Daniel Kwadwo Owusu is the Country Managing Partner, Deloitte

The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, has urged the government to assure business leaders that the recent appreciation of the cedi is not temporary.

According to him, some businesses remain uncertain about the future of the cedi.

“There are also issues with high utility tariffs, high transportation costs, and the general cost of doing business,” he stated at the 9th Ghana CEO Summit and Expo on May 26, 2025.

Speaking on the topic “Transforming Business and Governance for Ghana’s Economic Reset”, Owusu advised the government to avoid short-term measures that fail to create lasting stability in the absence of fundamental reforms.

He noted that a strong currency is beneficial, but it does not automatically lead to lower prices if domestic cost pressures, such as transportation and energy, are not addressed.

He also called for diversification of the economy, noting that Ghana remains overly reliant on gold and cocoa.

“Diversification will make our economy less vulnerable to those big global price swings,” he said.

“Looking back at 2017, after the IMF bailout programme, the cedi recovered for a time and inflation fell to about 11.8%. Interestingly, just as is happening now, consumer prices didn’t drop significantly,” he added.

“They stayed relatively high because of the deeper structural issues in the economy that have not been addressed,” he emphasised.

Meanwhile, Owusu urged businesses to respond proactively to changes in the economy.

He expressed concern about certain companies quoting foreign exchange rates that differ from those of the Bank of Ghana, stating that this is not reflective of a true economic reset.

“I am speaking to CEOs because there cannot be an economic reset unless we transform as a people,” he concluded.

SSD/MA

Removal of E-Levy will boost financial inclusion – BoG

(From L-R) A photo collage of Mutawakilu Adam, Samuel Atta Akyea and Kwabena Adu-Boahene

Samuel Atta Akyea, the lawyer for embattled former Director-General of the National Signals Bureau (NSB), Kwabena Adu-Boahene, has given contradictory details on the alleged fraudulent GH¢1.3 million per month Ghana Water Limited (GWL) deal his client has been implicated in.

The state has claimed that the GH¢1.3 million monthly payment, which was the proceeds of an agreement for the National Security to provide internet service to Ghana Water Limited (GWL), was diverted to Adu-Boahene’s personal account.

The Acting Director of the GWL, Mutawakilu Adam, claimed in an interview on TV3 that the National Security approached the GWL to provide it with internet service at all of its offices.

However, speaking to the media after court proceedings on Monday, May 26, 2025, Samuel Atta Akyea, counsel for the embattled NSB boss , indicated it was the GWL that approached the National Security to help monitor its water distribution system.

He said the company asked the National Security to help it monitor it with a system to police the supply of water, and not mere internet services, as asserted.

“It’s also got to do with Ghana Water Limited seeking help from National Security to give them all the surveillance and mechanisms so that we could police the sanctity of water in the realm.

“So that’s another National Security matter,” the former legislator said.

He further stated that there is more to this issue than has been asserted, adding that so far, his client has done no wrong.

“Well, at the moment, he’s very innocent by the terms of the Constitution until proven otherwise, and to prove it otherwise – but what is happening now? I’m afraid people don’t understand the issue deeper than what is being presented,” he said.

What the GWL boss said

The Acting Director of the GWL, Adam Mutawakilu, said that the payment of the GH¢1.3 million started in 2018 and was done in two instalments every month till the contract was suspended in April 2025.

Mutawakilu Adam indicated that the payment was deducted from the GWL accounts automatically every month.

“They (the Ghana Water Limited) used to go private to be able to connect internet to the head office and all these regions and then the districts. So, when government under Nana Addo secured this internet and fibre optic installation at that time, they decided that okay, why don’t we extend not only to Ghana Water but also to other government agencies. So, they will provide us with the internet and cybersecurity to all, but at the end of the month, Ghana Water is required to pay some amount for maintenance.

“So, this agreement was entered into in 2018, and it (the 1.3 million) is in two instalments. So, you pay within the month 650 (650,000) and another 650 (650,000), and it is by standing orders – it’s like LCs. Ghana Water Company instructed that this amount should be deducted… it was paid every month from 2018. It was stopped in April 2025,” he said.

He added that it was the Director-General of National Security who spearheaded the agreement and gave out the bank account details the payments should be made into.

However, it turned out that the account details, even though they looked like those of the National Security, were not.

“We had an agreement with National Security, and we have a liaison officer to National Security.

“So, to the best of the knowledge of Ghana Water Company, we were paying the money to National Security… not knowing, a similar account was opened, just like National Security in terms of name, and this money, this account was given to Ghana Water Limited to pay,” he said.

The GWL boss also disclosed that the said agreement – that is, the supposed agreement that was signed by the Ghana Water Company and the National Security – is nowhere to be found.

“I’ve looked for the agreement up to now. I haven’t got the agreement… Somebody offered to give me the agreement. I asked the NIB, they don’t have it,” he said.

BAI/VPO

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Featured

Jemima Okang Addae

May – 27 – 2025 , 11:36

2 minutes read

Francis Tetteh Nutakor, a celebrated Ghanaian theatre director and producer, was named Comic Director of the Year at this year’s Ghana Comedy Awards.

