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BoG to Engage Financial Institutions on Transfer Charges Following E-Levy Removal

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The Bank of Ghana (BoG) has launched an investigation into the return of transfer charges by some commercial banks following the recent removal of the Electronic Transfer Levy (E-Levy).

Many customers have raised concerns about the reappearance or hike in fees on transactions between personal bank accounts and mobile money wallets—fees that seemed to re-emerge almost immediately after the E-Levy was scrapped.

BoG data reveals a sharp GHC 5 billion decline in total deposits across the banking sector between March and April 2025. While the Central Bank has not confirmed the cause of the drop, Governor Dr. Johnson Asiama stated that the affected banks will be engaged to promote transparency and protect consumer interests.

“It came to our attention that some banks are introducing these charges. We are currently investigating. I’m aware of at least one bank involved. This has been duly noted, and we will look into it thoroughly,” Dr. Asiama said during a Monetary Policy Committee briefing in response to a question from Citi Business News‘ Nii Larte Lartey.

In contrast, mobile money platforms have seen a surge in usage. The total value of mobile money transactions climbed to GHC 365.0 billion in April 2025, a 3.8% rise from GHC 351.7 billion in March—making it the highest monthly figure recorded this year.

Transaction volumes also increased, with the number of transfers rising from 764 million in March to 778 million in April, highlighting the growing preference for mobile money in both personal and business dealings.

The BoG attributes this growth to greater mobile penetration, the expansion of agent networks, and the convenience of digital financial services. These trends are contributing significantly to financial inclusion and accelerating Ghana’s transition toward a cash-lite economy.

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Akonta Mining Operations Manager Granted GH¢10 Million Bail in Illegal Mining Case

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An Accra court has granted bail in the sum of GH¢10 million to Kwadwo Owusu Bempah, Operations Manager of Akonta Mining, with three sureties, one of whom must be justified.

Mr. Owusu Bempah is the fifth accused person in an ongoing trial involving Akonta Mining and three others, including the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi. The case centres on alleged illegal mining activities in the Tano Nimiri Forest Reserve.

Although earlier reports suggested that Mr. Owusu Bempah was on the run, his lawyer, Andrew Vortia, told the media that his client voluntarily presented himself to the police about three weeks ago. He was subsequently granted police enquiry bail but was re-arrested on Monday, January 12, 2026, for failing to report as required.

Appearing before the court on Wednesday, January 14, 2026, Mr. Owusu Bempah pleaded not guilty to charges of engaging in mining operations without a licence, abetting the unauthorised felling of trees, and abetting the unauthorised construction of structures within the forest reserve.

The prosecution maintains that Akonta Mining holds valid mining concessions at Samreboi and Abekoase in the Western Region, both located outside the Tano Nimiri Forest Reserve. However, an application by the company to mine within the reserve was rejected. Prosecutors allege that despite this refusal, Chairman Wontumi unlawfully entered the reserve, felled trees, and put up structures without authorisation.

According to the charge sheet, Chairman Wontumi, described as a shareholder representing Akonta Mining, and Edward Akuoko, the company’s General Manager, were arrested and arraigned before the court. Kwame Antwi, another shareholder, and Mr. Owusu Bempah were initially declared at large. While Mr. Owusu Bempah has since been arrested, Kwame Antwi remains at large.

Meanwhile, in November 2025, the state informed the court of its decision to withdraw charges against Edward Akuoko and to use him as a prosecution witness. The prosecution has also indicated plans to amend the charge sheet to formally remove Mr. Akuoko as an accused person.

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Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation

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Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation

The Nsawam District Police Command has arrested five individuals in connection with the kidnapping of two men travelling from Accra to Anyinam, following a coordinated intelligence-led operation. The victims were rescued safely and are in stable condition.

Police reports indicate that on January 10, 2026, the Command received credible intelligence that the two men had been abducted and moved to an undisclosed location. The suspects allegedly demanded a ransom of GH¢400,000 from the victims’ family and later instructed them to make an initial payment of GH¢5,000.

Acting on the information, officers from the Nsawam District Police, with support from the Suhum Police Command, mounted an operation that led to the arrest of the suspects at a drinking spot near the Suhum Roundabout.

The suspects have been identified as Suleman Salifu, 24; Godfred Owusu, 26; Antwi Bismark, 27; Anas Salis, 38; and Gyamfi Isaac, 33. The victims, Seidu Sambiane, 28, and Ibrahim Alhassan, 42, were rescued during the operation without harm.

A search of an unregistered Acura 4×4 vehicle allegedly used by the suspects resulted in the recovery of several items, including forged GH¢100 and GH¢200 notes, specimen papers cut to the size of currency notes, and an amount of GH¢4,600 in cash. Police also retrieved a pistol, a cutlass, talismans and amulets, as well as five mobile phones.

The suspects are currently in police custody and are assisting with ongoing investigations as police prepare to take further legal action.

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GoldBod Denies Buying Gold from Illegal Miners, Explains Sourcing Process

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The Ghana Gold Board, known as GoldBod, has rejected allegations that it buys gold from illegal miners, commonly called galamseyers.

In a set of frequently asked questions released on Monday, January 5, 2026, the board clarified that it does not purchase gold directly from miners. Instead, GoldBod buys gold only through licensed aggregators.

According to the statement, GoldBod’s role as a public corporation is guided by law. Under Section 3(1)(f) of Act 1140, the board is mandated to promote the formalisation of small-scale mining by ensuring responsible sourcing, a sustainable supply chain, full traceability of gold, and compliance with international standards. Another provision, Section 3(1)(g), requires the board to support environmentally responsible and sustainable mining practices.

GoldBod stressed that all gold-buying licenses it issues strictly prohibit licensed buyers from sourcing gold from illegal miners. These conditions, the board noted, are publicly available on its website.

To strengthen oversight and accountability, GoldBod revealed that it is developing a blockchain-based track-and-trace system. The system, which will verify the origin of every gram of gold bought from licensed buyers, is part of efforts to ensure responsible sourcing. The board noted that it has been in operation for only eight months.

The board also pointed to wider government actions against illegal mining, led by the National Anti-Illegal Mining Operations Secretariat, NAIMOS. These efforts have so far resulted in the eviction of illegal miners from nine forest reserves, the revocation of Legislative Instrument 2462 that allowed mining in forest reserves, restrictions on excavator imports, and the arrest and prosecution of offenders.

GoldBod explained that gold has been mined and traded in Ghana for decades without proper traceability. It said the establishment of the board marks the first time a state institution has been tasked with ensuring full value chain traceability within a defined timeframe.

The board dismissed criticism from political opponents, describing such attacks as attempts to discredit its progress in formalising the gold sector.

GoldBod concluded by reaffirming its commitment to ending illegal mining and confirmed that the blockchain track-and-trace system will be rolled out in 2026 after a competitive tender process.

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