Dr Johnson Asiama, Bank of Ghana Governor

The Bank of Ghana (BoG) faces a crucial monetary policy decision this week, as strengthening signs of macroeconomic recovery clash with lingering risks.

The central bank must weigh whether to adjust its benchmark interest rate to support growth without undermining recent gains in price stability.

Speaking at the 125th Monetary Policy Committee (MPC) meeting opening on Monday, Governor Johnson Pandit Asiama acknowledged the difficult balancing act ahead.

“The question before us is whether the current macroeconomic configuration warrants a recalibration of our monetary policy stance,” he said.

Headline inflation fell to 13.7 percent in June, the lowest since December 2021, on account of tight monetary and fiscal policy alongside a sharp appreciation of the cedi this year.

The currency strengthened 42.6 percent against the US dollar in first half of the year, buoyed by improved trade performance, stronger remittance inflows and renewed investor confidence following successive IMF (International Monetary Fund) programme reviews.

Meanwhile, economic activity has exceeded expectations, with provisional data showing real GDP (Gross Domestic Product) expanded 5.3 percent in first-quarter 2025 with non-oil GDP rising 6.8 percent, led by agriculture and services. BoG’s Composite Index of Economic Activity rose 4.4 percent in May, pointing to continued momentum in consumption, trade and tourism.

These developments have led market analysts to anticipate a possible reduction in the policy rate for the first time in the current cycle. Apakan Securities projects a cut of 200 basis points (bps), citing the return of positive real yields following a prolonged period of negative inflation-adjusted returns.

“The steep disinflation trajectory has now anchored real returns, which we believe will help boost investor confidence,” the firm said in a research note.

Some observers, however, argue for a more cautious approach; stating that a measured rate cut is likely – especially if inflation and FX trends hold through end-July – with the cut being modest, around 50 basis points and paired with cautious guidance.

Governor Asiama confirmed that inflation expectations have become more anchored and external buffers have strengthened. Yet he also warned of emerging risks that could complicate the Bank’s inflation outlook, including exchange rate volatility, global oil price movements and planned tax increases. These, he said, could affect pricing behaviour and stoke inflationary expectations.

Despite recent gains, including a US$5.6billion trade surplus and primary fiscal surplus of 1.1 percent of GDP, analysts say BoG is keen to preserve its policy credibility while cautiously supporting recovery.

Market sentiment shifts toward safe-haven assets

BoG’s posture comes as gold prices rallied past the US$3,400 threshold last week, closing at US$3,431.10 – underpinned by heightened demand for safe-haven assets in the face of persistent macroeconomic uncertainty.

Domestically, NewGold ETF tracked the upswing, advancing 2.51 percent on the week to GH¢373.75. Trading activity surged sharply, with average daily volumes rising more than tenfold to 9,718 units – up from 844.4 units the previous week.

Average daily turnover followed suit, increasing over 600% to GH¢3.6million with a total of GH¢18.14million in shares traded; almost ten times the prior week’s GH¢1.9million, promoting investors pivoting toward gold-backed assets amid sustained foreign exchange volatility and uncertainty over the trajectory of global interest rates.

Policy direction, credibility

With inflation easing and economic momentum building, analysts maintain that BoG has room to manoeuvre. Yet, it must act without sending mixed signals about its inflation-fighting resolve, they insist.

While a cut in the policy rate could help lower borrowing costs and encourage private sector credit growth, an overly aggressive move might reignite inflation expectations or weaken the cedi.

Kwadwo Acheampong, an investment analyst, said he also expects a 200 basis point cut – arguing that “the macro backdrop now provides an opportunity to reset the policy stance more decisively”.

The analysts agreed that the market is watching, not only for the policy rate’s direction but also signals about the Bank’s tolerance for risk in the face of both domestic progress and external uncertainty.

Founder and leader of the United Progressive Party (UPP), Akwasi Addai Odike

The founder and leader of the United Progressive Party (UPP), Akwasi Addai Odike, says President Mahama is gradually losing the goodwill that brought him to power because he has not done enough to ameliorate the plights of the people.

