There is no doubt that graduate unemployment and unemployment in general are major concerns for governments and policymakers in all jurisdictions.

Unemployment has been described as a national security threat because if people are jobless, they could pick up arms and other offensive weapons and engage in all manner of criminal activities, including armed robbery, commercial sex work, illegal small-scale mining and many more.

In fact, the Commander-in-Chief of the Ghana Armed Forces, President John Dramani Mahama, is on record as having warned that unskilled youth are at risk of being exploited by criminal elements. He said we had many young people ready to be hired by bad actors—drug traffickers, terrorists and other criminals.

There are concerns that universities continue to churn out graduates in disciplines that do not match existing labour market demands, thereby exacerbating unemployment. As a result, unemployment has become a major concern for all stakeholders.

Statistics

Although the July 2025 edition of the Quarterly Labour Statistics by the Ghana Statistical Service (GSS) revealed a marginal decline in the national unemployment rate, unemployment is still a major concern.

According to the GSS, data collected from over 9,000 households across the country showed that Ghana’s unemployment rate fell from 13.3% in the third quarter of 2024 to 13.1% in the fourth quarter of 2024.

This modest decline signalled progress but revealed persistent distress. In 2024, youth unemployment remained alarmingly high at 22.5% for ages 15 to 35 and 32% for ages 15 to 24.

“This evidence highlights the urgency of expanded and more focused labour market practices and policies such as retraining and re-skilling programmes to combat skills mismatch and boost employability,” the GSS said.

Successive governments over the period have attempted to introduce policies and programmes to address this menace.  For instance, under the previous Akufo-Addo administration, policies such as the Nation Builders Corps (NABCO), the One District, One Factory, Planting For Food and Jobs, and others were introduced as part of the job creation efforts.

Under the current Mahama administration, the Finance Minister, Dr Cassiel Ato Forson, announced in the 2026 Budget presentation that the budget was specifically designed to create up to 800,000 new jobs. The GH¢63 billion road contracts awarded so far under the Big Push will generate an estimated 490,000 jobs.

This estimation is consistent with World Bank metrics on job creation from road investment. The three new garment factories will create over 20,000 direct jobs. The seven agro-processing plants are expected to employ about 700 people directly and thousands more through supply chains. The National Policy on Integrated Oil Palm Development will create 250,000 jobs across the value chain.

These measures, although apt, have not been able to, or will not be able to, address the joblessness situation because the rates churned out by the statistical service do not inspire hope and confidence that unemployment can be addressed.

SMEs

The focus of this article is to explore the unadulterated role that small and medium-scale enterprises (SMEs), businesses with 1–20 employees, can play in addressing the challenge.

According to the World Bank report, SMEs are the backbone of most economies, representing around 90 per cent of all businesses and accounting for more than half of global employment.

In developing countries, SMEs are central to economic diversification, productivity and poverty reduction, yet the World Bank notes that they face persistent challenges in obtaining the financing needed to start, sustain and grow.

Over the next decade, the Bretton Woods Institution estimates that 1.2 billion young people will reach working age, but only about 420 million jobs are expected to be created. This leaves hundreds of millions without a clear path to employment, with far-reaching social and economic implications.

Therefore, expanding access to finance for SMEs is essential to enable private investment, productivity growth, and stronger local economies.

Access to finance enables entrepreneurs to innovate, expand and hire, empowering women and youth and strengthening communities. Supporting SMEs—especially women-owned and youth-led enterprises—is thus central to building inclusive and sustainable growth.

In the case of Ghana, this calls for huge investment and budgetary allocation to support SMEs.

Although the government has designated programmes to support SMEs, including skill development programmes such as Adwumawura, which has been allocated GH¢170 million, and the National Apprenticeship Programme with a budget of GH¢690 million, the government must do more if indeed the issue of unemployment is a major concern.

The author, Laud Nartey, is a Ghanaian journalist with a special interest in business reporting.
Can be reached at [email protected]
Facebook :Laud Nartey
X: @laudnartey
LinkedIn: Laud Nartey

play videoDr Ayine says Wontumi pressured Exim Bank to release cash for non-existent workers

The Attorney General and Minister of Justice, Dr Dominic Akuritinga Ayine, has revealed that Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi, allegedly pressured Ghana Exim Bank to release funds intended for farm workers who, investigations later confirmed, did not exist.

