The banking sector in Ghana has witnessed a concerning surge in fraud cases, with a total of 155 staff members dismissed last year out of 365 found to have engaged in fraudulent activities.

This development is attributed to the rising cases of fraud in banks and Special Deposit-Taking Institutions (SDIs), which increased from 15,865 in 2023 to 16,733 in 2024, indicating a five per cent rise.

The total value of risk in the sector has also escalated, rising to approximately GH¢99 million in 2024, compared to GH¢88 million in 2023, representing a 13 per cent increase. 

According to the Bank of Ghana’s (BoG) 2024 Fraud Report, the rate of recovery of potential losses has become a significant challenge for banks due to prolonged legal proceedings that often lead institutions to discontinue pursuing cases.

The Banks, Special Deposit Institutions and Payment Service Providers 2024 Fraud Report of the Bank of Ghana (BoG), show that the rate of recovery of potential losses has become a challenge for banks due to prolonged legal proceedings that eventually lead these institutions to stop pursuing the cases.

“This is an indication that other staff implicated in fraud activities are either exonerated or given lesser punishments,” the report stated.

However, the Bank of Ghana report warned that banks were required to strengthen disciplinary policies and foster a culture of zero tolerance for fraud.

In 2024, banks reported a total count of 716 fraud cases, which indicated a 26 per cent drop from the count of 969 cases in 2023. 

The downward trend in fraud cases is attributed to the improvement of internal controls within the banking sector.

Fraud types

The report indicated that the top five fraud types recorded in 2024 in terms of value at risk were: forgery and manipulation of documents, identity theft/impersonation, ATM/POS/Card, e-money and remittance fraud.

The Microfinance and Savings and Loans sub-sectors have also seen a significant increase in the number of cash theft fraud cases reported. 

This alarming phenomenon is of grave concern to BoG, and as such, SDIs are required to enhance their internal controls to minimise cash theft. 

The BoG has indicated its concern to the banks about the consistent and steady increase in regulated financial institution’s staff involvement in fraudulent activities in the banking sector.

“Consequently, Banks and SDIs are required to strengthen their internal controls, enhance staff due diligence mechanisms during recruitment, as well as reinforce continuous in-house staff training on professional conduct,” the BoG fraud report stated.

“Banks and SDIs should also ensure the prosecution of culprits to serve as a deterrent,” the report stated.

Electronics

In 2024, the number of electronic fraud incidents recorded was 15,673, representing a seven per cent rise as compared to 14,655 cases recorded in 2023.

This indicates that despite security enhancements, fraudsters can identify and exploit vulnerabilities in digital payment products.

In terms of the value at risk, the SDI sector recorded the following as the topmost fraud cases: cash theft/ cash suppression, credit fraud, burglary and e-money fraud.

Cash theft recorded the highest value at risk of Gh¢1.6 million, a slight reduction from the GH¢1.9 million recorded in 2023.

The value at risk recorded for credit fraud saw a substantial rise in 2024, compared to 2023. The values at risk were GH¢1.2 million and GH¢0.03 million for 2024 and 2023 respectively.

Burglary also emerged as part of the top fraudulent activities in the SDI sector. The year 2024 recorded a value at risk of GH¢0.73 million as compared to GH¢0.04.

Ghana Stock Exchange opens first trading week of May on a bullish note

The Ghana Stock Exchange (GSE) opened the first trading week of May on a bullish footing, with the benchmark GSE Composite Index (GSE-CI) climbing 74.65 points to close at 6,288.99 points.

The gain extends the index’s Year-to-Date (YTD) return to an impressive 28.65%.

Market capitalisation surged by GH¢919.05 million, settling at GH¢138.69 billion, bolstered largely by price gains in telecom giant MTN Ghana (MTNGH).

The telco’s stock advanced by 7 pesewas to GH¢3.19, contributing significantly to the market’s positive trajectory.