This award recognises his exceptional contributions to comedy in 2024.

In the year under review, he directed a number of successful stage plays, including One Gallon, a socially relevant piece that skillfully blended humor with critical reflection; Our Day, a heartfelt production that struck an emotional chord with audiences; and Kavod UK, a culturally rich collaboration that showcased Ghanaian artistry on an international stage, for Nacee.

In addition to his theatrical work, Nutakor produced and directed several high-profile stand-up comedy specials in 2024. Sugar Mummy of Accra, a special for comedian Jacinta, humorously explored modern relationships in Ghana’s urban setting, while Standing Strong, a special for comedian Okokobioko, offered a powerful mix of comedy and motivation showcasing Nutakor’s ability to inspire as well as entertain through direction and production. He also directed Romanus Incomplete VI, the latest installment in a popular comedy series by Foster Romanus that remains a favorite among local audiences.

His influence extended even further with the organisation of Ghana’s first stand-up comedy festival, Comic and Comedy, held in July 2023 at the National Theatre. This groundbreaking event brought together veteran comedians like Fritz Baffour and Mikki Osei Berko with younger talents such as Foster Romanus, Clemento Suarez, Jacinta, OB Amponsah, Lekzy Decomic, Jeneral Ntatia, Afia Barcelona, Putogo, and Yaa Anima. The festival was designed to bridge generational gaps in comedy, celebrate the genre’s evolution, and spotlight emerging voices in the industry.

Nutakor is also an outspoken advocate for the development of Ghana’s theatre and creative sectors. He has consistently called for greater government support, citing challenges such as high taxation and insufficient infrastructure as major obstacles facing theatre practitioners.

His advocacy, along with his creative work, has positioned him as a key figure in shaping the future of Ghanaian entertainment. With his continued commitment to quality storytelling and cultural preservation, Francis Tetteh Nutakor stands out as a driving force in both comedy and the broader performing arts landscape.

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.

Featured

Jemima Okang Addae

May – 27 – 2025 , 11:15

2 minutes read

Cedi selling at GH¢10.40 to $1 on May 27

Ghana’s local currency, the cedi, continues to appreciate on the interbank market against major trading currencies, particularly the US dollar.

In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.39 and a selling price of GH¢10.40 to the dollar.

The British pound is being bought at GH¢14.09 and sold at GH¢14.11, while the euro is trading at a buying price of GH¢11.82 and a selling price of GH¢11.83

However, checks by GhanaWeb Business on May 27, 2025, at 8:00 AM indicate that the cedi is trading at GH¢11.60, while the pound is selling at GH¢15.80 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢13.30 on the retail market.

SP/MA

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By Yussif Ibrahim

Kumasi, May 27, GNA – The Kumasi Metropolitan Assembly (KMA) is taking steps to ensure commercial drivers in the metropolis adhere to new transport fares following a 15 per cent reduction by transport unions.

A statement issued by the public affairs directorate of the assembly and copied to the Ghana News Agency (GNA) in Kumasi, said it had come to its notice that some commercial drivers have refused to comply with the newly approved fares.

“It is important to note that any commercial driver who refuses to charge the approved reduced fare commits a criminal offence punishable by law,” the statement cautioned.

It said officers will be deployed on major roads within the city to enforce compliance following a meeting between the leadership of KMA and the Regional Head of the Motor Traffic and Transport Department (MTTD).

The statement entreated the public to cooperate with officers who would be deployed on the roads as the KMA strived to restore order and sanity on the roads.

GNA

Yussif Ibrahim/Kenneth Odeng Adade

 The Ghacem Cement Foundation (GCF), in a continued show of commitment to national devel­opment, has donated 10,000 bags to selected Schools and Hospitals in the Northern Sector of the country.

This brings to a total of over 725,060 bags valued at GH¢58 million, as a support package to critical infrastructural projects in Ghana’s education and health sectors since its establishment in 2002.

At a ceremony held in Tamale on Monday, the Chairman of the Foundation, Ehunabobrim Prah Agyensaim VI, reflected on the motivation behind the founda­tion’s creation more than two decades ago.

“At the time companies came, paid their taxes, made their profits, and left there was no conscience behind corporate social responsibility, But GHA­CEM broke that jinx. In 2002, they decided that beyond paying taxes and royalties, they had to

 give back to the very communi­ties that support their business,” he said.

He however expressed con­cern over the regional dispar­ities in donations, noting that while the southern regions kept applying for more cement, the Northern regions on the other hand bring in low request.

“It’s unacceptable that chil­dren are learning ABCs in sand, with no roof, in snake-infested structures we dare call class­rooms,” he said passionately and appealed to district leaders and citizens alike to act as ambassa­dors for equity, urging them to apply for support and advocate for underserved communities,” he said.

On his part, Dr Frank Huber, Managing Director of GHA­CEM, commended the foun­dation’s Council members and all stakeholders whose role had ensured the sustainability of the GCF over the years and reiterat­ed the company’s commitment to do more in adding its quota to Ghana’s development.