Providing updates on high-profile investigations during the Government Accountability Series on December 22, 2025, the Attorney General said Wontumi Farms Limited was required to submit a database of farmhands to enable electronic salary payments under the Mining Alternative Livelihoods Initiative under the Akufo-Addo-Bawumia government.

BREAKING: AG to prosecute Chairman Wontumi over alleged GH¢24 million loss to the state

To facilitate this, Ghana Exim Bank had contracted Eban Capital Limited to create a biometric payment platform for workers slated to be employed on a maize farm at Asare Nkwanta in the Ashanti Region.

LIVESTREAMED: Dr Ayine addresses Ghanaians on details of high profile corruption case

However, Dr Ayine disclosed that Wontumi Farms failed to provide the database because “there were no farmers working on the land.” Despite this, Chairman Wontumi allegedly insisted that GH¢400,000 intended for salaries be paid directly to the company in cash.

“He claimed the youth involved in illegal mining were not used to electronic payment systems and preferred cash,” the Attorney General said.

However, the AG said investigations ultimately revealed that no farming activities took place and no workers were engaged, confirming that the loan facility had been obtained under false pretences.

The Attorney General stated that the government will prosecute Wontumi Farms and its directors for allegedly defrauding Exim Bank, committing forgery, and causing a financial loss to the state exceeding GH¢24 million.

He further disclosed that investigations revealed Wontumi Farms secured a GH¢4 million loan from Exim Bank using forged documentation.

Attorney General Dr Ayine announces charges in high-profile corruption case

JKB/MA

What Cletus Avoka said that made Otumfuo warn him over Bawku conflict:

There is no doubt that graduate unemployment and unemployment in general are major concerns for governments and policymakers in all jurisdictions.

Unemployment has been described as a national security threat because if people are jobless, they could pick up arms and other offensive weapons and engage in all manner of criminal activities, including armed robbery, commercial sex work, illegal small-scale mining and many more.

In fact, the Commander-in-Chief of the Ghana Armed Forces, President John Dramani Mahama, is on record as having warned that unskilled youth are at risk of being exploited by criminal elements. He said we had many young people ready to be hired by bad actors—drug traffickers, terrorists and other criminals.

There are concerns that universities continue to churn out graduates in disciplines that do not match existing labour market demands, thereby exacerbating unemployment. As a result, unemployment has become a major concern for all stakeholders.

Statistics

Although the July 2025 edition of the Quarterly Labour Statistics by the Ghana Statistical Service (GSS) revealed a marginal decline in the national unemployment rate, unemployment is still a major concern.

According to the GSS, data collected from over 9,000 households across the country showed that Ghana’s unemployment rate fell from 13.3% in the third quarter of 2024 to 13.1% in the fourth quarter of 2024.

This modest decline signalled progress but revealed persistent distress. In 2024, youth unemployment remained alarmingly high at 22.5% for ages 15 to 35 and 32% for ages 15 to 24.

“This evidence highlights the urgency of expanded and more focused labour market practices and policies such as retraining and re-skilling programmes to combat skills mismatch and boost employability,” the GSS said.

Successive governments over the period have attempted to introduce policies and programmes to address this menace.  For instance, under the previous Akufo-Addo administration, policies such as the Nation Builders Corps (NABCO), the One District, One Factory, Planting For Food and Jobs, and others were introduced as part of the job creation efforts.

Under the current Mahama administration, the Finance Minister, Dr Cassiel Ato Forson, announced in the 2026 Budget presentation that the budget was specifically designed to create up to 800,000 new jobs. The GH¢63 billion road contracts awarded so far under the Big Push will generate an estimated 490,000 jobs.

This estimation is consistent with World Bank metrics on job creation from road investment. The three new garment factories will create over 20,000 direct jobs. The seven agro-processing plants are expected to employ about 700 people directly and thousands more through supply chains. The National Policy on Integrated Oil Palm Development will create 250,000 jobs across the value chain.

