In a significant move to regulate the foreign exchange market, the Bank of Ghana (BoG) has announced stringent measures to prevent foreign exchange bureaus from advertising their rates on social media platforms. This directive was part of the 118th monetary policy statement delivered by Dr. Ernest Addison, the Governor of the Bank, on Monday, May 27, 2024. Ensuring Market Integrity The BoG's decision to ban social media advertisements by forex bureaus is aimed at curbing unauthorized and potentially misleading practices that can destabilize the foreign exchange market. Dr. Addison emphasized that these measures are crucial for maintaining the integrity and transparency of the market. "The Bank is fully aware of the operations of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to sanitize the foreign exchange market," Dr. Addison stated. "Foreign exchange bureau monitoring will be stepped up to ensure compliance with their regulatory framework. In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice." Addressing Unauthorized Entities The BoG's initiative is specifically targeted at addressing the activities of unauthorized entities within the foreign exchange market. By prohibiting online advertising, the Central Bank aims to reduce the influence of informal and often unregulated currency exchange services that thrive on digital platforms. This is expected to diminish the attractiveness of these informal avenues, thus fostering a more transparent and regulated market environment. Collaboration and Compliance To ensure the success of this initiative, the BoG has established a task force dedicated to monitoring all foreign exchange bureaus for compliance. Additionally, the Central Bank has partnered with the Ghana Association of Banks to simplify the documentation requirements for foreign transactions. This collaboration aims to make formal channels more accessible and user-friendly, thereby encouraging more participants to engage in regulated foreign exchange activities. Mitigating Market Sentiments Dr. Addison also highlighted the impact of market sentiments and public pronouncements, especially in an election year, on the foreign exchange market. He urged all stakeholders to manage their communications carefully to avoid weakening confidence in the local economy. Proactive Measures for Corporate Entities In a related effort to stabilize the market, the BoG has proactively addressed the foreign exchange requirements of corporate entities. This move is designed to alleviate pressure on commercial banks and ensure that the needs of large-scale operators are met without disrupting market equilibrium. The Bank of Ghana's directive against social media advertising by foreign exchange bureaus is a decisive step towards enhancing the transparency and stability of the foreign exchange market. By eliminating unauthorized practices and promoting regulated avenues, the Central Bank aims to create a more trustworthy and efficient market environment. As the task force begins its work, the BoG remains committed to enforcing these regulations and supporting the formal foreign exchange sector. Bank of Ghana's New Measures Task Force Establishment: A dedicated team to oversee and ensure compliance among forex bureaus. Partnership with Banks: Simplification of foreign transaction documentation to reduce informal exchange reliance. Corporate Support: Addressing corporate foreign exchange needs to relieve commercial banks. Advertising Ban: Prohibition of rate advertising on social media to curb unauthorized practices. Market Sentiments: Managing public communications to maintain economic confidence. These comprehensive measures reflect the BoG's commitment to fostering a robust and transparent foreign exchange market in Ghana. Story by: Joshua Kwabena Smith

