President John Mahama has announced that Ghana will now observe July 1st, traditionally celebrated as Republic Day, as the country’s official National Day of Prayer and Thanksgiving.

The President made the declaration during the inauguration of the planning committee for the new national event. He said the peace and unity Ghana continues to enjoy should not be taken for granted.

Speaking at the event, President Mahama stated, “One of Ghana’s greatest blessings is the harmony with which we practice our diverse faiths. Christians, Muslims and traditionalists, we worship differently but we work together as one people. This is a national treasure that we must never take for granted.”

Quoting both the Qur’an and the Bible, he explained that Ghana stands as a shining example of religious tolerance in a divided world. “In a world where religion often divides, in Ghana, we shine as an example of our unity in diversity,” he said.

President Mahama cited Sura Al-Hujurat Chapter 49:13 from the Qur’an and Romans 12:18 from the Bible to emphasise the value of peaceful coexistence.

“This is the spirit with which we must move forward, and so with conviction, reverence and unity of purpose, I hereby declare the Republic Day 1st of July of every year also as Ghana’s official National Day of Prayer and Thanksgiving,” he declared.

The planning committee for the event will be chaired by former minister Elvis Afriyie Ankrah, who pledged full commitment to making the day meaningful and unifying for all Ghanaians.

In his remarks, Mr Afriyie Ankrah said, “We assure you, Mr President and the good people of Ghana that we will discharge our duties with diligence and dedication. We understand the weight of the responsibility entrusted to us.”

He added that the event will not just be another national occasion, but a spiritual journey for the nation.

“It is about nurturing a spiritual culture of gratitude, about fostering unity in diversity and about elevating our national consciousness to appreciate the hand of God in the affairs of our country,” he said.

The committee chairman also promised to ensure broad and inclusive engagement across the country. “We will consult broadly, we will engage inclusively, we will bring everybody on board from every region, every faith, every background because the national day of thanksgiving belongs to all of us,” he assured.

With hope, Mr Afriyie said that Ghana’s example would serve as inspiration beyond its borders.

“It is our hope and prayer that the work we do will not only make Ghana proud but will serve as inspiration to other nations that the people who acknowledge God, give thanks to Him and live in unity can achieve their impossible,” he said.

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AfCFTA seeks to eliminate trade barriers and promote intra-African trade

The African Continental Free Trade Area (AfCFTA) presents a significant opportunity for trade growth and economic development in Africa, the World Bank has said amid recent trade tensions.

It has, therefore, urged African governments to provide an enabling environment to expand and make its markets available to each other for enhanced intra-continental trade.

In the 31st edition of the Africa’s Pulse report, the Bank noted that Sub-Saharan Africa faced heightened uncertainty due to changes in trade dynamics, regional conflict, and climate change affecting people and crops.

It also indicated that such development would have both direct and indirect impacts of policy changes materialising and evolving over time.

“African economies have the option to liberalise and diversify their markets, including leveraging the African Continent Free Trade Area (AfCFTA) to boost regional trade, to expand economic activity and provide jobs for young people,” the Bank noted.

The report, focusing on “Improving governance and delivering for people in Africa,” observed that economic growth in the region was showing some resilience despite uncertainty in the global economy and restricted fiscal space.

It projected a 3.5 per cent growth for the region for 2025 with a further increase to 4.3 per cent in 2026 and 2027, citing increased private consumption and investments as inflation cools down and currencies stabilise.

The projections by the World Bank were not too far from those by the International Monetary Fund (IMF), which expected the region to grow by 3.8 per cent in 2025 and improve further to 4.2 per cent in 2026.

“However, growth is still not strong enough to significantly reduce poverty and meet people’s aspirations,” the Bank flagged as a concern, urging urgent reforms to match growth opportunities with ‘good jobs’ for its young population.

“There is a growing gap between people’s aspirations for good jobs and functioning public services and often sub-optimal markets and institutions,” said Andrew Dabalen, World Bank Chief Economist for the Africa Region.

“Urgent reforms, backed by more competition, transparency and accountability, will be key to attract private investments, increase public revenue, and create more economic opportunity for millions of Africans entering the workforce each year,” he stated.

