General News
Gold Board Initiative Boosts Ghana’s Economy by Over GH¢3 Billion in Four Months – Kwakye Ofosu

The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, has revealed that over GH¢3 billion has been injected into Ghana’s economy in just four months through a new government policy mandating small-scale miners to sell their gold exclusively to the Gold Board.
Speaking on GTV’s Breakfast Show, Mr. Kwakye Ofosu credited this initiative for the recent stabilization of the cedi. “In the last four months, more than $3 billion has come into the country in addition to what would have otherwise come,” he explained.
Under the arrangement, the Gold Board buys gold in cedis, exports it, and returns the foreign exchange earnings into the local economy. This inflow of dollars is then allocated across critical economic sectors, with a portion also held by the Bank of Ghana to bolster reserves. Some of the dollars are subsequently injected into the foreign exchange market or used to settle international obligations.
Before this policy was introduced, small-scale miners exported gold informally, and the resulting foreign exchange rarely reached the formal economy. “Small-scale miners were taking gold out of this country in a manner that was not accounted for. The proceeds did not come to a central point for equitable distribution,” Mr. Kwakye Ofosu noted.
He criticized the previous administration for its failure to stabilize the cedi despite having eight years in office. “In 2022 alone, the cedi lost about 54% of its value. It was the worst-performing currency at the time,” he pointed out.
Mr. Kwakye Ofosu assured that the Gold Board policy is not a short-term measure, but a lasting strategy. “The President has indicated that at some point, the cedi will hover within a certain band — a stable range that will shield Ghanaians from untold hardships,” he said.
Responding to claims that similar solutions were implemented under the previous administration, Mr. Kwakye Ofosu concluded, “If they indeed had effective measures, they would have produced results during their eight-year tenure.”
Crime and Investigation
OSP Invites Former GACL Board Chair Paul Adom-Otchere Over Suspected Corruption in Audit Deal

The Office of the Special Prosecutor (OSP) has summoned Paul Adom-Otchere, the former Board Chairman of Ghana Airports Company Limited (GACL), for questioning as part of an ongoing investigation into alleged corruption and financial irregularities.
The probe focuses on a revenue assurance audit contract between GACL and a private firm, with suspicions surrounding the financial management and accounting of airport revenues under the agreement.
In an official letter dated July 25, 2025, the OSP identified Mr. Adom-Otchere as a suspect in the matter, citing potential corruption and corruption-related offenses. He has been asked to appear at the OSP’s South Ridge office on Thursday, July 31, 2025.
Confirming receipt of the summons in an interview with Myjoyonline.com, Mr. Adom-Otchere, who recently completed his term as board chair, disclosed that his legal team has requested a new date—Monday, August 4—due to court engagements in Kumasi.
While pledging his full cooperation, he expressed surprise at being singled out, arguing that the decision-making around the contract was primarily handled by GACL management and its managing director, both of whom remain in office and available to assist with the inquiry.
Crime and Investigation
Court of Appeal Grants GHS10 Million Bail to Ato Essien Amid Health Concerns

The Court of Appeal has granted William Ato Essien, founder of the now-defunct Capital Bank, bail set at GHS10 million pending the outcome of his appeal against a 15-year prison sentence.
The bail decision, delivered on Wednesday, July 30, includes conditions such as the submission of his passport to the court and monthly check-ins with the court registrar. Two sureties are also required.
Essien was sentenced to 15 years in prison with hard labour in October 2023 by an Accra High Court, following his guilty plea to 16 counts of stealing, money laundering, and conspiracy to steal. The charges stemmed from his role in the collapse of Capital Bank, involving over GHS90 million in financial misconduct.
In May 2024, Essien applied for bail pending appeal, citing deteriorating health, but the request was rejected by the High Court. He then escalated the matter to the Court of Appeal.
During the latest hearing, Essien’s legal team stressed his worsening health condition and the need for urgent medical care. They also highlighted his partial fulfillment of a plea deal that required him to repay GHS90 million to the state. He had initially paid GHS30 million in December 2022, but failed to meet subsequent payment deadlines for the remaining GHS60 million.
The prosecution opposed the bail, arguing that Essien had not honored the terms of the agreement. However, the three-member panel of justices pointed out that Section 35 of the Courts Act (Act 459)—which allows for restitution in exchange for a possible non-custodial sentence—raises questions that must be examined in the appeal process.
Background:
Essien and three associates were charged for offenses that led to the collapse of Capital Bank, including theft and money laundering amounting to GHS90 million. After entering a plea bargain, Essien agreed to repay the state in structured installments: GHS20 million each by April, August, and December 2023. By April, he had only paid GHS4 million of the first tranche and a total of GHS7 million by the time of sentencing.
As a result of his failure to meet payment terms, the High Court imposed the custodial sentence.
Following the sentencing, Dr. John Apea, Head of Missions at the Commonwealth Enterprise and Investment Council and a board member of the Commonwealth Human Rights Office for Africa, began advocating for clemency on humanitarian grounds. He launched a petition and pledged to present it to former President John Mahama, emphasizing Essien’s fragile health and the need for compassion in justice.
Entertainment
Counsellor D Y Donkoh Apologizes to Shatta Wale Over Prophecy

Counsellor D Y Donkoh has issued a public apology to Ghanaian music star Shatta Wale after sharing a prophecy that reportedly left the artist “visibly shaken and traumatised.”
In a statement dated July 27, 2025, Donkoh admitted the prophecy—shared on social media—sparked widespread concern and was never meant to cause fear.
He expressed regret and pledged to be more cautious when sharing future revelations.
-
Sports2 weeks ago
DR Congo Signs €40 Million Sponsorship Deal with FC Barcelona to Boost Tourism Image
-
Entertainment1 week ago
Ghana Chieftaincy Awards 2025 and Royal Investment Summit launched in Accra
-
General News1 week ago
Ablekuma North MP Ewurabena Aubynn Joins Ghana Shippers Authority Board
-
education1 week ago
Gov’t Spends GH¢8.94 Billion on Flagship Programmes in 2024, Free SHS Tops List
-
Entertainment1 week ago
Abankese Festival 2025: A Cultural Homecoming along Ghana’s Coast
-
education1 week ago
Gov’t Negotiates to Settle Over ¢700 Million Scholarship Debt Owed to Foreign Schools – Minister Assures Students
-
Health1 week ago
Ghana AIDS Commission Alarmed by Rising HIV Cases Among Youth Aged 15–24
-
General News1 week ago
PAC Chair Demands Urgent Probe into GH¢138.91 Billion Public Debt Overstatement