These measures, although apt, have not been able to, or will not be able to, address the joblessness situation because the rates churned out by the statistical service do not inspire hope and confidence that unemployment can be addressed.

SMEs

The focus of this article is to explore the unadulterated role that small and medium-scale enterprises (SMEs), businesses with 1–20 employees, can play in addressing the challenge.

According to the World Bank report, SMEs are the backbone of most economies, representing around 90 per cent of all businesses and accounting for more than half of global employment.

In developing countries, SMEs are central to economic diversification, productivity and poverty reduction, yet the World Bank notes that they face persistent challenges in obtaining the financing needed to start, sustain and grow.

Over the next decade, the Bretton Woods Institution estimates that 1.2 billion young people will reach working age, but only about 420 million jobs are expected to be created. This leaves hundreds of millions without a clear path to employment, with far-reaching social and economic implications.

Therefore, expanding access to finance for SMEs is essential to enable private investment, productivity growth, and stronger local economies.

Access to finance enables entrepreneurs to innovate, expand and hire, empowering women and youth and strengthening communities. Supporting SMEs—especially women-owned and youth-led enterprises—is thus central to building inclusive and sustainable growth.

In the case of Ghana, this calls for huge investment and budgetary allocation to support SMEs.

Although the government has designated programmes to support SMEs, including skill development programmes such as Adwumawura, which has been allocated GH¢170 million, and the National Apprenticeship Programme with a budget of GH¢690 million, the government must do more if indeed the issue of unemployment is a major concern.

The author, Laud Nartey, is a Ghanaian journalist with a special interest in business reporting.
Can be reached at [email protected]
Facebook :Laud Nartey
X: @laudnartey
LinkedIn: Laud Nartey

The Attorney-General and Minister of Justice, Dr Dominic Ayine, has disclosed that he rejected a plea bargain proposal from one of the accused persons in the National Service Scheme (NSS) ghost names scandal, involving an alleged loss of about GH¢38 million.

According to Dr Ayine, the suspect offered to refund GH¢22 million out of the total amount but sought to avoid full criminal prosecution—a condition the Attorney-General said was unacceptable.

Dr Ayine stressed that repayment alone cannot substitute criminal prosecution in cases involving alleged financial loss to the state. He noted that such arrangements fall short of the legal standards required under Ghana’s justice system.

He made the remarks while responding to questions at a press briefing dubbed the Government Accountability Series in Accra on Monday, 22 December 2025.

“Yes, offers keep being made, but sometimes the offers are made conditional on people bringing their money and walking away, and I say no,” Dr Ayine said.

He explained that although Ghana’s laws permit plea bargaining, his office would not endorse arrangements that undermine the criminal justice process, particularly in cases involving significant sums of public funds.

“I am the Attorney General. I am the prosecutor. I am not defence counsel,” he said. “What I want to do is make my case to the court and prove beyond a reasonable doubt that the offences I am charging have been committed.”

Dr Ayine further explained that while the law allows accused persons to plead guilty, make restitution, or plead to lesser charges, such initiatives must originate from the accused persons and their legal representatives—not the prosecution.

“If they want to shorten the process through plea bargaining, it is left to them. I will not advise them, and I will not be the one to provide that advice,” he added.

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.

Bank of Ghana’s gold coin

The investment price of the Bank of Ghana’s (BoG) gold coins continues to rise, driven largely by the marginal depreciation of the Ghana cedi against the US dollar.

The increasing prices mean buyers must spend more cedis to purchase the same 0.25-ounce gold coin, potentially limiting access for smaller investors. Nevertheless, gold coins remain a stable and tangible investment, offering a hedge against inflation and currency depreciation.

The Central Bank introduced these gold coins as a strategy to curb the hoarding of US dollars and absorb excess liquidity in the market, ultimately aiming to strengthen the cedi against major foreign currencies.

Rising demand for gold coins also helps ease pressure on the cedi, contributing to broader macroeconomic stability.