The report noted that the region was faced with high debt and declining global aid, with a decline in real income per capita in 2025 expected to be below the two per cent in peak in 2015.

It urged countries to seize the opportunity to increase efficiency in government spending to provide better access to essential services like health, education, water and electricity.

Additionally, the region was to improve public services, provide a fair tax system, stronger accountability and clear market rules to help businesses compete, grow, and create jobs, helping strengthen the relationship between governments and taxpayers, the Bank said.

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Prof Fred Binka, Former Vice Chancellor of the University of Health and Allied Sciences

A former Vice Chancellor of the University of Health and Allied Sciences, Prof Fred Binka, has stated that Ghana has the potential to eliminate malaria with the right resources and commitment.

According to Prof Binka, the main challenge facing Ghana’s malaria elimination efforts is the lack of financial resources to procure necessary commodities and implement the national malaria elimination plan.

“The main challenge facing Ghana’s malaria elimination efforts is the lack of financial resources to procure necessary commodities and implement the national malaria elimination plan,” he said.

He stressed the need to decentralise malaria interventions to the district levels, allowing for more targeted and effective efforts.

According to a Ghanaian Times report on April 25, 2025, Prof Binka highlighted the importance of community engagements and participation in Ghana’s malaria elimination efforts, urging individuals to contribute by sleeping under treated mosquito nets and seeking prompt treatment when symptoms arise.

Speaking on the theme of the 2025 World Malaria Day celebration, ‘Malaria Ends with Us: Reinvest, Reimagine, reignite,’ Prof Binka said it was a clarion call to refocus on malaria and commit resources to eliminate the disease.

“With the right resources and commitment, Ghana can join the ranks of countries that have successfully eliminated malaria,” he indicated.

His remarks come as Ghana pursues its National Malaria Elimination Strategic Plan 2024-2028, aiming to reduce malaria deaths by 100% and cases by 50% by 2028.

Ghana has made significant progress in reducing malaria deaths and parasite prevalence in recent years, and Prof Binka believes that with the right resources, the country can join the ranks of those that have successfully eliminated the disease.

Ghana has, meanwhile, made significant progress regarding malaria control over the years.

For instance, deaths due to malaria have reduced from 2,799 in 2012 to 151 in 2022. Malaria prevalence has also declined from 27.5% in 2011 to 8.6% in 2022 while confirmed malaria cases per 1000 population has reduced from 192 in 2019 to 159 per 1000 in 2020.

Despite these achievements, malaria remains a significant public health problem in Ghana

MRA/AE

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Featured

Richard Osei Boateng

Apr – 25 – 2025 , 15:03

2 minutes read

Dean of Accounting and Finance at UPSA, Prof. Isaac Boadi

Reports have indicated that banks in Ghana lose approximately GH¢271,233 to fraudulent activities daily, amounting to about GH¢8.25 million monthly and GH¢99 million annually.

This significant revenue loss, recorded in 2024, highlights the damaging impact of fraudulent activities on the financial system.

To combat this issue, Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies (UPSA), has outlined steps the government and the Bank of Ghana can take to reduce Value at Risk (VaR) and fraud.

He recommended a multi-faceted approach, including investing in advanced fraud detection technologies such as artificial intelligence and machine learning to identify suspicious transactions in real time.

According to him, the central bank must enforce stricter penalties for financial institutions that fail to implement robust anti-fraud measures, including sanctions and fines.

He also called for an expedited legal process for prosecuting fraud cases, arguing that swift justice would serve as a deterrent to potential offenders.

Furthermore, Professor Boadi emphasized the need for collaboration between the Bank of Ghana and the judiciary to establish specialized courts dedicated to financial crimes.

Regarding education, he urged the government to raise awareness about fraud and encourage whistleblowing.

He concluded that implementing these measures would help protect the economy from the harmful effects of financial fraud.

SA/MA

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Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢14.89 and a selling price of GH¢14.90 to a dollar.

The British pound is being bought at GH¢19.83 and sold at GH¢19.86, while the euro trades at a buying price of GH¢16.93 and a selling price of GH¢16.95.

