Dr Ato Forson with Wencai Zhang, Managing Director of World Bank Group during the meeting

The Government of Ghana has officially commenced a comprehensive review of its Value Added Tax (VAT) regime, aiming to simplify the system and improve the business environment across the country.

This development was confirmed during a high-level meeting between Ghanaian officials and Wencai Zhang, Managing Director and Chief Administrative Officer of the World Bank Group.

During the engagement, Ghana’s Finance Minister, Dr Cassiel Ato Forson, outlined the country’s commitment to reforming the VAT system in close collaboration with international partners.

Dr. Forson noted that a Technical Assistance Mission from the International Monetary Fund (IMF) is currently in Ghana, working alongside local authorities to support the review process.

He acknowledged that the current effective VAT rate of 21.9%, one of the highest in Africa, has contributed to compliance difficulties and inefficiencies for businesses.

“We are fully aware of the challenges posed by the existing VAT structure. That is why we are undertaking a complete overhaul of the system. I can assure our partners and the Ghanaian public that this reform process will be concluded before the main budget is presented in November,” he said.

The initiative is seen as a crucial step in improving tax compliance, enhancing revenue mobilisation, and making the tax system more business-friendly.

The World Bank expressed support for Ghana’s reform efforts and reiterated its commitment to working closely with the government to achieve a more efficient and equitable tax regime.

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By Regina Benneh

Duayaw-Nkwanta (Ahafo), April 14, GNA – The Right Reverend Kwaku Effah, the Methodist Bishop of the Sunyani Diocese has urged churches to help tackle the growing trend of indiscipline in the country.

That could be done if churches concentrate on building the youth to become matured in Christianity, he stated in an interview with the media on the side-lines of the 46th annual synod of the Methodist of Ghana held at Duayaw-Nkwanta in the Ahafo Region.

It was under the theme “Discipleship: growing into Christian maturity”, and attended by Diocesan executives, the standing committees of the church, members of the coordination offices and pastors’ wives.

The synod enabled the church to take stock and highlighted the previous year’s achievements, looked into emerging challenges and projected for the future. Rt Rev Effah noted that Christian maturity and a strengthened faith in God would make the youth disciplined and principled and urged the churches to form youth groups and provide employable skills training to create job opportunities for the youth.

“The youth groups will bring young people together, provide them with employable skills training to build on their future”, he stated, asking Christians not to live to please themselves, instead strive to live to please God.

That would enable them to grow into Christian maturity and entreated the churches to also prioritise the spiritual growth and development of their members, saying the lives of Christians developed physically, spiritually, emotionally and socially.

“Christian maturity is not about age or positions in the church, but a life characterized by holiness and righteousness”, he stated and urged Christians to pray constantly to strengthen their relationships with God.

They must also always seek the Holy Spirit guidance and look onto Jesus Christ and eschew sin and to live righteously.

GNA

DEN/KOA

T-Bill auction oversubscription records GH¢6.67 billion

The latest government auction held on April 11, 2025, saw strong investor participation particularly in the short end of the yield curve, as the treasury raised GH¢6.744 billion across 91, 182, and 364-day bills.

This came against a target of GH¢6.67 billion, marking a slight oversubscription driven by robust interest in the 91-day instrument.

According to official results released by the Bank of Ghana, the government accepted:

– GH¢5.68 billion in 91-day bills out of GH¢5.80 billion tendered,

– GH¢908.44 million in 182-day bills—fully allotted,

– GH¢157.94 million in 364-day bills—also fully allotted.

Yields across the instruments continued to climb, reflecting heightened risk sentiment and tighter liquidity conditions in the market.

The weighted average discount rates came in as follows:

– 91-day bill: 14.8780% (up from 14.4578%)

– 182-day bill: 14.9989% (slightly higher than the prior week)

– 364-day bill: 15.7190%

Meanwhile, the Bank of Ghana’s monetary stance and the country’s fiscal discipline under the IMF programme will be crucial in influencing rate expectations in the coming weeks.

SP/AE

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Gloria Sarfo

Award-winning actress, Gloria Sarfo, has opened up about a harrowing experience that left her temporarily paralysed after filming in Kumasi, revealing the deep spiritual battles she has faced in her career.

Speaking candidly about spiritual attacks in the entertainment industry, Gloria Sarfo attributed her continued relevance and success in the movie industry to her unwavering faith and commitment to prayer.

“I’ve been through trials, and people will be shocked when I talk about it,” she said. “But you see, the good things are coming, so they outweigh the bad ones. Even the bad ones manifest so that the will of God will also come true,” she said.

