Monthly Archives: April 2025

Busines, News

BoG to auction $120 Million to bulk oil distributors in Q2 to ease FX pressure

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The Bank of Ghana (BoG) has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025, as part of efforts to stabilize the Ghana Cedi and ease foreign exchange (FX) demand pressures.

The FX auctions will take place on six scheduled dates between April and June, with each round offering $20 million exclusively to BDCs.

These targeted interventions are designed to support petroleum imports, a major source of FX demand in Ghana.

The auction schedule for the 2nd quarter of 2025 are April 10, April 29, May 14, May 28, June 12, and June 26.

Each auction will be conducted through authorised foreign exchange dealing banks, which are required to submit bids on behalf of the BDCs.

Bids must follow the standard format and be emailed to bogforwards@bog.gov.gh during the designated hours on each auction day.

An official statement by the BoG stated, “The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX Forward Auction Calendar for the second quarter of 2025… In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format.”

Auction results will be published later in the afternoon on each auction date.

The petroleum sector is one of Ghana’s largest consumers of foreign exchange. By providing dedicated dollar support to BDCs, the Central Bank aims to reduce pressure on the spot FX market, enhance price stability and mitigate exchange rate volatility.

The BoG has urged all participating banks and BDCs to strictly comply with the auction guidelines, which are available on its official website.

 

By: J.W Quarm.

Busines, News

Gov’t misses Treasury Bill target again, falls short by GH¢2.69 Billion

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For the third week in a row, the Government of Ghana has missed its Treasury bill target, raising only GH¢1.69 billion out of the GH¢4.39 billion it hoped to secure.

This results in a shortfall of GH¢2.69 billion, according to the Bank of Ghana’s latest auction report.

The government rejected GH¢2.37 billion in bids, likely because the proposed interest rates were too high compared to its expectations.

The treasury bill rates are as follows;

  • 91-Day Bill:

Bids: GH¢3.38 billion / Accepted: GH¢1.45 billion.

  • 182-Day Bill:

Bids: GH¢501.17 million / Accepted: GH¢81.09 million.

  • 364-Day Bill:

Bids: GH¢176.26 million / Accepted: GH¢161.26 million.

With interest rate as;

Even with weak demand, T-bill rates dipped slightly:

  • 91-day: down to 15.65% (–6 basis points)
  • 182-day: down to 16.50% (–23 basis points)
  • 364-day: down to 18.83% (–2 basis points)

This comes shortly after the Bank of Ghana raised its key policy rate from 27% to 28%, signaling continued efforts to tackle inflation.

Analysts say the government is deliberately rejecting higher interest rates to curb rising short-term borrowing costs, control inflation expectations and set the tone for future long-term bond issuance.

But consistently missing targets could strain cash reserves and limit fiscal options if investor confidence doesn’t bounce back soon.

Looking ahead, the Treasury plans to raise GH¢6.68 billion in its next auction—a sharp increase that signals rising short-term financing needs.

The big question is, will investors show up  – and at what cost?

By: J.W Quarm.

Busines, News

GOLDBOD isn’t like Agyapa deal – Sammy Gyamfi clarifies

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The Acting Managing Director of the Precious Minerals Marketing Corporation (PMMC), Sammy Gyamfi, has stated that the operations of the newly established GOLDBOD is not the same as the botched Agyapa deal.

According to Sammy Gyamfi, the Agyapa deal which sparked debate during the Akufo-Addo administration, differs significantly from GOLDBOD in both structure and function.

Speaking on the Joy Newsfile programme on Saturday, he noted, Agyapa was a government-driven plan designed to monetize Ghana’s mineral royalties for a period of 15 years.

Goldbod, on the other hand, is a Ghanaian government-owned entity with a straightforward mandate. Unlike Agyapa, Goldbod’s mission is much more immediate and practical: buying gold, assaying it, and exporting it — all within Ghana.

“Goldbod is here in Ghana; wholly owned by Ghana. [The] Ghana government is giving us money to buy gold and export and bring the dollars in within a period of three to four days for every three cycles,” he stated.

Too much power

Furthermore, Gyamfi strongly rejected claims that Goldbod is being granted excessive power. He emphasized that Goldbod’s operations are unique and unparalleled in their specific mandate of gold buying and exporting, leaving no room for potential conflicts of interest.

“Goldbod has no competitor when it comes to its core mandate — buying, assaying, and exporting gold,” Gyamfi said. “So where would the conflict of interest arise?”