In contrast, the Financial Stock Index (GSE-FSI) closed unchanged at 3,129.19 points, preserving a robust YTD return of 31.43%.

Despite the upbeat index performance, market activity cooled, with total volume traded falling by 5.61% to 1,262,596 shares.

However, trade value spiked 78.65% to GH¢14.78 million, reflecting high-value transactions in select equities.

MTNGH dominated trading volumes with over 1 million shares changing hands, valued at GH3.2 million.

Other actively traded counters included Fan Milk Limited (FML), Ecobank Transnational Incorporated (ETI), and Gold ETF (GLD).

Despite appearing in the top traded list, GLD slipped GH¢2.58 to GH¢438.50, registering as the session’s top decliner.

SP/AE

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 The Minister for the Inte­rior, Mohammed Muntaka Mubarak, has reaffirmed the government’s commitment to enhancing Ghana’s border and migration security, describing it as a national priority in the face of evolving security challenges.

He underscored the critical role of the Ghana Immigration Service (GIS) and assured that the Minis­try of the Interior would continue to prioritise the allocation of resources to enhance operational

 readiness.

The Minister made these remarks in Accra yesterday at the inaugura­tion of the GIS Centre of Excel­lence and an 84-unit residential complex for its officers.

The residential project comprises 42 two-bedroom and 42 three-bed­room apartments, constructed to provide decent housing for GIS personnel.

The Centre of Excellence includes executive lecture halls, a cafeteria, executive hostels, a clinic, and other critical infrastructure to support advanced post-entry training and skills development in

 migration management.

According to Mr Muntaka Mubarak, the new facility would serve as a hub for innovation and capacity building, empowering immigration personnel to respond effectively to emerging migration and security challenges.

“We are committed to bridging the infrastructure gap to ensure that personnel of the security services have the necessary logistics to perform their duties effectively,”he stated, noting that longstanding accommodation and office space deficits have hampered the service’s performance, particularly in rapid mobilisation and deployment.

Moreover, the Minister used the opportunity to caution against poor maintenance of the newly constructed residential units and pledged full support to the Comp­troller-General to evict any officer who failed to care for the property properly.

He also encouraged the Immigra­tion Service to adopt a comprehen­sive maintenance plan and promote good community living practices, including regular cleaning routines to preserve the facility’s condition and reputation.

Addressing the ceremony, the Comptroller-General of the service, Samuel Basintale Amadu, expressed gratitude to the government of Ghana for their unwavering sup­port to the service, noting that the completion of the project reflects the government’s recognition of the GIS’s essential role in national security and economic develop­ment.

The Comptroller-General also stated that the Centre of Excellence would serve not only GIS officers but also institutions requiring immi­gration-related training, saying that, “The Centre would enhance our ability to ensure the safety and dig­nity of migrants while promoting national security and development.”

Mr Amadu further emphasised that the new accommodation would boost officer morale and produc­tivity by improving their living con­ditions. “As we commission these facilities, we reaffirm our commit­ment to excellence, professionalism, and service to the nation,”he added.

He concluded with a firm reminder that beneficiaries of the accommodation must adhere to occupancy conditions. “I will per­sonally take interest to ensure that inspections are done properly, and if you are found not to be keeping your place properly, we will eject you,”he cautioned.

 BY STEPHANIE BIRIKO­RANG

The Founder of Agrihouse Foundation, Alberta Nana Akyaa Akosa, has underscored the pivotal role of youth and traditional leaders in advancing Ghana’s agricultural sustainability agenda, calling for structural investments to harness their potential.

Delivering a presentation at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, Madam Akosa said Ghana’s food security can only be secured through decentralised, locally informed, and inclusive approaches that leverage the energy of young people and the authority of traditional leaders.

“We see the youth who keep demonstrating beyond reasonable doubts that if given the platform, mentored, and if they have the right mindset and education on agriculture and its opportunities, they should be able to contribute to the future of food,” she stated.

