Otto Addo has released the Black Stars squad for Nigeria game in the Unity Cup

Head coach of the Black Stars, Otto Addo, has released the squad for the Nigeria game which is set to take place on Wednesday, May 28, 2025.

More soon….

See the full squad below:

🚨#BlackStars squad for the Unity Cup 2025 in London! 👊🏾

🇬🇭 Ghana will face Nigeria at the GTech Community Stadium in West London on Wednesday, May 28, for a place in the final on Saturday, May 31, 2025.#UnityCup2025 pic.twitter.com/RaZqOAPuuD

— 🇬🇭 Black Stars (@GhanaBlackstars) May 26, 2025

Watch full report on the day one of the Sekondi Inter-Schools athletics

SB

Cedi selling at GH¢10.95 to $1 on May 26

Ghana’s local currency, the cedi, continues to appreciate on the interbank market against major trading currencies, particularly the US dollar.

In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.94 and a selling price of GH¢10.95 to the dollar.

The British pound is being bought at GH¢14.77 and sold at GH¢14.78, while the euro is trading at a buying price of GH¢12.40 and a selling price of GH¢12.41.

Checks by GhanaWeb Business on May 23, 2025, at 9:00 AM indicate that the cedi is trading at GH¢11.90, while the pound is selling at GH¢15.80 at some forex bureaus across the country.

Additionally, the euro is trading at GH¢13.30 on the retail market.

SP/MA

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 The Bank of Ghana (BoG) has built sufficient buffers to meet the country’s debt obligations as they become due, the Governor, Dr Johnson Pandit Asiama, has said.

He said the BoG had mobilised adequate Gross International Re­serves (GIR) and maintained strong cash flow to manage the country’s debt service requirements in the short to medium term.

“As of April this year, Ghana’s Gross International Reserves stood at more than $10.7 billion, providing over 4.7 months of import cover,” he revealed.

Dr Asiama gave the assurance at a press conference in Accra on Friday after the 124th regular meeting of the Monetary Policy Committee (MPC) of the BoG.

He was responding to a question on the bank’s capacity to honour external debt obligations as the country prepares to pay its debts in 2026 which were suspended due to its bailout programme with the International Monetary Fund (IMF).

“Debt payments have not entirely stopped. We are already paying our debts,” the Governor clarified.

“We have a robust cash flow and a clear schedule of payments stretch­ing into the medium term. Every­thing is well programmed, and I am confident in our ability to meet these obligations.”

At the MPC meeting on Friday, the Committee in a unanimous decision maintained the policy rate (the rate the central bank lends to commercial banks) at 28.0 per cent, citing stability in the Cedi, high level of inflation and positive external position of the country.

Also the MPC decided to amend the Dynamic Cash Reserve Ratio (CRR) in which the CRR for all banks would now be maintained in their respective currencies, mean­ing that foreign currency reserves for foreign currency deposits and domestic currency reserves for domestic currency deposits.

The policy measure, the Governor said would become effective on June 5, 2025.

On the stability of the currency, Dr Asiama indicated that the Cedi’s recent stability was largely mar­ket-driven and not influenced by central bank interventions.

“The data published last Thursday shows that our reserves are actually increasing. This appreciation is the result of prudent economic policies, tight monetary policy, and strong inflows from remittances, cocoa, and gold exports,” he noted.

Dr Asiama mentioned that the country’s current account surplus and a positive trade balance were key drivers of the exchange rate stability.

“The exchange rate is an endog­enous variable under our managed float regime. It is expected to move within a range, but what is important is that the swings are not excessive,” he said.

On the target for reserves, Dr Asi­ama said the BoG had not set a fixed target but operated with a minimum threshold.

“Our floor is a minimum of three months’ import cover. We are currently well above that level, and our reserves provide the neces­sary cushion to withstand external shocks,” he said.

He expressed optimism that trad­ers would begin to reduce the prices of goods in line with the current stability of the Cedi.

