The Majority Leader, Mahama Ayariga, has informed Parliament that the Minister of Finance, Dr Cassiel Ato Forso,n has been scheduled to present the 2026 Budget Statement and Economic Policy to Parliament on Thursday, November 13, 2025.

According to the Majority Leader, the budget statement and economic policy of the government of Ghana for the year ending 31st December 2026 is expected to be presented in accordance with Article 179 of the Constitution.

He noted that the Budget statement outlines the government’s plans for next year’s finances.

Mr Ayariga said this on the floor of the House when he was presenting the explanatory memorandum on the business statement for the fourth week ending Friday, November 14, 2025.

According to him, the Business Committee has taken notice of numerous referrals pending at the Committees.

He pointed out that currently, 300 referrals have been made to 23 Committees for consideration and report to the House.

In addition, the Majority Leader noted that the five Ministers are expected to attend upon the House to respond to 28 during the week.

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.

Edith Adjei taught herself to sell fugu cloths and northern smocks while working as a Human Resource Manager for the government. Today her brand, Unyqbiz Fabrics, sells across northern Ghana and reaches customers in Cape Coast, Kumasi and Accra. She posts carefully staged photos on Facebook and WhatsApp, replies to messages at odd hours and sends parcels by trusted bus lines and local riders. Her phone serves as both ledger and storefront.

Edith’s story reflects a broader economic transformation unfolding across Ghana. Small manufacturers, seamstresses and market traders increasingly use social media platforms to reach buyers beyond their towns. This digital shift represents more than individual success stories; it illustrates how micro enterprises are harnessing social media and mobile finance to reshape commerce while navigating thin margins, logistics challenges and formalization hurdles.

Small and Medium Enterprises (SMEs), commonly known as businesses operating on smaller scale than large corporations with limited employees and capital, form the backbone of Ghana’s economy. They contribute approximately 70 percent of gross domestic product (GDP) and represent roughly 92 percent of registered businesses. These enterprises drive employment, innovation and local production.

Former Finance Minister Dr Mohammed Amin Adam emphasized the sector’s importance, stating that supporting SMEs is crucial to achieving growth and development ambitions. He urged stakeholders to be intentional about providing access to financial resources, expertise and capacity building programmes that empower them to drive innovation, create jobs and stimulate economic growth.

Internet penetration has surged in Ghana, and social media platforms including Facebook, WhatsApp and TikTok have become virtual marketplaces. Small makers in towns such as Tamale and Wa can now showcase products nationally. Edith reflects this shift, explaining that TikTok and Facebook work best for her business. When she runs ads on Facebook, her messages flood with people asking prices and wanting to buy. Even if only a few actually purchase, she feels happy because it means people are seeing her work. Her decision to shift into online selling allowed her to transcend geography and tap new customer bases.

Success extends beyond visibility. Mobile money has become essential for remote commerce. Ghana’s mobile money transaction values reached a record GH¢3.02 trillion in 2024, marking approximately 58 percent growth year on year. For Edith, almost all customers pay with mobile money, saving her the stress of daily bank visits. Once they confirm payment, she prepares the order and sends it. Sometimes she even receives international orders, with payments processed through people in Ghana using mobile money. The system has made things considerably easier.

Social media and mobile payments provide front end and transaction support, helping SMEs find new pathways into the formal economy and expanded markets. However, the road remains riddled with obstacles. Logistics constitutes the top operational cost and risk factor for small online led businesses. Parcel transport, last mile delivery, return handling and infrastructure deficits combine to erode margins.

Edith explains the financial reality. STC charges about 35 to 40 cedis per parcel, while riders also take around 40 cedis for delivery. If she passes all costs to customers, they might stop buying. Sometimes she absorbs part of the expense, reducing profit but keeping customers. Delivery represents one of the biggest challenges. When a parcel gets delayed or wrongly ordered, she must replace it herself. It’s painful, but that’s part of doing business, she says.

This combination of growing opportunity alongside persistent cost and risk defines the SME terrain in 2025. Policy analysts note that while digital channels have lowered some barriers, many micro enterprises remain trapped in informal operations without full access to formal finance, credit or regulatory benefits. A recent policy brief found that inadequate working capital practices, slow customer payments and inventory mismanagement reduce SME profitability by approximately 26 percent, underscoring the fragility of many operations.

Female entrepreneurship adds another critical dimension. Ghana ranks among the highest globally for female business ownership rate at 46.4 percent according to the Mastercard Index of Women Entrepreneurs. However, women led firms tend to remain micro level and informal, face greater credit constraints and struggle to scale into manufacturing or exportable operations. Social commerce opportunities, where craft, design and online engagement converge, offer a powerful entry point for women to convert traditional skills into revenue.

