Bank of Ghana cautions public over rejection of coins

‎The Bank of Ghana (BoG) has raised concerns over the continued rejection of coins, especially the 10 and 20 pesewa denominations, warning that such conduct could disrupt the country’s efforts to maintain economic stability.

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‎In a citinewsroom.com report, the Central Bank reminded the public that all coins and banknotes it issues are valid legal tender and should be accepted in all monetary transactions.

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‎This message was delivered by Dominic Owusu, Head of Currency Management at the BoG, during the opening session of a currency management and forecasting workshop organised by the West African Institute for Financial and Economic Management (WAIFEM) on Monday, July 14, 2025.

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‎He has reiterated that all legally issued currencies, including coins, must be accepted by the public.

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‎“Please accept the coins. No one should reject any coin legally issued by the Central Bank” he stated.

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‎He is urging Ghanaians to use all denominations from the smallest pesewa coins to the two cedi coin since they are all recognised as legal tender.

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‎According to him, coins play a key role in maintaining price and without them, traders may be tempted to round up prices, which can contribute to inflation.

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‎Additionally, coins have a longer lifespan compared to paper notes, helping the country save money on printing and replacement costs.

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‎DR/MA

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Kiev, July 15 (Xinhua/GNA) – Ukrainian Prime Minister Denys Shmyhal submitted his resignation to parliament on Tuesday.

Shmyhal has served as the Ukrainian prime minister since March 2020. In a post on Telegram, Shmyhal shared his resignation letter and expressed gratitude to Ukraine’s servicemen and to President Volodymyr Zelensky.

His resignation follows Zelensky’s announcement on Monday that he had offered First Deputy Prime Minister and Economy Minister Yulia Svyrydenko the position of Prime Minister.

GNA/Credit: Xinhua

The Chamber of Petroleum Consumers-Ghana (COPEC) has described the government’s decision to scrap fuel allowances for political appointees as “commendable and forward-thinking.”

President John Dramani Mahama on Tuesday, July 15, 2025, announced the immediate cancellation of all fuel-related benefits and allocations to political appointees.

The directive, which is part of efforts to cut government spending and promote fiscal discipline, was communicated in a statement issued by the Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu.

According to the statement, the move forms part of a broader cost-cutting strategy under the Mahama administration’s Reset Agenda, aimed at redirecting public funds to critical development priorities.

Reacting to the announcement, Executive Secretary of COPEC, Duncan Amoah, welcomed the decision and called for transparency in how the resulting savings will be utilised.

“We also, demand that, the monies that would have been used in providing fuel for the appointees that has been scrapped forthwith be put into an account and the proceeds of same, be used for specific public projects that will benefit both current and future generations to serve as a testament of the current government’s prudent management and utilisation of public resources,” COPEC stated.

Read below the full statement by COPEC

CHAMBER OF PETROLEUM CONSUMERS-GHANA
ACCRA

15-07-2025

GOVERNMENT SCRAPS FUEL ALLOWANCES FOR ALL ITS APPOINTEES

The decision by the government to effectively immediately scrap all allowances for fuel for every appointee of the president is commendable and forward-thinking, albeit a few things will have to be considered forthwith.

Fuel allowances over the years have been enjoyed by virtually all Article 71 office holders, appointees of the president and other public officers to make mobility easier for these important public office holders in addition to the age provision of vehicles, fully serviced and fueled by the state.

Our recent checks indicate averages of about 833 litres or 185 gallons per appointee per month.

These figures are staggering, though some appointees do receive way more than these average figures.

The above serves as an indication of how much the state expends on public office holders aside, providing them with ultra-new vehicles and maintenance of the same.

While we believe appointees should be catered for in a way as to reduce the tendency to be corrupted while holding public offices, we also believe the excesses of office ought to be curtailed and for that reason, we view this new directive by the President as completely laudable and commendable.

Given the above, however, it is our demand herewith that all other public office holders’ emoluments and gratuities be reviewed going forward to reflect the current economic status of the country as the government seeks to advance austerity in public spending.

We also, demand that, the monies that would have been used in providing fuel for the appointees that has been scrapped forthwith be put into an account and the proceeds of same, be used for specific public projects that will benefit both current and future generations to serve as a testament of the current government’s prudent management and utilisation of public resources.

