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Rocky55 Blog of Tuesday, 20 May 2025

Source: Isaac Appiah

Ghana’s economic landscape in 2025 presents a striking paradox. The cedi has emerged as one of the world’s best-performing currencies, appreciating by approximately 16% against the US dollar and contributing to a decline in inflation to 21.2% by April 2025.

This remarkable turnaround follows a turbulent 2024 when the currency depreciated by nearly 24%, fueling economic instability and eroding purchasing power. Yet, despite these positive macroeconomic indicators, ordinary Ghanaians continue to grapple with persistently high prices for goods and services.

This phenomenon is not without historical precedent. Ghana’s economic history reveals several instances where currency appreciation failed to translate into immediate consumer benefits. Understanding both the current drivers of the cedi’s strength and these historical parallels provides crucial insights for policymakers seeking to convert macroeconomic gains into tangible improvements in citizens’ lives.

The Drivers of Cedi Appreciation

The cedi’s resurgence stems from a confluence of domestic policy reforms and favorable global economic conditions. Domestically, the Bank of Ghana’s Gold4Oil and now GoldBod initiative has been instrumental, increasing gold reserves by 40.6% from May 2024 to April 2025.

This strategic accumulation has not only strengthened Ghana’s foreign exchange buffer but also boosted investor confidence and reduced speculative pressures on the currency. The program’s requirement that 20% of gold export proceeds be converted into cedis before dollar exchange has further stabilized forex supply.

Concurrent fiscal reforms under Ghana’s IMF program have significantly contributed to the currency’s recovery. The government’s elimination of distortionary taxes like the E-levy, the intent to abolish the COVID-19 levy, combined with prudent expenditure cuts, has enhanced fiscal credibility.

The $3 billion Extended Credit Facility from the IMF has restored economic confidence, with an anticipated $370 million tranche expected soon. These measures have been validated by S&P Global Ratings’ upgrade of Ghana’s credit status from Selective Default to CCC+.

The temporary suspension of external debt repayments through Ghana’s ongoing restructuring program has provided crucial breathing room, with the next major payment due in July 2025. This respite has alleviated pressure on foreign exchange reserves, enabling the cedi to stabilize. The Bank of Ghana’s direct market interventions, including a $490 million forex injection in April 2025, have further supported the currency’s appreciation.

Global economic shifts have complemented these domestic efforts. The US dollar’s weakening due to trade tensions and recession concerns has indirectly benefited emerging market currencies like the cedi, with the DXY index falling approximately 10% since January 2025. Simultaneously, record prices for Ghana’s key exports—gold reaching $3,400 per ounce and cocoa hitting $10,000 per ton—have significantly boosted foreign exchange inflows. The formalization of small-scale mining operations has augmented these gains by increasing legally exported gold volumes.

The Persistent Challenge of Price Stickiness

Despite these favorable currency movements, consumer prices remain stubbornly high due to several structural and behavioral factors. Price stickiness—the economic phenomenon where prices adjust more readily upward than downward—plays a significant role. Businesses, uncertain about the sustainability of the cedi’s strength, hesitate to reduce prices. Many operate under long-term contracts for rent, utilities, and wages negotiated during higher inflation periods, complicating immediate price reductions.

Domestic cost structures continue to exert upward pressure on prices. While a stronger cedi reduces imported input costs, expenses like transportation, electricity, and labor remain elevated. Recent utility tariff hikes and persistently high fuel prices, influenced by global oil markets, maintain cost pressures that limit businesses’ ability to lower consumer prices.

Inventory cycles create additional lags. Many traders continue selling goods purchased when the cedi was weaker, meaning the benefits of currency appreciation will only manifest as new stock arrives. For import-dependent sectors like electronics and pharmaceuticals, this adjustment may take three to six months.

Market dynamics further complicate the picture. Unlike swift price increases during depreciation, downward adjustments face weaker competitive and regulatory pressures. While the Ghana Union of Traders encourages price reductions, voluntary compliance allows some businesses to maintain higher margins. Moreover, global commodity prices for essentials like rice, wheat, and fuel remain elevated due to supply chain disruptions and geopolitical tensions, keeping local prices high despite currency gains.

Historical Parallels and Policy Lessons

Ghana’s economic history offers several instructive parallels to the current situation. The 2017 cedi recovery following the IMF bailout and oil production commencement saw similar patterns—while inflation dropped from 15.4% to 11.8%, consumer prices remained elevated due to structural bottlenecks. The 2007 cedi redenomination provided temporary stability but ultimately failed without deeper reforms, leading to renewed depreciation by 2014.

These historical episodes yield crucial policy lessons. First, temporary fixes like forex interventions or redenomination cannot substitute for sustained structural reforms. Second, domestic cost pressures require direct attention, as currency appreciation alone cannot offset local inflationary drivers.

Third, active cultivation of market competition is essential to ensure businesses pass forex gains to consumers. Fourth, economic diversification beyond commodities is critical for long-term stability. Finally, managing public expectations through transparent communication helps maintain confidence during transitional periods.

Consumer Expectations and Policy Recommendations

In the short term (three to six months), consumers may see gradual price declines in import-heavy sectors like electronics and vehicles as new stock arrives. However, staple food prices will likely remain elevated due to global supply constraints. Over the medium term (six to twelve months), sustained cedi strength should lead to broader price adjustments, though careful management of potential interest rate cuts will be crucial to avoid reigniting inflation.

For lasting stability, comprehensive structural reforms are essential. These include:

Maintaining fiscal discipline through continued IMF program implementation

Addressing domestic cost pressures via energy sector improvements and transport infrastructure development

Strengthening market competition through appropriate regulatory frameworks

Diversifying Ghana’s economic base beyond commodity exports

Enhancing price transparency mechanisms and local production capacity

Conclusion: From Temporary Recovery to Sustainable Stability

Ghana’s current economic position presents both opportunities and risks. While the cedi’s appreciation creates favorable conditions for reform implementation, history shows these gains may prove temporary without decisive action.

By learning from past experiences and implementing comprehensive structural reforms, Ghana can work toward an economic future where currency stability translates into tangible improvements in citizens’ lives.

The path forward requires not just maintaining current policies but building upon them to create a more diversified, competitive, and resilient economy capable of delivering sustained prosperity.

Ghana defender Tariq Lamptey has suffered another injury setback

Ghana defender Tariq Lamptey has suffered another injury setback, casting doubt over his involvement in the upcoming four-nation tournament in London, where the Black Stars are set to face Trinidad & Tobago, Nigeria, and Jamaica.

