Featured

GraphicOnline

International News

Mar – 28 – 2025 , 07:08

1 minute read

The Minister of Finance, Dr. Cassiel Ato Forson, has said the government remains committed to fulfilling the conditions of the International Monetary Fund (IMF) programme.

He says the government is also ensuring the successful completion of the country’s debt restructuring efforts.

Dr. Forson acknowledged that Ghana had previously missed some structural benchmarks under the IMF programme.

However, he assured that his administration is actively addressing these gaps.

“We have taken concrete steps to correct the structural benchmarks that were missed under the previous government, and the results will soon be evident,” he stated during a meeting with the German Ambassador to Ghana, H.E. Daniel Krull.

On Ghana’s ongoing debt restructuring, Dr. Forson emphasized that the country has made significant progress and is now focused on finalizing individual bilateral agreements with its external creditors.

He appealed for Germany’s support in expediting the process, noting that securing these agreements is crucial for Ghana’s economic recovery.

Read Also: MPC of Bank of Ghana to announce major decisions during 123rd press conference today

In response, Ambassador Krull commended the Ghanaian government’s efforts and described the engagement as insightful. He also expressed Germany’s readiness to proceed with the signing of the necessary bilateral agreements to support Ghana’s financial stability.

Ghana’s collaboration with the IMF is part of broader efforts to restore macroeconomic stability and ensure sustainable growth. The government remains optimistic that ongoing reforms and international support will help position the country on a stronger economic path.

The Chief Executive Officer of Dalex Finance, Joe Jackson, has acknowledged that the scrapping of the E-Levy and betting tax will provide financial relief for Ghanaians but warns that the government faces a tough challenge in replacing lost revenue.

Speaking on Morning Starr with Joshua Kodjo Mensah, Mr. Jackson noted that these tax cuts, which align with public sentiment and the government’s manifesto promises, will free up an estimated GHS 2 billion in disposable income.

However, he cautioned that the country must now find ways to balance the budget without introducing new financial burdens elsewhere.

“Yes, it is true. Ghanaians have indicated that they don’t like the E-Levy. They find it as a double burden. Similar sentiments have been expressed about the betting tax,” he said. “It was also promised in the manifesto, and the government has followed through by scrapping them. To that extent, Ghanaians should be happy.”

While the tax removals are a positive development for consumers, Mr. Jackson highlighted that the government has already moved to offset the lost revenue by increasing taxes in other sectors.

“The mining companies have been asked to pay more in the Growth and Sustainability Levy, and the tax refund rate has been adjusted downward from 6% to 4%,” he explained. “These are the two main measures intended to counterbalance the revenue loss.”

When asked whether these measures would provide the necessary cushioning, Mr. Jackson expressed cautious optimism but maintained a level of skepticism.

“It will go a long way to provide relief, but there is some doubt that it will cover everything. At this moment, it is skepticism rather than specific knowledge. We will have to wait and see how well the revenue measures bridge the expenditure gap,” he stated.

The Dalex Finance CEO also weighed in on the government’s decision to extend the Special Import Levy until 2028, acknowledging that while such measures may not be popular, they are necessary given the country’s economic reality.

“We are coming from a period of crisis, where servicing our debt consumed 50% of our tax revenue. We are not out of the woods yet. Whatever happens, there’s going to be some amount of pain,” he cautioned.

He emphasized that Ghana’s economic recovery will require difficult decisions, noting that there is no quick fix to the country’s fiscal challenges.

“We are not going to get out of this situation in a painless manner. We’re not going to get out of this by spending our way out of it. We’re going to get out of this by facing up to the challenges, by taking the difficult decisions, and realizing that sometimes, there’s no substitute for the sacrifices we must make to better our future,” he stressed.

Reflecting on the government’s 2025 budget, Mr. Jackson described it as a “high-wire act” aimed at addressing multiple demands from Ghanaians while ensuring economic stability.

“Ghanaians had expressed clearly that they didn’t want certain taxes, but they also wanted other things. We wanted teacher training allowances paid. We wanted nursing training allowances paid. We wanted infrastructure. So it was always going to be a balancing act,” he noted.

While technical issues disrupted parts of the interview, Mr. Jackson’s core message remained clear Ghana’s tax cuts are a step toward financial relief for citizens, but the country must prepare for difficult economic adjustments in the coming years.

“At this moment, we all have to wish the government well so that it will be able to bring relief,” he concluded.

The Chief Executive Officer of Dalex Finance, Joe Jackson, has acknowledged that the scrapping of the E-Levy and betting tax will provide financial relief for Ghanaians but warns that the government faces a tough challenge in replacing lost revenue.