Edith expresses the lived reality candidly. Sometimes the home is calling, sometimes the business. Being a mother, a worker and still running a business isn’t easy. There are nights she packages orders while her children sleep. But when a customer sends a photo wearing her smock and says they love it, she feels proud. That’s what keeps her going.

For Ghanaian SME policy, the message carries urgency. With SMEs expected to drive non oil GDP growth in coming years, focus must shift from rhetoric to infrastructure. This includes lowering delivery costs, improving logistics networks, integrating mobile platforms with trade facilitation and streamlining formalization for micro operators. Training in financial literacy, inventory management and digital commerce represents frontline action. The government’s new SME Growth and Opportunity Programme seeks to address these gaps by mobilizing financing and capacity building for small firms.

Edith Adjei began with just a few weavers and some fabric. She advises women not to wait until they have plenty before starting. Start with what you have, she says. Her business may still grapple with shipping costs and occasional delivery mishaps, but from northern Ghana, she participates in a dynamic fabric of commerce now woven into the national economy. In her own words, Made in Ghana means her pride, her identity, what she is made of. She feels proud to be Ghanaian and believes we must tell the world we can do it on our own.

Social media led commerce in Ghana sits at the intersection of craft, digital platforms, mobile finance and logistics. It leverages the deep economic bedrock of SMEs that contribute seven in every ten cedis of Ghana’s GDP. If Ghana is to accelerate inclusive growth, export creativity and reduce unemployment, micro businesses turning phones into storefronts will need fuller backing. With stronger logistics, smarter payments, clearer formalization and targeted support for women operators, the Made in Ghana, sold online model holds potential to become a national engine of economic opportunity rather than merely a side hustle.

SML lawyer accuses Ken Ofori-Atta of being responsible for company’s early financial challenges

The legal representative for Strategic Mobilisation Ghana Limited (SML), Cephas Boyuo, has accused former Finance Minister Ken Ofori‑Atta of doing a disservice to the performance-based contract between SML and the government.

Boyuo says that for the first ten months after the contract’s inception, SML received no payments, despite delivering under the terms.

“If there is one person who has been a disservice to SML, it is Ofori-Atta. This contract is performance-based. For 10 months from the inception of SML, they were never paid.”

According to Boyuo, the payment delays were caused by audit requirements before the release of funds, which he claims crippled SML’s finances in the early phase.

I edited Ken Ofori-Atta’s speech at the launch of GRA-SML deal – Senyo Hosi reveals

He further alleged that Ofori-Atta refused to grant SML the necessary equipment exemptions, leaving the company to shoulder high costs.

“Every piece of equipment that SML brought in, Ken Ofori-Atta refused to give SML an exemption. SML paid for it,” he said.

Boyuo stressed this disproves claims that Ofori-Atta had an interest in the firm, emphasising that SML is “independent … wholly for Evans Adusei.”

The accusations add to the growing controversy around the SML contract, which is currently subject to investigations by the Office of the Special Prosecutor (OSP) for alleged irregularities in the deal between SML and the Ghana Revenue Authority (GRA).

ID/BAI

Watch the promo to GhanaWeb’s latest documentary, which uncovers the evolution of ‘kayamata,’ an exploitative practice fueled by love charms and manipulation, titled “The Dark Side of Kayamata,” below:

A legal battle over the rightful widow of late highlife musician Daddy Lumba has been transferred from court to the Manhyia Palace following the invocation of the Great Oath, known in Asante custom as Ntam Kɛseɛ. The sister of the deceased artist invoked the sacred oath during court proceedings on Tuesday, October 28, 2025, immediately shifting jurisdiction to traditional authorities.

The dispute centers on competing claims to recognition as Daddy Lumba’s lawful spouse. Akosua Serwaa, identified as the musician’s first wife, filed the original case challenging another woman’s status as the late artist’s legal widow. The matter was progressing through the judicial system when the oath invocation altered its trajectory.

Under Asante traditional law, invoking the Great Oath transforms any dispute into a sacred matter that must be resolved through customary adjudication at the Asantehene’s Palace. The invocation automatically transfers jurisdiction from civil courts to traditional authority, requiring resolution through established cultural protocols before legal proceedings can resume.

The Manhyia Palace convened a sitting on Friday, November 7, 2025, presided over by the Saamanhene and other chiefs to address the matter. During the proceedings, family head Abusuapanin Kofi Owusu received a fine of two sheep for failing to contest or neutralize the oath invocation when it occurred.

According to Asante custom, the sheep penalty serves a spiritual rather than punitive purpose. Chiefs will use the animals to perform purification rites designed to revoke the oath and prevent potential spiritual consequences for those involved. The rituals form part of established procedures for managing sacred oath invocations within the Asante cultural framework.

