The Ghana Private Road Transport Union (GPRTU) has announced a 15% reduction in transport fares, effective Saturday, May 25, 2025.
This decision follows a meeting between the Union’s National Executive and the Minister of Transport.
The Public Relations Officer of the GPRTU, Abbas Ibrahim Moro, confirmed the development in an interview with 3news.
“We just had a meeting with the Minister of Transport and we have agreed that effective Saturday, May 25, transport fares must be reduced by 15%,” he disclosed.
According to him, the fare adjustment is a direct response to an 18% drop in fuel prices.
He explained that although the Union typically applies a third of the fuel price decrease, they have opted for a 15% cut this time to ease the burden on passengers.
“We normally use one-third of the fuel price reduction to adjust fares, but we opted for 15% this time to reflect the fuel price trend. We also expect our counterparts in the spare parts industry to follow suit and reduce their prices,” he noted.
He added, “We want to place on record that we did not wait for the other components of our cost build-up to reduce before the 15% reduction.”
He also warned that GPRTU members who refuse to implement the fare cut will face consequences, adding that “If your Union has decided, you have no option but to comply.”Source: MyJoyOnline.com
The Minority Caucus on Parliament’s Finance Committee has raised concerns over what it describes as a conflict of interest involving the Committee’s Chairman, Isaac Adongo, who also serves as a board member of the Bank of Ghana (BoG).
Ghanaian food recipes
In a press statement dated May 16 and signed by the Member of Parliament for Nhyiaeso, Dr. Stephen Amoah, the group questioned both the legality and ethical implications of the Bolgatanga MP occupying the two roles concurrently.
Isaac Adongo,
Citing Standing Order 228(2) of Parliament, the caucus noted that the Finance Committee is mandated to monitor the central bank’s foreign exchange receipts and payments and report to Parliament every six months.
“The law provides that the Bank of Ghana must report to the Finance Committee. How can a board member of the same BoG chair that committee?” the statement questioned, referencing a potential breach of the principle of natural justice — nemo judex in causa sua — which means no one should be a judge in their own cause.
Ghanaian food recipes
The statement also referenced Article 184(1) of the 1992 Constitution, which assigns oversight of foreign exchange transactions to the Finance Committee.
According to the Minority, Isaac Adongo’s dual role compromises the committee’s independence and
constitutes a structural conflict of interest.
While the Minority acknowledged the financial rationale behind some of Hon. Adongo’s recent public remarks — particularly those regarding the withdrawal of foreign exchange — they stressed that his current role as a non-executive board member limits his scope of authority.
“Even if the statement is financially prudent, his prescribed responsibility as a non-executive board member is being overstepped,” the statement said.Source:William Narh
The recent appreciation of the Cedi against the US dollar and other trading currencies has led to many arguments and credit-taking competitions.
For political expediency and partisan interest, some have credited the Cedi recovery to:
1. Gold for Oil Policy spearheaded by Dr. Mahamudu Bawumia.
2. GoldBod Initiative spearheaded by Mahama’s government.
3. External Influences such as US-China Tariffs war and trade tensions.
However, it is important to state certain facts without any form of political interest as follows:
The “Gold for Oil” is not the same as “Gold for Reserves”.
“Gold for Oil” was implemented by Akufo-Addo’s government as a specific programme where gold was used to pay for oil imports with the sole objective of reducing foreign exchange dependency as well as ensure the stabilization of fuel prices on the Ghanaian market. That is, domestically produced gold in Ghana was used to pay for oil imports instead of using foreign currency especially US Dollars.
The net effect of “Gold for Oil” policy reduce dependence on foreign trading currencies for oil imports, reduce the impact of exchange rate fluctuations on fuel costs, and potentially ensure the stability of fuel prices on the domestic market.
In nutshell, Bawumia’s “Gold for Oil” was a specific policy aimed at providing solution to a specific economic challenge of Fuel Pricing Stability. That is, the policy was an innovative barter arrangement aimed at exchanging domestically procured gold for imported petroleum products thereby reducing the need for US Dollars to buy fuel from the world market. The Gold for Oil was a specific need for the Bulk Distribution Companies(BDCs), and the deal involved the Bank of Ghana purchasing gold from small-scale gold operators in Cedis, which the Central Bank then sells on the world market for US Dollars. The dollars realised from the sales was used by Bank of Ghana to purchase the oil or in some instances, swapped the gold for the oil.
