Dr Kwabena Duffour is the founder of defunt uniBank

The Attorney General and Minister of Justice (AG), Dr Dominc Ayine has entered a nolle prosequi in the high-profile criminal case involving former finance minister Dr Kwabena Duffour and seven others, who were facing charges in connection with the collapse of defunct uniBank.

The decision, announced by Deputy Attorney General Dr Justice Srem-Sai on July 22, 2025, effectively discontinues the prosecution against the accused.

According to the AG’s office, this move follows the significant recovery of state funds linked to the matter.

The case, officially titled ‘The Republic v. Kwabena Duffour & 7 Others (CR/0248/2020)’, was one of several arising from the State’s financial sector clean-up exercise initiated in 2018.

The prosecutions were aimed at ensuring accountability for public funds and, most importantly, recovering losses caused by alleged financial mismanagement.

Dr Kwabena Duffour, founder of uniBank, former Finance Minister (2009–2013), and former Governor of the Bank of Ghana (1997–2001), was charged in February 2020 with multiple offences, including theft and money laundering.

Court documents alleged that he received GH¢663.3 million (approximately $122 million at the time) “knowing it had been obtained by means of a criminal offense.”

Other accused persons included former executives of the bank and a former Deputy Governor of the Bank of Ghana, Dr Johnson Asiama, who was alleged to have facilitated financial impropriety.

In its 2018 report, the Bank of Ghana declared uniBank insolvent, citing that shareholders and related parties had taken GH¢5.3 billion in loans and withdrawals without adhering to standard banking procedures or obtaining necessary board approvals.

The BoG subsequently revoked uniBank’s license and consolidated its assets under the newly created Consolidated Bank Ghana (CBG), as part of a broader effort to restore stability and confidence in the financial sector.

According to a press release from the Deputy Attorney-General, the AG’s office, in collaboration with relevant state agencies including the Economic and Organised Crime Office (EOCO), had set a 60% recovery threshold of alleged losses as a benchmark for reconsidering prosecutions in selected cases.

“Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffour & 7 Others case have met this recovery threshold,” the statement read.

“Accordingly, in furtherance of public interest, and considering the significant recoveries made for the State, the Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose.”

The Attorney General’s office clarified that this decision does not imply “an absence of wrongdoing nor a vindication of any conduct.”

Rather, it was described as “a pragmatic step in line with the overarching national interest of recovering State resources.”

The Attorney General further reiterated his commitment to upholding the rule of law, protecting the public purse, and pursuing justice in all matters of national importance.

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How Virtual Reality is enhancing business and customer experience

Minority Leader Alexander Afenyo-Markin has been removed from Ghana’s delegation to the ECOWAS Parliament, despite the Minority initially presenting him as part of the team.

Although Afenyo-Markin currently serves as the Third Deputy Speaker of the ECOWAS Parliament, leaders of Ghana’s parliamentary caucuses have traditionally not been included in the country’s delegation to either the ECOWAS Parliament or the Pan-African Parliament.

Instead, the delegations have typically been led by the Deputy Majority and Deputy Minority Leaders.

On the floor of Parliament, Majority Leader Mahama Ayariga amended the list of Members of Parliament to be submitted to the sub-regional body.

This list saw the Minority Leader’s name replaced with his deputy, Patricia Appiagyei.

But the former Minister of Defence, Dominic Nitiwul, fiercely objected to this.

In the past, a member was removed from the delegation and he presented himself anyway.

However, Interior Minister, Muntaka Mubarak, proposed punitive action if Mr Afenyo-Markin does the same.

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.

“When technology outruns regulation, chaos is not a matter of if—but when.”

Ghana is standing at the edge of a seismic digital revolution. Beneath our everyday mobile money transactions and cedi fluctuations, a powerful force is gathering momentum – crypto currency adoption.

It is invisible, decentralised, and yet growing explosively. Ghanaians, particularly the youth, are trading Bitcoin, USDT, and Ethereum on platforms like Binance and KuCoin—often without KYC oversight, tax compliance, or consumer protection. Ghana ranks among the top African countries in crypto adoption per capita, yet the regulatory silence remains deafening.

This is not just a financial curiosity. This is a system being built outside the Ghanaian state, threatening to outpace—and potentially undermine—our monetary, capital market, and anti-crime institutions if not addressed with urgency and clarity.