As of Monday, December 22, 2025, BoG reported updated prices for its gold coins, reflecting the rising value of gold in both local and international markets.

Business News of Monday, 15 December 2025Source: www.ghanaweb.comBoG gold coin hits GH¢51,527 per ounce on December 15

Here is how much BoG gold coins are selling on December 22:

⦁The 0.25 oz is now selling GH¢13,419.62

⦁The 0.50 oz is selling at GH¢26,085.34

⦁the 1.00 oz is selling at GH¢51,463.65

The Ghana gold coin is available in three denominations: one-ounce, half-ounce and quarter-ounce, and can be purchased through commercial banks.

pic.twitter.com/qVZgN4C99c

— Bank of Ghana (@thebankofghana) December 22, 2025

SP/MA

All you need to know about Ghana’s new vehicle number plates | BizTech:

Dear Sir/Madam,

RE: URGENT CALL TO ADDRESS IMPLEMENTATION GAPS IN THE SCHOOL FEEDING PROGRAMME BY EMMANUEL SEVOR. PUBLIC HEALTH EXPERT AND SOCIAL COMMENTATOR

I write to draw your urgent attention to some critical challenges affecting the effective implementation of the School Feeding Programme, particularly in remote and underserved communities across the country.

The School Feeding Policy was instituted with the noble objective of improving school enrolment, attendance, retention, and concentration among school children, while also enhancing nutrition and supporting local food production. Indeed, the programme has contributed significantly to keeping children in school. However, recent observations indicate that several implementation gaps are gradually undermining its intended impact.

It has been observed that some caterers are awarded contracts to serve more than three schools simultaneously. In practice, many of these caterers struggle to provide even one quality meal per day to each assigned school, especially in hard-to-reach and rural areas. This has resulted in irregular feeding schedules, late serving times, and, in some cases, complete failure to provide meals on certain school days. Such situations defeat the very purpose of the programme and negatively affect pupils’ concentration, attendance, and trust in the system.

In addition to the above, the School Feeding Programme is further bedevilled by several other challenges, including but not limited to:

1. Delays in payment to caterers, which affects their ability to purchase food items on time and in adequate quantities.

2. Poor monitoring and supervision, leading to substandard meal quality, inadequate portions, and non-compliance with approved menus.

3. Inadequate consideration for geographical realities, where caterers serving remote communities face higher transportation and logistical costs without corresponding adjustments.

4. Political interference in the selection of caterers, sometimes prioritising affiliation over competence and capacity.

5. Poor food safety and hygiene practices in some schools, posing health risks to pupils.

6. Lack of community involvement, which reduces accountability and local ownership of the programme.

7. Inconsistent supply of local foodstuffs, limiting the programme’s goal of supporting local farmers.

In view of these challenges, I respectfully recommend the following measures to strengthen and make the School Feeding Programme more effective and impactful:

1. Limit the number of schools assigned to a single caterer based on capacity, distance, and logistical feasibility.

2. Ensure timely and regular payment of caterers to enable smooth service delivery.

3. Strengthen monitoring and evaluation mechanisms, involving district education officers, health officers, and community representatives.

4. Introduce strict performance-based assessments, where non-performing caterers are sanctioned or replaced.

5. Improve transparency and fairness in caterer selection, focusing on competence, experience, and logistical capacity.

6. Provide periodic training for caterers on nutrition, food safety, hygiene, and meal planning.

7. Adjust feeding grants to reflect current economic realities, especially inflation and transportation costs.

8. Encourage active community participation, including School Management Committees (SMCs) and Parent-Teacher Associations (PTAs), to enhance oversight.

9. Strengthen linkages with local farmers, ensuring consistent supply of fresh and nutritious food while boosting local economies.

I therefore call on the School Feeding Secretariat, the Ministry of Education, the Ghana Education Service, the Sector Minister, and all relevant stakeholders to urgently investigate these concerns and take immediate steps to ameliorate the situation. Addressing these challenges will not only restore confidence in the programme but also make it more attractive, efficient, and beneficial to the children it is meant to serve.

Thank you for your attention and anticipated action.