The 24-year-old was absent from Brighton & Hove Albion’s squad for their 3-2 win over Liverpool on Monday, the club’s final home fixture of the season.

Lamptey had started in their previous match against Wolves but was forced off with a knee injury, just weeks after returning from a foot problem.

His latest setback further clouds his future at Brighton, with his contract expiring this summer and little indication of renewal talks.

The right-back, who has struggled with persistent injuries, has fallen down the pecking order under Roberto De Zerbi, behind Joel Veltman.

Lamptey was previously linked with a move to Ajax during the January transfer window, while Everton are also reportedly monitoring his situation.

With the Black Stars assembling in London for friendly matches on May 28 and June 3 (not June 31, which is not a valid date), his fitness remains a major concern for Otto Addo’s technical team.

By Jibril Abdul Mumuni, GNA

Abuja, Nigeria, May 19, GNA – Mrs Elizabeth Ofosu-Adjare, the Minister of Trade, Agribusiness and Industry, has called on her counterparts in the West African sub-region to fast-track the harmonisation of trade standards to facilitate the free movement of goods across ECOWAS member states.

She made the call at the Fourth Joint Meeting of ECOWAS Ministers of Trade and Industry held in Abuja, Nigeria, from May 13 to 15, 2025.

The Minister noted that the 50th Anniversary of the Economic Community of West African States (ECOWAS) should serve as a moment of reflection on the achievements of the past five decades and inspire member countries to chart a new path toward deeper economic integration.

She said regional economic empowerment remained a central objective of ECOWAS and that recent geopolitical realignments, global inflation, and disruptions in supply chains presented significant challenges to trade and industrial development within the sub-region.

Mrs Ofosu-Adjare urged Ministers to leverage the current momentum to reset regional trade relations, accelerate the implementation of the ECOWAS Common External Tariff, and advance the accession process to the African Continental Free Trade Area (AfCFTA).

“The AfCFTA has the potential to transform Africa’s economy, with a projected GDP of £2.7 trillion or US$3.4 trillion by 2035, and significantly boost intra-African trade,” she said.

On infrastructure, the Minister called for a joint meeting between ECOWAS Ministers of Trade and Industry and Ministers of Transport to address the persistent challenges facing transport and logistics in the region.

She cautioned that failure to tackle infrastructure and logistics issues could undermine efforts at boosting intra-regional trade and industrialisation.

The Fourth Joint Meeting reviewed a number of key trade issues including the outcomes of the 13th World Trade Organisation (WTO) Ministerial Conference held in Abu Dhabi.

It also reviewed developments surrounding the AfCFTA, multilateral trading relations, and a draft cooperation agreement between the ECOWAS Regional Competition Authority (ERCA) and member states.

Mrs Massandjé Toure-Litse, speaking on behalf of the ECOWAS Commission, reiterated the Commission’s commitment to advancing economic integration across the region.

She said the Commission would continue to work on removing non-tariff barriers, enhancing quality infrastructure, and promoting regional value chains and investment.

Dr Paul Koffi Koffi, representing the President of the WAEMU Commission, reaffirmed the commission’s commitment to collaborating with ECOWAS in tackling the common challenges facing the sub-region.

Senator John Owan Enoh, representing the Government of the Federal Republic of Nigeria, expressed optimism that the Ministerial Meeting would produce actionable outcomes on industrial development and intra-regional trade improvement.

Dr Jumoke Oduwole, Chairperson of the Fourth Joint Meeting, commended the Ministers for their strong engagement and reaffirmed the collective commitment to regional integration and economic growth.

GNA

ABD

Last year, Donald Trump promised he would end the Ukraine War in “24 hours”.

Last week, he said that it would not be resolved until he and Russian President Vladimir Putin could “get together” and hash it out in person.

On Monday, the ground shifted again.

After a two-hour phone call with Putin, he said that the conditions of a peace deal could only be negotiated between Russia and Ukraine – and maybe with the help of the Pope.

Still, the US president has not lost his sense of optimism about the prospect for peace, posting on social media that the combatants would “immediately start” negotiations for a ceasefire and an end to the war.

That sentiment was somewhat at odds with the Russian view. Putin only said that his country is ready to work with Ukraine to craft a “memorandum on a possible future peace agreement”.

Talks about memorandums and a “possible future” of peace hardly seem the kind of solid ground on which lasting deals can be quickly built.

Putin again emphasised that any resolution would have to address the “root causes” of the war, which Russia has claimed in past to be Ukraine’s desire for closer ties to Europe.

There is a possibility that Trump’s latest take on the war in Ukraine could be a sign that the US will ultimately abandon the negotiating table.

“Big egos involved, but I think something’s going to happen,” Trump said on Monday afternoon. “And if it doesn’t, I’ll just back away and they’ll have to keep going.”

Such a move, however, comes with its own set of questions – and risks.

If the US washes its hands of the war, as Vice-President JD Vance and Secretary of State Marco Rubio have also threatened, does it mean the US would also end any military and intelligence support for Ukraine?

And if that is the case, then it may be a development that Russia, with its greater resources compared to a Ukraine cut off from American backing, would welcome.

That prospect is enough to have Ukrainian President Volodymyr Zelensky concerned.

“It’s crucial for all of us that the United States does not distance itself from the talks and the pursuit of peace,” he said on Monday after the Trump-Putin call.

Putting aside Monday’s rhetoric, it appears that Ukraine and Russia are set to continue some kind of talks – and talking in any form is progress after nearly three years of war.

Still to be determined is whether the Russian team will be more than the low-level delegation that travelled to Istanbul to meet with the Ukrainians last Friday.

Trump is holding out the promise of reduced sanctions on Russia – and new trade deals and economic investment – as the enticement that will move Putin toward a peace agreement.

He mentioned that again in his post-call comments. Not discussed, on the other hand, were any negative consequences, such as new sanctions on Russian banking and energy exports.

The US president last month warned that he would not tolerate Putin “tapping me along” and said that Russia should not target civilian areas.

But yesterday, Russia launched its largest drone strike of the war on Ukrainian cities, and Monday’s call between the two world leaders makes clear that any ceasefire or peace deal still seems well over the horizon.

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.

Several residential areas across the national capital were flooded following Sunday’s downpour

The Ghana Hydrological Authority has attributed the flooding in parts of Accra on Sunday, May 18, 2025, to illegal structures built on waterways and wetlands, which obstructed natural drainage paths.