The Unregulated Surge: A Digital Parallel Economy

In the absence of clear regulation, Ghana has become a fertile ground for informal crypto activity. Tens of millions of cedis flow monthly through crypto wallets, peer-to-peer (P2P) platforms, and foreign exchanges. Young people are hedging against cedi volatility with stablecoins, traders are circumventing FX controls via crypto remittances, Ponzi schemes are being masked as blockchain start-ups, and the informal crypto communities are growing with no accountability.

Until recently, the Bank of Ghana (BoG) had maintained a strictly cautionary stance, warning the public that cryptocurrencies were not legal tender. However, that posture is beginning to shift. The Governor of the BoG recently announced that the central bank is actively developing a regulatory framework for cryptocurrency. This move signals a clear evolution—from resistance to engagement—and reflects the BoG’s recognition that digital assets are not going away. Instead of banning or ignoring crypto, Ghana is now laying the groundwork to regulate it responsibly.

This shift is encouraging. But it cannot end with the BoG. If Ghana is serious about harnessing crypto’s potential while managing its risks, other critical institutions such as the Securities and Exchange Commission (SEC), the Ghana Stock Exchange (GSE), the Ghana Revenue Authority (GRA), EOCO, and others must urgently step into coordinated action. Regulation of this scale cannot be the work of one agency; it demands a whole-of-government response, one that aligns legal, financial, and technological safeguards into a single, coherent framework.

Moreover, in step with its forward-thinking approach, I believe the Bank of Ghana should explore the use of RippleNet, a blockchain-based financial infrastructure already adopted by Japan, the UAE, and under active consideration by the U.S. Federal Reserve and European Central Bank. Ripple enables real-time, low-cost cross-border settlements and integrates seamlessly with existing payment systems. If adopted in Ghana, Ripple could enhance the e-Cedi’s functionality, expand foreign exchange liquidity, and support the efficient repatriation of remittances. It would also signal that Ghana is not merely reacting to crypto trends—but leading in how sovereign digital payments infrastructure can evolve.

The Stakes: National Sovereignty, Financial Security, and Youth Opportunity

Make no mistake—this is not just about finance. It’s about who controls Ghana’s future economy.

If we fail to regulate, we risk losing control over monetary policy, tax revenue, and capital flows. Crypto could become a backdoor for illicit financing, money laundering, tax evasion, and speculative bubbles. Nonetheless, if we over-regulate or criminalise, we risk pushing innovation underground, suffocating legitimate startups, and alienating our tech-savvy youth who are already leapfrogging into decentralised finance (DeFi) and Web3.

The clock is ticking.

What Role Should Our Institutions Play?

The BoG recently disclosed that they are putting in place measures to get ahead of the crypto craze in Ghana. Ghana needs a coordinated, proactive, and innovation-friendly regulatory framework.  Regulating cryptocurrencies is not the responsibility of only the BoG, but it is supposed to be regulated by a host of state regulatory actors. Here’s what each actor must do—and urgently.

For the Central Bank, it must issue clear policy guidance on the use, classification, and taxation of cryptocurrencies. It must establish a crypto regulatory sandbox for innovators to test solutions under supervision. Also, the bank needs to define the scope of interaction between traditional banks and crypto exchanges and accelerate the e-Cedi pilot with public feedback mechanisms to build trust and utility.

The Securities and Exchange Commission (SEC), on its part, must clarify whether cryptocurrencies are securities, commodities, or utility tokens under Ghanaian law and provide licenses and supervise crypto asset managers, exchanges, and tokenised investment platforms. The Commission also needs to enforce disclosure and transparency standards for token offerings, wallets, and DeFi projects and collaborate with the GSE to explore a tokenised securities exchange or blockchain-backed capital market infrastructure.

The role of the Ghana Stock Exchange (GSE) will include exploring listing frameworks for regulated digital assets, including tokenised commodities and stablecoins and building infrastructure for blockchain-based clearing and settlement to future-proof the exchange. Finally, GSE could partner with fintechs and custodians to provide safe, compliant access to digital asset exposure.