On the other hand, “Gold for Reserves” is a continuous policy and comprehensive financial strategy implemented by Bank of Ghana and other Central Banks, aims at managing a country’s overall foreign exchange portfolio.
The rationale behind “Gold for Reserves” Policy is to provide a stable exchange rate regime (that is building foreign exchange reserves), stable store of value, buffer against inflation, investments-diversification, and act as a hedge against financial instability.
Dr Razak KoJo Opoku
The “Gold for Reserves” policy has been in existence long before the introduction of “Gold for Oil Policy”, and both were running concurrently until the current Bank of Ghana Governor, Dr. Johnson Asiama announced the outright suspension of the “Gold for Oil” policy, citing:
(a). Policy implementation challenges
(c). Operational challenges
(d). Financial losses to the State.
It is important to state that, the “Gold for Reserves” Policy is still in place and has always been in operations, and that, the recent GoldBod initiatives seems to only enhance the effectiveness and efficiency of the operationalization of “Gold for Reserves” Policy of Bank of Ghana. With or without the GoldBod, the Bank of Ghana would still continue to operate its traditional “Gold for Reserves” Policy.
Was “Gold for Oil” Policy able to addressed the depreciation of the Cedi against the US Dollar and other trading currencies since its implementation from 2022 to March 2025? The answer to this question is BIG NO.
Was the “Gold for Oil” Policy able to ensures the stability of domestic fuel prices in Ghana between 2022-March 2025? The answer to this question is Partially Yes.
Unbiased Verdict
The recent appreciation of the Cedi against the US Dollar and other trading currencies are largely due to the following reasons:
Policy Reforms, Fiscal Policy Objectives, and Monetary Policy objectives of Mahama’s government.
Favorable global economic conditions especially the recent US-China trade tensions(Tariffs War between US and other countries especially in relation to China).
Both US and China are significant trading partners of Ghana.
Ongoing Fiscal Reforms(Fiscal discipline programme) under Ghana-IMF programme, and the credit has to be given to former President Akufo-Addo, Ken Ofori-Atta, former Minister of Finance, and Hon. Dr. Mohammed Amin Adam, former Minister of Finance.
It is without doubt that, the $ 3 billion IMF Extended Credit Facility has restored some considerable level of economic confidence, with an anticipated $370 million tranche hitting the account of Bank of Ghana soon.
For the records, Mahama ended his first term with IMF cushion from 2015-2016, and his second term too is being cushioned with IMF from 2025-2026.
Ongoing Ghana’s Debt Restructuring Programme, and the credit has to be given to former President Akufo-Addo, Ken Ofori-Atta, former Minister of Finance, and Hon. Dr. Mohammed Amin Adam, former Minister of Finance.
During the 2025 Budget Speech delivered on 11th March 2025, Hon. Dr. Ato Forson stated that, “Mr. Speaker, you may recall that the government(Akufo-Addo’s government) commenced the debt restructuring programme in 2022 to restore debt sustainability and economic stability. Mr. Speaker, as of now, the restructuring process is approximately 93 percent completed completed. The remaining 7 percent relates to debt of US$2.7 billion owed to commercial creditors. We(Mahama’s government) are committed to completing the remaining debt restructuring as soon as possible”(Sections 101, 102 & 103 and Pages 23-24 of the 2025 Budget Speech).
It is very worthy to state that, the Ghana’s debt restructuring has provided a necessary vital breathing room for Mahama’s government, with the next major payment due in July 2025.
The recent S&P Global Ratings Upgrade of Ghana’s credit status from selective default to CCC+, and the credit has to be given to President John Mahama, and Hon. Dr. Ato Forson, Minister of Finance.
The recent direct market interventions by the Bank of Ghana, in the forex injection of $490 million in April 2025, and the credit has to be given to Dr. Johnson Asiama, Governor of Bank of Ghana.
World market pricing of Ghana’s gold at $ 3, 400 per ounce, and cocoa at $ 10, 000 per ton.
