BoG’s quarter-ounce gold coin selling at GH¢10,514 on May 23

The Bank of Ghana’s (BoG) gold coins continue to see a drop in its prices for its investment, following the appreciation of the Ghana cedi against the US dollar.

The central bank introduced the coin as a strategic measure to discourage the hoarding of the US dollar.

As of Friday, May 23, 2025, the bank reported the following updated prices:

– The 0.25 oz coin is now selling at GH¢10,514.85 down from GH¢10,754.69 on May 22, 2025.

– The 0.50 oz coin is priced at GH¢20,271.01 down from GH¢20,742.97.

– The 1.00 oz coin is selling for GH¢39,830.77 down from GH¢40,767.89.

According to the Central Bank, the initiative is designed to absorb excess liquidity in the market to help strengthen the Ghana cedi against major foreign currencies.

The Ghana gold coin is available in three denominations: one ounce, half-ounce, and quarter-ounce, and it is being sold through commercial banks.

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— Bank of Ghana (@thebankofghana) May 23, 2025

SP/VPO

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THE CENTRAL Regional Police Command have retrieved the remains of a lecturer from the University of Education, Winneba (UEW), under disturbing circumstances.

The lecturer, identified as Professor Amedeke, was reported missing by his family. His colleagues had also indicated to the police that all efforts to reach him had yielded no response prompting a police investigation.

The police, during their probe, visited the residence of the professor and found that he had been secretly buried in his own residence at Gyahadze, a suburb of Winneba in the Central Region.

A statement signed by the Ag. Public Affairs Unit, ASP. Patrick Bentum said the police also discovered some blood stains that were traced to a heap of sand about 23 metres from the house.

Upon clearing the sand, a body believed to be that of the missing lecturer was found buried. The body was recovered and deposited at the morgue for preservation and autopsy,” the statement read.

A suspect, Joshua Karry Arthur, is currently in police custody, assisting with the investigation, and will be arraigned before the court.

Some of the exhibits retrieved from the suspect include two (2) Samsung phones, a laptop, a 50-inch television, and a car key to a Toyota Fortuner, all identified as the property of the deceased.

BY Prince Fiifi Yorke

The programme, organised by VORAB Project International, an NGO with support from Stem­inist Foundation Ghana, was on the theme: ‘Be inspired by nature to nourish us all.’

Mr Amaglo, addressing a durbar here to mark the day, said the country needed to come out with a policy that would guide people ready to go into bee keeping.

He stated that bee keeping started in the country in the 1960s, it remained undeveloped and not appealing to the youth.

“A lot of people believed bee as a stinging insect that inflicts pain,” Mr Amaglo stated.

However, he said if not ha­rassed, bees were friendly.

Mr Amaglo pointed out that big industries had been created around bee keeping in some countries through innovation and the art of science.

The Customer Service Officer of the Forestry Commission pledged that the entities pro­moting bee keeping in Volta and Oti Region would continue to work to develop and promote the industry.

The Executive Director of VORAB Project Internation­al, Mr Devine Okoe Odonkor, noted that his outfit decided to join the World Community to cel­ebrate the World Bee Day in view of the positive role bees played in the ecosystem such as facilitating pollination.

He underlined that the pro­gramme was to highlight the importance of protecting bees in the lives of humans.

“We cannot continue to har­vest honey the traditional way. We need to do things differently and change our mindset as well as commit relevant resources to make bee farming sustainable,” he indicated.

The world is changing and the youth are getting interested in bee keeping since honey is becoming expensive.

The Officer of Steminist Foundation, Ms Nerissa Anku, added that the “Bee industry along its value chain provides livelihoods, employment, creates wealth and alleviates poverty.”

Miss Portia Dogbe, an officer from Ghana Standards Author­ity (GSA), said that GSA would ensure quality and standards were adhered to in bee keeping in order to help the industry to strive.

THE Minister for the Interior, Alhaji Muntaka Mohammed Mubarak, inaugurated a new 24-unit accom­modation for the Ghana Immi­gration Service (GIS) in Savelugu Municipality of the Northern Region.

