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Former Finance Minister and Presidential Adviser on the Economy, Seth Terkper, has revealed that the government plans to borrow about GH¢57 billion in 2025.

Speaking on Joy News AM Show on Wednesday, he made the disclosure a day after Finance Minister Dr. Cassiel Ato Forson presented the 2025 national budget in Parliament.

“About GH¢57 billion is going to be borrowed,” he stated. “But here we made provisions for repayment, what we call amortisation, so this is new borrowing, and we will bring down the balance. It’s going to come from foreign and domestic sources.”

Terkper explained that the borrowing would address the government’s fiscal needs and support economic growth. He noted that the new debt target is part of a broader strategy to finance the national budget while maintaining key public services and development projects.

The 2025 budget, as outlined by the finance minister, includes GH¢43.3 billion in financial allocations for sectors such as education, infrastructure, social protection, and disaster relief.

Leadership of the Mobile Money Agents Association of Ghana has revealed a staggering 17,000 mobile money businesses across the country collapsed following the implementation of the electronic transaction levy (E-levy).

In its internal survey conducted after the roll-out of the levy, the association says a significant number of its members abandoned their businesses owing to several levy deductions on transactions either through the banks and/or between fellow agents.

The survey conducted between 2022 and 2023 sampled over 1,000 respondents across the country, where they were questioned on the impact of the levy on their working capital, their profit margins before and after the levy rollout, the volumes of transactions made daily, and concerns from customers following the implementation of the levy.

General Secretary of the Association, Evans Otumfuo, explained an appreciable number of mobile money agents in the country had their working capital reduced drastically due to the hefty taxations.

“Agents were subjected to various forms of levy deductions. Our funds also deal with transfer from one bank to another, or even amongst agents. All of these, there is e-levy applied to them. We lost our working capital. It reduced drastically,” he told Luv FM’s Emmanuel Bright Quaicoe, in an interview.

He continued that, “going round we saw that our people have closed down their shops, even today, amid the other challenges we are faced in the business”.

The erstwhile Akufo-Addo administration introduced the electronic transaction levy after scrapping road tolls in 2022 as an alternative revenue generation source.

But it received public backlash as some Ghanaians called for its abolishment.

During his 2025 budget presentation to parliament, Finance Minister, Dr. Cassiel Ato Forson announced scrapping of the ‘controversial’ levy as part of the economic policy of the ruling National Democratic Congress (NDC).

The association has welcomed the decision by the new government to scrap the levy which it says was “counterproductive” to their businesses.

The MoMo vendors are eagerly anticipating the abrogation of the E-levy Act as they hope the new decision would positively impact their businesses.

“It [e-levy] hasn’t been in the interest of our business so far. So, if it has come to the bold notice of the government to abolish it, we really receive it as good news to the business and we want to really see it being implemented. We are not in support of it. We want to commend government for taking such a bold decision,” Mr. Otumfuo said.

As part of the ongoing Fire Service Safety Week campaign, the Ghana National Fire Service (GNFS) Command in the Oti Region has taken proactive steps to educate residents, particularly market women in Dambai, on essential fire safety measures.

The sensitization exercise, which covered the principal streets and market centers of Dambai in the Krachi East Municipality, aimed to equip the community with the knowledge and skills needed to prevent fire outbreaks and respond effectively to emergencies.

The campaign focused on several key areas, including the proper handling of domestic gas cylinders, common causes of fires, fire classifications, appropriate extinguishing methods, and emergency contact procedures.

Officials also emphasized the importance of using approved building materials to minimize fire risks.

Speaking to Adom News, Regional Fire Service Commander ACFO1 Prince Billy Anaglate stressed the need for greater awareness of fire hazards and preventive measures at home and in the workplace. “Fire safety is a shared responsibility, and by educating residents and their neighbors, we can significantly reduce the risk of fire incidents in our communities,” he said.

He further urged residents to support the GNFS in its efforts to prevent and respond to fire outbreaks, adding that a collective commitment to safety would help protect lives and property. ACFO1 Anaglate also appealed to the government to address the lack of fire hydrants and other crucial firefighting logistics to enhance the effectiveness of fire response efforts.

Market women who participated in the exercise expressed their appreciation for the initiative. While many acknowledged their awareness of fire risks, they admitted lacking proper training on how to handle fire emergencies. Some residents praised the Oti Fire Service Command for the awareness campaign, noting that they had learned simple but effective ways to prevent fires in their homes and workplaces. They also appealed to the GNFS to continue such education and sensitization programs to help reduce fire incidents in the area.

Finance Minister Dr. Cassiel Ato Forson has firmly rejected the idea of using taxpayer funds to bail out the Bank of Ghana (BoG) after the central bank recorded a ¢60 billion deficit, leading to a negative equity position.

Speaking on PM Express on Joy News on Tuesday, March 11, following the presentation of the 2025 Budget Statement to Parliament, Dr. Forson insisted that BoG must find internal solutions rather than relying on public funds for a ¢53 billion recapitalisation.

“On the back of the report that showed the ¢60 billion hole, remember, in my previous life as the Minority Leader, I kept saying that Bank of Ghana had generated so much debt, so much—I mean deficit. As a result, their balance sheet is not healthy, and they have generated negative equity,” he stated.

Dr. Forson revealed that the previous BoG administration had already signed a Memorandum of Understanding (MoU) committing the Government of Ghana to provide ¢53 billion for recapitalisation. However, he questioned the feasibility of such a move.