“Being a nation builder means more than just producing cement. It means treating workers fairly, producing responsibly, and giving back meaningfully. “Today’s em­ployees and customers ask deeper questions about purpose, ethics, sustainability,” Dr Huber said.

“And GHACEM is proud to lead with values that show we care not just about cement quali­ty, but about people and planet,” he said.

Prof. Audrey Gadzekpo, a Council Member of the Founda­tion, said “Education and health are the foundation of opportu­nity. A country with an educated, healthy population is a country with a future.”

Mr Frank Antwi Agyapong, Head of the GCF Secretari­at, who doubles as the Lead Marketing & PR at Ghacem, stated “We’ve had a successful 2024/2025 with the GCF, ending this year on a very positive note. Looking ahead to 2025/2026, we encourage more institutions to apply.”

 BY TIMES REPOTER

co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Steve Manteaw

Ghana risks falling short of its climate commitments unless it sets measurable baselines and allocates funding to track its energy transition (ET) targets, co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, has said.

He argued that establishing a baseline is necessary to periodically assess the progress made in implementing all the targets set under the country’s ET framework.

“Then, on an annual basis through budget reviews, we can determine how much we are committing to the achievement of the target,” Dr. Manteaw said on the sidelines of a stakeholder engagement on ‘Assessment of Ghana’s ET Framework’ in Accra.

He cautioned that without a clear starting point and consistent financial commitment, it would be difficult to evaluate the real impact of the country’s ET efforts.

“If we set the framework without committing budgetary resources to its implementation and anything changes, we cannot attribute it to our interventions,” he said.

“That is why it is important, first and foremost, to get the baseline for the various targets established and ensure that the respective ministries, departments and agencies (MDAs) budget for the various tasks or responsibilities assigned to them, such that we can assess the long-term impact of these investments and determine if the results match the progress observed.”

Ghana adopted its ET framework in 2022, setting a 2070 target to reach net-zero emissions. The transition is expected to require financing of approximately US$562billion.

Under the ET framework, the country also aims to, among others, achieve universal access to electricity of 99.8 percent by 2030; lower long-term cost of electricity generation, below 4.5 cents per kilowatt hour (kWh); and minimise energy-related indoor air pollution and its related illnesses – avoiding 48,218 premature deaths due to improvement in air quality and health.

It also seeks to ensure that 30.05 million productive hours are gained due to the upscaling of the adoption of clean cooking fuels. “This would have a significant impact on women and children who are the main gatherers of firewood.”

In line with these and others enumerated by the Deputy Director for Renewable and Green Transition at the Ministry of Energy and Green Transition, Dr Robert B. M. Sogbadji, the GHEITI co-chair reckoned that there has been some progress in refining the ET framework.

However, he also reiterated the need for coordination. “Energy transition goes beyond power generation and use. It affects transport, industrial fuel use and more. That’s why coordination is critical,” Dr Manteaw said.

The stakeholder engagement was organised by the Natural Resource Governance Institute (NRGI).

Dr Sogbadji, also speaking in an interview on the sidelines of the meeting, said the country is on course with the implementation of its ET framework.

“In terms of our energy access, we are more than 89 percent, our renewable energy target is more than 3.5 percent, we are building a second gas processing plant as well as concluding negotiations on our nuclear projects to make sure that the vendor starts its construction by 2027.”

Additionally, he said the country has developed a five-year rolling strategic implementation plan for the GETF. Against this backdrop, he insisted that Ghana is making meaningful progress to achieve its ET goals.

However, the Africa Director of NRGI, Nafi Chinery, while recognising the efforts made to make the ET framework more robust, flagged the lack of institutional coordination in the implementation of the ET framework.

“I worry that a lot of this work sits with the Ministry of Energy and Green Transition. We need to see in the plan how they are collaborating and coordinating with the relevant agencies, such as the Ministry of Lands and Natural Resources,” she said.

Miss Chinery wondered: “As we are looking to exploit the transition minerals, how are we going to leverage some of its revenues to support the country’s transition from fossil fuel base to green energy”.

She raised questions about the level of involvement of all the key institutions, including the National Oil Company (NOC) and Ghana National Petroleum Corporation (GNPC), adding that further work is needed to tighten the framework and ensure better coordination.

By Joyce Danso

Accra, May 27, GNA – Chief Justice Gertrude Sackey Torkornoo has condemned the treatment she received from the Committee of Inquiry investigating her.

Her concerns were outlined in a three-page supplementary affidavit filed at the Supreme Court in support of her motion for an interlocutory injunction.

On May 21, 2025, she filed an application for injunction, seeking relief against her removal from office.

She urged the apex court to address what she described as “a complete desecration of my basic constitutional rights to a fair trial, violation of my dignity and subjection to inhuman and degrading treatment of a kind not meted out to even accused persons on trial for treason and other offences against the state.”

According to her counsel, Kwabena Adu-Kusi, proceedings of the Presidential Committee examining three petitions against her were adjourned to May 22, 2025.

