Category: Local News

The Minister of Finance, Cassiel Ato Forson, has revealed that Ghana has saved approximately GH¢1 billion due to the recent reduction in Treasury bill rates.

He stated that the savings would be redirected toward critical sectors of the economy to promote development and ensure a stable and prosperous environment for Ghanaians.

Speaking at the National Economic Dialogue on March 3, under the theme “Resetting Ghana: Building the Economy We Want Together,” Ato Forson emphasised the need to reduce borrowing and lower the cost of debt as part of efforts to generate more funds for national development and economic restructuring.

“The recent reduction in T-Bills alone is saving Ghana about one billion Ghana cedis, and that amount can be channelled into critical areas of the economy. We need to take steps to reduce borrowing and lower the cost of borrowing so that we can reinvest the savings into national development,” he stated.

On Friday, February 28, 2025, Treasury bill yields saw a sharp decline, marking one of the most significant drops in decades.

According to the latest auction results from the Bank of Ghana, rates that started the year between 28% and 30% have now fallen to an average range of 20% to 22%.

This steep decline follows strong investor demand and the Treasury’s recent rejection of higher bids, which has influenced shifting yield expectations.

At the start of the year, the 91-day Treasury bill stood at 28.34% but has now dropped to 20.79%, reflecting a 760-basis-point decline. Similarly, the 182-day bill has fallen from 28.96% to 22.98%, a 600-basis-point drop.

The 364-day bill, which previously yielded 30.17%, has now declined to 22.69%, marking a significant 750-basis-point reduction.

Finance Minister, Dr. Cassiel Ato Forson, has raised alarms over the significant operational and financial risks faced by state-owned enterprises (SOEs) and joint venture companies.

Speaking at the National Economic Dialogue on Monday, March 3, Dr. Forson highlighted the dire financial situation of these entities, emphasising the urgent need for restructuring.

“SOEs and joint venture company showing mountain operational and financial risk. Almost all state-owned enterprises are in the red. From ECG to the ADB, almost all of them are in the red,” Dr. Forson stated.

The Finance Minister pointed out that even though COCOBOD reported a profit of GHS2.2 billion in 2023, this profit was artificial. The profit was a result of the debt suspension, which allowed COCOBOD to avoid servicing its debt. Dr. Forson stressed that the underlying debt still exists and must be addressed.

“In fact, beginning from the year 2021, 2022, and 2023, you will see that COCOBOD polled some profit of GHS2.2 billion in the year 2023. This is artificial profit.

“This profit is because they failed to service their debt because of the debt suspension…This debt still exists and so we will need to take action to restructure most of the SOEs,” Dr. Forson explained.

The National Economic Dialogue, held at the Accra International Conference Centre, has brought together policymakers, economists, business leaders, and civil society organizations to discuss key economic strategies. The outcomes of the dialogue are expected to shape policies aimed at addressing Ghana’s economic challenges and driving long-term growth.

As the government prepares to incorporate the dialogue’s outcomes into the forthcoming National Budget, there is growing anticipation that concrete measures will be implemented to address the financial risks faced by state-owned enterprises and ensure the country’s economic stability.

Former Finance Minister Mohammed Amin Adam has attributed Ghana’s current exchange rate stability to the substantial international reserves left by the Akufo-Addo administration.

Speaking at the True State of the Nation address in Accra on Monday, March 3, Amin Adam emphasized that these reserves have played a crucial role in maintaining the stability of the Ghanaian cedi.

“The rate of 6.5% depreciation we have witnessed here to date in 2025 is not informed by any sustainable strategies by the current government. The current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market,” he stated.

He explained that the Mahama administration and the Bank of Ghana have been able to intervene in the market due to the $8.9 billion gross international reserves left by the previous government at the end of 2024. These reserves, he noted, have been instrumental in stabilizing the cedi.

“The Mahama administration and the Central Bank can do this, but this is happening only because the previous administration left a gross international reserve of $8.9 billion by the end of 2024. This is being used to shore up the value of the cedi. The president deliberately, as you know, avoided this in his statement,” Adam added.

He further stressed that the stability of the exchange rate, both before the end of 2024 and into the first quarter of 2025, is not a result of any new policies introduced by the Mahama government but rather the reserves inherited from the Akufo-Addo administration.

“Fellow Ghanaians, the true state of the nation is that exchange rate stability which we saw before the end of 2024, and which has continued into the first quarter of this year is not by any magic from the Mahama government. It is because the Akufo-Addo government left significant levels of international reserves for them,” he said.