We also further encourage the Government to consider the adoption and assembly of electric or solar-powered vehicles for public office holders going forward as has been proposed by the Minister of Energy and Green Transitions.

The departure from high consuming landcruisers and other vehicles will go a long way in eliminating the need to at any point in time, restore the now scrapped fuel allowances by the current government.

To end, we want to encourage, the Government to audit the petroleum price build up as some taxes on the current price build up have outlived their purposes and should be removed to give respite in the face of the imminent introduction of the new one Ghana cedis per litre levy which is set to come into effect on the 16th of July, 2025.

Signed.

Duncan Amoah.
Executive Secretary.

Mahama scraps fuel allowances for appointees

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Dr Johnson Pandit Asiama is the BoG Governor

The Governor of the Bank of Ghana, Dr Pandit Asiama, has said the local currency has appreciated by over 42% from the beginning of the year to June 2025.

According to him, this was achieved through synchronised policy execution through fiscal discipline in the foreign exchange market.

The governor noted that the gains made have reversed almost all the losses made in the last 2 to 3 years.

The Ghana cedi gained steadily on the FX market this year, moving from GH¢17 to GH¢10.30 on the interbank market.

Speaking during the Graphic Business and Stanbic Bank Breakfast Meeting held in Accra on Tuesday, July 15, 2025, he said, “The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023.”

The governor intimated that the BoG maintained a firm disinflation stance, raising and holding the monetary policy rate at 28%.

He noted that the bank conducted an active Open Market Operations (OMO) to absorb excess liquidity and enforce discipline in the foreign exchange market through structured FX auctions and forward guidance.

“These actions were not in isolation. They were reinforced by the Ministry of Finance’s commitment to fiscal consolidation, as captured in the 2025 Budget and aligned with the structural benchmarks of the IMF programme,” he noted.

Contrary to reports of market intervention, the governor stated that “what we are witnessing is the power of synchronised policy execution where the central bank’s inflation-targeting mandate and the government’s expenditure rationalisation converge to restore credibility, stabilise expectations, and anchor the Cedi”.

SSD/AME

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The High Court in Amasaman has declined the bail application of Patricia Asiedua Asiamah, popularly known as Nana Agradaa, pending the determination of her appeal.

Bernard Kofi Asamoah, a member of Agradaa’s legal team, confirmed the ruling on Tuesday, 15 July.

He explained that the court refused the bail request and has directed the Circuit Court to furnish all relevant documentation on the appeal.

“We wanted bail pending appeal, and the court did not grant it. The court has given an order that the Circuit Court furnish the court with all the processes needed for the appeal. We will continue the appeal process,” Mr Asamoah stated in an interview with Accra-based Citi FM.

Agradaa was sentenced on 3 July 2025 by the Accra Circuit Court, under Judge Evelyn Asamoah, to 15 years’ imprisonment with hard labour on two counts of defrauding by false pretence, alongside a conviction for charlatanic advertisement.

The charges stemmed from a televised 2022 money‑doubling scheme broadcast on her Today‑TV channel, through which Agradaa solicited funds under the promise of doubling them.

Her legal team lodged a notice of appeal on 7 July, challenging both the conviction and sentence.

They argue that the trial was marred by unfairness and characterised by judicial bias. In court filings, they contended that the judgment lacked evidentiary basis, the sentencing judge demonstrated partiality, and the 15‑year term was “harsh and excessive”.

Following the High Court’s refusal to grant bail pending the appeal, Mr Asamoah confirmed the team remains fully committed to pursuing all legal remedies available.

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.

This date, July 4, 2025, would continue to sting Nene Buer Boyetey for a long time to come, unless something extraordinary happens, and reverses the horrendous experience of the night – and that must be the discovery and recovery of his stolen phone.

Nene works in the creative industry, and like many creatives, has come to depend heavily on his phone – he types ideas, contacts, plays around with AI and so on – on this phone, an iPhone.

It was the winding down of a normal day that fateful July 4 night. He was driving. The time was around 10pm at Abelemkpe junction in Accra, when a miscreant invaded his car as he drove, put the hand in the car and snatched away his 512GB iPhone 11 Pro Max in a blink. He didn’t realise when a sudden rush of trepidation, mixed with anger rushed through his entire body. He felt the trauma of the incident. His phone, which held precious drafts, including work for clients and video clips vanished into the night. He frantically made a post on Facebook calling for help. He later made a report to the police.