On that date, Justice Torkornoo appeared before the committee with her lawyers regarding the case she had filed at the Supreme Court against the Attorney-General and committee members.

Despite the legal processes, she stated that on May 23, 2025, the committee proceeded with its inquiry.

She said that she had not been informed of the grounds for the prima facie case against her or the specific allegations, preventing her from properly preparing a defence.

Justice Torkornoo recalled that on May 15, 2025, the committee refused to recognise her counsel because she was not personally present, yet scheduled dates for further hearings.

“That the committee on the said 23rd May, 2025, contrary to known rules regulating proceedings of the committee/Commissions of inquiry, indicated that the petitioner shall not give evidence themselves but shall be calling other witnesses to give evidence to support their petition,” she stated.

She described this as “completely offensive to known rules of procedure,” arguing that petitioners or complainants, upon formal appearance, are merely witnesses subject to cross-examination.

The Chief Justice cited other irregularities, including denial of access to the hearing room for her husband and children, body searches, and restriction of access to phones and laptops for herself and her lawyers, while petitioners’ counsel retained their devices.

According to her, the venue of the hearing, a high-security facility at the Castle, Osu, was a deliberate attempt to subject her to mental torture and degrading treatment, violating her fundamental rights.

Justice Torkornoo argued that previous Article 146 proceedings had always been held in a judicial facility, specifically at the Courts Complex, and said the current location “boggles the mind.”

She insisted that the continuous violation of her constitutional rights made the entire inquiry a “mockery of justice and a ruse to unjustifiably remove me from office as the Chief Justice.”

She urged the Supreme Court to intervene by granting an injunction to prevent the assault on judicial independence and protect the tenure of the Chief Justice and Justices of the Superior Court of Judicature.

GNA

Edited by Kenneth Sackey

Managing Editor of The Herald newspaper, Larry Dogbey, has criticised Foreign Affairs Minister Samuel Okudzeto Ablakwa for using Facebook to announce the temporary closure of Ghana’s embassy in Washington, D.C., instead of issuing an official government statement.

Speaking on Channel One TV’s Breakfast Daily on Tuesday, May 27, Dogbey said a matter of such gravity demanded a formal communication approach. He cautioned that relying on social media for high-level decisions could erode public trust and weaken government credibility.

“This is a very damning thing. You just do not go on your Facebook page and put a thing like that there. Issue an official statement and sign it, or use your PR office and explain what you found and that it is being investigated further. Then it becomes a government statement. But putting it on your Facebook makes you open yourself up for some of this attack,” he stated.

The minister’s announcement, posted on Monday, May 26, revealed that the embassy had been temporarily shut down following the findings of a special audit. The audit uncovered a fraudulent scheme involving abuse of office and financial misconduct at the mission.

According to Ablakwa, the closure is part of a broader effort “to finalise the ongoing restructuring and systems overhaul” within the Foreign Affairs Ministry’s operations abroad.

He described the decision as regrettable but necessary to protect integrity and restore public confidence in Ghana’s foreign service.

However, Dogbey insisted that while the decision itself was laudable, the channel of communication was inappropriate.

“This isn’t a personal issue, it’s a national crisis involving an international mission. The appropriate channel would have been an official press release, backed by the Ministry, to show leadership, transparency, and seriousness,” he said.

Ablakwa’s Embassy shutdown sends strong anti-corruption message – Elikem Kotoko

President John Mahama has outlined a comprehensive strategy to sustain the recovery of the economy, focusing on fiscal discipline, private sector collaboration and innovative financing. 

Speaking at the 2025 Ghana CEO Summit in Accra yesterday, the President emphasised the need to learn from past mistakes while charting a sustainable path forward.  

The summit, which was on the theme: “Leading Ghana’s economic reset: Transforming business and governance for a sustainable futuristic economy,” brought together government officials, including the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama; Minister of Labour, Jobs and Employment, Abdul-Rashid Pelpuo, and Senior Economic Advisor to the President, Seth Emmanuel Terkper.

Others were captains of business and investors who discussed collaborative solutions for national development.  

Past lessons

President Mahama highlighted the economic achievements of his previous administration (2013-2016), including the introduction of medium-term bonds, a sinking fund for debt repayment and responsible Eurobond issuances.

He, however, said that subsequent mismanagement had led to the country’s first-ever debt default, which the President said had eroded investor confidence and shrunk the private sector.  

To help sustain a resilient economy, President Mahama detailed an eight-point plan to restore economic stability and growth.  

Measures

First, the President said the government would ensure a disciplined completion of the IMF Extended Credit Facility programme, with plans to exit by 2026 and transition to a Policy Support Instrument for long-term fiscal responsibility.  

He said they would also work to reopen access to domestic and international capital markets, and ensure future borrowing was tied to commercially viable projects that can self-finance repayments.  

President Mahama said amendments to the Public Financial Management Act would make contributions to sovereign funds mandatory, while local governments would be empowered to issue infrastructure bonds for development projects.  