Checks by GhanaWeb Business on April 25, 2025, at 08:00 AM indicate that the cedi is trading at GH¢15.90 to the dollar, while the pound is trading at GH¢21.10 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢18.20 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

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Dean of Accounting and Finance at UPSA, Prof. Isaac Boadi

Reports have indicated that banks in Ghana lose approximately GH¢271,233 to fraudulent activities daily, amounting to about GH¢8.25 million monthly and GH¢99 million annually.

This significant revenue loss, recorded in 2024, highlights the damaging impact of fraudulent activities on the financial system.

To combat this issue, Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies (UPSA), has outlined steps the government and the Bank of Ghana can take to reduce Value at Risk (VaR) and fraud.

He recommended a multi-faceted approach, including investing in advanced fraud detection technologies such as artificial intelligence and machine learning to identify suspicious transactions in real time.

According to him, the central bank must enforce stricter penalties for financial institutions that fail to implement robust anti-fraud measures, including sanctions and fines.

He also called for an expedited legal process for prosecuting fraud cases, arguing that swift justice would serve as a deterrent to potential offenders.

Furthermore, Professor Boadi emphasized the need for collaboration between the Bank of Ghana and the judiciary to establish specialized courts dedicated to financial crimes.

Regarding education, he urged the government to raise awareness about fraud and encourage whistleblowing.

He concluded that implementing these measures would help protect the economy from the harmful effects of financial fraud.

SA/MA

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By Mercy Arthur

Sebrepor, April 25, GNA – The Kpone-Katamanso Municipal Assembly (KKMA) has conducted a Community Needs Assessment engagement for residents of Kakasunka, Mlitsakpo, Sebrepor, Bethlehem, and Gbetsile, collectively under the KAMSBEG Zonal Council.

The engagement formed part of the preparatory activities towards the formulation of the 2026 to 2029 Medium-Term Development Plan (MTDP), in line with the National Development Planning (System) Act, 1994 (Act 480).

The MTDP is also designed to ensure that the Assembly’s local development priorities were aligned with the Medium-Term National Development Policy Framework (MTNDPF), as well as national and global development goals such as Agenda 2063 and the Sustainable Development Goals (SDGs.)

Madam Zubaida Damago, the Senior Development Planning Officer at the KKMA, addressing the participants, emphasised that the Community Needs Assessment was a critical step in the planning process and it provides a participatory platform for residents to voice their developmental challenges, aspirations, and priorities.

Madam Damago stated that “this engagement empowers community members to collectively identify and analyse the key issues affecting their localities because sustainable development is a shared journey, not a top-down directive”.

She said some recurring concerns across the assembly’s outreach sessions included poor road infrastructure, inadequate access to quality healthcare, and educational challenges.

Madam Damago urged community members to take ownership of the planning process by actively participating in identifying and prioritising their needs, indicating

that “when residents become agents of change instead of passive observers, we are more likely to achieve inclusive and responsive development outcomes.”

She said citizen engagement enhances participatory governance, strengthened transparency, and ensured that planning outcomes were both people-centered and evidence-driven.

“Our goal is to ensure the developmental priorities set would truly reflect the needs, aspirations and challenges of the residents,” she reiterated.

Reflecting on the performance of the 2022–2025 MTDP, she said 342 out of 357, planned interventions had been implemented as of the first quarter of 2025, covering key development dimensions such as economic and social development, environment, infrastructure, human settlements, governance, corruption, public accountability, emergency planning and COVID-19 response, implementation, as well as coordination, monitoring, and evaluation.

Notable achievements included the construction of a CHPS compound at Mlitsakpo and the completion of a dormitory block at the Kpone Senior High School.

Madam Damago further revealed that proposals from the community such as the construction of additional school infrastructure, improvements in drainage and roads, and enhanced healthcare and security services would be factored into the upcoming 2026-2029 Medium-Term Development Plan.

The session was well attended by a broad section of stakeholders, including traditional leaders, assembly members, religious leaders, representatives from youth and women’s groups, persons with disabilities, local business owners, school authorities, civil society organisations, and officials from decentralised departments.