An hour later, he tracked the phone to Kpone Katamanso. The following day, tracking the phone, he went with three armed police officers to Kpone Katamanso, to some slums, broke into three rooms, but found nothing. He is still reeling from the pain, anger and despair, while he looks for ways to get around work.

If Ghana had a CEIR to track missing or stolen phones

But Nene and other victims of mobile phone thefts wouldn’t have to go through too much emotional turmoil if Ghana had set up a Central Equipment Identity Registry (CEIR).

So far, India is known to have deployed the CEIR system with some success. The CEIR is a technology that is used as a database of mobile phones in a particular jurisdiction. Once the mobile devices are registered onto the system using their unique International Mobile Equipment Identity (IMEI) numbers, the CEIR is used to manage and track them when they are reported missing or stolen.

The CEIR is an effective and efficient technology for combating mobile phone thefts and misuse. The technology also becomes useful as a central database to identify and manage devices across different networks.

Every mobile phone has a unique 15-digit IMEI number. The IMEI number is like a fingerprint for the device and can be used to manage and track the device using the CEIR. If and when a phone is lost or stolen, the victim would make a police report, then logon to the CEIR platform, create an account and report the missing phone. The system then blocks the phone. Once the phone is blocked its IMEI is blacklisted and shared with all mobile service providers – this makes the phone useless. It can’t be registered on any network within the country.

No public data on stolen phones

Even though mobile phone thefts are increasing, with some happening in broad day light, there is still no publicly available data on the number stolen at any given time.

A CEIR will serve as a solid database of missing or stolen phones, as well as misused phones – especially in the cases of mobile money fraud and or crimes involving mobile phones. A CEIR would also enable smooth operation for law enforcement, and build up confidence of the citizens in the security services.

CEIR and counterfeit phones

There are many counterfeit phones in the system. The CEIR is a useful system for blacklisting them as all dealers would be required to register phones being sold in the country – that way counterfeit phones would be weeded out of the system.

CEIR can boost tourism

The deployment of the CEIR can serve to boost tourism in the country. Visitors to the country often fall victim to mobile phone thieves. The operationalisation of the CEIR can deter thieves, because there would be no place to hide, and tourists would be confident visiting Ghana where there would have no fear of losing their phone to thieves.

Ghana urgently needs to invest in the CEIR technology now, because mobile phone thefts is on the rise and citizens are losing too much – financial loss, physical damage, as in knife attacks in some instances, and emotional pain. The CEIR would certainly curb the theft of devices and make the public use and carrying of mobile phones safe.

By Emmanuel K Dogbevi

Ghana’s Ambassador to Morocco, Her Excellency Charity Gbedawo, has revealed that the payment of outstanding allowances to the Black Queens provided a significant morale boost ahead of their 4-1 win over Tanzania at the 2024 Women’s Africa Cup of Nations (WAFCON).

According to the ambassador, the Ministry of Sports intervened swiftly to ensure all financial obligations to the team were honoured before the crucial final Group C match.

“I told you earlier that we were having some challenges with regards to their finance and things. But the Minister for Sports quickly intervened and dispatched the accounting officer to come and sort them out,” she told reporters in Morocco.

The victory over Tanzania secured Ghana a place in the quarterfinals, where they went on to defeat Algeria 2-0 to advance to the semifinals.

Ambassador Gbedawo said the financial clarity, coupled with support from the embassy, helped lift the players’ confidence heading into the group decider.

“So, it also boosted their morale, with the little support that the embassy also gave. So, we are not surprised.

“We are grateful to God that we have made it. And I know that they are going to make Ghana proud.”

Ghana will face Algeria in the semifinals on Saturday, July 19.

The Bank of Ghana (BoG) has issued a stern warning that the widespread rejection of 10 and 20 pesewa coins threatens price stability and could exacerbate inflation. D

ominic Owusu, Head of Currency Management at the BoG, emphasized that all coins and notes issued by the central bank remain legal tender and must be accepted for transactions without exception. This practice has become increasingly common in small-scale commerce, prompting concerns about its macroeconomic repercussions.

Speaking at a currency management workshop organized by the West African Institute for Financial and Economic Management (WAIFEM), Owusu clarified that refusing coins disrupts payment systems and encourages price rounding. Such rounding artificially inflates prices, directly countering national efforts to control inflation. He urged the public to accept all denominations, including one pesewa to two-cedi coins, stressing that “there is no justification for rejecting legally issued currency.”