[email protected]

Kylian Mbappé has equaled Cristiano Ronaldo’s record of 59 goals in a calendar year for Real Madrid following a dramatic 2-0 victory over Sevilla, keeping pressure on La Liga leaders Barcelona.

Real Madrid took the lead seven minutes before halftime when Jude Bellingham met a Rodrygo free-kick with a header, sending the ball into the top corner. Sevilla had several chances to equalize but were reduced to ten men after Marcao received a second yellow card for a foul on Bellingham.

Mbappé, celebrating his 27th birthday, converted a penalty in the 86th minute after Rodrygo was fouled by Juanlu Sanchez, matching Ronaldo’s 2013 record.

“It’s a special day because it’s my birthday. I always said it would be a dream to play in a game on my birthday and at Real Madrid, the club of my dreams,” Mbappé told Real Madrid TV.
“To do like Cristiano did, my idol, the best player in Real Madrid’s history and a world great, it’s an honour for me.”

Earlier in the game, Mbappé struggled to find his rhythm, failing to register a shot on target in the first half and missing several opportunities after halftime. Sevilla’s Isaac Romero also threatened Real on the counter, but Thibaut Courtois denied him on multiple occasions.

Mbappé’s record-equaling penalty came late in the contest, cementing his milestone. A second penalty later in the game was overturned by VAR, preventing him from breaking Ronaldo’s record immediately.

The French forward’s achievement highlights his extraordinary form in 2025, further solidifying his status among Real Madrid legends.

– Source: BBC

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Bernard Antwi Boasiako is the Ashanti Regional Chairman of the New Patriotic Party

The Attorney General and Minister of Justice, Dr Dominic Akuritinga Ayine, has revealed that investigations into the Wontumi Farms loan arrangement have established that Ashanti Regional Chairman of the opposition New Patriotic Party, Bernard Antwi Boasiako, failed to purchase any equipment required under the terms of the facility, despite funds being disbursed for that purpose.

According to the Attorney General, the loan agreement required that all equipment purchased with the funds be registered in the joint names of Exim Bank and Wontumi Farms Limited.

The Wontumi Saga: A multifaceted investigation with international connections

However, investigations showed that no such equipment was acquired, making joint registration impossible.

Speaking during the Government Accountability Series on December 22, 2025, Dr Ayine disclosed that all equipment Bernard Antwi Boasiako claimed to have purchased could not be traced.

Investigators further established that although Chairman Wontumi, under Wontumi Farms, submitted receipts to Exim Bank in support of the alleged purchases, the documents were forged.

“In the face of the evidence gathered in this investigation thoroughly conducted by the Economic and Organised Crime Office (EOCO), we have made the decision to prosecute Wontumi Farms and its directors for defrauding by fraud pretenses, forgery, and causing financial loss to the state in the sum of GH¢24,255,735. This figure represents the principal sum plus the interest accrued so far,” he stated.

The Attorney General said that during interrogation, Chairman Wontumi reportedly claimed he had purchased what he described as “secondhand brand new” equipment and insisted that all receipts and related documentation had been submitted to the bank.

However, the Ghana Exim Bank has denied receiving any valid documents covering the purchase of the required equipment from either Wontumi Farms Limited or Bernard Antwi Boasiako.

According to the AG, the bank noted that the only documents submitted in relation to the equipment were the forged receipts identified during investigations.

The Attorney General stated that criminal charges will be filed against Wontumi Farms Limited and Bernard Antwi Boasiako shortly after the Christmas break.

SP/MA

All you need to know about Ghana’s new vehicle number plates |BizTech:

Percival Kofi Akpaloo is the founder of Liberal Party of Ghana

The Attorney General and Minister of Justice, Dr Dominic Ayine, has disclosed that his office will prosecute Percival Akpaloo of the Liberal Party of Ghana (LPG) and related entities following investigations into alleged financial crimes involving a Cocoa Board (COCOBOD) contract.

Speaking at the Government Accountability Series on Monday, December 22, 2025, the AG said the case was triggered after the Financial Intelligence Centre (FIC) flagged suspicious transactions involving an account belonging to Pomaa Universal Ghana Limited at First Bank Ghana Limited.