This facility was built by State Housing Company (SHC) and was part of the government efforts to improve the living conditions of security services in the country

Speaking at the inauguration ceremony here on Wednesday, the Interior Minister said in 2016, government acted through the Ghana Immigration Service to enter into an agreement with the State Housing Company for the construction of the building.

He stated that the brain behind it construction was to provide decent accommodation for junior rank officers stationed at the Yakubu Tali International Airport.

The Minister outlined that the new buildings were meant to help solve the accommodation challeng­es facing the security services in the country, especially the Ghana Immigration Service (GIS).

“The government is doing its best to ensure that the accom­modation challenges facing the security agencies in the country is solved once and for all,” the Minis­ter mentioned.

“The completion of this project stands as a beacon and testament to Government’s unwavering com­mitment to the welfare of security personnel and their families,” he added.

Alhaji Mubarak further indicated that it was their firm belief of the government that when officers were well housed, they would better positioned to discharge their duties efficiently and effectively.

That, according to him, was always important for security personnel in this country to be well accommodated to take care of properties and lives of this country.

The Northern Regional Minis­ter, Mr Ali Adolf John Mburidiba, emphasised that the government would continue to support the security services with the facilities they need to motivate them to work hard.

He assured the Minister that he would assist the Service to ensure that they took good care of the new facility.

The Comptroller-General of the Ghana Immigration Service, Mr Samuel Basintale Amadu, expressed appreciation to the government for addressing the accommodation challenges facing the GIS.

He expressed gratitude to the Ministry of Interior for its continued support to the GIS to enhance its operational efficiency.

In another development, the Minister also cut a sod for the construction of an additional 24- unit residential facility in Tamale

 FROM YAHAYA NUHU NADAA, SAVELUGU

Isaac Adongo, Member of Parliament for Bolgatanga Central

Chairman of Parliament’s Finance Committee, Isaac Adongo, has criticised the opposition New Patriotic Party (NPP) for attempting to attribute Ghana’s current economic stability to policies enacted during their time in office.

Adongo, who also serves as the Member of Parliament for Bolgatanga Central, rejected the NPP’s narrative and instead credited the recent macroeconomic improvements to what he described as President John Dramani Mahama’s “reset agenda” and the “prudent fiscal management” introduced since taking office in January 2025.

He took particular aim at former finance minister Dr Mohammed Amin Adam and Vice President Dr Mahamudu Bawumia, who have suggested that the cedi’s stabilisation is the result of gold reserves accumulated under their administration.

“If reserves alone could stabilise the cedi, why was it hovering around GH¢17 to the dollar in 2024 under their watch, when they had those same reserves?” Adongo questioned, casting doubt on the credibility of the NPP’s claims.

He described the NPP’s shift from blaming external factors for economic difficulties to now claiming credit for the turnaround as “not only dishonest but ignores the economic mismanagement that led us here.”

According to Adongo, the foundation for Ghana’s current macroeconomic stability has been laid by the Mahama administration through a series of deliberate and strategic policy choices.

“These include strong fiscal consolidation, a tightened monetary policy, and key structural reforms,” he stated.

The Finance Committee Chairman pointed to concrete gains such as reduced government borrowing, easing interest rates, and a marked improvement in investor confidence, all of which, he argued, reflect the Mahama administration’s “fiscal credibility.”

“We have moved from opaque, shady borrowing tactics to a regime of transparency and discipline,” Adongo declared.

This transformation, he noted, has “freed up credit for the private sector and reduced the crowding-out effect.”

Adongo also highlighted the recent introduction of a Code of Conduct for government appointees as a major step toward restoring public and investor confidence.

He further emphasised significant improvements in the export sector, especially in gold and cocoa.

He credited these gains to the implementation of the “GoldBod program,” a government initiative aimed at curbing gold smuggling and boosting formal sector production.

“Gold exports are surging not because of old reserves, but because of decisive interventions that have made formal trading more attractive and trustworthy,” he affirmed.

On the monetary front, Adongo praised the Bank of Ghana for enhancing transparency in its foreign exchange operations and policy decisions. These efforts, he said, along with international recognition, have improved Ghana’s standing in global markets.

“S&P’s upgrade of Ghana from ‘SD’ to ‘CCC+’ is no accident. It’s a clear recognition of the Mahama government’s sound economic stewardship,” he stated.