The BoG highlighted additional benefits of coin usage, noting their durability reduces long-term currency production and replacement costs compared to paper notes. The warning aligns with intensified public education campaigns to promote currency integrity as a pillar of macroeconomic stability. Concurrently, the WAIFEM workshop is exploring advanced currency management strategies, including AI-driven fraud detection, digital currency developments, and big data applications.

John Dramani Mahama is President of Ghana

President John Dramani Mahama is in the trends across social media platforms particularly on X following a major cost-cutting directive announced in the early hours of Tuesday, July 15, 2025.

The announcement, made by the Minister of State for Government Communications, Felix Ofosu-Kwakye revealed the cancellation of fuel allowances for all political appointees.

According to the statement, the directive takes immediate effect and forms part of the government’s broader efforts to reduce government expenditure.

The government also disclosed that savings from the cancelled allowances will be redirected to support key national development priorities.

The move is in line with previous cost-cutting measures, including the discontinuation of satellite TV subscriptions for offices at the presidency.

The development has sparked widespread conversation online, with hashtags like #Mahama and #AbanPapaAba trending, as many users praise the president for taking decisive action to curb public spending.

However, not all reactions have been positive, some have criticised it as a public relations tactic just to win the minds and hearts of Ghanaians.

Read some of the posts under the trending topic below:

Mahama is him

— 𝔸𝕝 𝕍𝕒𝕣𝕠 𝕏 (@al_varo777) July 15, 2025

Let Just Clap For President Mahama For This One👏👏👏👏👏👏👏👏👏👏👏

The Next Thing, They Should Buy Their Own Cars Out of their Salaries ✍️✍️ pic.twitter.com/yhqY3V5xDC

— Sirh Gabby (@GabbySirh) July 15, 2025

No fuel allowance for all appointees. President Mahama is doing all the right things, Ghana will work again🙏#AbanPapaAba #AccountabilitySeries pic.twitter.com/sCpJEDBmfx

— Amimaaliba Nsoh (@amimaaliba) July 15, 2025

As an ordinary Ghanaian, this is the leadership we need. Cutting appointees’ fuel perks saves millions monthly and money now freed for real priorities like ambulances, schools, and dumsor solutions. When our leaders feel the pinch like us, they’ll finally fix wasteful spending.…

— Nana Grant (@SierraSec_NG) July 15, 2025

Mahama is just lashing Ghanaians with good governance.

All Ghanaians should ask the NPP members and supporters this question.

Why should we vote out this government (NDC) to allow you (NPP) to take power when everything is in the right direction?

— Nanan (@Nana_Realest) July 15, 2025

That’s good to see! At least we finally have a president who thinks critically.

— aBELIEVAH 🧜🏿‍♂️ (@aBelievah) July 15, 2025

This is the kind of sacrifice we rarely see from leadership no special treatment, no excuses.

If the top is making cuts, it’s time for everyone else to follow suit.

Ghana might just be witnessing a leadership reset.

Thoughts?

— 2xnmore (@2xnmore) July 15, 2025

Mahama 2.0 is what we have been dreaming about.

Long, may it continue.

— Evans (@e_naban) July 15, 2025

This is what I voted for 🫡

— Eric Boateng 🇬🇭🇩🇪 (@ericboatenggh) July 15, 2025

Which ever money this government will save by doing this will still end up in the pockets of appointees. The important thing is for government to create jobs for the youth

— Maame Yaa Afriyie (@YaaMaame76272) July 15, 2025

Now those who use government vehicles for their personal businesses must buy their own fuel. Those who only watch DSTV at their offices must pay for it. Good job, Mr. President.

— Walking Prayer (@WalkingPrayer1) July 15, 2025

They should continue lying to us

Those in public sector know that it is how you capture your MEMO that determines how to retire it

So these guys will be taking money for fuel and just capture it in their memo with different activities

It is only those who know nothing about

— Pigin bloka (@MrOwusu_Yaw) July 15, 2025

Wow. Such a bold decision.

