Business

 

Finance Minister Dr. Cassiel Ato Forson has called on Ghanaians to remain united and have faith in the country’s economic recovery efforts, assuring that better days lie ahead.

Delivering the 2025 Mid-Year Budget Statement to Parliament on Thursday, July 24, Dr. Ato Forson expressed optimism about the future of the Ghanaian economy, noting that ongoing reforms are laying the foundation for sustained growth, job creation, and renewed investor confidence.

“Mr. Speaker, as we look forward, more jobs will be created, confidence will deepen, and the Ghanaian economy will stand tall again—not just in the sub-region, but on the global stage,” he said.

Dr. Cassiel Ato Forson

Dr. Forson, however, emphasised that national progress would require unity and a collective sense of purpose.

“To do this, Mr. Speaker, we must stay united as a people and eschew divisiveness. We must continue to have faith in our country, Ghana!” he added.

Acknowledging the sacrifices made by various segments of society during recent economic challenges, the Finance Minister said both businesses and ordinary citizens had borne the brunt of the crisis.

“We understand businesses went through some sacrifices during the turbulent economic challenges, but so did the ordinary Ghanaian,” he noted.

Dr. Forson reaffirmed the government’s commitment to pursuing inclusive growth strategies and policies that would ensure shared prosperity for all Ghanaians.Source:Leticia Osei

 

 

Finance Minister Dr. Cassiel Ato Forson has announced a series of tax reforms under the Value Added Tax (VAT) Act aimed at reducing the burden on Ghanaians and eliminating the cascading effects of certain levies.

Delivering the 2025 Mid-Year Budget Statement to Parliament on Thursday, July 24, Dr. Forson outlined major tax policy changes the Mahama administration intends to roll out to create a fairer, more growth-oriented tax system.

He indicated that the VAT reforms would be finalised by October 2025 and incorporated into the 2026 Budget.

Dr. Cassiel Ato Forson

“I would like to reassure Ghanaians that the COVID-19 Levy will be abolished, the Effective VAT Rate will be reduced, the punitive cascading effects of the NHIS Levy will be removed, and GETFund will be removed. VAT Flat Rate will be removed, and a unified VAT Rate will be implemented,” Dr. Forson told Parliament.

He explained that these reforms are part of a broader strategy to implement prudent economic policies, boost domestic revenue mobilisation, accelerate structural reforms in public financial management, and reinforce Ghana’s monetary policy framework.

According to him, these efforts—together with measures to diversify the economy—are critical to restoring macroeconomic stability, rebuilding confidence, and easing financial pressure on ordinary citizens.

Dr. Forson expressed optimism that the planned tax measures would foster inclusive growth and ensure a more equitable and efficient tax system.

He further noted that a new VAT Bill will be prepared by October 2025 and submitted to Parliament in 2026 as part of the next Budget Statement.

Source:Leticia Osei

MEDIA RELEASE

Accra, Ghana – July 24, 2025 – MTN Ghana is proud to announce that its Capital Projects Group (CPG) has been inducted into the Project Management Institute’s (PMI) Global Executive Council (GEC), which is an exclusive body comprising the world’s top-performing organizations in project leadership, governance, and transformation.

MTN Ghana’s membership in the PMI GEC places the organization among a select group of global organizations, including leaders in technology, aerospace, energy, healthcare, and telecommunications, who are shaping the future of project management in Africa.

MTN Ghana will be represented on the Global Executive Council by seasoned professionals, namely:
William Tetteh – Chief Transformation Officer (Primary Representative)
Bernard Blewusi Agblevor – Coordinator, Project Fibre Network (Second Representative)
Jonas Nanzoninge – Senior Manager, Enterprise Portfolio Management Office
Eunice Nelson-Cofie – Senior Manager, Project Facilities Implementation
Jerry Nyamekye – Senior Manager, Transport Implementation

As a member of GEC, MTN Ghana brings its rich experience and frontline expertise into global conversations about the future of project delivery, helping shape more inclusive, agile, and impact-driven ways of managing change, not just for Africa, but for the world.

Welcoming MTN onto the Executive Council, the Project Management Institute in its official statement stated: “We are proud to welcome MTN Ghana to the PMI Global Executive Council, a global think tank of visionary organizations committed to advancing project management excellence. MTN Ghana’s inclusion marks yet another defining moment for Africa, as the continent’s telecom leader continues to take their place at the forefront of global innovation.” “We look forward to the unique perspectives and innovation MTN Ghana brings to the GEC, and to the continued ripple effect of its work in shaping Africa’s digital future.”

Commenting on its induction to GEC, the Chief Transformation Officer for MTN Ghana, Mr. William Tetteh, who is also the primary Global Executive Council representative said, “This recognition confirms that MTN Ghana’s project delivery standards, governance frameworks, and execution capability are globally benchmarked.” “It reinforces our ambition to lead not only in connectivity, but also in project strategy and value realization.”

