Bank of Ghana’s new headquarters

The Bank of Ghana has raised GH¢3.34 billion through the issuance of short-term BoG Bills, as part of its liquidity management strategy under Open Market Operations.

The auction, conducted on Thursday, April 30, 2025, saw the central bank issue 56-day bills at a yield of 27.9 per cent, slightly below the prevailing monetary policy rate of 28 per cent.

The BoG did not disclose the volume of bids submitted nor the targeted offer size, maintaining its pattern of withholding full auction details.

Market participants, however, interpret the success of the sale as a sign of continued confidence in short-term cedi-denominated instruments, despite prevailing inflationary pressures and ongoing fiscal consolidation.

The issuance forms part of the BoG’s broader Open Market Operations framework, through which it seeks to mop up excess liquidity in the banking sector, temper inflation expectations, and align short-term interest rates with its policy objectives.

The interest rate on the bills, while below the policy rate, remains a crucial benchmark for short-term market rates and interbank activity.

SP/AE

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Ghana’s horticultural sector is steadily transforming into one of the engines of economic development, food security, and export diversification. As global demand for fresh and processed horticultural products continues to rise, Ghana is positioning itself to become a leading player in the Global horticulture market. 

This vibrant sector-spanning fruits, vegetables, spices, and herbs among others, is not only enhancing livelihoods but playing a central role in achieving the government’s vision of a 24-hour economy.

The agricultural sector accounts for about 20% of Ghana’s GDP, with horticulture making up an increasing share due to strong global and domestic demand. According to the Ghana Statistical Service (GSS), the non-traditional exports sector driven largely by horticulture, generated USD 3.8 billion in 2023, with key crops like mangoes, pineapples, coconuts, and chili peppers contributing significantly.

More importantly, horticulture is a key job creator. The Ministry of Food and Agriculture estimates that over 1.5 million Ghanaians are directly employed in horticultural value chains, with women comprising more than 52% of the workforce. From smallholder farmers to packhouse workers, the sector empowers rural communities, particularly women and youth.

The government’s drive toward a 24- hour economy, announced in the 2025 budget statement, seeks to harness continuous productivity across strategic sectors, agriculture being one of them. 

The horticultural sector offers immense opportunities under this framework. With modern packhouses, cold chain logistics, irrigation systems, and agro-processing facilities operating in shifts, horticulture is perfectly suited to function beyond daylight hours. Beyond economic metrics, the real story of Ghana’s horticultural success lies in its ability to empower people.

According to the African Development Bank, women-led agribusinesses across Africa have the potential to increase agricultural output by up to 30 per cent, and Ghana is no exception. Strategic support, youth-led start-ups in greenhouse farming, fruit processing, and digital agri-tech continues to open new path for wealth creation and continuous development.

The President of the Federation of Associations of Ghanaian Exporters (FAGE), Davies Narh Korboe underscores the critical role of horticulture beyond the export numbers. “Horticulture is not just about growing fruits and vegetables; it’s a game-changer in our quest to empower rural livelihoods, reduce poverty, and build resilient communities,” he says. “We must support it with infrastructure, innovation and policy commitment.”

Korboe further noted that the upcoming Ghana Horticulture Expo 2025 scheduled for June 11-13, 2025 at the Accra International Conference Centre will be a landmark event to spotlight these opportunities.

Ghana’s horticultural sector is more than a source of fruits and vegetables-it is a powerful catalyst for inclusive growth, job creation, and economic resilience. As the nation leans into the 24-hour economy vision, horticulture stands ready to deliver prosperity around the clock.

Deputy Chief Executive Officer of PHDC, Onasis Rosely

The Deputy Chief Executive Officer for Technical and Operations at the Petroleum Hub Development Corporation (PHDC), Onasis Rosely, has reaffirmed the Corporation’s commitment to transparency and inclusive stakeholder engagement as it spearheads the development of Ghana’s Petroleum Hub project.

Delivering his closing remarks at the maiden PHDC Inter-Agency Dialogue in Accra on Wednesday, April 30, 2025, Rosely emphasized that under the leadership of CEO Dr Toni Aubynn, the PHDC is determined to build a project anchored on openness, accountability, and meaningful participation.

“Transparency and collaboration are not optional, they are essential…The PHDC recognizes the pivotal role that government agencies, civil society, and especially local communities in the project-affected areas play in shaping the success of this transformative initiative,” he said.

Reflecting on the day’s discussions, Rosely remarked that, “Today has been one of meaningful dialogue, candid conversations, and shared insights — essential ingredients for building a Petroleum Hub that is inclusive, impactful, and sustainable.”

He assured participants that their voices matter, stating, “We do not take your contributions for granted. This project will only succeed if those it is intended to benefit—landowners, community members, traditional leaders, businesses, civil society, and government actors are actively involved at every stage.”