Director of Drains at the Hydrological Authority, Richard Amekor revealed that assessments conducted after the heavy rains showed that unapproved constructions were a primary cause of the floods.

“What we picked out on the ground has to do with a lot of illegal buildings on our waterways. People have built on the wetlands and encroached on our water bodies. These are the major things we gathered on the ground today after yesterday’s heavy rains, which caused flooding in some parts of Accra,” he is quoted in a report by myjoyonline.com.

Amekor stressed the urgency of addressing the issue as Ghana approaches the peak of the rainy season, echoing President John Mahama’s directive to demolish structures obstructing drainage systems.

“If you could recall, the President in his speech said that those people living close to our drains, their structures are going to be pulled down to allow water to flow when it rains,” he stated.

He urged residents in affected areas, such as Weija, to vacate and relocate to prevent future disasters.

“They need to leave those places; they are not supposed to be there. For example, in Weija, people are building in the estuary, which is wrong. If they are there and it rains, where will the water go? It will go into their homes, and this is the challenge we are having,” he explained.

Amekor called for stricter control over development to mitigate flooding risks, stating, “So what I am saying is that it is about time we control our development.”

GA

After the heavy rains over the weekend, a lot of debris have been left across many parts of Accra. Watch some of the destructions below:

The US Supreme Court has said it will allow the Trump administration to terminate deportation protections for some 350,000 Venezuelans in the US.

The ruling lifts a hold that was placed by a California judge that kept Temporary Protected Status (TPS) in place for Venezuelans whose status’ would have expired last month.

Temporary Protected Status allows people to live and work in the US legally if their home countries are deemed unsafe due to things like countries experiencing wars, natural disasters or other “extraordinary and temporary” conditions.

The ruling marks a win for US President Donald Trump, who has repeatedly tried to use the Supreme Court to enact immigration policy decisions.

The Trump administration wanted to end protections and work permits for migrants with TPS in April 2025, more than a year before they were originally supposed to end in October 2026.

Lawyers representing the US government argued that the California federal court, the US District Court for the Northern District of California, had undermined “the Executive Branch’s inherent powers as to immigration and foreign affairs” when it stopped the administration from ending protections and work permits in April.

Ahilan Arulanantham, who represents TPS holders in the case, told the BBC he believes this to be “the largest single action stripping any group of non-citizens of immigration status in modern US history”.

“That the Supreme Court authorised this action in a two-paragraph order with no reasoning is truly shocking,” Mr Arulanantham said.

“The humanitarian and economic impact of the Court’s decision will be felt immediately and will reverberate for generations.”

Because it was an emergency appeal, justices on the Supreme Court did not provide a reasoning for the ruling.

The court’s order only noted one judge’s dissent, Justice Ketanji Brown Jackson.

In August, the Trump administration is also expected to revoke TPS protections for tens of thousands of Haitians.

The ruling on Monday by the Supreme Court marks the latest in a series of decisions on immigration policies from the high court that the Trump administration has left them to rule on.

Last week, the administration asked the Supreme Court to end humanitarian parole for hundreds of thousands of Cuban, Haitian, Nicaraguan and Venezuelan immigrants.

Along with some of their successes, the Trump administration was dealt a blow on Friday when the high court blocked Trump from using the 1798 Alien Enemies Act to deport immigrants in North Texas.

Trump had wanted to use the centuries-old law to swiftly deport thousands from the US, but Supreme Court judges questioned if the president’s action was legal.

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

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

The support came through the efforts of Ghanaian members of Alpha Phi Alpha

Abeadze State College, the only senior high school serving the Abeadze Traditional Area, has received a much-needed boost through a donation of essential facilities from the Tau Alpha Lambda Chapter (TAL) of Alpha Phi Alpha Fraternity, Inc.

The donation, presented at a ceremony on the school grounds, included two water pumps for the boys’ dormitories, tables and chairs for the dining hall, a cooker, and a refrigerator for the Home Science Department.

The support came through the efforts of Ghanaian members of Alpha Phi Alpha in both Ghana and the Americas.

Dasebre Kwebu Ewusi VII, Paramount Chief of the Abeadze Traditional Area, who was present at the event alongside his sub-chiefs, welcomed the gesture with deep appreciation.

“This is a profound gesture to support the only Senior High School in my community. We are grateful,” he said. “I urge the school authorities and students to take very good care of these items so that others will be encouraged to also support the school in the future.”

Headmistress of Abeadze State College, Helena Sarpong, also thanked the fraternity for responding to a critical need in the school. “We are grateful to the Alphas across the world. You have answered a critical need,” she said. “However, I must humbly place before you that our bathroom facilities are in horrible shape. If there is to be a Phase III, that would be our most urgent area of need.”

The event drew a large crowd of students, staff, traditional leaders, and local government officials, including Assemblyman Charles Ennim and Parent-Teacher Association executives. More than 350 students were in attendance.

Speaking on behalf of the fraternity, Vice President of Tau Alpha Lambda, Dr Nana Kweku Nduom, stated that the donation was part of an ongoing relationship between the fraternity and the school.

“This marks Phase II of our relationship with the school. Alphas promote scholarship, and to us, education is premium,” he said, noting the fraternity’s intention to return for further support.

Dr Nduom was joined by fellow TAL members Nana Ofori Owusu, Ivan Hoffman, Michael Owusu, and Andrew Amoo.

The group later visited the Omanhene’s palace, where discussions focused on strengthening the partnership and identifying additional areas where the fraternity could assist.

Tau Alpha Lambda is the Ghana chapter of Alpha Phi Alpha Fraternity, Inc., a US-founded organization established in 1906 to support African American students.

AM/

US President Donald Trump says Russia and Ukraine will “immediately” start negotiating towards a ceasefire and an end to the war after a two-hour phone call with Russian counterpart Vladimir Putin.

Trump, who described the conversation as having gone “very well”, also said conditions for peace would need to be negotiated between the two parties.

Putin said he was ready to work with Ukraine on a “memorandum on a possible future peace agreement”, but did not address demands from the US and European countries for an unconditional 30-day ceasefire.

Trump also spoke with Ukrainian President Volodymyr Zelensky, who said “this is a defining moment”, and urged the US not to distance itself from talks.

While Trump has expressed positivity towards his conversation with Putin, there was no indication about when peace negotiations would take place, or if Moscow is prepared to make any concessions on its demands for a ceasefire.