Mahama will leave a legacy 🔥

— Bosshood Donkor (@NsemHa) July 15, 2025

SP/MA

Cheque Fraud EXPOSED: How it works and how to stay safe

How Virtual Reality is enhancing business and customer experience

The Ministry of Communication, Digital Technology and Innovations has conducted a hybrid introductory Artificial Intelligence (AI) training for designated focal persons from various Sector Ministries and Key Institutions. This training forms a key preparatory step ahead of the upcoming AI Capacity-Building Bootcamp Workshop targeted at Cabinet Ministers.

Held at the Ministry’s conference room in Accra, the session was aimed at equipping selected participants with foundational AI knowledge and competencies needed to support their respective ministers and lead AI initiatives across government structures.

The Director of Human Resources, Mr. Joseph Tetteh, delivered remarks on behalf of the Minister for Communication, Digital Technology and Innovations, Hon. Samuel Nartey George, during the opening ceremony.

According to the Minister, the session follows the recent Ministerial Executive Leadership Programme (ELP) in Ada, where consensus was reached on the urgency of using AI as a tool for the effective and efficient delivery of the Government’s Reset Agenda.

The Honourable Minister revealed that he was subsequently tasked to lead the national effort, highlighting the Ministry’s renewed mandate to spearhead Ghana’s digital transformation agenda and build institutional capacity to harness the full potential of emerging technologies, especially Artificial Intelligence.

He emphasized that while introducing all Sector Ministers to the basics of AI is important, the long-term success of the initiative will depend on well-prepared focal persons across Ministries, Departments, and Agencies (MDAs).

“These individuals will be equipped with core knowledge of AI in governance and positioned as internal champions to drive its successful integration within their institutions, moving innovation and data-driven decision-making beyond rhetoric.”

–Mr. Joseph Tetteh, The Director of Human Resources, Ghana. 

The foundational training is also expected to lead to the formulation of sector-specific AI strategies that will be endorsed by the President and incorporated into Ministries’ Key Performance Indicators (KPIs), tracking their use of AI in achieving the Reset Agenda.

“The Ministry is fully committed to fostering an enabling environment for improved public service delivery through AI tools and solutions, aiming to enhance efficiency, transparency, and evidence-based policymaking.”

–Mr. Joseph Tetteh, The Director of Human Resources, Ghana.

The initiative reflects Ghana’s broader commitment to building AI readiness across public institutions and aligning national priorities with the digital age.

Introduction

Ghana’s entrepreneurial spirit is strong and thriving. Ghanaians in cities, towns, and even remote villages are turning to self-employment as a means of achieving financial independence and flexibility. With soaring teenage unemployment and few formal job possibilities, the temptation of beginning a profitable “one-man” firm, which requires little to no personnel, is greater than ever.

These firms are inexpensive, location-independent, and driven by human ability, passion, and perseverance. Whether you live in Accra, Tamale, Keta, Sunyani, or Bimbilla, there is always room to start small, grow gradually, and produce revenue. This article delves into genuine, realistic, and profitable one-man company ideas that Ghanaians are successfully running today, enterprises that you, too, may start and run anywhere in the country.

Mobile Money Agent Business

As Ghana’s mobile money penetration grows, becoming a mobile money (MoMo) agent remains one of the most accessible and successful businesses in the country. MoMo agents are required in every community, whether in the form of a kiosk, container, or a wooden table under a shed. The requirements include a mobile phone agent SIM from MTN, Telecel, or AT, basic ID papers, and a working capital of GHS 1,000 – GHS 5,000.

Your potential profits Depending on transaction volume, agents might earn between GHS 500 and GHS 3,000 per month. To improve earnings, consider adding other services such as airtime sales and utility payments. To diversify their service offerings, I recommend that entrepreneurs engage with a bank or fintech startup such as Zeepay.

Freelance Graphic Design or Social Media Management

As more small businesses go digital, the demand for creatives graphic designers, brand strategists, and social media managers have increases dramatically. If you have digital skills, a laptop, and internet connectivity, you can provide services from any location in Ghana. To promote your services, you’ll need a laptop, an internet connection, Canva, Adobe Photoshop, or CorelDRAW, and WhatsApp or Instagram. Profit Potentials include Freelancers charge between GHS 100 and GHS 500 each design project. Monthly retainers for social media management run between GHS 800 and GHS 2,500.

Local Food Vendor / Delivery Cook

If you are a good cook, you can convert your kitchen into a company. Everyone enjoys fresh, home-cooked meals, especially working professionals, students, and single men. You do not need a restaurant or a fancy kitchen to get started. Popular meals include Waakye, Fried rice and chicken, Banku with tilapia, and Light soup with fufu. I recommend that anyone interested in this business market their menu using WhatsApp status, Facebook, and neighbourhood forums.