Rosely further pledged to incorporate the feedback received into PHDC’s planning and implementation processes.

“We’ve heard your concerns and take them seriously. We are committed to maintaining consistent, transparent engagement that fosters trust,” he noted.

He also expressed appreciation to partner institutions, singling out the National Petroleum Authority (NPA) and its CEO, Edudzi Tamekloe, for their steadfast support.

“We owe immense gratitude to our key partner, the NPA. Your unwavering commitment has been instrumental to our progress, and we look forward to deepening this collaboration,” he said.

Onasis Rosely acknowledged the valuable contributions of the Bulk Oil Storage and Transportation Company (BOST) and the Petroleum Commission as well, expressing hope for even stronger partnerships ahead.

He called on all stakeholders to work together to turn the Petroleum Hub vision into reality.

SA

President John Dramani Mahama has assured Ghanaian workers that the Electricity Company of Ghana (ECG) will not be privitised.

He said the Company had been brought to its knees by a culture of poor governance over the last eight years under the previous government, with debt of GH¢68 billion and rising.

“If we do not do something drastic, whole power sector will collapse. We can only bring down power tariffs if we improve efficiency in the distribution of power. Let me assure you that it is not my intention to privatize the ECG as an institution,” President Mahama said in his May Day address to the nation at the Blackstar Square in Accra.

“Our attention is more a public private collaboration to inject efficiency into our downstream electricity distribution system. Now I say, it will not be the first time, it has been done before.”

President Mahama said during his first tenure as President, in the Free Zones Enclave, a private company, Enclave Power was given the rights of metering and billing in the Free Zones, while ECG was paid for the bulk supply of power it provided to the Company.

He said till today, Enclave Power still paid the ECG monthly on time for every power supplied to them for distribution to consumers.

He said Enclave Power’s billing and collection of tariffs in the Free Zones Enclave was 99 per cent of revenue it collected.

“This is an existing example and I am sure that we can make our electricity distribution more efficient through public private partnership,” the President said.

“But I can assure you and read my lips for emphasis, Electricity Company as an institution will not be privatized.”

President Mahama assured all Ghanaian workers that government appreciated their contributions, and would ensure the realisation of their dreams.

“Let’s leave this May Day not only with hope in our work but with purpose in our hearts. Let’s move forward as one people, workers and government, unions and employers, public and private, united in our mission to build the Ghana that we want, our efforts to protect our people and inspire the next generation,” the President said.

“The work ahead is great but so is the strength of the Ghanaian worker. And with that strength, there is nothing we cannot achieve.”

On his part, Mr Joshua Ansah, the Secretary-General of the Ghana Trades Union Congress (GTUC) on behalf of Organized Labour, congratulated President Mahama on massive electoral victory and spectacular comeback; saying “It is a clear testament of the overwhelming confidence the Ghanaian people have in you and your party.”

He said this year’s May Day theme, “Resetting Pay and Working Conditions in Ghana – The Role of Stakeholders,” spoke directly to the critical moment being faced as a nation and as workers.

He noted that it was a call for transformation — not only in how they value labour, but also in how they shape the future of work, wages, and welfare of the Ghanaian worker.

“We are confident in your commitment to social dialogue and inclusive governance. We trust that under your leadership, the labour front will see renewed attention and thoughtful reforms that reflect the spirit of fairness and social justice,” Mr Ansah said.

Source: GNA

 Access Bank Ghana has establish a Turkish Desk as part of efforts to deepen trade relations between Ghana and Turkey.

The Turkish Desk is a special­ised financial unit within Access Bank Ghana, created to serve as a direct and dedicated bridge between Turkish enterprises and the Ghanaian business ecosystem and provides bespoke financial solutions tailored specifically for Turkish businesses in Ghana those seeking to enter.

Speaking at a ceremony to mark the establishment of the Turkish Desk in Accra last Friday, the Executive Director of Wholesale Banking of Access Bank, James Bruce, said his outfit was the first in Ghana to create the Turkish Desk and a dedicated desks for strategic international partners such as German, Lebanese, and Chinese.

He said the bank valued Ghana’s role as a strategic partner in Tur­key’s “Opening to Africa” policy, and was proud to be part of the infrastructure that supported that alliance, not just politically, but commercially.

He explained that the Desk and dedicated service to Turkey would not be limited to Ghana but across the 23 countries across the world where Access Bank operates.

“The presence of Turkish busi­nesses continues to grow in Ghana and at Access Bank we are ready to grow with them,” he said.

The Turkish Ambassador to Ghana, Huseyin Gungor, praised Access Bank Ghana for taking the bold initiative to support business­es from Turkey in the face of the growing trade relations between the two countries.