He said the continuous trumpeting of the current state of the local currency being relatively stable does not have a direct correlation with the prices of essential goods, as they remain unchanged.

He cited the example of kenkey and fried fish, saying their prices have not reflected the improved performance of the local currency, which has achieved considerable appreciation against the dollar in recent times.

Speaking on Adom FM on July 23, 2025, Odike noted that many Ghanaians are still struggling with the high prices of goods and services under the 7-month-old administration of President John Mahama.

“There’s widespread hardship in the country, and the goodwill people had for Mahama is waning,” he said.

Odike added that the cedi’s appreciation against the dollar did not put food on the table for low-income earners, who prioritise bread-and-butter issues over currency fluctuations.

“The only difference I see is an end to Akufo-Addo’s violence and lawlessness, but there’s still significant hardship,” he stated.

He urged President Mahama to urgently address the economic challenges affecting ordinary Ghanaians, warning that the goodwill that led to his victory in the 2024 general election is fast waning due to the government’s failure to meet the people’s needs.

NAAB/SEA

Controller and Accountant-General, Kwasi Agyei

The Controller and Accountant-General, Kwasi Agyei, has raised concerns about the growing share of public sector salaries in Ghana’s domestic revenue, warning that the situation poses a serious threat to fiscal sustainability.

According to him, nearly 60 percent of the nation’s revenue is consumed by public sector wages.

A trend that is creating a crowding-out effect, where government spending restricts private sector investment and limits consumption.

Speaking at a media briefing organised by the African Association of Accountants General (AAAG) in Accra, Agyei said this imbalance leaves little room for other essential government expenditures.

“When you calculate all the revenue inflows and take an average, between 57 to 58 percent goes directly into salary payments. This is a threat to fiscal sustainability,” he stated.

He further explained that such disproportionate allocations are preventing the government from investing in other priority areas.

“It means nearly 60 percent of our revenue is used solely for salaries. This creates a crowding-out effect, there’s no space left for other prioritised government expenditures,” he said.

Agyei stressed the need for urgent reforms to ensure a more balanced and sustainable allocation of public resources.

SA/MA

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 Al-Nassr have agreed a deal worth up to £43.7m for Chelsea forward, João Felix.

The 25-year-old has been given permission to travel to Riyadh for his medical to complete the move.

Felix will link up with fellow Portugal international, Cristiano Ronaldo, at the Saudi Pro League side after they saw off interest from his former club, Benfica.

Chelsea recoup the £45m they paid Atletico Madrid for Felix last summer, having also sent the attacker out on loan to AC Milan for six months in January for a £5m loan fee.

The Blues, who won the Club World Cup this month, have already sold goalkeepers, Djordje Petrovic and Kepa Arrizabalaga, and winger, Noni Ma­dueke, to balance the books this summer.

They have raised about £130m with further players like forward Raheem Sterling, left-back Ben Chilwell, midfielder Renato Veiga and striker Armando Broja currently up for sale.

Chelsea have spent £212m on signings like striker Liam Delap, winger Jamie Gittens and forward Joao Pedro, with interest in midfielder Xavi Simons and defender Jorrel Hato ongoing.

However, they are also under pressure from UEFA to come out of the summer with a “positive transfer balance” after being initially fined £27m with conditions placed on the club to comply with rules, or risk not being able to register new signings for the Champions League this season

— BBC

A troubling wave of unapproved raw rubber exports is raising alarm within the agribusiness sector, spotlighting serious regulatory lapses by the Tree Crop Development Authority (TCDA) and threatening integrity of the country’s industrialisation agenda.

Despite a clear directive issued in May 2025 under Regulation 50 of the Tree Crop Regulation, 2023 (L.I. 2471) – which mandates that exporters of unprocessed rubber, cashew and shea obtain permits before shipping – truckloads of raw rubber are allegedly being hauled from major producing areas to Tema, bypassing all regulatory controls.

Inquiries by B&FT, including photographic documentation and stakeholder interviews, confirm that raw rubber is being transported from Ahanta West, Nzema East, Jomorro, Ellembele, Amenfi and Tarkwa-Nsuaem areas with active plantations directly to Tema, where no licenced rubber processors operate.