“So long as there is competition in the market, we expect to see some price adjustments,” he added.

 BY KINGSLEY ASARE

Ghana’s embassy in Washington DC closed down

The Ghanaian Embassy in Washington D.C. has been closed due to allegations of corrupt practices involving embassy staff.

The closure follows revelations from a special audit report commissioned by the Minister of Foreign Affairs, Samuel Okudzeto Ablakwa.

Announcing the decision, Ablakwa stated that the audit uncovered that a local staff member, along with accomplices within the Washington D.C. embassy, had unlawfully collected unapproved fees through an unauthorised link integrated into the embassy’s official website.

The individual in question is also alleged to have diverted funds from visa and passport application processes to a privately owned company he secretly established, using it as a conduit to embezzle public funds, an illegality that reportedly persisted for five years.

“With the firm support of President Mahama, I have carried out the following drastic and decisive actions following the damming findings of a special audit team I put together a couple of months ago to investigate alleged corrupt practices at Ghana’s embassy in Washington DC,’ the minister said in Facebook post on Monday, May 26, 2025.

He continued, “Mr. Kwarteng was a local staff recruited on August 11, 2017 to work in the embassy’s IT department. According to findings and his own admission, he created an unauthorized link on the embassy’s website which diverted visa and passport applicants to his company, Ghana Travel Consultants (GTC) where he charged extra for multiple services on the blind side of the ministry and kept the entire proceeds in his private account.

“His illegal extra charges which were not approved by the ministry and parliament as required under the Fees and Charges Act ranges from US$29.75 to US$60 per applicant. The Investigations reveal that he and his collaborators operated this illegal scheme for at least 5 years. This conduct has been reported to the Attorney-General for possible prosecution and retrieval of funds obtained through fraudulent schemes.”

The Minister further announced that, with immediate effect, all Foreign Affairs Ministry personnel assigned to the Washington D.C. embassy have been recalled to Ghana.

In addition, he disclosed a series of drastic measures taken, including the dissolution of the embassy’s IT department and the suspension of all locally recruited staff pending further investigations.

“All Ministry of Foreign Affairs staff posted to the Washington embassy have been recalled home with immediate effect. The embassy’s IT department has been promptly dissolved. All locally recruited staff at the embassy have been suspended,” his post added.

Ablakwa, who also serves as the Member of Parliament for North Tongu, reaffirmed the government’s unwavering commitment, under the leadership of President John Dramani Mahama to eradicating corruption that has long plagued the country and its institutions.

Read his post below:

MAG/MA

After the heavy rains over the weekend, a lot of debris have been left across many parts of Accra. Watch some of the destructions below:

Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has announced a comprehensive payroll audit to address inefficiencies and potential irregularities within the organisation.

The move comes as part of broader reforms to restore financial discipline and operational efficiency in Ghana’s cocoa sector, which is grappling with a GH₵33 billion debt.

Speaking on TV3’s Hot Issues on Sunday, May 25, 2025, Dr Abbey disclosed that COCOBOD employs over 10,000 staff, with monthly compensation costs amounting to approximately US$12 million.

“COCOBOD has over 10,000 people on its payroll, and our staff cost is $12 million USD each month,” he stated.

To ensure accountability, he revealed plans for a staff audit, adding, “We are going to do a staff audit to ascertain whether we are all human beings,” raising concerns about possible ghost names on the payroll.

When questioned about the sustainability of COCOBOD’s financial model, Dr Abbey emphasised that fiscal discipline and waste reduction are critical to turning the organisation around.

“Once there is discipline and we cut down waste, we should be fine. It’s gross mismanagement that puts COCOBOD in a terrible financial situation,” he said.

He attributed the organisation’s financial challenges to procurement mismanagement and the failure of previous leadership to implement a financial turnaround strategy.

Dr Abbey also noted that the recent appreciation of the Ghana cedi would help alleviate COCOBOD’s external debt burden.