The traditional proceedings represent a parallel track to the legal case rather than a permanent replacement. Court documents indicate the civil litigation is scheduled to resume on November 12, 2025, suggesting both customary and statutory processes will proceed simultaneously or sequentially.

The intersection of traditional authority and modern legal systems occasionally creates jurisdictional complexity in Ghana, particularly in regions with strong chieftaincy institutions. The Asante kingdom maintains robust traditional governance structures that command significant cultural authority alongside state institutions.

Daddy Lumba, born Charles Kwadwo Fosu, remains one of Ghana’s most celebrated highlife musicians, with a career spanning several decades. His music achieved widespread popularity across West Africa and among diaspora communities. Details surrounding his death and the timeline of events leading to the current dispute have not been publicly disclosed.

The case highlights ongoing tensions between customary law and statutory legal frameworks in Ghana, where both systems hold legitimacy but operate under different principles. Traditional authorities retain jurisdiction over certain matters deemed culturally significant, while civil courts handle disputes under constitutional and statutory provisions.

Neither woman claiming widow status has made public statements about the dispute or the traditional proceedings. Legal representatives for the parties involved have not commented on how the oath invocation affects their litigation strategy or whether they will participate in the Manhyia Palace deliberations.

The November 12 court date will reveal whether the traditional resolution influences the civil case or whether both processes will continue independently until reaching separate conclusions.

Investigative journalist Manasseh Azure Awuni has accused Strategic Mobilisation Limited (SML) of employing intimidation tactics amid ongoing controversies surrounding the company’s government contracts. Awuni suggested that recent statements and legal threats from the firm represent attempts to pressure state authorities rather than legitimate legal recourse.

Speaking on JoyNews, Awuni alleged that behind the scenes interference occurred during investigations into SML, though he declined to identify specific individuals involved. He characterized the company’s recent public posture and lawsuit threats as part of a broader strategy to influence outcomes through intimidation rather than evidence.

“If you dig deep, don’t take my word, you would realise that when SML was being investigated, there were calls made,” Awuni stated. “This looks like blackmail, we are going to sue, we are going to do this. They should go to court.”

The journalist referenced political connections he believes are relevant to the case, mentioning relationships between SML’s legal representatives and government officials. He specifically cited the company’s lawyer and Attorney General Godfred Yeboah Dame, whom he referred to as Dominic, suggesting these connections could influence how the state handles the dispute.

“I hear the lawyer patronizing Dominic, who is the Attorney General. And if the Attorney General, Dominic, knows what I know, he would defend the nation’s interest,” Awuni said. His comments implied concern that political relationships might compromise the government’s negotiating position.

Awuni challenged assumptions that contract cancellations automatically entitle companies to compensation from the state. He cited the Power Distribution Services (PDS) case as precedent, noting that the company received no payment despite seeking substantial sums following contract termination.

“Just yesterday, we heard that PDS wanted huge sums of money from the state after the cancellation of the contract, they got none. It isn’t every time that someone’s contract is cancelled and the state would pay,” Awuni asserted. His comparison suggested the government possesses legal grounds to resist SML’s potential compensation claims.

The investigative journalist described a recent SML press conference as an act of blackmail designed to extract payment through public pressure rather than legal merit. He urged the company to pursue any legitimate claims through judicial channels where evidence would determine outcomes.

“If there’s money to be taken, we have to take it from SML,” Awuni stated. “This press conference looks like blackmail, and if they have good evidence to push for any payment, they should proceed to court.”

SML has faced sustained scrutiny over its contracts with government agencies, particularly arrangements involving revenue assurance services. Questions have emerged about contract terms, pricing structures, and the value delivered relative to payments received. The Office of the Special Prosecutor previously investigated aspects of the company’s operations.

Neither SML nor its legal representatives have responded to Awuni’s latest allegations. The company has previously defended its contracts as legitimate and properly procured, rejecting suggestions of impropriety in its dealings with state institutions.

The Attorney General’s office has not issued a statement addressing Awuni’s comments about political connections or his call for vigorous defense of national interests in any potential litigation with SML.

Awuni’s intervention adds to mounting public pressure on authorities to thoroughly examine SML’s contracts and resist what critics characterize as unwarranted compensation demands. The journalist has previously investigated government procurement practices and exposed irregularities in state contracting processes.

Ghanaian musician Wanlov the Kubolor has described his secondary boarding school experience as traumatic, drawing stark comparisons between the institution and an American prison where he was briefly detained. The artist’s candid revelations have sparked renewed debate about corporal punishment and living conditions in Ghana’s boarding school system.

