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Ghana CEO Summit: Mahama Presents Eight-Pillar Plan to Reset Economy

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President John Dramani Mahama has presents an eight-pillar strategy aimed at revitalising Ghana’s economy.

The plan focuses on fiscal discipline, market confidence, and strategic investments to restore economic stability and drive long-term growth.

Speaking at the Ghana CEO Summit in Accra on Monday, May 26, the president outlined the strategy as follows:

  1. Completing the IMF Programme with Discipline

Mahama emphasized the importance of maintaining strict fiscal discipline in government spending and borrowing while working towards targets set under the extended credit fund.

He expects Ghana to complete the fourth review of the IMF programme in June 2025, with an exit strategy by 2026, followed by policy support engagement to reinforce responsible financial practices.

  1. Reopening Domestic and International Capital Markets

Plans are in motion to reopen Ghana’s bond markets through collaboration with the IMF, the Ghana Stock Exchange, and local banks. Future borrowing, Mahama stressed, will be linked to self-financing projects by government agencies to ensure sustainable repayment.

  1. Strengthening Sovereign Funds and Local Government Financing

The government will amend financial regulations to enforce mandatory contributions to sinking and stabilization funds, ensuring financial security. Additionally, Mahama envisions empowering municipalities to issue infrastructure bonds for local development, including roads, schools, and water systems.

  1. Clearing Verified Arrears and Rationalising Public Investments

A comprehensive audit of government arrears is underway, with plans to clear legitimate debts transparently. New projects will be prioritised based on need, funding availability, and alignment with national interests.

  1. Accelerating Public Financial Management Reforms

To enhance financial efficiency, the administration will reactivate reforms like the Treasury Single Account (TSA), integrated tax administration, and real-time budgeting tools to curb waste and corruption.

  1. Revitalising Exports Through Ghana Exim Bank

The Ghana Exim Bank will be repositioned to boost non-traditional exports, agro-processing, light manufacturing, and SMEs, enhancing foreign exchange reserves while creating jobs in the real economy.

  1. Building Ghana into a Regional Hub for Trade and Investment

Ghana aims to become West Africa’s premier commercial, transport, and digital services hub. Key sectors such as port expansion, financial services, healthcare, education, and industrial corridors will be strengthened to connect local businesses with the African Continental Free Trade Area.

  1. Resuming Infrastructure Development to Stimulate Growth

Mahama stressed that infrastructure investments are essential for economic growth. His administration will prioritise roads, energy, water, housing, and urban renewal projects through innovative financing models like the Big Push, public-private partnerships (PPPs), and strategic collaborations.

Source: Citi Newsroom

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Raheem Sterling Admits Dangerous Driving After M3 Lamborghini Crash

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Former England international footballer Raheem Sterling has pleaded guilty to dangerous driving following a single-vehicle crash involving his Lamborghini on the M3 motorway in Hampshire.

Sterling, 31, appeared at Basingstoke Magistrates’ Court on Tuesday and admitted dangerous driving as well as charges relating to the possession of nitrous oxide and failing to provide a specimen.

Crash on M3

The incident happened on May 28, 2026, when Sterling’s Lamborghini Urus crashed on the southbound M3 near the Minley Interchange.

Police said no other vehicles were involved and no injuries were reported. Sterling was subsequently charged after the crash.

The dangerous-driving charge covered his driving on several roads, including the M25, M3, A327 and Minley Road, before the collision.

Nitrous Oxide Charges

Sterling also admitted possessing six nitrous oxide canisters. The substance is classified as a Class C drug in the UK when possessed for wrongful inhalation.

He additionally pleaded guilty to failing to provide a specimen.

The court heard allegations about his driving before the crash, with witnesses describing erratic manoeuvres and sudden changes in speed.

Football Career

Sterling has enjoyed a distinguished career with Liverpool, Manchester City and Chelsea, while also spending time on loan at Arsenal and later playing for Dutch club Feyenoord.

He made 82 appearances for England and won four Premier League titles with Manchester City. Sterling is currently without a club following the expiry of his Feyenoord contract.

The court proceedings are expected to determine the consequences of his guilty pleas.

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AI Regulation Faces Political Deadlock as Calls Grow for Congress to Act

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WASHINGTON — Pressure is mounting on the U.S. Congress to establish stronger safeguards for artificial intelligence, but political divisions and uncertainty over how far regulation should go are making immediate action increasingly difficult.

