Growth in 2024 was higher than expected, underpinned by strong mining and construction activity, the International Monetary Fund (IMF) has said.

The Fund noted that the external sector has seen a considerable improvement, driven by solid exports, particularly gold and to a lesser extent oil—and higher remittances.

As a result, it said, international reserves accumulation has far exceeded the ECF-supported program targets.

Notwithstanding these achievements, the IMF said overall performance under the IMF-supported program deteriorated markedly at end-2024. Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables.

The Government of Ghana and the International Monetary Fund (IMF) have reached a staff-level agreement on the programme with Ghana on the fourth review.

The agreement is subject to the approval of the Board of the Fund.

An IMF staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from April 2 to April 15, 2025, to discuss progress on the authorities’ policy and reform priorities in the context of the fourth review of Ghana’s three-year program under the Extended Credit Facility.

The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (about US$ 3 billion) on May 17, 2023.

At the end of the mission, Mr. Roudet issued said “IMF staff and the Ghanaian authorities have reached a staff-level agreement  on the fourth review of Ghana’s economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to Executive Board consideration. Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$370 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 1,708 million (about US$2,355 million).

“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.

“Notwithstanding these achievements, overall performance under the IMF-supported program deteriorated markedly at end-2024. Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded program targets. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors.

“Against this backdrop, the new authorities have taken bold measures to address policy slippages and ensure the program objectives remain within reach. On the fiscal front, the government has launched an audit of the payables to firm up the size and nature of the slippages. Based on preliminary estimates of new payables, the primary balance posted a deficit of some 3¼ percent of GDP (compared to a targeted surplus of ½ percent of GDP). To address these slippages, the authorities have enacted a 2025 budget that targets a 1½ percent of GDP primary surplus and adopted several public financial management reforms. The latter includes an enhanced fiscal responsibility framework and new rules to tighten expenditure commitments.

“Discussions with the authorities centered on possible additional measures needed to address structural weaknesses in the public financial management and procurement systems as well as steps to ensure fiscal execution remains consistent with program objectives. Engagement with the authorities also focused on measures aimed at strengthening key social protection programs to cushion the most vulnerable from the impact of high inflation and ongoing policy adjustment.

“The Bank of Ghana has recently increased its policy rate and is reviewing its liquidity management operations. The ensuing tightening in the monetary policy stance, together with the ongoing fiscal consolidation, is expected to bring inflation down.

“The mission also engaged the authorities on their wide-ranging structural reform program, with a focus on enhancing governance and transparency and strengthening State-Owned Enterprises management in the gold, cocoa, and energy sector. On the latter, the resumption of quarterly electricity tariff adjustments, combined with structural reforms, will help reduce the energy sector shortfall and stop the accumulation of new arrears. Financial stability is being maintained as recapitalization progresses and the authorities are committed to strengthening public banks.

“Ghana remains committed to completing its comprehensive public debt restructuring to restore sustainability. The Memorandum of Understanding (MoU) with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework has been signed by all parties, and the focus is now on finalizing the bilateral agreements to implement the MoU. The authorities are also pursuing good-faith efforts in reaching an agreement with other commercial creditors on a debt treatment that is in line with program parameters and the comparability of treatment principles.”

IMF staff met with Finance Minister Forson, Bank of Ghana Governor Asiama, and their teams, as well as representatives from various government agencies, and other stakeholders.

“The IMF team would like to express its gratitude to the Ghanaian authorities and other counterparts for their continued open and constructive engagement, the statement said

Ghana has secured a fourth tranche disbursement of an IMF loan

Ghana and the International Monetary Fund (IMF) have reached an agreement on the disbursement of the next tranche of $370 million under the ongoing bailout programme.

According to the IMF’s Mission Chief to Ghana, Stéphane Roudet, the Fund’s Executive Board will make a final decision on the disbursement.

This development follows the current government’s commitment to fiscal discipline and expenditure rationalisation in a bid to revive the economy.

The upcoming disbursement will bring the total funding received from the IMF under Ghana’s $3 billion programme, launched in May 2023, to $2.36 billion.

The funds are expected to boost the country’s foreign exchange reserves and cushion the local currency from further depreciation.

