Dr John Abdulai Jinapor is the Minister of Energy and Green Transition

The Minister of Energy and Green Transition, Dr John Abdulai Jinapor, has refuted assertions that the GH¢1 Energy Sector Levy introduced by the government will burden Ghanaians by leading to an increase in fuel prices.

Speaking on the floor of Parliament on June 3, 2025, John Jinapor assured that the levy will in no way increase the price of fuel products.

He said that the introduction of the levy is a smart move by the government to raise revenue without burdening Ghanaians unduly.

“Members of John Mahama’s administration, when we are taking pragmatic steps, smart moves, intellectual moves to address the situation, you want to antagonise us. Please, retreat, retreat, because this will not help you.

“Mr Speaker, let me assure you that, unlike the previous administration, we decided to use extra proceeds to pay for pension funds; we will use these funds judiciously for the energy sector. And I tell you, we are determined to turn this sector around,” he said.

Jinapor added; “Mr Speaker, on this auspicious note, let me make it clear that irrespective of the GH¢1, we are not going to see an increase in the pump price in the petroleum sector. It is only an intelligent government that can do this. It’s only a smart government. It’s only a government with acumen that can do this.”

He also accused the opposition of misinforming Ghanaians about the levy just to score political points.

“You were in power for 8 years, you messed the economy up, you took it to the IMF. You gave us a haircut, you gave us higher inflation, a higher exchange rate, and when we have taken over and we are turning things around, you want to instigate the people against us. It will not work, Mr Speaker. Mr Speaker, the people of Ghana know better. And I tell you that we will turn this economy around. I have confidence in President Mahama, and I have confidence in Ato Forson, who is forcing.”

“I tell you that we will turn this economy around. I have confidence in President Mahama, and I have confidence in Ato Forson — who is forcing.”

— John Jinapor, Minister for Energy and Green Transition pic.twitter.com/obJXt8tYwp

— DailyGraphic GraphicOnline (@Graphicgh) June 4, 2025

About the Energy Sector Levy:

The Energy Sector Levy (Amendment) Bill, 2025, which imposes a GH¢1 fee on petroleum products, was approved by Parliament on Tuesday, June 3, 2025.

The contentious bill was approved with the goal of generating more money to pay off the country’s chronic energy sector debt and guarantee a steady supply of electricity.

The overall debt of the energy sector as of March 2025 is US$3.1 billion, according to Finance Minister Dr Cassiel Ato Forson, who laid the measure under a certificate of urgency.

He added that in order to pay off this debt in full, at least US$3.7 billion will be needed, and an extra US$1.2 billion will be needed to buy the fuel that thermal power plants need to run throughout 2025.

BAI/AE

File photo of a vehicle being refuelled

A member of the National Democratic Congress (NDC) National Communications team, Wonder Madilo, has said that the GH¢1 Energy Sector Levy would not significantly impact Ghanaians due to effective rate management.

He said this during a panel discussion on TV3’s New Day on Wednesday, June 4, 2025.

According to him, given the effective management of Ghana’s exchange rate, a slight increase of GH¢1 in fuel prices won’t have a huge impact on the average Ghanaian.

“It won’t translate into a huge burden on the Ghanaian because the currency, which is the exchange rate, is being managed, and managed effectively,” he said.

The NDC communicator said that the focus should be on prudent management of our economic initiatives and debt obligations to strengthen Ghana’s footing on the global market and draw in investors.

“It is not how much is being introduced; for me, it is how much we are managing the introductions, how much we are managing Ghana on a good footing in order to go to the international market and attract investments,” he further explained.

About the Energy Sector Levy:

The Energy Sector Levy (Amendment) Bill, 2025, which imposes a GH¢1 fee on petroleum products, was approved by Parliament on Tuesday, June 3, 2025.

The contentious bill was approved with the goal of generating more money to pay off the country’s chronic energy sector debt and guarantee a steady supply of electricity.

The overall debt of the energy sector as of March 2025 is US$3.1 billion, according to Finance Minister Dr Cassiel Ato Forson, who laid the measure under a certificate of urgency.

He added that in order to pay off this debt in full, at least US$3.7 billion will be needed, and an extra US$1.2 billion will be needed to buy the fuel that thermal power plants need to run throughout 2025.

