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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

Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has urged the government and the leadership of the Bank of Ghana (BoG) to proceed cautiously in considering the reinstatement of licenses for local banks affected by the banking sector cleanup.

Ghanaian travel experiences

He warns that rushing the process could destabilize the sector and erode confidence in the broader economy.

Professor Peter Quartey

The push to restore licenses for some collapsed banks has gained momentum following the appointment of Dr. Johnson Asiama as the new Governor of the Bank of Ghana.

GN Bank’s founder, Dr. Papa Kwesi Nduom, has repeatedly maintained that his bank’s closure was unjust, while Seidu Agongo, the majority shareholder of the defunct Heritage Bank, has also expressed similar concerns.

However, former BoG Governor Dr. Ernest Addison, before his early retirement, firmly opposed reinstating the revoked licenses.

With foreign entities now controlling two-thirds of Ghana’s 23 commercial banks, concerns over local ownership in the sector are growing.

Despite these concerns, Financial Analyst, Professor Peter Quartey, has cautioned against making hasty decisions. He emphasized the need for a thorough, independent review before any action is taken.

“I think we should tread cautiously. You don’t want to set such a precedent where the Central Bank takes a decision and then it is reversed.If anybody has issues with that decision, that person can challenge it in court,” he said.

He further added that: ” We have listened to one side which calls for further investigation. Let us not be in a haste to reinstate people who perhaps have caused financial loss to the state.”Source:Emmanuel Oppong

The Attorney-General and Minister for Justice, Dr Dominic Ayine, has justified his decision to discontinue the trial of Finance Minister Dr Cassiel Ato Forson, stating that he was a victim of political persecution.

According to Dr Ayine, his reassessment of the case revealed no legal basis for continuing the prosecution.

Speaking at a press conference on Wednesday, Dr Ayine explained his rationale for dropping several high-profile cases involving political figures, particularly members of the ruling National Democratic Congress (NDC).

Dr Cassiel Ato Forson

He emphasised that he had been closely involved in the legal proceedings against Dr Ato Forson from the outset and was well-informed about the details of the case.

“I believed then, and still believe now, that Hon. Ato Forson was a victim of a political witch-hunt and that he has no case to answer in this trial,” he asserted. Dr Ayine further argued that the case lacked legal merit, citing a Court of Appeal ruling that found the trial court had erred in calling upon the accused persons to present a defence.

He dismissed the previous Attorney-General’s appeal against this ruling as an attempt to “save face” and described it as legally unsound.The Attorney-General’s decision to drop the case was formalised two weeks ago when his office issued a notice to discontinue the controversial ambulance trial involving Dr Ato Forson and businessman Richard Jakpa, the third accused.This followed the Court of Appeal’s ruling, which acquitted and discharged both men.

Background

Dr Cassiel Ato Forson and Richard Jakpa had been accused of causing a financial loss of €2.37 million to the state in a transaction involving the procurement of 200 ambulances between 2014 and 2016.At the time, Dr Ato Forson served as Deputy Finance Minister, while Mr Jakpa acted as a local representative for Big Sea General Trading Limited, a Dubai-based firm.

The two had pleaded not guilty to multiple charges, including wilfully causing financial loss to the state, abetting financial loss, violating the Public Procurement Act, and misapplying public funds.

However, with the Attorney-General’s intervention, the trial has now been discontinued, bringing an end to the legal proceedings against them.

Source : King Edward Ambrose Washman/Peacefmonline.com