“Let’s understand why Ghana needs Goldbod; Gold is a precious mineral we’ve been endowed with as a country over the years. We all agree that as a nation, we’ve not derived the necessary benefit we ought to derive from it. That is because govt has not taken keen interest in the trading of that precious mineral called gold. Our focus has been on royalties and taxes but in terms of how gold is traded and how the state can maximise from that, we’ve not done it…What President Mahama is saying is that let’s have a commodity board for gold and other precious minerals so that the state can get the needed benefits,” he added.

Background

The Ghana Gold Board, also known as GoldBod, was established by former President John Dramani Mahama as part of his administration’s economic revitalization agenda. The Ghana Gold Board is poised to play a pivotal role in formalizing the small-scale gold mining sector by ensuring better regulation, providing support services, and promoting sustainability within the industry. This initiative is in line with the Mahama administration’s broader strategy to enhance the extractive sector and optimize revenue from gold exports.

 

News, Politics

President Petr Pavel of Czech Republic embarks on a three day State Visit to Ghana

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President John Mahama will host the President of the Czech Republic, His Excellency Petr Paval next week for a three – day State Visit to Ghana
The visit by President Petr Paval will be the first State Visit hosted by President Mahama since his return to the Presidency in January 2025

A statement by the Minister of government Communications and Spokesperson to the President, Felix Kwakye Ofosu on Friday, April 4, 2025 stated that, “while in Ghana, President Petr Paval will hold bilateral talks with President Mahama, address a business forum, inaugurates a Czech-funded health facility”.

It added that President Paval will visit the OSU Castle and Kwame Nkrumah Memorial Park.

It concluded that President Mahama will host a State Dinner in honour of the visiting Head of State.

News, Topstory

Muntaka orders immediate transfer of Police Commanders in mining areas

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The Minister for the Interior, Mohammed Muntaka Mubarak, has ordered the immediate transfer of all Police Commanders stationed in mining areas to help curb illegal mining, also known as galamsey.

The move by the minister is part of the government’s strategies to clamp down on galamsey activities in these areas and save the environment.

Speaking during an engagement with Imams and Zongo Chiefs in Kumasi, the Minister stressed the government’s commitment to tackling the menace, which has devastated water bodies and farmlands across the country.

“I have ordered the IGP to transfer all Police Commanders in all mining areas and send in new ones. So if you are a regional, divisional, or district police commander serving in mining areas, you will be changed with immediate effect,” he declared.

He further stated that the new officers deployed to these areas would be strictly monitored and assessed based on their performance.

“The new ones we are taking there will be transferred after three months if they don’t perform. We will keep making changes till we see results,” he emphasised.

Busines, News

Financial institutions meet Chief of Staff ahead of 2nd edition of Kwahu Business Forum

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As part of preparations towards the second edition of the “Kwahu Business Forum” as promised by H.E John Dramani Mahama, and set to take place on April 19, 2025, the Chief of Staff, Julius Debrah, met with the heads of key financial institutions to brainstorm on practical and tailor-made financial solutions for the Ghanaian business community.

Among the notable attendees were the Presidential Advisor on the Economy, Hon. Seth Terkper; CEO of Exim Bank, Sylvester Mensah; Agricultural Development Bank MD, Ato Sarpong; the CEO of the National Investment Bank (NIB), Doliwura Zakaria; CEO of Ghana Export Promotions Authority, Francis K. Arthur; Daniel Wilson Addo, MD of Consolidated Bank Ghana; MD of Ghana Commercial Bank, Farihan Alhassan; Michael Abbey, CEO of Venture Capital Trust Fund, Dr. Randolph Nsor-Ambala, CEO of Development Bank Ghana, among others.

Addressing the meeting, Julius Debrah emphasized H.E John Mahama’s commitment to creating a conducive environment for businesses to thrive. The meeting explored avenues for financial institutions to offer innovative support mechanisms as well as capacity-building initiatives for entrepreneurs to encourage them to upgrade from retail commerce and venture into major scale industrialization.

Discussions also touched on how to harness the potential of small and medium-sized enterprises (SMEs), which form the backbone of the Ghanaian economy, by providing them with the financial tools needed to scale up and compete globally.

The upcoming Kwahu Business Forum is expected to serve as a platform for dialogue between financial institutions and private sector players. It will highlight investment opportunities, discuss policy interventions, and chart a path toward a more resilient and competitive business landscape in Ghana.

With the strong backing of financial institutions, this year’s forum, themed “The Future of Business: The Role of the Financial Sector”, promises to be an impactful event, fostering new partnerships and advancing strategic initiatives that will drive economic growth and development in the country.

Lifestyle, News

Hajia Police urges sex workers to stop the trade in holy month

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As the month of holiness and purity unfolds, award-winning Afro-Islamic musician and law enforcement officer Superintendent Hajia Police has made a heartfelt plea to sex workers, urging them to abandon their trade and seek forgiveness from Allah.

“In this sacred time, we seek guidance, protection, love, and above all, Allah’s abundant grace,” she stated.

Hajia Police emphasized the importance of modesty and righteousness, calling on individuals involved in prostitution and sex trafficking to reconsider their actions for the greater good of society.

She believes that promoting morality and ethical values will contribute to nation-building and social harmony.

Beyond advocacy, Hajia Police is actively championing the “Stop Sex Trafficking” initiative, a campaign aimed at eradicating sex trafficking and protecting vulnerable individuals from exploitation.

She has called on government agencies, civil society, and the public to support this movement to ensure a safer and more dignified future for all.

With a strong presence in both the security and entertainment industries, Hajia Police continues to use her platform to promote human rights and social responsibility.

Credit: Astifa

News, Showbiz

Omar B Homage: Revenue from my rendition will go to his family – Kuami Eugene

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Ghana’s finest, Kuami Eugene, has paid homage to late Togolese music legend Omar B, known in private life as Ahiangban Omar.

Kuami Eugene, in paying homage to the fallen legend, did a rendition of Omar B’s classic hit song, “Awoo Mawugné.”

According to Kuami Eugene, a friend introduced Omar B’s songs to him, due to their creative semblance of ability to write, sing, and produce.

Against this backdrop, Kuami Eugene began to enquire about Omar B and realised he died at a point his career was thriving, leaving behind a young family.

Consequently, Kuami Eugene decided to go ahead with a rendition of his “Awoo mawugné” song, which has been on his heart and donate the revenue accrued to Omar B’s family.

“After I got the translation of the song from some friends, I realised he had put together some powerful lyrics, so I decided to do a rendition in his honour,” he said.

The Rockstar further revealed that, “This is not for profit. It’s purely out of love and respect. I have no intention of exploiting this work. All revenues generated from this upload will go directly to Omar B’s family.”

For this reason, it is Kuami Eugene’s prayer that the song generates a lot of views and money for the family of the late Omar B.

Due to his ingenuity coupled with his meteoric rise, Omar B became a role model and an inspiration to Togo’s young talents.

While a third album, dubbed ‘Me, Myself and I’, was released in 2019, Omar B died suddenly at the age of 35 on February 20, 2020, following a heart attack.

 

 

Enjoy the song below

News, Showbiz

‘Gospel Music Must Be Christ-Centered, Not Just Business’ – Ghanaian Gospel star Frimpomaa declares

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Ghanaian gospel sensation, Jocelyn Darko, popularly known as Frimpomaa, has sent shockwaves through the gospel music industry with her bold declaration that gospel music must be focused on Christ and not merely treated as a business venture.

Speaking on X-Zone with Afia Owusu on Wednesday, April 2, 2025, Frimpomaa passionately emphasized that the primary purpose of gospel music is to win souls for Christ, not just to generate income. The conversation arose when the host, Afia Owusu, asked the songtress behind MEDAWASE song about the perception among Ghanaians that gospel music is more of a charitable endeavor than a profit-driven industry.

Frimpomaa, known for her unwavering faith and soulful music, did not hold back. She stressed that while gospel musicians invest significant time, effort, and financial resources into their craft, the core message of gospel music must remain Christ-centered. However, she acknowledged that when done correctly, gospel music can yield financial returns without compromising its spiritual essence.

“In everything we do, Christ must be at the center. We don’t just do gospel music for money. It’s about touching lives and winning souls. That is the mission. However, if you put in the right effort and maintain the focus on God, the business aspect will naturally follow,” she stated.

Her statement has since sparked a debate among fans and industry players, reigniting conversations about the balance between ministry and monetization in the gospel music space.

Currently, Frimpomaa is on a media tour promoting her latest single, Medawase. The song, which is already making waves, is a heartfelt thanksgiving anthem, and she is urging all Ghanaians and gospel lovers worldwide to stream it on all digital platforms.

With her powerful message and soul-stirring vocals, Frimpomaa continues to cement her place as one of Ghana’s most inspiring gospel artistes. As her latest single gains traction, her message remains clear—gospel music is, first and foremost, about Christ, and the mission to spread His word must never be overshadowed by commercial ambitions.

Stream Medawase now and experience the uplifting power of Frimpomaa’s ministry!

News, Politics

Government Intensifies Anti-Galamsey Fight:No Safe Haven for Illegal Miners – Lands Minister

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The Government of Ghana has reaffirmed its commitment to eradicating illegal mining, with the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, MP, vowing to use all lawful means to combat the menace.

Speaking at a press briefing on Thursday, April 3, 2025, the Minister outlined a five-pillar strategy to tackle illegal mining:
• Reforming the Licensing Regime – Ensuring transparency and accountability in mining permits.
• Strengthening Law Enforcement – Intensifying crackdowns on illegal operations and prosecuting offenders.
• Stakeholder Engagement & Collaboration – Partnering with traditional leaders, local authorities, and civil society to promote sustainable mining.
• Reclamation of Degraded Lands – Restoring mined-out areas and enforcing responsible mining practices.
• Alternative Livelihoods for Mining Communities – Supporting affected communities with sustainable income sources.

Significant Progress Made
The government has reclaimed seven out of nine forest reserves previously controlled by armed illegal miners. The recovered reserves include: Jimira & Jimira Extension, Afao Hills, Tano Anwia, Ofin Shelterbelt, Anhwiaso East & Anhwiaso South, and Subri. Efforts are underway to reclaim the remaining two reserves: Asenayo and Desiri.

Ongoing and Future Measures
• Joint military-forestry operations have led to 100 excavators, 3 bulldozers, and 4 vehicles seized.
• Geological surveys of mineral-rich areas will be conducted.
• Geotagging and geofencing of excavators to monitor their use.
• Public education campaigns on environmental protection, integrated into school curricula.
• Decentralization of mining licenses to improve transparency and reduce corruption.

Call for National Support
Hon. Buah urged traditional leaders, local assemblies, and civil society to support the fight against illegal mining. “We must safeguard Ghana’s natural resources for future generations,” he emphasized.

News, Topstory

Illegal miners are ‘dangerous terrorists’ – Lands Minister

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Ghana’s Minister of Lands and Natural Resources, Emmanuel Armah Kofi Buah, has taken a strong stance against illegal mining, equating galamsey operators to “terrorists”.

The minister who is also the MP for Ellembelle observed that galamsey operators pose a significant threat to the lives of Ghanaians.

This harsh labeling underscores the severity of the issue and the urgent need for action to combat the devastating environmental and social impacts of illegal mining.

He said the government “can’t allow few people to make money at the expense of millions of Ghanaians.”

“We must now begin to see them as dangerous terrorists who are killing us,” he added.

The Minister who was speaking at a press briefing on Thursday, April 3, emphasised the need for a collective effort to put an end to the devastating impact of illegal mining in the country.

“You cannot have a country where your water systems are so polluted that the turbidity levels are 5,000 to 12,000 when it should be 500, it means we are drinking poison,” he bemoaned.

He reiterated the government’s commitment to using all available resources to combat illegal mining activities that have been ravaging forests, water bodies, and farmlands across the country.

The Minister also added that the government is ready to welcome any small-scale miner through the right procedures.

Busines, News

Ghana GOLDBOD: A story of progress

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The Ghana Gold Board, popularly known as GoldBod, has officially been signed into law by President John Dramani Mahama, marking a historic moment for the country’s gold industry.

The bill, passed by Parliament on March 29, 2025, is the result of years of planning, consultations, and collaboration aimed at transforming Ghana’s gold sector.

The GoldBod initiative, first introduced as a campaign promise by President Mahama, is part of his administration’s broader economic revitalization agenda. It seeks to regulate the gold sector, streamline the buying and selling processes, and ensure that Ghana’s gold resources benefit the nation as a whole.

A Long Journey from Concept to Law

The journey toward GoldBod’s creation began with a vision to establish a structured and formalized framework for gold trading in Ghana. To lead this effort, President Mahama appointed Sammy Gyamfi, the NDC Communications Officer, as the acting Managing Director of the Precious Minerals Marketing Company (PMMC). His task was to operationalize GoldBod under the oversight of the Minister of Finance.

A broad, consultative approach was key to GoldBod’s development. Sammy Gyamfi held staff durbars and engaged with key stakeholders, including the Ghana National Association of Small Scale Miners, Ghana Association of Forex Bureau, and the State Interest and Governance Authority. These consultations helped shape the policies and strategies that would govern the initiative.

 

Source: Peacefmonline.com