The Bulk Energy Storage and Transportation Limited Company (BOST) marked a significant milestone at the prestigious Ghana CEOs Summit held at the Kempinski Gold Coast City Hotel in Accra. In a testament to their remarkable leadership and transformative impact, BOST's Managing Director, Dr. Edwin Alfred Provencal, and the Chairman of the Board, Mr. Ekow Hackman, received special recognition as 'Outstanding CEO of the Year' and 'Board Chairman of the Year,' respectively. The awards, presented to the distinguished leaders, underscored their exceptional contributions to the company's resurgence, elevating BOST to the status of the best-run state-owned enterprise in Ghana. The citation highlighted their leadership in reversing the company's fortunes, catapulting it from the eighth to the fourth position on the Public Enterprise League Table within a year, with expectations of even higher rankings in the next assessment. A Turnaround Story Reflecting on BOST's challenging past, the company had endured three consecutive years of financial losses, culminating in a staggering GHS459 million loss in 2016. This period was marked by deteriorating infrastructure, which reduced revenue-generating assets to a mere 18%. The company grappled with debts exceeding $600 million to suppliers and related parties, alongside a domestic bank debt surpassing GHS400 million. Furthermore, operational challenges were compounded by the grounding of three out of six depots nationwide and the non-operational status of all marine assets. Financial Rebound and Operational Revitalization The turnaround began in earnest, and by 2021, BOST reported a profit of GHS163 million. The momentum continued, with the company more than doubling its profit after tax to GHS342 million in the 2022 financial year. The transformation was not merely financial; BOST's revenue assets skyrocketed from 18% to an impressive 95%. All six depots, pipelines, and marine assets were restored to full operation, generating substantial revenue. Continental Recognition BOST's dramatic turnaround earned it continent-wide acclaim. In 2023, at an event in Kenya, the company was lauded as the 'Most Transformed Public Enterprise in Africa.' This accolade was a testament to the significant strides made under the stewardship of Dr. Provencal and Mr. Hackman. Acknowledgements and Future Prospects In their acceptance speeches, Dr. Provencal and Mr. Hackman attributed the company's success to the unwavering support and dedication of BOST's management team and staff. Their collective effort was instrumental in navigating the company through its toughest times and achieving such remarkable results. The Ghana CEOs Summit 2024, graced by former President John Dramani Mahama as the guest of honor, saw a diverse representation from various sectors of the company. The event not only celebrated individual leadership but also highlighted the collective endeavor that propelled BOST to its current heights. As BOST looks ahead, the recognition at the Ghana CEOs Summit serves as both a testament to past achievements and a beacon guiding future endeavors. The company is poised for continued excellence, with its leadership committed to sustaining and building upon the transformative progress made. The Ghana CEOs Summit of 2024 will be remembered as a defining moment for BOST, showcasing the power of visionary leadership and collaborative effort in turning around a state-owned enterprise. Story by: Joshua Kwabena Smith

In response to ongoing economic challenges, traders across Ghana are preparing to stage a nationwide demonstration to protest the unfavorable exchange rates that have severely impacted their businesses. Organized by the Ghana Federation of Traders, the protest aims to draw the government's attention to the adverse effects of the volatile cedi-dollar exchange rate on the trading community. The traders argue that addressing the exchange rate issue is crucial for the survival and growth of small and medium-sized businesses, which are currently grappling with high operational costs due to fluctuating currency values. The high exchange rate has made imports more expensive, pushing many businesses to the brink of closure and resulting in job losses. In a statement, the traders' federation emphasized that exchange rate instability not only affects traders but also has broader implications for the Ghanaian economy. Higher import costs lead to higher prices for consumers, contributing to inflationary pressures. This situation is particularly challenging for a country that relies heavily on imports for essential goods, including food, clothing, and electronics. The Ghanaian cedi has experienced significant depreciation in recent years, causing widespread economic instability. As of early 2024, the exchange rate hovers around GH¢12 to GH¢13 per US dollar, a sharp decline from the more stable rates of previous years. This depreciation has profoundly impacted the cost of living, the price of goods, and the overall economic well-being of Ghanaians. Historically, the cedi's value has been declining. In 2008, it was GH¢1.057 to the dollar, rising to GH¢1.972 in 2012, and GH¢3.945 in 2016. Under the current NPP-led government, the cedi against the dollar has soared to GH¢15.17, causing distress among business owners and consumers. The traders' demonstration aims to highlight the urgent need for government intervention to stabilize the currency and support the business community. They call for policies that will mitigate the impact of the exchange rate on imports and help sustain small and medium-sized enterprises (SMEs) that form the backbone of Ghana's economy. By mobilizing for this nationwide protest, the Ghana Federation of Traders hopes to send a strong message to the authorities about the critical state of the economy and the pressing need for measures to curb the cedi's depreciation. The traders believe that without decisive action, the economic challenges will continue to escalate, further undermining the livelihoods of many Ghanaians and the overall stability of the nation's economy. Story by: Joshua Kwabena Smith