The breakfast meeting, themed “Future of Food: The Critical Place of Sustainable Practices,” brought together key stakeholders from government, academia, civil society, and the private sector to explore actionable paths to agricultural resilience in Ghana.

According to Madam Akosa, the presence of traditional rulers at the forum was crucial, given their control over communal lands and their influence at the grassroots level.

“Our traditional leaders… are also part of governance. They are basically the heads or leaders within the community. How are governments or partners working with them to ensure there is some level of sustainability?” she asked.

Highlighting the challenge of under-utilised regional potential, she called for a regional value chain development strategy where each area focuses on what it can produce best.

“If we look at each region and what can be produced, then we can look at how we can industrialise it and create jobs,” she said.

She further pointed to education as a missing link in the food security value chain, stressing the need for practical agricultural training and innovation hubs in schools.

“Most schools are not having any demonstration centres… even the land meant for laboratories have been turned into dormitories,” she lamented.

Madam Akosa warned of the dangers of short-term thinking, especially in the context of illegal mining. “All of our farmers are even trading their lands for galamsey… because it gives them immediate returns,” she said, describing it as a major threat to long-term food production.

She criticised the inconsistency in implementing agricultural policies, noting that many programmes collapse with changes in government.
“A government comes with a sound policy… the minute they go, another one comes to abolish it. So there’s no continuity,” she said.

Madam Akosa concluded by urging stronger advocacy, mindset transformation, and leadership discipline to drive lasting solutions in agriculture.
“The issue of sustainability and the future of food is safe in our hands, but what practices, what approaches, what are we doing now, and how can we really advance it?” she asked.

The event, organised by Graphic Communications Group Ltd in partnership with Stanbic Bank Ghana, is part of a quarterly platform to examine pressing issues affecting the economy, particularly in agriculture, finance and development.

Professor Francis Atsu, an expert in Sustainable Food Systems and Supply Chains, has issued a firm caution against the use of synthetic chemicals in agriculture, citing a multitude of adverse impacts on both the environment and human health.

Speaking at the Graphic Business and Stanbic Bank Breakfast Meeting held in Accra on Tuesday, May 6, Professor Atsu emphasised that the continued reliance on synthetic inputs in farming practices is unsustainable and poses long-term risks to food security and ecosystem integrity.

“Stop the idea of these synthetic chemicals, it will not help you. thinking that my land is no longer fertile and I am going to pump in fertilisers and other chemicals to boost fertility, you know what? Some of these chemicals have a life of about five years residual in the land, you apply fertiliser today and it will take about five years for that residual to wipe off,” he said.

Outlining the dangers associated with chemical-based agriculture, Professor Atsu noted that prolonged use of agrochemicals depletes soil fertility, contaminates water bodies, and disrupts natural pollination processes.

He also warned of the rising health concerns linked to chemical residues in food, including potential links to chronic illnesses and hormone disruption in humans.

The breakfast meeting, a collaborative platform hosted by Graphic Business and Stanbic Bank, brought together stakeholders from the agricultural, financial, and policy sectors to discuss innovative approaches to food production in Ghana’s rapidly changing climate.

The event was held on the theme “Future of food, the critical place of sustainable practices”

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.

Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢13.64 and a selling price of GH¢13.65 to a dollar.

The British pound is being bought at GH¢18.11 and sold at GH¢18.13, while the euro trades at a buying price of GH¢15.42 and a selling price of GH¢15.44.

Checks by GhanaWeb Business on May 6, 2025, at 08:20 AM indicate that the cedi is trading at GH¢14.90 to the dollar, while the pound is trading at GH¢19.70 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢17.00 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

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Stack of newspapers | File photo

Below are some of today’s major news headlines:

DAILY GUIDE

Protesters want CJ’s suspension reversed

Failure to meet asset declaration deadline: Govt appointees lose 3 months’ salaries

Ghana throws away GHC 762.32 billion annually

THE GHANAIAN TIMES

Asset declaration: Pres to dismiss non-compliant appointees

Coalition of political parties demo: Demands reversed CJ’s suspension

THE CHRONICLE

Judiciary is being intimidated!