He added that the positive trajectory of the yield curve and easing inflation are not just technical achievements but are beginning to impact everyday life; “These are not just abstract metrics, they are beginning to reflect in real terms in the lives of ordinary Ghanaians, just as President Mahama promised.”

Adongo accused the NPP of consistently avoiding responsibility during economic downturns, only to reappear and claim credit in periods of recovery.

“President Mahama is delivering on his pledge to the Ghanaian people,” Adongo said, “and no amount of revisionist narrative from the NPP will erase their record of haircuts, obnoxious taxes, and economic hardship.”

By Charles Tawiah

Barekese (Ash), May 23, GNA – Mr. Mba Alambila Zechariah, the newly confirmed District Chief Executive (DCE) for Atwima Nwabiagya North in the Ashanti Region, has emphasised the importance of discipline and obedience as essential pillars for national development.

Speaking at a special Assembly meeting held at Barekese to confirm his nomination, Mr. Mba stated that effective execution of development projects depends heavily on the efficient use of designated resources as planned and allocated.

He stressed that when public servants adhere to principles of discipline and follow outlined procedures, social amenities and infrastructure can be delivered more effectively.

He pledged to work in strict accordance with the district’s development action plans, developed by the planning committee, technocrats, and stakeholders.

Mr. Mba assured residents that his administration would focus on addressing the specific developmental needs of the communities within the district.

The DCE called on individuals and groups with developmental ideas and initiatives to engage with his office, stressing the need for collaboration to accelerate the district’s progress.

Mr. Mba secured an overwhelming 96 per cent endorsement, receiving 24 votes from the Assembly members, earning widespread applause from supporters, party members, and well-wishers.

In a related development, Mr. Simon Karikari Bonsu, Assembly Member for the Adankwame Electoral Area, was elected Presiding Member (PM) with 22 votes, representing 81.5 per cent of the total.

In his acceptance speech, he expressed gratitude to the Assembly and called for continued support and cooperation to advance the district’s development agenda.

Mr. Frank Yeboah, the Member of Parliament (MP), also addressed the gathering, urging members to adopt a united, non-partisan approach to Assembly affairs.

He reiterated that development should be a shared concern, beyond political affiliations.

Mr. Yeboah also highlighted ongoing efforts to improve infrastructure in the district, including the construction of new classroom blocks, enhancement of road networks, and provision of health facilities and other essential amenities.

GNA

YI/Kenneth Odeng Adade

The National Disaster Management Organisation (NADMO) has attributed the severe flooding in parts of the Greater Accra Region to poor drainage infrastructure and rapid urban development, particularly along the Akuapem Range.

According to NADMO’s Director of Inspectorate, Richard Amo Yartey, the deluge was not caused by unusually heavy rainfall but by an overwhelmed and poorly maintained drainage system.

Speaking on Channel One TV’s Breakfast Daily on Friday, Mr. Yartey explained that although the Ghana Meteorological Agency recorded just 25 millimetres of rainfall, earlier showers and runoff from the hills intensified the impact.

“There was already some rainfall before Sunday, which had saturated the system. Additionally, the Akuapem Range experienced a downpour. Unfortunately, construction on the mountain is replacing vegetation with concrete structures. This increases surface runoff, and when that water flows downhill into areas with inadequate drainage, the result is flooding,” he said.

The three-hour downpour, which began around 3 PM on Sunday, coincided with rush hour, bringing traffic to a standstill and severely disrupting daily life in the capital.

Areas affected include Weija, Kaneshie, Adabraka, Adentan-Dodowa, parts of Tema, and other communities. Roads were rendered impassable, and numerous vehicles were left stranded in rising waters.

The floods NADMO confirmed claimed five lives and affected over 3,000 households in the Greater Accra Region alone.

In response, NADMO has urged city planners and residents to adhere to building regulations and invest in sustainable drainage systems to prevent future disasters.

Deputy Finance Minister Thomas Nyarko Ampem speaking at a high-level panel in Geneva

Ghana is ramping up domestic resource mobilisation and exploring innovative health financing models to insulate its health system from external aid volatility, Deputy Finance Minister Thomas Nyarko Ampem told a high-level panel at the 78th World Health Assembly in Geneva.