Next, he said the government would clear verified arrears based on an upcoming Auditor-General’s report, and enforce stricter controls on new expenditures to prevent recurring debt.  

The President said public financial management reforms would be accelerated, including the implementation of the Treasury Single Account (TSA) and real-time budget monitoring systems to enhance transparency.  

He said the Ghana Ex-Im Bank would be repositioned to support non-traditional exports, agro-processing, and SMEs to boost foreign exchange earnings and job creation.  

Additionally, President Mahama said the government would pursue its ambition of becoming West Africa’s commercial and digital hub, leveraging the African Continental Free Trade Area (AfCFTA) for expanded trade and investment.  

He gave an assurance that critical infrastructure projects in roads, energy and housing would resume through public-private partnerships (PPPs) and innovative financing models rather than excessive borrowing.  

Business platform

President Mahama further announced the establishment of a National Business Consultative Platform, which will convene twice a year to align government policies with industry needs, adding, “We will borrow responsibly to avoid crowding out private sector credit”.

He commended businesses that had reduced prices following the cedi’s appreciation and urged others to follow suit to ease the burden on consumers.  

“The time has come to lift the gloom, restore confidence and build again. Together, we can reset Ghana’s economy for a prosperous future.”

Inflation outlook

The BoG Governor highlighted improvement in economic indicators, saying headline inflation declined to 21.2 per cent in April 2025, down by 2.6 percentage points since the start of the year.

He projected that inflation would return to the BoG’s target band of 8±2% by early 2026, through disciplined monetary policy and foreign exchange market reforms.

The cedi has also appreciated by 24.1 per cent against the US dollar year-to-date, driven by enhanced remittance channels and stricter market surveillance rather than reserve depletion.  

“Our growth prospects remain strong as our real sector indicators are all pointing to a pickup in economic activities, mainly driven by exports, credit to the private sector and construction activities,” Dr Asiama said.

The Governor also outlined structural reforms, including a new Cash Reserve Ratio (CRR) policy requiring banks to hold reserves in the same currency as their liabilities, effective June 5, 2025.

He challenged CEOs to drive Ghana’s economic reset through a four-point “CEO Manifesto” of boosting productivity via innovation, investing in future-ready talent, expanding value-added exports and upholding strong governance. 

Public-private dialogue

To improve policy alignment, Dr Asiama said the BoG would launch a CEO Forum for structured engagement with industry leaders, inspired by global models such as the US Federal Reserve’s regional councils.

The bank has also begun inviting business representatives to observe Monetary Policy Committee meetings to ground decisions in real-time market insights.

The Governor also announced plans to regulate Virtual Asset Service Providers (VASPs) by September 2025, to address the country’s growing crypto adoption.

Other initiatives include operationalising Open Banking guidelines, embedding climate risks into supervision, and reviving domestic capital markets through SOE listings and bond market reforms.

Bank of Ghana’s new headquarters

The Bank of Ghana (BoG) has raised GH¢2.23 billion through the issuance of 56-day bills in its latest open market operation (OMO), as the central bank sustains efforts to absorb excess liquidity and reinforce its monetary policy stance.

The auction, conducted on Monday, May 26, 2025, cleared at an interest rate of 28%, aligning with recent monetary policy rate levels as the BoG seeks to anchor inflation expectations and support the cedi amid ongoing macroeconomic adjustments.

The central bank did not disclose the total amount of bids received from participating banks, nor did it indicate a target size for the operation.

BoG bill, which is a short-term debt instrument issued under the central bank’s liquidity management framework, is a key monetary policy tool deployed to sterilise liquidity in the banking sector and steer short-term interest rates.

While not classified as traditional government debt, proceeds from such issuances are often used to provide short-term financing to the Treasury.

Market participants in the May 26, OMO viewed the outcome as consistent with the BoG’s current tightening bias, with the 28% yield on the bills broadly in line with the bank’s policy rate.

The central bank, which maintained its policy rate at 28% at its most recent MPC meeting, has reiterated its focus on stabilising prices while supporting economic recovery under an IMF-supported programme.

SP/MA

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Economist and professor of finance, Godfred Alufar Bokpin, has raised red flags about Ghana’s potential premature exit from its IMF programme in late 2025, warning that the country may not be ready to stand on its own feet without the oversight and support.

Professor Bokpin voiced strong concerns during a discussion on the Joy FM Super Morning Show today, May 27.

“Given our current progress, if we essentially exit by December 2025 when reviews are complete around mid-2026, I think it will be premature to say, ‘yes, we’re walking away completely’. I see the government’s damage control approach of transitioning to a policy support instrument rather than full exit, but the reality is we all would prefer Ghana to stand independently,” he underscored.

Ghana has sought IMF help 17 times since independence, with previous premature exits leading to quick relapses.

Professor Bokpin highlighted Ghana’s troubling history without IMF supervision: “If you check our records with the IMF, the government is actually more accountable to citizens when under an IMF programme. There’s greater transparency, collaboration and disclosure to the people of Ghana under IMF supervision than when we’re on our own.”

