Thousands of traders at the Odawna Market in Accra have been left devastated after a massive fire tore through the market on Monday, June 29, 2026, destroying an estimated 3,000 shops.

The blaze, which ripped through one of the capital’s busiest trading hubs, reduced businesses and valuable goods to ashes, leaving many traders with nothing to salvage.

Speaking to Maurice Otoo of kpdonline after the incident, the leader of the Plastic Traders Association, George Ohene Agyei, revealed that the market has about 4,250 shops, with nearly 3,000 of them completely destroyed by the inferno.

He praised President John Dramani Mahama for his swift response and assurance to reconstruct the market to help affected traders get back on their feet.

The association’s head also appealed to civil society organisations, philanthropists, corporate institutions, and the general public to support victims, stressing that many traders financed their businesses through loans and have now lost their only source of livelihood.
As investigations into the cause of the fire continue, affected traders remain hopeful that government and well-meaning Ghanaians will provide the support needed to rebuild their businesses and restore livelihoods.

By Maurice Otoo

The Ghana Gold Board (GoldBod) purchased a total of 135.843 tonnes of gold between January 2025 and May 2026, with approximately 98 per cent sourced from the artisanal and small-scale mining (ASM) sector, Deputy Minister of Finance Thomas Nyarko Ampem has disclosed.

Addressing Parliament, Mr Ampem stated that 135.221 tonnes of the total volume were acquired from the ASM sector, while the remainder came from large-scale mining companies.

According to the Deputy Minister, GoldBod purchased, aggregated and exported 104 tonnes of ASM gold in 2025 alone, generating more than US$10 billion in revenue for the country.

He noted that GoldBod’s operations played a significant role in strengthening Ghana’s economy, contributing to a 41 per cent appreciation of the Ghana cedi in 2025 and boosting the country’s foreign reserves from US$8.98 billion in December 2024 to US$13.8 billion by the end of 2025.

Mr Ampem made the disclosure while responding to questions from the Member of Parliament for Oforikrom, Michael Kwesi Addo, on the quantity of gold purchased by GoldBod, its sources of supply, and expenditure on gold purchases.

The Deputy Minister revealed that GoldBod spent approximately US$16.1 billion on gold purchases between January 2025 and May 2026, with US$9.8 billion of that amount expended during the 2025 calendar year.

He explained that the government’s objective was to transform Ghana’s gold sector by reducing smuggling, formalising trade and ensuring that more value from the country’s gold resources remains within the national economy.

“Through GoldBod, gold is transparently aggregated, assayed, refined and exported, generating foreign exchange and strengthening the country’s reserves with tangible benefits for Ghanaians,” he stated.

Mr Ampem said GoldBod had intensified collaboration with the National Anti-Illegal Mining Operations Secretariat (NAIMOS) to tackle illegal mining activities and improve regulatory compliance within the sector.

He further described GoldBod as a key pillar of Ghana’s macroeconomic recovery strategy, aimed at mobilising foreign exchange and curbing gold smuggling.

Citing reports, including those from Reuters, the Deputy Minister said Ghana lost an estimated US$11.4 billion through gold smuggling between 2019 and 2023, adding that GoldBod’s interventions were helping to reverse the trend.

On licensing, Mr Ampem informed Parliament that as of May 31, 2026, GoldBod had licensed 1,184 gold buyers under its regulatory framework. These comprise two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.

He explained that all licensed buyers are required to purchase gold exclusively from licensed miners for onward sale to GoldBod.

Meanwhile, the Deputy Minister disclosed that the Ministry of Finance made its latest payment of GH¢100 million to the Minerals Development Fund (MDF) on June 3, 2026. Combined with earlier transfers made between January and May, total payments to the fund this year amount to GH¢402.4 million.

On cocoa financing, Mr Ampem assured Parliament that government reforms would address recurring payment delays to Licensed Buying Companies (LBCs). He said a new domestic financing model would ensure adequate liquidity for cocoa purchases throughout the year.

He also revealed that a new COCOBOD Bill to be presented to Parliament would prohibit the use of COCOBOD funds for quasi-fiscal activities, which he said had weakened the institution’s finances and affected its ability to meet core obligations.

According to him, excessive borrowing and reliance on costly domestic financing instruments under previous management contributed to COCOBOD’s debt challenges, culminating in defaults on cocoa bill repayments in 2023.

Mr Ampem expressed confidence that the proposed reforms and stricter financial discipline would help eliminate persistent delays in payments to Licensed Buying Companies.

The Ghana 24-Hour Economy Authority has announced that it has secured bankable investment agreements worth more than $8 billion within the last 90 days, a development officials say demonstrates growing investor confidence in the government’s flagship 24-Hour Economy initiative.

The disclosure was made by the Chief Export Development Officer of the Ghana 24-Hour Economy Authority, Gabriel Opoku-Asare, during a roundtable discussion on the theme, “Unlocking Africa’s Single Market: How Can Ghanaian Businesses Win Under AfCFTA?” on Channel One TV as part of the Citi Business Festival held on Thursday, June 11, 2026.

According to Mr. Opoku-Asare, the agreements underscore the government’s commitment to attracting private sector investment to drive the implementation of the 24-Hour Economy agenda, rather than relying extensively on public funding.

He explained that the strategy is designed to reduce pressure on the country’s public finances while accelerating industrial growth and the development of strategic economic corridors across Ghana.

“We are enabling private capital in the development of all the projects we are talking about and the economic corridors we are building. Once private capital comes in, our work is coordination and enabling investment, so it is not sitting on sovereign debt. That is very important to ensure permanence in the long term,” he stated.

Mr. Opoku-Asare noted that the Authority is increasingly focusing on facilitating and coordinating private investments instead of directly financing projects with government resources, a move he believes will enhance the long-term sustainability of the programme.

He further emphasised that the signing of investment agreements exceeding $8 billion within a relatively short period highlights strong investor interest and confidence in the direction of the 24-Hour Economy programme.

“I’ve spoken about, in the last 90 days, all the bankable agreements that we’ve signed already, which is like over $8 billion,” he added.