Ghanaian applicants of US visas are reportedly paying a rate of GH¢16 to a dollar

Information reaching Rainbowradioonline.com indicates that the United States Embassy in Ghana is still pegging the dollar rate at GH¢16 to a dollar for visa fees, despite the appreciation of the cedi.

Some applicants who have applied for visas at the Embassy are being asked to pay GH¢16 per dollar.

The applicants are worried and are demanding answers as to why the Embassy in Ghana continues to use the old rate, despite the gains made by the cedi against the dollar.

The applicants, who wish to remain anonymous, have called on the Minister of Foreign Affairs, Samuel Okudjeto Ablakwa, to intervene and urge the Embassy to adjust its rates to reflect the cedi’s recent gains.

Additionally, the rate for sending money from the USA to Ghana is pegged at GH¢11.50. The Ghana cedi has been designated as the world’s best-performing currency this month, after appreciating nearly 16 percent against the US dollar since the start of April 2025.

Performance of the Cedi

According to Bloomberg, the gains made by the cedi have contributed to easing inflationary pressures, resulting in Ghana’s lowest inflation rate in eight months.

The African Development Bank (AfDB) has applauded Ghana’s progress, with a recent report stating, “Ghana’s macroeconomic stabilisation efforts, including fiscal consolidation and monetary policy tightening, are yielding positive results, contributing to the cedi’s appreciation and moderating inflation.”

However, it cautioned that drastic structural reforms are needed to diversify Ghana’s economy and make it less susceptible to external shocks.

According to the AfDB, increased regional integration and trade liberalisation under the African Continental Free Trade Area (AfCFTA) could further boost the positive impact of a stronger cedi on Ghana’s trade balance and economic growth.

Dr Mahamudu Bawumia and Nana Addo Dankwa Akufo-Addo seated at a public function

Former Vice President and 2024 flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has acknowledged a decline in the popularity of former President Nana Addo Dankwa Akufo-Addo but expressed confidence that history will judge his legacy favourably.

Speaking to party members in the Eastern Region during the NPP’s ongoing nationwide Thank You Tour, Dr Bawumia highlighted Akufo-Addo’s contributions to Ghana, suggesting that their significance would be better appreciated with time.

“Today, when you look at it, my own boss Nana is not as popular as before, is that not so? But I have strong conviction that posterity will be very kind to Nana Addo Dankwa Akufo-Addo. Because people with time will appreciate the work he came to do for Ghana, today we do not see it,” Dr Bawumia told party faithful in Koforidua over the weekend of May 24–25, 2025.

The Thank You Tour, which resumed in the Eastern Region, is part of the NPP’s efforts to engage with its base following the party’s defeat in the 2024 general elections to the National Democratic Congress (NDC).

Dr Bawumia, who led the NPP’s campaign, used the platform to thank supporters for their efforts and to rally them for unity to strengthen the party for future contests. He noted the enthusiasm displayed by party members in the Eastern Region, as well as in the 13 other regions visited so far, as evidence of their resolve to restore the NPP to power.

Dr Bawumia’s comments come amid ongoing reflections on Akufo-Addo’s two-term presidency (2017–2025), which saw initiatives like the Free Senior High School programme and the Planting for Food and Jobs policy but faced criticism over economic challenges, including high inflation and cedi depreciation.

The NPP’s loss in the 2024 elections, with John Mahama securing 56.55% of the presidential vote against Dr Bawumia’s 41.31%, has been attributed by some analysts to public dissatisfaction with the Akufo-Addo administration’s economic performance.

In his address, Dr Bawumia urged party members to remain united and committed, stating, “Thank you all for your efforts in 2024, and for your continuous commitment to the NPP. Let us stay united and make our great party stronger.”

The tour, which has covered regions like Ashanti, Greater Accra, and Volta, aims to revitalise the party’s grassroots and address internal concerns following the electoral defeat.

“My boss, former President Akufo-Addo, is not as popular as he once was, but I believe posterity will be very kind to him.” – Former vice president Dr. Mahamudu Bawumia pic.twitter.com/wymHVMjhIr

— EDHUB🌍ℹ (@eddie_wrt) May 25, 2025

The Ghana Catholic Bishops’ Conference (GCBC) has advocated reconstituting the Electoral Commission’s (EC) appointment frameworks to ensure its independence.

Reverend Matthew Gyamfi, the GCBC’s President and Bishop of the Sunyani Diocese, made the appeal when they paid a courtesy call on President John Dramani Mahama at the Presidency in Accra.

The bishops were at the Presidency to congratulate the President on his massive victory in the December 7, 2024, general election and to present a litany of issues of national concern for his attention, such as the menace of illegal mining, educational reform, governance and electoral reforms.

Rev Gyamfi also called for reforms in electoral security deployment protocols and the creation of an independent commission for democratic integrity with prosecutorial powers and institutionalise civil service charter to protect public servants.

He recommended the establishment of a biennial inter-party forum led by faith-based and traditional authorities.

He informed the President that Members of the Ghana Catholic Bishops’ Conference were just returning from a meeting in Dakar, Senegal, where all the Catholic Bishops of West Africa, the ECOWAS region, including Mali, Guinea, Senegal, and Burkina Faso, were present.

He noted that they had very passionate discussions on the ongoing situation in our sub-region, views from the ground, from all the bishops.