After his one-on-one call with Trump, Zelensky reaffirmed Ukraine’s desire for a “full and unconditional ceasefire”, and warned if Moscow is not ready, “there must be stronger sanctions”.

Speaking earlier before Trump’s conversation with Putin, Zelensky said he had asked that any decisions about Ukraine not be made without his country, calling them “matters of principle” for Ukraine.

He added he did not have any details on a “memorandum” but said once they have received anything from the Russians, they will “be able to formulate their vision accordingly”.

Writing on his Truth Social page after the call, Trump said: “Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War,” adding he had informed Zelensky of this in a second call, which also included other world leaders.

He added: “The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of.”

Zelensky said the negotiation process “must involve both American and European representatives at the appropriate level”.

“It is crucial for all of us that the United States does not distance itself from the talks and the pursuit of peace, because the only one who benefits from that is Putin,” he explained.

Talking at a White House event later in the day, Trump said the US would not be stepping away from brokering talks between Russia and Ukraine, but that he has a “red line in his head” on when he will stop pushing on them both.

He also denied that the US was stepping back from its negotiating role.

In recent weeks, Trump has repeatedly warned that the US would step away from negotiations as he became increasingly frustrated at the lack of developments from both Moscow and Kyiv in the way of peace.

When asked what he believes about Russia, he said he thinks Putin has had enough of the war and wants it to end.

Meanwhile, Putin, who described the call with Trump, which he took from a music school on a visit to the city of Sochi, as “frank, informative and constructive”, also spoke of the potential for a ceasefire.

“We have agreed with the US president that Russia will offer and is ready to work with Ukraine on a memorandum on a possible future peace agreement,” he said.

This, he added would define “a number of positions” including “principles of the settlement and a timeline for concluding a possible peace agreement…including a possible ceasefire for a certain period of time, should relevant agreements be reached”.

Yury Ushakov, an aide to the Russian president, said a ceasefire timeframe was not “discussed… although Trump, of course, emphasises his interest in reaching one or another agreement as soon as possible”.

Zelensky held a second call with Trump after the US president spoke to Putin, which also included President of the European Commission Ursula von der Leyen, and the leaders of France, Italy, Germany and Finland.

“I want to thank President Trump for his tireless efforts to bring a ceasefire to Ukraine,” von der Leyen said, adding: “It’s important that the US stays engaged.”

Italian Prime Minister Giorgia Meloni said Pope Leo’s offer to host potential peace talks was a gesture welcomed by the US and the other leaders in the call, and “judged positively”.

Earlier this month, the new Pope offered the Vatican as a venue for possible peace talks after Putin turned down Zelensky’s offer to meet face-to-face in Turkey for negotiations.

Kyiv has previously said Putin’s comments saying he desires peace are hollow.

“Putin wants war,” Andriy Yermak, a top aide to the Ukrainian president, said after Russia on Sunday launched what Ukraine said was its biggest drone attack since the full-scale invasion began.

Ukraine says at least 10 people have been killed in Russian strikes in recent days – including nine people in an attack on a civilian minibus in north-eastern Ukraine. Russia says it has also intercepted Ukrainian drones.

The strike on the bushappened just hours after Russia and Ukraine held their first face-to-face talks in more than three years. A prisoner swap was agreed but there was no commitment to a ceasefire.

Trump had offered to attend the talks in Turkey if Putin would also be there, but the Russian president declined to go.

Russia has declared ceasefires before – but only temporary ones. It declared one for 8-11 May – which coincided with victory celebrations to mark the end of World War Two – but Kyiv would not sign up to it, saying Putin could not be trusted and that an immediate 30-day ceasefire was needed.

The Kremlin announced a similar, 30-hour truce over Easter, but while both sides reported a dip in fighting, they accused each other of hundreds of violations.

Russia and Ukraine have been at war since Moscow launched a full-scale invasion of Ukraine in February 2022.

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.

John Jinapor, Energy and Green Transition Minister John Jinapor

The Ministry of Energy and Green Transition has described as “misplaced” the call by the Minority in Parliament for a load management timetable to be published.

Members of Parliament from the New Patriotic Party (NPP), at a press conference on Monday, May 19, 2025, called on the government to immediately publish a clear and reliable load-shedding timetable, as erratic power supply continues to affect homes, businesses, and critical services across the country.

The Minority expressed frustration over what it described as the government’s “deceptive silence” in the face of worsening electricity disruptions. They said the current situation amounts to an unannounced return to “dumsor” and is being poorly managed by both the Ministry of Energy and the Electricity Company of Ghana (ECG).

“The Ghanaian people deserve honesty, not excuses,” the Minority stated, urging authorities to stop pretending the situation is under control. “People are living in darkness. Businesses are losing money. Students are unable to study. And yet, the government refuses to even acknowledge the problem.”

However, in a press statement signed by Richmond Rockson, Head of Communications at the Ministry of Energy and Green Transition, the Ministry stated that it is important to note that, as a country, Ghana’s current power supply capacity is adequate to meet existing demand, even during peak hours.

He added that the government, led by President Mahama, remains committed to resolving the challenges that have plagued the energy sector over the years.

“While acknowledging that we inherited an extremely challenged distribution system, the government and power sector players continue to take the necessary steps to permanently resolve these issues.

“The current power generation capacity is sufficient to meet peak demand; hence, there is no basis for a load-shedding timetable at this time. The government remains committed to the consistent provision of electricity to the Ghanaian people.”

KA

After the heavy rains over the weekend, a lot of debris have been left across many parts of Accra. Watch some of the destructions below:

The program is currently training 80 young mothers and women aged between 15 and 35

The Digital Access to Rural Empowerment (DARE) program has commenced in Somanya and Bekwai, bringing transformative digital training opportunities to underserved communities in Ghana.

The first phase of the initiative, which began on Monday, May 12, 2025, is currently training 80 young mothers and women aged between 15 and 35. The training focuses on equipping participants with practical digital skills designed to enhance employability, support entrepreneurship, and ultimately drive economic independence in rural settings.

Speaking to the media, Mr Fredrick Yeboah, Director of Innovation at GI-KACE Consult and the Project Coordinator for the DARE program, shared insights into the program’s vision and implementation. “The DARE program is not just about digital skills; it’s about creating pathways to sustainable livelihoods for young women and mothers in rural Ghana. In this first phase, we expect to train around 240 participants across the communities, preparing them to access meaningful employment opportunities or start income-generating ventures,” Mr Yeboah stated.