“Do you have the money? I’ve asked the Bank of Ghana to look within, cut expenditure because the taxpayer cannot afford ¢53 billion. I’ve communicated that to the government, but they already have an agreement with government. But they can look within. They can look within,” he stressed.

He argued that using public funds for BoG’s bailout would deprive Ghanaians of critical infrastructure and social services.

“Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals. Is that what we want? Can we afford it? At this stage, the answer is no. We cannot be able to afford that.”

The Finance Minister advised BoG to explore cost-cutting measures and asset sales to finance its recapitalisation.

“First of all, they have to look within. You know, you’ve seen their new Head Office, a very big building. They have a choice—a choice to sell and lease back if they want. They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion.”

Dr. Forson further suggested that the central bank consider selling off non-essential assets such as guest houses to raise funds.

“They have hotels like guest houses and others. Why are they in guest houses? They should sell some of them and use the money to recapitalise. The taxpayer cannot be used as a punching bag.”

Despite his strong stance, he signaled openness to negotiations, provided BoG takes the lead in addressing its financial issues.

“Luckily for me, the Governor is on board, and I expect the Governor to look within and cut expenditure to reflect the needs of the bank. If the central bank is able to come to me with a reasonable offer, we can have a conversation. Okay, but it must start from them.”

Dr. Forson also proposed an alternative approach where BoG could gradually rebuild its capital base over the next decade.

“I have also said that they may have to consider when I went back their profit over the next 10 years to recapitalize. That can also be done.”

The government is set to present a bill to Parliament today, March 13, to abolish several taxes, including the Electronic Transaction Levy (E-Levy), the COVID-19 Levy, and the 10% tax on lottery winnings (betting tax).

Finance Minister Dr. Cassiel Ato Forson announced the move on PM Express on JoyNews on Tuesday, March 11, stating that the bills would be laid before Parliament under a certificate of urgency.

“Tomorrow morning, I will be going to Parliament to submit the bills, and I expect Parliament to take them through a certificate of urgency,” Dr. Forson said.

The move follows his announcement during the presentation of the 2025 Budget Statement on March 11, in which he also proposed abolishing the Emissions Tax and other levies.

Dr. Forson expressed confidence that the repeal process would be swift due to the simplicity of the bills.

“Repealing the taxes will be one clause each. Repealing the betting tax is very easy. The E-Levy and all of those things we are repealing are quite easy,” he noted.

He emphasized that the bills qualify for expedited passage under the Constitution.

“It’s a revenue bill, and under the Constitution, you have any way to lay finance bills under a certificate of urgency,” he explained.

Dr. Forson assured that once Parliament passes the bills, President John Dramani Mahama will sign them into law immediately.

A deadly confrontation between two rival groups of illegal timber loggers in the forested area of Sehwi Agyemadiem in the Juaboso District of the Western North Region has left five people dead and several others severely injured.

The violent clash, which occurred in the early hours of Tuesday, was reportedly triggered by tensions over control of prime logging areas.

According to sources, both groups had been engaged in unauthorized timber harvesting, a growing issue in the region.

Eyewitnesses say the fight quickly escalated into chaos, with the factions wielding machetes, pump-action guns, and other tools commonly used in their illicit operations.

In the heat of the violence, a Mitsubishi pickup truck (registration number GE 9075-17) was set ablaze.

The deceased, believed to be members of one of the rival groups, have yet to be officially identified. Meanwhile, police have been deployed to restore calm, transport the bodies, and launch investigations into the incident.

The injured victims have been rushed to Sefwi Asawinso hospitals for urgent medical attention.

This violent incident has reignited concerns over the rising menace of illegal logging in the region. Residents and local authorities are calling for stricter enforcement of forestry laws to prevent further destruction of the area’s natural resources and to curb violence linked to these activities.

Just weeks before this clash, the Chief of Sehwi Boinzan and Kontihene of Sehwi Wiawso Traditional Area, Nana Ofori Ahenkan II, urged the government to take decisive action against illegal activities in the region’s forest reserves.

With tensions still high, the authorities are under pressure to step up enforcement and prevent further bloodshed linked to illegal logging.

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has dismissed claims by former Finance Minister Mohammed Amin Adam that the previous administration never implemented the betting tax.

Speaking at a press conference on Tuesday, March 11, shortly after presenting the new government’s first budget statement—which abolished the e-levy, betting tax, and other levies—Dr. Amin Adam argued that the New Patriotic Party (NPP) government never enforced the tax on lottery and sports betting winnings.

“Betting tax that they said they have abolished—we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented is to deceive the people of Ghana,” he stated.

However, responding to the claim in an interview with Evans Mensah on PM Express on Tuesday night, Dr. Ato Forson said his predecessor was not well-informed on the matter.

“I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH¢80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented,” he stated.

The betting tax, introduced under the previous government, imposed a 10% withholding tax on winnings from sports betting and lottery. While it faced heavy backlash from industry players and the public, Dr. Amin Adam maintains that his administration did not enforce the policy before leaving office.

In August 2024, the then-presidential candidate for the NPP, Dr. Mahamudu Bawumia, reiterated his commitment to abolishing the controversial E-Levy and betting tax if elected president.

“We’ll also reduce Withholding Tax for small-scale gold exports to 1% to curb smuggling and abolish the Betting Tax,” Dr. Bawumia promised during the party’s manifesto launch in Takoradi on August 18, 2024.