Speaking in an interview with Asieduwaa Akumi on Joy Prime, Wanlov recounted harsh discipline and poor conditions that he said shaped him into “an angry person” during his formative years. He contrasted his upbringing at home with the treatment he received at school, noting a significant shift in his environment.

“I was never beaten by my father growing up,” Wanlov stated. “But when I got to school, I saw wickedness. The punishments, the bullying, it made me develop a wicked mind for a while. I even punished juniors at one point, but I realized it wasn’t my happiness.”

The “Kokonsa” hitmaker detailed disturbing aspects of his boarding school experience, including substandard food quality. He recalled finding foreign objects in meals, describing instances where students discovered items that should never appear in food served to young people. Wanlov said these conditions contributed to an environment he found more oppressive than his later experience in detention.

He revealed that following a speed chase incident, he spent approximately two months in a United States jail facility. Surprisingly, he found those conditions more tolerable than his boarding school years. “When I went to prison in America after a speed chase, I was there for about two months. But compared to boarding school, prison felt easier, we were served cornflakes, milk, and sandwiches,” he said.

The artist’s comments have triggered online discussions about traditional boarding school systems in Ghana and their psychological impact on students. While Wanlov acknowledged forming friendships and gaining some valuable lessons during his school years, he criticized the overall approach as fear based rather than growth oriented.

He argued that Ghana’s educational institutions perpetuate colonial era practices through their hierarchical structures, punishment methods, and living standards. Wanlov called for fundamental reforms that prioritize student wellbeing over rigid discipline. “Education should enlighten, not traumatize,” he remarked. “The way our schools operate, the punishments, the food, the hierarchy, it’s all colonial. We need a system that teaches love, not survival.”

The musician’s critique adds to ongoing conversations about educational reform in Ghana, where corporal punishment remains legal in schools despite international pressure for change. Child rights advocates have long campaigned for alternative disciplinary approaches that protect students’ mental health and dignity.

Ghana’s Ministry of Education and the Ghana Education Service have not responded to Wanlov’s specific allegations. The debate over boarding school conditions and disciplinary practices continues as parents, educators, and policymakers weigh tradition against modern child welfare standards.

Former Finance Minister Seth Terkper is pushing the Ghana Revenue Authority (GRA) to establish a comprehensive Tax Practitioner Scheme designed to strengthen compliance while creating employment opportunities for graduates. The Presidential Advisor on the Economy believes licensed private practitioners could transform how Ghanaians interact with the tax system.

Speaking at the launch of the Sustained Tax Education and Modified Taxation Scheme, Terkper drew parallels with the United States model, where taxpayers routinely engage certified professionals to manage their filings. He attributed much of the American system’s effectiveness to this practitioner network, which handles tax preparation for businesses and individuals at reasonable fees.

Under the proposed framework, taxpayers could hire registered practitioners to maintain records, calculate returns, and submit filings on their behalf. Terkper explained this approach simplifies compliance, ensures accuracy, and reduces pressure on both taxpayers and the revenue authority. “I would also appeal to GRA to implement the practitioner scheme everywhere. The reason the US filing system is very popular is that you can go to a tax practitioner who complements the work of the tax officials, and they can keep the records for you,” he said.

The former minister emphasized employment benefits alongside efficiency gains. He envisions graduates with degrees in commerce, business administration, and related disciplines registering as certified practitioners to serve individuals and small enterprises. “We can also bring in the practitioner scheme so that it’s a source of employment for our graduates, especially those who do Bachelor of Commerce, who do BSc administration, any form of Master’s in administration,” Terkper stated.

He noted these qualified professionals could work alongside GRA officials, easing the implementation burden while making compliance more accessible. The scheme would allow practitioners to collect client invoices and receipts, calculate tax obligations, and file returns for modest fees.

Terkper’s proposal aligns with Ghana’s broader tax modernization efforts. By integrating private sector expertise into tax administration, the initiative aims to create a fairer, more efficient system that serves taxpayers better while generating meaningful employment for business graduates. The Presidential Advisor believes this collaborative approach could make tax compliance seamless and less intimidating for ordinary citizens and small business owners.

The GRA has not yet issued an official response to the proposal, though tax reform remains a priority in government economic planning.

There is a refrain you often hear on JoyNews:

“Imagine a family without a home. Imagine a song without a voice. Imagine a church without prayers. Imagine a government without citizens.”

It is a pleasant refrain, almost poetic. Yet one day it struck a deeper chord: imagine a country without journalists.

What would such a country look like? No one to ask hard questions. No one to bear witness. No one to hold power accountable. No one to preserve our collective memory. The silence would be deafening, louder than any broadcast. Because journalism is not just another profession; it is the oxygen of public life.

