Business

A comprehensive 2024 audit of the Electricity Company of Ghana (ECG), conducted by PricewaterhouseCoopers (PwC), has uncovered a GH₵5.3 billion revenue discrepancy.

According to the PwC report, ECG continued to under-declare revenues to the regulator.

In 2024, it under-declared revenues by GH₵5.3 billion cedis. Its accounts showed it collected GH₵15.8 billion but it told the regulator it collected  GH₵10.4 billion.

Even though ECG significantly under-declared revenues, it still didn’t pay value chain players properly based on what it declared and the cash waterfall mechanism, the report noted.

It added that out of the  GH₵10.4 billion cedis declared, it paid  GH₵ 6.5 billion leaving a variance of  GH₵ 3.9 billion.

The report further reveals that a vendor contracted by ECG to collect revenues on its behalf received a staggering GH₵402 million in commissions—nearly as much as the Volta River Authority (VRA), which was paid GH₵412 million, and significantly more than Bui Power, which received GH₵323 million.

Notably, this vendor was paid before the entities responsible for power generation.According to the report, despite the International Monetary Fund (IMF) conditions mandating a single collection account, ECG maintained 99 bank accounts across 19 banks in 2024. This requirement is a key conditionality of the IMF programme.

However, 78% of its revenue collections were funneled into a single account.Source: MyJoyOnline.com

FOR IMMEDIATE RELEASE

Mrs. Elsie Addo Awadzi, the Second Deputy Governor of the Bank of Ghana, has served notice of her decision to take early retirement from the Bank with effect from 28th February 2025.
Mrs. Addo Awadzi was appointed on 12th February 2018 for her first four-year term and re-appointed for a second term in February 2022, ending in February 2026, in line with the Bank of Ghana Act, 2002 (Act 612), as amended.
H.E President John Mahama has accepted Mrs. Addo Awadzi’s decision to take early retirement from the Bank with effect from 28th February 2025 and has thanked her for her service to the Bank and the Republic.

Mrs. Elsie Addo Awadzi

The Bank of Ghana thanks Mrs. Addo Awadzi for her distinguished service to the Bank and the Republic and wishes her well in her future endeavours. -END-.

ISSUED BY THE COMMUNICATIONS DEPARTMENT
10 FEBRUARY 2025
PUBLIC

 

By: tntnewspapergh.com

Mr. Patrick Kwame Frimpong, the Presiding Member (PM) for the Kumasi Metropolitan Assembly (KMA), has stated emphatically that the Assembly has not increased its daily market tolls or fees for traders as it is being speculated.

Besides, he has rejected the propaganda that the Assembly is embarking on decongestion exercise after the 2024 general election.

Mr.Patrick Kwame Frimpong,KMA Presiding Member (PM)

KMA logo

“It must be stated that KMA city guards have the daily responsibility to ensure free flow of traffic; hence, they need to ensure that pedestrian walkways and unapproved areas for trading, loading and offloading are free from congestion.

“We have realised that after the general election, Christmas and New Year periods, some traders decided to take advantage to trade on walkways, while drivers also decided to take over unapproved areas for loading and offloading. The city guards can’t look on, and they need to ensure that sanity prevails and that is not general decongestion exercise,” he explained.

The clarification of Mr. Frimpong, who is the elected Assembly member for the Krofrom East Electoral Area and the Dean of Ashanti Regional Association of PMs, follows the claims by Lawyer Abass Nurudeen, Ashanti Regional NDC Communication Officer, and the subsequent hullabaloo about the fake information.

The KMA PM said he had received a lot of calls from several media houses and other stakeholders over the false claims that the Assembly has increased its daily market tolls and has also embarked on decongestion exercise to give the current government a bad name.

He recalled that from 2014 to 2023, KMA daily market toll for traders was GH¢1 and during the 2023 October fee fixing for 2024, it was increased to GH¢2.

He added that during the 2024 fee fixing, the Assembly didn’t increase daily fees for traders but only adjusted that of transport operators which took effect in 2025.

He also explained that before their last upward adjustment, the other adjoining municipal assemblies within Greater Kumasi were already collecting GH¢2.

He said the fee fixing for trotro as approved and gazetted in October 2024 was increased from GH¢3 to GH¢4, while that of bus was increased from GH¢4 to GH¢5.