In a statement released on April 15, as reported by Reuters, the IMF noted that Ghana’s overall performance under the programme had deteriorated significantly by the end of 2024. However, it acknowledged that authorities had since taken corrective steps to address policy and reform slippages.

“Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in public financial management. All parties have signed the memorandum of understanding with Ghana’s official creditors committee under the G20 Common Framework, and the focus is now on finalizing the bilateral agreements to implement the MoU,” Roudet said.

He added, “The authorities are also pursuing good-faith efforts to reach an agreement with other commercial creditors on a debt treatment that aligns with the programme parameters and the comparability-of-treatment principles.”

SSD/MA

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

Ghanaian forward Antoine Semenyo made an instant impact on Monday evening, netting inside the first minute to hand AFC Bournemouth a crucial 1-0 win over Fulham and revive their push for European football.

The 24-year-old struck just 53 seconds into the encounter at the Vitality Stadium, pouncing on a defensive blunder from Fulham captain Antonee Robinson to score what proved to be the match-winner — his 10th goal of the Premier League season.

Bournemouth took the lead with just 53 seconds on the clock thanks to Semenyo’s eighth Premier League goal of the season, as the Cherries ended a six-match winless run to climb above Fulham and go eighth.

“We believe in ourselves, and getting an early goal gave us confidence to manage the game,” Semenyo said after the match.

The Cherries, who had failed to win in their last six league outings, were desperate for a spark — and Semenyo provided exactly that. Capitalising on a loose pass from Timothy Castagne, Bournemouth’s Alex Scott launched a quick counter. Robinson then miscontrolled the ball, allowing Semenyo to steal possession, cut inside Joachim Andersen, and calmly curl a shot into the bottom-left corner.

Despite the early breakthrough, Bournemouth couldn’t extend their lead, with Brazilian striker Evanilson hitting the crossbar from close range in the 16th minute.

Fulham responded with intensity and had several chances of their own, particularly through Rodrigo Muniz, who came close on multiple occasions. The visitors’ best opportunity fell to Ryan Sessegnon, but the winger’s weak header was easily saved by Kepa Arrizabalaga.

The second half was marred by confusion in the Fulham dugout, as manager Marco Silva appeared visibly frustrated over a triple substitution that saw Sessegnon withdrawn — possibly in error — alongside Sander Berge and Muniz. “There was some confusion, and it took too long to get the changes done,” Silva admitted post-match.

Bournemouth goalkeeper Kepa kept his side in front with crucial saves, including tipping away an Alex Iwobi strike and gathering an effort from Sasa Lukic.

The hosts appealed for a penalty in the 80th minute when Evanilson went down in the box, but VAR confirmed Fulham keeper Bernd Leno had made slight contact with the ball.

Bournemouth held firm during seven minutes of stoppage time to secure their first home win since January and leapfrog both Fulham and Brighton into eighth place on goal difference.

Head coach Andoni Iraola praised Semenyo’s performance: “He’s a fighter and gives us a lot in transition. That goal set the tone for the entire match.”

With the season nearing its climax, the win breathes new life into Bournemouth’s hopes of securing a historic qualification for European competition, and Semenyo’s lightning start may prove pivotal in the final reckoning.

The Consumer Protection Agency (CPA) has urged the Public Utilities Regulatory Commission (PURC) to suspend its planned utility tariff adjustments until key consultative bodies are reinstated, and broader consumer engagement is carried out.

This follows a recent increment by the PURC on electricity tariffs by 14.75% and water tariffs by 4.02%, effective May 2, 2025.

In a statement issued by the CPA’s Director of Mediation and Arbitration, Nana Prempeh Okogyeabour Aduhene, the agency expressed concern that the PURC may not have conducted adequate consultations with consumers before approving the tariff hikes.

“We are calling on the PURC to, as a matter of urgency, put up these committees in place so that a proper consultation can be done before any tariff adjustments will be accepted by consumers,” the statement read.

The CPA emphasized the importance of the PURC’s Technical and External Committees, both of which, according to the agency, have not been reconstituted since the change in government.

The CPA explained that the Technical Committee plays a key role in evaluating utility tariff applications, including methodology, structure, and performance benchmarking.