Tsopoli Lands: 7 suspected land guards granted bail

DAILY GUIDE

Opposition parties hit streets over CJ’s removal

Declare assets tomorrow or dismissal – Mahama to appointees

Otumfuo clocks 75 today

The Train-the-Trainers format of the workshop is designed to multiply impact

Ghana is hosting the second regional Train-the-Trainers Workshop under the Arms Trade Treaty Implementation Support Project (ATT-ISP), with the goal of enhancing national and regional capacities to combat the illicit flow of arms across West Africa.

The workshop, taking place from May 5 to 9, 2025, in Accra, brings together security experts, policymakers, and representatives from several African countries to deepen their understanding of the Arms Trade Treaty (ATT) and strengthen implementation efforts at the national level.

Speaking at the opening ceremony, the Deputy Minister of Interior, Ebenezer Okletey Terlabi, expressed the government’s pride in hosting the event and reaffirmed the country’s commitment to the ATT’s core principles of transparency, accountability, and the prevention of human suffering caused by illicit arms flows.

“This workshop is not merely a technical event,” the minister noted.

“It is a demonstration of our shared responsibility to uphold peace, security, and responsible arms control across the region.”

He revealed that Ghana is actively working to domesticate the ATT’s provisions, with a Draft Arms Bill and a National Control List currently under review for Cabinet approval.

These efforts aim to modernize and align Ghana’s arms legislation with global best practices.

The Train-the-Trainers format of the workshop is designed to multiply impact by equipping regional participants with not only technical knowledge but also soft skills such as communication and training delivery.

Participants will go on to train others in their respective countries, thereby strengthening national systems of arms control.

Dr Adam Bonaa, Acting Executive Secretary of the National Commission on Small Arms and Light Weapons (NACSA), emphasized the urgency of regulating firearms in Ghana.

“About 9 out of 10 violent crimes in Ghana today involve illicit firearms—many of which are unregistered and smuggled into the country,” he said.

“We must pass the Arms Bill to protect our citizens and prevent these weapons from falling into the wrong hands.”

Dr Bonaa stressed that the workshop’s significance lies in its long-term impact.

“You can’t train everyone at once, so we train trainers who will go on to multiply knowledge and build regional resilience,” he stated.

Carina Solmirano, Head of the ATT Secretariat, assured participants of the training’s relevance and effectiveness.

She underscored the importance of international cooperation and local ownership in achieving the treaty’s objectives.

The workshop is supported by the European Union, which has been a major partner in global efforts to improve arms control and promote peace and security through the ATT framework.

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AM/GA

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The Chief Executive Officer of Stanbic Bank Ghana, Mr Kwamina Asomaning, has called for urgent and systemic reforms within Ghana’s agricultural value chain, describing the current food security situation as both an economic and sustainability crisis.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel in Accra, Mr Asomaning highlighted the steep rise in food prices and their wider economic implications, urging key stakeholders to address the vulnerabilities undermining the country’s food system.

“Today’s theme, The Future of Food: The Critical Place of Sustainable Practices, is not just timely. It is essential in alignment with the UN Sustainable Development Goal number two, zero hunger,” he said. “This is a call to action for all of us working across Ghana’s food ecosystem.”

Mr Asomaning expressed concern over the escalating cost of food, identifying food inflation as the largest contributor to Ghana’s overall inflation. “Let us be clear, the single biggest driver of Ghana’s overall inflation is food inflation,” he stated. “As of March 2025, food inflation stands at 26.5%. According to the World Bank’s February 2025 Food Security Update, Ghana had the highest food inflation rate among lower middle-income countries in Africa, reaching 27.8% in December 2024.”