He was particularly concerned about alarming discrepancies in Ghana’s fiscal reporting, with the two major political parties in Ghana using different formulas when it suited them.

He believes this does not present a standard framework to identify the critical problems and propose effective solutions.

“In early 2022, when we highlighted that the Bank of Ghana was monetising debt (essentially printing more cedis), the central bank denied it. We said, ‘Wait until the IMF applies their Debt Sustainability Framework.’ The truth came out – our debt-to-GDP ratio in present value terms was 109%, while before the IMF came in, we were reporting less than 80%. Ghana’s public debt had become multiple choice – you picked the number based on which party you supported.”

While Professor Bokpin acknowledged some economic gains, he pointed to persisting institutional weaknesses.

Professor Bokpin further questioned whether Ghana had developed sufficient institutional maturity,”We’ve aged but haven’t matured. On our own, we can’t hold ourselves to the accountability and discipline required for medium- to long-term progress. Can we demonstrate operational independence of a Fiscal Council that provides real oversight, not just theoretical?”

Some experts have proposed that Ghana maintain some form of IMF engagement beyond 2025 while strengthening domestic fiscal oversight institutions.

Other proposals have included the implementation of binding fiscal rules with enforcement mechanisms and enhancing transparency in debt reporting and monetary operations.

Economists warn that without maintaining discipline, Ghana risks repeating its boom-bust cycle and returning to the IMF sooner than expected.

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.

A delegation of 32 Dutch agribusiness leaders from 19 companies is embarking on a high-impact trade mission aimed at strengthening Dutch-Ghanaian collaboration in Ghana’s burgeoning horticultural sector.

The mission, which will be led by the Dutch Vice Minister of Agriculture, H.E. Mr Marten van den Berg, will take place from Monday 26th to Wednesday 28th May 2025.

Hosted by the Embassy of the Kingdom of the Netherlands in Ghana in partnership with the Netherlands-Africa Business Council (NABC), the mission convenes companies, government institutions, and knowledge organisations from both countries.

Its objective is to explore business opportunities, foster sustainable trade, and build partnerships across the horticultural value chain.

The visit marks a significant milestone in the Netherlands’ ongoing commitment to integrating development cooperation with private sector engagement in Ghana. Through business matchmaking sessions, site visits, and policy dialogues, the mission aims to:

• Stimulate interest among Dutch businesses to invest in Ghana’s growing horticulture sector;
• Showcase how development cooperation contributes to an improved business climate; and
• Identify challenges businesses face when considering investment in Ghana, using those insights to inform Dutch agricultural policy.

In his address at the Horticulture Trade Mission Reception at the Dutch Embassy in Accra, Mr Marten van den Berg remarked, “This networking event exemplifies how collaboration comes to life, with so many organisations and institutions from both Ghana and the Netherlands coming together, including robust government-to-government engagement. Our shared goal is to deepen this partnership and unlock new opportunities for sustainable development.”

The Netherlands Ambassador to Ghana, H.E. Mr Jeroen Verheul, added, “Within this broader partnership, our focus for trade and investment lies particularly in horticulture and cocoa—two sectors where Dutch expertise and Ghanaian potential are strongly aligned. Through strategic programmes and private initiatives, we seek to strengthen value chains, support innovation, and create long-term opportunities for businesses in both countries.”

High-level engagements and practical collaboration

Highlights of the mission include:

• A business reception bringing together Ghanaian government officials and key stakeholders in horticulture and trade.
• Site visits to leading horticultural enterprises in the Volta Region, such as Iribov and Fruitmaster Greenhouse;
• A Farmer Field Day, organised by Ghanaian smallholder farmers, the Horticultural Business Platform, and Dutch agricultural firms operating in Ghana.

These activities will spotlight the impact of Dutch expertise in seed development, sustainable greenhouse production, cold-chain logistics, agri-financing, and vocational training, especially in promoting farming as a business to students.

A Business-to-Business (B2B) matchmaking session will be held, where 40 Ghanaian institutions and firms will be connected to members of the Dutch delegation.

Furthermore, a revised Memorandum of Understanding (MoU) for the Agricultural Working Group will be signed between Ghana’s Minister for Food and Agriculture, H.E. Eric Opoku, and Vice Minister Marten van den Berg. This signing represents a renewed commitment to shared goals and ongoing cooperation in agricultural development.

The first Agricultural Working Group meeting of the year will also serve to officially inaugurate the Technical Working Groups, which will focus on three key areas: seeds, agribusiness, and cocoa.

A catalyst for investment and innovation

This mission is not solely about trade, it seeks to build lasting relationships. The Netherlands believes that fostering a stable and inclusive business environment through development cooperation ultimately enhances investment outcomes.

First-hand insights from both Dutch and Ghanaian stakeholders are essential to formulating aligned and effective policies.

Dutch companies will be encouraged to tap into Ghana’s dynamic agricultural sector, contributing to innovation, job creation, and food security. The initiative also reinforces the Netherlands’ role as a reliable, long-term partner in Ghana’s agricultural transformation.