Speaking on Morning Starr with Joshua Kodjo Mensah, Mr. Jackson noted that these tax cuts, which align with public sentiment and the government’s manifesto promises, will free up an estimated GHS 2 billion in disposable income.

However, he cautioned that the country must now find ways to balance the budget without introducing new financial burdens elsewhere.

“Yes, it is true. Ghanaians have indicated that they don’t like the E-Levy. They find it as a double burden. Similar sentiments have been expressed about the betting tax,” he said. “It was also promised in the manifesto, and the government has followed through by scrapping them. To that extent, Ghanaians should be happy.”

While the tax removals are a positive development for consumers, Mr. Jackson highlighted that the government has already moved to offset the lost revenue by increasing taxes in other sectors.

“The mining companies have been asked to pay more in the Growth and Sustainability Levy, and the tax refund rate has been adjusted downward from 6% to 4%,” he explained. “These are the two main measures intended to counterbalance the revenue loss.”

When asked whether these measures would provide the necessary cushioning, Mr. Jackson expressed cautious optimism but maintained a level of skepticism.

“It will go a long way to provide relief, but there is some doubt that it will cover everything. At this moment, it is skepticism rather than specific knowledge. We will have to wait and see how well the revenue measures bridge the expenditure gap,” he stated.

The Dalex Finance CEO also weighed in on the government’s decision to extend the Special Import Levy until 2028, acknowledging that while such measures may not be popular, they are necessary given the country’s economic reality.

“We are coming from a period of crisis, where servicing our debt consumed 50% of our tax revenue. We are not out of the woods yet. Whatever happens, there’s going to be some amount of pain,” he cautioned.

He emphasized that Ghana’s economic recovery will require difficult decisions, noting that there is no quick fix to the country’s fiscal challenges.

“We are not going to get out of this situation in a painless manner. We’re not going to get out of this by spending our way out of it. We’re going to get out of this by facing up to the challenges, by taking the difficult decisions, and realizing that sometimes, there’s no substitute for the sacrifices we must make to better our future,” he stressed.

Reflecting on the government’s 2025 budget, Mr. Jackson described it as a “high-wire act” aimed at addressing multiple demands from Ghanaians while ensuring economic stability.

“Ghanaians had expressed clearly that they didn’t want certain taxes, but they also wanted other things. We wanted teacher training allowances paid. We wanted nursing training allowances paid. We wanted infrastructure. So it was always going to be a balancing act,” he noted.

While technical issues disrupted parts of the interview, Mr. Jackson’s core message remained clear Ghana’s tax cuts are a step toward financial relief for citizens, but the country must prepare for difficult economic adjustments in the coming years.

“At this moment, we all have to wish the government well so that it will be able to bring relief,” he concluded.

Kyle Kelhofer, Senior Country Manager-IFC

The International Finance Corporation (IFC) has highlighted the need for a business-friendly environment to foster sustainable economic growth, highlighting the private sector’s critical role in driving progress.

Speaking at the B-READY report’s launch, Kyle Kelhofer, Senior Country Manager-IFC, underscored the importance of a stable regulatory framework and enhanced market access in supporting businesses of all sizes.

He noted that while Ghana’s business environment has strengths, including labour quality and location competitiveness, procedural inefficiencies remain a significant challenge.

“Whether you are an SME, a scaling enterprise or a large corporation, a stable economic environment with strong legal and regulatory frameworks is essential for success,” Mr. Kelhofer said.

He stressed that improving regulatory processes and enhancing operational efficiency could unlock greater economic transformation.

The B-READY report, which assesses business readiness and investment climates, aligns with government’s recent National Economic Dialogue.

The report highlighted three key areas for fostering a more competitive economy: economic stability, meeting international standards and improving access to finance and markets.

The IFC’s Senior Manager pointed out the private sector’s role in sustainable development, tracing origins of the IFC to World Bank efforts to rebuild post-war economies.

Established in 1956, the IFC was designed to engage directly with the private sector to drive job creation and economic growth. Over the past decade, the IFC has provided more than US$200billion in financing globally, with US$40billion disbursed in the past year alone.

“Our goal is to mobilise private sector investment efficiently and effectively to create jobs and drive economic progress,” he said.

The report also pointed to taxation and investment incentives as areas requiring policy clarity and improved coordination.

Mr. Kelhofer stated that the efficiency of tax policies, rather than just the rates themselves, plays a crucial role in fostering a conducive business environment.

“Coordination and clarity in these processes are essential for a thriving business environment,” he added.