He said since the implementation of the fee in 2025, both trotro and bus drivers are paying without complaining because, comparatively, KMA is collecting moderate daily market tolls for traders and transport operators.

Secondly, the Assembly didn’t make any decision about decongestion exercise during the meeting.

He, therefore, called on political actors to seek clarification from proper quarters before creating uniformed and wrong impression to the public.

The immediate past Finance Minister has pushed back against President John Mahama’s claim that he inherited a struggling economy, questioning the basis of Mahama’s call for a national economic dialogue.

Dr. Mohammed Amin Adam speaking on Joy News’ PM Express Business Edition on Thursday, Dr Amin Adam Anta expressed disbelief at Mahama’s characterisation of the economic situation, highlighting the recent positive assessments by international financial bodies.

“This is why, when I hear President Mahama say that he inherited a struggling economy, I worry,” he stated. “He’s calling for a national economic dialogue. I worry. I wonder, where is he from? Was he on Mars?”

 

Dr. Mohammed Amin                                                      President John Mahama

The Karaga MP stated that the International Monetary Fund (IMF), an institution Mahama’s government has been engaging with, had already passed judgment on the state of the economy before the transition.

“Just on the second of December, the IMF gave a judgment on our economy. The IMF that they have also been consulting since it came into government. They have been talking to the IMF.

“They have been talking to the World Bank, which on December 2, gave an emphatic judgment about the economy,” he argued.

Read also: Economy far worse than NPP suggests – Mahama

Reflecting on his tenure at the Finance Ministry, Dr Amin Adam noted that his experience allowed him to gain a deeper understanding of economic policies and the inner workings of the ministry.

“For me, it was a learning experience as well,” he said.

“Having served in the Ministry of Finance as Minister of State, it allowed me to learn first-hand what was happening at the Ministry of Finance, how they did the analysis, how they interpreted this analysis, and also some of the policies they have been pursuing.”

He detailed his contributions, particularly in working with the IMF and handling Ghana’s debt restructuring with Eurobond holders, tasks he described as critical moments in the country’s financial history.

“I did a lot of external work, particularly working with the IMF to implement the IMF program and then also doing the debt restructuring with the Eurobonds. Those were significant moments in the history of our country, and I took them very seriously,” he explained.

Dr Amin Adam also underscored the importance of his international engagements in ensuring Ghana successfully negotiates its financial obligations.

“I benefited from the international experience as well. I talked to many consultants and advisors, both in Ghana and abroad, and I was very happy that eventually, we had a successful negotiation and restructuring of our bonds,” he added.

Highlighting what he saw as the achievements of his tenure, Dr Amin Adam pointed to the smooth implementation of the IMF program, which he described as one of the major success stories of his leadership at the Finance Ministry.

“The implementation of the IMF program has been one of the major success stories of my tenure, going through three successful reviews, the last review being on the second of December,” he noted.

His comments come amid ongoing debates over the actual state of Ghana’s economy, with Mahama’s incoming administration calling for urgent interventions.

However, Dr Amin Adam’s remarks suggest a sharp disagreement with Mahama’s claims, setting the stage for an intense economic policy debate.Source: Abubakar Ibrahim

 

The Ministry of Roads and Highways has announced the reintroduction of road and bridge tolls as part of efforts to generate revenue for road maintenance and other related initiatives.

In a statement dated Thursday, February 6, 2025, the Ministry assured the public of plans to implement a modern, technology-driven toll collection system to ensure efficiency and convenience.

The statement noted that further details and modalities for the new system would be communicated in due course.

“To achieve this objective, the Ministry will employ an open, transparent, competitive, cost-effective and fair procurement process.”

The Ministry further assured the public of its commitment to introducing a modernized system that addresses the current tolling and road maintenance funding challenges of the country.

Source:Leticia Osei

 

File photo

 

 

The Minority in Parliament has strongly criticised President John Dramani Mahama for allowing the discontinuation of criminal charges against Dr Johnson Pandit Asiamah, the acting Governor of the Bank of Ghana (BoG).

 

Addressing a press conference on Wednesday, 5th February, the Minority, led by the Member of Parliament (MP) for Tano North, Dr Gideon Boako, insisted that the prosecution should be allowed to proceed despite Dr Asiamah’s appointment.They argued that dropping the charges raises serious concerns about governance and accountability.According to the Minority, the decision to discontinue the case could have far-reaching economic and political consequences for Ghana.