Speaking at the reception, Vice Minister van den Berg noted, “Dutch farmers have set high benchmarks for productivity, efficiency, and innovation—building an agrifood sector that drives economic growth and enhances food security. Ghana also recognises the value of agricultural innovation. Collaboration, therefore, is crucial.”

Ambassador Jeroen Verheul echoed this sentiment, “This trade mission—comprising 19 Dutch companies—reflects our shared ambition to deepen commercial ties and explore new avenues for joint value creation. The Netherlands values partnerships rooted in local realities, aligned with national priorities, and grounded in mutual benefit. Ghana is not just an investment destination, but a strategic partner in achieving inclusive and sustainable development.”

HortiTrade: The Netherlands and Ghana in numbers

The timing of this mission is particularly significant. In the face of climate change, population growth, and rapid urbanisation, improving agricultural productivity and sustainability is now central to policy discussions.

Agriculture accounts for 22.2% of Ghana’s GDP and employs 40% of the workforce. Despite this, local production of staples such as tomatoes, peppers, and onions continues to lag behind rising demand. Moreover, there is an increasing urban appetite for nutritious and high-value crops such as cucumbers, carrots, and cabbage.

Ghana’s horticulture sector is therefore emerging as a major growth area, recording a 10% growth rate in 2024, well above the overall agricultural growth of 3%.

Despite the fact that 80% of sown seed in Ghana still originates from informal seed systems, imports of Dutch quality seeds have risen sharply, up 55% year-on-year, from €1.8 million in 2023 to €2.8 million in 2024. Ghana is now the second-largest importer of Dutch horticultural seeds in West Africa.

Nonetheless, the country still relies heavily on fresh fruit and vegetable imports, emphasising the need for deeper collaboration beyond input supply to the development of the full horticultural value chain.

As the second-largest agricultural exporter in the world, the Netherlands boasts a private sector filled with global leaders in cutting-edge agriculture. The integration of Dutch expertise and Ghanaian opportunity presents a compelling win–win proposition for sustainable agricultural transformation.

This is particularly relevant in light of the recently launched Feed Ghana Programme, inaugurated by President John Dramani Mahama on 11th April 2025.

The initiative aims to enhance domestic vegetable production through backyard and community gardening, promote institutional farming to empower youth, and revitalise the country’s poultry sector.

The Netherlands is already active in Ghana’s education sector, working with tertiary and agricultural colleges to promote “farming as a business” as part of their horticultural curricula, training over 2,000 students to date.

Past joint initiatives such as Ghanaveg, Hortifresh, and the Community Garden Project in Adenta have successfully trained over 1,000 home gardeners in vegetable cultivation and entrepreneurship.

In the Brong Ahafo Region, Dutch partnerships have also trained nearly 10,000 farmers in sustainable agricultural practices.

The current trade mission builds on these achievements, providing a platform for renewed investment and innovation in Ghana’s horticultural sector.

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.

File photo of containers at the Tema Port

The Ministry of Energy and Green Transition has revealed that only 40 out of the 2,637 containers consigned to the Electricity Company of Ghana (ECG) have been cleared at Tema Port, according to official data from port authorities.

In an interview on the Citi Breakfast Show on Tuesday, May 27, 2027, as monitored by GhanaWeb Business, the Public Relations Officer for the Ministry, Richmond Rockson, stated that the ongoing investigation into the long-standing issue of unaccounted-for ECG containers has uncovered significant discrepancies.

He said, “In fact, out of that number, the data provided to us by the port authorities suggests that ECG has cleared only 40 containers. That is the data we have now.”

This comes amid a joint investigation involving the Ministry of Transport, National Security, the Ghana Ports and Harbors Authority (GPHA), and the Customs Division of the Ghana Revenue Authority.

The probe was launched after earlier reports indicated that over 1,300 ECG containers were unaccounted for, more than doubling the initially reported figure.

Rockson emphasised that the new findings surpass the Ministry’s initial estimates.

He referenced a related discovery earlier this year, where ECG containers were found in a privately owned Indian warehouse through an auction process.

“Also, in March or April, some containers were retrieved from an Indian warehouse, where they disclosed that they had purchased them through an auction. That’s why the investigations are still ongoing. As of now, we are not certain of the number of containers ECG possesses because ECG’s own data reflects fewer containers than what we have retrieved. That is a matter of concern, and it points to the procurement practices over the years by past management,” he added.

He further criticised past procurement practices at ECG, highlighting purchases that he claims were wasteful and poorly managed.

“It’s unfair that a company like ECG would handle procurement this way. First, they buy goods that arrive at the port but are not delivered. Second, in some instances, they purchase goods they wouldn’t need for the next 15 years or already have enough stock for that duration. There are goods that have been bought but remain unused, and yet they continue to buy the same items,” he added.

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The Deputy Minister for Finance, Thomas Nyarko Ampem, has emphasized that the active involvement of the private sector is essential to unlocking Ghana’s energy potential and achieving the country’s goal of universal access to electricity by 2030.