Joining the PMI GEC comes with some benefits. MTN Ghana will receive over USD68,000 in direct value from PMI in 2025 including access to global and regional executive events, complimentary and discounted premier training, and leadership development programs for top employees. Additional perks include project management maturity assessments, job board listings, premium community access, nominating key projects for global recognition, hosting regional workshops, piloting innovative technologies for

 

 

 

project management and regular features in PMI’s global reports. MTN Ghana will also participate in advisory boards and collaborative research with PMI.

MTN Ghana’s induction into the GEC stands as a testament to its steadfast pursuit of excellence in project management. For about 28 years, MTN Ghana has championed the transformation of telecommunications in Ghana and across Africa. The company has evolved into a business that provides robust digital infrastructure that connects and empowers millions. In addition, the organization delivers fintech, digital literacy, and inclusion initiatives that fuel national development.

End.

Media Contacts:

Adwoa Afriyie Wiafe
Chief Corporate Services and Sustainability Officer

Georgina Asare Fiagbenu
Senior Manager of Corporate Communications
Email: mtnghana.mediaoffice@mtn.com

 

The Member of Parliament for Atiwa East and Chairperson of the Public Accounts Committee (PAC), Hon. Abena Osei-Asare, has expressed deep concern over a startling revelation in the 2024 Audit Report on the Public Accounts of Ghana, an overstatement of the country’s public debt by a staggering GH¢138.91 billion.

The discrepancy, uncovered in the Audit Service’s latest review of the Whole of Government Accounts for the year ending 31st December 2024, points to serious lapses in financial reporting and institutional coordination. According to paragraphs 13–18 of the report, while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt at GH¢876.01 billion, the Ministry of Finance, the constitutionally mandated body for recording all public borrowing, reported GH¢737.17 billion.

Hon. Abena Osei-Asare

The breakdown of the overstatement includes:

GH¢132.98 billion in domestic debt,

GH¢1.77 billion in external debt,

GH¢4.15 billion overstatement in COCOBOD’s domestic debt,

GH¢2.1 million understatement in COCOBOD’s external debt.

Hon. Osei-Asare described the situation as “no ordinary mistake” and emphasised the gravity of such a miscalculation in the nation’s fiscal records. “This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” she stated.

In her capacity as Chair of PAC, Hon. Osei-Asare has pledged a thorough investigation into the anomaly. She outlined the committee’s planned actions, which include:

Engaging the CAGD, Ministry of Finance, and other relevant institutions to determine the root causes of the misstatement;

Scrutinising the internal controls and reporting systems that led to the error;

Ensuring that the Audit Service’s recommendations for improved institutional collaboration and data harmonisation are fully implemented.

“The responsibility of preparing the accounts of Government lies squarely with the Controller and Accountant-General. A misstatement of this scale cannot be taken lightly,” Hon. Osei-Asare said.

“As public servants, we must demand precision not approximation especially when it comes to our national accounts.” she said

She reaffirmed the PAC’s commitment to constitutional mandate of promoting transparency, accountability, and value for money in the use of public funds.

The 2024 Audit Report has already triggered nationwide conversations about the accuracy of Ghana’s financial reporting, and Hon. Osei-Asare’s leadership in this matter signals Parliament’s readiness to act decisively in the public interest.

Below is the full write up by Hon Abena Osei-Asare On her Facebook page

𝐇𝐨𝐧 𝐀𝐛𝐞𝐧𝐚 𝐎𝐬𝐞𝐢-𝐀𝐬𝐚𝐫𝐞 ( 𝐌𝐏, 𝐀𝐭𝐢𝐰𝐚 𝐄𝐚𝐬𝐭 𝐂𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐞𝐧𝐜𝐲) ✍️✍️✍️✍️✍️

OVERSTATMENT OF PUBLIC DEBT-GHC 138.91 BILLION-NO ORDINARY MISTAKE.

The 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) for the Year 31st December , 2024 has brought to light a significant overstatement in the nation’s debt figures — to the tune of GH¢138.91 billion.

According to the report (paragraphs 13–18), while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt as GH¢876.01 billion, the Ministry of Finance — which has the official mandate to account for all public borrowing — recorded a much lower figure of GH¢737.17 billion. This discrepancy includes:
• GH¢132.98 billion overstatement in domestic debt;
• GH¢1.77 billion overstatement in external debt;
• COCOBOD’s domestic debt overstated by GH¢4.15 billion, while its external debt was understated by GH¢2.1 million.

The responsibility for preparing Government of Ghana accounts lies solely with the Controller and Accountant-General. A misstatement of this magnitude therefore raises important questions about internal controls, data harmonisation, and institutional coordination within our public financial management framework.

