Finance Minister, Dr. Cassiel Ato Forson, has raised alarms over the significant operational and financial risks faced by state-owned enterprises (SOEs) and joint venture companies.

Speaking at the National Economic Dialogue on Monday, March 3, Dr. Forson highlighted the dire financial situation of these entities, emphasising the urgent need for restructuring.

“SOEs and joint venture company showing mountain operational and financial risk. Almost all state-owned enterprises are in the red. From ECG to the ADB, almost all of them are in the red,” Dr. Forson stated.

The Finance Minister pointed out that even though COCOBOD reported a profit of GHS2.2 billion in 2023, this profit was artificial. The profit was a result of the debt suspension, which allowed COCOBOD to avoid servicing its debt. Dr. Forson stressed that the underlying debt still exists and must be addressed.

“In fact, beginning from the year 2021, 2022, and 2023, you will see that COCOBOD polled some profit of GHS2.2 billion in the year 2023. This is artificial profit.

“This profit is because they failed to service their debt because of the debt suspension…This debt still exists and so we will need to take action to restructure most of the SOEs,” Dr. Forson explained.

The National Economic Dialogue, held at the Accra International Conference Centre, has brought together policymakers, economists, business leaders, and civil society organizations to discuss key economic strategies. The outcomes of the dialogue are expected to shape policies aimed at addressing Ghana’s economic challenges and driving long-term growth.

As the government prepares to incorporate the dialogue’s outcomes into the forthcoming National Budget, there is growing anticipation that concrete measures will be implemented to address the financial risks faced by state-owned enterprises and ensure the country’s economic stability.

Read also…

Economic dialogue is to seek solutions, not mere talk – Mahama

President John Dramani Mahama has emphasised that the National Economic Dialogue is far more than just a symbolic exercise or the fulfilment of a campaign promise.

Speaking at the opening session of the Dialogue on Monday, 3rd March, he said “This gathering is more than just a symbolic exercise or the fulfilment of a campaign promise. “

“It is a decisive step in our collective responsibility to reset Ghana’s economy, restore confidence, and build the prosperous future we all envision, he added.

He continued “Today, we are here to begin the process of engaging in honest, solution-driven discussions about the challenges we face and the opportunities before us.”

Our nation stands at a pivotal moment, and the choices we make now will determine the trajectory of our economy for generations to come,” he noted.

He stressed that as President, he has the honour of leading the conversation on the theme, “Resetting Ghana, building the economy we want together.”

“This theme reflects our shared commitment to creating an economy that is resilient, inclusive, and built on sustainable growth,” he added.

“It is an invitation to all stakeholders to contribute their ideas and dedication to this national effort “, he concluded.

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.

Featured

Mohammed Ali

Business News

Mar – 03 – 2025 , 12:42

Interest rates on T-bills reduced to 20.79%

Interest rates on treasury bills have declined to 20.7% in the government’s recent auction on February 28, 2025.

Demand for short-term instruments has surged in recent weeks, with the government consistently recording over 100% subscription rates.

In this week’s auction, the government secured an oversubscription of 181%, receiving bids worth GH¢18.25 billion but accepting GH¢7.42 billion. A total of GH¢10.83 billion in bids was rejected.

The auction results released by the Bank of Ghana showed that the 91-day and 364-day treasury bills attracted the most interest.

However, the 364-day bill received bids worth GH¢8.72 billion, but only GH¢2.02 billion was accepted.

The 91-day bill received bids totaling GH¢6.21 billion, of which GH¢2.38 billion was accepted.

Additionally, the 182-day bill saw tenders amounting to GH¢3.32 billion, with GH¢3.02 billion accepted.

Meanwhile, interest rates have continued to decline over the past few weeks:

• The 91-day bill now stands at 20.79%, down from 24.47% last week.

• The 182-day bill has fallen to 22.98%, compared to 25.38% previously.

• The 364-day bill declined from 27.29% to 22.69%.

In the previous auction, held last week, the government sold GH¢9.63 billion out of GH¢20.50 billion in total bids.

The recent surge in demand for short-term instruments signals strong investor confidence. The government’s decision to reject excess bids suggests either a cautious borrowing approach or an effort to avoid high interest rates.

Meanwhile, the government plans to borrow GH¢5.74 billion in its next auction. Treasury bills remain its primary source of borrowing as it seeks to regain access to the international capital market.

SSD/MA

Watch the latest episode of Health Focus below

Deputy Executive Secretary of the National Film Authority, James Gardiner

The newly appointed Deputy Executive Secretary of the National Film Authority, James Gardiner, has assured that his team is working hard to settle in and get things rolling quickly.

In an interview with Joy FM’s Kwame Dadzie on March 1, 2025, Gardiner described the appointment as an honour and pledged to work diligently alongside his immediate boss, Kafui Danku, to advance the goals of the film industry and the nation at large.