Establishment and operationalization of the Ghana Gold Board(GoldBod) even though UP Tradition Institute still has some strong reservations about the monopolistic creation of the GoldBod.
The decline of the US Dollar Index(DXY) leading to the weakening of the dollar against other trading currencies.
The increased gold reserves of Bank of Ghana, valuing at approximately $3.6 billion by 30th April 2025 kind courtesy the combined positive effects of “Gold for Reserves” Policy(with credit to Bank of Ghana), suspended “Gold for Oil” Policy(with credit to Dr. Mahamudu Bawumia), and the operations of the GoldBod(with credit to President John Mahama, especially the requirements that, 20% of gold export proceeds should be converted to Ghana Cedis before dollar exchange as well as the decision of Mahama’s government through GoldBod to purchase 20% of gold from large-scale mining companies).
The recent recovery of the Cedi is a combination of several factors, and therefore, it is very pedestrian for anyone to single out one initiative as the causality of the Cedi appreciation.
Based on the available facts and data, it fair to state that:
1. Mahama’s government(President John Mahama, Hon. Ato Forson, Minister of Finance, and Dr. Johnson Asiama, Governor of Bank of Ghana) contributed 50% to the recent appreciation of the Cedi.
Akufo-Addo’s government(President Akufo-Addo, Hon. Ken Ofori-Atta, Hon. Mohammed Amin Adam, and Governor Ernest Addison) contributed 25% to the recent appreciation of the Cedi.
IMF-Ghana Programme, and CCC+ credit status of Ghana by S&P Global Ratings contributed 15% to the recent appreciation of the Cedi.
Favorable Global Economic conditions such as US-China Tariffs war contributed about 9% to the recent appreciation of the Cedi.
“Gold for Oil” Policy and other domestic factors contributed about 0.5-1% to the recent appreciation of the Cedi.
Therefore, the role of the suspended “Gold for Oil” Policy to the recent Cedi appreciation is highly insignificant on a scale of 100%.
In conclusion, to safeguard the sustainable appreciation of the Cedi against the US Dollar and other trading currencies, the UP Tradition Institute would like to respectfully recommend to the Mahama’s government or future government of the New Patriotic Party(NPP) to consider the:
1. Enactment of “Ghana Gold Reserve Act” under the direct control and supervision of the Bank of Ghana.
The “Ghana Gold Reserve Act” would protect the currency system of Ghana, provides guidelines/regulations for the better use of the monetary gold stock at the Bank of Ghana.
The operations/functionality of the “Ghana Gold Reserve Act” would NOT be the same as the Ghana Gold Board(GoldBod). The GoldBod would contribute to the “Gold for Reserves” Policy whereas the “Ghana Gold Reserve Act” would ensure the proper international best practices as far as the monetary use of gold stock at Bank of Ghana is concerned.
Establish the “Exchange Stabilization Fund(ESF)” under the “Ghana Gold Reserve Act”, to control the value of foreign currencies in relation to the performance of the Cedi.
Amend the Foreign Exchange Act, 2006(Act 723) to include the authority of the President of the Republic of Ghana to establish the gold value of the dollar or any foreign currency by proclamation through the Ministry of Finance without unnecessary approval from the Bank of Ghana.
……Signed….
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute.
The Bank of Ghana (BoG) has clarified that existing rules on foreign exchange withdrawals remain unchanged, as it moves to clear up any confusion on the matter.
In a public notice issued on Thursday, May 15, the apex bank stressed that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted.
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” the bank added.
Such transactions must be backed by a valid passport, visa, and confirmed travel ticket, as previously stated in BoG Notice BG/GOV/SEC/2014/09.
The notice also confirmed that cheques and cheque books may continue to be issued on both FEA and FCA accounts.
The central bank made it clear that it has not made any changes to these measures, despite speculation in the public space.
“The bank has not contemplated reviewing these existing measures,” the statement emphasised.
The BoG has advised all banks and the general public to take note and comply accordingly.
This clarification comes a day after Isaac Adongo, a member of the BoG board, announced plans to intensify restrictions on over-the-counter US dollar withdrawals from financial institutions.