The Tree Crop Development Authority (TCDA), created under Act 1010 in 2019, is mandated to regulate and promote Ghana’s tree crop sector – including rubber, cashew, oil palm, mango, coconut and shea.

The export permit requirement was designed to protect local processors, stimulate value addition and ensure that raw material exports comply with national priorities, including the 24-hour economy strategy.

Yet, stakeholders say the policy is being flouted with impunity.

“In weeks following the directive, we saw increased supply to local factories,” said one industry source. “But that quickly dried up. What we now have is open smuggling under regulatory blindspots.”

In a telephone interview, TCDA Chief Executive Officer Andrew Okrah admitted the Authority had received complaints from rubber outgrowers about the illegal movement of raw rubber but said the agency has been unable to pinpoint loading sites.

Even more troubling, he confirmed that not a single exporter has applied for a permit to export unprocessed rubber since the regulation came into force. “If we haven’t received any request for a permit, then officially no one is exporting raw rubber,” Okrah said.

To address the enforcement gap, he announced plans to introduce Conveyance Certificates for trucks transporting rubber – an initiative aimed at improving traceability and curbing smuggling. The Authority has also held discussions with Customs officials, he said, to emphasise the need for strict enforcement at Ghana’s ports.

Despite the TCDA CEO’s assertion that the Authority cannot locate the loading sites, checks revealed stuffing the containers with rubber cuplumps for export is being done at the terminals of Tema Port in clear view of the authorities.

However, industry stakeholders argue that these actions are too little, too late.

“Trucks loaded with rubber are being seen in broad daylight heading to Tema, with no evidence of regulatory oversight,” one stakeholder remarked.

“The TCDA appears overwhelmed – or worse, disengaged.”

The development poses a serious threat to local processors, many of whom are operating below capacity due to inconsistent access to raw materials.

The impact, experts warn, could extend to job losses, declining export revenues and setbacks to the government’s broader industrial transformation agenda.

The smuggling problem is not new. In previous years the General Agricultural Workers Union (GAWU) of Trade Union Congress warned against loopholes that allowed secondary buyers to export raw rubber untaxed.

GAWU has long called for a total ban on unprocessed rubber exports, arguing that lax regulation undermines local industry development.

In a related development, a senior official involved in government’s 24-hour economy initiative told B&FT that reports of illegal rubber exports have reached the attention of policymakers. Given rubber’s potential role in the industrialisation strategy, he said, the issue will be closely monitored moving forward.

Stakeholders are now calling for swift government intervention-including real-time monitoring systems, road checkpoints, stricter Customs enforcement and punitive measures against violators.

“The current situation undermines investor confidence,” another stakeholder said.

“Without robust enforcement, the rubber sector risks collapsing under the weight of illegal trade and regulatory inertia.”

 England cemented their place in history with a stunning pen­alty-shootout victory over Spain to retain their European title at Euro 2025.

Chloe Kelly, who scored the iconic winner at Wembley in the final of Euro 2022, was the hero again as she converted the decisive spot-kick to seal victory after Spain had missed three in a row, with Hannah Hampton saving two of them.

It is the first time an England team has won a major trophy on foreign soil and seals manager Sarina Wieg­man’s status as one of the world’s greatest with her third successive European title, achieved with two countries.

The Lionesses also became the first side to win a single-legged Euros final, having been behind at half-time, proving they are the ultimate come­back queens.

They looked down and out when they trailed for a fourth time at Euro 2025, having conceded first in all three knockout matches – but they would not allow their story to end in such a feeble manner.

Mariona Caldentey’s first-half head­er had put Spain in control, but it did little to dampen England’s unwavering belief, and they refused to be beaten.

Substitute Kelly’s introduction changed things when she came on for a struggling Lauren James, named in the starting XI by Wiegman despite doubts over an ankle injury in the build-up.

Kelly’s whipped cross picked out Alessia Russo, who headed the ball into the far corner to make it 1-1.

The Lionesses then dug deep, put­ting in endless blocks and playing for a shootout, knowing they had what it took to deliver under pressure and complete the greatest achievement by an England team. —BBC

Myjoyonline.com brings you the front pages of the various newspapers across the country.