He added that he is already collaborating with industry players and stakeholders to achieve both short-term and long-term objectives.

“There’s a lot of work to be done, and as such, we’ve already marked out plans to meet and engage with some of the industry players and stakeholders to rub our minds together on how we can together work as a unit and achieve our short-term goals and our long-term goals as well.

“We are working very hard to settle in so we can set the ball rolling as quickly as we can. So help us God,” he said.

The actor, who shares a long-standing professional relationship with Kafui Danku in the acting space, expressed confidence in their ability to steer the NFA in the right direction.

“We are willing and ready to fill the big shoes of the office and to continue to drive the vehicle towards the right direction for the betterment of our industry and also the nation as a whole,” Gardiner stated.

Although some individuals are protesting it, the appointments of Kafui Danku and James Gardiner have been celebrated as a step toward strengthening Ghana’s film industry, with many anticipating innovative strategies and collaborative efforts under their leadership.

Meanwhile, the National Film Authority is expected to unveil its strategic plans in the coming weeks as it seeks to elevate Ghana’s film industry to new heights.

ID/EB

Click here to follow the GhanaWeb Entertainment News WhatsApp channel

Watch the latest episode of TWI news below:

Finance Minister, Dr Ato Forson, has emphasised the urgent need for comprehensive economic reforms to ensure the country achieves upper middle-income status before the year 2038.

Speaking at the National Economic Dialogue held at the Accra International Conference Centre, Dr Forson cautioned that without ambitious measures, Ghana is unlikely to attain this status until after 2025.

Dr Forson stated, “Without comprehensive reforms, unfortunately, Ghana will only achieve upper middle-income status after the year 2025, and we cannot wait until 2050 before we become an upper middle-income country.”

The Minister highlighted that introducing well-structured and ambitious reforms is imperative for the nation’s economic progress.

He underscored the government’s commitment to implementing these reforms to reset and strengthen Ghana’s economy, paving the way for sustainable growth and development.

“We have no choice but to introduce measures to reset our economy. If we are to do well and introduce very ambitious reforms, Ghana will indeed become an upper middle-income country before the year 2038,” Dr. Forson added.

The National Economic Dialogue has brought together policymakers, economists, business leaders, and civil society organisations to deliberate on key economic strategies.

The discussions aim to shape policies that will drive long-term economic stability and growth.

Read also…

Majority of Ghana’s economic challenges are self-inflicted – Dr. Ishmael Yamson

Rayo Vallecano head coach, Inigo Perez, has stated that more specific tests need to be run to properly diagnose the extent of injury Ghana defender Abdul Mumin Sulemana picked up recently.

The 26 year old had to be substituted in the 35 minute in Rayo’s 1-1 draw with Sevilla in the Spanish La Liga game played over this past weekend due to the injury.

Mumin’s injury comes ahead of Ghana Black Stars 2026 FIFA World Cup qualification games against Chad and Madagascar on March 21 and March 24 respectively.

He was one of two players to leave the game due to injury as Angolan attacking midfielder Randy Nteka also got substituted in the 26^th minute because of an injury.

Speaking in the post-game interview, Perez pointed to the need to run further tests to determine to get more information on Mumin’s injury.

“Randy’s seems well to have something muscular in the abductor…as for Mumin, he is waiting for some more specific test to be done to be able to diagnose it.”

Mumin has two goals and an assist in 24 appearances this season.

William Ato Essien is former CEO of now-defunct Capital Bank

A petition has been submitted to President John Dramani Mahama, urging him to grant a presidential pardon to William Ato Essien, the founder of now-defunct Capital Bank

Essien is currently serving a 15-year prison sentence after being convicted by an Accra High Court for misappropriating over GH¢90 million in liquidity support provided by the Bank of Ghana to Capital Bank.

Initially, Essien was given the opportunity to avoid imprisonment by agreeing to repay the GH¢90 million as restitution to the state. However, after paying GH¢30 million upfront in December 2022, he failed to meet the payment terms for the remaining GH¢60 million, leading to the imposition of a custodial sentence.

The petition, sighted by GhanaWeb Business and submitted by lawyer Andrew Appiah-Danquah on Thursday, February 27, 2025, challenges the fairness of Essien’s conviction and imprisonment.

It highlights his contributions to Ghana’s financial sector, emphasizing that his leadership at Capital Bank created jobs, supported local businesses, and empowered entrepreneurs.

The petition argues that Essien’s conviction undermines the achievements of a visionary entrepreneur who proved that local enterprises could thrive in a competitive financial market.

It also claims that the collapse of Capital Bank in 2017 was not due to fraud but rather a politically motivated move to consolidate financial power.