He noted that this inflation has real and painful effects on households, leading to dietary changes and rising malnutrition. “Staple foods – maize, tomatoes, onions, gari – have more than doubled in price in recent years. Families are adjusting not just how they spend but how they eat. Protein is disappearing from dinner plates. Nutritional gaps are widening,” he added.

The Stanbic CEO attributed much of the crisis to structural weaknesses in the agricultural value chain, including limited access to modern tools, poor financing options for smallholder farmers, low irrigation coverage, and inadequate post-harvest infrastructure.

“Over 80% of our farmers are smallholders, many without access to modern tools or to financing. Only 3% of our cultivated land, and this is an estimate, is irrigated… Up to 30% of our food is lost at harvest – food that could feed millions,” he pointed out.

Mr Asomaning warned that unless sustainable solutions are implemented, the economic consequences would deepen. “High inflation continues to have damaging effects on Ghana’s economy. It erodes purchasing power, reduces savings, creates business uncertainty, and drives up interest rates,” he said. “It also fuels currency depreciation, worsens income inequality, and puts immense strain on public finances.”

He proposed a rethink of the national approach to food production and distribution. “Could improving rural storage and cold chain infrastructure help reduce the billions we lose each year in post-harvest losses and lower prices for consumers? Might scaling up irrigation protect farmers and markets from climate shocks?” he asked.

He also challenged the audience to consider how targeted financing, government policy, private investment, consumer behaviour, and agri-tech can work together to create a more resilient food system.

“I certainly don’t claim to have all the answers,” he said, “but I believe that expertise and insight in this room can help us begin to chart a sustainable and inclusive path forward.”

The event, organised in partnership with Graphic Communications Group Limited, brought together key figures in academia, finance, agriculture, and technology. It featured presentations from Professor Kester Quist-Aphetsi, Chair of the National Cyber Intelligent and Cyber Defense Research Project; Alberta Nana Akyaa Akosa, Founder of Agrihouse Foundation; and Professor Francis Atsu, a Financial Risk Manager and Sustainability and Climate Risk Professional.

The breakfast meeting is part of a quarterly thought leadership series aimed at influencing policy and encouraging cross-sector collaboration to address Ghana’s most pressing economic challenges.

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Ghana Publishing Company Limited

The Ghana Publishing Company Limited (GPCL) has announced the launch of its newly designed gazette, featuring enhanced security measures aimed at preventing forgery and ensuring the authenticity of official publications.

The redesigned gazette includes a distinctive gold-colored Coat of Arms embedded with security features, along with a clearly visible unique watermark.

These enhancements make it impossible to replicate through conventional or unauthorized means.

In a statement issued and sighted by GhanaWeb on Monday, May 5, 2025, the Ghana Publishing Company Limited said; “The new design is part of GPCL’s broader strategy to safeguard the integrity of official gazettes and eliminate the proliferation of fake copies. The gold insignia is clear and unmistakable and provides authenticity that both institutions and individuals can confidently rely on.”

This security upgrade reinforces GPCL’s role as a trusted custodian of official information and a key partner in promoting good governance and legal certainty in Ghana.

SA

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At the close of April 2025, a team from the Military Planning and Conduct Capability (MPCC) made a pivotal visit to Ghana as part of the European Union’s ongoing commitment to advancing security and defence partnerships in West Africa. The visit marked a significant milestone in the implementation of the EU Security and Defence Initiative Gulf of Guinea (EUSDI GoG), aimed at fostering stability, cooperation, and sustainable development in the region.

During their time in Accra, the MPCC delegation engaged in a series of constructive and forward-looking discussions with Ghanaian defence and government officials. These exchanges proved instrumental in shaping a tailored training program, co-designed to address Ghana’s specific security needs while aligning with broader EU strategic goals. This collaborative approach underscored the mutual respect and shared vision between the EU and Ghanaian authorities.

