Ghana’s local currency, the Ghana cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.52 and a selling price of GH¢15.53 to a dollar.

The British pound is being bought at GH¢20.34 and sold at GH¢20.36, while the euro trades at a buying price of GH¢17.13 and a selling price of GH¢17.14.

Checks by GhanaWeb Business on April 4, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.00 to the dollar, while the pound is trading at GH¢20.90 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢17.50 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

Minister of Finance, Dr. Cassiel Ato Forson

In a bid to boost local trade and industrial development, the Minister of Finance, Dr. Cassiel Ato Forson, has announced that any government procurement from outside Ghana will now require special approval from the Office of the President.

In line with this initiative, a list of items required by all public sector agencies will be published and must be procured locally.

The Finance Minister made this known during a meeting with the leadership of the Association of Ghana Industries (AGI) on Thursday, April 3, 2025.

He stated, “To support our local industries, the government will soon publish a list of items that all public sector agencies must procure locally. This will ensure that government procurement serves as a tool to develop our industries.”

“Going forward, any government procurement from outside Ghana will require special approval from the Office of the President,” he added.

To reinforce his point, Dr. Ato Forson emphasized that no country can develop without a strong industrial base, hence the move to implement this policy to promote local production of goods.

This policy, he noted, will lead to the growth and expansion of local businesses and help strengthen Ghana’s economy.

SA/MA

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

The Commissioner-General of the Ghana Revenue Authority (GRA) has informed the general public that the 1% levy imposed on Electronic Transfers (E-Levy) has been abolished effective 2nd April 2025.

In this regard:

• Charging entities are mandated to stop all E-Levy deductions across all platforms effective Wednesday, 2nd April 2025.
• The public is advised to report any E-Levy deductions made on or after 2nd April 2025 to the relevant Charging Entity for a refund.
• Charging Entities are mandated to process these refunds promptly.

To ensure a smooth transition and full compliance, the GRA is collaborating closely with all Charging Entities to implement the amendment.

56-day bill auction raises GH¢1.53 billion

The Bank of Ghana (BoG) has raised GH¢1.534 billion from the issuance of its 56-day bills, auctioned on Wednesday, April 2, 2025.

The short-term securities, issued as part of the Central Bank’s Open Market Operations (OMO), were sold at an interest rate of 27.7%, a 0.7 percentage point increase from the previous auction rate of 27%.

The marginal hike follows the 100 basis point (1%) increase in the Central Bank’s monetary policy rate, which moved from 27% to 28% on March 28, 2025.

Details on the total bids submitted by commercial banks and the Central Bank’s target issuance amount were not disclosed in the auction results published by the BoG.

BoG bills serve as a key monetary policy tool, enabling the Central Bank to manage liquidity in the financial system by absorbing excess cash from commercial banks.

Proceeds from these auctions are typically used to finance short-term government obligations and support broader monetary policy objectives.

The interest rate on BoG bills is closely watched by financial markets, as it influences broader interest rate movements in the economy and signals the Central Bank’s stance on inflation and liquidity conditions.

SP/MA

Naomi Wolali Kwetey, Acting Managing Director of CBG

Dr Naomi Wolali Kwetey, wife of the General Secretary of the National Democratic Congress (NDC), Fifi Fiavi Kwetey, has been appointed as the Acting Managing Director of the Consolidated Bank Ghana Limited (CBG).

The appointment, according to a graphiconline.com report, was made by President John Dramani Mahama, and officially communicated through a letter dated March 26, 2025.

The letter, signed by the Minister for Finance, Dr Cassiel Ato Forson, was addressed to the Board Chairman of CBG and copied to the Company Secretary.

According to the report, in the same announcement, Shiela Azuntaba was nominated as the Acting Deputy Managing Director.

Both appointments take effect from March 26, 2025.

The Finance Ministry has directed the CBG Board to regularize the appointments in accordance with the Companies Act, 2019 (Act 992) and the bank’s constitution.

AM/KA

The Chairman of the Defence and Interior Committee of Parliament, James Agalga, has urged the Ranking Member of the committee, Rev. John Ntim Fordjour, to collaborate with the security agencies investigating the suspected drug trafficking and money laundering at the Kotoka International Airport (KIA).