Speaking at a side event on “Navigating a New Era of Global and Domestic Health Financing,” Ampem said the government is redirecting resources, deepening partnerships with the private sector, and introducing structural fiscal reforms to fund health services, as donor funding continues to decline.

“External aid is no longer a reliable solution,” Ampem said. “We must prioritise prevention, repurpose budgets, and unlock new investment through good governance and innovation.”

Ghana’s response comes amid growing concern across the continent over waning donor support and widening health financing gaps.

The World Bank estimates Africa’s health spending per capita remains significantly lower than in other regions, averaging just US$47 compared to more than US$4,000 in high-income countries.

Ampem emphasised the need to reorient policy around primary health care and preventive services. Since January 2025, the government has expanded access to clean water, sanitation, nutritious food, and immunisation, foundational measures, he said, are more cost-effective than treating diseases.

In a bid to stretch the health dollar, the government has also moved to fully allocate National Health Insurance Levy (NHIL) funds for their intended purpose. This year’s budget increases National Health Insurance Scheme (NHIS) funding to GH¢9.8 billion from GH¢5.9 billion in 2024 — a 66 percent jump.

Over the medium term, Ghana plans to commit GH¢49.3 billion to NHIS, a significant rise from GH¢13.2 billion allocated between 2021 and 2024.

That fiscal commitment is being tested by shifting geopolitical and economic dynamics. Ghana is grappling with the fallout from the abrupt withdrawal of US$78 million in USAID health support, which had funded malaria, HIV/AIDS, and child health programs.

To mitigate the disruption, the country partnered with drone logistics firm Zipline to deliver medical supplies without increasing public spending.

“Being responsive to change is critical,” Ampem said.

“We leveraged technology and logistics to close urgent supply gaps and maintain continuity of care.”

Longer term, Ghana is seeking to bolster domestic tax revenues, which in sub-Saharan Africa average just 13 percent of GDP, through digitalised administration, curbing leakages, and widening the tax base.

It is also encouraging private sector participation through PPP frameworks.

A new Ghana Medical Trust Fund — dubbed MAHAMACARES — was launched to finance treatment for non-communicable diseases not covered under NHIS, and to crowd in private and philanthropic capital for health infrastructure and research.

However, the Deputy Minister cautioned that attracting private investment depends on improving governance and macroeconomic stability. Nearly half of Africa’s population now lives in countries where governance has worsened over the past decade, according to the 2024 Mo Ibrahim Index.

“Without fiscal discipline, we cannot build the systems that attract long-term investment,” he said.

As Africa’s population and strategic importance grow, Ampem said now is the time for the continent to translate its vision of health self-reliance into durable outcomes.

“We must move with urgency, unity, and foresight,” he said. “This is our opportunity to build resilient health systems for the future.”

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Data released by the Bank of Ghana has shown that the value of mobile money transactions went up significantly to reach GH₵365.0 billion by April 2025.

Compared to the same period last year, the value of transactions was at GH₵303.0 billion.

The data also showed that the number of transaction increased to 778 million in April 2025 compared to 630 million in April 2024.

The Balance of Float reached GH₵28.2 billion compared to GH₵19.3 billion.

The steady rise highlights the increasing preference for mobile financial services among individuals and businesses alike, as the nation continues to embrace digital payment solutions.

This increase further demonstrates the central role mobile money plays in enhancing financial access and facilitating daily transactions across the country, especially in areas underserved by traditional banking infrastructure.

The Bank of Ghana data also points to a sustained upward trend in mobile money usage, fuelled by greater mobile phone penetration, the expansion of agent networks, and the user-friendly nature of mobile platforms.

These factors have made mobile money an indispensable tool for financial inclusion and economic participation.

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.

Ghana’s local currency, the cedi, continues its upward momentum on the interbank market, registering notable gains against major trading currencies, particularly the US dollar.

According to Bloomberg data sighted by GhanaWeb Business on Friday May 23, 2025, the cedi is currently selling at GH¢10.83 to the dollar on the interbank market as of 12:25 GMT, an appreciation that reflects growing market confidence in Ghana’s recent economic reforms and improved foreign exchange management.

The Bank of Ghana, in its daily interbank FX update, reported the cedi trading at a buying price of GH¢11.62 and a selling price of GH¢11.63 to the dollar.