This, he said, was why they were compelled to speak to the growing sense of disillusionment among the people in the sub-region and even in their country.

Rev Gyamfi reiterated that trust in democratic institutions was waning and electoral participation, while still robust by global standards, had declined from 85 per cent in 2016 to 60.9 per cent in 2024.

He said this downturn in electoral participation tells a lot and underscores a growing sense of disengagement among the electorate, particularly and dangerously among the youth.

He noted that the reduced turnout reflects broader concerns about the efficacy of democratic processes in addressing pressing national issues; adding that more worryingly, many young Ghanaians now express disaffection with politics as a vehicle for real change.

He said the perception that politics was transactional and exclusive must be confronted.

“We must make democracy work, not just periodically at the polls, but persistently through policy, equity, and inclusion,” he said.

He said further: “Mr President, we have national unity challenges. Political polarisation has intensified, deepening mistrust between ethnic, regional, and partisan lines. Land disputes, chief tenancy conflicts, and vigilantism persist in flashpoint areas. Electoral violence persists in our democracy.”

Rev Gyamfi said even though Ghana had successfully conducted nine elections between 1992 and 2024 and peacefully transferred power from one government to the other on four occasions in the fourth republic, yet electoral violence had been an enduring feature across all general elections and most by-elections in the country.

Rev Gyamfi said the CDD Ghana report indicated that during the 2024 election, there were 76 incidents, 24 were cases of destruction, seizure, vandalism and invasion of public facilities, while 46 were injuries with six deaths.

He said there were also allegations of partisan dismissals and political vindictiveness against successive regimes, all of these regimes for these 32 years.

The bishops appealed to President Mahama to use the massive support that Ghanaians had given him the mandate and even the ruling National Democratic Congress’ (NDC) control of Parliament, to use the occasion, the opportunity, and the chance to rationalise Article 71 payments and link public service remuneration to national equity.

He urged the Government to prioritize labor-absorbing infrastructure projects, expand and depoliticise Livelihood Empowerment Against Poverty (LEA) programme, the National Health Insurance Scheme (NHIS) and passing campaign funding regulations with independent audits.

He said, reflecting on these developments, it becomes imperative for both the church and states to collaborate more closely in fostering civic education and engagement.

He said by reinforcing the values of participatory governance and accountability, they could work towards revitalising public trust and ensuring that democracy serves the prosperity of all Ghanaians.

“As shepherds of souls, we do not seek to govern, but we are called to guide, to remind, and to raise our voice when the nation’s conscience trembles,” Rev Gyamfi said.

He added: “Mr President, let us build a politics that serves not itself, but the people. A politics that is not about the survival of the fittest, but about the flourishing of the weakest. A politics where governance is not only performance, but a moral vocation.”

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.

The Bank of Ghana (BoG) has opted to hold its benchmark interest rate steady while introducing a structural tweak to its liquidity management regime, a move aimed at sustaining recent macroeconomic gains amid persistent inflation risks.

Following its 124th Monetary Policy Committee (MPC) meeting, the central bank on Monday said it will keep the policy rate unchanged at 28 percent – citing the need to reinforce disinflation momentum and anchor stability in the face of global uncertainties and elevated domestic inflation.

However, in a significant policy shift, the BoG announced an amendment to the dynamic cash reserve ratio (CRR) framework. Effective June 5, 2025, commercial banks will be required to hold reserves in the same currency as the deposits they mobilise. This means foreign currency deposits must now be backed by foreign currency reserves and cedi deposits by cedi reserves.

The Bank of Ghana introduced a dynamic cash reserve ratio (CRR) framework – varying by banks’ loan-to-deposit ratios – to discourage overinvestment in government securities and promote private sector lending, with CRRs set at 25 percent for LDRs below 40 percent, 20 percent for LDRs between 40 percent and 55 percent and 15 percent for LDRs above 55 percent.

The move has significantly increased reserves at the central bank and helped absorb excess liquidity.

“The committee decided to amend the dynamic cash reserve ratio… so that reserves for all banks will now be maintained in their respective currencies,” said Governor Dr. Johnson Pandit Asiama during a press briefing.

He explained that the change is part of efforts to tighten the liquidity framework and enhance monetary transmission.

The decision comes amid improving economic indicators. The updated composite index of economic activity rose by 2.3 percent year-on-year in March 2025, more than double growth recorded in the previous year.

Meanwhile, confidence among consumers and businesses has reached its highest point in seven years, supported by declining inflation and a stable exchange rate environment.

Headline inflation fell to 21.2 percent in April, a drop of 2.6 percentage points since beginning of the year. The decline, which has been broad-based across both food and non-food components, is credited to tighter monetary policy, exchange rate stability and lower ex-pump petroleum prices.

“Core inflation, which incorporates energy and utility costs and inflation expectations across sectors, also points to sustained easing,” Dr. Asiama noted.

He added that the MPC sees a faster convergence toward the medium-term inflation target by first quarter of 2026, provided no major shocks derail the outlook. The end-year inflation target is now at 12 percent.

Ghana’s fiscal position has also shown signs of improvement. Despite revenue falling short of projections in first quarter-2025, expenditure cuts helped keep the primary balance in check. Public debt stood at GH¢769.4billion at the end of March, or 55 percent of GDP – down from 61.8 percent in December 2024.