Provide pre-orders as well as delivery or pickup options. Ama’s Bowl, situated in Kasoa, began by delivering rice bowls to office workers every day. She is currently catering to parties and events. Your possible profits include: A GHS 15–GHS 20 dinner can provide 30-50% profit margins. With 20 orders everyday, you might make up to GHS 2,000 per month.

Phone and Laptop Repair Services

Ghana’s technology repair and mini-import business is expanding. With minimal materials and abilities, phone or laptop repairs might earn between GHS 1,500 and GHS 4,000 per month. You can work from home or at a roadside kiosk. Mini-importing fashion, electronics, or cosmetic products from China, Turkey, or Dubai and selling on WhatsApp, Jumia, or Instagram is also profitable.

Begin with GHS 500-GHS 3,000, establish a social media presence, and find a reputable supplier. Profits might surpass GHS 2,000-5,000 per month. Kobby Collections, for example, conducts his entire business from home using TikTok.

Agriculture-Based Solo Ventures (e.g. Snail or Mushroom Farming)

You don’t need acres of land to start your own agri-business. Small-scale farming of high-value, low-maintenance products such as snails, mushrooms, and catfish is becoming popular. Snail farming examples: Setup cost: GHS 1,000 to GHS 3,000, Use your backyard or small land plot to market to hotels, restaurants, and local markets. Your Profit Potential: A GHS 1,000 snail farm can produce GHS 5,000 or more in 6 months if properly scaled.

Conclusion

Being a one-man business owner in Ghana today does not imply being tiny indefinitely. It entails starting with what you have and moving up gradually. Whether you’re a university graduate, pensioner, stay-at-home mom, or a young entrepreneur with a smartphone, there’s a lucrative one-man business waiting for you. With digital tools, mobile banking, and growing internet availability, entry barriers are lower than they have ever been. Focus on providing value, remain consistent, and leverage your network to market your business.

15 out of 21 banks in Ghana recorded losses due to the DDEP

The International Monetary Fund (IMF) has noted that some banks, including one state-owned bank, are still struggling to meet their recapitalisation requirements.

According to the Fund, most of the 13 banks that recorded capital deficits following the Domestic Debt Exchange (DDE) have now met or exceeded their recapitalisation requirements as of the end of 2024.

The IMF’s Country Report on Ghana attributes this improvement to strong profitability and support from the Ghana Financial Stability Fund (GFSF), adding that these banks are on track to restore the Capital Adequacy Ratio (CAR) of 13% without relief by the end of 2025.

The IMF stated that the government is working to support the struggling banks as part of efforts to strengthen the country’s financial stability.

It noted that financial sector stability has been maintained following the DDE; however, banking sector recapitalisation has progressed more slowly than expected.

“The authorities have taken intensified actions to address undercapitalised banks. Looking ahead, further strengthening financial sector stability requires fully implementing the plan to strengthen NIB, finalising the reform strategy to support state-owned banks’ viability and sustainability, and developing contingency plans to address weak banks that fail to recapitalise,” the report stated.

The Fund added that, “However, despite shareholder and/or GFSF capital injections, a few banks (including one state-owned) are materially behind on their recapitalisation schedule due to slow progress against shareholder capital commitments, higher NPLs, and/or delayed booking of credit impairments and required provisioning identified under the BoG’s 2023 asset quality assessments.”

According to the report, these banks are under intensified monitoring by the Bank of Ghana (BoG) and are subject to corrective measures aimed at accelerating their recapitalisation plans to achieve a CAR of 13% by the end of March 2025.

“Parliamentary approval and implementation of the World Bank-funded segment of the GFSF could help some banks achieve CAR targets by end-2025, provided that they secure capital injections sufficient to reach capital levels eligible for access,” the Fund projected.

The IMF further emphasised that, “Stepped-up efforts to improve the crisis management and resolution framework, enhance financial-sector safety nets, and address legacy issues at the specialised deposit-taking institutions are also important.”

Earlier reports indicated that 15 out of 21 banks had recorded losses as a result of the Domestic Debt Exchange Programme.

SSD/MA

Cheque Fraud EXPOSED: How it works and how to stay safe