The External Committee, established under Part 3, Section 31 of the PURC Act 1997 (Act 538), serves as a regional liaison between the Commission, utility providers, and consumers, offering feedback on service quality and consumer issues.

According to the CPA, these committees are essential for ensuring transparency and representation in regulatory decisions, particularly on matters directly affecting consumers.

“We strongly believe that the PURC didn’t do much consultation, and also the interest of consumers was not properly represented,” the statement added.

The agency also raised concerns about unresolved consumer complaints regarding electricity and water services, stressing that these issues should be addressed before any price adjustments are implemented.

“The PURC, per its mandate, is to ensure uninterrupted power supply 24/7 and reliable water services.”

AM/KA

Meanwhile, watch GhanaWeb’s tour of Fort Victoria and the Cape Coast Lighthouse below:

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

• IMF staff and the Ghanaian authorities have reached staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month ECF-supported program. Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing.
• Notwithstanding higher-than-expected growth and a further significant improvement in Ghana’s external position last year, program performance deteriorated markedly at end-2024. Fiscal slippages in the run-up to the elections led to a large accumulation of payables; inflation exceeded program targets; and several reforms were delayed.
• Since the beginning of the year, the new authorities have taken bold measures to address policy and reform slippages and ensure achievement of program objectives. This includes enacting a strong budget and public financial management reforms; tightening monetary policy; and adjusting electricity prices.

Accra, Ghana: An International Monetary Fund (IMF) staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from April 2 to April 15, 2025, to discuss progress on the authorities’ policy and reform priorities in the context of the fourth review of Ghana’s three-year program under the Extended Credit Facility. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (about US$ 3 billion) on May 17, 2023.

At the end of the mission, Mr. Roudet issued the following statement:

“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review of Ghana’s economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to Executive Board consideration. Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$370 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 1,708 million (about US$2,355 million).

“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.

“Notwithstanding these achievements, overall performance under the IMF-supported program deteriorated markedly at end-2024. Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded program targets. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors.

“Against this backdrop, the new authorities have taken bold measures to address policy slippages and ensure the program objectives remain within reach. On the fiscal front, the government has launched an audit of the payables to firm up the size and nature of the slippages. Based on preliminary estimates of new payables, the primary balance posted a deficit of some 3¼ percent of GDP (compared to a targeted surplus of ½ percent of GDP). To address these slippages, the authorities have enacted a 2025 budget that targets a 1½ percent of GDP primary surplus and adopted several public financial management reforms. The latter includes an enhanced fiscal responsibility framework and new rules to tighten expenditure commitments.

“Discussions with the authorities centered on possible additional measures needed to address structural weaknesses in the public financial management and procurement systems as well as steps to ensure fiscal execution remains consistent with program objectives. Engagement with the authorities also focused on measures aimed at strengthening key social protection programs to cushion the most vulnerable from the impact of high inflation and ongoing policy adjustment.

“The Bank of Ghana has recently increased its policy rate and is reviewing its liquidity management operations. The ensuing tightening in the monetary policy stance, together with the ongoing fiscal consolidation, is expected to bring inflation down.

“The mission also engaged the authorities on their wide-ranging structural reform program, with a focus on enhancing governance and transparency and strengthening State-Owned Enterprises management in the gold, cocoa, and energy sector. On the latter, the resumption of quarterly electricity tariff adjustments, combined with structural reforms, will help reduce the energy sector shortfall and stop the accumulation of new arrears. Financial stability is being maintained as recapitalization progresses and the authorities are committed to strengthening public banks.

“Ghana remains committed to completing its comprehensive public debt restructuring to restore sustainability. The Memorandum of Understanding (MoU) with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework has been signed by all parties, and the focus is now on finalizing the bilateral agreements to implement the MoU. The authorities are also pursuing good-faith efforts in reaching an agreement with other commercial creditors on a debt treatment that is in line with program parameters and the comparability of treatment principles.”

IMF staff met with Finance Minister Forson, Bank of Ghana Governor Asiama, and their teams, as well as representatives from various government agencies, and other stakeholders. The IMF team would like to express its gratitude to the Ghanaian authorities and other counterparts for their continued open and constructive engagement.