Through a carefully curated curriculum, participants will be introduced to essential ICT tools, online platforms for business, and digital entrepreneurship concepts. The initiative also incorporates soft skills development and mentorship to support long-term success.

The DARE program is a timely intervention for communities like Somanya (Yilo-Krobo Municipality) and Bekwai, where digital exclusion has hindered economic growth for women and youth. By promoting inclusion and resilience, DARE is positioning itself as a catalyst for broader socioeconomic transformation in Ghana’s rural landscape.

In partnership with the Mastercard Foundation and implemented by GI-KACE Consult, with UNESCO and the University of Ghana Business School as partners, the program is already impacting lives across its pilot locations. The program is expected to expand its reach in subsequent phases, scaling up to include additional communities while strengthening partnerships with local leaders, government bodies, and community-based organizations.

As the training continues, early feedback from participants reflects optimism, motivation, and a renewed sense of purpose, marking a significant milestone in the journey toward digital inclusion and empowerment in Ghana.

Since its arrival in Ghana in 2015, Karpowership has played a pivotal role in transforming the country’s energy sector.

By deploying one of its advanced floating power plants, known as a Powership, the company has helped stabilize Ghana’s electricity supply and delivered significant economic benefits cementing its position as a key partner in the nation’s power sector.

In August 2019, Karpowership strategically relocated the 470 MW Karadeniz Powership Osman Khan from Tema to the Sekondi Naval Base in the Western Region.

This move was aimed at harnessing Ghana’s indigenous natural gas resources by transitioning from Heavy Fuel Oil (HFO) to natural gas.

Crucially, the switch to natural gas is projected to save electricity users approximately $170.5 million annually, with total savings estimated at $1.2 billion over the remaining term of the contract—providing substantial financial relief for the country and its citizens.

Fast-Track Deployment and Operational Efficiency

Karpowership’s approach is distinguished by the rapid deployment of Powerships. Unlike traditional land-based power plants that require extensive site preparation and prolonged construction periods, these Powerships are delivered ready for power generation within a remarkably short time frame.

This swift deployment is achieved without the need for major site preparation, thereby eliminating construction risks and ensuring that electricity is fed directly into the transmission network from the onboard high-voltage substation.

This plug-and-play model has been instrumental in addressing urgent power shortages, providing immediate relief to the national grid.

High Efficiency and Fuel Flexibility

Engineered for high efficiency, Karpowership’s Powerships utilize advanced dual-fuel engine and gas turbine technology.

This design allows for seamless operation on multiple fuel types, including natural gas (NG), liquefied natural gas (LNG), and low-sulfur heavy fuel oil (HFO).

Such flexibility ensures that the Powerships can adapt to various fuel availabilities, delivering cost-effective electricity suitable for base load, mid-merit, and peak shaving applications. The result is significant savings per kilowatt-hour for consumers and industries alike

Integrated Plug-and-Play Solutions

Each Powership offers a comprehensive, integrated power generation solution. Equipped with onboard high-voltage substations, fuel storage facilities, accommodation for operational staff, and workshops for maintenance, these Powerships operate as self-sufficient units.

This design eliminates the need for additional land-based infrastructure, reducing the environmental footprint and expediting the delivery of power. The plug-and-play nature of the Powerships ensures direct connection to the existing grid, providing immediate and reliable electricity supply.

Reliability and Contribution to Ghana’s Energy Needs

With an installed capacity of 470 MW, Karpowership supplies approximately 12% of Ghana’s total electricity demand, significantly bolstering the national grid and ensuring a stable energy supply for both residential and industrial consumers.

Commitment to Ghana’s Energy Future

Karpowership’s innovative solutions and unwavering commitment to operational excellence have been recognized through various accolades. In 2019, Karpowership was awarded “Most Strategic Deal of the Year” at the Ghana Energy Awards, recognizing the relocation of the Powership and the transition to natural gas as a game-changing move in the power sector.

In 2020, the company received the “Excellence in Power Generation” award, affirming its outstanding performance and reliability in meeting Ghana’s power needs.

Their approach has been acknowledged for its strategic impact on the energy sector, reflecting a dedication to providing sustainable and dependable energy solutions tailored to Ghana’s needs.

Karpowership remains steadfast in its mission to deliver cleaner, reliable, and affordable power to the national grid

A photograph of the new board members of NSA with the minister

The Minister of Youth Development and Empowerment, George Opare-Addo, Esq., has issued a clarion call to the newly inaugurated board of the National Service Authority (NSA), urging them to restore credibility and transform the institution into a beacon of hope and opportunity for Ghana’s youth.

Speaking at the inauguration ceremony in Accra on May 19, 2025, on behalf of President John Dramani Mahama, Opare-Addo charged the board to confront head-on the persistent problem of ghost names within the National Service Scheme.

He emphasized the need for bold reforms underpinned by transparency, accountability, and technological innovation.

“The reports of mismanagement and corruption, particularly the ghost names scandal, have rightly caused public concern. These issues have undermined the credibility of the Scheme and diverted resources that should have been used to empower our young people,” he stated.

The minister acknowledged the recent success of the NSA in purging about 2,000 ghost names from its payroll but stressed that more work remains to be done.

“Let us seize this opportunity to transform the National Service Scheme into a beacon of hope and opportunity for our young people. Let us build an NSA that is worthy of their talent, their energy, and their aspirations,” he added.

He reiterated the administration’s vision of the National Service Scheme as a vital platform to unlock the potential of Ghana’s youth. He noted that the Scheme must serve as a bridge to meaningful employment, entrepreneurship, and national service.

“It is very necessary for graduates to contribute to national development, to gain invaluable experience, and to hone the skills that will propel them to success; hence, the challenges that have plagued the NSA in recent times cannot be ignored,” he said.

The minister urged the board to “reimagine” the future of the NSA by correcting past mistakes and building a forward-looking, effective, and youth-centered institution.

Opare-Addo proposed the establishment of a dedicated fund to support entrepreneurial ventures initiated by National Service personnel.

“It is important to encourage National Service personnel to develop innovative solutions to pressing social and economic challenges. Establishing a fund to support promising entrepreneurial ventures will foster a culture of innovation and self-reliance,” he suggested.

The 15-member board is chaired by Emmanuel Okai Mintah and comprises key representatives from various ministries, institutions, and the private sector.