Their contributions provided a holistic perspective on community development needs and reaffirmed the shared commitment to collaborative planning and inclusive governance.

GNA

LS/CAA

The Ghanaian delegation, led by Minister for Finance Dr. Cassiel Ato Forson, held a high-level engagement with global investors on the sidelines of the ongoing International Monetary Fund-World Bank Spring Meetings in Washington, D.C.

The event, hosted by the international law firm Hogan Lovells, brought together key stakeholders to deliberate on Ghana’s economic recovery strategy, progress under the IMF programme, and future investment prospects.

The delegation included the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, and Seth Terkper, Presidential Advisor on the Economy. Together, they presented a unified front on Ghana’s efforts to reset its economy and restore market confidence following years of macroeconomic challenges and sovereign debt restructuring.

In his keynote presentation, Dr. Forson emphasised the government’s commitment to prudent fiscal management, supported by robust reforms in public financial management, tax administration, and expenditure controls.

“The 2025 Budget marks a turning point,” he noted. “It is about restoring fiscal responsibility, ensuring debt sustainability, and fostering inclusive growth through job creation and social protection.”

Dr Asiama highlighted the central bank’s inflation-targeting policy and monetary tightening stance, which have contributed to currency stability and improving reserve buffers.

He reaffirmed the Bank of Ghana’s resolve to maintain price stability while supporting financial system resilience and growth.

The presentation showcased Ghana’s macroeconomic progress, including a rebound in GDP growth to 5.7% in 2024, declining inflation, and a debt-to-GDP ratio on track to fall below 55% by end-2025. The team also spotlighted key structural reforms, such as the operationalization of the single treasury account for the energy sector and amendments to the PFM and Procurement Acts to curb arrears and inefficiencies.

Investors were updated on the status of Ghana’s debt restructuring, with over 93% of eligible public debt already restructured. This milestone, the delegation noted, positions Ghana for positive credit rating reviews and eventual reentry into the international capital markets.

Mr. Terkper underscored the importance of credibility and transparency in rebuilding trust with the investor community.

“Our actions are deliberate and structured to align with long-term economic transformation. Ghana is open for business,” he said.

The investor dialogue provided an opportunity for Ghana to reinforce its reform agenda and assure creditors of its commitment to sustained macroeconomic stability and growth.

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The Bank of Ghana (BoG) has released updated prices for its new investment initiative, the Ghana Gold Coin.

The Central Bank introduced the coin as a strategic measure to discourage the hoarding of U.S. dollars.

As of Friday, April 25, 2025, the Bank announced the following revised prices:

• The 0.25 oz coin is now selling at GH¢13,423.78, down from GH¢13,584.35.

• The 0.50 oz coin is priced at GH¢25,977.60, down from GH¢26,304.21.

• The 1.00 oz coin is currently selling for GH¢51,145.71, down from GH¢51,786.07 the previous day.

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

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

“The Ghana Gold Coin is manufactured from gold mined in Ghana and refined to 99.99 percent purity. It is issued and guaranteed by the Bank of Ghana,” the Bank stated.

pic.twitter.com/lEnl3m8X7z

— Bank of Ghana (@thebankofghana) April 25, 2025

SSD/MA

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A Consulting Partner at Deloitte Ghana, Serwa Atiase Dzogbenuku has stated that the 10% tariff imposed by the US government presents an opportunity for Ghana to emerge stronger and bigger.

According to her, the tariff will not have a significant impact on the Ghanaian economy since the US is not a major trading partner of Ghana, compared with the level of trade with countries like the United Arab Emirates and China.

Sharing her perspectives on the topic “US Tariffs: Navigating the Challenges and Creating Opportunities for the Ghanaian Economy” at a Thought Leadership event organized by the Canada Ghana Chamber of Commerce, Madam Dzogbenuku said despite the anticipated associated challenges the tariffs posed to some sectors, it offers a unique opportunity for the country to strengthen domestic industries, diversify trade partnerships, and enhance economic resilience.