The newly developed training framework is expected to bolster operational readiness and strengthen institutional capabilities, serving as a cornerstone for the long-term success of the combined civilian/ military EUSDI GoG. More than a technical exercise, this initiative symbolizes a deepening partnership rooted in trust, transparency, and shared responsibility.

The atmosphere throughout the visit was marked by professionalism and warmth, reflecting the strong interpersonal connections that support international cooperation. Participants from both sides emphasized the value of open dialogue and expressed confidence in the path ahead.

This mission not only reinforced the EU’s strategic presence in the region but also set a positive precedent for future collaboration. As the EUSDI GoG continues to evolve, the outcomes of the MPCC’s visit to Ghana are likely to resonate across broader EU-Africa defence and security efforts.

In the words of one MPCC representative: “What we are building here is more than just capacity. It’s a long-term partnership grounded in mutual respect and a shared commitment to peace and progress.”

The much-anticipated 2025 Absa Black Star Marathon was officially launched yesterday, with organisers unveiling plans for what promises to be a historic event celebrating resilience, unity, and the power of personal stories. Scheduled for July 26, 2025, the marathon will commence and conclude at Independence Square in Accra, transforming the city’s streets into a vibrant stage for athletes, wheelchair racers, and first-time runners alike.

Delivering his keynote address via video link from the USA, Dr. Eric Kwame Adae, Founder and President of the Black Star Marathon (BSM), described the event as “a celebration of a movement” rather than just a race. Inspired by the Pan-Africanist ideals of Marcus Garvey, the marathon’s theme, “Your Story Matters”, underscores its mission to honour every participant’s journey.

“This race belongs to you—to elite athletes, wheelchair racers redefining strength, and everyday heroes running for loved ones or healing,” Dr. Adae declared. “Your pace doesn’t matter. Your story does.”

The marathon will feature two categories: a 42.2km Full Marathon and a 10km Race, both inclusive of wheelchair competitions. “Inclusion isn’t optional; it’s essential,” Dr. Adae emphasised, noting that the event aligns with the United Nations Sustainable Development Goals and aims to boost sports tourism in Ghana.

Nana Essilfuah Tamakloe, Marketing and Corporate Affairs Director of headline sponsor Absa Bank Ghana, reiterated the bank’s commitment to social impact. “This marathon is a Force-for-Good,” she said, revealing that proceeds will fund kidney dialysis treatments for underprivileged patients, athlete development, and youth empowerment.

The Ghana Tourism Development Company (GTDC) also pledged robust support, with CEO Prof. Kobby Mensah announcing plans for a groundbreaking sports parade featuring athletes on a double-decker bus. “We’ll showcase Accra like never before, making this one of the world’s premier marathons,” he said.

Prospective participants can register via shortcode *713*33*22# or the official website, blackstarmarathon.com. The route, designed to highlight Accra’s landmarks, will start and end at Independence Square, weaving through the city’s vibrant neighbourhoods to create a festive atmosphere for runners and spectators.

With its rallying cry—”One People. One Race. One Destiny.”—the Absa Black Star Marathon invites global runners to join a shared journey of resilience. As Dr. Adae concluded: “Let the Black Star rise. And let the stories begin.”

Ghana’s official gold reserves continue their steady upward trajectory, reaching 31.37 tonnes by the end of April 2025, according to data from the Bank of Ghana.

This marks a substantial increase from 8.78 tonnes recorded in May 2023—nearly a fourfold rise in less than two years. The growth reflects the central bank’s ongoing strategy to bolster foreign reserves and enhance financial stability through increased gold accumulation.

The rise in reserves is part of a broader plan by the Bank of Ghana to diversify its asset holdings and reduce reliance on traditional foreign currencies.

As Africa’s top gold producer, Ghana has taken steps to formalise its small-scale mining sector and channel more of its gold output into national development.

To support this effort, President John Dramani Mahama, upon assuming office, established the GoldBod—a regulatory body tasked with overseeing the sale of gold produced by small-scale miners.