Additionally, he disclosed ongoing efforts to address operational inefficiencies, including an audit of stockpiled jute sacks and collaboration with the National Investigations Bureau (NIB) to locate 200 missing containers of cocoa-related supplies.

These measures, Dr. Abbey stressed, are aimed at restoring accountability, rebuilding public confidence, and improving efficiency within Ghana’s cocoa sector, a vital contributor to the country’s economy.

 The 15 per cent downward adjustment in transportation fares by the various trans­port unions which was greeted with excitement by Ghanaians, took off on Saturday with the expectation that all commercial drivers will comply with the directive without hesitation.

It came to light that while some drivers heeded the directive and gave passengers a relief through the reduc­tion, some drivers decided otherwise and still maintained the old fares with varying excuses resulting in the usual passenger-driver’s mate agitations on the buses.

While some of the drivers say they were yet to get the “go ahead” from the mother unions to start the reduc­tion, others said they have not heard about it.

The Ghanaian Times observed that drivers plying the Accra-Mallam route and Kwame Nkrumah Inter­change-Amasaman route have flouted the directive and still charging the old fares.

Meanwhile, The Ghanaian Times has observed that some trotro drivers have decided to exploit the situation by in­dulging in a trick popularly known as ‘Short, short’ where instead of taking the passenger to their destination, they would rather drop them off a distance and then pick a new set of passengers who are also dropped at a distance, and another set picked where at the end of the day they would have made lots of money on the same journey.

SAMUEL AGBEWODE reports from the Volta Regional capital Ho, that lorry fares from Ho to Accra which was GH¢70, was now reduced to GH¢60, and Ho to Asikuma which was GH¢24 now GH¢20, Ho to Kpong was GH¢36 and now GH¢31, Ho to Koforidua was GH¢72 and now reduced to GH¢62, Ho to Kumasi was GH¢145 and reduced to GH¢130, Ho to Kpando was GH¢35 and now GH¢30.

From Ho to Hohoe was GH¢40 and the new fare is GH¢35, while Ho to Kpeve previously GH¢20 is now GH¢15.00, and Ho to Dambai from GH¢90 to GH¢85.

From the Upper East Region, FRANCIS DABRE DABANG, reports that at the main lorry station in Bolgatanga, most station Chairmen had not implemented the downward adjustment of fares as of the time The Ghanaian Times visited the stations.

The Songtaaba station on the other hand reduced the fares marginally, pending further ‘considerable’ reduc­tion today.

Passengers travelling from Bolga to Accra are now paying GH¢240.00 in­stead of the original fare of GH¢250. 00. Bolga-Kumasi which was GH¢200. 00 has been reduced to GH¢190. 00

From Cape Coast, DAVID O. YARBOI-TETTEH reports that some drivers were charging the old fares, as others had adhered to the directive as announced by the leadership of the transport unions.

A driver’s mate on a Winneba-Ta­koradi bound vehicle said they were still charging the old fare because they were yet to receive the price list.

He said they anticipate the price list to be out with effect from today.

Passengers on board the vehicle complained about the way the drivers were behaving in not charging the approved fares.

Taxi drivers within the Cape Coast metropolis are however adhering to the new transport fare of 15 per cent reduction.

Drivers plying the Kwame Nk­rumah Interchange to Kasoa route remained non-compliant with the story the same for drivers on the Accra Nsawam route who still collect the old fares.

 BY TIMES REPORTERS

Latest data from the Bank of Ghana shows that the government surpassed its Treasury bill target, exceeding it by GHS 423.37 million after three consecutive weeks of undersubscription.

This represents an oversubscription of 7.63 percent.

According to results published by the Central Bank, the government accepted a total of GHS 5.97 billion against a target of GHS 5.55 billion.

Out of GHS 4.95 billion in bids for the 91-day Treasury bill, the government accepted GHS 4.58 billion. For the 182-day bill, all GHS 890 million in bids were accepted, while GHS 499 million was accepted for the 364-day bill out of GHS 698 million bid.