Opportunities for Ghana

Amidst the global economic uncertainties worsened by US tariffs, gold prices have surged, reaching record highs of $3,000 per ounce in March 2025 as reported by the Financial Times. The rise in gold prices is driven by investors seeking safe-haven assets in times of uncertainty.

Serwa Atiase Dzogbenuku said the increased demand for gold has the potential to boost Ghana’s external revenue, supporting the country’s foreign exchange and contributing to the stabilisation of the Ghana Cedi.

On supply chain alignment, she pointed out that Ghana, with its political stability, improving infrastructure, and expanding industrial base, can position itself as a preferred supplier of goods like cocoa derivatives, cashew nuts, and gold.

According to her, this window allows Ghana to capture new market share and strengthen long-term trade relationships.

She also indicated that the tariff-induced trade shifts present a unique chance to reorient Ghana’s economy from raw material exports to value-added production.

“By attracting investment into processing industries (especially cocoa, palm oil, and rubber), Ghana can build an export-driven manufacturing base to take advantage of the rising global demand for ethically sourced and sustainable products”, she mentioned.

Navigating the Challenges

Serwa said the African Continental Free Trade Area (AfCFTA) serves as a strategic tool for Ghana to trade more easily with other African countries, to strengthen local value chains, and reduce the country’s reliance on distant markets like the US.

She also urged the government to invest more in agro-processing, manufacturing, and small industries to reduce dependence on finished goods imports.

She cited an example of a government initiative, the One District One Factory (1D1F) initiative implemented by the previous government to boost industrialisation in the country.

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Vice President of IMANI Africa, Bright Simons

Vice President of policy think tank IMANI Africa, Bright Simons, has raised red flags over Ghana’s potential early exit from its International Monetary Fund (IMF) program, warning that critical economic targets may become “irrelevant” by 2028 without the Fund’s oversight.

Speaking in an interview on Joy News’ PM Express Business Edition on April 25, 2025, Simons criticised what he called the government’s “political optics over substance” approach, arguing that abandoning the IMF program prematurely risks derailing essential fiscal reforms.

Simons painted a stark picture of what an early exit could mean, stating, “The IMF will do a victory lap dance. The government will join them. And then we will conclude by 2028 that we have not met those targets.”

He stressed that while benchmarks like debt-to-GDP ratios (55% by 2028) remain crucial, Ghana’s tendency to treat IMF programs as mere financial transactions rather than structural reform opportunities undermines long-term stability.

“The targets are still relevant, but I think by that time, the targets will not be relevant. They will not be relevant anymore,” he said.

Simons further accused both the IMF and Ghanaian authorities of favoring positive messaging over measurable progress.

“The IMF itself admits the ‘signaling isn’t pretty,’ yet they’ve elevated optics above facts. The government will exploit this,” he pointed out.

He contrasted Ghana’s stance with that of peer nations, including Kenya, which exited its IMF program early but secured $1.5 billion from Gulf investors, and Nigeria, which avoided an IMF program altogether despite economic turbulence.

“If the IMF really wanted us to reach those targets, it should have encouraged the government when they said they wanted to extend,” he argued.

“That was the only way, from 2026 to 2028, that there could have been program levers to deliver those targets,” he added.

According to him, Ghana’s early exit is more about political expediency than economic prudence.

“This debate isn’t about staying or leaving the IMF; it’s about whether Ghana is serious about reform or just crafting a good story for investors,” he said.

ID/MA

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Eugene Boakye Antwi, former MP for Subin constituency

Former Member of Parliament for Subin, Eugene Boakye Antwi, has urged the New Patriotic Party (NPP), to explore the findings of the party’s committee reports to swiftly resolve issues that led to the party’s debacle in the 2024 Election because Ghanaians are closely watching to ascertain if they have changed.

He cited what he termed as soft governance issues, as one of the reasons behind the poor performance of the party in the last general elections.

Speaking to the party’s efforts to regroup and revitalise grassroot supporters, on Nhyira FM, on April 24, 2025, he cautioned the NPP to demonstrate the right attitude and present reforms that will convince Ghanaians that they have changed.

“Apart from the findings that Ghanaian youth did not vote for the party in the 2024 Election, soft governance issues such as a former Chief Justice picketing with other pensioners, galamsey menace, police recruitment, corruption, among other things, caused the party’s defeat,” he said.