This, he said, would help expose any wrongdoing and also safeguard the reputation of the country.

He has, therefore, assured Rev. Fordjour that the committee will take urgent steps to invite the various security agencies and the National Security Coordinator to brief the committee on the outcome of investigations conducted so far in relation to his request when Parliament reconvenes.

Mr Agalga, who is also the National Democratic Congress (NDC) Member of Parliament (MP) for Builsa North in the Upper East Region, was responding to a request by Rev. Fordjour for the committee to invite the security agencies to brief Parliament on investigations being conducted into the incident at the KIA, the raid at Sapeiman and the cocaine seizure, which he (Rev. Fordjour) said were of public interest.

Request

In a letter dated April 2, 2025, and addressed to the Chairman of the Defence and Interior Committee, Rev. Fordjour, who is also the New Patriotic Party (NPP) MP for Assin South in the Central Region, urged the committee to summon the security agencies — the Criminal Investigations Department (CID) of the Ghana Police Service, the Narcotics Control Commission (NACOC), and the National Investigations Bureau (NIB) to appear before Parliament on Monday, April 7, 2025.

“I write to request for the committee to invite the above-stated security agencies under the oversight of the Committee on Defence and Interior to attend upon the Committee on Monday, April 7, 2025, at 1100 hours in the Committee Room of Parliament,” the letter read.

“The purpose of this proposed meeting is to afford the agencies the opportunity to brief the committee and provide updates on investigations being conducted into high-profile reported incidents of serious and urgent public interest,” the letter further stated.

In the letter, he outlined the need for a briefing on three critical incidents: the first involving a National Security-led operation on February 9, 2025, in Sapeiman, which resulted in the discovery of twelve 20-foot containers filled with gold bars and various currencies.

The second focused on two significant cocaine seizures in March, with a combined value of $470 million while the third is on two flights, AirMed Flight N823AM and Cavok Air Antonov An-12B, that landed at Kotoka International Airport from Gran Canaria on March 12 and March 20, respectively, and reportedly departed on March 25.

Response

Responding to the request in a letter, Mr Agalga urged the Assin South Legislator to instead comply with the directive from President John Mahama to collaborate with the security agencies in investigating the drug trafficking allegations.

“In view of the fact that the allegation made by your good self in relation to drug trafficking and money laundering with the involvement of two aircraft namely: AirMed Flight N823 AM and Cavok Air Antonov ANI2B which landed at the Kotoka Airport border on the commission of crime, it is important that you collaborate with the security agencies to expose any wrongdoing and also to safeguard the reputation of our beloved country,” he said.

“Subsequently, urgent steps will be taken to invite the agencies listed above and the National Security Coordinator to brief the committee on the outcome of investigations conducted so far in relation to your request when the House reconvenes,” he added.

 Families of Philippine drug war victims who say they have been targeted by a “coordinated” campaign of online harassment urged law enforcers on Friday to investigate the attacks and identify those responsible to help them pursue legal action.

Among them is Sheerah Escudero, whose 18-year-old brother’s bloodied body was found in 2017 with hands bound and head wrapped in packaging tape. Like others who have spoken out, she has faced intense harassment online since former President Rodrigo Duterte was arrested on March 11 and taken to the International Criminal Court in The Hague, where he awaits trial.

“The families have been subjected to online bashing and intimidation. They’ve been called liars, paid hacks and fake victims,” said Katherine Panguban of the National Union of People’s Lawyers, who is representing Escudero and other victims.

Escudero previously told Reuters her Facebook account had been flooded with comments and direct messages calling her a drug addict and a liar for seeking justice in her brother’s case, and accusing her of being paid to malign Duterte.

Escudero and four others, including Kristina Conti, a human rights lawyer representing drug war victims who has also been attacked online, called on the National Bureau of Investigation to trace the identities and IP addresses of the individuals behind the social media attacks and spread of false information.

Conti previously said such tactics increasingly aimed to discredit families of those killed.