Analysts believe the oversubscription of Treasury bills largely reflects alignment between government issuance and market demand, driven by end-of-month government spending. As expectations of a bond market reopening gain traction, analysts expect continued selective acceptance of offers and modest yield compression.

However, interest rates continue to decline, averaging between 14% and 16%.

The 91-day yield dropped by 18 basis points to 14.92%, down from 15.10% the previous week. The 182-day rate fell sharply by 13 basis points to 15.55%, while the 364-day yield declined by 78 basis points to 16.00%.

Looking ahead, the government plans to raise GHS 3.89 billion in the next auction.

Minister of Foreign Affairs, Samuel Okudzeto has announced that Ghana’s embassy in Washington DC shall be closed for a few days from today Monday, May 26, as the government finalises ongoing restructuring and systems overhaul.

The Minister also stated that all Ministry of Foreign Affairs staff posted to the Washington embassy have been recalled home with immediate effect.

The embassy’s IT department has been promptly dissolved, Mr Ablakwa further stated. Additionally, all locally recruited staff at the embassy have been suspended.

This development comes on the back of a damning audit report on the operations of the embassy especially its IT department.

Following the report, Mr Ablakwa announced the sacking of one Fred Kwarteng, a local staff recruited on August 11, 2017 to work in the embassy’s IT department.

Referring to findings from an audit report, and his own admission, Mr Ablakwa said that Kwarteng allegedly created an unauthorized link on the embassy’s website which diverted visa and passport applicants to his company, Ghana Travel Consultants (GTC) where he charged extra for multiple services on the blind side of the ministry and kept the entire proceeds in his private account.

“His illegal extra charges which were not approved by the ministry and parliament as required under the Fees and Charges Act ranges from US$29.75 to US$60 per applicant,” the Minister wrote on his X page.

Mr Ablakwa said he took the decision with the firm support of President John Dramani Mahama.

His post on X said, “With the firm support of President Mahama, I have carried out the following drastic and decisive actions following the damming findings of a special audit team i put together a couple of months ago to investigate alleged corrupt practices at Ghana’s embassy in Washington DC:

1) The immediate dismissal of Mr. Fred Kwarteng.

Mr. Kwarteng was a local staff recruited on August 11, 2017 to work in the embassy’s IT department. According to findings and his own admission, he created an unauthorized link on the embassy’s website which diverted visa and passport applicants to his company, Ghana Travel Consultants (GTC) where he charged extra for multiple services on the blind side of the ministry and kept the entire proceeds in his private account. His illegal extra charges which were not approved by the ministry and parliament as required under the Fees and Charges Act ranges from US$29.75 to US$60 per applicant. The Investigations reveal that he and his collaborators operated this illegal scheme for at least 5 years.

This conduct has been reported to the Attorney-General for possible prosecution and retrieval of funds obtained through fraudulent schemes.

2) All Ministry of Foreign Affairs staff posted to the Washington embassy have been recalled home with immediate effect.

3) The embassy’s IT department has been promptly dissolved.

4) All locally recruited staff at the embassy have been suspended.

5) The Auditor-General has been invited to conduct forensic examination of all transactions and to determine the total cost of this elaborate fraudulent scheme.

6) Ghana’s embassy in Washington DC shall be closed for a few days from today as we finalize the ongoing restructuring and systems overhaul.

Any inconvenience these radical measures may cause visa and passport applicants is regretted.

President Mahama’s government will continue to demonstrate zero tolerance for corruption, naked conflict of interest and blatant abuse of office. More updates soon.

Business leaders have noted the absence of harmonised standards across African countries

Business leaders have noted the absence of harmonised standards across African countries as a critical obstacle disrupting and slowing down the full potential of intra-African trade.

In view of this, the business leaders – particularly women entrepreneurs – have reechoed the urgent need for harmonised standardisation and supportive frameworks to unlock trade opportunities and deepen economic integration across the continent.