He advised the leadership to make use of the Prof Mike Oquaye report and other committee reports conducted by the party to formulate a cogent strategy for the next election in 2028.

“Ghanaians are watching if we have changed and that is what will inform who will be chosen to lead the party.

“Remember that the message is as good as the messenger. Ghanaians are looking for responsible leadership in the party. They live with us in our communities and see our deeds. So, let’s be mindful of our engagements even in our communities,” he said.

On another score, he lauded the General Secretary of the NPP, Justin Kodua Frimpong, for apologising to Ghanaians at the launch of the nationwide tour, dubbed the “Thank You Tour”.

“I am happy that the General Secretary apologised to electorates and assured that they will right the wrongs that led to the unfortunate turn of events,” he said.

VPO/AE

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play videoFounder of the All People’s Congress, Hassan Ayariga

The Founder of the All People’s Congress (APC), Hassan Ayariga, has called out financial institutions in Ghana for sidelining local entrepreneurs in favour of foreign companies.

He argued that the country’s economic development strategy fails to empower Ghanaian businesses.

Speaking on GhanaWeb TV’s BizTech, hosted by Sisl Prempeh, the businessman stated that Ghana is neglecting the growth of its own citizens while supporting foreign corporations that reap greater benefits than indigenous enterprises.

Ayariga urged financial institutions to allocate a fair percentage of their resources to local entrepreneurs to create measurable impact.

“The problem is that we are not building individuals. We are building foreign companies that benefit more than local businessmen. I think the banks should open their wings, open up, and allow young Ghanaian businessmen to thrive,” he said on BizTech.

He added that; “The justification by banks that small and medium-sized enterprises (SMEs) and young entrepreneurs often lack the necessary documentation is just an excuse to deny them loan facilities and support.”

“It is not because SMEs lack the requisite documentation to access loans. It is just an excuse by the banks to deny them loan facilities and support,” Ayariga emphasised.

His comments contribute to growing calls for a financial ecosystem that is more inclusive of local businesses and better aligned with Ghana’s development goals.

SA/MA

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By Edward Dankwah

Accra, April 24, GNA – Olam Food Ingredients Ghana Limited (ofi) has visited the new leadership of the Tree Crops Development Authority (TCDA) to strengthen ties and explore opportunities for Ghana’s cashew sector.

Led by Mr. Raphael Yussif Amankwa, General Manager of the cashew business, the delegation met with Acting Chief Executive Officer Dr. Andy Osei Okrah and his team to congratulate them and initiate collaboration.

Other TCDA officials present included Mr. Rich Kofi Kofituo, Deputy CEO (Operations), Mr. Yaw Oteng, former Deputy CEO (Finance), and Mr. Boabeng Adams, a Cashew Value Chain Specialist.

Dr. Okrah welcomed the team and outlined plans to enhance institutional structures and boost local cashew processing.

Mr. Amankwa reaffirmed ofi’s commitment to shared goals.

“At ofi, our focus is beyond procurement; we invest in the farmer’s wellbeing. We aim to build resilient farming communities by distributing quality cashew seedlings, training on Good Agricultural Practices, and supporting additional livelihood ventures like beekeeping,” he said.

He described the visit as a crucial step in strengthening collaboration between TCDA and private sector actors like ofi.

Mr. Amankwa emphasized ofi’s dedication to working with regulatory bodies to drive innovation and sustainability in the sector.

Olam Food Ingredients and TCDA seek to establish a framework for meaningful collaborations that will support Ghana’s farmers, processors, and the agricultural sector at large.

GNA

KAS

The Ministry for the Interior has announced that Thursday, May 1, 2025, will be observed as a statutory public holiday in celebration of May Day, also known as Workers’ Day.

This was contained in a notice signed by the Minister for the Interior, Muntaka Mohammed Mubarak, on Friday, April 25.

The general public is urged to observe the day nationwide in accordance with the country’s holiday regulations.

May Day is recognised globally as a day to honour the hard work, dedication, and contributions of workers across various sectors.

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