The debate intensified this week after several prominent technology executives and AI researchers raised concerns about the potential risks of rapidly advancing systems. Their warnings have added momentum to calls for federal rules covering AI safety, cybersecurity, transparency and accountability.

Democrats Push for Urgent Action

Several Democratic lawmakers are urging Congress to move quickly, arguing that the pace of AI development is outstripping the government’s ability to oversee it.

Some lawmakers have proposed measures ranging from mandatory safety requirements to mechanisms that would allow humans to shut down advanced AI systems under certain circumstances. Senator Bernie Sanders has also backed legislation calling for a pause on the development of advanced AI and restrictions on superintelligence.

House Minority Leader Hakeem Jeffries has called for decisive action, while other lawmakers have suggested creating a dedicated congressional committee to examine AI risks and develop legislation.

Republicans Warn Against Overregulation

Republican leaders have generally taken a more cautious approach, emphasizing the need to protect U.S. technological leadership, particularly in competition with China.

House Speaker Mike Johnson has rejected calls for an emergency congressional intervention, arguing that lawmakers need to understand the technology before imposing sweeping rules. He has said AI companies should take greater responsibility for developing safety measures while Congress works toward a more carefully designed framework.

President Donald Trump has also dismissed warnings about catastrophic AI risks, describing concerns about AI destroying humanity as a “hoax” and arguing that extensive regulation could undermine American competitiveness.

Tech Industry Also Calls for Rules

The political debate has become more complicated because some major AI companies are themselves calling for stronger government oversight.

OpenAI recently urged the U.S. government to establish mandatory national safety standards for advanced AI systems, including independent assessments, cybersecurity measures and reporting requirements for serious incidents. The company argued that voluntary commitments alone may not be sufficient.

Other technology leaders have similarly warned that increasingly capable AI systems could pose significant security and safety risks, although there is disagreement within the industry over how those risks should be addressed.

States Move Ahead

With Congress struggling to reach agreement, individual states have continued developing their own AI regulations, creating a growing patchwork of rules across the country. The dispute over whether federal legislation should override state AI laws has become one of the central issues in the debate.

The lack of a comprehensive federal framework could leave companies facing different requirements depending on where they operate, while supporters of federal regulation argue that a national approach would provide greater consistency.

Uncertain Path Ahead

For now, major legislation appears unlikely to move quickly. The House is approaching a lengthy recess, while lawmakers remain divided over whether AI presents an immediate emergency or requires a slower, more deliberate regulatory process.

The growing pressure from lawmakers, technology executives and the public means AI regulation is unlikely to disappear from Washington’s agenda. The central political challenge, however, remains finding a balance between preventing serious risks and ensuring that regulation does not weaken U.S. innovation or its position in the global AI race.

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Save The Republic Demands Heads Roll Over Rising Drug Trafficking

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The Save the Republic pressure group, led by Kwesi Botchwey Esq, has raised alarm over what it describes as a disturbing rise in drug trafficking involving Ghana, demanding accountability from key state officials.

In a press conference held at the Ghana International Press Centre, the group insisted that recent cocaine seizures and arrests linked to Ghana risk damaging the country’s international reputation and turning it into a hub for illicit drug trafficking.

According to the group, several incidents since 2025 require urgent investigation. It cited an alleged March 2025 incident involving an aircraft reportedly arriving from Gran Canaria which was suspected to contain some amount of cocaine, the arrest of a man allegedly possessing 120 slabs of cocaine amounting to $150million around Cape Coast, and the reported seizure of 3.3 tonnes of cocaine at Pedu.

They also referenced reports of Ghanaian-linked drug arrests abroad, including an alleged June 18, 2026 arrest in Australia involving illicit drugs said to be worth about $208 million, as well as a cocaine seizure in France reportedly valued at $269 million.

The group claims cocaine seizures connected to Ghana since 2025 are collectively valued at about $976 million.
Against this backdrop, Save the Republic is demanding the resignation or removal of officials it believes should be held accountable, including the Interior Minister and heads of Customs, the Ghana Ports and Harbours Authority, the Narcotics Control Commission and other agencies responsible for securing the country’s entry and exit points.

The group further urged President John Dramani Mahama to treat the situation as a national security threat, warning that unchecked drug trafficking could fuel money laundering, terrorism financing and other forms of organised crime.