Though earlier media reports indicated efforts including an MoU between the African Organisation for Standardisation (ARSO) and African Continental Free Trade Area Secretariat focused on eliminating Technical Barriers to Trade (TBTs) that have restricted intra-African trade and undermined regional economic integration, the businesses are urging swift action as difficulties persists.

These concerns were raised at the signing of a Memorandum of Understanding (MoU) between the Association of Ghana Industries – Women in Business Chamber (AGI-WIB) and Women’s Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA) of Nigeria, aimed at strengthening trade collaboration between women entrepreneurs across the two West African nations.

The MoU, signed at the AGI-WIB B2B Forum held in Accra on the theme ‘Creating a platform for sharing women’s trade experiences and exploring partnerships under AfCFTA’, is in line with strategic steps to unlock the potential of AfCFTA for women-led businesses and foster joint industrialisation, export development and mentorship across borders.

Chairperson of AGI-WIB, Dr. Mrs. Grace Amey Obeng, described this development as the beginning of a transformative journey for women in business across Africa – urging women to build a platform that empowers female entrepreneurs under the AfCFTA.

Delivering a remark on behalf of the Nigerian delegation, Dr. Weyinmi Eribo, Director General of WCCIMA, said the MoU is a historic milestone and the Chamber’s first official international partnership.

“This is a landmark MOU with AGI Women in Business, and it speaks to export development, manufacturing and industrialisation for women in Nigeria and Ghana. The idea is to use this as a stepping-stone to the rest of Africa,” she said.

According to Dr. Eribo, conversations held during the forum revealed immense potential for collaboration; from joint product development and trade missions to sharing expertise and expanding market reach.

“There is so much that Ghana has to offer and so much that Nigeria has to offer. By coming together, we unlock a huge potential for trade and development. We are really excited about the opportunities this partnership will bring,” she added.

Challenges

However, she acknowledged significant challenges still facing women in trade – particularly in the areas of capacity building, certifications, branding and trade finance.

“Even outside of trade, women face hurdles in accessing finance. Trade finance is an even bigger challenge. But we believe that through partnerships like this, we will build a stronger voice for advocacy and push harmonisation of standards across borders,” she explained.

National Secretary-AGI Women in Business, Dr. Maritha Osekre-Amey reiterated other cross-border hurdles such as logistics and product standardisation, urging collective efforts to address them.

“Different countries have different approval standards and that creates bottlenecks for our businesses. But what we have done today is a big step. We now have a louder voice to approach institutions like the AfCFTA Secretariat for support,” she explained.

She added that the AfCFTA has a Women’s Desk which offers women entrepreneurs a direct channel for engagement. “This is going to be a launchpad for us. We now know who to talk to and how to craft our proposals for impact,” she noted.

She also mentioned access to finance as a key barrier women face in expanding their businesses, saying: “Most women-led businesses are not structured in ways that make it easy to access loans. That is why the Women’s Development Bank’s establishment is a major win for us”.

Government’s role

For her part, Madam Faustina Nelson, a Board Member of the Ghana Revenue Authority (GRA), described the cross-border collaboration between Ghanaian and Nigerian women entrepreneurs as a commendable and forward-looking initiative.

She emphasised the collaboration’s significance, adding that women represent a significant segment of the national population and must be empowered to contribute fully in economic development.

As such, she commended the current government’s commitment to women’s empowerment; highlighting the increasing number of women appointed to leadership positions.

“This government has been very compassionate as far as women’s issues are concerned,” she noted highlighting government’s prioritisation of the proposed Women’s Development Bank, a dedicated financial institution aimed at addressing the long-standing financing challenges faced by women-led businesses.

The Ghana Catholic Bishops Conference (GCBC) has declared its support for efforts by President John Dramani Mahama to arrest the menace of illegal mining (galamsey) in the country.