The Economic and Organised Crime Office (EOCO) should establish a dedicated Digital Asset Intelligence Unit focused on monitoring crypto-related financial crimes. Collaborating with global crypto forensic firms such as Chainalysis will be essential for tracing illicit on-chain activity. Additionally, EOCO must prioritise training for law enforcement officers and members of the judiciary in areas like crypto forensics, asset seizure procedures, and the legal admissibility of blockchain-based evidence.

The Ghana Revenue Authority (GRA) also has a crucial role to play. It should issue comprehensive tax guidance that addresses income from crypto trading, capital gains, mining, and staking activities. To enhance transparency and accountability, the GRA can require local exchanges and wallet providers to report customer transactions and income that exceed defined thresholds. Furthermore, crypto Know Your Customer (KYC) and Anti-Money Laundering (AML) standards should be integrated into the country’s digital tax filing infrastructure. A robust public education campaign will be vital to inform citizens of their tax obligations in the crypto space, ensuring voluntary compliance and broadening the national revenue base.

At the policy level, the Ministry of Finance must take the lead in developing a National Digital Asset Strategy that reflects Ghana’s vision for innovation, financial inclusion, and economic resilience. As part of this strategy, the government should establish an Inter-Agency Crypto Task Force comprising the Bank of Ghana (BoG), Securities and Exchange Commission (SEC), EOCO, Ghana Stock Exchange (GSE), Ministry of Finance (MoF), National Information Technology Agency (NITA), and the Attorney General’s Office. This task force would be responsible for proposing a comprehensive Crypto Assets Act that balances innovation with investor protection and national security. It should also introduce tax frameworks to govern capital gains arising from trading, staking, and mining digital assets.

Global Momentum – Ghana Cannot Wait

Nigeria, Kenya, South Africa, and Rwanda are already miles ahead—piloting CBDCs, launching regulated crypto exchanges, issuing digital asset licenses, and attracting global crypto capital. Ghana has a choice: lead or be disrupted.

Inaction is a policy. And currently, our inaction is costing us, loss of tax revenue, exposure to illicit capital flows, stifled innovation and an unregulated youth-led digital economy outside state control

A National Conversation is Urgently Needed

The debate is no longer “Should Ghana regulate crypto?” but rather, “How do we design a Ghanaian solution that unlocks value while protecting the nation?”

Let us not wait until the first billion-cedi crypto Ponzi collapses. Let us not wait until a major Ghanaian company starts issuing tokenised debt offshore because there is no domestic framework.

Let us not wait until we lose the next wave of fintech unicorns to Nigeria, Kenya, or Dubai.

The Future is Tokenised. The Time is Now.

Ghana must act—boldly, wisely, and collectively.

Let us craft a regulatory framework that safeguards national interests, nurtures innovation, and signals to the world that Ghana is ready for the digital economy of the 21st century.

Let the Bank of Ghana, SEC, GSE, EOCO, GRA and the Ministry of Finance step forward together.

The digital train has left the station. Will Ghana be on it?

Disclaimer
This article was authored by Isaac Simpson, CFA, Senior Vice President & Head of Financial Advisory (M&A) and Equity Capital Markets at Stanbic Bank Ghana. The views expressed are those of the author and are intended to stimulate thought and dialogue on capital markets development in Ghana. They do not constitute investment advice, nor do they necessarily reflect the official views or strategy of Stanbic Bank Ghana or its affiliates. Readers are advised to seek independent financial or legal advice before making investment decisions.

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.

IMF backs removal of COVID-19 levy ahead of the mid-year budget review

The International Monetary Fund (IMF) has endorsed the Ghanaian government’s plan to abolish the COVID-19 Health Recovery Levy.

The move is expected to be officially announced during the 2025 Mid-Year Budget Review on Thursday, July 24, 2025.

This decision follows a series of engagements between the government and the IMF as part of broader tax reform consultations aimed at reducing the burden on businesses while enhancing domestic revenue mobilisation.

Speaking on Joy News, as monitored by GhanaWeb Business, Edward Apenteng Gyamera, Commissioner of the Domestic Tax Revenue Division at the Ghana Revenue Authority (GRA), confirmed that stakeholders have agreed to the removal of the COVID-19 levy, along with other tax measures that hinder business growth.

According to him, progress has been made in discussions around the new tax reforms, with the local business community expressing broad support for several IMF-backed initiatives.