At its heart, journalism springs from one of humanity’s oldest instincts: the desire to know. From griots in Northern Ghana telling stories under the moonlight to town criers beating the gong-gong in village squares, people have always asked: What happened? Who caused it? Why should I care?

Today, the microphone has replaced the gong-gong, but the duty remains unchanged: to turn confusion into clarity and whispers into truth. When Peter Senoo reports on the struggles of Ghanaians navigating hospitals and medicines, he is answering that ancient question: What is happening to us?

Journalism has never sat comfortably beside power. In ancient courts, scribes praised kings; today, state media often echo governments’ glory. Yet the same tools, pen, lens, and voice can confront corruption and expose injustice. When Nana Boakye Yiadom led the investigative film Deadly Doses, he was not merely producing a documentary; he was safeguarding lives. When Erastus Asare Donkor risks intimidation to reveal the scars of illegal mining, we are reminded that journalism is both a sword and a shield. It can protect the public or serve the powerful. The difference lies in the courage of those who wield it.

Journalists are the scribes of society. What they remember and what they forget shape what a nation remembers. A headline immortalises an event; silence buries it. When Portia Gabor documents maternal health challenges, she turns hidden pain into public memory. Without her lens, the struggles of rural mothers might remain unseen. Journalism, then, is not just about daily news; it is about ensuring that stories worth remembering are never erased.

Behind every polished broadcast lies unseen sacrifice. The audience watches the final report, but not the sleepless nights, the death threats, or the long, perilous journeys behind it. When Erastus faces danger in the forests of galamsey, when Albert Sore reports from conflict-ridden Bawku amid gunfire, when Peter Senoo spends months digging into neglected health systems, they are not chasing fame; they are answering a calling. Truth-telling comes at a cost, but it remains a sacred duty, one that lights democracy’s fragile flame.

Today, journalism faces its fiercest test – not only from political power but from a deluge of misinformation. Social media often rewards sensation over substance; lies travel faster than facts. Audiences, drowning in noise, begin to doubt everything. Yet the persistence of journalists like Evans Mensah, Bernard Avle and Samson Lardy Ayenini, whose probing questions slice through political spin, reminds us that credibility is priceless. Without trust, journalism dies; without journalism, democracy gasps for air.

Yet, this responsibility also rests on the shoulders of younger journalists who are redefining modern reporting. Kwaku Asante’s Contextual reporting strengthens public understanding. His ability to simplify complex legislative issues ensures citizens remain informed about decisions made in their name.

Strip away the noise, and journalism is about bearing witness by being present where others cannot go. It is about amplifying truth by giving voice to the voiceless, challenging power by asking questions no one dares to ask, preserving memory so that facts are not erased, and serving humanity, because without truth, there is no justice; without justice, there is no peace.

The deeper essence of journalism is lived out every day by people like Rafiq Salam, the “Waaaa man,” and many others. At great personal cost, they tell the nation not just what it wants to hear – but what it needs to hear.

In the rush of breaking news and endless headlines, it is easy to forget why journalism matters. This reflection is an invitation to pause, to remember, and to honour the courage, sacrifice, and service that make every story possible.

In the end, it is just a reminder, but one worth holding close:

For without journalists, there is no witness.
Without a witness, no truth.
Without truth, no nation.

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.

The Bank of Ghana (BoG) is developing a carefully controlled framework to introduce non-interest banking into Ghana’s financial system by the end of 2025, with implementation planned in measured phases to ensure regulatory stability and market confidence.

Professor John Gatsi, Advisor to the Governor on Non-Interest Banking and Finance, announced during a recent webinar organized by the Chartered Institute of Bankers (CIB) Ghana that the central bank will launch the new banking model on a limited scale initially. The phased approach excludes microfinance institutions, rural banks, and community banks from the first stage.

“We are deploying this within a secular economy, and therefore there are rules to ensure that the market remains neutral,” Professor Gatsi stated. He emphasized that starting small allows regulators to identify challenges early, strengthen compliance systems, and build institutional capacity before expanding to other financial sector segments.

The framework requires institutions to avoid names or branding that suggest religious association, whether Islamic or Christian, to preserve market neutrality. Non-interest banking in Ghana will be driven by ethical financial practice and inclusivity rather than religious identity.

The regulatory design includes two types of licenses for market participants. Conventional banks wishing to offer non-interest products will apply for a window license, while institutions planning to operate entirely under non-interest principles will require a full non-interest banking license.

Capital requirements for establishing non-interest banks will strictly follow existing prudential and regulatory standards under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Institutions must be fully incorporated in Ghana and have their capital sources thoroughly verified under BoG oversight.

Liquidity management for non-interest institutions will be guided by asset-backed structures and risk-sharing models rather than conventional interest-based instruments, but will still meet the same prudential benchmarks.