The Audit Service, in paragraph 17 of the report, has rightly recommended enhanced collaboration between the CAGD, the Ministry of Finance, and other relevant agencies to ensure accurate and reliable Whole of Government reporting going forward.

As Chair of the Public Accounts Committee, I wish to assure the public that the Committee will take these matters seriously. The PAC will:
• Engage with the relevant institutions to understand the root causes of the misstatement;
• Scrutinise the processes that allowed such a divergence in figures;
• Ensure that the Audit Service’s recommendations are not only acknowledged but implemented.

This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources.

As public servants, we must demand precision — not approximation — especially when it comes to the national accounts. The PAC remains fully committed to its constitutional mandate of ensuring accountability, transparency, and value for money in the use of public funds.

 

The Attorney-General (AG) has today, July 22, entered a nolle prosequi in the high-profile case involving former Finance Minister Dr. Kwabena Duffuor and seven others, who were facing charges related to the collapse of uniBank.

The decision, announced by Deputy Attorney-General Dr. Justice Srem-Sai, effectively discontinues the criminal proceedings against the accused, a move the AG’s office attributes to the significant recovery of state funds.

The case, formally known as The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), was a key part of the broader financial sector clean-up exercise initiated by the State in 2018.

Dr.Kwabena Duffuor

The primary objectives of these prosecutions, as outlined by the Attorney-General’s office, were to ensure accountability for public funds and, critically, to recover losses incurred by the State due to alleged acts of financial impropriety

 

The decision, announced by Deputy Attorney-General Dr. Justice Srem-Sai, effectively discontinues the criminal proceedings against the accused, a move the AG’s office attributes to the significant recovery of state funds.

The case, formally known as The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), was a key part of the broader financial sector clean-up exercise initiated by the State in 2018.

The primary objectives of these prosecutions, as outlined by the Attorney-General’s office, were to ensure accountability for public funds and, critically, to recover losses incurred by the State due to alleged acts of financial impropriety.

Dr. Kwabena Duffuor, who founded uniBank and previously served as Finance Minister from 2009 to 2013 and as Governor of the Bank of Ghana from 1997 to 2001, was among those charged in February 2020 with various offenses, including theft and money laundering.

Court documents at the time alleged that Duffuor received GHS 663.3 million (approximately $122 million at the time) “knowing it had been obtained by means of a criminal offense.”

uniBank was declared insolvent in August 2018 by the Bank of Ghana (BoG), which cited that shareholders and related parties had taken GHS 5.3 billion in loans and withdrawals without following due process.

The charges also implicated other individuals, including a former Deputy Governor of the Bank of Ghana, Johnson Asiama, who faced accusations of facilitating financial impropriety.

According to the Deputy Attorney-General’s press release, the Office of the Attorney-General, in collaboration with other relevant State agencies such as the Economic and Organised Crime Office (EOCO), established a threshold of 60% recovery of the alleged losses as a condition for reconsidering prosecution in specific cases.

“Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffuor & 7 Others case have met this recovery threshold,” the statement read.

“Accordingly, in furtherance of public interest, and considering the significant recoveries made for the State, the Honourable Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose.”

A nolle prosequi is a legal term where the prosecution, often the Attorney-General, declares that it is unwilling to pursue a criminal case.

While the law typically does not require an explanation for such a discretionary power, the Attorney-General’s office emphasized its commitment to accountability and transparency in providing the rationale behind this significant decision.

It is important to note that a nolle prosequi results in the discharge of the accused but does not amount to an acquittal; it leaves open the possibility of future re-prosecution should new evidence emerge or circumstances change.

The decision does not, however, “imply an absence of wrongdoing nor a vindication of any conduct.” Rather, it is framed as “a pragmatic step in line with the overarching national interest of recovering State resources.”

The Attorney-General reiterated his commitment to upholding the rule of law, protecting the public purse, and pursuing justice in all matters of national importance.

Background to the Financial Sector Clean-Up:

Ghana’s banking sector experienced a significant crisis between 2017 and 2019, leading to the collapse of several indigenous banks, including uniBank, UT Bank, Capital Bank, and others.

The Bank of Ghana embarked on a comprehensive clean-up and recapitalization exercise, citing insolvency, weak corporate governance, related-party lending, and unsustainable business models as key reasons for the failures.

This exercise, aimed at restoring confidence and stability to the financial system, resulted in the revocation of licenses, mergers, and the creation of Consolidated Bank Ghana (CBG) to absorb the assets and liabilities of some of the distressed institutions.

The cost of the clean-up to the taxpayer was substantial, estimated to be in the billions of Ghana cedis, necessitating efforts by the government to recover lost funds and hold those deemed responsible accountable.

The Economic and Organised Crime Office (EOCO) played a crucial role in investigating and prosecuting cases arising from the crisis under the authority of the Attorney-General.Source: David Apinga