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IMF Confirms Robust Growth In 2024 – Minority

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Dr. Mohammed Amin Adam

The Minority in Parliament say the IMF statement on the state of our national economy after reaching staff level agreement with the government has confirmed that growth was more robust than anticipated in 2024.

In a statement issued in Accra yesterday, the minority said the IMF itself has admitted that the economy grew at 5.7% against a target of 3.1% and a revised target of 4%.

The external sector also exceeded target on account of the highest gross international reserves accumulated, which stood at $8.9 billion at the end of 2024. Also, the Fund emphasized that the financial sector has been stabilized. The following is the full statement, which was signed by Dr Amin Anta, the immediate past Minister for finance.

The International Monetary Fund (IMF) has today reached a Staff Level Agreement with the Government of Ghana for the 4th Review of program implementation. This agreement when approved will trigger the disbursement of $370 million to Ghana.

The IMF in a statement has confirmed that growth was more robust than anticipated in 2024. The economy grew at 5.7% against a target of 3.1% and a revised target of 4%. The external sector also exceeded target on account of the highest gross international reserves accumulated, which stood at $8.9 billion at the end of 2024. Also, the Fund emphasized that the financial sector has been stabilized.

The annual growth in Total Assets of the financial sector as at the end of 2024 was 33.8%; and Total Deposits by 28.8%. Similarly, in terms of liquidity, core liquid assets to short-term liabilities grew by 46.3%.

The Capital market shows similar strong performance with the GSE All Share Index Year to Date growing by 56.2% by December 2024. Also, the earnings and profitability ratios also show that Return on Asset before Tax recorded an annual growth of 5.4% in December 2023 and 5% in December 2024; whilst Return on Equity after tax grew at 34.2% in December 2023 and 30.8% in December 2024.

Therefore, three important sectors of the economy achieved greater successes – the real sector, the external sector and the financial sector.

The Fund also alluded that Ghana was on course to achieving debt sustainability on account of the successful restructuring of domestic and external debts. This is because the Debt to GDP at the end of 2024 reduced to 61.8% from 82% at end 2022.

The Fund however expressed concerns about fiscal performance blaming it on accumulated payables and inflation which missed the targets.

The Staff Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives and to support the earlier claims by the President that the economy he inherited was run-down.

Whilst the Minister for Finance in the 2025 Budget announced the primary fiscal deficit on commitment basis (the fiscal anchor of the IMF program) to be 3.9% of GDP, the IMF found it to be 3.25%, a difference of about 0.7% of GDP.

This is notwithstanding that the IMF itself departed from their own definition of the primary fiscal balance as defined in the Technical Memorandum of Understanding reached at the beginning of the program. By allowing multi-year payables to feature in the determination of the primary fiscal balance as if they occurred in 2024, the Fund Ghana Mission has effectively assessed the fiscal balance on metrics that vary from all the previous reviews conducted on program implementation.

We are confident that the Executive Board of IMF will review the fiscal performance with integrity and ensure that our economy is devoid of data manipulation to restore confidence in the fiscal data of the country.

It must also be noted that reaching a Staff Level Agreement has vindicated the previous NPP government contrary to the new government’s assertion that the program had been breached and the economy “criminally mismanaged” in the words of the President of the Republic.

The Minister for Finance, Hon. Ato Forson, declared during the 2025 budget presentation that the previous government had breached the IMF program because it missed the targets for the primary fiscal balance, payables and inflation. The Staff Level Agreement has proven that many of the targets had been met and missing these few targets could not collapse the program as the new government tried hard to communicate in furtherance of its propaganda objective.

The 4th Review of the IMF program is based on End-December 2024 performance of the economy. To reach a Staff Level Agreement on these performances is therefore fully attributed to the economic success of the previous NPP government. The new Government has just finalized discussions with the IMF on its new policies through the “Memorandum of Economic and Financial Policies”; which are yet to be implemented.

The NDC government can therefore not claim any credit for the Staff Level Agreement and the subsequent approval by the IMF Executive Board.

The people of Ghana will recall that in 2016 under an IMF program, President Mahama’s government missed almost all the targets leading to a renegotiation of the then IMF program. The same cannot be said of the current program as it has not been renegotiated and is fully on track in line with program objectives.

As we wait for the approval of the Staff Level Agreement at the IMF Executive Board level, we want to assure the people of Ghana that we will remain committed to holding the government accountable to ensure that the sustainable path we have achieved in the growth of the economy and debt levels are not compromised.

REGSEC swoops on illegal miners on Bonsa river

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KWESI ALFRED ADAMS
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WR Minister Joseph Nelson adressing the media during the inspection

The Western Regional Security Council (REGSEC) last week sent the Police and Military to flush out illegal miners operating on the Bonsa River in the Tarkwa Nsuaem Municipality.
The operation lasted two hours with three suspects rounded up by the security forces.
They are Joshua Boateng, 20 years, an excavator apprentice, Joshua Kyere Ishmael, 24 years, Washing Bay operator at Bogoso and Godwin Bagbetor, 29 year old taxi driver.

In addition, all water pumping machines at the various mining sites, solar panels providing electricity for the miners, gallons of diesel and petrol as well as temporary sheds erected at the sites were all set ablaze by the security forces.

Speaking to the media, the Regional Minister, Joseph Nelson, expressed regret over the reckless pollution of river Bonsa by the illegal miners.

“It is so sad to see a river body as big as Bonsa being reduced to this. Today, they are unable to process the water because it is so heavily silted.”
Minister Joseph Nelson assured that the exercise would continue until the river banks in the region have been duly cleared off illegal mining activities and the water bodies purified to their natural states.

He explained that the main purpose for carrying out the operations, despite logistical challenges was to protect the river bodies. The level of pollution of the river, according to the Minister, had gotten out of hand and that it has forced the Ghana Water Company Limited to stop treating water from the river.

“We have had reports about galamsey activities along the Bonsar River, which is hampering the work of Ghana Water Company Limited to the extent that they are unable to supply Tarkwa Municipality and its environs with the needed potable water for their livelihoods. Today I have come to see things for myself and my worst fears have been confirmed,” he said.

The Minister, however, conceded that his outfit has logistical challenges, but that would not stop the resolve to flush out illegal miners from their various sites.

He reiterated his commitment to collaborating effectively with stakeholders especially the security forces to tackle the issue of illegal mining head-on.

“It needs commitment and that commitment I have to decisively deal with this issue,” Joseph Nelson concluded.

Imminent land-led crisis looms at Apenkwa -Chief

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BERNICE BESSEY
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Nii Adjetey Obourbour II reading the statement

The royal coronation of Nii Adjetey Obourbour II as Overlord Chief of Gbe Owo Omli Apenkwa was held with cultural grandeur and communal pride on Sunday, April 13, 2025.

However, the celebrations were accompanied by a passionate call for state intervention in a long-standing land dispute affecting the Apenkwa community.

In a strongly worded press statement delivered during the coronation ceremony, the chiefs and elders of Apenkwa Village petitioned President John Dramani Mahama and Inspector General of Police, Christian Tetteh Yohonu, to immediately intervene in escalating land disputes in the area.

Nii Adjetey Obourbour II, who was officially installed as the traditional leader of the community, highlighted the historical significance of Apenkwa, stating that the people of the area are descendants of Teshie and have peacefully settled in the region since 1624.

He accused external traditional authorities, particularly individuals from the Katamanso Traditional Area, allegedly backed by some elders from Nungua, of forcefully encroaching on Apenkwa lands.

“We have confronted them on several occasions to halt these acts but to no avail,” Nii Obourbour stated and added that, “Sometimes our youth want to face them aggressively, but as a leader, I try to calm them down and seek peaceful resolution.”

The statement also alleged collusion between land encroachers and officials from the Lands Commission, accusing the latter of issuing dubious land titles to estate developers without the knowledge or consent of the Apenkwa leadership.

Furthermore, the chiefs expressed dissatisfaction with the judicial system, claiming that many of their legitimate cases are either delayed or ruled in favour of financially powerful entities.

Another key concern raised was the presence of land guards – young men allegedly terrorising residents and depriving them of their properties.

“Our community has been taken over by land guards. They are terrorising people and disrupting the peace in Apenkwa,” the chief lamented.

The elders also criticised attempts to create new villages and install sub-chiefs within their jurisdiction, describing such actions as deliberate provocations intended to fuel confusion and illegitimacy in traditional leadership.

The community noted that their grievances date back as far as the Rawlings administration and have been presented to successive governments, including those of Presidents Kufuor, Mills, and Akufo-Addo, without resolution.

Nii Obourbour II called on President Mahama, under his new mandate, to consider their plea as part of his nation-resetting agenda and to restore peace and lawful governance in the area.

The event was attended by dignitaries, chiefs, elders from various traditional councils, the media, and residents, who voiced solidarity with the chief’s concerns.

Labourer pleads not guilty to child abduction at Mallam Market

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BERNICE BESSEY
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Dansoman Circuit Court

A 24-year-old labourer, Abdul Malik, has pleaded not guilty to charges of child abduction after being accused of unlawfully detaining five children at Mallam Market in Accra.

The case, which is being heard at the Dansoman Circuit Court was presided over by Her Honour Halimah El-Alawa Abdul-Baasit.

Prosecutor, Chief Inspector Emelia Mensah, presented the charges against Malik under Section 91 of the Criminal Offences Act, 1960 (Act 29).

According to the charge sheet, the incident occurred on April 6, 2025. Malik is accused of detaining five boys – Marvin Asani, 9, Shadrach Atanga, 7, Prince Nyaba, 10, Cosmos Abalem, 9 and Roger Amankwa, 11- and preventing them from returning to the care of their parents.

Brief facts presented in court indicated that the children, all residents of Mallam Market, were playing football in their compound when they encountered the accused.

Malik allegedly lured them into his kiosk under the pretext of helping him locate someone named Gaspar.

Once inside, he played videos and told stories, detaining the children from 1:00 p.m. until around 8:00 p.m.

The Parents who had been searching for their children reportedly heard voices from Malik’s kiosk. Upon forcing the door open, they found all five boys inside with the accused.

When questioned, Malik allegedly claimed he was “teaching them vocabularies.” He was subsequently arrested and taken to the Mallam Lafa Police Station, where he reportedly admitted to the offence in his caution statement.

Despite the admission, Malik entered a plea of not guilty in court. Her Honour ordered that the accused remain in police custody until further notice.

The case has been adjourned to April 28, 2025.

New Dunkwa ‘Nifahene’ advocates gov’t, chiefs partnership to fight illegal mining

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Nana Mensah Aninin - Dunkwa Nifahene

Nana Mensah Aninin, the newly installed Nifahene of Dunkwa-On-Offin, in the Central region, has recommended a strong collaboration between the government and traditional leaders, in an effort to combat illegal mining in the country.

He has also suggested a similar position to address drug abuse among the youth.

Okofrobour Obeng Nuako III- Dunkwahene sitting in state during last Akwasidae

According to him, the government alone cannot fight the canker hence the need to involve Chiefs and other stakeholders in the fight against the menace.

He made the recommendation shortly after he had been sworn in as the new

Nifahene of Dunkwa-On-Offin during the Akwasidae celebration last Sunday.

The new chief, who is also the Caretaker chief of Accra Town, a suburb of Dunkwa, assured that he was committed to bringing discipline to the youth and sanitise the society from immorality and illegal activities.

He reiterated that until political parties and government stop politicising the security sector and collaborate with the chiefs in the fight against drug abuse and the illegal mining, especially in our forest reserves and water bodies, the fight would be a mirage.

Nana Mensah Aninin thanked the Dunkwahene for the honour and urged his elders and subjects to rally behind him to facilitate the development of the Dunkwa enclave to an “enviable status”.

He advised the youth to abstain from drugs and urged the Ghana Police administration to ensure periodic transfer of personnel to prevent personnel from “fraternising” with members of the community to ensure that they work “efficiently and effectively”.

Okofrobour Obeng Nuako III, the Dunkwahene, advised the new Nifahene to be courageous and candid in protecting the legacy of his forebears, urging Nana Aninin to involve his elders in decision making and respect them as well as his subjects.