Recounting a specific incident, the actress revealed that after travelling to Kumasi to shoot four movies back-to-back, she suddenly became paralysed shortly after returning to Accra.

“I prepared myself and went in, so after the first film, I had to quickly dash to Accra and go back. I got stuck in Accra. I got paralysed, and so I had to call someone in Kumasi to bring my things,” she said.

Despite the frightening experience, Sarfo emphasised that prayer and proper medical care played a crucial role in her recovery. She also addressed rumours that she relied on “juju” or spiritual forces to boost her popularity, particularly during her time on the beloved television series Efiewura.

“Even with Efiewura, people thought I was using juju because of the love I received from shooting that series. I prayed and also went to the hospital to ensure that I got well,” she explained.

Gloria Sarfo’s testimony shows the challenges many creatives quietly face behind the scenes.

Featured

Edith Mensah

Showbiz News

Apr – 14 – 2025 , 10:18

2 minutes read

Gold Fields to begin shutdown of Damang Mine

Gold Fields Limited has announced plans to begin a phased shutdown of its Damang Mine following the government’s decision to reject the company’s application to extend the Damang mining lease which expires on April 18, 2025.

In a circular sighted by GhanaWeb Business, the company confirmed that without a valid mining lease, it will be unable to continue operations at Damang beyond the expiration date and must vacate the lease area accordingly.

Gold Fields has submitted additional proposals to the Minister of Lands and Natural Resources in a bid to resolve the matter.

However, the company said that in the interim, it will begin reducing production activities to ensure a safe shut of operations.

“This means that starting today, and over the weekend, we will initiate a phased reduction in production and take steps toward ensuring a safe and orderly shutdown of current mining activities at Damang, pending resolution of the matter or further clarity on the way forward. It is important to emphasise that this development does not affect operations at Tarkwa. We encourage all our people there to remain focused on maintaining safe and productive operations,” it stated.

Gold Fields has further established a management committee to urgently assess the situation, explore possible resolutions and evaluate the impact on its workforce following concerns raised by its employees, business partners, and host communities.

“Our immediate priorities are to ensure the safety and security of our people, understand the implications of the government’s decision, including any future plans for the Damang mine, and explore how we can best mitigate any negative effects,” the statement added.

Gold Fields began operations at the Damang mine in August 1997 and has since played a significant role in Ghana’s gold mining sector.

The company also operates the Tarkwa Mine, with the government of Ghana holding a 10% stake in both operations.

SP/AE

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 Young people have been encouraged to take advantage of emerging technologies, particularly Artifi­cial Intelligence (AI), and adopt a mindset focused on growth, and discipline, to remain relevant in a fast-changing world.

The call was made at a break­fast meeting held in Accra Friday dubbed: ‘Breakfast with Roselyn,’ which brought together several young individuals to discuss strat­egies for personal development, self-leadership, and success in an increasingly competitive world.

Speaking at the event, a youth development coach and Manager of New Business and Investment at the Ghana National Petroleum Corporation (GNPC), Mr Yaw Mpare, urged the youth to be curious, read widely, and align themselves with knowledge-driv­en platforms that sharpen their abilities and improve their chances of success.

“It is important to be intention­al with every move you make. Do not entertain self-doubt because doubt kills more dreams than failure ever will.”

“Your growth depends on your mindset, your network, and how well you evaluate your inner cir­cle,” he stated.

He further advised the youth to step out of their comfort zones, adopt a growth mindset, and actively seek mentorship and role models who can guide them through life.

Mr Mpare also cautioned against indecent dressing, urging young people to present them­selves properly and take pride in personal grooming.

“Listen to educative podcasts, read good books, and be hungry for growth. Celebrate small wins and keep pushing,” he added.

Mr Mpare again stressed the importance of good health, reminding the participants that without it, one’s ambitions could be derailed.

He encouraged them to take responsibility for their well-be­ing and remain resilient as they pursue their goals.

Award-winning broadcast journalist, Ms Kokui Selormey, also addressed participants, calling on them to reject laziness and instead embrace a mindset of excellence.

She said it was time for the youth to challenge themselves and take deliberate actions that would shape their futures positively.

“Every dream is achievable. Giv­ing up should not be an option,” she said.

Convenor of Mentor Forest and a climate policy expert, Ms Roselyn F. Adjei, who hosted the event, as­sured participants of her commit­ment to support young people who are determined to grow.

