillar involves protecting the programme through strong governance including independent audits, transparent selection of gold aggregators and assayers, and strict tracking of gold sourcing. This helps prevent corruption, protects the environment, and reassures citizens that Ghana’s gold is not being misused or smuggled through weak oversight.

Environmental concerns have intensified following Parliamentary Minority allegations that GoldBod purchases gold from illegal mining operations without adequate sourcing verification. Dr. Acheampong emphasized in September 2025 that ensuring GoldBod does not purchase galamsey gold remains critical, noting that gold exports contributed 11.2 billion dollars of Ghana’s 18 billion dollars total exports between January and August 2025, representing 62 to 63 percent of all exports.

The economist highlighted that roughly 70 percent of all small scale mining activities operate without proper licensing, creating significant risks that illegally sourced gold enters official channels. Robust governance structures including Organisation for Economic Co-operation and Development (OECD) due diligence standards and Financial Action Task Force (FATF) anti money laundering protocols become essential for maintaining programme legitimacy.

Dr. Acheampong’s recommendations address criticisms that have emerged following IMF disclosure that DGPP operations incurred losses of approximately 214 million dollars during the first nine months of 2025. The Fund attributed losses primarily to trading margins and off taker fees, underscoring the need for tighter cost and risk controls.

The economist previously explained that from inception, the DGPP design made operational losses almost inevitable because GoldBod purchased gold at zero percent discount, meaning full market price with no margin covering costs. Transport expenses, employee wages, utility bills, and operational overheads all register as losses under this zero margin approach. However, he argued these operational costs represent less than three percent of foreign exchange income generated, suggesting the programme delivered substantial positive returns when viewed comprehensively.

GoldBod Chief Executive Officer Sammy Gyamfi stated the Board exceeded its 2025 small scale gold export target of 100 tonnes, generating over 10 billion dollars in foreign exchange for Ghana. Both GoldBod and BoG have contested the IMF’s loss characterization, arguing that claiming profitability while the central bank absorbs exchange rate losses obscures the programme’s true financial impact.

The IMF recognized DGPP as a key stabilization tool that materially supported reserve accumulation and exchange rate stability during acute macroeconomic stress. The Fund noted that rapid scaling up of domestic gold purchases, especially in 2025 from the artisanal and small scale mining sector, enabled Ghana to meet medium term reserve adequacy targets ahead of schedule, strengthening credit, external buffers, and restoring market confidence.

Gold reserves have surged nearly 39 percent over the past year, climbing from 25.97 tonnes in August 2024 to 36.02 tonnes by August 2025, valued at 3.17 billion dollars. The cedi appreciated more than 50 percent against major trading currencies between January and May 2025, trading at 11.85 cedis to the US dollar by May, representing the first time the cedi has appreciated since 2007.

Dr. Acheampong previously warned that cedi gains could prove temporary without disciplined policy action, emphasizing structural economic reforms beyond reserve accumulation. His current recommendations provide specific operational frameworks to institutionalize the discipline he argues determines whether gains prove sustainable or ephemeral.

The economist serves as non resident fellow at various think tanks including Ghana’s ImaniAfrica and the Aberdeen Centre for Research in Energy Economics and Finance (ACREEF), Scotland. He is also a visiting fellow at the European Council on Foreign Relations (ECFR), where he works on how the energy transition, natural resource governance, and global value chains affect Africa.

Parliamentary opposition has raised serious concerns over gold aggregation arrangements, alleging that a single private company, Bawa Rock Limited owned by Alhaji Rashid Bawa Namoro, has exclusively purchased gold worth more than 10 billion dollars on behalf of GoldBod and BoG over the past nine months. The Minority argues this situation raises troubling questions about transparency, competition, and governance that Dr. Acheampong’s governance recommendations directly address.

Policy analyst Dr. Emmanuel Steve Asare Manteaw has defended losses reported under gold backed programmes, arguing that economic policy must be judged by macroeconomic outcomes rather than isolated financial figures. He characterized criticism of GoldBod as politically motivated attacks rather than substantive institutional assessment, noting that benefits from GoldBod activities currently outweigh operational losses.

Dr. Acheampong’s framework attempts to bridge this debate by accepting that operational costs may be justified while insisting on systematic rules preventing those costs from spiraling beyond reasonable bounds. His recommendations acknowledge both the programme’s macroeconomic value and the legitimate concerns about operational efficiency, transparency, and environmental protection.

The IMF signaled overall support for retaining stabilization benefits while recommending operational reforms to minimize losses and ensure long term macroeconomic and institutional sustainability. Dr. Acheampong’s four pillars provide specific implementation pathways for the reforms the Fund advocates without dismantling the programme’s core stabilization function.

Taken together, Dr. Acheampong believes these measures would help Ghana run a gold programme that is stable, transparent, and trusted. Such discipline is essential if gold is to remain a reliable anchor for reserves, foreign exchange support, and long term economic confidence. Without systematic rules governing purchases, liquidity management, foreign exchange sales, and governance, even a programme delivering macroeconomic benefits risks losing public legitimacy.