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Trump Dismisses AI Safety Fears as a ‘Hoax,’ Rejects Calls for Tighter Safeguards

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U.S. President Donald Trump has rejected growing calls for stronger government oversight of artificial intelligence, describing concerns about the technology’s potential dangers as a “hoax” and arguing that excessive regulation could weaken America’s position in the global AI race.

Trump made the comments as prominent technology executives and AI researchers increased pressure on Washington to introduce additional safeguards for increasingly powerful AI systems.

Trump backs continued AI development

Trump has argued that the United States must continue advancing artificial intelligence to maintain its technological and economic advantage over China.

He said the U.S. already has mechanisms capable of dealing with companies that misuse AI and suggested that strong presidential leadership is sufficient to provide the necessary oversight.

The president has also warned that slowing AI development could allow China to gain an advantage in a technology he considers strategically important to the American economy and national security.

Tech leaders push for safeguards

Trump’s position comes amid growing warnings from some of the industry’s leading figures.

Anthropic CEO Dario Amodei has called for regulations requiring independent safety assessments of the most advanced AI models. OpenAI CEO Sam Altman and xAI founder Elon Musk have also expressed support for greater coordination and measures to reduce risks associated with rapidly developing AI technology.

Some lawmakers are now considering legislation that could require AI companies to demonstrate that they are taking reasonable steps to prevent their systems from causing serious harm.

Political debate intensifies

The issue is increasingly becoming a political divide in Washington. Democrats are pushing for stronger federal safeguards, while Trump and several senior Republicans have questioned whether government intervention would do more harm than good.

Vice President JD Vance has also expressed skepticism about technology companies asking the government to regulate their own industry, arguing that the motivation behind such requests deserves scrutiny.

The debate comes as concerns grow over AI’s potential impact on cybersecurity, employment, misinformation and national security, alongside longer-term fears about highly autonomous systems.

For now, the Trump administration appears determined to prioritize rapid AI development and competition with China rather than impose broad new federal restrictions, setting the stage for a major policy battle in Washington over how much control governments should have over the technology.

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Oil Prices Rise as Saudi Pipeline Shutdown and New Attacks Raise Supply Fears

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Global oil prices moved higher on Tuesday as investors assessed the growing risk of disruptions to crude supplies following attacks on Saudi Arabian energy infrastructure and the shutdown of a key oil pipeline.

Brent crude futures rose by about 1.3% to $107.05 a barrel, while U.S. West Texas Intermediate gained around 1.5% to $102.92 a barrel in early trading. Both benchmarks had already advanced by more than 1% during the previous session.

The latest price increase comes after attacks damaged Saudi Arabia’s East-West Pipeline, an important route that allows the kingdom to transport crude to the Red Sea and avoid the Strait of Hormuz. The pipeline normally handles roughly 4 million barrels of oil per day, equivalent to around 4% of global oil supply.

Fresh attacks add to market anxiety

Concerns were intensified by new attacks carried out by Iran-backed Houthi forces in Yemen. The group launched missiles and drones at Saudi Arabia on Monday, targeting the Khamis Mushait military airbase in the south of the country, according to reports.

The attacks came as Gulf Arab states postponed planned discussions with Iran, raising concerns that diplomatic efforts to reduce tensions could be losing momentum.

The Strait of Hormuz is another major source of uncertainty. Vessel traffic through the strategic waterway has fallen sharply, with fewer than 10 commercial oil-related transits recorded per day over the weekend compared with a recent 10-day average of 14. The route previously carried roughly one-fifth of global oil supplies.

Pressure on Saudi exports

Saudi Arabia’s ability to maintain exports is now closely tied to how quickly the East-West Pipeline can return to service. Traders and buyers cited in reports said the kingdom could begin running short of crude available for export within days if the pipeline remains offline.

A prolonged shutdown could potentially remove as much as 4% of global oil supply, putting additional upward pressure on prices. Analysts say the duration of the outage will be a key factor for the market in the coming days.

The situation is also being watched closely because higher crude prices can feed into transportation, electricity and manufacturing costs, increasing inflationary pressure on economies around the world.

For now, oil markets remain highly sensitive to developments around Saudi Arabia, the Strait of Hormuz and the wider Middle East conflict. Any further damage to energy infrastructure—or signs that the pipeline and shipping routes will remain disrupted for an extended period—could trigger another significant rise in crude prices.

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