The Minister of Health, Kwabena Mintah Akandoh, has disclosed that the government will require approximately $25 million to procure all necessary vaccines for the country this year.

Mr. Akandoh expressed concern over the gradual withdrawal of donor support in Ghana’s health sector, describing the trend as troubling.

This development follows funding cuts to USAID by former U.S. President Donald Trump—cuts that have significantly affected the supply of essential drugs and financial support to Ghana’s healthcare system.

Speaking at a meeting with the Pharmaceutical Society of Ghana on Monday, April 14, Mr. Akandoh said the government is left with no alternative due to the dwindling aid.

“It is instructive to note that at this point in time, our partners who assist us in procuring most of our vaccines are gradually fading. This year alone, we need not less than $25 million to import vaccines into this country,” he stated.

The fight against illegal mining, popularly known as galamsey will remain futile unless state institutions on the frontlines are adequately resourced and work in unison.

Each agency has legitimate concerns, but they are struggling to act due to lack of support and coordination, National Director of A Rocha Ghana said.

Speaking at a multi-stakehold­er meeting held at Asiakwa last Monday that brought together key actors from the Ghana Immigration Service, Police Service, Environ­mental Protection Agency (EPA), Water Resources Commission, and the Forestry Commission, Dr Bosu painted a grim picture of in­stitutional disconnect and logistical constraints hampering efforts to address the illegal mining menace.

The engagement formed part of a broader initiative aimed at bridging the gap between national policy and community-level realities to promote a more coordinated and well-resourced response to galam­sey.

“This meeting is to bring all stakeholders to the table to reflect on the growing threat of galamsey, which is spiraling out of control,” Dr Bosu said.

He highlighted critical challenges such as institutional disconnect and severe logistical constraints.

The Forestry Commission for instance, frequently raises alarms about illegal mining in forest reserves but often lacks the police support to enforce regulations.

Similarly, the Water Resources Commission receives reports on water pollution but lacks the author­ity and tools to take action.

“Even the police say they are outnumbered and poorly equipped. How do we expect real enforce­ment under such circumstances?” he questioned.

Dr Bosu also expressed concern over the Minerals Commission, which reportedly granted mining concessions without informing local communities or engaging stakeholders, further eroding trust at the grassroots level.

He criticised Legislative Instru­ment (LI) 2462, which permitted mining in forest reserves and it sent the wrong signal and undermine conservation efforts.

He called for its repeal and a review of Ghana’s mining laws to align them with environmental protection goals.

“If the forestry officers are com­plaining, the police lack logistics, the EPA is sidelined, and the Minerals Commission is not communicating, how can we win this fight?” he asked and added that “we need to support each institution and work together.”

Dr Bosu emphasised the need to involve the media in setting the national agenda and amplifying anti-galamsey campaigns.

Echoing these concerns, Dr Clement Sarfo-Nyarko, a lecturer in Security, Development, and Lead­ership in Africa at King’s College London, noted that efforts to curb illegal mining had failed due to the lack of synergy among actors.

According to him, state agencies often operated in silos without a shared vision, allowing illegal miners to exploit institutional weaknesses.

 FROM AMA TEKYIWAA AMPADU AGYEMAN, ASIAKWA

Ghana directs Gold Fields to cease Damang operations

Gold Fields has been directed by the government to cease operations and vacate its lease area at Damang by April 18, following the expiry of its lease.

The company said it is taking steps to wind down operations in a safe and responsible manner, with a focus on ensuring the security of personnel and managing high-risk activities. Gold Fields added that it remains in dialogue with the government in hopes of reaching an outcome that serves the interests of all stakeholders.

“These developments at Damang do not affect operations at Tarkwa, which remain ongoing,” the company said in a statement issued on Monday, April 14, 2025. “Gold Fields will update the market on any material developments as this matter evolves.”

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, South Africa, Ghana, Chile and Peru, and one project under development in Canada.

The company reported attributable annual gold-equivalent production of 2.30 million ounces, with proved and probable mineral reserves of 46.1 million ounces. Its measured and indicated mineral resources, excluding reserves, stand at 31.1 million ounces, with an additional 11.2 million ounces in inferred resources.

