Category Business News

• goldcoastnewsline@gmail.com
• April 15, 2025
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• 2 minutes Read

All gold trading licences issued by PMMC nullified – GoldBod announces

The Ghana Gold Board (GoldBod) has announced a significant restructuring of the country’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.

The law, passed by Parliament on 29th March 2025 and assented to by the President on 2nd April 2025, effectively revokes all licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines, except for those granted to large-scale mining companies.

“All licences issued by the PMMC and/or the Minister to a person other than a large-scale mining company to deal in gold have ceased to be valid,” the statement clarified.

With immediate effect, GoldBod is now the sole authorised body to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector.

The statement stressed, “No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana.”

It further added that no individual or company may purchase or trade in gold unless they are a licensed buyer, aggregator, or service provider authorised by GoldBod.

According to the statement, the move is aimed at sanitising the local gold market and ensuring transparency and compliance within the sector.

To allow for a smooth transition, GoldBod will temporarily honour licences previously issued by the PMMC or the Minister until 30th April 2025. During this period, transactions must be carried out in Ghana cedis and priced according to the Bank of Ghana’s Reference Rate.

“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement noted.

Ghanaians or Ghanaian-owned entities whose licences have lapsed—and those wishing to enter the gold trade—are encouraged to apply for a new GoldBod licence from 22nd April 2025, either online or in person at GoldBod’s Accra headquarters.

In a firm directive to foreign participants in the sector, the statement ordered all foreigners to exit the local gold trading market by 30th April 2025.

Foreign nationals may still apply to purchase gold directly from GoldBod but can no longer operate within the local gold value chain.

The statement concluded with a warning: “It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the Ghana Gold Board, effective 1st May 2025.

Source: myjoyonline.com

• goldcoastnewsline@gmail.com
• April 4, 2025
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• 3 minutes Read

Minority caucus criticizes government’s response to U.S. Tariff on Ghanaian Exports

The Minority Caucus in Parliament has launched a sharp critique of the government’s lack of action following the United States’ imposition of a 10% tariff on Ghanaian exports, warning that the country risks being blindsided in an emerging trade conflict.

In a statement signed by Michael Okeyer Baafi, the Ranking Member on the Trade, Industry, and Tourism Committee, the Minority accused the current administration of having “no response” to the newly imposed tariff, calling out the government’s failure to adequately prioritize the African Continental Free Trade Area (AfCFTA).

The statement emphasized that the previous administration had laid out a strategy to shield Ghana from external trade shocks, but this was abandoned by the government under President Mahama. “We have not seen a clear policy direction on exports by the NDC government. The government has played down the importance of AfCFTA in its budget and neglected export-oriented strategies that had shown promise under the NPP,” the statement read.

The 10% tariff, introduced by former U.S. President Donald Trump, threatens to undermine Ghana’s gains under the African Growth and Opportunity Act (AGOA), which currently grants over 6,700 Ghanaian products duty-free access to the U.S. market. AGOA is set to expire in September 2025 unless renewed.

Sectors at immediate risk from the tariff include apparel, cocoa derivatives (such as powder and paste), and yam exports—key industries benefiting from AGOA. The Minority has warned that the tariff could lead to severe economic consequences, including potential job losses. “This is not just a trade concern—it is a potential employment crisis in the making,” the statement noted, highlighting that the apparel industry alone employs over 5,000 young Ghanaians.

The Minority also reiterated the importance of AfCFTA, which was designed to reduce Ghana’s reliance on unpredictable external markets. The NPP government had previously launched the National AfCFTA Policy Framework and Action Plan, which helped local manufacturers break into regional markets, supported by initiatives like the One District, One Factory (1D1F) program. However, the Minority argues that under the current administration, AfCFTA has received inadequate attention and funding.

“This government has no specialized programs to support exporters, no measures to diversify markets, and no diplomatic effort to mitigate the fallout from these tariffs,” the statement continued.

In light of these concerns, the Minority has called for urgent action from the government, including:

• Immediate prioritization and funding of the AfCFTA Action Plan.

• Diplomatic engagement with the U.S. to clarify the tariffs and negotiate potential exemptions.

• Direct support for exporters through financing, training, and market intelligence.

• A clear, coordinated national export policy to reduce future vulnerability.

The Minority’s call to action comes as concerns grow that Ghana’s failure to address these issues could have long-term consequences for the country’s competitiveness on the global stage and its trade diversification goals.

“This is the time for bold policy choices and urgent action—not silence,” the Minority concluded. “Ghana cannot afford to lose ground both in Washington and in Accra.”

Sources: myjoyonline.com

• goldcoastnewsline@gmail.com
• April 4, 2025
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• 2 minutes Read

Inflation drops to 22.4% in March 2025

Ghana’s annual consumer inflation rate has declined for the third consecutive month, reaching 22.4 percent in March 2025 from 23.1 percent in February.

According to the Ghana Statistical Service (GSS), the decline is attributed to easing food price pressures.

The Government Statistician, Samuel Kobina Annim, during a press conference in Accra described the development as a drop in inflationary pressures, particularly in food prices. “The rate of 22.4 percent is the lowest in the last four months,” he said.

In March, food inflation fell sharply to 26.5 percent from 28.1 percent in February, while non-food inflation registered a marginal decline from 18.8 percent to 18.7 percent.

Inflation for locally produced goods also dropped from 25.1 percent to 24.0 percent. However, the inflation rate for imported items inched up slightly to 18.7 percent from 18.5 percent in the previous month.

The easing of inflation comes just days after the Bank of Ghana (BoG) made a surprise move by raising its benchmark interest rate by 100 basis points to 28 percent. The central bank justified the hike, emphasizing the need for a tight monetary policy stance to bring inflation further under control.

“The recent decline in inflation aligns with the monetary measures being implemented to stabilize price growth,” analysts have observed. The BoG’s unexpected rate hike signals a commitment to ensuring price stability amid ongoing economic challenges.

A breakdown of inflation across sectors showed that Food and Non-Alcoholic Beverages recorded an inflation rate of 26.5 percent, while Housing, Water, Electricity, Gas, and Other Fuels registered 25.1 percent, both exceeding the national average.

Regionally, the Upper West Region recorded the highest inflation rate at 36.2 percent, while the Volta Region had the lowest at 18.9 percent.

• goldcoastnewsline@gmail.com
• April 4, 2025
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• 2 minutes Read

Christian Li heads Vivo Energy Ghana

Christian Li has been appointed Managing Director of Vivo Energy Ghana, following the passing of former Managing Director, Jean-Michel Arlandis.

Announcing the appointment in a statement, Franck Konan-Yahaut, Vivo Energy Executive Vice President, West and Central Africa, expressed confidence in Christian, saying: “Christian brings on board a wealth of knowledge, commitment to excellence and continuous improvement and will be an invaluable addition to our team.”

Expressing gratitude for his appointment, Christian pledged to work with the team and other stakeholders including industry players to drive innovation and excellence in the downstream business.

“Having worked in various capacities across multiple sectors, I am optimistic that we will elevate an already robust business to enviable heights,” Christian said.

A Mauritian citizen, Christian brings nearly 30 years of experience in general management, business development, and sales and marketing in more than 20 African countries.

Since 2022, he has been Head of International Business for Engen, where he has managed and supported Engen’s international (non-South Africa) portfolio – including operations in DRC, Namibia, Botswana, Mauritius, Lesotho, and Eswatini.

Prior to this, he served four years as Managing Director for Engen Namibia, where he was recognised among the top 10 executives for three consecutive years.

Christian also previously held other leadership roles in South Africa, Mauritius, and the Republic of Congo. He spent around eight years with Chevron before transitioning to Engen Mauritius in 2011.

• goldcoastnewsline@gmail.com
• April 4, 2025
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• 2 minutes Read

IMF commences 4th review of Ghana’s bailout programme

The International Monetary Fund (IMF) has commenced its fourth review mission in Ghana as part of the country’s Extended Credit Facility (ECF) programme for 2023–2026.

Beginning from April 2 to April 15, the two-week mission will assess Ghana’s economic performance and progress on structural reforms under the IMF-backed program.

The review began with key discussions at the Ministry of Finance and the Bank of Ghana (BoG), focusing on Ghana’s fiscal performance in 2024.

According to the Finance Ministry, over the coming days, the IMF delegation will engage with senior government officials, BoG executives, and key stakeholders to assess critical economic indicators, including inflation control, monetary policy, and structural reforms.

The review will also evaluate Ghana’s progress in meeting IMF targets related to fiscal discipline, economic stabilisation, and debt restructuring.

The outcome of this mission will determine whether Ghana qualifies for the next tranche of IMF financial support, essential for maintaining macroeconomic stability and investor confidence.

Finance Minister, Dr. Cassiel Ato Forson, highlighted key measures, including the passage of transformative tax amendment bills, significant reforms in public procurement, and other policies outlined in the 2025 Budget as proof of the administration’s commitment to building a resilient and dynamic economy.

Dr. Forson expressed confidence that, with macroeconomic indicators trending positively, Ghana’s economy could stabilize by May 2025. He also stressed the importance of concluding the review on schedule.

Additional meetings and technical discussions are planned over the next two weeks, culminating in a final statement from the IMF on April 15, 2025.

• goldcoastnewsline@gmail.com
• March 13, 2025
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• 2 minutes Read

Dr. Amin Adam: Finance Minister falsely inflated expenditure by GHC49.2bn

Dr Mohammed Amin Adam, former Minister for Finance and current Ranking Member of Parliament’s Finance Committee, has accused the Finance Minister of inflating expenditure figures in the 2025 Budget Statement by GHC49.2 billion.

According to Dr Adam, this move was deliberately intended to misrepresent the financial management of the previous New Patriotic Party (NPP) administration.

Speaking at a press conference held by the Minority Caucus on Thursday, March 13, he challenged the credibility of the figures presented by Finance Minister Dr Cassiel Ato Forson.