This development represents a continued narrowing of the spread between buying and selling prices, suggesting greater stability in forex markets.

The local currency is also firming up against the British pound and the Euro. The pound is being bought at GH¢15.60 and sold at GH¢15.62, while the Euro is trading at GH¢13.11 (buying) and GH¢13.12 (selling).

On the retail market, where rates tend to be higher due to overhead costs and margins, GhanaWeb Business checks as of 9:00 AM on May 23, 2025, revealed that the cedi is exchanging at GH¢12.50 to the dollar at some forex bureaus.

Additionally, the pound is being sold at GH¢17.20, while the Euro is going for GH¢14.50.

Meanwhile, the continued appreciation of the cedi is being viewed as a positive sign by market watchers, especially in light of last year’s volatility, when the currency depreciated to nearly GH¢17 to the dollar.

With inflationary pressures easing and investor confidence on the rise, the currency’s performance is seen as a critical indicator of Ghana’s ongoing economic recovery.

SSD/MA

Gold remains a cornerstone of Ghana’s economy

Ghana’s local currency, the cedi, continues its upward momentum on the interbank market, registering notable gains against major trading currencies, particularly the US dollar.

According to Bloomberg data sighted by GhanaWeb Business on Friday May 23, 2025, the cedi is currently selling at GH¢10.83 to the dollar on the interbank market as of 12:25 GMT, an appreciation that reflects growing market confidence in Ghana’s recent economic reforms and improved foreign exchange management.

The Bank of Ghana, in its daily interbank FX update, reported the cedi trading at a buying price of GH¢11.62 and a selling price of GH¢11.63 to the dollar.

This development represents a continued narrowing of the spread between buying and selling prices, suggesting greater stability in forex markets.

The local currency is also firming up against the British pound and the Euro. The pound is being bought at GH¢15.60 and sold at GH¢15.62, while the Euro is trading at GH¢13.11 (buying) and GH¢13.12 (selling).

On the retail market, where rates tend to be higher due to overhead costs and margins, GhanaWeb Business checks as of 9:00 AM on May 23, 2025, revealed that the cedi is exchanging at GH¢12.50 to the dollar at some forex bureaus.

Additionally, the pound is being sold at GH¢17.20, while the Euro is going for GH¢14.50.

Meanwhile, the continued appreciation of the cedi is being viewed as a positive sign by market watchers, especially in light of last year’s volatility, when the currency depreciated to nearly GH¢17 to the dollar.

With inflationary pressures easing and investor confidence on the rise, the currency’s performance is seen as a critical indicator of Ghana’s ongoing economic recovery.

SSD/MA

By Solomon Gumah

Savelugu (N/R), May 23, GNA – Government, through the State Housing Company, has constructed a 24-unit accommodation facility at Savelugu in the Northern Region for personnel of the Ghana Immigration Service (GIS).

Alhaji Muntaka Mohammed Mubarak, Minister for the Interior, who inaugurated the facility and handed it over to officials of GIS, said it was part of government’s broader efforts to improve the living conditions of security personnel across the country.

He said the facility was to provide decent accommodation for junior rank officers stationed at the Tamale International Airport.

He said: “The completion of this project stands as a beacon and testament to the government’s unwavering commitment to the welfare of security personnel and their families. It is our firm belief that when officers are well housed, they are better positioned to discharge their duties efficiently and effectively.”

Alhaji Mubarak commended the State Housing Company for its excellent work and extended gratitude to chiefs and other stakeholders, who played pivotal roles in making the project a reality.

Mr John Bawah, Managing Director, State Housing Company, said the partnership with GIS began in 2016 with the construction of a four-unit residential facility in Tamale, which was followed by two residential units in Wa and the renovation of the GIS Regional Commander’s residence in Bolgatanga.

He said: “We have many other projects in the pipeline with the GIS, especially in the north, including a regional office in Tamale, an office at Tatale and a post near Yendi.”

Mr Samuel Basintale, Acting Comptroller-General of GIS, expressed appreciation to the government for addressing the accommodation challenges faced by GIS officers.

GNA

Edited by Eric K. Amoh and Lydia Kukua Asamoah