“Political and economic risk analysts will not be kind to Ghana given that some global financial institutions may refuse to do business with Ghana due to the uncertainty over these charges being re-instated by a future Attorney-General. This will likely increase the cost of Ghana’s international transactions,” they warned.

Dr Johnson Pandit Asiamah

They stressed that halting the prosecution does not equate to clearing Dr Asiamah of wrongdoing and that a future government could still reinstate the charges, potentially undermining confidence in his decisions as BoG Governor.

The Minority further questioned the implications of Dr Asiamah’s position on Ghana’s international financial standing.“Dropping the charges does not mean he has been absolved of the crime. These charges can be brought back under a different government; and what will become of the decisions he will make as Governor?” they asked.They argued that allowing an individual with unresolved legal issues to lead the central bank could create uncertainties in financial policymaking and damage Ghana’s credibility on the global stage.

 

As a result, the Minority announced plans to formally notify the International Monetary Fund (IMF) of their concerns.“We will be writing to the IMF to draw attention to this, given that he will also, as Governor of the Bank, be a member of the IMF Board of Governors, exposing Ghana to international ridicule,” they stated.They emphasised that transparency and accountability should not be compromised, particularly at a time when Ghana is under an IMF programme and requires strong financial leadership.
Source:DailyMailGH

Accra, 5^th February 2025 – The Chief Finance Officer of MTN Ghana, Antoinette Kwofie, has called for the unification of regulations across the continent to facilitate the attraction of capital to invest in the infrastructure on the continent.

Participating in a panel discussion at the 2025 Africa Prosperity Dialogues (APD) on the topic,“Filling the Funding Gap for Infrastructure”,AntoinetteKwofie underscored the importance of collaboration among African nations in achieving sustainable growth.

Antoinette Kwofie

“As Africans, we need to start thinking as one unit. Success can be achieved by playing as a team. So, we need to start thinking about how we can collaborate across the different countries we have on the continent and operate seamlessly as one unit,bring our ideas and funds together and fund projects across the continent,” she stated.

She further emphasized the need to move away from fragmented economic strategies and instead work towards a common goal, leveraging the African Continental Free Trade Area (AfCFTA) to drive investment and trade.

“We need to stop thinking as 54 different countries. We need to operationalize AfCFTA, we need to harmonize regulations, we need to remove trade barriers, we need to create an incentive for Africa to invest in Africa,” she added.

MadamKwofie also highlighted the crucial role of human capital in Africa’s transformation, stressing the need for investment in skills that will propel technological advancement on the continent.

“Human capital is one of the things we need to get absolutely right if we want to achieve transformation on the continent. Investing in human capital, not just for the technical skills but for the technological skills amongst others,” she noted.

She pointed out that Africa has immense talent yet continues to rely on external technological solutions. According to her, it is time to harness local expertise to develop solutions tailored to the continent’s needs.

“We tend to buy technology from the West when we have so much talent on the continent. MTN has a group of software developers, and they are all Africans developing technology for Africa’s future. It is possible.”

MTN Ghana remains committed to supporting initiatives that foster economic growth, digital transformation, and infrastructure development in Africa. As a leading telecommunications company, MTN continues to champion digital innovation and investments that contribute to a prosperous and interconnected Africa.

 

 

 

The Africa Prosperity Dialogue is organised by the Africa Prosperity Network andis aimed at achieving deeper economic integration between African states in outlining its industrialisation priorities. Among the topics under discussion were the policies that will ensure the successful implementation of the Africa Continental Free Trade Area (AfCFTA).

The event brought together many Government and business leaders including the Vice President of the Republic of Ghana, Naana Jane Opoku-Agyemang, Dr Nkosazana Dlamini Zuma, Chairperson, APN Advisory Counsel, Stephen Blewett, CEO of MTN Ghana, Gwen Mwaba, Managing Director, Afreximbank andMarie-Laure Akin-Olugbade, Senior Vice President, AfDB among other key stakeholders and partners.

 

End.

Media Contacts:

Adwoa Wiafe

Chief Corporate Services and Sustainability Officer

 

Georgina Asare Fiagbenu

Corporate Communications Senior Manager

Email:  MTNGhana.MediaOffice@mtn.com