Kofi Akpaloo breaks silence after EOCO release

“In the case involving Mr Percival Akpaloo of the Liberal Party of Ghana, the Financial Intelligence Centre flagged and filed a suspicious transaction report with First Bank Ghana Limited regarding transactions on an account belonging to Pomaa Universal Ghana Limited. That is a company owned by Ekua Pomaa,” he stated.

He explained that following the filing of the Suspicious Transaction Report, the Economic and Organised Crime Office (EOCO) commenced investigations.

“The investigations revealed that Pomar Universal Ghana Limited, a business entity owned entirely by Ekua Pomaa, was a legitimate contractor awarded a FIDEL Rose contract by COCOBOD. The contract, valued at GH¢29.5 million, was awarded in December 2020,” Dr Ayine said.

According to him, while the project began and an initial payment was properly deposited into the legitimate company’s account, subsequent transactions raised red flags.

“Although the project commenced and an initial amount was properly deposited into Pomar Universal Ghana Limited, subsequent payments raised serious concerns regarding misrepresentation, forgery, and unauthorized handling of the checks,” he noted.

Dr Ayine revealed that investigations uncovered a scheme involving the incorporation of a second company with a deceptively similar name.

“Our investigations revealed that Akpaloo secretly incorporated another company, separate and distinct from Pomaa Universal Ghana Limited, also known as Pomah Universal Ghana Limited, deliberately adding an ‘H’ to the Pomaa name,” he explained.

He stated that between December 2022 and June 2024, Akpaloo allegedly diverted payments meant for the legitimate contractor.

“Between December 2022 and June 2024, Akpaloo collected eight checks issued by COCOBOD in the name of Pomah Universal Ghana Limited, totaling GH¢3,169,432.22 and deposited them into the account of his own company,” Dr Ayine said.

He added that the rightful owner of the original company was unaware of the diversion until COCOBOD raised concerns.

“Our investigations confirmed that Ekua Pomaa was unaware of both the existence of the second company and the diversion of the funds until COCOBOD contacted her in June 2024 regarding outstanding balances on the contract. She subsequently discovered that Akpaloo had misdirected the payments without her consent,” he stated.

Dr Ayine further disclosed allegations of forgery connected to the contract.

“Ekua Pomaa also alleged that Akpaloo forged her signature on the COCOBOD contract using her former name, Mercy Owusu, to secure the agreement without her authorization,” he said.

According to the Attorney-General, internal investigations by First Bank Ghana Limited corroborated the findings.

“First Bank Ghana Limited conducted an internal investigation and confirmed the fraud allegations, concluding that Akpaloo knowingly misrepresented ownership of the checks and deposited them into the wrong account,” he added, noting that the bank also acknowledged operational failures.

Dr Ayine named the suspects involved in the case.

“The suspects investigated are Percival Kofi Akpaloo, Pomar Ghana Limited (the one with the H), and Delvin Akpaloo, his wife,” he stated, adding that evidence points to multiple criminal offences.

Kofi Akpaloo under investigation for fraud, financial loss, and other offences – Deputy AG

“The evidence shows that they engaged in various criminal offenses, including stealing, forgery, and money laundering, and they will be charged by my office upon resumption of work after the Christmas holidays,” he said.

MAG/MA

Check out videos from the night below:

The Attorney-General and Minister for Justice, Dr. Dominic Ayine, has disclosed that the forensic audit into the National Cathedral project is nearing completion, with PricewaterhouseCoopers (PwC) having undertaken substantial work on the assignment.

Speaking to the media during the Government Accountability Series on Monday, 22 December, Dr. Ayine explained that the audit was initiated at the directive of the President following consultations involving himself, the Auditor-General, and the Minister for Finance.

“After we met, and subsequently held discussions at the Ministry of Finance, it was decided that we should speedily engage a private audit firm to conduct the forensic audit,” he said.

Dr. Ayine clarified that the Office of the Attorney General does not procure non-legal services, noting that the audit process fell outside his mandate.