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.

A heavy downpour has washed away the Zingu culverts on the Zingu-Wa road, which was constructed under the Gulf of Guinea Northern Ghana Social Cohesion (SOCO) project in the Wa Municipality.  

It is the second time the GH₵1.2 million worth culvert constructed under the SOCO project has been broken by flood waters after the project was said to have been completed around September 2024.  

It could be recalled that the Zingu culvert, constructed by the Licos Enterprise, was washed off in September by flood waters.   

The incident, which happened on Saturday night, July 26, 2025, had been a source of concern for the chiefs and people of Zingu community and beyond who relied on the Zingu-Wa road to access economic, health and social services in Wa.    

Mr Nuhu Abdul-Wahab, the Assembly Member of Zingu Electoral Area, who spoke to the Ghana News Agency (GNA) at Zingu, expressed concern that the project had not served its intended purpose.   

He said because of the broken culvert, farmers were unable to access their farms located beyond the stream.   

Mr Abdul-Wahab, who is also the Presiding Member of the Wa Municipal Assembly, called on the SOCO Secretariat in the region to consider redesigning and constructing a befitting bridge at the area to contain the magnitude of water, which passes through that valley.   

“As we speak now if anyone from the Zingu area wants to go to Wa, he or she must pass through Cheria. The situation is a serious worry to us”, he explained.   

He said the Upper West Regional and the Wa Municipal Directors of the National Disaster Management Organisation (NADMO), Wa Municipal Chief Executive and the project contractor had visited the scene to ascertain the gravity of the disaster.   

He added that, the Upper West Regional SOCO Secretariat had been notified of the disaster, but they were yet to visit the site.   

Mr David Yankey, the SOCO Zonal Coordinator for the Upper West and Savannah Regions, acknowledged that the culvert needed to be redesigned to contain the magnitude of water passing through that valley.  

Meanwhile, the chief and people of the Zingu community told the GNA that they raised concerns about the small nature of the culvert but the officials in charge of the project did not heed to their concerns.    

As a result, the community boycotted the commissioning of the project because they felt it was not executed up to expectation.   

Meanwhile, the floods also destroyed many properties in Wa as well as broke the Diesi dam in the Wa West District, virtually cutting off the Diesi community from the rest of the district.   

Source: GNA  

The Assin Nsuaem Kyekyewere Circuit Court, presided over by His Lordship Emmanuel Amoh-Yartey, has sentenced Anthony Asirifi, a 36-year-old carpenter, to 10 years’ imprisonment.

The sentence serves as a punishment for his involvement in a theft operation in the Assin Adubiase township.

Asirifi, along with his accomplice Nana Yaw, who is currently on the run, targeted two homes, stealing valuable items including laptops and mobile phones worth thousands of Ghana cedis.

The duo targeted the homes of Samuel Osei Korankyi, an electrical engineer, and Gordon Amaglo, where they stole an AZUS, laptop estimated at GH¢5,000 and a Motorola mobile phone worth GH¢4,500.

Other items include a cash amount of GH¢2,570, a Techno Pop 10 mobile phone sold for GH¢1,500, and a Dell laptop valued at GH¢2,300.

Asirifi stabbed Gordon Amaglo in the eye with a kitchen knife when he woke up during the theft.

Despite the injury, Amaglo managed to arrest Asirifi with the help of other townspeople.

Upon searching Asirifi, the police found several implements suspected to have been used in the crime, which were used as exhibits during the trial.

The court found him guilty and sentenced him to 10 years in prison.

NAABE/SEA

GhanaWeb Special: The gold market that fuels galamsey

The Ministry of Food and Agriculture, on Monday, took delivery of 2,000 tons of fertilisers donated by the Kingdom of Morocco to support agricultural productivity and strengthen food security Ghana.  

Madam Imane Ouaadil, the Moroccan Ambassador to Ghana, presented the fertilisers to the Ministry as part of enhanced bilateral cooperation between the two countries in the areas of in agriculture, industry, and education.  

Mr Samuel Okudzeto Ablakwa, Minister for Foreign Affairs, the Minister of Foreign Affairs, and Mr John Dumelo, the Deputy Minister of Food and Agriculture, received the items on behalf of the country at a brief ceremony.  