Members of the board include Dr. James Asare-Adjei from the Association of Ghana Industries (AGI), Felix Gyamfi, Director-General of the NSA, Cecilia Sheitu Nyadia from the Ministry of Technology and Innovation, Colonel Frederick Aboagye Kasapa from the Ministry of Defence, and Dr. Wisdom Atiwoto from the Ministry of Health.

Other members are Emma Ofori Agyemang from the Ministry of Youth Development, Kwabena Denkyira from the Ministry of Local Government, Paul Siamen from the Ministry of Food and Agriculture, Shadrack Mensah from the Ministry of Employment and Labour Relations, and Matilda Azumah from the Ministry of Education, as well as two presidential nominees, Henrietta Asante and Elorm Goh.

In response, the newly appointed Chairman of the NSA Board, Emmanuel Okai Mintah, thanked President Mahama for the trust placed in the board and pledged their commitment to delivering on their mandate.

“It is a great privilege to serve on this board, and we promise to carry out our responsibilities with diligence and to the full extent of our capabilities,” Mintah stated.

“The National Service Authority has tremendous potential, and through our leadership, in collaboration with management, we aim to achieve its strategic goals.”

AM/KA

Geneva, May 19, (dpa/GNA) – The World Health Organization (WHO) is facing a shortfall of $1.7 billion over the next two years, Director General Tedros Adhanom Ghebreyesus said in Geneva on Monday.

The WHO’s financial crisis was prompted by the withdrawal of the United States and Argentina from the UN organization, which was founded in 1948.

The US contributed around one-fifth of the WHO’s expenditure. The health organization has already cut its planned two-year budget for 2026-27 by around 20% to $2.1 billion per year.

Tedros said that figure was not nearly enough, and was equivalent to what is spent on military equipment worldwide every eight hours.

The WHO is reducing its top management body from 14 to seven positions and the number of departments from 76 to 34, Tedros said.

Among those leaving is Mike Ryan, the emergency response coordinator who became known during the coronavirus pandemic for his public briefings. The number of employees worldwide is to be reduced by 20% from around 9,500.

The US actually still owes the WHO around $130 million dollars for 2025, though it is considered unlikely that the money will be paid. The US withdrawal from the WHO will take effect at the beginning of 2026.

Tedros spoke on the first day of the WHO’s eight-day annual assembly of members in Geneva.

Formal adoption of international pandemic treaty expected

A key focus of the assembly is the formal adoption of a long-anticipated international pandemic treaty.

Developed at record speed in response to lessons learned from the coronavirus pandemic, the agreement aims to prevent the kind of chaos seen in the global scramble for medical supplies and to ensure fairer distribution of vaccines in future health crises.

The treaty is scheduled for formal adoption on Tuesday.

However, several contentious details remain unresolved and are expected to be negotiated separately over the next year as part of an annex to the treaty.

These include, for instance, how vaccine manufacturers obtain pathogens with pandemic potential and what the countries that provide them receive in return.

Germany reaffirms WHO support

Germany’s Health Minister Nina Warken said on the sidelines of the meeting: “The next pandemic must not catch the global community unprepared again,” adding that it is important that not every country acts on its own, as health does not stop at national borders.

A day after Germany pledged to increase its support for the WHO by an additional €10 million ($11.2 million) to help fill the gap left by the US exit, Warken said during her speech at the plenary: “The world needs a strong WHO.”

Germany has previously supported the WHO with approximately €290 million over 2024 and 2025, according to government figures.

The World Health Assembly brings together delegates from the WHO’s 194 member states and is the organization’s main decision-making body.

GNA

PDC

Strengthening public-private partnerships to drive investment and innovation which will ensure long-term success in the tourism sector has been cited as a priority factor for the industry to focus on.

This, among other key findings, is contained in a ‘Communique’ drawn from deliberations at the Tourism Stakeholders Mixer recently held by industry practitioners, and presented to the Minister of Tourism, Culture & Creative Arts, Hon. Abla Dzifa Gomashie at her offices in Accra last week. 

Receiving the document, Hon Gomashie made a commitment to study the contents and take action on any necessary cues, noting that a “lack of collaboration” is, indeed, a fundamental challenge facing the industry. 

Honing in on ‘collaborative strategies as the basis for responsible tourism and cultural preservation’, Hon Gomashie expressed her desire to work to bring everyone within the tourism and creative industries, which are the most encompassing sectors in government, to work together with one goal in mind – “marketing Ghana as a Cultural Destination”. An objective which is the foundation of the Black Star Experience. 

Held under the theme ‘Building the Tourism We Want Together’, organizers of the event, a collaboration of practitioners in the industry comprising the African Tourism Research Network, Hausa Tours, Bentsifi Tourism, Exotic Adventures, Jannice Digital & Co. and Ellevan Consult, the Tourism Stakeholder’s Mixer, which came off at the Conclave Event Center in Osu last February 12, observed that the event served as a vital platform that fostered exchange of ideas and identified key priorities for the growth and sustainability of the tourism industry. 

“The discussions and commitments made during the mixer seeks to serve as a foundation for future initiatives and policy actions aimed at enhancing the tourism and hospitality industry,” shared PaJohn Dadson of Bentsifi Tourism, who led the team. 

Following the very successful conference, it emerged that more than ever It is essential for all stakeholders to work together to implement the insights and recommendations shared during the event, highlighted of which include “continued engagement, innovation and sustainable practices as key actions in ensuring long-term success.”

Against this background, the Communique captures the following as actions to focus on; Identifying challenges and opportunities in infrastructure, marketing, sustainability, and workforce development; Encouraging collaborative strategies for responsible tourism and cultural preservation and establishing a roadmap for policy improvements, investment incentives, and marketing initiatives to enhance destination appeal.

Also, it captures the need to bring together government officials, private sector representatives,   community leaders, and industry professionals.

The meeting reinforced the collective responsibility of all stakeholders in the tourism industry in shaping a vibrant and competitive tourism sector.

From startups, to tourism business leaders like Mrs Stella W. Appenteng of Apstar Tours, Gideon Asare of Adansi Travels, Francis Doku, Wilma Bruce of IbyService and @Yvonne Ohui MacCarthy, President of the Institute of Customer Service Professionals, and academia in the person of Professor Kwaku Boakye of Cape Coast Technical University, the maiden edition of the Mixer successfully brought together a wide range of key industry players, including notably, Mr Ekow Sampson, Deputy CEO, Technical, Ghana Tourism Authority (GTA), Prof. Kobby Mensah, CEO, Ghana Tourism Development Company (GTDC), Mr Adu Gyamfi, President of Ghana Tourism Federation – Ghatof (GHATOF), and Dr Nyameke, President of the Ghana Hotels Association among others.