“We hope the NBI can assist in unmasking the individuals responsible so appropriate legal action can be taken,” Panguban said.

Beyond the online attacks, a wave of false claims has swept social media, with Duterte supporters likening his arrest to “kidnapping.” Reuters also found paid Facebook advertisements promoting the former president.

Duterte, who led the Philippines from 2016-2022, is facing allegations of crimes against humanity for overseeing death squads in his anti-drugs crackdown that left thousands dead.

he 80-year-old Duterte, who could become the first Asian ex-head of state to go on trial in The Hague, has said he takes full responsibility for his administration’s “war on drugs.”

Source: reuters.com

Economist and finance lecturer at the University of Ghana Business School, Professor Lord Mensah

Economist and finance lecturer at the University of Ghana Business School, Professor Lord Mensah, has emphasised the potential economic effects of President Donald Trump’s 10% tariff policy.

According to him, countries with negative trade balances, those that import more goods from the US than they export, will be largely affected by these tariffs.

President Donald Trump, on Wednesday, April 2, 2025, imposed far-reaching new tariffs on nearly all US trading partners.

China was slapped with a 34% tax on imports, 20% on the European market, among others that threaten to dismantle much of the architecture of the global economy and trigger broader trade wars.

In a post on his X page, as sighted by GhanaWeb Business, Prof Mensah indicated that nations with heavy reliance on US imports, and less capacity to offset those imports with their own exports to the US will face significant economic setbacks.

“Trump’s 10% tariffs: Countries with negative trade balances with the US will suffer the most. That is, countries with more imports and fewer exports to the US will suffer the worst,” he wrote.

The economist further advised affected nations to assess their trade dynamics with the US and find ways to adapt to the new trade environment.

“Just find your level,” Prof Mensah suggested on X.

By this, the finance lecturer wishes that such countries will alter their economic strategies to mitigate the effects of these tariffs.

Trumps 10% tariffs: Countries with negative trade balances with the US will suffer the most. That is, countries with more imports and fewer exports to the US will suffer the worst. Just find your level.

— The Prof (@ProfLordMensah) April 4, 2025

SP/AE

The Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, has assured Ghanaian students studying abroad of government plans to increase their monthly stipends.

While specific figures were not disclosed, the Minister said consultations would soon begin to review and enhance the allowances provided to students under government-supported programmes.

Addressing members of the Ghanaian community in Cotonou, Benin, during an official visit, Mr. Ablakwa also pledged efforts to ensure the timely disbursement of stipends, which students say are often delayed.

Currently, Ghanaian students in Benin enrolled in a one-year exchange programme receive a monthly stipend of CFA 45,000 (GHS 1,147), along with a one-time book allowance of CFA 60,000 (GHS 1,500), and another CFA 60,000 for medical expenses.

About 40 students from the University of Media, Arts and Communication (UNIMAC) and the University of Ghana are currently studying French in Benin, with 30 more from the Kwame Nkrumah University of Science and Technology (KNUST) expected to join them next week.

The students raised concerns about recent changes to the programme’s duration, stating that “the 12-month duration has been reduced to six months,” making it difficult to meet academic requirements.

According to records from Ghana’s mission in Benin, over 2,000 Ghanaian nationals currently reside in the country.

The Minister’s engagement with the Ghanaian community in Cotonou brought together more than 100 participants. He emphasized that the visit forms part of a new policy to engage with Ghanaians abroad quarterly and respond proactively to their concerns. Benin and Nigeria are the first countries on his travel schedule.

Ghana’s senior women’s national team held their first training session in Senegal ahead of their upcoming friendlies.

The Black Queens are in Senegal for a nine-day training tour as part of their preparations for the delayed 2024 Women’s Africa Cup of Nations (WAFCON).

All 22 players called up by head coach Kim Lars Bjorkegren were present for the team’s training session on Thursday, April 3.

The faces present included the five players who were left out for the February camping in Morocco during the Swede’s first assignment.

Ghana will face Senegal in back-to-back games on April 5 and April 8.

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.

French billionaire Vincent Bolloré secured the rights to construct and operate a state-of-the-art container terminal at Tema Port.