Market access was another priority outlined during the discussions. Kelhofer stressed the need for businesses to meet international standards to access global markets and expand their operations.

This, he argued, is vital for improving Ghana’s competitiveness on the international stage.

The B-READY report further identified procedural inefficiencies as a barrier to business growth. Streamlining these processes, Kelhofer suggested, would allow Ghana to capitalise on its existing advantages and accelerate economic progress.

The IFC’s engagement with policymakers, investors and entrepreneurs is expected to continue, focusing on fostering innovation and enhancing the business climate. Kelhofer reaffirmed the organisation’s commitment in working collaboratively to drive sustainable growth.

“By collaborating, coordinating and acting on today’s recommendations, we can create an environment that drives sustainable growth for years to come,” he said.

Gertrude Sackey Torkornoo and Charlotte Kesson-Smith Osei

Former Chairperson of the Electoral Commission of Ghana (EC), Charlotte Kesson-Smith Osei, sparked controversy on March 27, 2025, with a cryptic social media post amidst the ongoing process to remove Chief Justice Gertrude Sackey Torkornoo from office.

Her post coincided with Chief Justice Torkornoo’s formal request for copies of three petitions submitted to President John Dramani Mahama, seeking her removal.

Charlotte Osei posted a GIF of a woman sipping something, accompanied by the caption, “Sip sip …”

The post quickly gained attention on social media, with users drawing parallels between her previous dismissal and the current proceedings against the Chief Justice.

Many users suggested that Charlotte Osei was removed from office without access to the petitions filed against her, leading them to believe the current situation was a form of karma.

“Aunty Char, please, were you given copies of the petition? This Akan adage best describes what is going on: ‘) koto de3 ne bu dw3 na nyanyankyere de3 ne ho s)) n,’” one user commented.

Another user added, “What goes around comes around.”

One of the users lamented, “The stick we used to beat Takyi will be used to beat Baah.”

“Karma! My Queen, live the moment.”

“The stick we used to beat Takyi is the same stick we will use to beat Baah.”

“The God of heaven is putting your enemies to shame.”

“We’re using a bigger stick-on Baah!”

Meanwhile, in a letter to the President on Thursday, March 27, 2025, Chief Justice Torkornoo formally requested access to the petitions to enable her to respond accordingly.

“I am by this letter humbly and respectfully asking His Excellency the President and eminent members of the Council of State to forward the petitions against me to me and allow me at least seven days after receipt of the same to provide my response. This response can then form part of the material for consultations anticipated under Article 146 (6), before the possible setting up of a Committee of Inquiry under Article 146 (7),” she stated.

Her request follows President Mahama’s decision to consult the Council of State after receiving three separate petitions calling for her removal.

The Minister for Government Communications, Felix Kwakye Ofosu, confirmed that the petitions have been forwarded to the Council of State in line with Article 146 of the 1992 Constitution.

The Council of State is expected to review the petitions and advise the President on the next course of action.

Sip sip … pic.twitter.com/SemN7pVaoa

— Nana Ama (@char_osei) March 27, 2025

The stick that we use to beat Takyi no it is the same stick we will use to beat Baah. 😂😂😂

— Jay Spar Snr (@JaySpar1) March 27, 2025

“The stick we use to beat Takyi will be used to beat Baah” 😂

— #Let’sTalkGhana (@drgyimah) March 27, 2025

Aunty Char pls were you given copies of the petition?😀😀😀😀 This akan adage best describes what is going on” )koto de3 ne bu dw3 na nyanyankyere de3 ne ho s))n”

— Ama Ayim (@ayim_ama) March 27, 2025

Karma! My Queen live the moment.

— Frank (@kwazibruce) March 27, 2025

The God of heaven is putting your enemies to shame

— Darth vince (@Darthvince1) March 27, 2025

We’re using bigger stick on Baah!😂😂

— Dela,MD (@dr_Delaaa) March 27, 2025

What goes comes around

— NARTEH FKD ⚔️ (@kojofra86126627) March 27, 2025

Charlotte Osei didn’t receive a copy of her removal petition! Osono Maame should not be given one as well! pic.twitter.com/uzKbmVMRze

— POLITICAL EXPOSES (@PExposes) March 27, 2025

Charlotte Osei lamented to be given a copy of the petition that sought her removal.