The governments of Ghana and Singapore have given early-stage backing to a proposed carbon credit project led by Ghanaian environmental organization Eco-Bliss Climate.

The initiative, set in Ghana’s Upper West Region, aims to reduce and remove approximately 3.6 million tonnes of carbon dioxide equivalent (tCO₂e) by 2030 through climate-smart agricultural practices across 91,000 hectares of land.

Ghana’s Environmental Protection Agency (EPA) and the Ministry of Environment, Science and Technology (MEST) have jointly issued a Letter of Intent, signaling national support for the initiative.

The project has also received a Letter of Support from the Republic of Singapore, through its National Environment Agency (NEA), reinforcing bilateral collaboration under the Ghana–Singapore Article 6.2 Implementation Agreement on climate action.

Focusing on Improved Agricultural Land Management (IALM), the project will implement a range of sustainable farming techniques, including agroforestry, soil carbon enrichment, improved grazing, and sustainable irrigation.

These interventions are expected to help restore degraded lands, improve soil health, and enhance resilience for smallholder farmers in one of Ghana’s most climate-vulnerable regions.

Over 45,000 farmers are expected to benefit directly through training, adoption of improved practices, and access to revenue generated via carbon finance mechanisms.

The project is aligned with both Ghana’s National Climate Change Policy and Singapore’s framework for high-integrity international carbon credits.

“This level of government support affirms the potential of nature-based solutions to address both environmental and socio-economic challenges,” said Awuni Laud Anthony, CEO of Eco-Bliss Climate.

With these endorsements, Eco-Bliss Climate will move forward to prepare a Project Design Document (PDD) under the Verified Carbon Standard (VCS), detailing emission reduction methodologies, monitoring protocols, and stakeholder engagement strategies.

The project will undergo third-party validation as part of the certification process.

If completed, the initiative would become one of the largest IALM-based carbon credit projects in West Africa, contributing to global net-zero goals while delivering local economic and environmental benefits.

AM/KA

President of Federation of Associations of Ghanaian Exporters (FAGE), Davies Narh Korboe

The President of the Federation of Associations of Ghanaian Exporters (FAGE), Davies Narh Korboe, has announced that this year’s Horticulture Expo will serve as a platform to train and engage the youth in agricultural export, in alignment with the government’s 24-hour economy policy.

Speaking on the Agriculture segment of the Ghana Yensom morning show on Accra 100.5 FM with Afia Brempomaa Hinneh on Monday, May 19, 2025, Korboe emphasized that the initiative aims to reshape perceptions of farming and make agriculture more appealing to young people.

According to him, one of the major challenges facing the agricultural sector is the negative narrative that portrays farming as laborious and outdated—a perception that has discouraged youth participation and left the sector largely dominated by individuals aged 60 and above.

He noted that a lack of funding, limited mechanization, and the absence of modern farming techniques have further contributed to youth disinterest.

“But agriculture today is more than just planting and harvesting,” he stressed. “It is a full value chain—from certification and logistics to marketing and production.”

Korboe highlighted the economic potential of agriculture, noting that the sector, if properly invested in, could help Ghana eliminate its $2 billion annual food import bill.

He believes that the government’s Feed Ghana policy, when supported by modern, mechanized farming practices, can drive food security and create sustainable jobs for the country’s large unemployed youth population.

“Mechanized farming isn’t only about irrigation—it encompasses every aspect of the agricultural value chain,” he said.

The upcoming Horticulture Expo, scheduled for June 11 to 13, 2025, will focus on equipping young Ghanaians with practical knowledge, business connections, and market exposure.

Korboe said the event will leverage research and innovation to groom a new generation of agro-exporters while offering valuable networking opportunities for youth interested in agriculture.

He called on stakeholders to support the event, which he believes will play a vital role in transforming Ghana’s agriculture sector and aligning it with the country’s broader economic goals.

Accra, May 19,GNA- I was enjoying a troski(trotro) ride from Shiashie to Madina in Accra when the rain started.

It wasn’t too heavy then, when we got to Madina Firestone, the ‘mate” said last stop, everyone in then. car had to get down.
I tried negotiating, ” won’t you go forward a bit.”
“Madam, last stop” came as a sharp response.

I was carrying a small bag of salt, I bought from Ada together with my hand bag. I forced to push my shoes inside my handbag, even though it didn’t fully fit. I had my slippers on and I tried walking through the median of the road to see if I will get another trotro going to Dodowa.

I walked quite a distance, tiptoeing at some point to ensure that I do not fall into a puddle.

As I navigated through the puddle, I heard a man (perhaps a loading boy) saying, aha, the rain is beating them, it should rain aaaa, I resisted laughing loudly. Rain time is boom business for trotro drivers and their mates.

Then I heard the shout of Dodowa Dodowa. I quickly jumped on board, I had to go to the back seat, my knees knocking the back of the other seat.

As we rode, the rain intensified. Whew, I thought, silently thanking God that I got into a ride on time. The rain was leaking through the roof of the trotro at my end, I was getting wet.

I smiled to myself thinking, “beating by rain while in a car

I saw the flood building up on the street, another opportunity to thank God. Thank God, I wasn’t driving, how was I going to drive through the floods.

Someone got down at Adenta Barrier, I quickly pushed to the last end at the back seat near the window, to avoid the rain dripping through the roof but that wasn’t the end of our woes, as the trotro drove through the flood, some water also came into the vehicle through floor.

The driver’s mate was in his all powerful aura, you say “whe” and he will give you a rude feedback.

Eventually, I got to my stop and thankfully hopped off.”

Hannah Awadzi, is a Journalist with the Ghana News Agency, Accra.
GNA

Edited by Samuel Osei Frempong

Interplast Ltd, a leading manufacturer of pipes, profiles, and irrigation materials in Ghana, has been recognised by the Financial Times as one of Africa’s fastest-growing companies in 2025.

The company secured the 70th position in Africa and achieved an impressive 1st place in Ghana. This prestigious ranking highlights the company’s exceptional growth, innovation, and commitment to excellence in the manufacturing industry. 