In an interview on PM Express with Evans Mensah, Adongo explained, “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”
However, the Ghana Association of Bankers (GAB) on the same day countered Mr Adongo’s claims, saying that banks had received no such directive from the Bank of Ghana.
Chief Executive of the GAB, John Awuah, told JoyNews, “I can say on authority that as a community of banks, we do not have any directive that bars over-the-counter withdrawal of USD or any foreign currency.”Source: Clara Seshie
Mr. Alex Apau Dadey, the Esteemed Executive Chairman of the KGL Group, has been honoured at the prestigious Millennium Excellence Awards for his outstanding contribution to business excellence, entrepreneurship, and corporate governance in Ghana and beyond.
Held under the esteemed patronage of His Royal Majesty Otumfuo Osei Tutu II, the Millennium Excellence Awards 2025— one of Ghana’s highest national honors, celebrates distinguished individuals whose influence has spurred national development and global advancement across key sectors. In a momentous recognition, the esteemed executive chairman was celebrated for his unwavering commitment to innovation, digital transformation, and inclusive leadership that continues to reshape the Ghanaian business landscape.
Mr. Dadey’s remarkable journey with the KGL Group stands as a powerful testament to visionary leadership, with the Group’s growth anchored in strategic diversification, relentless pursuit of digitalization, and a bold commitment to operational excellence and robust corporate governance. His ability to seamlessly navigate multiple industries speaks to his versatility and adaptability, core traits that have made the KGL Group a beacon of innovation and excellence in both local and global markets.
Beyond corporate success, Mr. Dadey’s passion for community empowerment, strategic partnerships, and diaspora engagement reflects a broader purpose — to uplift lives and foster inclusive growth. Through various impactful initiatives, the KGL Group together with its foundation, the KGL FOUNDATION has continued to support health, sports, education, and socio-economic development efforts across Ghana, cementing its place not just as a business leader, but as a force for national transformation.
Speaking on the recognition, Mr. Dadey expressed his gratitude:
“I am deeply honored and humbled to receive this recognition. This award is not just a personal milestone, but a tribute to the incredible team I have the privilege of working with at the KGL Group — a team that continues to embody resilience, passion, and an unwavering commitment to excellence. Together, we have built more than a business; we have built an institution of progress that places innovation, integrity, and impact at its core.
To be acknowledged among such distinguished individuals is both inspiring and motivating. It reinforces our belief that business can be a powerful force for good, and that with bold leadership and collective effort, we can shape a more inclusive, innovative, and prosperous Ghana. I dedicate this honour to every member of the KGL family, our partners, and to the many communities that inspire us every day.
Mr. Dadey’s leadership and the international recognitions he continues to garner reaffirm the KGL Group’s position as a national model that highlights the critical role of visionary private sector leadership in shaping Ghana’s future. As Mr. Dadey and the KGL Group continue to break boundaries, their story serves as an enduring inspiration for the next generation of African entrepreneurs and changemakers.
The Bank of Ghana has issued a stern warning to the public about the operations of unlicensed individuals and entities masquerading as foreign investors.
According to the Central Bank, these fraudulent actors are enticing unsuspecting victims with promises of high returns—activities that are in direct violation of Ghana’s financial laws.
In a notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” the Bank stated that these schemes often involve unauthorized deposit-taking activities, which are strictly prohibited for any entity not licensed under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank emphasized that “it has not licensed any individuals or entities operating such foreign investment schemes” and warned that anyone participating in such ventures is committing an offense.
Offenders could face administrative penalties ranging from 500 to 100,000 penalty units, as stipulated under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).
To safeguard themselves, the public is advised to:
Verify the licensing status of any individual or entity before depositing funds;
Transact only with financial institutions licensed by the Bank of Ghana;
Report any suspicious activities to the Bank’s Financial Stability Department or relevant law enforcement agencies for further investigation and possible prosecution.
The Bank also cautioned media houses against promoting these illegal operations, urging radio, television, and online platforms to “verify the legitimacy of financial advertisers before airing their content.”
In conclusion, the Bank of Ghana called on all Ghanaians to stay vigilant and avoid falling prey to such fraudulent schemes.Source:Nerteley Nettey