On the external front, the country posted a record current account surplus of US$2.1billion in Q1 2025, driven by higher export earnings from gold, cocoa and robust remittance inflows.

This led to an overall balance of payments surplus of US$1.1billion and boosted gross international reserves to US$10.7billion – enough to cover 4.7 months of imports.

The cedi has also rebounded strongly, appreciating by 24.1 percent against the U.S. dollar, 16.2 percent against the British pound and 14.1 percent against the euro as of May 21, 2025. Analysts attribute the rally to a mix of fiscal consolidation, foreign exchange rule enforcement and the central bank’s hawkish stance.

Still, the MPC noted that inflation remains elevated relative to its medium-term goal. “Despite the gains, inflation is still high and maintaining a tight monetary policy stance is necessary to reinforce the disinflation process,” said Asiama.

The unchanged policy rate signals the bank’s cautious optimism, balancing the need to consolidate gains with recognition of lingering vulnerabilities. Global headwinds – including rising trade tariffs and policy uncertainty in advanced economies – have tempered investor sentiment and could spill over into emerging markets like Ghana.

Monetary authorities also acknowledged the divergent paths central banks are taking globally, with some maintaining tight stances while others ease policy in response to falling inflation. The Bank of Ghana appears to be anchoring its own decisions on domestic fundamentals and the urgency of restoring price stability.

The next MPC meeting is scheduled for July 2025.

Some of the leaders at the Majlis Ansarullah Ghana conference

In a strong call for environmental responsibility and national development, Alhaj Ahmed Suleman Anderson, Naib Ameer II of the Ahmadiyya Muslim Mission Ghana, has cautioned Ghanaians against destructive practices such as illegal mining, indiscriminate dumping of refuse during the rainy season, and the neglect of afforestation.

He warned that such acts hinder the nation’s progress and must be urgently addressed.

Speaking at the 2nd Accra Zonal Conference of Majlis Ansarullah Ghana on May 25, 2025, held under the theme “Cultivating Taqwa in the Majlis: The Key to Supporting Spiritual Growth and Worldly Success,” Alhaj Suleman emphasised that true service to God must be reflected in acts that promote social harmony and environmental care.

“The conference was organized not only to assess our outreach efforts to marginalized communities but also to remind us of our dual responsibility: service to God and service to humanity,” he stated.

“If I am not on talking terms with my brother and claim to love God, it does not make sense. If I withhold food from my hungry neighbor, what do I gain from that?”

He stressed that patriotism must go beyond words, urging citizens to obey laws that protect the environment.

“We must avoid destructive acts like illegal mining, dumping refuse during the rainy season, and neglecting afforestation. These activities hinder national progress,” he warned.

The conference drew large numbers of Muslim faithful and dignitaries, including Alhaj Ali Mohammed, Chairman of Majlis Ansarullah Ghana, and Maulvi Hafif Ibrahim, a missionary with the Ahmadiyya Muslim Mission in Accra.

Maulvi Ibrahim called on the privileged in society to support the vulnerable, highlighting the role of moral leadership in national development.

“It is the duty of the rich to support the underprivileged in our fragmented communities,” he said.

“If our politicians truly feared God, they would not embezzle funds meant for schools and hospitals. The Qur’an enjoins us to elect leaders who fear God and uphold justice.”

The 2nd Accra Zonal Conference served as a reminder of the Islamic principles of godliness, community service, and the collective responsibility to drive spiritual and national growth.

AM/GA

In today’s social media-craze world, motivational stories are not in short supply but only a few of them tickle real emotions. Frederick Agaaya Adongo’s story is one of the rare exceptions.

Last week, beneath the historic elm trees at Yale University’s graduation ceremony, the once cattle herder stood tall in his academic regalia, the same calloused hands that once held farm tools in rural Zorkor in the Upper East Region now clutching a Master of Laws (LL.M) degree from one of the world’s most prestigious institutions.

“This is nothing short of exhilarating,” the cheerful graduand said in an interview, recalling his emergence from a humble background – the dusty paths of his remote village, where dreams often wither under the harsh sun – to becoming the first Ghanaian in almost four decades to graduate with LL.M from the prestigious Yale Law School.

“I had no professional ambitions growing up. I would say my journey to law school was divinely orchestrated,” he said.

A key part of that divine orchestration is the unwavering support of renowned businessman and philanthropist, Alhaji Seidu Agongo, whose generosity transformed the cattle herder’s dream into an extraordinary reality.

Between farm, cattle and classroom

Growing up in rural Ghana, Frederick said his early life revolved around farming and animal husbandry.

He recalled dividing his time between school, herding cattle, and going to the farm, costing him precious learning time.

“In a typical week, I could only go to school two or three times,” he said.

Despite these challenging circumstances, he persevered through basic education, eventually stopping cattle herding in his final year in junior high school (JHS) to focus on the Basic Education Certificate Examination (BECE).

Predictably, funding his education was a constant struggle. “With contributions from family and other benevolent people, I managed to meet all my financial obligations to complete high school,” he said, though that meant a bigger hurdle was ahead.

At the University of Ghana, he said he relied heavily on support from chaplains and members of the St. Thomas Aquinas Parish and the St. Vincent de Paul Society.

The Agongo factor

Frederick’s life changed dramatically when a senior at the University of Ghana recognised his potential and recommended him to Alhaji Seidu Agongo – a moment he describes as “a significant turning point in my life.”

“Since knowing Alhaji Agongo, he has paid my school fees and provided for my needs throughout my educational journey,” Frederick explained. “I didn’t have to worry about the burdens that otherwise would have made it difficult for me to focus on my studies,” he said.

The result is an improbable Yale Law School star, now a symbol of possibility and a beacon of hope for rural youth across the nation.

The story of Frederick, who Alhaji Agongo neither knows nor has ever met, is one of many by a philanthropist who believes in sharing himself to help make society better.

He has sponsored hundreds of children across the country through various levels of education, paid the bills of hundreds more people and constructed and furnished a state-of-the-art block for the Children’s Department of the Korle Bu Teaching Hospital in Accra.

Alhaji Agongo has also funded several females, widows and single mothers through vocational training and entrepreneurship as part of his commitment to helping create an equitable society.

“Frederick is an exceptional talent, and the least I can do is to support him shine,” he said. “Through that support, he will make his family and society better, and the world will be the bigger beneficiary,” he added.

Making history at Yale

For Frederick, Alhaji Agongo’s presence in his life led him into a land of possibilities.

After successfully completing his law degree in Ghana, he said he was faced with offers from both Yale and Harvard Law Schools but settled for Yale for its intimate learning environment with smaller class sizes.

“My checks also strongly suggest that since 1987, we have not had a Ghanaian in the programme,” he notes proudly.

As the only African in his cohort, Frederick decided to “take the road less travelled,” breaking a 38-year absence of Ghanaian representation in Yale’s prestigious LL.M. programme, a journey smoothed by constant financial and moral support from Alhaji Agongo.

For him, the LL.M. holds immense personal significance, more so from Yale.

“Yale Law School not only imparts profound legal knowledge but also instils in us the responsibility to use that knowledge to address society’s most pressing challenges. Coming from a background where higher education seemed like an unlikely dream, the opportunity to now be part of a community that strives to create meaningful change in the world is nothing short of exhilarating,” he said.

Genuine philanthropist

For Frederick, Alhaji Agongo’s success story highlights the transformative impact of a man’s philanthropy that extends far beyond his person.

“Alhaji Agongo is a genuine philanthropist,” Frederick said, noting the distant nature of their relationship.

“Since knowing him, we have only spoken on the phone; he has never met me and has nothing to gain from me for helping me. Yet he constantly checks up on me to ensure that I am comfortable and provides whatever I need,” he said.

Frederick revealed that Alhaji Agongo has similarly supported numerous other students whose educational journeys might have been “prematurely truncated but for his benevolence.”

Message to the youth

For Frederick, his situation is a powerful testament of how one’s background means less to his/her future.

 “One is not defined by their circumstances,” he said.

“We need to only push ourselves to our elastic limits in the pursuit of our goals”.

He stressed the importance of mentorship and humility, noting that the youth needed to get mentors who could guide them in whatever field they choose to pursue.

 “We just need to humble ourselves and be ready to learn from mentors, friends, and colleagues. And we will attain greater heights,” he said.

On what next, he said he would return home to work while exploring opportunities for further studies.

While at it, his story stands as a powerful testament to perseverance, the impact of philanthropy, and the heights that determined Ghanaians can reach with proper support.

For Frederick, in Alhaji Agongo’s selfless investment in bright minds like him, Ghanaians witness how one person’s generosity can help transform not just individual lives but potentially the nation’s future.

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.

Minister for Foreign Affairs, Samuel Okudzeto Ablakwa (right) and Suzy Pinamang

Suzy Adwoa Pinamang, the second-year student at Adventist Senior High School in Bantama,who was the victim of a tragic accident that left her with severe injuries, is scheduled to undergo eye surgery in June.

Ghana’s Foreign Affairs Minister, Samuel Okudzeto Ablakwa, announced the development after visiting Suzy in London on Sunday, May 25, 2025.

During his visit, Ablakwa noted that Suzy remains in high spirits and is doing well, expressing optimism about her recovery.

“After representing President Mahama at the Oxford Africa Conference this morning, I made time to visit the amazing Suzy Adwoa Pinamang in London.

“Suzy’s doctors have conducted numerous tests following her gunshot injuries, and have scheduled her surgery for next month.

“I am glad our courageous Suzy is in high spirits and doing very well,” Ablakwa stated in a Facebook post.

He also commended the staff of the Ghana High Commission in London for their exceptional care and reiterated his gratitude to Ibrahim Mahama for his generosity.

The minister urged Ghanaians to continue praying for Suzy’s successful surgery and recovery.

Suzy was accidentally shot in the eye by a classmate on April 4, 2025, prompting urgent medical attention. After assessments at Komfo Anokye Teaching Hospital in Kumasi and Agarwal Eye Hospital in Accra, doctors recommended specialist care abroad due to the severity of her injuries.

Businessman Ibrahim Mahama stepped in to cover the full cost of her medical treatment and travel expenses, ensuring no financial burden on Suzy’s family.

Samuel Ablakwa, who facilitated Suzy’s travel arrangements, confirmed that UK visas were secured for Suzy and two caregivers, including her brother and Rafik Mahama, a special aide to Ibrahim Mahama.

Suzy arrived in the UK on May 10, 2025, and has since undergone numerous tests in preparation for her surgery next month.

The case gained significant attention after Bantama MP Francis Asenso-Boakye alerted Ablakwa to Suzy’s plight, with further support from UK High Commissioner Harriet Thompson, who expedited the visa process on compassionate grounds.

The Ghana High Commission in the UK according to the minister, has been instructed to provide special consular privileges to Suzy and her caregivers during their stay.

The Rotational Nurses and Midwives Association of Ghana has announced plans to embark on a nationwide strike starting June 2, 2025, in protest against the government’s failure to pay their outstanding allowances.

According to the Association, its members are owed 12 months of unpaid allowances, a situation they say has become untenable. Despite issuing a 14-working-day ultimatum to prompt government action, the group says its concerns have been met with silence.

Speaking to Citi News, the Association’s President, Ebenezer Boateng, expressed frustration over the continued neglect of their plight.

“The minister has not communicated officially to us, which is very sad. This is because they see us now as insignificant in the health sector, in the ministry, as well as to the public,” he lamented.

Boateng confirmed the group’s intention to proceed with the strike if no action is taken.

“On June 2, we are going on a nationwide strike. We do not want to hear any story from them. This has been a consistent problem for about 5 years now. All they give is an assurance, we don’t need that now,” he stated.

The Association says it is left with no choice but to withdraw its services until concrete steps are taken to resolve the payment delays.

 

Mahama’s strong ‘fundamentals’ driving cedi gains – Tetteh Nyarko

Parliament will resume sittings this week following a recess, with lawmakers returning to the chamber to continue legislative business.

Speaker Alban Bagbin has announced that the Second Meeting of the First Session of the Ninth Parliament of the Fourth Republic will officially begin on Tuesday, May 27, 2025.

The notice was issued in line with Order 58 of the Standing Orders of Parliament, which mandates the Speaker to formally inform Members of Parliament about scheduled sittings.

This upcoming meeting signals the restart of parliamentary activities, including legislative debates, committee work, and discussions on pressing national matters.

Calm restored at Gomoa Dominase after violent clashes; six arrested

King Charles III and Queen Camilla will arrive in Canada later for a two-day visit seen as bringing a message of support for the country in the face of threats and taunts from US President Donald Trump.

Prime Minister Mark Carney, who recently won a general election on a wave of anti-Trump sentiment, invited the royal couple and will hold a meeting with them during their stay in Ottawa.

The King will read the “Speech from the Throne” to Canada’s Parliament on Tuesday, the first time a monarch has delivered this for almost 50 years.

It is expected to include a defence of Canada’s sovereignty and to reject claims it should be taken over by the US.

There will be a ceremonial welcome at the airport in Ottawa on Monday and meetings with community groups, which are expected to include representatives of Canada’s First Nation communities.

The King will meet Canada’s first indigenous Governor General Mary Simon.

This is the King and Queen’s first visit to Canada since the start of their reign, after a planned trip last year was cancelled because of King Charles’s cancer diagnosis.

By reading the Speech from the Throne the King is following in the footsteps of his mother, Queen Elizabeth II, who carried out the duty twice during her long reign in 1957 and 1977.

But the timing of this week’s visit has been seen as a sign of solidarity with Canada, after calls from Trump for the country to become the 51st US state.

The US threat has inflamed public opinion with some businesses in Ottawa, as elsewhere in Canada, putting on displays of national identity such as “Proudly Canadian” posters.

Carney, when he visited Trump at the White House earlier this month, stressed that Canada was “not for sale” and that message is likely to be conveyed in the King’s speech which is written on the advice of Canada’s government.

Former Canadian high commissioner to the UK Jeremy Kinsman said this was a message the King will be pleased to deliver.

“It’s going to be very affirmative of Canadian sovereignty. And I can say personally that it’s something that King Charles will celebrate saying. I have no doubt,” said Mr Kinsman, who worked as a diplomat with the King when he was Prince of Wales.

The speech, to be delivered in French and English, will set out the Canadian government’s policy agenda in a way that is similar to the King’s Speech at the State Opening of Parliament in Westminster.

But it is also expected to have lines asserting the independence of Canada – a Commonwealth country and Nato member.

Speaking ahead of the King’s visit and State Opening, Carney said: “This is an historic honour which matches the weight of our times.”

In terms of the ceremony, the King is expected to wear a suit, in an event that will be more low key than the crown and elaborate robes on display in the UK’s opening of Parliament.

As well as the speech in Parliament, this brief trip will include community events in Ottawa and a chance to meet local leaders.

This royal visit will be something of a diplomatic balancing act. The King is head of state of both Canada and the UK – and in his UK role, the King has been helping to maintain good relations with the US, sending a warm personal letter to President Trump inviting him for a second state visit.

In Canada, he will be expected to reflect a very different message, with Canada’s government rejecting Trump’s ambition to take over the country.

Ahead of the visit, a royal source said: “The King has long experience and great skill in walking that diplomatic tightrope.

“He’s held in high regard around the globe and across the political spectrum, with good relations with world leaders who understand his unique position.”

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.

Cosmo Developers, in partnership with Fimex Ltd, has officially launched Saareeyaa, a new residential development project aimed at redefining practical urban living in the heart of Labone, Accra.

The unveiling ceremony, held at the Movenpick Ambassador Hotel on Saturday, May 25, brought together stakeholders from across the real estate industry, including investors, legal experts, and property managers, to highlight the project’s unique blend of luxury, accessibility, and community-centric design.

Nestled just off the bustling main road in Labone, Saareeyaa is a four-story architectural marvel that redefines high-end residential living. Designed with modern elegance, it merges luxury with convenience in one of Accra’s most sought-after neighbourhoods.

The building includes a state-of-the-art gym and secure ground-floor parking, with four levels of residential space offering a range of six distinct apartment layouts—from sleek studio units to spacious three-bedroom residences. Each unit is bathed in natural light with floor-to-ceiling windows offering panoramic views of the city.

The penthouse is a highlight—a luxurious sanctuary featuring a private terrace, a sleek infinity pool, and breathtaking skyline vistas.

“We don’t just build homes. We build the future. We build for tomorrow. We build the future the Cosmo way.” Those were the words of Nadine Jaber, CEO of Cosmo Developers, as she welcomed guests.

Jaber highlighted the intentionality behind Saareeyaa’s design.

“Every detail of our work is thoughtfully crafted to meet the unique needs of our clients,” she said, referencing past successes like the La Vista project in Abelemkpe. “At Cosmo and Fimex, we believe in cosmopolitan living. We design spaces that foster a sense of belonging.”

“Also, what makes Saareeyaa distinguish[ed] is, if you invest now in Saareeyaa, you will design your space. So that’s why it’s called ‘Designed for Living’,” she added.

At the heart of the project is the company’s innovative rent-to-own payment structure.

“You only pay 50% of the amount of the apartment, and you cover the remaining one – two years later. You pay like monthly rent… you will sit, stay in your apartment, and as if you are paying rent, you will be paying for the developing company where you bought the apartment without paying rent to anyone else, and then you own your apartment.”

The project is tailored for families, young professionals, diaspora investors and even employees seeking home ownership.

“We put our prices very strategically and [in a] very clever way, where both families, investors, whether whoever you are, whether you’re even an employee, you are able to own an apartment at Saareeyaa,” Jaber said.

According to her, Labone was chosen for its strategic return on investment and vibrant mix of access and calm.

“Actually, we do have projects in different places. So as we know, the Ghana market is very small, and now the hub area… is actually around Labone… and also with the amenities and the surroundings, and the perfect location, 10 minutes from the airport… just makes it perfect.”

The CEO of Fimex Ltd, Abdul Latif Fawaz, stressed the importance of making home ownership accessible.

“We try to introduce an idea in this presentation today, which is rent-to-own… to encourage the people who want to invest or who want to buy to have that opportunity.”

He stated that the team was paying special attention to the 30 per cent of the market often excluded from property ownership. “We’re trying to put things in place… We’re trying to do something for them as much as we can.”

He added: “We wanted to add amenities that if somebody has family, they can still live in an apartment… We’ve introduced a canteen area… a traditional boys’ quarters… not the same idea, but we wanted to create some kind of space… for their own privacy.”

On his part, Bobby Banson, the Lead Consultant at Robert Smith Law Group, spoke to the uniqueness of Saareeyaa’s legal groundwork.

“Unlike a lot of projects where they start selling even without digging foundation, this one—the physical structure is done, because they were patient to get a really good documentation… You walk in, you want unit A, you will see what unit A is—not on paper.”

He added that this “shows the commitment of the owners that they were not waiting for money from buyers to put up their projects. They have invested their money.”

Property Manager for La Vista, Avelon Tetteh Junior, echoed these sentiments. “There is no apartment without amenities that make the whole stay complete, like the security, the gym, the backup generator, the allocated parking lots and the pool.”

“With this particular project, Saareeyaa, the penthouse comes with its private pool… own terrace so you don’t get to share with others,” he said.”

Facilities such as hospitals, leisure centers, supermarkets, and restaurants are all within short driving distances, making daily living seamless and efficient. Inside each unit, well-equipped kitchens, elegant living areas, and warm, inviting aesthetics create a homely atmosphere.

While offering modern comforts like a backup power supply, 24/7 security with CCTV, rooftop terraces, and green landscaping, Saareeyaa’s thoughtful layouts reflect an understanding of Ghanaian lifestyle values—spaces for family, privacy, and a sense of home.

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.

By all accounts, Ghana’s macroeconomic environment has turned a crucial corner. After years of volatility and inflationary shocks, the country is beginning to experience much-needed stability, and one of the clearest signs of this shift is the performance of the Ghana cedi. As of May 20, 2025, the cedi has appreciated by 21.5% year-to-date, a dramatic reversal from the 19.2% depreciation recorded in 2024. This turnaround has naturally sparked questions across the market: Is this sustainable? Will the gains hold?

Following its latest meeting, the Monetary Policy Committee (MPC) of the Bank of Ghana unanimously voted to maintain the policy rate at 28%, sending a clear message to markets: the commitment to price stability and macroeconomic discipline remains firm. The MPC noted that inflation has continued its downward trajectory, declining from 23.8% in December 2024 to 21.2% in April 2025 and that while global uncertainties persist, Ghana’s domestic fundamentals have significantly strengthened.

A Foundation Built on Strong Fundamentals

The current stabilisation of the cedi is not driven by temporary interventions or short-term capital flows. Rather, it reflects a broad-based improvement in the underlying macroeconomic framework, including:

• A tight monetary policy stance that is reanchoring inflation expectations;
• Strong reserve accumulation, with gross international reserves now standing at US$10.67 billion (4.7 months of import cover);
• A trade surplus of US$4.14 billion in the first four months of 2025, driven largely by increased gold exports;
• A current account surplus of US$2.12 billion in Q1 2025, compared to just US$66.05 million in Q1 2024;
• And increasing fiscal discipline, following overspending in 2024.

Additionally, business and consumer confidence is rebounding, while the Bank of Ghana’s shift to a more robust Open Market Operations (OMO) framework is deepening the monetary policy transmission mechanism.

These are structural improvements, not cosmetic ones.

What Could Go Wrong and Why the Market Shouldn’t Panic

That said, Ghana is not immune to global headwinds. One of the key pillars supporting the cedi’s strength has been the rise in gold prices, which surged to US$3,218/oz in April 2025, up 21.8% year-to-date. This has provided a crucial boost to export earnings and reserves through the Gold-for-Reserve programme. However, any improvement in U.S.-China relations may ease global uncertainty and lead to a softening of gold prices. In such a scenario, Ghana could face some valuation losses on its reserve holdings.

But even if gold prices adjust downward, the Bank of Ghana will continue to accumulate reserves, albeit at a slower pace. The point is: reserve accumulation is now a policy norm, not a reactionary tool.

Another factor to watch is remittance flows. With an expected slowdown in advanced economies and the proposed 5% tax on outbound remittance transfers from the U.S., some decline in inflows may occur. However, ongoing reforms in the remittance space, including digitisation, transparency improvements, and reduced transaction costs, are expected to cushion the impact. Remittances remain a resilient inflow stream, especially in times of global uncertainty.

Similarly, forex purchases from mining and oil companies, while steady, are subject to fluctuations in commodity prices. Cocoa proceeds have also been strong, largely due to supply constraints that have driven up global prices. These constraints, however, are unlikely to be reversed in the near term, meaning that cocoa-related forex flows are expected to remain favourable.

The Role of Policy and Market Sentiment

Perhaps the most important factor in the sustainability of cedi stability is policy credibility. The current MPC’s stance to hold the policy rate at a high level while monitoring disinflation sends a strong signal to the market that the central bank is not in a rush to ease. The focus remains on anchoring inflation and ensuring that the gains made in the first half of the year are consolidated.

Moreover, the enforcement of foreign exchange (FX) rules and continued fiscal prudence are playing vital roles. The days of policy inconsistency and market ambivalence appear to be over. Under the new leadership, both at the central bank and Ministry of Finance, there is clear coordination and coherence in economic management.

It’s also worth noting that while the U.S. dollar has been weak, a trend that has helped the cedi’s rally, there are signs that this trend may not last. Should the dollar strengthen again, some pressure on the cedi could re-emerge. But here’s the difference: domestic fundamentals are strong enough to cushion such pressure. The cedi is no longer being propped up by one-off inflows or ad hoc interventions; it is being supported by solid fundamentals, disciplined policy, and growing investor confidence.

Why Inflation May Perform Better Than Expected

In his latest remarks, the Governor of the Bank of Ghana expressed cautious optimism that inflation could end the year lower than currently projected and for good reason. Several recent developments are working in tandem to reinforce the disinflation trend and may deliver a stronger-than-expected outcome.

First, the sharp appreciation of the cedi—nearly 20% against the U.S. dollar so far in 2025—has fundamentally altered the dynamics of imported inflation. With a stronger domestic currency, the cost of imported goods, raw materials, and petroleum products has declined, effectively turning imported inflation into imported disinflation. This appreciation also lowers duties and port charges, reducing the cost of clearance and final consumer prices.

Second, transport fares have dropped by 15%, following adjustments in fuel prices and exchange rate gains. This has a ripple effect across the economy: lower transport costs directly reduce the prices of food and other essential goods, particularly in regions dependent on long-distance distribution.

Third, the combined effect of tight monetary policy and improving fiscal discipline is anchoring inflation expectations. The MPC’s decision to hold the policy rate at 28% affirms its commitment to staying ahead of inflationary pressures, while the government’s renewed focus on spending control supports macroeconomic stability from the fiscal side. These complementary policies reinforce one another and contribute to a more predictable price environment.

Moreover, a component of utility tariffs, especially electricity pricing regulated by the PURC, is based on an assumed exchange rate benchmark. With the current strength of the cedi, the prevailing assumption of GHS15 or higher per dollar is now out of line with reality. As such, upcoming tariff reviews are expected to reflect a lower exchange rate, leading to reduced electricity costs in the next pricing window. This will not only ease the burden on households but also lower production costs for businesses, which can ultimately translate into more affordable industrial goods and services.

Altogether, these developments, strong currency performance, lower transport and utility costs, and disciplined policy point to a more favourable inflation outturn by year-end than originally projected. The market should take note: Ghana’s inflation trajectory is on a more stable and optimistic path than in recent years, supported by fundamentals, not luck.

Growth Outlook Supports Stability

Ghana’s growth outlook for 2025, though modest compared to last year’s surge, remains solid and reassuring. Real GDP growth is projected at 4.0%, slightly down from the 5.7% expansion in 2024, but this is still commendable given the prevailing headwinds in the global economy. Major economies are slowing, capital markets remain cautious, and commodity prices, though currently favourable, are volatile. Against this backdrop, a 4% growth projection signals resilience, particularly for a frontier market emerging from recent fiscal and currency stress.

