The Executive Director of the Media Foundation for West Africa (MFWA), Sulemana Braimah, has criticised the Attorney-General’s decision to accept a partial recovery of funds in the case involving former Finance Minister Dr Kwabena Duffuor and seven others over the collapse of uniBank.

The Attorney-General’s Department defended its decision, citing a 60% recovery of funds and assets from the accused as justification for halting further prosecution, arguing it no longer served the public interest.

While Mr Braimah acknowledged that the decision to enter a nolle prosequi may be legally strategic, he argued that settling for only 60% recovery undermines public accountability and emboldens potential offenders.

Speaking on Joy FM’s Super Morning Show, he said the approach could create the impression that individuals can misappropriate public funds and still benefit.

“I think if we are going this way, if I misappropriate GHS100 million or something to that effect, and then in the end, I know that the system is such that if I put forward even not 60% but 70% of whatever has been taken, I am going to do away with 30%,” he stated.

“If it involves GHS100 million and I manage to give out GHS70 million, I can keep the GHS30 million for free — then that is an incentive to engage in all sorts of things,” he added.

Mr Braimah cautioned that such settlements, if not properly justified and transparently managed, risk eroding public confidence in the justice system and in the State’s anti-corruption efforts.

“Is that the kind of country we want to build, where it is okay to steal, loot, or misappropriate? If you are not caught, you get away with it, and if you are caught, you refund 60% or 70% and keep the rest? Is that why we are involved in this fight against corruption?” he bemoaned.

He further warned that the lack of deterrent sanctions in such high-profile financial crime cases could set a dangerous precedent.

“If this is how we’re going to go about it, then there is actually an incentive to steal from the State, because there is no sanction, there is no deterrent, there is no accountability, just refund what you have looted, not even all of it, just part… then, really, I think there is an incentive for many people to do a lot of things against this country.”

The Attorney-General recently entered a nolle prosequi in the case The Republic v. Kwabena Duffuor & 7 Others, citing substantial asset recovery as part of a broader non-conviction-based strategy under Operation Recover All Loots (ORAL).

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Arsenal manager Mikel Arteta says he is “100 per cent” sure the club followed the right processes when dealing with former midfielder Thomas Partey, who was under police investigation for multiple counts of rape while he was playing for the club.

The Ghana midfielder, 32, left Arsenal at the end of his contract on 30 June and four days later was charged with five counts of rape and one count of sexual assault.

The offences are reported to have taken place in 2021 and 2022, the Metropolitan Police said in a statement on 4 July.

The charges involve three women, with two counts of rape relating to one woman, three counts of rape in connection to a second woman and one count of sexual assault linked to a third woman.

Partey denies the charges and “welcomes the opportunity to finally clear his name”, his lawyer has said.

Detectives started a investigation in February 2022 after police first received a report of rape.

Arsenal are in Singapore for their pre-season tour. They play AC Milan and Newcastle before travelling to Hong Kong to play Tottenham.

Arteta was asked in a news conference before they play Milan on Wednesday about the situation with Partey.

“The club was very clear in its statement,” Arteta said. “There are a lot of legal matters that are very complicated so I cannot comment on any of that.”

He was then asked: “A lot of fans have questions over the way in which the matter was handled by the club. Do you feel confident and comfortable that the club followed all the right processes in that?”

Arteta answered: “100 per cent, yes.”

Partey is expected to appear at Westminster Magistrates’ Court on 5 August.

He joined Arsenal for £45m from Atletico Madrid in October 2020.

He made 35 appearances in the Premier League last season and scored four goals as Arsenal finished second.

He also played 12 times in the Champions League as the Gunners reached the semi-finals before being knocked out by eventual winners Paris St-Germain.

Ghana’s foreign exchange system is showing signs of significant strain, with a growing disparity between official and market currency rates, according to a new policy brief by IMANI Africa.

The think tank’s analysis suggests the current exchange rate mechanism may be masking deeper economic vulnerabilities rather than addressing them.

The report highlights a concerning gap between the Bank of Ghana’s official interbank rate and actual transaction rates in the market. While the central bank maintains an official rate around GH¢12.80 to the dollar, evidence suggests many businesses access dollars at rates exceeding GH¢14. This discrepancy creates a two-tier system that distorts market operations and pushes some transactions into informal channels.

IMANI’s research indicates Ghana’s currency challenges stem from fundamental structural issues in the economy. The country remains heavily dependent on raw commodity exports, with cocoa, gold, and cashew accounting for over 80% of export earnings. This reliance on unprocessed goods leaves the economy vulnerable to price fluctuations and limits potential value addition that could strengthen the cedi.

The policy brief calls for comprehensive reforms to enhance productivity and diversify Ghana’s export base. Recommendations include increased investment in agricultural mechanization, industrial development, and skills training to move production up the value chain. The report emphasizes that lasting currency stability requires building economic capacity rather than managing exchange rates.

Transparency in industrial policy implementation emerges as another key concern. The brief references several government-supported initiatives where performance data remains unavailable for public scrutiny. IMANI argues this lack of accountability makes it difficult to assess program effectiveness or make necessary adjustments to economic strategies.

The Mahama administration faces growing pressure to address these structural challenges as businesses struggle with currency access. With the next election scheduled for 2028, the government’s ability to implement meaningful economic reforms could significantly influence Ghana’s medium-term financial stability.

Ghana’s local currency, the cedi, has maintained some stability against major trading currencies on the interbank market, particularly the US dollar.

In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.44 and a selling price of GH¢10.45 to the dollar as of July 23, 2025.

The British pound is being bought at GH¢14.12 and sold at GH¢14.14, while the euro is trading at a buying price of GH¢12.27 and a selling price of GH¢12.28.

Checks by GhanaWeb Business on July 23, 2025, at 7:45 AM indicate that the cedi is trading at GH¢12.10 while the pound is selling at GH¢16.35 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢14.20 on the retail market.

Meanwhile, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has noted that the cedi appreciated by 42% in the first six months of 2025.

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Ghana’s inflation rate is projected to fall below the Bank of Ghana’s 12% target and reach single digits by year-end, according to Deloitte’s latest West Africa Inflation Update.

The advisory firm cited a sustained disinflationary trend, potentially enabling the central bank to initiate interest rate reductions starting as early as its July 2025 Monetary Policy Committee meeting.

Lower interest rates are expected to stimulate credit flow to businesses, supporting economic activity and growth acceleration. Deloitte attributed the declining inflation primarily to ongoing fiscal consolidation efforts by the Mahama administration and the central bank’s tight monetary policy stance. Ghana’s headline inflation dropped sharply to 13.7% in June 2025, down from 18.4% in May, driven by lower fuel prices, reduced transport fares, and a stronger cedi. Notably, month-on-month inflation recorded deflation of -1.2%, the first such occurrence since August 2024.

Food inflation fell to 16.3%, while non-food inflation also declined, easing pressure on household budgets. Despite this positive trajectory, Deloitte cautioned that significant upside risks remain. It highlighted potential inflationary pressures from external shocks, a recent 2.45% electricity tariff hike increasing production costs, and the newly implemented GH₵1.00 per litre fuel levy on petroleum products, which could raise transportation and broader sectoral prices.

While acknowledging Ghana’s progress towards macroeconomic stability, Deloitte urged policymakers to remain vigilant and responsive to these external risks and policy trade-offs to prevent derailing the disinflationary gains.

Spanish club CD Tudelano have confirmed the signing of promising Spanish-born Ghanaian defender Eric Mawuli Galokpo ahead of the upcoming campaign.

The 20-year-old midfielder joins from CD Huarte, where he impressed over two seasons in the 3rd RFEF, racking up 40 official appearances and netting five goals – a notable tally for a midfielder.

Galokpo’s career trajectory reflects both consistency and leadership. Developed at Valle de Egues and Gazte Berriak, he climbed through the youth ranks with distinction.

He capped off his development by leading his team as captain, helping secure promotion to Spain’s Division de Honor, and amassing 60 appearances over two standout seasons.

His profile fits perfectly into the club’s strategy of reinforcing the squad with talented young players who can make an immediate impact.

Speaking after the move, Tudelano’s technical team expressed confidence in the defender’s potential.

“Eric is a player who brings strength, leadership, and hunger. He’s ready to take the next step,” a club spokesperson said.

With Ghanaian roots and a growing presence in Spanish football, Galokpo is undoubtedly one to watch in the coming season.

Ghana’s Trade Minister Elizabeth Ofosu-Adjare convened a key meeting with major cement producers to address market stability and consumer protection.

Representatives from Ghacem, CIMAF, CBI, Dangote, Dzata, Empire, and Diamond Cement, operating under the Chamber of Cement Manufacturers, Ghana (COCMAG), acknowledged the positive impact of the cedi’s recent appreciation against major trading currencies. The minister stated that this currency stability must translate into tangible benefits for consumers through fair and sustainable pricing structures.

Beyond pricing concerns, the minister emphasized stringent adherence to national product quality standards. According to ministry statements, the Ghana Standards Authority (GSA) will significantly increase the frequency of its factory inspections starting in August 2025, conducting rigorous quarterly checks across the industry. The minister clearly indicated that manufacturers failing to meet regulatory requirements face potential operational shutdowns, underscoring the government’s commitment to quality enforcement.

Cement remains a critical input for Ghana’s ongoing housing, infrastructure, and construction projects. Industry stakeholders present suggested that sustained exchange rate stability, coupled with consistent regulatory oversight, could enhance market competitiveness, support long-term sector growth, and ultimately deliver better value for both businesses and consumers nationwide. The discussions reflect the Mahama administration’s focus on industrial regulation amidst broader economic recovery efforts.

The Chief Executive Officer of MKNet Consulting LLC and EMATECH Academy Incorporated, Mr Ebako Mukwele, has advised aspiring journalists to embrace new technologies to re­main competitive in the job market.

Speaking at the Futuristic Africa Youth and Technology Sympo­sium held in Accra on monday, Mr Mukwele emphasised the grow­ing importance of digital skills in modern journalism, noting that the industry is rapidly evolving and re­quires professionals who can adapt to emerging tools and platforms.

The Symposium aim to explore the information technology in shap­ing the skills and knowledge, and opportunities for 21st-century stu­dents with innovative IT solutions for sustainable development.

The program was organised in collaboration with the Faculty of Journalism and Media Studies (FO­JAMS) at the University of Media, Arts and Communications- Institute of Journalism (UniMAC-IJ)

This was dubbed “Ignite change and empowering the 21st century students with innovative IT solu­tions for sustainable development.”

“It is essential for students to build a strong foundation in basic computing skills, as these compe­tencies are increasingly critical in today’s digital world. Proficiency in areas such as word processing, spreadsheets, internet navigation, and basic troubleshooting not only enhances academic performance but also prepares students for a wide range of career opportunities.

He emphasised that, while arti­ficial intelligence continues to ad­vance rapidly and transform various industries, it cannot replace human intelligence.

“AI should be viewed as a tool to enhance human capabilities, not as a substitute for the depth and complexity of the human mind,” he added.

On his side, the dean of the Faculty of FOJAMS Professor Etse Sikanku added that it was impor­tance of students to practice the ethical use of artificial intelligence to ensure it does not compromise the ethical standards of journalism.

 BY EMMANUELLA MBAMA AKIMBI

 The Chinese Embassy in Ghana, in partnership with the 24-Hour Economy and Accelerated Export Development Secretariat, hosted a high-level China–Ghana Business Engage­ment in Accra.

It brought together senior offi­cials from Ghanaian institutions and major Chinese private sector players to explore strategic part­nerships aligned with the 24H+ Programme, the government’s flagship agenda to industrialise the economy, expand exports, and create decent jobs at scale.

The engagement focused on how the 24-Hour Economy was being implemented and the role of the private sector, and Chinese investors in particular, in deliver­ing results.

The Presidential Adviser on the 24-Hour Economy and Acceler­ated Export Development, Mr Goosie Tanoh, in an address, emphasised that the focus of the engagement was not policy decla­rations, but delivery.

“We are building a portfolio of coordinated projects that will bring the Programme to life and deliver real value for Ghana,” he said.

“We have completed concept notes for our first 20 priority projects and are now commencing feasibility studies that will make each one bankable and invest­ment-ready,” he added.

Mr Tanoh also reaffirmed the depth of Ghana–China relations, noting that “the China-Ghana relationship is longstanding and multifaceted, dating back to our struggle for independence and the collaboration between Chairman Mao, Premier Zhou, and our late President Nkrumah.”

Chinese Ambassador to Ghana, Tong Defa, underscored the align­ment between the 24H+ vision and China’s development coopera­tion strategy in Africa.

“China remains Ghana’s largest trading partner and a major source of foreign investment. In 2024, bilateral trade reached an unprec­edented high of 11.8 billion US Dollars, marking a year-on-year growth of 7.1 per cent. Bilateral trade from January to May 2025 reached 5.28 billion US Dollars, an increase of 8.9 per cent year-on-year.

In 2024, China’s direct invest­ment in Ghana amounted to 62.15 million US Dollars, spanning multiple sectors and wide-ranging fields, creating substantial employ­ment opportunities locally and assisting Ghana in advancing its

industrialisation,” he added.

Mr Alexander Kofi-Mensah Mould, Chief Executive Offi­cer (CEO) of the Millennium Development Authority (MiDA), assured Chinese investors of MiDA’s role in ensuring the trans­parent and efficient execution of government-led projects. “MiDA will oversee the end-to-end scop­ing and procurement of projects, ensuring we partner with the right service providers to deliver on time and within budget,” Mr Mould said.

Also present to make presen­tations were Chief Executive Officer of the Ghana Investment Promotion Centre, Mr Simon Madjie; Deputy CEO of the Ghana Infrastructure Investment Fund, Mr Bennett Akantoa, on behalf of the CEO, Mr Nana Dwemoh Benneh; Sylvester Mensah, Ghana EXIM Bank; Dr Randolph Nsor-Ambal, Develop­ment Bank Ghana; and Mr David Addo-Ashong, Senior Partner at Ashong Benjamin & Associates.

The Chinese private sector was strongly represented, with over 50 business leaders in attendance from major firms and industry associations operating across Ghana.

Participants on both sides expressed satisfaction with the structured, data-driven approach of the Programme and the clarity of Ghana’s investment roadmap.

The meeting reaffirmed China’s role as a strategic partner in Ghana’s long-term transformation and confirmed investor appetite to participate in the delivery of pri­ority projects under the 24-Hour Economy.

 BY TIMES REPORTER

The Ghana Chamber of Mines has called on the government to reconsider the increase in the growth and sustainability level from 1% to 3% ahead of the upcoming mid-year budget review.

According to the Chamber, the current rate presents a major challenge for some mining companies, particularly smaller operators that do not generate as much revenue as their larger counterparts.

This disparity makes it difficult for them to meet the 3% levy requirement.

Speaking at a recent press briefing in Accra on Tuesday, July 22, 2025, the Chief Executive Officer of the Chamber, Dr. Kenneth Ashigbey stressed that reducing the levy would bring greater stability to the mining sector and serve as an incentive for further investment.

“There have been conversations about the Growth and Sustainability Levy. Our hope is that, it would be reduced in the mid-year budget. The macro-economy is pointing to the right direction. The strength of the Cedi currently is predominantly based on gold,” he said.

“Last year, through the domestic gold purchase program, we sold 358,218 ounces (ca. 13,540 kg) of gold to the Bank of Ghana. In addition, we continue to support the bank through the Voluntary Forex and Gold Purchase Initiative, which has helped boost the country’s reserves and strengthen the Cedi.”

Dr. Ashigbey emphasised the importance of recognising the mining sector’s contribution to the economy and urged policymakers to consider its sustainability in future decisions.

Ghana’s public debt overstated by GHS138bn – Auditor-General

The state has entered a nolle prosequi in the case in which a former Minister of Finance and founder of uniBank Ghana Ltd, Dr Kwabena Duffuor, and seven others are standing trial in the banking sector clean-up in 2017.

The Office of the Attorney-General explained that the central objective of the prosecution (part of a broader set of prosecutions arising out of the financial sector clean-up exercise which the state had been undertaking since the year 2018) had been to ensure accountability for public funds.

More importantly, they were to recover losses occasioned to the State through various alleged acts of financial impropriety.

A statement issued yesterday and signed by the Deputy Attorney-General and Minister of Justice, Dr Justice Srem-Sai, said in pursuit of that objective, the Office of the Attorney General, in collaboration with other relevant State agencies, established a threshold of 60 per cent recovery of the alleged losses to the State as a condition for reconsidering prosecution in specific cases.

It said following prolonged negotiations and engagements, the accused persons in the case of “The Republic v. Kwabena Duffuor & 7 Others” had met the recovery threshold.

“Accordingly, in furtherance of public interest, and considering the significant recoveries made for the State, the Honourable Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose,” the statement added.

It explained that the decision, however, did not imply an absence of wrongdoing nor a vindication of any conduct, saying, “It is a pragmatic step in line with the overarching national interest of recovering State resources.”

The Office of the Attorney-General said the exercise of the prosecutorial discretion required no explanation under law. However, the Attorney-General, in the spirit of accountability and transparency, considered it appropriate to provide the public with the rationale behind this decision.

“The Honourable Attorney-General remains resolute in his commitment to upholding the rule of law, protecting the public purse, and pursuing justice in all matters of national importance,” the statement said.

The case between the state and Dr Duffuor, and seven others, is in relation to the financial sector clean-up exercise initiated by the government on August 14, 2017.

The collapse of the 420 financial institutions affected cost GH¢26.05 billion.

The figure was exclusive of the closure of 50 Fund Management Companies regulated by the Securities and Exchange Commission, which accounted for an additional GH¢10 billion.

Some popular financial institutions that were affected were UT Bank, Capital Bank, UniBank, Heritage Bank, Royal Bank, BEIGE and GN Bank.

The case centred around allegations of financial impropriety, breach of duty, and causing financial loss to the state.

Dr Duffuor, who owned the collapsed UniBank and subsidiaries, and the other accused persons were alleged to have played a role in the collapse of several financial institutions, including banks, savings and loans companies, and microfinance institutions, during the clean-up exercise.

The New Patriotic Party (NPP) government then said that the actions of the accused persons led to significant financial losses and undermined the stability of the financial sector.

It argued that the accused persons failed to exercise due diligence and prudence in their roles, resulting in the collapse of several financial institutions.

The government then also argued that, the cleanup would strengthen the financial sector, protect depositors and restore confidence in the economy.

The defendants, however, denied any wrongdoing and argued that their actions were in accordance with established policies and procedures.