DR/BAI

Government has introduced a GH¢1 Energy Sector Levy

An energy analyst, Kwadwo Poku, has pointed out that the government is effectively imposing a cumulative tax of GH¢2 per litre on fuel, rather than the announced GH¢1 under the Energy Sector Levy.

According to him, when all existing taxes on fuel are added up, the total comes to approximately GH¢2 per litre.

The government recently introduced an Energy Sector Recovery Levy to cover the cost of liquid fuel for thermal power plants.

Poku explained, “The government is collecting GH¢2, not GH¢1. According to the budget, they had already introduced 95 pesewas. With this new addition, the total levy is GH¢1.95 on petrol and GH¢1.93 on diesel.”

He noted that the levy could raise about $1 billion annually from petroleum taxes alone, a burden he says will deepen the financial strain on consumers.

“You want Ghanaians to pay an extra one billion cedis every year through petroleum taxes, yet we are already burdened with high electricity bills,” Poku lamented, as quoted by myjoyonline.com

He also questioned the fiscal strategy behind the policy, citing poor projections and a revenue shortfall saying, “There appears to be a problem at the Ministry of Finance. When the Minister read the budget, he clearly based the projections on an exchange rate of 15.4. Now, with a 30% revenue shortfall, the government is scrambling for cash.”

Poku further argued that the new levy is not truly about the energy sector but rather a way for the government to raise funds to fill budget gaps:

“This has nothing to do with the energy sector. It is simply the government taxing Ghanaians to fund its budget. We must not allow this to be framed as an energy-sector conversation,” he emphasised.

SSD/MA

…Academic City clinches top spot

The Chartered Institute of Bankers (CIB) Ghana has held the maiden edition of the National Banking and Ethics Challenge (NBEC), a pioneering competition aimed at promoting ethical banking practices among tertiary students. The event, held on Thursday, May 29, 2025, at the Institute’s auditorium in Accra, featured five universities vying for top honours in a quiz-style contest centered on ethics, financial literacy, and professional conduct.

The schools were Academic City University College, University of Ghana, Pentecost University College, University of Professional Studies, Accra (UPSA) and Wisconsin International University College.

The competition unfolded in three progressive stages which were the preliminaries, semifinals, and finals. At the end of the preliminary round, UPSA and Pentecost University College were eliminated, while Wisconsin exited at the semifinal stage. The final round saw a fierce contest between Academic City University College and the University of Ghana, with Academic City emerging victorious.

Winners and other participants received plaques and cash prizes, while Academic City University was awarded a full scholarship to study a professional course at the Institute, in addition to other incentives.

Delivering the keynote address, Head of the Financial Stability Department at the Bank of Ghana (BoG), Dr. Kwasi Osei Yeboah, commended CIB Ghana for its leadership in advancing ethics in banking. He expressed concern over the rising trend of bank staff involvement in fraud, which increased from 274 in 2023 to 365 in 2024, representing a 33 percent rise.

“This disturbing trend contrasts sharply with the values expected of banking professionals,” he said, calling for urgent stakeholder collaboration to restore public trust. He stressed that ethics must be embedded at every level of banking operations. Events like these are critical in nurturing a new generation of ethically minded bankers who uphold integrity and professionalism,” he added.

CEO of CIB Ghana,Mr. Robert Dzato, underscored the importance of banking education and financial literacy into schools, workplaces, and religious institutions. “We all interact with money—so understanding how to manage it wisely, especially in an inflationary and dynamic economy, is essential for personal and national growth. This challenge is not just a competition; it is a platform for our future banking professionals to engage with ethical standards that are crucial for the integrity of our financial system. We are proud to have initiated this event and look forward to making it an annual affair,” he added.

Quiz Mistress and a Fellow of the Institute, Doris Ahiati, stated that the NBEC serves three core audiences: the bank customer, the banking professional, and financial institutions. “This challenge is our way of saying to the customer: we hear you. We are raising the bar in ethics and professionalism to rebuild your trust,” she said.