“The Turkish Desk with Access Bank Ghana is a fantastic achieve­ment by any measure. This is why it is my hope that this initiative will grow to the point that it is replicat­ed in other countries where Access Bank operates,” he stated.

He said there were more than 800 Turkish businesses registered in Ghana, adding that in 2023, Turkey was the second biggest investor in Ghana.

The Chief Executive Officer of the Ghana Free Zones Authority, Dr Mary Awusi, promised to sup­port the Ghana-Turkey partnership and applauded Access Bank Ghana for the initiative.

Photo/Samba/Turkish Desk Pics/28-04-2025/

Caption: Mr Gungor (second from left), with officials of Access Bank Ghana at the official launch of the Turkish Desk

 BY TIMES REPORTER

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

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢14.14 and a selling price of GH¢14.15 to a dollar.

The British pound is being bought at GH¢18.86 and sold at GH¢18.88, while the euro trades at a buying price of GH¢16.05 and a selling price of GH¢16.07.

Checks by GhanaWeb Business on May 2, 2025, at 08:00 AM indicate that the cedi is trading at GH¢15.10 to the dollar, while the pound is trading at GH¢19.80 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢17.20 on the retail market.

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

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The Judge presiding over the alleged stealing case involving the former boss of the National Signals Bureau, Kwabena Adu-Boahen will later today, May 2, determine whether he should be remanded.

This follows arguments made by Attorney General, Dr. Dominic Ayine, seeking the remand of the former National Signals Bureau.

On Wednesday, April 30, 2025, the Attorney General revealed in court that intelligence points to attempts by Kwabena Adu-Boahen to tamper with a key witness of the Prosecution.

Lawyer for the accused, Samuel Atta Akyea, however, cast doubt on the veracity of the intelligence and the ability of his client to carry out such action.

The judge thus deferred ruling on the matter, where he will hear evidence in-camera before deciding.

The Attorney General, Dr. Dominic Ayine, also revealed ongoing investigations at Ghana Water Limited involving Kwabena Adu-Boaten.

GWL paid GHS 1.5m monthly to Adu Boahen for internet services – Ayine

The Minister for Communication, Digital Technology and Innovation, Mr Samuel Nartey George, has conducted an extensive familiarisation visit to the headquarters of ShaQ Express in Accra.

The Ghanaian-founded logistics company, launched during the COVID-19 pandemic, showcased its operations, including electric delivery motorcycles and proprietary logistics software supporting Ghana’s digital economy and green mobility initiatives.

“It’s inspiring to see young people who, during a global pandemic, chose to be solution-driven rather than contributors to the problem,” the minister said while touring the facility and in a pleasant endorsement of Ghana’s growing tech ecosystem.

He encouraged staff to embrace digital tools and pursue technology training opportunities.

The Chief Executive Officer of ShaQ Express, Mr Anthony Owusu-Ansah emphasised the company’s commitment to local development.

“We are proud to be building from Ghana, for Ghana. This visit reinforces our belief that local innovation—when backed by grit, technology, and purpose—can become national infrastructure,” he said.

Pandemic-born success story

ShaQ Express represents a classic Ghanaian success story, having launched during the challenging days of the COVID-19 pandemic. What began as a grassroots initiative rapidly evolved into a nationally recognised logistics technology brand with operations in both Accra and Kumasi.

During the tour, the minister was exposed to firsthand insights into the company’s technological infrastructure, its growing network of delivery riders, and its pioneering fleet of electric delivery vehicles that align with government initiatives promoting green mobility and a 24-hour economy.

Mr George expressed admiration for the company’s vision and impact, particularly highlighting the youth-driven nature of the enterprise.

In a moment of candid motivation, he shared his personal journey with the operations team, urging the youth to invest in self-education.

“I have no formal qualification in communication, but through self-education and continuous learning, I’ve been able to lead a ministry in this sector. That same path is open to every young person willing to learn,” he said.

The minister encouraged the staff to look beyond their day-to-day logistics responsibilities and embrace digital tools and technology training opportunities that could enhance their career trajectories and personal growth.

Building national infrastructure

ShaQ Express CEO Anthony Owusu-Ansah highlighted the company’s commitment to national development through innovation.

He said the company has been making significant investments in sustainable transportation, deploying electric delivery motorcycles across its service areas while developing proprietary logistics software that optimises delivery routes and improves customer experience.

He added that a cornerstone of ShaQ Express’s business model is its focus on youth empowerment, providing on-the-job experience and digital skills development for young Ghanaians entering the workforce.

This approach, he said, aligns with the government’s broader vision for digital transformation and economic opportunity, making the minister’s visit not just a ceremonial occasion but a meaningful recognition of how private sector innovation can support national development goals.

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