He argued that despite strong revenue performance and prudent expenditure management under the NPP government, the budget data suggested an exaggerated fiscal deficit of 7.6% of GDP and a primary deficit of 3.6% of GDP.

“An economy with such strong revenue performance and expenditure management as we have seen from the data in the budget cannot produce the kind of elevated fiscal outturns the Minister announced,” he stated.

Dr Adam further accused the government of manufacturing false claims to damage the reputation of the previous administration.

“They have erroneously churned out wrong data in a bid to tarnish the image of the NPP administration by including GH¢49.2 billion in expenditure claims without any basis,” he alleged.

He stressed that such distortions put the credibility of the country’s fiscal data into question. The former Finance Minister called on the government to provide clear justifications for the expenditure claims and urged Ghanaians to scrutinise the figures presented.

He warned that any attempt to manipulate data for political gain would have long-term consequences on investor confidence and Ghana’s economic outlook.

• goldcoastnewsline@gmail.com
• March 13, 2025
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• 2 minutes Read

Cooking figures will make investors punish you – Dr. Amin Adam warns Finance Ministe

the immediate past Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has cautioned his successor against manipulating economic figures, warning that such actions could erode investor confidence in Ghana.

Speaking at a press conference for the Minority Caucus on Thursday, March 13, Dr Amin Adam criticised the Finance Minister for allegedly misrepresenting key economic data.

He argued that presenting misleading statistics to create a negative impression of the country’s financial situation would have serious consequences.

“So, you see, if you cook figures to create a narrative to run your country down, international investors will show you where power lies,” Dr Amin Adam remarked.

He emphasised that Ghana’s economic credibility is crucial in maintaining investor trust and attracting foreign capital.

The former minister further stated that inaccurate fiscal reporting could lead to higher borrowing costs and reduced investor interest in Ghana’s financial markets.

He urged the government to prioritise transparency and accuracy in economic data presentation to safeguard the nation’s reputation.

Dr Amin Adam concluded by calling on the Finance Minister to correct any discrepancies in the 2025 Budget and ensure that Ghana presents a true reflection of its economic position.

“If we do not uphold credibility in our financial reporting, we risk making Ghana unattractive to the very investors we need,” he warned.

• goldcoastnewsline@gmail.com
• March 11, 2025
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• 2 minutes Read

2025 Budget: GHC684million allocation for teacher and nursing trainee allowances

• goldcoastnewsline@gmail.com
• March 6, 2025
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• 2 minutes Read

Transnational corridors, enhanced transportation systems vital for AFCTA success-ACET

The African Centre for Economic Transformation (ACET) has underscored the critical role of robust transnational corridors and enhanced transportation systems in realising the full potential of the African Continental Free Trade Area (AFCTA).

Speaking in a recent interview, Dr. Edward Brown, the Senior Director of Research and Policy at ACET, emphasised the need for a more coherent and coordinated approach to infrastructure development across African nations.

He pointed out that the current model, where individual countries were responsible for their sections of transnational infrastructure, often led to fragmented and incomplete projects due to varying economic conditions and procurement practices.

A transnational perspective was essential for the effective implementation of cross-border transportation, including roads and railways, Dr. Brown said.

“To truly prove the success of AFCTA and boost intra-African trade, we must address the major impediment: The lack of seamless cross-border movement,” he said.

He specifically highlighted the airline industry as a central component of the infrastructure challenge.

The ACET Director addressed the burgeoning automobile assembly industry in Ghana, noting the presence of multiple companies.

He observed that while those companies were strategically positioned to serve the broader sub-region, their success hinged on overcoming logistical hurdles and non-tariff barriers.

“The automobile industry, with its assembly lines here in Ghana, needs the government to act as a facilitator,” Dr Brown.

“Engaging with partner nations to ensure free movement across borders is crucial. This should be a key objective for the government.”

He cited the example of Toyota’s technical support infrastructure at the Airport area, illustrating the potential for positive spillover effects from such investments.

Source: citinewsroom.com

• goldcoastnewsline@gmail.com
• March 5, 2025
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• 1 minute Read

“Furnishing of new BoG Headquarters to cost $11m”

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that furnishing the Central Bank’s new headquarters will cost $11 million.

The state-of-the-art facility, located in Accra, was inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, with key government officials, BoG executives, and financial sector leaders in attendance.

The BoG had faced heavy criticism over the project, with the then-Minority in Parliament demanding the resignation of former Governor Dr. Ernest Addison and his deputies.

Addressing Parliament on Wednesday, March 5, Dr. Asiama defended the decision, stating that the old BoG office had structural defects and was no longer fit for purpose.

He stated, “Furniture and furnishings were awarded at $11.1 million.”

Dr. Asiama reassured Parliament of the central bank’s commitment to prudent financial management and its role in maintaining financial stability.

The new facility is expected to enhance the BoG’s ability to regulate Ghana’s financial system while aligning with the government’s broader agenda for economic stability and financial sector growth.

Source: citinewsroom.com