Gold Fields is listed on the Johannesburg Stock Exchange (JSE), and its American depositary shares trade on the New York Stock Exchange (NYSE).

The Trump administration has announced it will freeze $2.2 billion in federal grants and $60 million in contracts for Harvard University after the school refused to implement policy changes demanded by the administration.

Last week, a federal task force sent Harvard a letter outlining new requirements to maintain its federal funding. These included ending diversity, equity and inclusion (DEI) programs, banning masks at campus protests, enforcing merit-based admissions and hiring, and reducing the influence of faculty viewed as politically active.

Harvard rejected the demands, saying it would not compromise its independence or constitutional rights.

President Alan Garber said, “We will not surrender our independence or constitutional rights,” adding that most of the demands amounted to government overreach into academic freedom.

A White House spokesperson defended the freeze, saying federal money should not fund institutions “supporting racial discrimination or racially motivated violence,” and stated the administration is committed to “Making Higher Education Great Again” by combating antisemitism and enforcing Title VI regulations.

Harvard faculty and the American Association of University Professors have filed a lawsuit and are seeking a temporary restraining order to block the funding freeze. The lawsuit argues the administration is violating the First Amendment and attempting to dictate university policy.

The university, with an endowment of $53.2 billion, is now at the center of a growing standoff between elite academic institutions and the federal government.

Denis Miracles Aboagye, Communications Director for Dr Mahamudu Bawumia in the 2024 elections, has cautioned against the politicisation of the illegal mining menace, popularly known as galamsey, warning that it could undermine efforts to tackle the problem effectively.

Speaking on the JoyNews AM Show, Aboagye expressed concern about the escalating situation, describing it as a national crisis that requires a unified and strategic approach.

“Galamsey is a social canker, it is a menace that if you politicise the country will be extinguished and so we should be careful the manner we attempt to politicise galamsey,” he said.

While acknowledging the severity of the problem, Mr Aboagye blamed President John Mahama and the entire National Democratic Congress (NDC) for not doing enough to tackle the menace.

“Sometimes when I wake up and I see galamsey issues, the way this government is struggling with it, I feel like let us laugh at them.

We told them that it is wrong for them to go and stand on a campaign trail as a presidential candidate and tell the people that ‘I don’t see the reason why the NPP would come and arrest them, people in the pit and that when I come to the office I will release you all the galamseyers’, that is what he (John Mahama) said, ” he claimed.

Mr Aboagye’s comments come amid growing public frustration over the escalating situation of illegal mining activities, which have continued to cause significant environmental degradation despite various interventions and pledges by political leaders.

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.

This trend was driven largely by the performance of a few dominant stocks

Trading on the Ghana Stock Exchange (GSE) in the first quarter of 2025 was characterised by a sharp drop in volumes but a significant increase in value traded, as investors shifted capital into higher-priced equities.

This trend was driven largely by the performance of a few dominant stocks in the financial, telecom, energy and consumer goods sectors.

According to GSE’s March 2025 Equities Market Report, total number of shares traded in the quarter was 61.3 million – representing a 75.87 percent decline compared to 254.2 million shares in the same period of 2024.

Despite the lower activity, value of trades rose to GH¢473.2million; a 29.28 percent increase year-on-year.

This divergence reflects a broader shift in investor strategy. Market participants are focusing more on quality stocks with stronger fundamentals rather than on speculative high-volume trades. Analysts say this marks a transition in GSE’s development, with valuation taking priority over volume.

Speaking to the trend, Kofi Kyei Busia – a market analyst with the Young Investors Network (YIN) explained: “The higher the share price the more it contributes to value, even with lower volumes. Let me give you some exact figures – we have a report I can share. As of March 2025, Gold ETFs topped the chart in terms of value traded – about GH¢139million, which represented roughly 9 percent of total value traded. MTN followed with GH¢46.9million, then came Access Bank which accounted for about 4.8 percent”.

He added that, by volume, MTN led with 14.8 million shares traded, followed by CAL Bank with 2.6 million, ETI with 2.3 million and Access Bank with about 600,000 shares.

“Interestingly, despite the relatively lower volume, Access Bank still ranked in the top-three by value because of its higher share price,” Busia noted.