This initiative seeks to support Ghana’s Feed Ghana Programme, which was recently launched to improve the productivity of local farmers, promote food security, and create jobs along the agriculture value chain.  

The gesture was part of Morocco’s pan-African strategy, led by OCP Africa – one of the world’s largest fertilizer production companies.  

Madam Ouaadil said the donation was a demonstration Morocco’s goodwill to strengthen the longstanding solidarity between the countries in line with the vision of His Majesty King Mohammed VI, and President John Dramani Mahama.  

She expressed confidence that the presentation would contribute to helping farmers improve crop production to Ghana’s food security goals.  

“This donation follows through on the agreement made during the very successful visit of His Excellency Minister Ablakwa to Morocco last June and meeting with his counterpart, Minister Nasser Bourita,” she said.  

Mr John Dumelo thanked the Kingdom of Morocco for the gesture and emphasised that the receipt of the fertilisers was timely as the Government moved to transform the agriculture sector and boost productivity.  

He said the Ministry would ensure that the fertilisers were accounted and “meaningfully utilised” to achieve the intended purpose.   

“We are grateful for the partnership, the trust, and the goodwill that this donation represents,” he said.  

Mr Ablakwa said the outcome of his working visit to Morroco had been very significant, and highlighted a visa waiver agreement between Ghana and Morocco as a significant milestone.  

He said that at the technical cooperation level, a team of experts in the scientific agricultural research space from Morocco had visited Ghana.  

“The Ministry of Foreign Affairs in the spirit of transparency is ensuring that all the 2,000 tons of fertilizer as you are witnessing today will be donated to the Ministry of Food and Agriculture,” Mr Ablakwa said.  

Source: GNA  

The National Pensions Regulatory Authority (NPRA) is urging the Social Security and National Insurance Trust (SSNIT) to implement stronger governance reforms and diversify its investment portfolio to shield the fund from future economic shocks.

The advice comes in the wake of the Domestic Debt Exchange Programme (DDEP), which significantly eroded returns on fixed-income investments and exposed the vulnerability of concentrated asset strategies.

Speaking at the launch of SSNIT’s 60th anniversary celebrations, NPRA Deputy CEO, Victor Azuma Mejida acknowledged the progress made by SSNIT in coverage expansion and administrative reforms.

However, he cautioned that past economic disruptions from the COVID-19 pandemic to the recent DDEP which showed weaknesses in the system.

“Going forward, it is important to reflect on these valuable lessons to remain agile in protecting income investment security for stakeholders in the face of economic shocks. More recently, the DDEP served as a stark reminder that the most trusted asset carry risks. The NPRA therefore encourages the board and management of SSNIT to deepen reforms that strengthen governance, diversify investment, embrace innovation and enhance operational efficiency.”

Mr. Mejida stressed the need for more resilient investment and operational strategies.

“Let us ensure that regardless of economic woes or fiscal storms, our pension systems will be able to honour our social contract with contributors and pensioners”, he added.

The Bank of Ghana faces a critical interest rate decision this week amid diverging signals of economic recovery and persistent inflation risks.

Governor Johnson Pandit Asiama opened the 125th Monetary Policy Committee meeting acknowledging the dilemma: “Whether the current macroeconomic configuration warrants a recalibration.” Headline inflation fell to 13.7% in June lowest since December 2021 while the cedi surged 42.6% against the dollar in 2025’s first half, bolstered by IMF program compliance and improved trade.

Economic activity exceeded forecasts, with Q1 GDP growth hitting 5.3% and non-oil GDP rising 6.8%, driven by agriculture and services. The central bank’s activity index rose 4.4% in May, reflecting robust consumption and tourism. Despite these gains, gold prices surpassed $3,400/ounce last week as investors sought safe havens—a cautionary signal amid global uncertainty. Domestic gold ETF volumes spiked tenfold, with turnover exceeding GH¢18 million.