She emphasised the importance of discipline and reiterated her willingness to offer guidance and opportunities to help shape the next generation of leaders

 BY RAISSA SAMBOU

By Philip Tengzu

Wa, (UW/R), April 14, GNA – The Simon Diedong Dombo University of Business and Integrated Development Studies (SDD-UBIDS) has won the coveted European Union (EU)-funded Ghana Pact for Skills project under the Entrepreneurship Stream to promote green and digital entrepreneurship. 

Six universities in Ghana, comprising two non-technical and four technical universities had been selected to implement the project coordinated by the E4Impact Foundation with a focus on green innovation, digital transformation, and entrepreneurship. 

The other five universities are the Kwame Nkrumah University of Science and Technology, University of Professional Studies, Cape Coast Technical University, Takoradi Technical University, and the Ho Technical University. 

The EU-Ghana Pact for Skills initiative sought to empower students through training, incubation, and business acceleration in green and digital entrepreneurship to equip them with practical entrepreneurial skills and facilitate their transition into employment.  

A statement from the SDD-UBIDS copied the Ghana News Agency (GNA) in Wa indicated that the project had positioned the University as a key driver of green and digital entrepreneurship acceleration and incubation programmes in Ghana for the next three years. 

“Our university’s inclusion in this elite cohort is not just an achievement, it’s a testament to our rising prominence as a hub of innovation, strategic direction, and community-centred development in Northern Ghana”, the statement said. 

A total of 13 universities – nine technical and four non-technical universities – submitted competitive applications for the project, including strategic plans, digital infrastructure portfolios, faculty profiles, and evidence of entrepreneurial readiness.  

All 13 competing universities went through a rigorous two-phase selection process – online application review and field visits to assess and confirm the selection of shortlisted universities. 

The SDD-UBIDS emerged as the only university in northern Ghana to have been selected for the project after it garnered a score of 68 per cent during the field validation. 

The statement said the SDD-UBIDS’ success in the project application was driven by its strong strategic vision on entrepreneurship, green and digital initiatives coupled with its robust physical and digital infrastructure, including its growing Information Communication Technology ecosystem and proven record of community engagement in northern Ghana. 

Professor Frederick Dayour, the Director of Research at the SDD-UBIDS, said the project was not just a win for SDD-UBIDS, but for the entire Upper West Region. 

“It’s a celebration of innovation, resilience, and the transformative power of education in rural and underserved regions,” he added. 

The statement said through the University’s collaboration with the E4Impact Foundation, it would roll out tailored programmes focused on sustainable digital business development.  

Those initiatives would include entrepreneurship training, access to incubation and acceleration services, and enhanced skills development designed to boost employability and job creation. 

The management of the SDD-UBIDS expressed appreciation to the selection committee, chaired by Fabio Petroni for recognising the University’s capacity and commitment to advancing youth entrepreneurship in Ghana. 

GNA 

CAE/KOA 

The rehabilitation of West Africa’s bond markets hinges on establishing a long-term yield curve, according to Bryan Pascoe, Chief Executive-International Capital Market Association (ICMA).

Speaking at the inaugural West Africa Bond Capital Markets Conference organised with Ghana Stock Exchange (GSE), Mr. Pascoe called for stronger government leadership in laying the structural foundations for a deeper and more resilient fixed income market across the region.

“For markets to develop and mature, there has to be a framework of predictability, depth and trust. Government should look to establish a longer-term yield curve,” he stated.

The yield curve, a fundamental benchmark for determining borrowing costs, is currently skewed toward short-term instruments in many West African economies – notably Ghana and Nigeria.

This limitation, Mr. Pascoe said, has curtailed broader participation in the market and left corporate issuers without the pricing signals necessary to plan long-term capital raises.

“Right now, the issuance is very focused on short-term activities. That hampers the market’s ability to serve its broader economic purpose,” he explained.

Since being shut out of international markets and following the domestic primary bond market’s crash – after the Domestic Debt Exchange Programme (DDEP) between 2021 and 2023 – the Treasury has had to rely almost entirely on short-term instruments.

This pushed the Treasury bill rates high. For instance, at the beginning of October 2024, the 91-day T-bill stood at 25.20 percent – its highest level since October 2023 – while the 182-day and 364-day bills climbed to 26.85 percent and 28.35 percent respectively.

Despite the Treasury needing to borrow around GH¢200billion from the shorter end of the market, it has however intensified attempts at rate correction.

In the first week of March 2025, the market reached an all-time high of GH¢20.49billion in total bids, marking a 140.5 percent oversubscription rate. However, government accepted only GH¢9.634billion in bids.