The GSE Financial Stock Index (GSE-FSI) gained 28.5 percent in the quarter, slightly ahead of the GSE Composite Index (GSE-CI) which climbed 27.19 percent.

The financial sector’s strong performance was led by a few standout banks. CAL Bank and Ecobank Transnational Incorporated (ETI) recorded triple-digit share price increases, driven by improved 2024 earnings and positive guidance for 2025. Access Bank and SIC Insurance also posted strong double-digit gains.

MTN Ghana, the most capitalised stock on the exchange, maintained its place as a key driver of trade value. Although total volumes were lower compared to previous quarters, MTN’s consistent dividend payouts and expansion into fintech have sustained investor interest. The telecom giant led the market in volume traded and was second in terms of value traded during the quarter.

Energy stock TotalEnergies also performed strongly, posting a share price gain of 83.54 percent. It remained one of the key contributors to market value despite limited trading volumes.

In the consumer goods sector, Fan Milk and Guinness Ghana saw renewed interest. Both companies benefitted from internal operational changes and export expansion strategies. Although their trading volumes were modest, the higher share prices of these stocks made them significant contributors to overall market value.

In March alone, GSE recorded 22 million shares traded – an 89.48 percent drop from the 208.7 million shares recorded in March 2024. The value of trades for the month stood at GH¢201.9million, down 35.59 percent year-on-year. This pattern continued the quarterly trend of lower volume but higher value activity.

Average daily trading volume for the first quarter dropped to 1.02 million shares, compared to 4.09 million in Q1 2024. However, average daily value traded increased to GH¢7.89million. The data suggest that even though fewer shares are changing hands, those that do are of higher market value.

Market capitalisation reached GH¢136.99billion at the end of March 2025, up 23.03 percent since start of the year. Domestic market capitalisation increased by 26.98 percent to GH¢78.57billion, driven by gains in large-cap domestic stocks.

An additional factor influencing the shift toward equities is government policy on the bond market. According to market analysts, liquidity that once went into government debt instruments is now moving into equities. Government has taken a more aggressive stance in Treasury auctions, with some bids rejected outright if they specify interest rates. This has forced many investors to look for alternative investment options – leading them to the stock market.

“This change in the debt market has played a major role,” said one analyst. “Investors are no longer guaranteed favourable yields in the Treasury market so they are rebalancing into equities, especially those with strong fundamentals and reliable dividend payments.”

Market watchers argue that although the drop in trading volumes might raise liquidity concerns, the rise in value traded shows capital is being allocated more efficiently. This signals a maturing investment environment where fundamentals matter more than speculation.

The ongoing shift is also being supported by improved access to financial information and growing investor education. As institutional and retail investors alike become more valuation-conscious, fewer but more meaningful trades are beginning to shape the market’s direction.

Entertainment pundit, DJ Slim (L) and Dag Heward-Mills (R)

Media personality and entertainment pundit, DJ Slim, has called out the founder and presiding bishop of Lighthouse Chapel International, Dag Heward-Mills, over his recent remarks about not paying church members for playing musical instruments.

In a widely circulated sermon, Bishop Dag Heward-Mills firmly stated that he does not support compensating musicians within the church.

“Watch out for people who do things for money,” he said. “In my church, I said I’m not going to pay people to play instruments because I play all the instruments. I play drums, piano, and guitar,” he stated.

Reacting to the statement during a discussion on the ‘Street Is Watching’ podcast on April 14, 2025, DJ Slim questioned the logic behind the bishop’s stance.

“If he knows how to play every instrument, then he should go ahead and play them all himself. Even the Bible says a man should eat from his toil. So if he expects someone to render a service in his church but chooses not to pay them, that raises serious questions,” he stated.

He further argued that churches, in many ways, operate as businesses and should therefore pay members who contribute their time and skills to the ministry.

“Until when will we admit that the church is a business? Every single church is a business. At the end of every Sunday, money is collected. Whether you call it offering or not, it’s legal currency intended for trade,” he added.

Watch the video below:

JHM/EB

Meanwhile, watch as Annor-Dompreh slams IGP over promise to recruit Bawku residents: