Connect with us

General News

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

Published

on

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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General News

NLC Orders Immediate End to NIA Divisional Union Strike, Declares Action Unlawful

Published

on

The National Labour Commission (NLC) has ordered the immediate suspension of the strike initiated by the Divisional Union of the National Identification Authority (NIA), labelling the action as illegal and procedurally incorrect.

 

This directive came after a hearing on Thursday, June 26, 2025, involving representatives from the Divisional Union, the National Union of the Public Services Workers Union (PSWU), and key government agencies including the Fair Wages and Salaries Commission (FWSC), the Ministry of Finance (MoF), and the Ministry of Labour, Jobs and Employment.

 

During the proceedings, it was revealed that the strike had been declared solely by the Divisional Union without approval from the National Union—an act deemed a violation of Ghana’s labour laws. The laws prohibit local or divisional branches from declaring industrial actions independently.

 

The National Union admitted to the procedural breach and issued an apology to the Commission.

 

“The Commission observed that it received notification of a strike declared by the Divisional Union, NIA of PSWU, and asked the National Union to confirm same. The National Union confirmed the Divisional Union called the strike, which the Commission ruled was improper. The Union acknowledged the error and apologized,” the NLC stated.

 

Consequently, the NLC directed the immediate cessation of the strike and instructed the National Union to initiate negotiations with the NIA, Ministry of Finance, and FWSC concerning unresolved issues, particularly the demand for a 20% operational support allowance.

 

A follow-up meeting has been scheduled for July 3, 2025, at 1:30 p.m., during which all parties are expected to report on compliance with the NLC’s orders and provide updates on negotiation progress.

 

The Commission emphasized the need for all labour-related grievances to be addressed through the appropriate legal frameworks to maintain order and protect the rights of all stakeholders.

 

Continue Reading

General News

Ghana Confirms 188 Citizens to Be Deported from U.S.; Government Vows Humane Reintegration

Published

on

The Government of Ghana has confirmed that 188 of its nationals have been marked for deportation by the United States, as part of a renewed immigration enforcement effort under President Donald Trump’s administration.

 

At a press briefing in Accra on Thursday, June 26, Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, revealed that U.S. authorities had officially communicated the deportation list to the Ministry. He emphasized Ghana’s full cooperation with American agencies to ensure the deportation process is handled humanely and with dignity.

 

“We have been formally notified of 188 Ghanaians on President Trump’s deportation list,” Mr. Ablakwa said. “Our embassies in New York and Washington are coordinating with U.S. counterparts, and travel certificates are being issued promptly.”

 

The Minister assured the public that the government is taking every measure to ensure deportees are welcomed respectfully and supported upon arrival. A reintegration programme, in partnership with the Ministry of the Interior and the Ghana Immigration Service, has already been activated.

 

“We will be at the airport to welcome our compatriots and assist them in starting afresh. Many are returning under distressing circumstances, some without possessions or money. Our support will be discreet and dignified,” he added.

 

This development follows a Washington Post report indicating that the Trump administration is considering expanding visa and travel restrictions to cover up to 36 countries—almost doubling the number from Trump’s first term. Although Ghana has not been named on the prospective list, the government remains cautious.

 

“We’ve held constructive discussions with the U.S. State Department and the White House,” Ablakwa said. “Ghana’s longstanding strategic relationship with the U.S. positions us well. We expect fair treatment, given our consistent record of cooperation.”

 

He further noted that 56 of the 188 individuals listed have already been repatriated, with the remainder in various stages of processing. While acknowledging the U.S.’s sovereign right to enforce immigration laws, he called for respect for the fundamental rights of the affected individuals.

 

In a related update, Mr. Ablakwa disclosed that Ghana had recently assisted U.S. authorities in the arrest and extradition of suspects involved in a $100 million fraud case. He highlighted this as evidence of the strong, mature ties between both nations.

 

The Ministry of Foreign Affairs reaffirmed its commitment to maintaining diplomatic engagement and ensuring that any actions taken by the U.S. conform to international human rights standards.

Continue Reading

General News

Indian Prime Minister Narendra Modi to Visit Ghana July 2–3 to Deepen Bilateral Ties

Published

on

The Presidency of Ghana has announced that Indian Prime Minister Narendra Modi will undertake a two-day official visit to Ghana from Wednesday, July 2, to Thursday, July 3, 2025.

 

The visit, which underscores the deep-rooted and enduring relationship between Ghana and India, is aimed at enhancing their strategic partnership across key sectors.

 

According to a statement signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister for Government Communications, Prime Minister Modi will engage in a high-level bilateral meeting with President John Dramani Mahama at the Jubilee House.

 

Their discussions are expected to focus on boosting cooperation in critical areas including trade, investment, agriculture, technology, education, healthcare, and energy. The leaders will also address regional and international matters of shared concern.

 

One of the key highlights of the visit will be the signing of several bilateral agreements, designed to expand and formalise frameworks for collaboration between the two countries. A joint press conference will follow the signing ceremony.

 

To honour the Indian Prime Minister, President Mahama will also host a State Dinner in his honour and that of his accompanying delegation.

 

The presidency affirmed that the visit is anticipated to “strengthen bilateral ties, foster deeper economic cooperation, and solidify the bonds of friendship between the peoples of Ghana and India.”

 

Continue Reading

Trending

Copyright © 2025 KPDOnline. Powered by AfricaBusinessFile