Reverend Matthew Gyamfi, the GCBC’s President, who is also the Bishop of the Sunyani Diocese, urged the President to declare a limited state of emergency in all the affected zones to suspend all mining activities temporarily, deploy military engineering units for reclamation of degraded mining areas, and restore lawful local governance and other than decentralised oversight.

He said the GCBC was burdened by the devastation of illegal mining, which began as a subsistence activity but had grown into a threat of national proportions.

Rev Gyamfi said this when he led a 20-member Delegation of the GCBC to pay a courtesy call on President Mahama at the Presidency in Accra.

The bishops were at the Presidency to congratulate the President on his massive victory in the December 7, 2024, general election and to present a litany of issues of national concern for his attention, such as the menace of illegal mining, the education reform, governance and electoral reforms.

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.

Businesses have expressed confidence that the recent economic stability will continue into the next three months of the year to enable them to plan for growth and profitability.

The consumer confidence also soared to 103.6 points in April this year, up from 87.7 points in the same period last year, with business confidence also recording 102.2 points, up from 92.6 points in the same period last year.

The renewed confidence, which is the highest recorded since April 2018, comes at the back of declining inflation, the cedi appreciating against all the major international currencies, improved reserves and other relative improvements in some major macroeconomic indicators.

The Bank of Ghana’s (BoG) latest confidence survey released last Thursday ahead of its Monetary Policy Committee (MPC) meeting paints a promising picture of a potential economic upswing.

Despite the trend, the MPC decided to maintain the policy rate at 28 per cent for the second time this year in an ongoing effort to further stabilise the economy.

“The committee observed that the current level of inflation remains high relative to the medium-term target and will require maintaining the tight stance to reinforce the disinflation process.

“Under the circumstances, the committee, by a unanimous decision, maintained the policy rate at 28.0 per cent,” the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said at the 124th MPC press conference in Accra last Friday.

Significant improvement

He said based on easing inflationary pressures and optimism about macroeconomic conditions, the latest confidence surveys showed significant improvement in consumer and business indices, the highest in the last seven years.

“The bank’s high frequency real sector indicators point to a sustained pickup in economic activity.

The updated Composite Index of Economic Activity increased by 2.3 per cent year-on-year in March 2025, compared with 1.0 per cent over the same period last year, mainly driven by exports, credit to the private sector and construction activities,” Dr Asiama said. 

In addition, the Ghana Purchasing Managers’ Index rose above the 50-benchmark as output and new orders increased, signalling improved growth prospects, he added. 

Headline inflation

Dr Asiama stated that headline inflation had declined consecutively in the first four months of the year by 2.6 percentage points to 21.2 per cent in April 2025, driven by both food and non-food inflation.

He said that a confluence of factors, including a tight monetary policy stance, stepped-up liquidity sterilisation efforts, downward revisions in ex-pump petroleum prices and exchange rate stability had supported the gradual decline in inflation.

The Governor said the bank’s core inflation measure, which excluded the volatile variables of energy and utility prices, as well as inflation expectations of consumers, businesses and the banking sector, pointed to easing inflationary pressures.

Dr Asiama said fiscal policy implementation so far had been broadly aligned with the 2025 budget.

The Governor added that in the first quarter of 2025, provisional data on budget execution indicated that although revenues fell below target, some expenditure rationalisation took place to accommodate the revenue shortfall. 

Fiscal balance

Dr Asiama maintained that the primary fiscal balance (on commitment basis) had also improved in the first quarter.

At the end of March 2025, he said the stock of public debt stood at GH¢769.4 billion (55 per cent of Gross Domestic Product -GDP), compared with GH¢726.7 billion (61.8 per cent of GDP) at end-December 2024.

He said continued maintenance of a strict fiscal consolidation for the 2025 fiscal year would further strengthen the ongoing recovery process and firm up macroeconomic stability.