The coming months will test whether policymakers implement these recommendations or continue operating under more discretionary arrangements. As Ghana works toward completing its IMF programme by August 2026, demonstrating that DGPP operates under transparent, rule based frameworks could strengthen confidence in the country’s broader economic management.

Dr. Acheampong’s intervention provides technical content to debates that have often been conducted through political rather than analytical lenses. His econometric work establishing that purchases follow policy rather than prices, combined with these operational recommendations, offers a path toward maintaining DGPP benefits while addressing legitimate governance concerns.

The Ghana Fixed Income Market (GFIM) recorded 1.43 billion cedis across 521 transactions on Tuesday, December 30, 2025, as institutional investors maintained strong appetite for government securities during the final trading week of the year. New Government of Ghana (GOG) notes and bonds dominated activity with 484.06 million cedis traded through 39 separate deals.

Treasury bills captured the largest share of trading volume with 653.28 million cedis across 468 transactions, accounting for 45.8 percent of total market activity. The session demonstrated continued liquidity in Ghana’s debt capital markets as the platform approaches conclusion of its tenth anniversary celebrations.

Corporate bonds contributed 270 million cedis through three transactions, representing one of the strongest corporate debt sessions during December. Sell and buyback (repo) trades involving government securities added 20.01 million cedis across 10 deals, while old GOG notes and bonds recorded minimal activity with 2,794 cedis traded in one transaction.

The largest single volume trade involved a new government bond maturing February 16, 2027, carrying an 8.35 percent coupon with security code A6143. This instrument traded 211.89 million cedis across 13 transactions at a yield of 14.80 percent and closing price of 93.4557 cedis per 100 cedis face value. The security has consistently attracted investor interest throughout December as market participants position portfolios heading into 2026.

Treasury bill activity centered on an instrument maturing December 28, 2026, with security code A6939, which traded 121.98 million cedis through 21 separate transactions. The security closed at 88.4825 cedis per unit, demonstrating sustained demand for one year government securities despite lower yields compared to longer dated bonds. The concentration of treasury bill transactions across 468 deals suggests broad based institutional participation rather than concentration in single large trades.

Corporate bond trading focused entirely on Consolidated Bank Ghana (CMB) securities maturing August 31, 2026, carrying a 13.00 percent coupon with security code A6303. The three transactions totaling 270 million cedis closed at 96.1215 cedis per unit, marking the highest corporate bond volume recorded in December 2025 and representing nearly 19 percent of total daily trading. This substantial corporate participation contrasts sharply with most December sessions where non sovereign instruments account for less than five percent of total market volume.

The largest repo arrangement involved a government bond maturing February 15, 2028, carrying an 8.50 percent coupon with security code A6144. This security traded 12.12 million cedis in a single transaction at a yield of 17.20 percent and closing price of 84.9535 cedis. Repo transactions function as collateralized short term liquidity arrangements allowing institutional investors to manage cash flow needs while maintaining exposure to longer dated government debt.

Tuesday’s robust trading volume aligns with recent market performance as GFIM celebrates its tenth anniversary under the theme “10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities.” Bank of Ghana Governor Johnson Pandit Asiama revealed during anniversary celebrations that cumulative trading has surpassed 1.2 trillion cedis since inception in August 2015, establishing the platform as one of Sub Saharan Africa’s most liquid fixed income markets outside South Africa and Nigeria.

Managing Director of the Ghana Stock Exchange Abena Amoah recently announced that cumulative trading volume from January to October 2025 crossed the 200 billion cedi threshold, putting the platform on track to match pre Domestic Debt Exchange Programme (DDEP) levels recorded in 2022 when annual volumes reached 230 billion cedis. The market experienced significant turbulence in 2023 following DDEP implementation as part of Ghana’s International Monetary Fund (IMF) supported economic stabilization programme.

Trading volumes collapsed to 98 billion cedis in 2023 before rebounding 76 percent in 2024 to reach 174 billion cedis as investor confidence gradually returned. Market recovery has coincided with substantial improvements in Ghana’s macroeconomic indicators throughout 2025. Inflation declined from 23.8 percent in December 2024 to 6.3 percent in November 2025, falling within the Bank of Ghana’s target range.

The cedi has appreciated roughly 30 to 35 percent against major currencies throughout 2025, supported by higher cocoa and gold export earnings and improved investor confidence. The Bank of Ghana has responded to improved economic conditions by cutting its benchmark policy rate from 29 percent at the start of the year to 18 percent by November, marking the first sustained monetary policy loosening after an extended tightening cycle.

Treasury bill rates have fallen dramatically from peak levels above 28 percent to approximately 10.7 percent currently, reaching their lowest in 14 years. The yield compression reflects improved macroeconomic fundamentals and restored investor confidence following Ghana’s debt restructuring under the IMF supported programme. Lower money market rates have prompted institutional investors to reallocate funds from short term government securities into bonds seeking enhanced returns.