She praised the participants for their enthusiasm and knowledge, stating that the level of engagement and the quality of answers demonstrated by the contestants were remarkable. “It is encouraging to see young minds so dedicated to understanding the ethics of banking,” she said.

Also speaking at the event, Vice President of CIB Ghana, TogbeAsiama Krakani V, described the challenge as a transformative initiative aligned with the Institute’s mandate to regulate banking practice and promote professional development. “This is not just a contest—it is a call to action to embed ethics into the DNA of our future professionals and institutions,” he said.

The maiden NBEC, held in partnership with JoyBusiness as the media partner, marks a significant step by CIB Ghana to entrench ethical values in banking from the classroom to the boardroom. It also showcased the Institute’s commitment to building a sustainable, trustworthy, and resilient financial system in Ghana.

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.

Jadon Sancho

CHELSEA HAVE opted not to sign winger Jadon Sancho on a permanent basis and will instead pay a £5 million penalty to send the player back to Manchester United.

However, the Blues have expressed their interest to AC Milan in signing France goalkeeper Mike Maignan.

Sancho moved to Stamford Bridge on loan last summer after his relationship with former United manager Erik ten Hag broke down.

United, who signed Sancho for £73 million from Borussia Dortmund in 2021, are happy for the 25-year-old to leave.

Chelsea did not pay a loan fee for the player and covered just half of his reported £300,000-a-week wages.

The Blues had agreed an obligation to buy Sancho for a fee of about 25m if they finished higher than 14th in the Premier League, which they did – or pay to get out of the deal.

However, the club and the player’s representatives have not been able to agree on a contract for Sancho, who would have had to take a pay cut from his deal at United.

The England forward has a year remaining on his United contract, and the club still owe £17m to Dortmund.

Canadian multinational conglomerate Rektron Group Incorporated has announced plans to acquire a controlling 60 per cent equity stake in AT Ghana Limited, the telecommunications company currently owned by the government of Ghana.

The move marks Rektron’s strategic entry into the country’s telecoms sector, in partnership with local firm Afritel Ghana Limited.

The acquisition, which is still subject to regulatory approval and completion of due diligence, was unveiled on Wednesday (June 4, 2025) in a statement issued from Vancouver by Rektron. The company described the planned deal as part of a broader effort to diversify its global infrastructure portfolio and deepen its presence in emerging markets, particularly in Africa.

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“We are excited to take a significant stake in AT Ghana and appreciate the support of the Government of Ghana as we take a significant stake in AT Ghana,” said Atanas Kolarov, Chief Executive Officer of Rektron. “This aligns with our global vision to advance major infrastructure initiatives, foster innovation, and deliver value to consumers throughout the region.”

AT Ghana, formerly AirtelTigo, serves over 2.3 million customers nationwide and provides voice, data, mobile financial services, and enterprise connectivity solutions. It was nationalised in 2021 following the exit of its previous shareholders, Bharti Airtel and Millicom International Cellular, and has since operated under full government ownership.

Rektron will be working closely with Afritel Ghana, a locally owned telecommunications firm founded by Nana Richmond Aggrey, a pioneer of Ghana’s mobile sector and co-founder of Scancom Ghana (Areeba), which later became MTN Ghana. The Rektron-Afritel alliance is expected to combine global capital and expertise with deep local knowledge and experience.

“This partnership marks a major milestone in our mission to advance telecommunication services in Ghana,” said Nana Richmond Aggrey. “Through our strategic collaboration with Rektron bringing global best practices, strategic investment, and next-generation infrastructure—we will strengthen our mobile network, expand nationwide coverage, and modernise service delivery. These improvements will enable us to drive down the cost of mobile data while increasing speed, reliability, and access. By making affordable, high-quality connectivity available to customers across all regions—including remote areas—we will be empowering every Ghanaian to fully participate in the digital economy and benefit from the opportunities it brings.”

According to Rektron, the acquisition will support its vision of building “resilient, connection-driven ecosystems across critical sectors.” The company said AT Ghana’s operational track record and established market presence provide a stable foundation for long-term value creation and cash flow growth. The investment will also enable AT Ghana to tap into Rektron’s financial strength and scale up infrastructure development.