Since its creation, GoldBod has played a pivotal role in boosting local gold reserves. Notably, it negotiated a landmark agreement with nine large-scale mining firms to sell 20% of their gold output to the domestic market.

This breakthrough agreement followed extensive talks with mining companies not previously involved in the Bank of Ghana’s Domestic Gold Purchase Programme. The companies include:

• Golden Team Mining Company Limited

• Akroma Gold Limited

• Adamus Resources Limited

• Cardinal Namdini Mining Limited

• Goldstone Akrokeri Limited

• Earl International Group (GH) Limited

• Xtra Gold Mining Limited

• Prestea Sankofa Gold Limited

• Gan He Mining Resource Development Limited

The deal represents a significant step toward strengthening Ghana’s domestic gold reserves and insulating the economy from external shocks.

GoldBod, nine mining firms sign deal for 20% gold output

Christopher Boadi-Mensah, CEO of National Pensions Regulatory Authority (NPRA)

The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Christopher Boadi-Mensah, has called for a strategic rethinking of the country’s pension investment approach, urging greater adoption of alternative investments to diversify risk and spur national development.

Speaking at the 5th edition of The Money Summit in Accra, Mr. Boadi-Mensah said the growing value of pension assets – which now exceed GH¢90billion (approximately US$6billion) – can be deployed prudently but innovatively to ensure long-term security for retirees and stimulate economic transformation.

“Our primary obligation is to protect these savings, grow them prudently and ensure their availability in retirement,” the NPRA CEO stated.

“But the traditional investment landscape, largely dominated by government securities, is nearing its limits.”

He argued that while government instruments are safe, they often yield limited real returns – especially amid inflationary pressures and economic uncertainty.

This, he said, necessitates a pivot toward alternative investments – a category that includes infrastructure, real estate, venture capital, green financing and social impact instruments.

“These asset classes offer an opportunity to diversify pension portfolios, manage long-term risks and align investments with Ghana’s national development priorities,” he added.

The case for alternative investments

According to Mr. Boadi-Mensah, alternative investments can unlock transformative benefits for the economy. These benefits, he explained, include long-term infrastructure financing: “Pension funds are by nature long-term. They are ideal for financing infrastructure – roads, renewable energy, rail and housing,” he said.

Similarly, they could be conducive to domestic economic growth: by investing in venture capital and private equity, pension funds could fuel the growth of local businesses – especially in tech, agribusiness and manufacturing.

Another area is risk diversification: “Overexposure to one asset class – especially government securities – increases systemic risk. Alternatives offer a counterbalance,” he added.

He further urged stakeholders to embrace environmental, social and governance (ESG) investing, saying: “Ghana must be part of the global movement financing green and socially responsible growth”.

Collective action

To make this shift viable, the NPRA is revising its investment guidelines and regulatory framework to open space for high-quality alternative assets – without compromising on safety or transparency.

“We are creating a regulatory environment defined by sound risk management and ethical investment practices,” the NPRA boss affirmed. “Access to pension funds must be governed with prudence and discipline.”

Leveraging Technology for Transparency

Mr. Boadi-Mensah also highlighted NPRA’s ongoing digital transformation, noting that technology and data analytics are central to building a modern, inclusive pension system.

Key initiatives include:

The Pensions Digital Ecosystem (PDE) — a seamless digital infrastructure integrating Ghana Card IDs, mobile money and contribution tracking.

A dedicated informal sector payment platform — designed to enable flexible contributions and real-time account updates for informal workers.

Risk-Based Supervision (RBS) — a new regulatory approach focused on proactive, data-driven oversight to ensure market stability.

“With these tools, we can forecast retirement needs with greater accuracy and design resilient, forward-looking policies,” he explained.

Rising to the challenge

Mr. Boadi-Mensah closed his address with a rallying call: “The question before us is not whether we can achieve sustainable retirement income and economic growth. It is whether we can summon the leadership, innovation and discipline required to do so”.