The yield environment captured in Tuesday’s trading reveals market expectations about inflation and monetary policy trajectories. Government bonds trade in a 14.80 to 17.20 percent range for different maturities, offering attractive real returns as inflation continues moderating. The compression in yields since early 2024, when government debt traded above 30 percent, demonstrates substantial improvement in Ghana’s credit risk perception.

Market participants consistently favor government securities over corporate debt and shorter maturities over longer dated instruments despite Ghana’s improving macroeconomic fundamentals. Banks, which represent the largest institutional players, typically match short term deposit liabilities with short term assets like treasury bills rather than committing to longer duration exposures. The concentration of trading in repos and treasury bills reflects both structural features of Ghana’s financial system and ongoing elevated yields on government debt.

The GFIM has facilitated corporates raising 24 billion cedis for business growth since establishment. Pension fund assets on the platform have grown to over 90 billion cedis, comprising approximately 90 percent of assets under management. This concentration reflects the conservative investment approach of pension fund managers who prioritize fixed income securities for stable returns and capital preservation.

Government securities including treasury bills, notes and bonds are automatically admitted to trade on the platform upon issuance. Corporate bonds, Bank of Ghana money market instruments and other debt securities may be listed subject to admission requirements. All transactions settle through Bank of Ghana’s Central Securities Depositary on a T plus 3 basis, ensuring efficient clearing and settlement processes that support market confidence.

Foreign institutional investors have returned to Ghana’s fixed income market after withdrawing during the debt crisis period. The successful navigation of debt restructuring challenges, sustained disinflation and prudent fiscal management have created conditions for continued market development into 2026. Daily volumes now frequently exceed half a billion cedis with occasional sessions surpassing two billion cedis.

The transformation reflects development of Ghana’s debt capital markets from predominantly bilateral trading arrangements to a transparent electronically mediated marketplace comparable to larger African markets. The platform’s resilience through the DDEP crisis and subsequent recovery demonstrates its importance as critical financial infrastructure supporting Ghana’s economic stabilization efforts.

Looking ahead, the Ghana Stock Exchange aims to admit 100 companies to GFIM and expand participation to 10 million Ghanaians, up from the current two million securities account holders. The exchange plans launching an academy to guide companies through listing requirements and capital market access procedures. These initiatives seek to deepen market breadth while increasing retail investor participation in Ghana’s debt capital markets.

As 2025 concludes, the strong recovery trajectory established throughout the year demonstrates restored confidence in Ghana’s debt instruments and improved macroeconomic fundamentals. The final trading session scheduled for December 31 will provide definitive assessment of full year performance. Market participants expect continued stability heading into 2026 provided fiscal discipline persists and inflation remains contained within target ranges.

Corporate bond issuance remains limited with only eight active corporate issuers currently operating after four companies recently exited the market. Developing the corporate debt segment represents a priority for market authorities seeking to diversify funding sources for Ghana’s private sector. The 270 million cedi corporate volume recorded Tuesday suggests potential for growth if more companies can be encouraged to access debt capital markets.

The elevated yields on longer dated government debt indicate that investors continue demanding substantial risk premiums for holding Ghanaian government securities beyond the medium term. A government bond maturing in 2028 yielding 17.20 percent in Tuesday’s repo trade reflects ongoing caution about Ghana’s longer term fiscal sustainability despite near term improvements.

Analysts note that while Ghana has made remarkable progress stabilizing its economy during 2025, sustained reforms remain essential for maintaining investor confidence. Continued fiscal consolidation, structural reforms improving competitiveness, and maintaining central bank independence will determine whether the fixed income market’s recovery proves durable or proves temporary as occurred during previous stabilization episodes.

The GFIM’s tenth anniversary year has coincided with exceptional market recovery following the challenging DDEP implementation period. The platform’s ability to maintain liquidity and transparency through Ghana’s most severe debt crisis in decades demonstrates its value as financial infrastructure supporting both government financing needs and institutional investor portfolio management requirements.

A photo of the Amasaman China Mall

The Ga West Municipal Assembly has ordered the immediate closure of the Amasaman–China Mall following a structural failure that left one customer and several workers injured.

The incident occurred around 6:00 PM on Sunday, December 28, 2025, when a section of the mall’s first floor collapsed.

According to the Municipal Chief Executive, Desmond Sowah Nai, preliminary assessments indicate that excessive loading may have caused the collapse, resulting in fractures to those affected.

In response, a joint inspection team made up of members of the Municipal Security Council (MUSEC) and technical officers from the Assembly was deployed to assess the situation.

The inspection found that the structural integrity of the facility had been compromised, posing a serious risk to public safety.

Based on these findings, MUSEC directed that the mall be shut down with immediate effect. The facility will remain closed until all identified structural and safety defects are fully addressed and the building is certified safe for use by the appropriate authorities.

Sowah Nai said the decision was taken to protect lives and prevent further accidents, stressing that the Assembly would not compromise on issues of public safety. He also assured the public that the injured persons are receiving medical attention.

The Ga West Municipal Assembly has urged the public to stay away from the mall until further notice and called on the management of the facility to cooperate fully as investigations and remedial works continue.