But all she deceived was a deride on her: go to court. RESETTING is happening. pic.twitter.com/XF3n0ThFvG

— MPK 𓃵 (@MPKwarteng_) March 27, 2025

AM/KA

Meanwhile, catch the first in the series of our special episodes on Forgotten Forts on People and Places on GhanaWeb TV below. This episode focuses on Fort Amsterdam at Abandze:

Ras Mubarak, Ama Pratt and Kwame

Former Member of Parliament for Kumbungu, Ras Mubarak, and Kwame Owusu Danso, the running mate to Movement for Change’s presidential candidate for the 2024 elections, Alan Kyerematen, clashed on social media over the appointment of Maame Ama Pratt as the Press Secretary to Vice President Professor Naana Jane Opoku-Agyemang.

Ras Mubarak, in a social media post on March 26, 2025, took a swipe at veteran broadcaster Kwesi Pratt Jnr., the father of Ama Pratt, following his frustrations with politically motivated appointments under the current government.

Sharing his opinion, Mubarak criticized Pratt for complaining about the appointment of NDC members while his daughter, whom he believes is not a party member, had been appointed to serve in the ruling government.

He questioned whether individuals affiliated with the party were undeserving of such appointments.

His comment did not sit well with Kwame Owusu Danso, who is also the husband of Ama Pratt.

Danso accused Ras Mubarak of making no significant contributions to the NDC government while complaining about appointments.

“Ras Mubarak, you’re a bitter soul. Tell us what your contributions were in the election, and produce receipts. Ego over you! All those who called bloggers to attack Maame Pratt, they have called me,” Kwame Danso wrote in response to Ras Mubarak. However, he later deleted his post.

Ras Mubarak did not take the criticism lightly and fired back, accusing Kwame Danso of failing to convince his own wife to support his political movement.

“You? Kwame Owusu Danso? Such a weasel of a character also wants to talk? A man who is incapable of even convincing his wife to vote for the candidate he was running mate to? I don’t know what Alan was thinking with this immature, inconsequential person as running mate.

“I’ve told your madam when she contacted me to caution you.

“If you cross my RED LINES, I’ll strip you naked and send you back to the hole where weasels belong.”

AM/KA

Meanwhile, watch how the former NSS director general was picked up by the NIB

The Monetary Policy Committee of the Bank of Ghana (BoG) will be holding its 123rd press conference today Monday March 28 to announce major decisions taken during the sitting, which started on Monday, March 23.

The press conference will be chaired by the Governor of the Bank of Ghana, Dr Johnson Asiama.

During the opening of the MPC sitting on Monday, Dr Asiama said, among other things, that the external environment, though currently supportive, is becoming increasingly volatile.

He observed a strong trade surplus and solid reserve build-up on the back of gold exports and remittance flows.

But, he said, a possible escalation in global tariff wars, rising geopolitical tensions, and weakening Chinese demand could quickly shift the dynamics.

“These global factors could also have spillover effects on inflation, capital flows, and exchange rate stability,” he said in his opening remarks during the 123rd Monetary Policy Committee (MPC) sitting on Monday, March 23.

Dr Asiama noted that while inflation is easing, it remains uncomfortably high, at over 23 percent, and progress has been slow, particularly on a month-on-month basis.

“For instance, structural drivers of food inflation remain persistent,” he said.

Domestically, Dr Asiama said, the 2024 fiscal outturn was expansionary, with the deficit exceeding program targets.

“We have seen encouraging signs of consolidation early in 2025, but questions remain as to whether current measures are adequate to anchor expectations and satisfy upcoming IMF programme reviews,” he said.

READ ALSO: Bank of Ghana’s MPC to start its 123rd meeting today to review developments in the economy

He further noted that financial conditions are evolving quickly.

“Liquidity in the system has increased, commercial banks have raised concerns about the CRR framework, and we must carefully assess its macrofinancial implications—especially with respect to inflation, foreign exchange demand, and credit growth,” he said.

He also said that while private sector credit is recovering in nominal terms, real credit growth remains modest.

“Banks are still cautious, and NPL levels remain a concern. Meanwhile, our microfinance and rural
banking sectors are showing early signs of stability, but recapitalization and regulatory reforms
must continue to preserve confidence.

“We must also acknowledge that some of today’s challenges stem from earlier monetary and fiscal
policy missteps—particularly loose fiscal policy during periods of macro stress, weak monetary-fiscal coordination, and delays in key structural reforms. These contributed to elevated inflation,
impaired policy transmission, and a loss of credibility.

“It is essential that we reflect on these issues—not to assign blame, but to strengthen our institutions and avoid repeating past mistakes. There are also deeper, structural issues we must not lose sight of—such as underinvestment in agriculture, persistent exchange rate misalignments, and the need to deepen domestic financial markets. These are outside the scope of today’s immediate rate decision, but they will shape the broader monetary policy landscape over the medium term.”