The Government of Ghana, which currently holds 100 percent of AT Ghana, has expressed its full support for the deal. A Memorandum of Understanding (MoU) was signed between the government, Afritel, and Rektron on May 21, 2025, setting out a framework for the transaction.

In the official statement, Rektron highlighted the rapidly expanding digital landscape in Ghana as a key growth driver, noting that the country’s increasing demand for data services, digital inclusion, and fintech solutions made the telecoms sector a critical investment frontier.

The proposed acquisition, however, is still subject to a number of conditions, including the completion of satisfactory due diligence, finalisation of financial terms, signing of definitive agreements, and receipt of applicable regulatory approvals. Rektron has indicated that while the parties are working towards a successful close, “there can be no assurance that the Acquisition will be consummated.”

Rektron Group, listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange, is traditionally known for its investments in energy and infrastructure projects across emerging markets.

The MOU was signed by Dynacor and Ansong Askew Ltd at the Mining in Motion summit

Dynacor Group Inc (TSX: DNG) (“Dynacor” or the “Corporation”), is delighted to announce signing of a Memorandum of Understanding (“MOU”) joint venture agreement with Ansong Askew Ltd. (“Ansong-Askew”) in Ghana.

The MOU establishes a framework for planning, due diligence, and strategic alignment toward establishing a commercial partnership, with the objective of formalising a joint venture agreement (“JVA”) in Ghana’s gold processing sector.

The strategic collaboration is designed to explore and develop mutual business opportunities that will not only benefit stakeholders of both organizations but also contribute to the regulation of Ghana’s artisanal mining sector, enabling the Ghana Gold Board and miners to work together seamlessly.

The partnership seeks to leverage Dynacor’s long-standing expertise in traceable, scalable processing of artisanal gold ore with Ansong-Askew’s commercial network and

influence.

The Ghana Gold Board is a new governmental entity that is responsible for regulating, overseeing, monitoring, and managing the purchasing, assaying, refining, and exporting of artisanal and small-scale gold in Ghana.

Scope of the MOU

Under the 12-month MOU, both parties agree to explore the effective use and integration of their technical, commercial, and strategic capacities with the intent to collaborate in good faith towards a JVA.

A subsequent agreement will define the structure, equity participation, capital contributions, governance model, and profit-sharing terms of the joint venture, where Dynacor will hold a majority position.

“This MOU marks the first, serious step in a promising partnership within Ghana, the country where artisanal mining is greatest in Africa,” noted Jean Martineau, President & CEO of Dynacor.

“We are excited to explore the opportunities ahead and look forward to the meaningful impact this partnership will have on our shareholder value-creation plans and on the artisanal gold mining sector in Ghana.”

“The signing of this MOU recognizes the strategic synergies between Dynacor and Ansong- Askew, and our shared commitment to promoting government-permitted, environmentally friendly artisanal gold processing in Ghana,” commented Elena Ansong, Managing Director of Ansong-Askew. “Together, we aim to develop a robust collaboration that enhances Ghana’s position as a leader in the gold mining industry.”

Next Steps

The Corporation is currently attending the Mining in Motion summit in Accra where it has held multiple discussions with the Ghana Gold Board and with players in the artisanal mining sector.

Building on the MOU and extensive relationships built, Dynacor will look to purchase a land concession or a future processing plant in a location informed by its geological sampling, meetings and research.

About Ansong Askew

Ansong Askew Ltd. is a Ghana–UK company based in Ghana that has, since 2017, played a leading role in bringing international industry focus to Ghana’s small-scale gold mining sector.

Through high-level engagement with government, industry, and civil society, we support Ghana’s efforts to formalise the ASGM sector by helping to shape policy, build stakeholder alignment, and attract credible partners through the development of an enabling environment.

Our work focuses on establishing the infrastructure, compliance frameworks, and market pathways necessary to integrate Ghana’s gold into responsible global supply chains.

About Dynacor

Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry.

By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America.

The premium paid by luxury jewellers for Dynacor’s PX Impact® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit www.dynacor.com for more information.

Forward-Looking Information

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements.

These statements reflect management’s current expectations regarding future

events and operating performance as of the date of this news release.

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Beatrice Laryea

Politics

Jun – 04 – 2025 , 15:47

1 minute read