Market analysts remain divided on policy direction. Apakan Securities projects a 200-basis-point cut, citing newly positive inflation-adjusted yields. Others advocate modest 50-basis-point reductions, warning aggressive moves could reignite inflation or weaken the cedi. Governor Asiama noted emerging threats: exchange rate volatility, oil prices, and planned tax hikes that may affect pricing behavior.

The decision carries high stakes for the Mahama administration’s economic agenda. While debt reduction and primary fiscal surpluses provide flexibility, the central bank must preserve credibility. Investment analyst Kwadwo Acheampong argues the “macro backdrop allows decisive reset,” though most agree guidance on risk tolerance will be as critical as the rate move itself.

President John Dramani Mahama

The Member of Parliament for Atiwa West Constituency, Korkor Laurette Asante, has criticised the government over its failure to deliver on its promise to establish a Women’s Development Bank, a key campaign commitment of the ruling National Democratic Congress (NDC).

Speaking on the floor of Parliament during a debate on the 2025 Mid-Year Budget Review, the New Patriotic Party (NPP) MP accused President John Dramani Mahama’s administration of engaging in what she termed “economic betrayal dressed up as economic policy.”

“Mr Speaker, the NDC, when they were in opposition, said they would reduce taxes and ease burdens. But what we’re seeing is economic betrayal dressed up as economic policy,” she said.

Asante expressed disappointment that the much-touted Women’s Development Bank, which was expected to empower women entrepreneurs and market traders across the country, has not materialised.

“Mr Speaker, the government promised a Women’s Development Bank as a flagship intervention to support our women. All the women, including those in Abomosu, the traders in Kwabeng, and the market women in Bansu, were looking forward to this,” she lamented.

According to her, the government initially earmarked only GH₵51 million as seed money, an amount she described as “paltry” compared to the minimum capital requirement of GH₵400 million for establishing a bank in Ghana.

“Even that amount, we have heard nothing since. Not a single mention of the women’s bank was made in this mid-year budget review,” she said.

The Atiwa West legislator noted that, despite earlier assurances that legal and preparatory work were underway, six months later, there is still no legal framework, implementation plan, or progress report on the bank.

“Mr Speaker, where is the women’s bank? This so-called women’s bank has become a ghost — budgeted in hoop and buried in silence. Clearly, Mr Speaker, the government is unable to deliver, or they just don’t have the will or Killer Ntua, so Mahama ntua?. The women’s development bank is Yamutu.”

“Where is the Women’s Development Bank, anaa Killer Ntua, Nti Mahama nso ntua. The Women’s Development Bank is yaamutu”

—Minority Member and MP for the Atiwa West Constituency, Hon. Korkor Laurette Asante. pic.twitter.com/nuFqz91i65

— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) July 28, 2025

AM/SEA

GhanaWeb Special: The gold market that fuels galamsey

Bantama MP Francis Asenso-Boakye has made a strong case for research-driven planning as the most sustainable path to solving Ghana’s growing urban development challenges.

These challenges — including unplanned settlements, housing shortages, and rising climate risks — require data, innovation, and cross-sector collaboration, the former Minister for Roads and Highways said.

He made the remarks at the commissioning of a cutting-edge Geographic Information Systems (GIS) Laboratory at the Department of Planning, Kwame Nkrumah University of Science and Technology (KNUST).

The lab — fully funded by the Bantama Asenso-Boakye Foundation — features 50 high-performance computers, laptops, and advanced GIS software will serve as a dynamic learning and research hub for both students and faculty.

“From land use regulation to disaster risk management, GIS allows us to act strategically and sustainably,” Mr. Asenso-Boakye stated.

“Ghana’s future depends on a new generation of planners empowered not just with theory, but with tools and real-time data to make informed, impactful decisions.”

A proud alumnus of the Department of Planning, Hon. Asenso-Boakye reflected on his own journey at KNUST, including his time as Financial Secretary and President of the student association of the then Faculty of Environmental and Development Studies.

He expressed deep gratitude to the Department and the university community for the role they played in shaping his career:

“Returning here is not only a homecoming — it is a moment of thanksgiving. I am forever grateful to this Department, to my lecturers, and to my mentors who guided my early steps. It is only right that I give back in a way that will benefit generations to come.”

He singled out Professor Emeritus Kwasi Kwafo Adarkwa, former Vice Chancellor of KNUST, for his mentorship during his student days.

Mr. Asenso-Boakye served as Prof. Adarkwa’s research assistant on a project analyzing accidents on feeder roads — an experience he said provided crucial insights that shaped his work as Minister for Roads and Highways years later.

In a major policy announcement, Hon. Asenso-Boakye revealed plans to establish a multidisciplinary Research Hub for Planning, Housing, and Infrastructure Development in partnership with the Department.

The proposed hub will focus on applied research, data-driven planning, and stakeholder collaboration to tackle Ghana’s urbanization and infrastructure challenges.

“This hub will serve as a bridge between academia and the real world — where planning meets policy, and research shapes results,” he said. “We must connect knowledge to action.”

He also called on government agencies, private sector players, international partners, and fellow alumni to support the initiative and deepen collaboration with universities in delivering solutions for Ghana’s urban future.

The event drew a distinguished audience of university officials, faculty, students, alumni, Members of Parliament, and development partners.

Professor Christian Koranteng, Dean of the Faculty of Built Environment, who represented the Provost of the College of Art and Built Environment, commended Hon. Asenso-Boakye for his exceptional vision and commitment to higher education and national development.

In his remarks, he emphasized that academic theory alone is not sufficient in today’s planning environment:

“Theoretical knowledge alone is not enough to be a master of any field. This lab provides the missing link — the opportunity for our students to apply what they learn in real, practical contexts.”

Prof. Koranteng also expressed heartfelt appreciation to the Member of Parliament, describing him as a product of the university who continues to pour back into its growth:

“You are the seed that fell on good soil. We are deeply grateful for this kind gesture.”

Professor Clifford Amoako, Head of the Department of Planning, also expressed appreciation:

“This is a powerful reminder that when alumni remain connected and committed, the impact extends far beyond classrooms. We are deeply grateful to Hon. Asenso-Boakye for his unwavering support.”

The event concluded with a tour of the new facility, which was widely praised as a game-changing addition to the university’s infrastructure, one that promises to elevate planning education in Ghana and set new standards for the region.

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 vital mobile money ecosystem faces heightened fraud risks as artificial intelligence erodes traditional security, OpenAI CEO Sam Altman cautioned US Federal Reserve officials.

Altman warned AI could soon defeat most current authentication methods beyond passwords, citing voice print verification as particularly vulnerable.

His alert follows MTN Ghana’s confirmation of a cybersecurity incident affecting approximately 5,700 customers during April and May 2025, where personal data may have been exposed.

While MTN maintained mobile money wallets remained secure, Ghana’s Data Protection Commission, Cyber Security Authority, and National Communications Authority launched coordinated investigations. The Cyber Security Expert Association of Ghana criticized MTN’s response, emphasizing compromised citizen trust rather than corporate reputation. Public forums revealed user suspicions of insider involvement, citing scams where fraudsters using detailed transaction histories convinced victims to reset MoMo PINs, resulting in significant financial losses.

Experts warn AI tools now enable scammers to clone voices with seconds of audio, potentially impersonating bank officials, MoMo agents, or relatives. Where suspicious tones once triggered caution, convincing deepfakes could eliminate hesitation.

A Ghanaian cybersecurity analyst noted the technology’s accessibility: “It used to take Hollywood effects studios. Now it requires just a laptop.” Fraud rings could generate thousands of personalized voice notes in local languages like Twi, scaling attacks while evading detection.

This threat challenges Ghana’s financial inclusion success. Mobile money processed over GH¢1.9 trillion in 2024, enabling salary payments, market transactions, and remittances. Industry analysts fear AI-enabled fraud could reverse trust built over a decade, undermining national cash-lite initiatives. Regulators and telecommunications providers must now redefine security protocols where voices and faces hold diminished verification value.

According to official guidelines, Ghana’s Cyber Security Authority continues developing countermeasures. Proposed solutions include mandatory multi-factor authentication and biometric verification upgrades. As mobile transactions underpin daily commerce, experts urge accelerated adoption of fraud-mitigation technologies industry-wide.