The draft non-interest banking guideline is currently undergoing internal validation at BoG and will soon be presented to the Governor for review and approval, with publication expected by year end. The guideline will define licensing requirements, governance structures, operational standards, and product approval processes.

Each institution will have its own internal governance committee responsible for vetting non-interest products, while a central oversight body at BoG will validate compliance with ethical and prudential standards.

BoG is collaborating with the Securities and Exchange Commission (SEC) and National Insurance Commission (NIC) to harmonize regulations on Sukuk (non-interest bonds) and Takaful (non-interest insurance). Professor Gatsi explained that a joint committee has been formed to ensure synchronized guidelines across banking, capital markets, and insurance sectors.

To support the rollout, BoG will host a capacity-building program on December 1, 2025, targeting banks, insurers, and capital market players. The training will focus on Sukuk structuring, non-interest product development, licensing procedures, and governance models.

According to Standard Chartered, Islamic finance assets surpassed US$5 trillion in 2024 and are projected to reach US$7.5 trillion by 2028. The global Sukuk market alone is expected to grow from US$1.08 trillion in 2024 to US$1.295 trillion in 2025, driven by rising investor appetite for ethical, asset-backed financial instruments.

Professor Gatsi emphasized that Ghana’s transition is anchored on proven international models from Nigeria, Malaysia, Kenya, and South Africa. He described the initiative as a significant evolution in Ghana’s financial sector architecture, balancing innovation with regulatory prudence.

The framework represents an effort to deepen financial inclusion and create space for alternative forms of finance that align with Ghana’s secular and regulatory principles while expanding access to ethical banking services.

Ghana’s fixed income market recorded yields as low as 16.04 percent on new government bonds November 7, marking a dramatic reversal from the 35 percent crisis rates of 2022 and delivering fiscal relief that could save taxpayers billions in annual interest payments.

The Ghana Fixed Income Market (GFIM) trading report showed total transactions worth GH¢177.78 million across 97 deals, with treasury bills dominating at GH¢108.04 million through 80 separate trades. New Government of Ghana (GoG) notes and bonds attracted GH¢8.80 million in four transactions, while sell and buy back trades involving government securities reached GH¢60.54 million across 11 deals.

The largest single trade involved a February 2027 maturity bond worth GH¢7.77 million yielding 16.04 percent at a closing price of 91.36. Old government bonds saw minimal activity at GH¢402,982 through two trades, with a September 2027 bond recording the highest old paper yield at 22.01 percent, reflecting market differentiation between restructured and legacy securities.

Treasury bills captured the heaviest volume, with a July 2026 maturity instrument drawing GH¢35.87 million across 11 transactions at 91.92 closing price. The concentration in short term government securities demonstrates investor preference for liquid, low risk instruments during Ghana’s ongoing economic stabilization.

The yield environment represents extraordinary compression from December 2022, when 91 day and 364 day treasury bill yields peaked at 36.18 percent and 36.10 percent respectively following announcement of the Domestic Debt Exchange Programme (DDEP). Those crisis rates reflected investor panic as Ghana lost international market access and turned aggressively to domestic financing amid soaring inflation and currency collapse.

Government implementation of interest savings measures during March 2023 treasury bill auctions triggered sharp rate declines. The 91 day bill rate dropped by 1,667 basis points to 18.88 percent, while the 364 day rate fell by 855 basis points to 25.66 percent. Despite temporary rebounds, rates continued trending downward through 2024 and into 2025 as economic conditions stabilized.

Within the first 50 days of President John Mahama’s administration, the 91 day treasury bill rate dropped from approximately 28.34 percent to 20.79 percent, while 182 day and 364 day rates fell from 28.96 percent to 22.98 percent and from 30.17 percent to 22.69 percent respectively. This represented between 600 to 760 basis points of compression across different maturities.

The Ministry of Finance described this as a historic event, compressing a level of rate moderation that would typically unfold over several quarters into mere weeks. The rapid adjustment underscores both the magnitude of preceding financial stress and the credibility boost delivered by the new administration’s fiscal messaging.

For Ghana’s treasury, the implications are profound. Lower borrowing costs directly reduce debt servicing obligations that had consumed increasingly large portions of government revenue. Ghana will borrow approximately GH¢200 billion from the treasury bill market in 2025, down from an estimated GH¢220 billion in 2024, with substantially lower interest charges on each cedi borrowed.

The fiscal mathematics tell a compelling story. At 35 percent yields, every GH¢1 billion borrowed costs GH¢350 million annually in interest. At 16 percent yields, that same borrowing costs just GH¢160 million, generating GH¢190 million in annual savings per billion borrowed. Across Ghana’s domestic debt stock, such compression could free billions for development spending rather than debt service.