Speaking on behalf of the Minister for Finance, Cassiel Ato Forson, at the Mission 300 Ghana Compact Review Workshop, the Deputy Minister underscored the government’s commitment to fiscal discipline while pushing for innovative and sustainable financing mechanisms to drive energy access.

“Projects under Mission 300 must be financially viable and structured within the framework of Ghana’s existing international commitments,” Hon. Nyarko Ampem stated. “We are committed to designing initiatives that attract concessional finance, leverage private sector capital, and utilize innovative financing models such as blended finance and public-private partnerships.”

The workshop brought together stakeholders from the energy sector, development partners, and financial institutions to review Ghana’s progress under the National Energy Compact and chart a pragmatic path forward.

According to the Deputy Minister, the government is fully aware of the fiscal implications of expanding energy infrastructure and is determined to pursue strategies that avoid increasing the country’s contingent liabilities. He explained that Ghana’s energy projects must be aligned with broader economic and fiscal priorities to avoid jeopardizing debt sustainability.

“Our approach must ensure that energy projects contribute positively to economic growth without imposing unsustainable financial burdens on the state,” he said.

The Mission 300 initiative aims to connect underserved communities to reliable and affordable electricity while advancing Ghana’s commitments to climate resilience and sustainable development. Central to this mission, Hon. Nyarko Ampem said, is ensuring that energy investments are bankable and attractive to investors, both domestic and international.

“We must promote private sector participation through risk-sharing frameworks that protect public finances,” he emphasized. “This is not just about investment; it’s about creating a viable ecosystem for growth that benefits our citizens while ensuring fiscal integrity.”

The Deputy Minister further outlined four key financial priorities that will guide Ghana’s strategy for the energy transition including maximizing concessional and climate finance to reduce the cost of capital; promoting private sector involvement through de-risked investment models, focusing on scalable, cost-effective renewable energy solutions and strengthening financial governance and transparency.

“These strategic pillars will form the bedrock of our financial stewardship under Mission 300,” he noted. “We must move beyond reliance on state funding and embrace the private sector as a true partner in development.”

This, he assured participants that the Ministry of Finance would continue to work closely with the Ministry of Energy and Green Transition (MoEnGT), as well as with development partners and regulatory agencies, to create an enabling environment for sustainable energy investment.

“We must harmonize fiscal policies and investment incentives to build investor confidence and deliver results,” he said. “Together, we can unlock the economic potential of universal energy access while preserving Ghana’s fiscal integrity and positioning our nation for resilient growth.”

In closing, the Deputy Minister urged all stakeholders to approach the deliberations with “a commitment to pragmatic and fiscally responsible solutions,” calling the workshop a crucial step in Ghana’s journey toward a sustainable and inclusive energy economy.

The Mission 300 Ghana Compact is part of the country’s broader commitment under the United Nations’ Sustainable Energy for All (SEforALL) initiative and forms a key pillar of Ghana’s energy and climate strategy. As the nation seeks to bridge the energy access gap, the call for deeper private sector collaboration signals a new chapter in Ghana’s energy transition agenda.

The Chamber of Licensed Gold Buyers (CLGB) has welcomed the Ghana Gold Board’s (GoldBod) decision to extend the deadline for the transition to the new gold trading licence regime.

Under the revised directive, individuals and companies operating with licences previously issued by the defunct Precious Minerals Marketing Company (PMMC) and/or the Ministry of Lands and Natural Resources can continue doing business until 21st June, 2025. This marks a one-month extension from the earlier deadline of 21st May, 2025.

GoldBod announced the change after receiving multiple petitions from industry players and associations calling for more time to adjust to the new regulatory system.

“Upon consideration of several petitions from stakeholders,” the board said in a statement, “any person who holds a licence issued by the defunct PMMC and/or the Ministry… can continue to purchase and deal in gold with the said licences until 21st June, 2025.”

After this date, however, only entities licensed under the GoldBod regime will be legally allowed to buy, sell or trade in gold. The board emphasised that using licences issued under the old system beyond the new deadline would be in violation of the Ghana Gold Board Act, 2025 (Act 1140), and subject to sanctions.

In a further clarification, GoldBod stated that although applications for the new licence may still be submitted after the deadline, such applications will not confer the right to operate in the interim.

It also confirmed that from 22nd May, 2025, any export rights attached to licences issued by the Ministry of Lands and Natural Resources have ceased to be valid. Only GoldBod, as a corporate entity, retains the authority to export gold.

In response, the Chief Executive Officer of the CLGB, Kwaku Amoah, described the extension as a timely intervention.

This, he indicated, is not just about shifting a date. It gives legitimate operators the breathing space to align with the new framework without disrupting their businesses.

Amoah, in a statement welcoming the decision, added that the move “reflects a willingness on the part of GoldBod to listen to industry voices and work collaboratively toward a transparent and well-regulated gold trading environment”.

The CLGB has urged all licence holders to use the grace period to regularise their operations and ensure they meet the new requirements. It also expressed its readiness to work with GoldBod and other agencies to promote responsible and ethical mineral trading in Ghana.