By the second week in April, the 91-, 182- and 364-day tenors had tumbled 15.65 percent, 16.5 percent and 18.84 percent respectively.

While these have raised concerns about real returns and a possible dent to the cedi on account of capital flight, Mr. Pascoe noted that signs of macroeconomic normaliaation in countries like Ghana – including a downward trend in interest rates and improving fiscal outlook – presents an opportunity for governments to take a lead in extending the yield curve and establishing benchmark issuances.

These, in turn, could serve as reference points for corporate and other non-sovereign issuers.

“Hopefully, government will take the lead in establishing more of a yield curve for issuance. Other borrowers can then use it as a benchmark for pricing on bond issues that they may expect to do as well,” he said.

The ICMA chief added that domestic participation needs to be strengthened and responsible international capital could play a complementary role.

“I think attracting broader investors is a very important feature of the market,” he noted.

In addition to government-led yield curve development, Mr. Pascoe recommended a series of interlocking reforms to boost market functionality. Chief among these was the development of a functional repurchase agreement (repo) market. This would allow banks and other financial institutions to borrow against bond holdings, thereby improving liquidity and providing essential short-term financing tools.

“There are other elements as well such, as encouraging market makers to provide liquidity in bond markets and also some other products – such as repo market development – which can be used for funding using the bonds as collateral to help banks and other market practitioners finance themselves,” he noted.

A well-functioning repo market, Mr. Pascoe argued, is a defining feature of advanced bond markets and would play a pivotal role in promoting liquidity, enhancing price discovery and supporting secondary market trading.

The call comes as regional regulators and exchanges are working on the West Africa Capital Markets Integration Project, which aims to allow cross-border trading of listed securities across Ghana, Nigeria and the BRVM – the regional bourse covering eight Francophone West African countries.

Abena Amoah, Managing Director-GSE, underscored the urgency of developing strong domestic bond markets in West Africa; particularly as access to international capital markets becomes increasingly constrained.

She argued that robust local capital markets would empower citizens to invest in critical infrastructure and productive ventures, helping to bridge the region’s infrastructure financing gap.

“We know West African citizens deserve opportunities to be educated and invest in ventures that can be profitable,” she said.

Ms. Amoah highlighted the importance of stable macroeconomic conditions in making capital markets attractive to both issuers and investors.

Beyond monetary policy, GSE’s boss emphasised the significance of market infrastructure and education in building a resilient financial ecosystem. She cited GSE’s introduction of green bond guidelines, the launch of a commercial paper market and partnerships with stockbrokers and banks to improve retail investor access via digital platforms.

“We are working with the market to develop apps and solutions that make it easier for an investor to come onto the market,” she noted. She also mentioned ongoing engagement with pension funds and capital-hungry companies to facilitate efficient capital allocation.

Through the West Africa Capital Markets Integration Project, she added, GSE is collaborating with Nigeria and BRVM to enable cross-border trading – enhancing liquidity and providing investors access to a broader pool of securities.

Director General, Nigerian Securities and Exchange Commission (SEC Nigeria) Dr. Emomotimi Agama, said while West Africa as a region “has not done very well” he is convinced that this shortfall presents “a lot of opportunities ahead of us”.

He reiterated the critical importance of mobilising long-term capital through the bond market to support national development.

“The need for long-term capital in Africa cannot be over-emphasised. For you to achieve the objectives of development, you must be able to raise long-term capital that allows you to fund long-term projects,” he explained.

The Motorcycle Couriers Union has raised strong concerns over the age limit stipulated in the Road Traffic Regulations, 2012 (Legislative Instrument 2180), which sets the minimum age for operating commercial motorcycles and tricycles at 25 years.

The union fears that this provision, if enforced, could render many of its younger members unemployed.

Speaking to Citi News, the General Secretary of the Motorcycle Couriers Union, Timothy Abugri, appealed to the government to reconsider the age requirement, suggesting it be reduced to 18 years.

“We were not consulted in the preparation of the LI. There are some things we have seen in the LI that we can be sure if consultations were made, we could have assisted before that passing,” he said.

Abugri further called on the government to allow the union to conduct training for its members before the regulation is enforced to avoid arrests by law enforcement agencies.

“They also talked about training that will bring certification, which will allow you to ride. The moment a law is passed, if a person doesn’t have the certification, the person will not be able to ride. In our sector, nobody has been trained.

“So, if a police officer stops anybody from my union and the person hasn’t been trained, what will we do? So, we think they should let us come together to get our buy-in before the LI is passed,” he explained.