However, the yield collapse creates severe challenges for savers and institutional investors. Inflation remains at 23.1 percent as of February 2025, meaning investors experience negative real returns. Based on recent auction results, the 91 day treasury bill delivers negative real returns of 7.36 percent, while the 364 day bill shows negative real returns of 4.25 percent.

This erosion of purchasing power hits pension funds, insurance companies, and individual savers particularly hard. Retirees who structured portfolios around 30 percent treasury bill yields now face dramatically reduced income streams precisely when inflation remains elevated. The sharp reduction in returns may reduce overall portfolio performance for investors who historically relied on high yielding treasury bills for relatively safe returns.

Market auctions have been characterized by substantial oversubscriptions, with a recent sale attracting bids amounting to GH¢20.5 billion, 140 percent above the targeted issuance, while government accepted only GH¢9.6 billion. The rejection of GH¢30 billion in bids signals that massive liquidity remains within the banking sector seeking deployment opportunities.

This robust appetite despite declining yields suggests investors view improved fiscal outlook and political stability as worth accepting lower returns. The shift marks a notable change from 2022 turbulence, when the 91 day treasury bill rate surged beyond 35 percent amid extreme inflationary pressures and debt distress.

The ability of government to refinance existing obligations smoothly and at significantly lower rates without triggering market volatility demonstrates marked improvement in Ghana’s financial conditions. Liquidity in the financial sector has remained stable, reinforcing arguments that the rate decline has not disrupted market equilibrium.

Old government bonds trading at 22.01 percent yields, compared to 16.04 percent for new paper, reflects market segmentation created by the DDEP. Investors who held pre restructuring securities and exchanged them for new instruments under more favorable government terms now see those older bonds trading at significant yield premiums, indicating perceived credit differentiation between various vintages.

Corporate bond trading remained essentially nonexistent in the November 7 session, consistent with historical patterns in Ghana’s developing capital markets. When government bonds offer 15 to 16 percent returns, corporate issuers must price significantly higher to compensate for perceived additional risk, making debt financing economically questionable for private sector borrowers.

Zero activity in collateralized repo and Global Master Repurchase Agreement (GMRA) trades indicates these sophisticated financing tools have not yet integrated into Ghana’s fixed income infrastructure despite their prevalence in more developed markets. The repo market demonstrated only selective activity in sell and buy back trades concentrated in longer dated government bonds.

Ghana’s bond market has earned international recognition for its innovation and transparency, marking one of the most significant milestones in the country’s capital markets development, according to Abena Amoah, Managing Director of the Ghana Stock Exchange. She noted that investor confidence has surged thanks to regulatory enhancements including introduction of clear GFIM rules and robust oversight frameworks.

The market has become one of the most liquid in Sub Saharan Africa outside of South Africa and Nigeria, Amoah stated at the media launch of the 10th anniversary of the Ghana Fixed Income Market. She emphasized that the next decade would be shaped by deeper corporate market development, sustainable finance instruments, regional integration, and technology innovation.

The yield structure reveals significant differentiation between security vintages, with older government securities trading at yields approaching 24.80 percent. This spread underscores impact of Ghana’s debt restructuring program, where older securities were exchanged for new instruments under more favorable terms to government.

Bank of Ghana bills showed moderate activity, serving as important monetary policy tools and providing additional short term investment options for institutional investors seeking government backed securities. These central bank instruments complement treasury bills in offering liquid parking options for institutional cash management.

The trading activity occurs against a backdrop of Ghana’s economic recovery efforts following its debt restructuring program. The country completed the first phase of DDEP in March 2023, exchanging domestic bonds held by local institutions for new securities with extended maturities and modified terms designed to reduce immediate debt servicing pressures.

As of January 20, 2025, the 91 day and 182 day treasury bill yields rose by eight basis points and one basis point, reaching 28.42 percent and 28.97 percent respectively, while the 364 day bill recorded an 11 basis point increase to settle at 30.29 percent. The subsequent dramatic decline to current levels around 16 to 20 percent demonstrates extraordinary volatility in Ghana’s short term rates.

Analysts project that improved access to international funding and recovering macroeconomic indicators could enable government to pivot toward longer term financing options. However, refinancing needs from high uptake in the second half of 2024 may keep demand for short term funding elevated throughout the first quarter of 2025.

The Monetary Policy Committee’s decisions continue influencing market dynamics through interest rate policy. Persistent inflationary pressures, evidenced by rising consumer inflation from 21.5 percent in September 2024 to 23.8 percent in December 2024, created expectations of further policy rate adjustments to stabilize prices and restore macroeconomic stability.

Lower treasury bill yields may reduce foreign investor interest, particularly as they seek higher returns elsewhere. This could result in capital outflows, increased demand for foreign currencies, and potentially contribute to depreciation of the Ghana cedi. Currency stability remains critical for maintaining inflation control and preserving the real value of cedi denominated investments.

The shift in investor interest away from low risk government securities could potentially fuel growth in the stock market, with the Ghana Stock Exchange already delivering a 26.42 percent year to date return. Redirected capital toward the private sector could stimulate growth and job creation, while lower rates may reduce lending rates across the banking sector, potentially boosting borrowing by businesses and consumers.

The yield compression story represents both fiscal triumph and investor challenge. Government celebrates dramatically reduced borrowing costs that ease budget pressures and free resources for development priorities. Savers and institutional investors face portfolio income reductions and negative real returns that erode wealth preservation strategies built during the high yield environment.

For Ghana’s economic managers, maintaining this delicate balance between fiscal sustainability and investor returns will define success in the post DDEP recovery phase. The market’s willingness to accept lower yields signals confidence in improved governance and economic management, but that confidence depends on sustained policy discipline and inflation moderation.

The November 7 trading session captures this transformation in microcosm. Modest volumes, compressed yields, government paper dominance, and corporate market dormancy paint a picture of markets adjusting to new realities where crisis premium yields have given way to more normalized, though still elevated, borrowing costs reflecting Ghana’s ongoing recovery trajectory.

Southey Contracting Limited, a maintenance company providing support services to Ghana’s Petroleum and mining industries, as part of its Corporate Social Responsibility Educational Support, has donated hundreds of Personal Protective Equipment, PPEs, to Takoradi Technical Institute to promote the culture of safety adherence among the students.

Speaking to Channel One TV during the donation, General Manager of Southey Contracting Company, Ishmael Amegah, said the PPEs included 120 fire-retardant Coveralls and 120 Safety Glasses.

He explained that the initiative forms part of their contribution to developing the technical manpower required in the industry and expressed hope that such support would be sustained.

“It is to reach out to TTI with PPE support. PPEs because they are in technical training, and the students will need to be properly attired to do their technical work. We found it important to support them in this area. These PPEs are very important for technical work. It is the beginning of a very long-lasting sustainability relationship, and we will be reaching out to them from time to time, not only on PPEs but also in other technical and infrastructure support as much as our budget can accommodate,” he explained.

The Principal of the Takoradi Technical Institute, Engineer Bernard Forson, expressed appreciation to Southey for the donation of PPEs, noting that such support was timely as protective equipment is always in high demand for their practical training sessions.

“We are very grateful to Southey because most of the students when they come, they don’t have these PPEs, but were are dealing with machines. We are also teaching them safety, which eventually, when they leave here, they go to the industry and practice the same. So as they are supporting us in that direction, we are very grateful, and we know it will help the students a lot.

“We know the Petroleum and mining industries are very particular about safety issues, and if you are training students who don’t have safety equipment to use in the school. Then at the end of the day, they can’t be in the industry, so we are very grateful that they are supporting us with this,” he said.

In addition to donating the PPEs, the Southey team, led by its General Manager, organised a seminar on corrosion for the students and educated them on safety practices and career opportunities in the oil and gas industry.

Mr. Ishmael Amegah assured the students that there would be employment opportunities in the industry if they remained focused and committed to their studies.

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The Public Accounts Committee (PAC) of Parliament has commended the leadership of former Managing Director of the Ghana Publishing Company (GPC), Mr David Asante, following a remarkable turnaround in the Company’s financial performance in 2023.

Appearing before the Committee on Friday, November 9, the current Managing Director of the Company presented details of the financial year under review, which covered the period of Mr Asante’s tenure.

During the session, the Member of Parliament for Manhyia North, who is also a member of the Committee, highlighted the impressive growth recorded under Mr Asante’s leadership.

According to him, the Company’s printing operations increased by almost 50 per cent, gazetting rose by 44 per cent, publications and forms went up by 34 per cent, while net assets surged by an extraordinary 3,000 per cent.

“These are very significant figures, showing a massive turnaround under the leadership of Mr David Asante,” the Manhyia North MP stated, as he posed a question to the current Managing Director on how the new management intended to sustain the momentum.

The Committee expressed keen interest in understanding the factors behind the sharp improvement and the measures being taken to consolidate the progress achieved.

The PAC members praised the Ghana Publishing Company for its commendable performance and urged the current management to build upon the solid foundation laid by Mr Asante.

They further encouraged the Company to maintain fiscal discipline, strengthen operational efficiency, and continue embracing innovation in order to sustain growth and public confidence in its operations.

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