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Former TUC Gen. Sec. Dr. Yaw Baah chairs re-constituted Board of Ghana Statistical Service
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Read Time:1 Minute, 4 Second
A former General Secretary of the Trade Union Congress (TUC) Dr. Anthony Yaw Baah has been appointed as the new chairman of the reconstituted seven member Board of the Ghana Statistical Service.
Other members of the Board, include Government Statistician, Dr. Alhassan Iddrisu, Mrs. Nelly Mireku, Director of Research at the Ministry of Finance Dr. Zakaria Mumuni, Prof. Mariama Awumbila, Dr. Philomena Nyarko, and Dr. Paul Kwame Butakor.
Inaugurating the board, the Deputy Minister of Finance, Thomas Nyarko Ampem charged the new Board to strengthen the National Data Systems.
He tasked the Board to ensure accurate and reliable data system for the country’s development.
Mr. Nyarko Ampem reminded the committee that good data is key to making the right decisions, especially when resources are limited.
He urged the Board to demonstrate strong leadership and ensure they produce accurate, relevant, and timely data to support the country’s development.
He also assured the committee of government’s full support in the discharge of their mandate
Speaking on behalf of the committee, its Chairman, Dr. Anthony Yaw Baah, thanked President John Mahama and the Minister for Finance, Dr. Cassiel Ato Forson, for entrusting them with this responsibility and enumerated a number of strategies to support government’s key initiatives.
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Governor Asiama chairs re-constituted GDPC, pushes for operational and funding reforms
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Read Time:2 Minute, 24 Second
The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has taken over as the new chair of the re-constituted board of the Ghana Deposit Protection Corporation (GDPC).
The position has been traditionally been held by the Governor of the Bank of Ghana since the establishment of the corporation.
Other members of the board include the Chief Executive of the Ghana Depositors Corporation Mr. Galahad Alex Andoh.
Background
The Ghana Deposit Protection Corporation (GDPC) was established in 2016 by the Ghana Deposit Protection Act, 2016 (Act 931)
While the Act was passed in 2016, the corporation however became operational on September 30, 2019.
This led to the creation of the Ghana Deposit Protection Scheme.
The object of the scheme is to support the development of a safe, sound, efficient and stable market-based financial system in Ghana, by ensuring prompt payouts to insured depositors on the occurrence of an insured event.
Ghana’s Deposit Protection Scheme was conceived based on feasibility studies conducted in the year 2012 and with collaboration between the Bank of Ghana and the Government of Ghana.
Financial support and technical assistance was also provided by the German Government through KfW, a German state-owned development bank.
Focus and proposed reforms
Speaking after the board was sworn into office by Deputy Minister of Finance, Thomas Nyarko Ampem, the Governor noted that his immediate priority is to secure, the swift passage of the amended Ghana Deposit Protection Act, adding “that the reforms proposed are far-reaching and timely”
The Governor noted that the proposed reforms will not only give the corporation payout responsibility but also “emergency funding mechanisms and resolution when financial institutions show signs of distress”.
“We must ensure these reforms are passed and implemented without delay, in close collaboration with Parliament and the Ministry of Finance”, he said.
On Strategy, he observed that the corporation must embed within its self the plan that will ensure that “Ghana’s evolving financial architecture, includes fintech’s and digitized services as well as the growing prominence of Special deposit taking institutions”.
Funding Strategies
Dr. Asiama is also of the view that a lot must be done to ensure that the Depositors Protection Fund widen its coverage area and scope.
This, he believes will ensure that it does not only cover traditional banks, but also supporting specialized Deposit- Taking Institutions in the country which remains relatively undercapitalized.
He added that the Deposit Protection Corporation must pursue a multi-pronged strategy which will:
— Accelerate premium collections to scale the fund.
— Diversify the fund’s portfolio across gold, FX reserves, high-grade sovereigns, and supranational to protect value and liquidity;
— Institutionalize emergency credit lines and backstop funding, so that when the need arises, the Corporation is not found scrambling.
“Our goal is to ensure that GDPC is always payout-ready—because in a crisis, timing is everything” he added.
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Unregulated cashew exports will sabotage 24-Hour Economy – ACPG warns
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Read Time:1 Minute, 59 Second
The Association of Cashew Processors Ghana (ACPG) is worried over what it describes as a looming collapse of the local cashew processing industry, warning that the country’s 24-hour economy vision is under serious threat.
In a statement signed by its President, António Manuel Caramelo Raposo, the group points to policy inaction, raw material shortages, and lack of government support as the major drivers of a crisis that could spiral into a national employment disaster.
Foreign merchants, ACPG says, are flooding the sector and offering high prices to farmers for Raw Cashew Nuts (RCN), drawing supplies away from local processors.
“This unsustainable practice distorts the market, undermines the national value-addition agenda, and threatens the long-term viability of Ghana’s cashew sector,” the group warned.
The impact is already devastating. “Many ACPG member companies have either shut down or significantly downsized their operations.”
Secondary processors are also unable to operate at capacity because primary processors can no longer function.
“What began as an industrial challenge is now evolving into a national economic and employment crisis,” the statement said. Thousands of jobs are on the line, especially among youth and women in rural areas where cashew processing is a key source of income.
Despite existing policies meant to support local processing, ACPG notes that enforcement has been weak and ineffective.
“The sector continues to suffer from a policy vacuum,” the group added, calling on the media and civil society “to hold policymakers accountable and demand more than promises and policy documents.”
The imbalance in government attention has also drawn sharp criticism.
“Cashew, although one of Ghana’s top non-traditional export earners, receives minimal support compared to other agricultural sectors like cocoa,” ACPG stated.
The Association says this lack of investment is hampering Ghana’s broader industrialization and export diversification ambitions.
Calling for swift and decisive government action, ACPG is demanding emergency raw material buffers, low-interest working capital, tax reliefs, and power subsidies to keep processors afloat.
“Action is needed and fast.”
The Association insists that public awareness is critical.
“Many Ghanaians remain unaware that a vital local industry is collapsing before their eyes,” the group said, urging the media to help mobilize public support and pressure government to intervene.
Reaffirming its role as the united voice of cashew processors, ACPG declared its readiness to partner with government and stakeholders to drive reform and investment.
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Ghana gets US$4.8bn from international visitors and tourists in 2024
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Read Time:1 Minute, 56 Second
Ghana earned US$4.8 billion from international visitors and tourists who came into the country in 2024.
The amount represents 27 percent jump from the $3.8 billion earned in 2023.
The details were captured in the 2024 Ghana Tourism report launched by the Ghana Tourism Authority (GTA).
Ghana got the funds from 1.2 million persons who came into the country in 2024.
In 2023, 1.1 million persons came into Ghana, representing a 25 percent increase over what the country recorded in 2022.
Background and Data Collection
The GTA has since 2019, consistently published the Annual Tourism Report.
Using 2019 as the baseline year, the 2024 report documents the sector’s progress in the aftermath of the COVID-19 pandemic.
Primary data were collected through interviews with inbound tourists at Kotoka International Airport (KIA), and surveys conducted at selected tourism enterprises in Accra and Takoradi during the “December in Gh” (DiGH) festivities.
The GTA disclosed that secondary data were generously provided by the Ghana Immigration Service (GIS), whose ongoing cooperation is gratefully acknowledged.
Furthermore, data on domestic tourism were gathered in collaboration with regional directors and site managers across the country’s tourist attractions, as well as occupancy data from selected hospitality establishments.
According to the 2024, report, the outlook for the coming years is marked by cautious optimism, grounded in indicators of sector-wide stability. The report is informed by both primary and secondary data sources.
Destination of International Travelers
The 2024 Tourism Report showed that American Nationals topped the list of visitors.
Out of the 1.2 million international visitors, 137,000 came from America. 111,000 were from Nigeria. The United Kingdom came in third with 52,000.