“I cannot procure a forensic audit. Usually, if I am procuring services, they will be legal services, and there is no precedent of an Attorney General procuring non-legal services,” he explained.

He added that since the exercise is a financial audit to be supervised by the Auditor-General, the Finance Minister tasked the Auditor-General with procuring the audit firm, which led to the selection of PwC.

According to the Attorney-General, PwC has made significant progress and is close to concluding its work.

“The last time I checked, they wrote to my office—this was last week—requesting a meeting with me to understand some issues that are germane to the audit work. They have done significant work and are getting to the end of their work,” he 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.

Investor appetite keeps Treasury Bills oversubscribed for fourth week running

The government has for the fourth week, exceeded its auction target across all three tenors.

The auction target estimated at GH¢3.7 billion received GH¢5.6 billion oversubscribing its treasury bills sale.

The government accepted GH¢5.3 billion of the bids, representing 45% oversubscription.

For the 182-day bill, GH¢1.52 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.45 billion.

Government makes strong Treasury comeback with 110% oversubscription

Also, GH¢1.538 billion of the bids were tendered for the 364-day bill. GH¢1.533 billion of the bids were accepted.

The yield on the 91-day bill decreased by 3.0 basis points to 11.08%.

That of the 182-day bill also dropped to 12.43%, from 12.54% the previous week.

The yield on the 364-day bill went down by 17 basis points to 12.91%.

SP/EB

All you need to know about Ghana’s new vehicle number plates |BizTech:

Alexander Akwasi Acquah, the Member of Parliament for Akim Oda

Alexander Akwasi Acquah, the Member of Parliament for Akim Oda, has launched a scathing critique of the current administration, accusing the government of mismanaging the nation and using propaganda to mask dire economic realities.

While acknowledging that the government’s most notable attempted achievement was the stabilization of the Ghanaian Cedi against the US Dollar, the lawmaker asserted that this stability has proven fragile.

He argued that the national situation is deteriorating because the government is unprepared to take the necessary steps for a true recovery.

Acquah expressed particular concern over trade policies that favor cheap imports, which he claims are stifling domestic production.

“This government is not prepared to listen; they are unprepared to govern,” Acquah stated. “The budget presented this year is a ‘copy and paste’ document with no real impact on the economy. We are in a serious struggle. If the Minority had not held the government to account and made specific demands, this budget would have been a total mess.”

He warned that the high cost of local production versus the ease of importing is de-industrializing Ghana. “Importing has become so cheap that local industries are struggling to stay afloat.

“Do not be surprised to hear that factories are halting production to become importers instead. By favoring imports, we are creating jobs for external businesses rather than for Ghanaians.”

Speaking on Rainbow Radio’s as It Is in Ghana, the MP alleged that the government has allowed the “One District, One Factory” (1D1F) initiative—pioneered by former President Akufo-Addo—to collapse, replacing it with the “24-Hour Economy” proposal which he claims has yet to yield results.

Referring to a well-known economic principle previously cited by Dr Mahamudu Bawumia, Acquah noted: “If the fundamentals are weak, the exchange rate will expose you.

“If the fundamentals were truly right, we would be supporting our own industries, producing more, reducing imports and restoring confidence in the local economy. Instead, the stability we hoped for has backfired.”

The lawmaker further alleged that the government has effectively legitimized illegal mining, popularly known as galamsey, to shore up foreign exchange reserves.

He claimed the government is prioritising gold extraction over environmental safety to stabilize the Cedi.

He highlighted the destruction of water bodies and forest reserves.

He further alleged that senior officials are involved in illegal mining while the state looks the other way.

“They have turned our system into a ‘galamsey economy,’ making money from illegal mining to buy dollars,” he charged. “Things are bad.”

When asked how to turn the tide, the Akim Oda MP called for transparency from the government.

He urged the government to stop using propaganda to manage public perception and instead be honest about the state of the economy.

“The government must be truthful so that the people can manage their expectations,” Acquah concluded. “If they are honest, Ghanaians will have the patience to support them.

“But if they continue to run the economy on propaganda, the public will soon agitate because the reality of the market will eventually expose the lies.”