The external sector has continued to improve, with a record provisional current account surplus of $2.1 billion in the first quarter of 2025, driven mainly by higher prices and increased production volumes of gold and cocoa, and strong remittance inflows.

Bank of Ghana’s Macroeconomic and Financial Data indicate that total exports went up to $9.32 billion at the end of April this year, compared to the $5.81 billion recorded in the same period last year.

Gold exports contributed $5.24 billion at the end of April this year, compared to the $2.97 billion in the same period last year, with crude oil exports hitting $972 million, a dip from the $1.27 billion exported in the same period last year.

Cocoa exports yielded $1.84 billion, compared to the $579.6 million exports in the same period last year.

Other exports recorded $1.27 billion within the period, up from the $985.8 million in the same period last year.

Dr Asiama said those developments led to a current account surplus and, together with net outflows in the capital and financial account, resulted in an overall Balance of Payments surplus of $1.1 billion.

He explained that the strong external performance resulted in significant reserve accumulation while Gross International Reserves (GIR) amounted to $10.7 billion in April 2025, equivalent to 4.7 months of import of goods and services.

Broadly, he added that the external sector outlook remained favourable, largely anchored on expectations of increased gold and cocoa export receipts, as well as inflows from remittances. 

Cedi rebound

Dr Asiama stated that the cedi’s strong rebound against the major trading currencies was driven by a combination of factors, including a tight monetary policy stance, ongoing fiscal consolidation, record reserve accumulation, strict enforcement of foreign exchange market rules, and improved market sentiments.

“In the year to May 21, 2025, the cedi had appreciated against all the major currencies – 24.1 per cent against the US dollar, 16.2 per cent against the British pound, and 14.1 per cent against the euro.

“The latest forecast points to continued easing of inflationary pressures on the back of tight monetary policy stance, exchange rate stability, and fiscal consolidation,” the Governor said.

Dr Asiama added that inflation was expected to ease faster towards the medium-term target in the first quarter of 2026, as opposed to the second quarter as earlier envisaged, barring unanticipated shocks. 

Some of the leaders at the Majlis Ansarullah Ghana conference

In a strong call for environmental responsibility and national development, Alhaj Ahmed Suleman Anderson, Naib Ameer II of the Ahmadiyya Muslim Mission Ghana, has cautioned Ghanaians against destructive practices such as illegal mining, indiscriminate dumping of refuse during the rainy season, and the neglect of afforestation.

He warned that such acts hinder the nation’s progress and must be urgently addressed.

Speaking at the 2nd Accra Zonal Conference of Majlis Ansarullah Ghana on May 25, 2025, held under the theme “Cultivating Taqwa in the Majlis: The Key to Supporting Spiritual Growth and Worldly Success,” Alhaj Suleman emphasised that true service to God must be reflected in acts that promote social harmony and environmental care.

“The conference was organized not only to assess our outreach efforts to marginalized communities but also to remind us of our dual responsibility: service to God and service to humanity,” he stated.

“If I am not on talking terms with my brother and claim to love God, it does not make sense. If I withhold food from my hungry neighbor, what do I gain from that?”

He stressed that patriotism must go beyond words, urging citizens to obey laws that protect the environment.

“We must avoid destructive acts like illegal mining, dumping refuse during the rainy season, and neglecting afforestation. These activities hinder national progress,” he warned.

The conference drew large numbers of Muslim faithful and dignitaries, including Alhaj Ali Mohammed, Chairman of Majlis Ansarullah Ghana, and Maulvi Hafif Ibrahim, a missionary with the Ahmadiyya Muslim Mission in Accra.

Maulvi Ibrahim called on the privileged in society to support the vulnerable, highlighting the role of moral leadership in national development.

“It is the duty of the rich to support the underprivileged in our fragmented communities,” he said.

“If our politicians truly feared God, they would not embezzle funds meant for schools and hospitals. The Qur’an enjoins us to elect leaders who fear God and uphold justice.”