The Minority has criticized President John Dramani Mahama’s decision to revoke public sector employment, accusing him of terminating jobs and creating uncertainty for young Ghanaians.

Speaking at a press conference on Monday, March 3, former Finance Minister Dr. Mohammed Amin Adam highlighted the negative impact of Mahama’s policies on job creation and economic stability.

“The termination of the jobs of young Ghanaians, which has become synonymous with President Mahama as ‘Terminator 1,’ is a sign of what is yet to come. Sacking people from employment and replacing them later with others does not amount to job creation. What the people of Ghana want are new jobs for those yet to be employed,” Dr. Adam stated.

He argued that the policies outlined by Mahama, such as “nkoko nkitinkiti,” cannot create sustainable jobs for the youth. Instead, he accused Mahama of artificially inflating employment figures by terminating existing jobs and later filling those same positions.

“President Mahama knows that the programmes he outlined in his statement – ‘nkoko nkitinkiti’ and the rest – cannot create sustainable jobs for the Ghanaian youth, hence the resort to termination of existing jobs for future replacement to shore up his job numbers,” he added.

Dr. Adam also pointed out Mahama’s double standards, recalling that in 2016, Mahama defended the right of an outgoing administration to recruit and sign deals until midnight on January 7, when its term officially ended.

He warned that these dismissals would only worsen unemployment, contradicting Mahama’s promise to fix the crisis.

“This is after President Mahama had argued in 2016 that it was legitimate for an outgoing administration to recruit and sign deals up until the midnight of January 7 the following year when its term expires.

“Not only are the double standards worrying, but the dismissals will no doubt worsen the unemployment situation which he promised to fix. The thousands who have been dismissed have been condemned to suffering and hardship,” Dr. Adam said.

The Minority in Parliament has rejected claims by President John Dramani Mahama that his administration resolved the power crisis, popularly known as “dumsor,” in 2016.

Addressing the press on Monday, March 3, former Finance Minister Mohammed Amin Adam called on President Mahama to release a load-shedding timetable as parts of the country continue to experience intermittent electricity supply.

President Mahama, in his first State of the Nation Address (SONA) of his second term, attributed the current challenges to a huge debt in the energy sector.

However, Dr. Amin Adam dismissed this assertion, arguing that the previous administration, under Nana Addo Dankwa Akufo-Addo, successfully stabilized power supply.

The Minority insisted that an official load-shedding timetable would allow businesses and households to plan effectively and mitigate economic losses.

“Mr. President, you did not fix ‘dumsor’ as you claimed in your address. Your record on ‘dumsor’ is abysmal, unlike your predecessor, Nana Addo Dankwa Akufo-Addo, who kept the lights on. As we are back to ‘dumsor’ in another Mahama term, Ghanaians remember with fear and anxiety the potential devastation this could cause for them and their businesses, especially small businesses like hair salons, welders, dressmakers, and many more who earn their daily bread from these vocations,” Dr. Amin Adam stated.

The Minority emphasized that the return of power outages is severely affecting small businesses that rely on stable electricity, such as hair salons, welding shops, and dressmaking enterprises.

They further pointed to the increasing reliance on generators in shops, clinics, and social events as clear evidence of worsening power supply issues.

“Many people and businesses have already felt the pinch and the pain of living with the current ‘dumsor.’ We have also seen the return of electric generating sets in shops, clinics, and at social events.

“Mr. President, this is the true state of our nation! To mitigate the impact of these erratic power supplies, we, the Mighty Minority, call on the government to publish a load-shedding timetable to help people and businesses plan effectively and offset some of the losses the economy is currently suffering from,” the Minority stated.

I often scroll through social media and come across stories of young people who have turned their lives around overnight—thanks to betting.

From flashy cars to luxurious vacations, these success stories fuel the belief that fortune is just a slip away. It’s no surprise that betting has become a go-to option for many Ghanaian youth seeking financial breakthroughs.

One particular social media meme that had me laughing out loud was a picture of a young man clutching the Good Book—the Holy Bible—under his armpit while standing in front of a betting machine. I chuckled at first, but then I paused and sighed, muttering to myself, “Osofo too make wild.”

But isn’t this the reality of life? When desperation knocks, even the most unlikely individuals find themselves in places they never imagined.

And really, what if beyond all the shouting over whether Arsenal or Liverpool will win, the die-hard football fan could turn that passion into profit? If they can predict the outcome of a match correctly, why not cash out?

Betting thrives on instant gratification. A single bet could turn GHS 50 into thousands, or nothing at all. The appeal is clear—quick wins, easy access, and minimal effort. But the risks? Equally high. Losses pile up just as fast, often leading to a cycle of debt and disappointment.

Stocks, on the other hand, require patience. Unlike betting, where the outcome is determined in minutes, investing in stocks is a long game. But it offers a crucial advantage—your money works for you. Companies grow, dividends are paid, and with the right strategies, wealth accumulates over time.

The truth is, many young people dismiss the stock market as too complex or out of reach. The lack of financial education and limited exposure to investment opportunities mean that for most, betting seems like the only viable option. But does it have to be?

With platforms like the Ghana Stock Exchange’s GFIM (Ghana Fixed Income Market) and investment apps making it easier to buy and trade stocks, young people can start small and gradually build wealth. In fact, some stocks have outperformed inflation, providing a hedge against economic instability.

Whether through betting or stocks, one thing remains true—the youth are looking for financial freedom. And in a country where jobs are scarce and economic pressure is mounting, every avenue to make money seems valid.

The question is: should young people chase quick wins, knowing the risks involved, or should they adopt a longer-term approach to wealth creation?

Maybe it’s not about choosing one over the other, but about balance. Betting offers excitement, stocks offer stability. In the end, the young must survive—and however they choose to secure their future, financial literacy must be part of the journey.

Senior Management of Next Gen Infraco (NGIC), the 5G wholesale infrastructure provider, on February 24, 2025 paid a courtesy call on the Acting Director General of the National Communications Authority (NCA), Rev. Ing. Edmund Yirenkyi Fianko.

The visit was to congratulate Rev. Ing. Fianko on his recent appointment to the position of Acting Director General. The meeting was characterised by constructive dialogue, with a focus on the future of the telecommunications industry, particularly in relation to the ongoing deployment of 5G technology. NGIC, which plays a key role in facilitating the infrastructure necessary for the roll-out of advanced network technologies in the country, engaged in discussions aimed at reinforcing the collaboration between the two organisations.

Among the key topics addressed were strategies to address the challenges that come with the large-scale implementation of 5G, such as ensuring sufficient infrastructure, overcoming regulatory hurdles, and managing the expected surge in data traffic. The meeting underscored the importance of a strong partnership between the NCA and NGIC to ensure that these challenges are met with innovative solutions, ultimately leading to the successful deployment of 5G across Ghana.

The delegation from NGIC expressed their full support for the NCA’s leadership under Rev. Ing. Fianko and reiterated their commitment to working closely with the Authority to enhance the country’s telecommunications landscape. Both parties recognised the need for continued collaboration in advancing Ghana’s digital transformation, with 5G technology playing a critical role in bridging the digital divide and driving economic growth.

Both the NCA and NGIC officials agreed on the importance of a unified approach to innovation and growth in the telecommunications sector. The courtesy call marks a significant step in strengthening the relationship between NGIC and the NCA, as they work together to push the boundaries of connectivity and technological advancement in Ghana.

The meeting was attended by Chief Executive Officer Tenu Awoonor, Executive Director and Advisor – Technology and Strategy Harkirit Singh, as well as George Andah, Michael Kwablah, Kwame Mintah, and Georgia Webb.

About NCA

The National Communications Authority, (NCA), was established by an Act of Parliament, Act 524 in December 1996, which has been repealed and replaced by the National Communications Authority Act, 2008 (Act 769). The Authority is the statutory body mandated to license and to regulate electronic communication activities and services in the country.

The Director-General of the National Lottery Authority (NLA), Mr. Mohammed Abdul-Salam, has been appointed Vice President of the African Lotteries Association (ALA).

Mr. Abdul-Salam’s appointment as Vice President of ALA follows the resignation of the immediate past Director-General of NLA, Hon. Samuel Awuku, who was elected Vice President of ALA on March 8, 2024. On the appointment of Mr. Mohammed Abdul-Salam as the new Director-General of NLA, the ALA Board of Directors unanimously approved Mr. Abdul Salam to the Executive Committee to serve Hon. Awuku’s remaining term of office.

At an Online ALA Executive Meeting, the president, Mr. Dramane Coulibaly, and members of the Executive Committee congratulated the NLA Director-General and welcomed him into the Executive Committee.

Subsequently, Mr. Abdul Salam has paid a working visit to the NLA’s sister lottery body, the Loterie Nationale De Cote D’Ivoire (LONACI), where he was warmly received by the Director-General, Mr. Dramane Coulibay, who also serves as the ALA President.

In his new role as Vice President, Mr. Abdul-Salam expressed gratitude for the appointment and the longstanding relationship between NLA and LONACI. He pledged to build on the work of his predecessor, Hon. Samuel Awuku, and strengthen the ties between the two lottery bodies.

“I am most grateful to the President of ALA and the Executive Committee for my elevation as ALA Vice President. I pledge to work hand in hand with them to address our member bodies’ concerns and fulfil the Association’s goals”. Mr. Abdul-Salam said.

The NLA Director-General said he was happy to learn of some of the best practices that have boosted revenue for LONACI and sustained the business, which he plans to inculcate into NL’s operations.

Mr. Dramane Coulibaly expressed immense excitement at Mr. Abdul-Salam’s visit and said it was a testament to the excellent relationship between NLA and LONACI. He enlightened him on the intricacies of dealing with illegal lottery operators and pledged to give him all the support he needed to succeed in his role. Mr. Abdul-Salam was also a guest at a ceremony for LONACI to receive its WLA Level 2 Certification in Responsible Gaming. According to Mr. Coulibaly, this certification would help them identify the gaps and fulfil their obligations regarding responsible gaming.

“The certificate we have received today is proof, if proof were needed, of our commitment to respecting the principles of Responsible Gaming, as laid down by the World Lottery Association (WLA), and attests to the fact that LONACI has successfully undergone a critical self-assessment to identify the challenges it will have to meet to comply with all the principles of Responsible Gaming”. Mr. Dramane Coulibaly said.

The WLA Level 2 Certificate was presented to LONACI by the Permanent Secretary to ALA, Mr. Driss Hamdoune, who said this recognition illustrates LONACI’s commitment to ensuring a safer, more transparent and more responsible gaming environment.

Mr. Abdul-Salam congratulated the LONACI for this achievement and wished them well as they prepared to begin the process for Level 3 Certification

The leadership of the Volta River Authority and Northern Electricity Distribution Company (VRA-NEDCo) Staff Groups has strongly opposed the purported appointment of Jonathan Abdallah Salifu, the Upper East Regional Communications Officer of the National Democratic Congress (NDC), as Corporate Communications Manager of NEDCo.

In a press statement issued on Monday, March 3 2025, the staff described the appointment as irregular, illegal, and violating NEDCo’s corporate governance principles. They insisted that no such appointment has been officially made and urged the government to refrain from political interference in the company’s affairs.

According to the staff, the alleged appointment, announced by Mr Salifu himself on Dreamz FM, a Bolgatanga-based radio station, on February 26, 2025, disregards NEDCo’s long-standing recruitment policies.

The staff further highlighted that the current Corporate Communications Manager has served for 20 years, rising through the ranks based on merit and therefore argued that bypassing him with a politically appointed individual demoralizes and discourages professionalism.

The statement referenced the Supreme Court case of Theophilus Donkor versus  The Attorney General, which clarified that presidential appointments do not extend to public service positions under Article 195 of the 1992 Constitution.

They pointed out that NEDCo is not a public service entity under Article 190 of the Constitution, but rather a limited liability company wholly owned by VRA. As such, managerial appointments must follow the Companies Act and NEDCo’s internal procedures, rather than being imposed politically.

“Never in NEDCo’s history has a managerial position been filled directly by the government or the Office of the President. This sets a dangerous precedent and undermines the professional standards that have been the bedrock of our organization,

“While the political class has the authority to make certain appointments, this authority is not absolute and must be exercised within the bounds of the law,” the statement read.

Chairman of the National Economic Dialogue, Dr. Ishmael Yamson, has asserted that President John Dramani Mahama is the only leader capable of resetting Ghana and steering it toward sustainable economic growth.

Speaking at the opening of the National Economic Dialogue on Monday, March 3, 2025, Dr. Yamson highlighted the urgent need for transformative leadership to address Ghana’s economic challenges.

He pointed to economic mismanagement and corruption as key obstacles hindering the country’s progress, emphasizing that a decisive and visionary leader is needed to chart a new course.

“Someone must reset Ghana, and it can only be you [John Dramani Mahama]. Everywhere in the world that economic transformation has taken place, only one individual has led the charge, and the Lord has blessed you with the wisdom to take on that task,” he said.

Dr. Yamson also stressed the need to free Ghana from the grip of poor governance and corruption, urging Mahama to take bold steps in leading the country’s economic recovery.

“It is time to liberate Ghana from economic mismanagement and corruption, to reset Ghana and put it on the path of sustainable and resilient growth,” he stated.