The report showed that it has been the trend in the top three.
The report established that, 22.4 percent of the visitors were in Ghana last year for business purposes.
Visiting family and friends accounted for about 22.2 percent of the total visit for vacation purposes. Conference came up as the 4th reason offered by visitors.
Again 1.1 million of the visitors used the Kotoka International Airport for their visits.
77,000 used the Aflao boarder and the remaining, came through Elubu which is in the third place with 53,000 visitors.
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Cedi gains: Implement a multi-pronged approach to sustain stability – Deloitte to government
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Read Time:3 Minute, 11 Second
Deloitte Ghana is urging the government to implement a multi-pronged approach that focuses on fiscal discipline, improving foreign exchange inflows, structural reforms and monetary policy effectiveness, if the cedi appreciation is not short-lived, whilst achieving a long-term economic stability.
It disclosed this in an article, “Unpacking the Ghana Cedi’s Resurgence: An Analysis of the Cedi’s Appreciation and Future Sustainability”.
On fiscal discipline, it stated that the government should ensure strict expenditure management, that is geared towards reducing budget deficits, avoiding large-scale unfunded projects and election-oriented spending.
In addition to improved expenditure management, Deloitte advised the government to rollout measures that enhance revenue mobilisation, including broadening the tax base, improving tax collection efficiency, and reducing tax exemptions to lessen reliance on borrowing.
It argued that areas such as property rates, environmental taxes, and misconduct fines have been under-exploited revenue generation avenues for some time now.
The professional services firm also called for prioirtisation of prudent debt management going forward.
“In this regard, we recommend that the government conclude the outstanding debt restructuring programme and ensure that future borrowing is sustainable and directed towards productive sectors and activities. The government should commit to keeping debt-to-GDP [Gross Domestic Product] and debt-to-revenue ratios within healthy limits, even beyond the current IMF [International Monetary Fund] programme, to ensure improved overall sovereign credit ratings and the country’s debt servicing position”.
Improving Foreign Exchange Inflows
With regard to improving foreign exchange inflows, Deloitte called for export diversification and value addition, noting that the current model of exporting some commodities in their raw state is a vicious cycle of transferring jobs and enhanced earning potential to foreign market players at the expense of Ghanaians.
“In this regard, we recommend that the government invest in initiatives that add value to our primary commodity exports, such as gold, timber, cocoa, and crude oil, among others. Export diversification initiatives should also include promoting non-traditional exports like processed goods, services (tourism, IT), and manufactured items”, it pointed out
“We encourage the government to work on strengthening the GoldBod initiatives following its positive dividend in the implementation so far to enable Ghana to reap the gains from its gold reserves. Further, the government should consider reviewing the fiscal regime in the extractive sector to increase the government’s share of revenue in the sector”, it added.
Monetary Policy Effectiveness
For monetary policy effectiveness, Deloitte urged the authorities to maintain a credible disinflation path, urging the Bank of Ghana to continue its tight monetary policy stance until inflation is firmly brought within the target band of 8% ± 2%. This, it said, will build confidence in the cedi’s purchasing power.
Similarly, it urged the Central Bank to intervene in the forex market judiciously, aiming to smooth volatility rather than trying to fix the exchange rate at an unsustainable level, highlighting, “It is essential for the BoG to stick to its proactive liquidity support as witnessed so far in 2025”.
Structural Reforms
On structural reforms to reduce import dependency, it called for the promotion of import substitution, where it urged the government as a matter of urgency, to implement policies that support local industries in producing large-ticket import items where Ghana has a comparative and/or competitive advantage.
It also advised the government to encourage investments in modernising agriculture to enhance food security and reduce reliance on imported food items. This, it believes, can include measures to de-risk the agricultural sector, including investments in irrigation systems, dams, and improved seeds and seedlings to enhance overall output and improve yield.
It also encouraged the government as part of its structural reforms to reduce the energy sector debt burden, enhance overall efficiency in energy production and distribution, as well as work to reduce the cost of power.
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