Under the dynamic leadership of Hayssam Fakhry and the executive team, Interplast Ltd has consistently demonstrated resilience, adaptability, and forward-thinking strategies. The company’s remarkable growth can be attributed to its focus on quality production, customer satisfaction, and sustainable business practices. 

“This recognition is a reflection of our collective effort, performance-driven culture, and the strong, consistent leadership of our Managing Director, Hayssam Fakhry. His vision and commitment have played a key role in guiding Interplast’s growth and positioning us as a regional leader,” said Mr. Abdullah Bahsoun, the Chief Finance Officer.

“We remain committed to driving industrial growth in Ghana and across Africa by delivering quality piping solutions that meet the evolving needs of our customers”, he added.

Interplast Ltd has played a pivotal role in Ghana’s construction and manufacturing sectors, providing high-quality pipe products such as HDPE, uPVC, PPR, Borehole, uPVC windows and doors, and irrigation solutions. The company contributes to Ghana’s development by creating jobs, promoting local manufacturing of durable products, and advancing sustainability through eco-friendly production and recycling initiatives.

The achievement, according to company representatives, is the result of the collective effort of Interplast’s dedicated workforce. From factory operators to sales and R&D teams, every employee has played a vital role in the company’s success. Interplast attributes its continued market leadership to a strong culture of collaboration, continuous improvement, and innovation.

As Interplast celebrates this milestone, the company remains focused on expanding its market reach, enhancing product offerings, and leveraging cutting-edge technology to sustain its growth trajectory. With a strong foundation and a clear vision, Interplast is poised to achieve even greater heights in the years to come. 

Interplast Ltd is a leading manufacturer of HPDE and uPVC pipes, uPVC windows and doors, and Irrigation systems in Ghana. Located on the Spintex Road, with a network of agents across the country, currently exporting to over 21 African countries. With a commitment to quality, innovation, and sustainability, the company continues to drive Africa’s industrial growth.

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

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

The United Kingdom’s Trade Envoy to Ghana, Bell Ribeiro-Addy, has arrived in the country for her first official visit, aimed at strengthening bilateral trade relations and promoting economic cooperation between the two nations. 

The four-day mission, which runs from May 19-22, 2025, will take place in Accra and Kumasi and marks a significant milestone since her appointment in January by UK Prime Minister Keir Starmer.

Appointed as part of the UK government’s global network of Trade Envoys representing British commercial interests in over 70 countries, Ms Ribeiro-Addy’s visit underscores the UK’s renewed strategic focus on partnerships across Africa, with Ghana as a key ally.

A UK government statement said during her time in the country, Ms Ribeiro-Addy is expected to hold high-level meetings with Ghanaian government officials and stakeholders, including the Minister of Finance, Dr. Cassiel Ato Baah Forson; Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare; and the Deputy Minister of Education, Dr. Clement Abas Apaak. Engagements will also involve senior government officials, traditional authorities, academic representatives, and UK business leaders operating in Ghana.

The discussions will centre on expanding trade and investment avenues, exploring mutual economic growth strategies, and strengthening cooperation between the UK and Ghana. In Kumasi, the Trade Envoy will tour two major projects supported by UK Export Finance (UKEF): the Kumasi Airport and the Komfo Anokye Teaching Hospital maternity block. These visits are intended to showcase the UK’s continued backing of infrastructure development in Ghana’s Ashanti Region.

Ms Ribeiro-Addy will also convene a roundtable with the Women’s Parliamentary Caucus, aimed at promoting gender-inclusive economic development and leadership.

“I am honoured to represent the UK in Ghana and look forward to engaging with our Ghanaian partners,” Ms Ribeiro-Addy said. “This visit is an important step in strengthening our trade relations and exploring new avenues for collaboration. I am confident that our discussions will pave the way for a brighter economic future for both our countries.”

The British High Commissioner to Ghana, Harriet Thompson, welcomed the visit, highlighting its importance for both nations. “We are thrilled to welcome Bell Ribeiro-Addy MP to Ghana. Her visit reflects our shared commitment to building stronger international partnerships, promoting global trade, and realising a vision of inclusive prosperity,” she said.

The envoy’s visit is expected to open new doors for investment and collaboration as Ghana and the UK seek to consolidate economic gains and promote inclusive development.

Dr. Cassiel Ato Forson, Minister of Finance

Minister of Finance, Dr Cassiel Ato Forson, has attributed the cedi’s recent strong performance in global currency rankings to the strategic interventions of the newly inaugurated Ghana Gold Board (GoldBod).

Speaking at the official inauguration of GoldBod’s Governing Board, Dr Forson declared that the cedi’s appreciation, 16.7% year-to-date as of 13 May 2025, was no coincidence but rather the result of “a robust and coordinated policy framework,” including the operationalisation of GoldBod.

“The GoldBod has already begun to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation,” he said.

Dr Forson highlighted how the GoldBod’s establishment was a major policy initiative championed by President John Dramani Mahama as part of a broader effort to reset Ghana’s economy.

“The Ghana GoldBod is a flagship initiative envisioned by His Excellency President Mahama for economic revitalisation,” he stated.

According to him, for too long, the gold trade in Ghana was dominated by fragmentation, unregulated players, and smuggling. This, he explained, denied the country much-needed foreign exchange inflows.

“That chaos has come to an end. The GoldBod is now the sole buyer and assayer of gold, with exclusive authority to license gold trade from Ghana’s small-scale mining sector,” Dr Forson announced.

The finance minister noted that the formalisation of the gold market through GoldBod has brought coherence to what was once a disjointed system involving the Bank of Ghana, PMMC, MIIF, and private entities.

“This paradigm shift will challenge traditional models reliant on old patterns,” Dr Forson remarked, adding that it would lead to more accurate forecasts and stronger foreign exchange buffers.

He stressed that gold was no longer just a mineral resource but a strategic asset.

“As Africa’s leading gold producer, Ghana must now fully harness its gold potential to support economic transformation,” he asserted.

Looking ahead, Dr Forson reaffirmed government’s confidence in GoldBod’s ability to drive sustainable growth and support a stable currency environment.

He encouraged the newly sworn-in Board to maintain the momentum and play their part in delivering economic prosperity.

“I urge the Board to work hard to support and sustain this trajectory,” he said.

“Together, let us help to propel President Mahama’s ongoing reset of Ghana’s economy.”

The finance minister concluded by assuring Ghanaians that with the GoldBod in full operation, the outlook for the cedi and the broader economy remains “robust, sustainable, and transformative.”