He also urged Nana Aninin to be circumspect in his dealing in his capacity as Dunkwa Nifahene and also help in the developmental growth of the Dunkwa Traditional Area, as well as its elevation.

From Oswald Pius Freiku, Dunkwa-On-Offin

2 Nigerian Women Remanded for allegedly engaging in human trafficking 

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BERNICE BESSEY
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Court

Two Nigerian nationals have been remanded into police custody by the Accra Circuit Court 5, for their alleged involvement in a human trafficking syndicate operating in Ghana.

The accused persons, identified as Chidemma Nweke, also known as Mama, 24 and Mery Francis, also known as Gina or Blessing, 27, were arrested at Wassa Akropong in the Western North Region, following a police operation by the Anti-Human Trafficking Unit of the Criminal Investigations Department (CID).

According to police reports, the case was brought to light after Chief Calistus Eloziepuwa, President of Nigerians in the Diaspora Organisation in Ghana, accompanied a young victim, to report the matter to the authorities on April 7, 2025.

The victim had managed to escape with the help of a Good Samaritan and made her way to Accra from Wassa Akropong.

During an interview with the police, the victim revealed that several other victims were still being held in bondage at Asuogya Krobo, a community near Wassa Akropong.

Acting on the information, police launched a rescue and arrest operation on April 10, 2025 which led to the rescue of six additional victims and the arrest of the two accused.

Preliminary investigations revealed that Nweke (A1) lured the victim from Nigeria, under the pretence of offering her a job at a boutique in Ghana.

However, upon arrival, the victim was housed in a brothel and forced into prostitution, with Nweke allegedly collecting all proceeds.

Further developments indicated that Francis (A2), who managed the brothel and a nearby drinking spot, named Royal City Pub, encouraged Nweke to sell the victim.

She then facilitated the sale of the victim to two other individuals for GH¢5,000. Francis allegedly received GH¢500 as her share, which she used to renovate her pub.

Investigators also discovered that Francis had traveled to Nigeria to recruit more young women, under false promises of employment, only to subject them to the same exploitation. Two additional victims were among those rescued during the operation.

Presiding judge, Her Honour Christiana Cann, remanded both accused into police custody. They are expected to reappear in court on April 29, 2025 as investigations continue to apprehend the remaining accomplices.

Editorial: Combating Accra’s Flooding Demands A Systemic And Sustained Approach

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THE CHRONICLE
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Editorial

On April 4, 2025 President John Dramani Mahama undertook an extensive inspection tour of flood-prone zones within Accra. The objective of this exercise was to acquire direct insight into the extent of encroachment on wetlands and waterways by unauthorised structures – an urgent concern, as the rainy season begins and the risk of severe flooding looms.

As part of the immediate response strategy, the President instructed the Regional Minister to liaise with the military and other security agencies to commence the demolition of all unauthorised structures obstructing natural drainage pathways. This directive is both necessary and timely, given Ghana’s painful history with flood-related disasters – most notably the tragic 2012 incident at the Kwame Nkrumah Circle, where a combined flood and fire catastrophe resulted in the loss of hundreds of lives during President Mahama’s previous tenure.

Acting on this order, the Greater Accra Regional Minister led demolition exercises, in collaboration with the Regional Security Council, targeting illegal developments at Dansoman and Weija – two communities severely impacted by encroachments along the Densu Ramsar site. Similar actions have been taken at the Sakumono Ramsar site in Tema.

The Chronicle commends the President and the relevant authorities for initiating decisive action. However, while these interventions may offer short-term relief, they fall short of addressing the deeper, systemic issues at the heart of Accra’s flood vulnerability. The history of periodic demolitions followed by rapid re-encroachment suggests that a more holistic, enforceable, and enduring strategy is required.

It is regrettable that, year after year, government efforts to curb the proliferation of illegal structures on wetlands have failed to yield lasting results. This failure is largely due to a cycle of impunity – where traditional authorities and land-owning families illicitly sell protected lands, often under the cover of darkness, to unsuspecting developers.

These lands are quickly filled and built upon, only for the government to return later to demolish the structures. The true perpetrators of these transactions frequently escape accountability, while the poor and uninformed homeowners bear the brunt of the demolitions.

This unsustainable cycle of destruction and reconstruction not only endangers lives and property but also erodes public confidence in the state’s ability to enforce its own land use regulations. It is essential, therefore, for the government to go beyond symbolic gestures and implement a robust and multifaceted framework to prevent future occurrences.

First, the state must not only demolish illegal structures but also secure these vulnerable areas through the establishment of a permanent security presence to deter further encroachments. Secondly, there must be legal and administrative consequences for traditional leaders, landowners, and public officials who facilitate or overlook the illegal sale and development of wetlands.

Equally important is the need for accountability among local government leaders. Metropolitan, municipal, and district chief executives who fail to act decisively against illegal developments in their jurisdictions must be sanctioned. Their complicity – whether through inaction or willful neglect – directly contributes to the persistent risk of flooding.

Moreover, we call on Parliament to enact legislation that prohibits the extension of public utilities—such as water, electricity, and road access—to unauthorized structures. Denying such services will significantly diminish the attractiveness of flood-prone and illegally acquired lands to potential developers.

We are of the view that the fight against perennial flooding in Accra and other part of the country cannot be won through periodic demolition exercises alone. It requires a comprehensive, coordinated, and enforceable policy framework that addresses the root causes of encroachment, enforces land use regulations without fear or favour, and holds all culpable parties accountable. Only then can the capital city be safeguarded from the recurring menace of devastating floods.

Quarry Operators plead for review of regulatory fee payments

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The quarry operators

The Commercial Quarry Operators Association (COQUA) in Ghana has appealed to the government to review regulatory fees imposed on them in dollars to Ghana Cedis to help reduce their operational costs.

The Association made the call at a day’s refresher training programme on best practices in quarry operations held in Bolgatanga on the theme; “Management and Best Practices in Quarry Operation”.

The forum was organised by COQUA in collaboration with the Inspectorate Division of the Minerals Commission and attracted members of the Association from Ashanti, North East, Upper East and Upper West Regions, among others.

Alhaji Iddrisu Yeldza, Chairman of the Upper North branch of COQUA, stressed that the regulatory payment fees in dollars, usually imposed on them by the government, was not only affecting the operational cost of their business but was also affecting the growth of their business.

He, therefore, appealed to the government to review the payment from the dollar rates to Ghana Cedis for COQUA.

He reminded the government to consider that the Quarry industry contributed significantly to Gross Domestic Product of the country citing for instance government’s infrastructural development such as roads, health, education which depended hugely on the quarry industry.

He also appealed to investors to consider establishing a Quarry Industry in Sissala East and Sissala West Districts of the Upper West Region and stressed that “there is abundance of raw materials and ready market for the product there”.

Mr Jacob Labon, the Upper Quarry Manager, making a presentation on Operational Challenges of Quarries, stressed the need for the government to also consider decentralising the granting of permits to Quarry Operators.

He said the current process of obtaining permits from the Minerals Commission was cumbersome and brought about huge costs to Quarry Operators since they must travel to Accra to spend a few days there before being granted the permit.

Ms Georgina Dziwornu, Executive Secretary of the Association, appealed to the members of the Association to foster unity and oneness among themselves and told them that it was only through this, that they could form a vibrant front to advocate and lobby on issues affecting them.

She regretted that despite the huge role being played by the COQUA in the growth of the country it was not properly recognised by governments and called on government to factor the sector in its engagements and policies.

From Anthony Adongo Apubeo, Bolgatanga

GNA

Finance Ministry to audit payables, commitments to validate legitimacy 

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Finance Minister, Dr. Cassiel Ato Forson

The Ministry of Finance has commissioned the Auditor-General and two international audit firms, to audit the payables and commitments to validate their legitimacy and values and provide recommendations for corrective measures.  The audit is expected to be completed within eight weeks.

Dr. Cassiel Ato Forson, Minister for Finance, speaking at the MOF-IMF joint press conference on the 4th review of the IMF-Supported Programme, said the government remained committed to the implementation of the Programme.