This growth is expected to be broad-based, supported by continued recovery in industry and services, increased public and private investment, and improved macroeconomic confidence. One of the most encouraging developments is the rebound in private sector credit growth. As of April 2025, nominal private sector credit growth stood at 19.9%, more than doubling the 10.8% growth rate recorded in the same period last year. Even in real terms, the contraction in private sector credit has narrowed significantly from -11.4% to -1.1%, pointing to improving access to finance as inflation eases.

Consumer demand is also stabilising, buoyed by rising real incomes, improving business sentiment, and increased employment prospects in services and agro-processing. At the same time, inflation is coming down, having declined from 23.8% at end-2024 to 21.2% in April 2025. The consistent moderation of inflation has enhanced purchasing power and created room for more stable financial planning by households and businesses.

Together, these developments are creating a virtuous cycle. Lower inflation supports consumer confidence; stronger demand fuels production and investment; and greater economic activity, in turn, generates tax revenue and reduces pressure on government borrowing. All these factors contribute to macroeconomic stability, which in turn reduces the likelihood of exchange rate volatility.

Importantly, the MPC’s decision to maintain a tight policy stance, while allowing targeted credit expansion to productive sectors, demonstrates a balanced and forward-looking approach to growth management. The objective is clear: protect the disinflation gains, while supporting real sector expansion in a controlled and sustainable manner.

A Word to the Market

To investors, market participants, and ordinary Ghanaians watching the performance of the cedi with both hope and scepticism, the message could not be clearer: this stabilisation is not artificial. It is real, policy-backed, and most importantly, sustainable in the near term.

Yes, challenges remain. The possibility of a stronger U.S. dollar, falling gold prices, or geopolitical tensions in major commodity markets cannot be ruled out. Global spillovers can and do affect Ghana. But what has changed is how Ghana is positioned to withstand these shocks. For the first time in years, domestic policy fundamentals are doing the heavy lifting.

• The Bank of Ghana has restored its credibility by taking decisive monetary actions and enhancing policy transparency.
• The Ministry of Finance has signalled a return to fiscal prudence, with early 2025 indicators pointing to better expenditure control and improved revenue performance.
• The external sector is improving, with strong trade and current account surpluses, growing reserves, and sustained forex inflows from gold, cocoa, and even remittances.
• And most importantly, market sentiment has turned. Ghana’s sovereign credit rating has improved, investor interest is returning, and speculative demand for dollars is beginning to decline.

Those still holding dollars in anticipation of another cedi collapse may be misreading this moment. The data is clear. The policy stance is firm. The results are visible. Continuing to bet against the cedi may now be a losing strategy because the very foundations of macroeconomic mismanagement that enabled past depreciation cycles are being dismantled.

This is not to say all risks have disappeared. But in economic management, direction matters as much as position. And Ghana is finally headed in the right direction, cautiously, but with resolve.

To businesses planning investment decisions, to households making financial plans, and to investors watching from the sidelines: this is the moment to recalibrate. Ghana’s macroeconomic environment is stabilising, and if the current course is maintained, this momentum could very well become a new baseline, not the exception.

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.

Trade between Ghana and Türkiye surged to nearly $888 million in 2023, driven by Ghana’s exports worth $614 million, 80.2% of which was gold, and imports from Türkiye totalling $274 million, led by pasta and wheat flour.

The growing trade reflects shifting economic priorities, stronger bilateral ties, and shared strategic interests between the two nations.

With bilateral trade projected to reach $900 million by the end of 2025 and expected to surpass $1 billion by 2027, both countries are actively pursuing deeper collaboration.

Ghana’s key exports to Türkiye include gold and cocoa beans, while Türkiye supplies machinery, transport equipment, textiles, and industrial goods, bolstering critical sectors across both economies.

Industry experts view the accelerating trade volumes as evidence of rising business confidence and a push toward sustainable partnerships.

As Ghana strengthens its role as a trade and logistics hub for West Africa, Türkiye emerges as a valuable partner offering advanced technology, robust manufacturing capacity, and global market access.

Türkiye, one of the world’s top 20 economies with an annual export volume of over $225 billion, is home to more than four million companies.

Its population of 85 million and reputation for high-quality, competitively priced goods make it an attractive trade partner for African nations like Ghana.

Beyond commerce, Türkiye’s engagement with Africa spans diplomacy, education, health, and aviation. The country has embassies in 44 African nations, while Turkish Airlines connects 62 destinations across 41 countries.

The Turkish Maarif Foundation operates over 200 schools on the continent, and more than 30,000 African students are currently studying in Türkiye.

Additionally, Türkiye runs three hospitals in Africa, underscoring its broader development partnership.

Under its “Win-Win” strategy for Africa, Türkiye is cultivating long-term economic relationships through initiatives like the World Cooperation Industries (WCI) Forum.

In line with this agenda, the 11th WCI Forum will take place in Accra from May 28–29, 2025, at the Accra Marriott Hotel.

The forum will bring together over 50 Turkish manufacturers and exporters with West African businesses across sectors such as construction, agriculture, food, textiles, footwear, healthcare, FMCG, and services.

The event will feature B2B meetings, product showcases, panel discussions, and conferences—all designed to promote actionable business deals and sustainable economic partnerships.

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.