The union is urging greater collaboration and dialogue with stakeholders to ensure that the law, while aiming to improve safety, does not unfairly impact livelihoods.

A South African court is due to re-examine the circumstances around the death of one of the most renowned campaigners against the racist system of apartheid, which had initially been described as accidental.

A 1967 inquest ruled that Chief Albert Luthuli was walking on a railway line when he was struck by a train and died after fracturing his skull.

Activists and his family have long cast doubt on the official version of events, and have said they welcomed the re-opening of the inquest.

Luthuli, who at the time of his death was the leader of the then-banned African National Congress (ANC), won the Nobel Peace Prize in 1960 for spearheading the fight against apartheid.

The ANC went on to lead the struggle against white-minority rule and came to power in 1994, following the first democratic elections.

The National Prosecuting Authority (NPA) has said that it “will be presenting evidence before the court in an attempt to have the initial findings into the deaths of Chief Luthuli… overturned”. It has not said what that evidence is.

Nearly six decades ago, the initial inquiry into the Nobel laureate’s death “found that there was no evidence which disclosed any criminal culpability on the part of any of the employees of the South African Railways or anyone else”, the NPA said last week.

But campaigners suspected the authorities had killed him and covered it up.

Luthuli’s grandson, Albert Mthunzi Luthuli, told South Africa’s IOL news site that the family “welcomes the re-opening of the inquest”, even though it is now years after the deaths of “many people that we suspected of being involved in my grandfather’s murder”.

“We believe the TRC [Truth and Reconciliation Commission] let many families of victims down by giving amnesty to apartheid murderers,” he added, referring to the post-apartheid process where perpetrators of violence in the previous decades were encouraged to come forward to fully confess their crimes.

At the time of his death, Luthuli was not allowed to leave his residential area in Groutville – now in KwaZulu-Natal province – or take part in politics.

He was South Africa’s first winner of the Nobel Peace Prize. The award was later given to three other South Africans: Archbishop Desmond Tutu in 1984, and Nelson Mandela and FW de Klerk in 1993.

The Luthuli case is one of two highly anticipated inquests into the deaths of anti-apartheid figures re-opening on Monday. The other concerns lawyer Mlungisi Griffiths Mxenge, who was killed in 1981.

He had been stabbed 45 times and his throat had been slit.

An inquest into his death a year later failed to identify his murderers and it was only nine years later that they were revealed – when Butana Almond Nofemela, confessed to killing Mxenge and seven other ANC members.

He was part of a covert hit-squad, or counter-insurgency unit, that detained and killed anti-apartheid activists.

Nofemela, together with the squad’s commander Dirk Coetzee and David Tshikalange, were in 1997 found guilty of Mxenge’s murder but were granted amnesty by the TRC before the criminal case could be concluded.

Explaining the reopening of the inquest into Mxenge’s death last year, the justice ministry said this was because new evidence had emerged, suggesting that “certain critical information” had not been presented to the TRC.

In South Africa, inquests often look into determining how a person died and whether anyone should be held responsible for their death.

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Seidu Agongo, Ghanaian businessman

Ghanaian businessman and philanthropist Seidu Agongo has made a passionate appeal to the business community to do genuine business to grow government institutions, not to collapse them.

In an interview with Kwasi Kyei Darkwah on the Master of the Game show on CTV, Mr Agongo highlighted the importance of ethical entrepreneurship, stressing that success should not come at the expense of national assets.

“I’m not saying that you can’t do business and make money. You can do business and make money,” he said. “But, like the white culture: do better business so that the institution that you are working for grows, so that you also make money.”

Using the Ghana Cocoa Board (Cocobod) and the energy sector as examples, Mr Agongo laid out his business philosophy, emphasising partnership over exploitation.

“As it is now, I intend to do business with Cocobod, but my priority is how I can do genuine business for Cocobod to grow so that I can continue making money, not to collapse Cocobod,” he said.

He extended this same principle to his ambitions in the energy sector, expressing his readiness to work in harmony with Energy Minister John Jinapor to expand energy access across the country.

“The intention is: how I can support Jinapor to grow the energy sector to give light to everybody so that I could also make money,” he noted, again emphasising the mutual benefit of integrity in business.

Mr Agongo challenged the notion of ill-gotten wealth, questioning the pride that comes with becoming rich at the cost of national ruin. “Not to collapse a whole cocoa sector and make money and call myself a rich person. What sort of riches is this?” he asked rhetorically.