Business

Ahead of President John Mahama’s first State of the Nation Address (SONA) on Thursday, February 27, the New Patriotic Party (NPP) Members of Parliament have called on him to be honest and candid about the state of the country he inherited from the erstwhile NPP government.

The address will mark President Mahama’s maiden SONA since he became President for the second time in January this year.

Speaking to journalists in Parliament, NPP MPs highlighted key issues, including employment, the economy, and the power crisis, which they believe the president must address in a transparent manner.

In a press interaction, MPs such as Akwasi Konadu (Manhyia North), Kofi Amankwah Manu (Atwima Kwanwoma), and Collins Adomako Mensah (Afigya Kwabre North) said they expect President Mahama to speak honestly about these critical matters.

They urged the president to provide clarity on the state of the country as he takes office for his second term.

Listen to the MPs in the audio below:

Meanwhile, the National Democratic Congress (NDC) believes that President Mahama’s address will inspire hope and outline his vision for “resetting” the country.

MPs such as Sebastian Deh (Kpando) and Lawrencia Dziwornu (Akuapem South) are optimistic that the president will use his speech to present a clear path forward for Ghana’s future.

 

Source: Kwaku Asante

 

 

President John Mahama has in accordance with the Council of State and the Bank of Ghana Act, appointed eleven individuals to form the new governing board of the Bank of Ghana.

In a communiqué shared by the Minister of State in charge of Government Communication, Felix Ofosu Kwakye, on Wednesday, 26th February, it was announced that the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, will chair the board, with his Deputy Governor, Dr Zakari Mumuni, serving as vice-chair.

President John Mahama

The board also includes Isaac Adongo, the Member of Parliament for Bolgatanga Central, as well as Thomas Nyarko Ampem, deputy finance minister nominee.

The others are Nana Akua Ayivora, Emma Akua Bulley, Dr Stephen Senyo Sapati, and Joseph W. Asamoah.

The rest are Kizzita Mensah, Beatrice Feehi Annangfio, Evelyn Naa Checher Kwatia, and Mr Augustine Fritz Gockel.

This follows the swearing-in of Dr Asiama and his deputy on Tuesday, 25th February, by the President at the Jubilee House.

Source: Albert Kuzor

The Government has borrowed an amount of GHȼ59.68 billion from the domestic money market since assuming office this year.

The GHȼ59.68 billion has been borrowed in seven weeks from the domestic money market through the issue of 91-day, 182-day and 365-day Treasury Bills.

The new Mahama-led government’s borrowing from the domestic short term market in 2025, also known as Treasury Bill Auctions, started right at the beginning of the year, upon the government’s assumption of office, and has spanned a period of seven weeks in succession.

Dr.Ato Forson,Finance Minister

According to Bank of Ghana data, the government first went into the domestic market on January 10, 2025, three days after assuming office and borrowed GHȼ8.07 billion, followed by another round of borrowing on January 17, 2025, which amounted to GHȼ8.83 billion.

On January 24, the government again borrowed GHȼ8.16 billion and another GHȼ7.99 billion on January 31.

In February, the government has been to the T-bill market three times on February 7, 14 and 21 to borrow GHȼ7.60 billion, GHȼ9.43 billion and GHȼ9.6 billion respectively.

The table below shows a breakdown of the government’s borrowing from the Domestic Bond Market in 2025 (Treasury Bill Auctions) between January 10th – February 21 2025:

Date	Amount
Jan 10	8.07 bn
Jan 17	8.83 bn
Jan 24	8.16 bn
Jan 31	7.99 bn
Feb 7	7.60 bn
Feb 14	9.43 bn
Feb 21	9.6. bn
Total	GHȼ59.68 bn

Source: Bank of Ghana

 

Source: Myjoyonline.com

President John Mahama has urged the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama and his First Deputy Governor to uphold and protect the independence of the bank.

Speaking at Jubilee House on Tuesday, February 25, shortly after swearing them into office, he emphasised that as part of efforts to strengthen the economy, he urged them to rebuild public trust and enhance the Bank of Ghana’s appeal.

Dr Johnson Pandit Asiama with President John Mahama

He charged Dr Asiama and his deputy to ensure that the bank’s independence was safeguarded.“Protect the independence of the Bank of Ghana,” the President told the Governors.

He urged them to “uphold responsible fiscal management” and to adhere strictly to the legal and regulatory framework of the Bank.

President Mahama also committed to ensuring that he, as the President, would not politicise the central bank.”As President, I am committed to ensuring that the central bank operates free from political interference, guided solely by its mandate,” he said. He concluded that adhering to these principles is the only way to achieve “a resilient economy.”Source: Albert Kuzor

 

 

Source: Albert Kuzor

The government and organised labour have signed an agreement to increase the base pay for public sector workers.

The increment, announced on Thursday, 20th February 2025, will be implemented from January to December 2025.

Organised labour had previously called for an increase in the base pay, and according to the Labour Minister, Dr Rashid Pelpuo, the daily minimum wage has now risen to GH₵ 19.97.

This is the second wage adjustment in less than a year. The latest pay rise follows a significant 23% salary adjustment in 2024, which was aimed at cushioning workers against the rising cost of living.

Dr Rashid Pelpuo

BANK OF GHANA
NOTICE TO THE GENERAL PUBLICNOTICE NO. BG/FMD/2025/12

AUDIT OF REMITTANCE ACTIVITIES – QUARTER 4, 2024

The Bank of Ghana is conducting an audit of remittance transactions covering the period 1st October 2024 to 31st December 2024.

The objective of this audit is to assess the remittance process and to provide recommendations to strengthen the existing regulatory framework.

In addition, the audit will evaluate compliance with all applicable regulations, including the Foreign Exchange Act 2006, Act (723), the Updated Guidelines for Remittances, the Payment Services Act 2019 (Act 987), and the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guidelines.
All market participants are reminded of their obligation to comply fully with these regulatory requirements. Strengthening adherence to these guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market.
For further clarification, kindly contact [remittanceaudit@bog.gov.gh/+233-302-611724

(SIGNED)
SANDRA THOMPSON(MRS)
THE SECRETARY
19TH FEBRUARY,2025