According to the petition, Essien resisted political pressure to relinquish control of his bank, which allegedly led to its targeted closure

“Capital Bank’s collapse in 2017 was not due to fraud but a politically orchestrated move to consolidate financial power. Mr. Essien refused to bow to political pressure to cede control of his bank to powerful interests, which ultimately led to its targeted demise. The GH¢620 million Liquidity Support Was a Commercial Loan, Not a Fraud…Capital Bank was repaying this loan and had already paid GH¢336 million in interest over two years-clear evidence that it was a legitimate banking transaction,” the petition read.

It continued, “The GH¢480 million described as a “shareholder loan” was not stolen but rather a strategic restructuring of non-performing loans accumulated over 14 years. Such restructuring is a common financial practice aimed at strengthening a bank’s financial position and was not an act of fraud.

“Three other accused persons—Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor,and Kate Quartey-Papafio—were acquitted on the same charges for which Mr. Essien was convicted. The court held that: The GH¢70 million transaction involving Kate Quartey-Papafio was fully accounted for. The GH¢130 million transaction involving Dr. Tetteh Nettey was fully accounted for. The GH¢27.5 million transaction involving Rev. Fitzgerald Odonkor was legal and authorised,” it added.

See the full petition below:

MA

The Chairman of the National Economic Dialogue Planning Committee, Dr Ishmael Yamson, has stated that Ghana remains economically dominated and heavily indebted, despite marking its 68th anniversary of political independence.

He noted that the country continues to struggle with widespread unemployment, particularly among the youth, which has become a significant security concern.

Additionally, he said that, Ghana is the most food-import-dependent country in Sub-Saharan Africa, relying heavily on foreign markets to feed its population.

Speaking at the 2025 National Economic Dialogue in Accra today, March 3, Dr Yamson highlighted the collapse of the manufacturing sector and the pervasive economic hardship affecting citizens.

“We know why we are where we are today,” he stated, attributing Ghana’s economic struggles to systemic failures.

Dr Yamson criticised the country’s political culture, describing it as one motivated by power and self-interest, with politicians looting state resources for personal gain.

He lamented the prevalence of selfishness, arrogance, and impunity among political leaders and public officials.

He further pointed out that Ghana’s governance system had been reduced to a “party-capture” model, where opposition parties deliberately obstruct national progress rather than supporting genuine development efforts.

“A party capture political system where the party in the opposition chooses to sit on the fence and does everything even including misleading the people to undermine genuine efforts to develop the country. There is no longer love for country,” he remarked.

Dr Yamson listed several structural issues affecting Ghana’s economy, including mismanagement, macroeconomic instability, institutionalised corruption, and weak state institutions.

He described the government as “maximum governance with minimum leadership,” citing inefficiencies in economic and social infrastructure, failed agricultural policies, and a continued overreliance on imported value-added products rather than developing local industries.

Despite decades of independence, he noted that Ghana remained primarily an exporter of raw commodities while depending on imports for processed goods—an economic structure that has hindered sustainable development.

Featured

Mohammed Ali

Mar – 03 – 2025 , 11:26

2 minutes read

Chairman of the National Economic Dialogue Planning Committee, Dr. Ishmael Yamson has expressed confidence in the governance of President Mahama to restore sustainable economic growth for Ghana.

Speaking at the launch of the National Economic Dialogue on Monday, March 3, 2025, Dr. Yamson noted that Ghana has long suffered serious economic mess, emphasising the need for an urgent strategic plan to revive Ghana’s economy.

He believes President Mahama has the wherewithal to reset Ghana’s economy as he says he’s been blessed with wisdom to put Ghana on the right path and reset the country’s destiny.

“Your Excellency, someone must reset the destiny of Ghana and it can only be you.

“Everywhere in the world that economic transformation has taken place, only one individual has led the charge and the Lord has blessed you with the wisdom to take on that task, the task to liberate Ghana from economic mismanagement and corruption to reset Ghana and put it on a path of sustainable and resilient growth including development and prosperity for all citizens of the country,” he noted.

Dr. Ishmael Yamson further painted a dark picture of Ghana’s political arena which he said has been captured by “a political mindset motivated by power to loot state coffers for personal gains, selfishness, arrogance and impunity by our political leaders and public officers.”

“A party capture political system where the party in opposition chooses to sit on the fence and does everything even including mislead the people to undermine judging effort to develop the country,” he added.

“There’s no longer love for the country, economic mismanagement, macro instability and macro-economic impediment to economic transformation,” he asserted.

The Economist noted that the harsh economic conditions and the failure of Ghanaian leaders to address the ‘sinking economy’ has caused Ghanaian youths to lose hope in the country and would want to migrate with the slightest chance.

“Additionally, Your Excellency we have succeeded in creating a new generation called generation hustlers who have lost hope and just want to leave their country and leave Ghana behind them and relocate to foreign land. A very sad spectacle of our once highly revered country.

“Your Excellency this is definitely not the Ghana that our forefathers once fought for and definitely not the Ghana that succeeding generations have toiled and hoped for,” he lamented.