He reaffirmed NPRA’s commitment to building a “resilient, inclusive and future-ready pension system that delivers not just for today but also generations to come.”

The Money Summit is an annual event by the Business and Financial Times (B&FT) that convenes key players in the finance and investment sectors. It was themed ‘Optimising investment and pensions management: Strategies for sustainable retirement income and economic growth’.

The Minister of Education, Haruna Iddrisu, has warned that he may be forced to revoke the power to purchase food supplies for senior high schools from the hands of the management of schools if the quality of food and the supply schedule do not improve.

He said even though he had implemented the NDC’s manifesto promise to put senior high school heads in charge of food purchase arrangements, the quality of foods being supplied by some heads of second cycle schools, as well as the supply schedule of those foodstuffs, was not encouraging.

Mr Iddrisu said this at the inauguration of the Governing Council of the GES in Accra last Friday.

Mr Iddrisu said he and the President’s attention had been drawn to the quality of the supplies by the heads of schools and their distribution.

He stated that the President was not enthused about what was being done.

“I expect that internal audit together with national will strengthen the policing of the food and once in a while,  the Director General of the GES and Professor Avoke can go on unannounced visits to the schools at a time that they are having their meals to appreciate the food that is being served.

“So I caution the headmasters to improve on the food,” Mr Iddrisu stated.

The 12-member council has Prof. Mawutor Avoke as the Chairman with the members being a representative each from WAEC, Dr Rosemond Wilson; the National Schools Inspectorate Authority, Prof.  Azeko Tahiru Salifu; the National Teaching Council, Adam Adu Marshall; the National Council for Curriculum and Assessment, Prof. Yayra Dzakadzie, and a representative of the teacher associations, Right Reverend Paa Solomon Grant-Essilfie.

The rest are representatives of the MOE, Mamle D. Andrews; the Local Government Service Council, Felicia Dapaah Agyeman-Boakye; Non-Teaching Staff of GES, Adamu Bintu Fati, a female educationist, Florence Bobi, and the Director General of the GES, Prof. Ernest Kofi Davis.  

The minister administered the oaths of office and secrecy to them. 

WAEC Calendar

Mr Iddrisu during the inauguration called on the West African Examination Council (WAEC) to let its calendar be in sync with the other West African countries of WAEC.

Congratulating the governing council on behalf of the President, the Education Minister said the government’s intention to invest in the foundations of education in the country right from infrastructure to teacher development, to ensure that every Ghanaian child, regardless of background, gained access to quality basic education.

Response

Responding to the minister’s concerns, Prof. Avoke pledged that the council would work together to ensure that the food situation in the schools got better, even though they had been made to understand that significant strides had been made in that direction.

He pledged, among others, the new council’s preparedness to work towards achieving the objectives of the free compulsory educational policy, adding that it was incumbent on the new council to ensure the policy was implemented in its totality.

Minister for Youth Development and Empowerment, George Opare-Addo, has assured Ghanaians that President John Dramani Mahama is committed to delivering on his promises and restoring the country’s fortunes.

Speaking on Channel One TV’s The Point of View with Bernard Avle, the Minister acknowledged the current challenges facing the country but expressed confidence in the government’s ability to turn things around.

“We’re in a very difficult place as a country. But I want to assure that President Mahama is a promise keeper. We will fix the mess, we will reset Ghana, and together we will build the Ghana we want,” he assured.

He urged the youth to take advantage of new government initiatives aimed at empowering them, emphasizing that although the journey ahead may be tough, the administration will continue to support them.

“We’re launching a lot of programmes they [youth] must take advantage of most of the programmes we’re rolling out. It’s going to be tough, it’s a difficult journey, but the government of H.E President Mahama will stand by them throughout this journey,” he stated.

Declare assets by May 7 or I’ll sack you – Mahama to appointees

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