The IMF mission, which began on April 2, 2025 was successfully concluded on April 15, 2025.

The IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review of Ghana’s economic programme under the Extended Credit Facility arrangement.

The team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, discussed progress on the authorities’ policy and reform priorities in the context of the fourth review of Ghana’s three-year program under the Extended Credit Facility.

Dr Forson said the government would ensure that its objectives remained on track, despite the challenges faced with implementation.

The Minister said the government had passed an amendment to the Procurement Act to ensure that the issuance of commitment authorisation (e.g. commencement certificate) by the Minister for Finance was a prerequisite for all central government procurements under the Authority or the Central Tender Review Committee.

“We have amended the PFM Act 2016 (Act 921) to introduce a debt rule to reduce the debt-to-GDP ratio to 45 per cent by 2035, and an operational rule to post an annual primary surplus on a commitment basis of at least 1.5 per cent of GDP,” he added.

He said the amendment also legislated the establishment of an independent fiscal council to monitor adherence to these fiscal rules.

Dr Forson said the Ministry had commenced the operationalisation of the Compliance Desk to monitor MDAs’ compliance with their fiscal commitments under the PFM Act.

“We will soon begin publishing a PFM Commitment Control Compliance League Table, ranking MDAs based on their level of compliance and non-compliance with PFM commitment controls and expenditure monitoring measures,” Dr Forson said.

He said the government had also addressed and implemented several structural reforms that were expected to be completed by end-December 2024 and end-March 2025.

The Minister said the government had migrated 549 MDAs and MMDAs’ spending units’ accounts into Ghana Integrated Financial Management Information System.

He said the PURC had published on its website the validation report of the ECG revenue/collection accounts audit for Q4 2023 and the full year 2024, even though the structural benchmark conditionality was for H1 2024.

The implementation of the recently announced quarterly tariff adjustments by PURC was executed to satisfy the Structural Benchmark conditionality under the programme.

Dr Forson acknowledged that fiscal risks in the energy sector remained a challenge, but said government had instituted measures to reduce, and eventually eliminate, the shortfall. He said the government had operationalised the single account mechanism and ensured that the Cash Waterfall Mechanism was being implemented according to the guidelines, to guarantee minimum contractual payments to the IPPs, among others.

He assured Ghanaians, IMF, and other key stakeholders that he would personally lead the charge to ensure the implementation of all commitments under the Fund-supported programme, which were necessary for the approval of the 4th review by the IMF Board.

The approval will trigger the immediate disbursement of the 5th Tranche of US$370 million, bringing total disbursements under the programme to US$2.3 billion.

He said reaching a Staff-Level Agreement on the 4th review marked significant progress and commended the IMF Mission Team for their continued support, professionalism, and constructive engagement throughout the 4th Review Mission.

By Morkporkpor Anku 

GNA

Elon Musk’s X to clamp down on parody accounts

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NANA KWESI COOMSON
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Elon Musk

X is bringing in stricter rules around parody accounts.

From 10 April, accounts which impersonate another user or person must use keywords such as “fake” or “parody” at the start of their account names.

The platform will also require parody account holders to use different images to the X accounts belonging to those they seek to represent.

Some users have complained about confusion caused by parody accounts on the platform, such as those impersonating its owner Elon Musk.

“These changes are designed to help users better understand the unaffiliated nature of PCF accounts and reduce the risk of confusion or impersonation,” the company said in a post on Saturday.

It encouraged affected accounts to update their profiles by the enforcement date.

The changes will also apply for fan and commentary accounts, it said.

“Hopefully this includes all the thousands of fake variations of Elon Musk accounts,” wrote one user in response to X’s post about its policy update.

“About time, I get a fake Elon account contacting me almost once a week,” wrote another.

There are a number of parody accounts for the platform’s owner, identifying themselves as impersonations in various ways.

Posts viewed by the BBC from Elon Musk parody accounts ranged from memes and jokes, to promoting cryptocurrency and car giveaways.

A recent post by one Elon Musk parody account, which has more than one million followers, told users to “like and comment” for the chance to win a Tesla.

The post has received 428,000 likes and more than 200,000 replies.

Credit: citinewsroom.com

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