The 2nd Accra Zonal Conference served as a reminder of the Islamic principles of godliness, community service, and the collective responsibility to drive spiritual and national growth.

AM/GA

All is set for the maiden edition of the Daily Graphic/Ecobank Ghana Economic Forum which aims to foster a comprehensive discussion on the economy and its prospects for development. 

The event, scheduled to take place on Wednesday at the Ecobank Head Office in Accra, from 7 a.m. to 10 a.m., is on the theme: “A broad review of the economy of Ghana: Then, now, and the way forward”.

The inaugural forum will explore three critical areas bordering on monetary policy, fiscal discipline and taxation.

The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, the guest speaker, is expected to provide key insights into the current economic landscape.

Presidential Advisor, Seth Terkper, and Tax Partner at PwC Ghana, Abeku Gyan-Quansah, will discuss and analyse effective controls that promote sustainable economic growth, innovative strategies to ensure sustainable fiscal management, and examine ways to broaden the tax base and identify innovative revenue mobilisation methods to boost economic growth.

Vital opportunity

The Director of Sales and Marketing of the Graphic Communications Group Ltd, Franklin Sowa, explained that the forum would present a vital opportunity for stakeholders to engage in discussions that would shape the future of the economy.

“This is another thought leadership platform from the Graphic Communications Group Ltd powered by Daily Graphic and Graphic Online to create an avenue for carefully selected experts to share clear proposed recommendations as we all work together as a people to create the Ghana that enables businesses to thrive and a people committed to driving growth in an enabling and vibrant economy to gain good success in all aspects of business, particularly for micro, small and medium enterprises (MSMEs),” he stated.

He added that the maiden event was just the beginning, with subsequent ones expected to focus on the contributions of specific sectors to the economy and the necessary measures for the sectors to drive meaningful growth.

Partnership

The Editor, Graphic, Theophilus Yartey, highlighted the importance of the Daily Graphic platform which had been a trusted source of news and information, shaping public discourse for 75 years.

He said the company’s partnership with Ecobank Ghana was founded on their relationship which spanned many years, built on mutual respect and a shared vision for a prosperous Ghana.

Mr Yartey expressed the hope that the forum would leverage the strengths and expertise of both organisations, providing a platform for thought leaders to shape the narrative around the future of the economy.

Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has announced a comprehensive payroll audit to address inefficiencies and potential irregularities within the organisation.

The move comes as part of broader reforms to restore financial discipline and operational efficiency in Ghana’s cocoa sector, which is grappling with a GH₵33 billion debt.

Speaking on TV3’s Hot Issues on Sunday, May 25, 2025, Dr Abbey disclosed that COCOBOD employs over 10,000 staff, with monthly compensation costs amounting to approximately $12 million USD.

“COCOBOD has over 10,000 people on its payroll, and our staff cost is $12 million USD each month,” he stated.

To ensure accountability, he revealed plans for a staff audit, adding, “We are going to do a staff audit to ascertain whether we are all human beings,” raising concerns about possible ghost names on the payroll.

When questioned about the sustainability of COCOBOD’s financial model, Dr Abbey emphasised that fiscal discipline and waste reduction are critical to turning the organisation around.

“Once there is discipline and we cut down waste, we should be fine. It’s gross mismanagement that puts COCOBOD in a terrible financial situation,” he said.

He attributed the organisation’s financial challenges to procurement mismanagement and the failure of previous leadership to implement a financial turnaround strategy.

Dr Abbey also noted that the recent appreciation of the Ghana cedi would help alleviate COCOBOD’s external debt burden.

Additionally, he disclosed ongoing efforts to address operational inefficiencies, including an audit of stockpiled jute sacks and collaboration with the National Investigations Bureau (NIB) to locate 200 missing containers of cocoa-related supplies.

These measures, Dr. Abbey stressed, are aimed at restoring accountability, rebuilding public confidence, and improving efficiency within Ghana’s cocoa sector, a vital contributor to the country’s economy.