A special report drew parallels between Bolloré’s concession in Ghana and a similar deal he obtained for Lomé Port in Togo, allegedly in exchange for financing the 2010 re-election campaign of Togo’s president, Faure Gnassingbé.

“On 26 February this year, Bolloré and two of his fellow executives admitted, in a plea bargain, to bribing the Togolese president in exchange for favors at the port, and were fined €375,000 each. Bolloré’s company paid a €12 million fine (see Box, Bolloré – a monopoly in every port). The judge was so shocked by what they had done in Togo that she rejected details of the plea bargain and ordered a trial of the executives,” the report added.

He was however accused of fraud in 2021.

Read the full story originally published on April 12, 2021, by face2faceafrica.

French billionaire Vincent Bolloré has been accused of shady deals and underhand dealings in the processes leading to his company’s control of Ghana’s largest port, the Tema Harbour.

In a special report, Pan African publication African-Confidential uncovered how Bolloré’s firm, Bolloré Africa Logistics, won the right to build and run a state-of-the-art container terminal at Ghana’s Tema port.

The report described the new container port of Tema as a “lifeline not only for Ghana but for landlocked Burkina Faso and Mali, through their 70% owned joint venture with the Ghana government, Meridian Port Services (MPS).”

The agreement, which was signed under the administration of then Ghanaian President John Mahama, became a subject of a ministerial investigation following his defeat in 2016 to President Nana Akufo-Addo, who secured a second term in December 2020.

The ministerial committee report said the French billionaire and his partners persuaded Mahama to award MPS a new container terminal contract in secret in breach of the country’s procurement laws.

It also said MPS overstated its planned investment which won tax holidays worth $832 million from Ghana’s parliament and that the agreement surreptitiously cut Ghana’s equity in MPS to 15% after first agreeing to 30%.

The committee’s report further claimed that Bolloré and his partners persuaded the government to allow it a monopoly on handling containers, “putting thousands of jobs at other port concerns at risk and driving up prices, and to set tariffs.”

The committee’s report also showed how Bolloré and his partners reduced the fees payable to the government over the life of the concession by $4.1 billion.

To this end, the committee concluded that the deal did not inure to the benefit of Ghana and recommended a renegotiation which the Akufo-Addo administration ignored.

“The terms of the agreements between MPS and the state are so tilted against Ghana’s interests, concluded the report, delivered to ministers in February 2018, they should be renegotiated immediately. Yet the much-criticized contracts are still unchanged,” Africa Confidential said.

Africa Confidential further reported that the history of those relations shows “serious ethical professional deficiencies” with the result that “the engagements have to be carefully and deliberately reviewed.”

The newsletter noted that President Akufo-Addo inherited the situation when he won the 2016 election and “instead of blaming the scandal on his predecessor he has chosen to leave the contracts as they stand while friends and officials of his New Patriotic Party (NPP) take up posts with MPS.”

According to Africa Confidential, although Akufo-Addo faced Mahama in December 2020’s general election, “the topic of the Tema deal did not come up in campaigning.”

“The two men appeared to observe a pact of silence on this and several other instances of alleged bad governance and corruption. Akufo-Addo narrowly won the election (AC Vol 61 No 25). This is the story of how the deal took shape, and how a fightback within the Transport Ministry and the NPP against the MPS deal was finally quashed, and the legendary ability of Vincent Bolloré to accommodate political change asserted itself,” it added.

Bolloré has been accused of running a port monopoly in West Africa as his firm is linked to managing 18 ports in the sub-region.

The report likened Bolloré’s concession of Ghana’s port to one he won for his operations at the port of Lomé, Togo, in return for financing the re-election of the country’s president, Faure Gnassingbé, in 2010.

“On 26 February this year, Bolloré and two of his fellow executives admitted, in a plea bargain, to bribing the Togolese president in exchange for favors at the port, and were fined €375,000 each. Bolloré’s company paid a €12 million fine (see Box, Bolloré – a monopoly in every port). The judge was so shocked by what they had done in Togo that she rejected details of the plea bargain and ordered a trial of the executives,” the report added.

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel