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Ghana’s debt sustainability assessment has improved from a high risk of debt distress – Cassiel Ato Forson

By
Ivy Hollys
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Cassiel Ato Forson
Cassiel Ato Forson

Finance Minister Cassiel Ato Forson has stated that Ghana is no longer dependent on emergency financial bailouts from the International Monetary Fund (IMF), citing significant improvements in the country’s economic performance and fiscal management.

Presenting an economic update to parliament on Thursday, May 28, Cassiel Ato Forson said Ghana is transitioning from reliance on external rescue packages to a more credible reform partnership anchored on discipline, policy consistency, and investor confidence.

According to Cassiel Ato Forson, the government’s economic reforms have delivered measurable results, placing the country on a more sustainable path while reducing the likelihood of future economic crises.

He explained that Ghana’s new relationship with the IMF will be guided by a Policy Coordination Instrument (PCI), which focuses on supporting reforms, strengthening fiscal discipline, and maintaining investor confidence rather than providing financial assistance.

“Government does not expect to return to the IMF for another financial bailout in the foreseeable future,” Cassiel Ato Forson told Parliament.

Highlighting key reforms implemented by the government, Cassiel Ato Forson said the establishment of the Gold Board has helped strengthen reserve accumulation and improve exchange rate stability. He added that the government has operationalised a sinking fund with dedicated cedi and US dollar buffers to manage future debt obligations.

The finance minister further noted that several taxes, including the Electronic Transfer Levy (E-Levy), betting tax, emission tax, and VAT on motor insurance, have been abolished to stimulate private sector growth and ease the burden on businesses and individuals.

Cassiel Ato Forson also pointed to the establishment of the Office for Value for Money and the Independent Fiscal Council as measures aimed at improving public expenditure efficiency and ensuring compliance with fiscal rules. In the energy sector, he said the government renegotiated Independent Power Producer (IPP) agreements, generating savings of more than $250 million while also clearing over $1 billion in legacy arrears.

The finance minister further highlighted efforts to reduce government expenditure through a reduction in the number of ministers from 123 to 60 and a decrease in ministries from 30 to 23. According to Cassiel Ato Forson, these measures have contributed to stronger economic growth.

He reported that Ghana’s real Gross Domestic Product (GDP) growth reached 6 percent in 2025, while non-oil GDP growth rose to 7.6 percent, the highest level recorded in 14 years. For the first time, Cassiel Ato Forson said Ghana’s economy exceeded the $100 billion mark in 2025, elevating the country to emerging market status and making it the eighth-largest economy in Africa. He also revealed that Ghana’s per capita income increased to $3,385 during the period.

On fiscal performance, Cassiel Ato Forson indicated that the country recorded a primary surplus of 2.5 percent of GDP in 2025, while the public debt-to-GDP ratio declined to 44.7 percent. He noted that the achievement allowed Ghana to meet the IMF’s debt sustainability target of 45 percent nearly a decade ahead of the programme’s 2034 deadline.

The finance minister further disclosed that debt service as a share of domestic revenue dropped significantly from 55.7 percent in 2022 to 28.8 percent in 2025, despite the resumption of full Eurobond debt repayments. Cassiel Ato Forson added that Ghana’s debt sustainability assessment has improved from a high risk of debt distress to a moderate risk level for the first time in 12 years.

He also reported that inflation declined to 3.4 percent in April 2026, describing it as further evidence that the government’s economic recovery program is yielding positive results.

Ghana to build Africa’s first Artificial Intelligence Computer Centre (AICC) 

By
Ivy Hollys
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AICC

Finance Minister Cassiel Ato Forson has announced that Ghana is set to establish Africa’s first Artificial Intelligence Computer Centre (AICC) as part of efforts to position the country at the forefront of technological innovation on the continent.

Speaking at the Ishmael Yamson & Associates Business Roundtable, Cassiel Ato Forson revealed that President John Dramani Mahama has approved plans for the project, which is expected to play a key role in preparing Ghanaian youth for the future digital economy.

According to Cassiel Ato Forson, the government is currently working with Chinese technology giant Huawei to develop the facility. “His Excellency the President has approved for Ghana to build the first AICC, and we are working in partnership with Huawei,” he said.

The finance minister indicated that further details about the project will be outlined in the 2027 national budget. Cassiel Ato Forson explained that the centre is intended to attract young people interested in artificial intelligence and equip them with the skills needed to thrive in an increasingly technology-driven world.

“Our hope is that Ghana will be the first in Africa to have an AICC, Artificial Intelligence Centre, and that will attract our youth to the centre and prepare them for the next generation,” he stated.

To support the initiative, Cassiel Ato Forson disclosed that the government has already earmarked $250 million for the first phase of the project. He added that plans are also underway for a second phase that will significantly expand the facility and create more opportunities for innovation, research, and technological advancement.

Cassiel Ato Forson said the investment forms part of the government’s broader vision to leverage emerging technologies to drive economic growth, create jobs, and enhance Ghana’s competitiveness in the global digital landscape.

The proposed Artificial Intelligence Computer Centre (AICC) is expected to become a major hub for AI research, training, and development, potentially positioning Ghana as a leader in artificial intelligence innovation across Africa.

Accra-Kumasi Expressway Project Gains Momentum with 51km Cleared

By
Adwoa Afranewaa
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Ghana's Finance Minister Dr Cassiel Ato Forson

The government says significant progress has been made on the proposed Accra-Kumasi Expressway project, with about 51 kilometres of the planned corridor already cleared ahead of full construction works.

According to the Minister of Finance, Cassiel Ato Forson, the initial phase of the project is currently being handled by the Ghana Armed Forces under the direction of John Dramani Mahama.

In a Facebook update shared on Thursday, May 28, 2026, Dr Forson commended the military for what he described as exceptional professionalism and steady progress on the flagship road infrastructure project.

“An update on the phenomenal work being undertaken by the Ghana Armed Forces on President Mahama’s transformational Accra-Kumasi Expressway project. So far, about 51km of the entire stretch has been successfully cleared,” he stated.

The Finance Minister also disclosed that compensation payments to residents and property owners affected by the project would begin in June after the completion of ongoing assessments by relevant state agencies.

“In June, following assessments by the relevant state agencies, the Ghana Armed Forces will commence the payment of compensation to affected citizens,” he added.

The Accra-Kumasi Expressway is expected to become one of Ghana’s most important transportation corridors, aimed at improving connectivity between the national capital and the Ashanti regional capital while reducing travel time and easing traffic congestion along the route.

Dr Forson described the project as a major economic infrastructure initiative that could significantly boost trade, transportation and commercial activities between the southern and middle belts of the country.

“Steadily, deliberately, and with remarkable professionalism, the foundation is being laid for what will become one of Ghana’s most strategic and economically transformative corridors,” he stated.

The project is also expected to improve road safety, enhance the movement of goods and services, and support broader national economic growth by strengthening one of the busiest transport routes in Ghana.

“The progress made so far is truly impressive,” the Minister added.

The latest update comes amid increasing government focus on large-scale infrastructure development projects intended to improve transportation efficiency and stimulate economic activity across the country.

By: Janice Opoku-Agyemang

Thousands Displaced as Weija Dam Spillage Floods Communities in Accra

By
Adwoa Afranewaa
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Weija Dam Spillage

A controlled spillage from the Weija Dam has triggered severe flooding in several communities around Weija in Accra, displacing thousands of residents and submerging hundreds of homes.

The flooding follows a decision by Ghana Water Limited (GWL) to release excess water from the dam after water levels exceeded safe operating limits amid continued heavy rainfall.

In a statement issued on May 27, 2026, GWL explained that the water level at the dam had risen above 48 feet, forcing authorities to open all spill gates as a precautionary measure to prevent pressure on the dam and protect its structural integrity.

According to the utility provider, the controlled spillage forms part of standard safety procedures undertaken during periods of excessive inflows into the reservoir.

However, the release of water has led to extensive flooding in nearby communities, with residents reporting significant damage to homes, household property and road networks.

Several affected residents were seen attempting to salvage belongings as floodwaters rapidly spread through residential areas, while others were forced to abandon their homes and seek temporary shelter elsewhere.

The flooding has also disrupted movement within parts of the area, leaving some residents stranded and raising concerns about access to emergency assistance and essential services.

Authorities are expected to intensify emergency response operations in the affected communities as assessments begin on the scale of destruction caused by the flooding.

The latest incident has renewed concerns over flood preparedness and the vulnerability of settlements located downstream of the Weija Dam during periods of heavy rainfall and controlled water discharge.

Residents in flood-prone communities are likely to face continued anxiety in the coming days as weather conditions remain unstable and authorities monitor water levels at the dam.

By: Janice Opoku-Agyemang

Jinapor Warns ECG Engineers Against Sabotage

By
Adwoa Afranewaa
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John Abdulai Jinapor

The Minister of Energy and Green Transition, John Abdulai Jinapor, has warned officials of the Electricity Company of Ghana (ECG) against negligence and political interference in their work.

Addressing four regional managers, 21 district managers, and engineers of ECG in the Ashanti Region, Dr Jinapor stressed that workers in the energy sector must remain professional and prioritise the national interest over political affiliations.

“Your job is that of an engineer and not a politician. You cannot be a politician. That’s why I say if you want to be a politician, you exit,” the Minister stated.

He accused some engineers of deliberate negligence that has contributed to unstable power supply and damaged public confidence in the energy sector.

According to Dr Jinapor, unreliable electricity supply not only attracts criticism against the government but also leads to financial losses for ECG due to power purchased but not fully utilised.

He therefore urged managers and technical officers to improve operational efficiency, noting that district managers remain the direct representatives of the company in the eyes of the public.

“You are the face of the ECG. If the managers don’t work well, it tarnishes the image of the company,” he said.

As part of efforts to improve performance and accountability, the Minister revealed that the Energy Ministry, in collaboration with the Energy Commission, is establishing a command and control centre to monitor faults, response times and transformer operations in real time.

The proposed system will also strengthen communication between ECG officials and the public through the use of modern digital technology.

Dr Jinapor explained that managers would receive specially configured mobile phones connected to the command centre to enable faster reporting and response to faults and customer complaints.

“The main issue is the time of response. The centre is not just for updates, it’s also to track transformers as well,” he explained.

The Minister further disclosed that the government plans to introduce a dedicated short code and contact number that would allow citizens to directly report power outages and other electricity-related problems.

To improve mobility and field operations, ECG district offices are also expected to receive electronic motorcycles and pickup vehicles to support engineers and technical teams responding to faults across the country.

According to Dr Jinapor, the government is intentionally investing in logistics and technology to strengthen ECG’s operational capacity and improve electricity supply reliability nationwide.

He warned that managers and engineers would be held accountable for persistent failures in delivering safe and stable electricity.

The Minister also announced ongoing projects aimed at increasing power generation capacity in the Ashanti Region to meet rising electricity demand.

“Very soon we’re going to have over 1000 MW situated here in Kumasi, a strategic location,” he stated.

Dr Jinapor consequently urged ECG workers to remain committed to professionalism and avoid any conduct that could undermine the country’s power sector reforms.

By: Janice Opoku-Agyemang

Use National Service Personnel for Mineral Exploration-Ghana Chamber of Mines

By
Adwoa Afranewaa
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Ghana Chamber of Mines

The Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, has proposed the deployment of National Service personnel into geological exploration and mapping activities as part of efforts to strengthen Ghana’s extractive sector and improve long-term value creation from the country’s mineral resources.

Speaking at the JoyBusiness Roundtable on the theme, “To Nationalise or Transform: Rethinking Ghana’s Approach to Gold Mining, Oil and Critical Minerals,” Mr Ashigbey argued that Ghana could make better use of the thousands of graduates enrolled annually under the National Service Scheme by assigning them to exploration and resource mapping projects across the country.

According to him, expanding geological exploration remains one of the most important steps Ghana must take if it hopes to deepen local participation in the mining industry and improve returns from its natural resources sector.

“My suggestion for government is that the National Service people we bring out, let’s put them in the field to do exploration and mapping for us to support the sector, and that will help,” he stated during the discussion.

Mr Ashigbey explained that increased exploration activities would generate critical geological data needed for effective resource planning, investment attraction and sustainable development within the mining industry.

He further noted that better geological mapping could help identify untapped mineral deposits while also creating opportunities for Ghanaian professionals and local businesses to participate more actively across the mining value chain.

The Chamber of Mines CEO stressed that building local technical expertise and improving access to geological information would position Ghana to retain more value from its mineral resources instead of relying heavily on foreign-led exploration and extraction activities.

His proposal forms part of a broader national conversation on how Ghana can transform its extractive industries through stronger local capacity development, increased value retention and policy reforms that support sustainable economic growth beyond raw resource extraction.

The discussion also comes at a time when governments and industry players across Africa are exploring ways to maximise benefits from critical minerals and natural resources amid growing global demand for strategic minerals used in energy transition technologies and industrial production.

BoG Halts MTN MoMo-to-Bank Transfer Fee Amid Consumer Concerns

By
Adwoa Afranewaa
-
BoG Governor
Dr. Johnson Asiama (BoG Governor)

The MoMo-to-Bank Transfer by Mobile Money Fintech Limited has been halted by the Bank of Ghana, following growing public attention and concerns over the impact of the charges on consumers.

The 0.75% fee on direct wallet-to-bank transfers, which was scheduled to take effect on June 1, 2026, would have applied to transfers from mobile money wallets to bank accounts, with charges capped at GH¢5 per transaction.

In a statement, the central bank said the suspension would allow for broader stakeholder engagement and further consultations before any final decision is taken on the proposed charges.

“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial well-being,” the Bank of Ghana stated.

The intervention comes just a day after MTN Ghana informed customers via text message that transfers from MoMo wallets to bank accounts would incur the new transaction fee beginning June 1.

According to MTN, the introduction of the Momo transfer charge formed part of efforts to improve service delivery within the mobile money ecosystem.

However, further information gathered indicates that the proposed fee would only affect customers transferring funds from their wallets into bank accounts and would not apply to mobile money agents or merchants.

Sources familiar with the development explained that the telecom company considered the charge necessary due to what it described as an imbalance in the current pricing structure for mobile money transactions.

According to the sources, MTN incurs operational costs whenever customers deposit cash through agents or receive transfers through the Ghana Interbank Payment and Settlement Systems platform, commonly known as GhIPSS.

The sources further indicated that under the current arrangement, the company does not recover any fees when customers subsequently transfer those funds from their mobile wallets into bank accounts.

Industry insiders say the proposed charge was intended to address that gap and align mobile money transfer pricing more closely with transaction fee structures within the traditional banking sector.

The decision by the Bank of Ghana to halt the implementation is expected to trigger wider discussions among regulators, telecom operators, banks and consumer groups over the future of digital transaction charges in Ghana’s growing mobile financial services industry.

By: Janice Opoku-Agyemang

Proposed 0.75% Wallet Transfer Charge Would Hurt Port Business — FFAG

By
Adwoa Afranewaa
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Freight Fowarders Association of Ghana

The Freight Forwarders Association of Ghana (FFAG) has welcomed the decision by the Bank of Ghana (BoG) to suspend the proposed 0.75% charge on wallet-to-bank transfers pending further consultations with stakeholders.

In a press statement signed by FFAG President Francis Nyarepe-Attipoe on Tuesday, May 26, 2026, the association described the central bank’s intervention as timely and beneficial to businesses operating within Ghana’s trade and logistics sector.

According to the association, the proposed charge by Mobile Money Fintech Ltd would have created additional financial pressure for freight forwarders, transport operators, importers, exporters and small businesses involved in activities at the country’s ports.

The Freight Forwarders Association of Ghana explained that digital financial platforms, particularly mobile money services, have become critical tools in the freight forwarding industry, supporting daily operational activities such as customs payments, settlement of port charges, transport coordination, supplier payments, emergency transactions and cross-border trade settlements.

“The proposed 0.75% charge would have imposed a significant additional financial burden on freight forwarders, transport operators, importers, exporters, and small businesses operating within the port ecosystem,” portions of the statement said.

The association further warned that introducing additional transaction charges on digital payments could reduce operational efficiency, increase the cost of doing business and weaken Ghana’s competitiveness within the regional and international trade space.

FFAG noted that businesses within the freight forwarding and logistics sector are already contending with high operational costs, multiple statutory levies, delays at ports and rising transportation expenses.

It stressed that any new charges on digital transactions would likely be transferred to importers and consumers, with possible wider consequences for trade facilitation and economic activity.

The association therefore described the Bank of Ghana’s decision to suspend the proposed charge as one that supports financial inclusion, digital trade growth and broader economic stability.

FFAG also called on Mobile Money Fintech Ltd and other financial sector players to engage more extensively with industry stakeholders before implementing policies with significant operational and economic implications.

“It is therefore important that any policy affecting these platforms be carefully evaluated through broad consultation, impact assessment, and industry consensus,” the statement added.

By: Janice Opoku-Agyemang

GN Savings and Loans collapse led to loss of 4,500 jobs — Nana Kweku Nduom 

By
Ivy Hollys
-
GN-Savings-and-Loans Nduom say 4500 jobs were lost

About 4,500 jobs were lost following the collapse of GN Savings and Loans after the financial sector cleanup, President of Groupe Nduom, Nana Kweku Nduom, has revealed.

Speaking in an interview on Point of View with Bernard Avle on Channel One TV, Dr. Nduom said the revocation of the banking licence affected not only bank staff but also thousands of people whose livelihoods depended on the company’s operations across the country.

According to him, Groupe Nduom operated several businesses aside from banking, including brokerage, pensions, insurance, and manufacturing firms. He mentioned companies such as Teak Tree, Pen Trust, Bedrock Insurance, and GN Life as part of the broader ecosystem.

“The biggest in terms of people was GN Bank because banks have branches. We had 300 branches,” he said.

Dr. Nduom noted that the impact of the shutdown extended far beyond bank staff, stressing that every branch created an economic chain involving security personnel, cleaners, and mobile bankers who depended on the institution for their livelihoods.

“There were many more jobs associated, so you had the bank employees, then each branch had four security people, each branch had a cleaner, there were mobile bankers, so I mean, there was a little economic universe around each branch,” he explained.

During the interview, Dr. Nduom’s said his father described the institution as “the people’s bank” because the vision of GN Bank was to expand banking services to areas that were often neglected by traditional financial institutions and to serve ordinary Ghanaians, particularly those in the informal sector and remote communities.

“The whole idea was to, number one, go to places that other banks were unable and unwilling to go, and number two, provide services to reach the ordinary Ghanaian, the unbanked Ghanaian,” he stated.

Dr. Nduom also emphasized that about 4500 direct and indirect jobs were affected when the financial institution’s license was revoked. 

Black Stars squad for world cup announced 

By
Ivy Hollys
-
black stars squad for fifa

The Black Stars squad for Ghana’s World Cup preparations has officially been announced by head coach Carlos Queiroz ahead of the international friendly against Wales. The Black Stars squad consists of 28 players made up of five goalkeepers, nine defenders, seven midfielders, and seven forwards.

The Black Stars squad began training on Monday, May 25, 2026, at Dragon Park as preparations intensify for the 2026 FIFA World Cup. Ghana is expected to face Wales on Tuesday, June 2, in Cardiff as part of preparations for the tournament.

Defender Baba Abdul Rahman returns to the Black Stars squad after an impressive season with PAOK FC in Greece. The former Chelsea left-back has made 35 appearances this season, scoring three goals and providing three assists.

Coach Carlos Queiroz is expected to use the Wales encounter to assess the readiness of the Black Stars squad ahead of the World Cup competition. The team will continue preparations in Cardiff before traveling for the tournament.

The Black Stars squad will represent Ghana at the 2026 FIFA World Cup to be hosted in Canada, Mexico, and the United States. Ghana has been drawn in Group L alongside Panama, England, and Croatia.

Ghana will face Panama in Toronto, England in Boston, and Croatia in Philadelphia as the Black Stars squad seeks to progress beyond the group stage at the tournament.

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