“I think so far, with our interactions with stakeholders, everybody is of the view that this levy should be taken off when the reform is completed. The removal of the cascading effect of the levies—treating them as part of the VAT mechanism where businesses can claim inputs and deductions—has been generally accepted by all,” he stated.

The COVID-19 levy was introduced under the COVID-19 Health Recovery Levy Act, 2021, and signed into law by former President Nana Addo Dankwa Akufo-Addo. It imposed a special levy on the supply of goods, services, and imports to generate revenue for pandemic-related expenditures.

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The Ranking Member on the Health Committee of Parliament, Dr. Nana Ayew Afriye, expressed significant concerns over the Ghana Medical Trust Fund Bill, 2025, during a parliamentary debate on the Health Committee’s report on Monday, July 21, 2025.

Dr. Afriye, the Member of Parliament for Effiduase-Asokore, cautioned that the proposed Trust, also known as “Mahama Cares,” risks duplicating the functions of the National Health Insurance Authority (NHIA), potentially undermining its operations and placing the poor and vulnerable at risk.

Addressing the House, Dr. Afriye highlighted that the Bill’s proposal to allocate 20% of the National Health Insurance Fund (NHIF) to the Trust could strain the NHIA’s ability to function effectively.

“The Minority members of the committee were of the view that an allocation of 20% of the National Health Insurance Fund to the Trust would adversely affect the administration of the NHIA and its operations. This is detrimental to the effective functioning of the scheme,” he stated.

He further noted that the committee recommended engaging the Ministry of Finance to explore alternative funding sources, such as portions of the COVID-19 Levy, to avoid overburdening the NHIA.

Dr. Afriye emphasized that the NHIA, as established under Act 852, is mandated to ensure equity in health coverage, access to healthcare for the poor, and protection against financial risk. He argued that the Trust’s objectives overlap with these existing provisions, creating potential duplications.

“All the diseases this Ghana Medical Trust Fund intends to support are already provided for in the NHIA budget, so there is no need for that,” he said.

The MP described the Trust as a “disguised capping” of the NHIA budget, comparing it to previous policies that capped NHIA funds at 15%.

“Taking 20% is like capping 20%. It’s disguised capping, and, in fact, it is permanent capping this way,” he stated.

Dr. Afriye warned that diverting funds from the NHIA to the Trust could weaken the NHIA’s ability to serve the poor, who are already concerned about co-payments, and lead to confusion in healthcare delivery due to overlapping roles.

He further questioned the sustainability and acceptability of the Trust, particularly criticizing its branding as “Mahama Cares.”

“A Trust that has an alias like this, Mr. Speaker, acceptability will even be a problem. Sustainability will be a problem,” he.

The Ranking Member suggested that that the initiative appears to be a political decision rather than an economic one.

“Any decision that you take politically does not stand the test of time,” he added argued.

Dr. Afriye also raised concerns about inadequate stakeholder consultation, noting that the Minority was not included in discussions prior to the Bill’s formulation.

He suggested that a properly structured Trust could address gaps in the health system, such as immunization sustainability after GAVI’s support ends in five years or the provision of medical equipment to hospitals with collapsing infrastructure.

Despite his criticisms, Dr. Afriye clarified that the Minority is not opposed to the government executing its manifesto but seeks deeper arguments to ensure the Trust’s implementation is sustainable and effective.

He proposed redirecting resources to strengthen existing institutions like the NHIA and investing in specialty hospitals and training to address systemic healthcare gaps.

The Ghana Medical Trust Fund Bill, presented by the Minister of Health, Kwabena Mintah Akandoh, on July 21, 2025, seeks to mobilize resources to finance specialized medical care for chronic non-communicable diseases (NCDs) such as cancer, diabetes, kidney failure, and stroke.

Launched by President John Dramani Mahama on April 29, 2025, at the University of Ghana Medical Centre, the Trust aims to cover treatment costs not included in the NHIS, funded primarily by the uncapped National Health Insurance Levy, government budgets, and corporate contributions.

However, the Bill’s Second Reading was deferred due to a lack of quorum, as raised by the Minority’s Deputy Chief Whip, Habib Iddrisu, citing Article 124 of the 1992 Constitution. The Second Deputy Speaker, Andrew Amoako Asiamah, adjourned proceedings until July 22, 2025, acknowledging the constitutional concerns.

The House is expected to pass the Bill during proceedings on Tuesday.

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