The Minerals Commission's state-of-the-art Ashanti Regional office complex, an eight-story multi-purpose facility, is nearing completion and is expected to be commissioned by October 2024. This was confirmed by Project Consultant Mr. Osei Tutu during an inspection visit by the Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, MP, on May 27, 2024. The inspection tour allowed the Lands Minister to assess the progress of the construction, which will serve as a hub for the Minerals Commission's regulatory and oversight activities in the Ashanti Region and the middle belt of Ghana, including the Western North and Central Regions. In his address to the press, Hon. Samuel A. Jinapor emphasized the importance of a fully operational Minerals Commission office in ensuring effective regulation of the mining sector. He noted the government's commitment to decentralizing the Minerals Commission, highlighted by the construction of this new regional office. “I have to commend the CEO of the Minerals Commission, the consultants, the contractors, and everyone who has worked so diligently to ensure that we put up this extraordinary office for the Ashanti Regional Minerals Commission. If we are going to come to grips with mining, particularly large-scale mining, which contributes significantly to the national economy, as well as small-scale mining, then the Minerals Commission must have the requisite structure, personnel, and operational capacity to regulate the mining sector" This government has taken the initiative to ensure that the regulation of mining activities is decentralized, and we are on course,” he stated. Minister Jinapor also underscored the significance of the investment made by the government under President Nana Addo Dankwa Akufo-Addo, noting that the new building will be the tallest in Kumasi. He assured that the facility would enhance the Commission's capability to conduct rigorous investigations and oversight of mining activities. "The contractors have assured us that the building will be handed over by the end of September, and I will ensure they adhere to this timeline. I will also seek the concurrence of His Royal Majesty Asantehene, Otumfuo Osei Tutu, to commission the project in the first week of October," Jinapor added. The Chief Executive Officer of the Minerals Commission, Mr. Martin Kwaku Ayisi, revealed that the project, initially estimated at GH₵80 million, includes plans to lease some office spaces within the complex to generate revenue. He also highlighted a comprehensive maintenance plan to ensure the facility's sustainability and benefits. Project Consultant Mr. Osei Tutu provided a detailed update on the construction progress, stating that the project is 71% complete. He detailed that while preliminaries are at 60% and the ground floor at 63%, the main building structure is fully complete, and overall progress for the seven-story main block and laboratory is 63%. Since 2021, the Minerals Commission has embarked on a significant infrastructural development drive across Ghana’s ten mining regions. This initiative aims to decentralize the Commission's services, streamline mining operations, and bring regulatory activities closer to stakeholders. The completion of the Ashanti Regional office complex marks a major milestone in this nationwide infrastructural expansion, reaffirming the government's dedication to advancing the mining sector. Story by: Joshua Kwabena Smith

Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, Dr. Papa Kwesi Ndoum, has claimed that the government still owes two of his companies and other subsidiaries over GH¢7 billion. The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, resulting in the freezing of depositors’ funds. For years, depositors and investors have been demanding the return of their funds without success. In a renewed effort to revive his companies, Dr Ndoum has called on the government to reimburse contractors who borrowed money from Groupe Ndoum. Dr Ndoum said if the government had paid some of the contractors years ago, his companies would not have had the current financial challenges. “A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem. There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies. So today, what we are asking is we are saying let them pay the money. “If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid" Credit: Citinewsroom

Managing Editor of Yenkasatv, Jibriel Suliah has thrown more light on 'choggu', a fascinating ritual which is being held during traditional marriage ceremonies among the Dagomba people of Northern Ghana. Mr. Suliah took to his Instagram handle to make the explanation after some scores of netizens misunderstood a gesture exhibited by a young lady in a viral wedding video which happened over the weekend. Jibriel explained that the tradition is particularly prominent among the Dagomba people, where it serves as a dramatic and symbolic representation of the family dynamics in polygamous households. During the marriage ceremony, the groom's existing wives, along with other influential female relatives such as grandmothers and young women believed to be reincarnations of past family members, take center stage. These women, he noted physically block the groom’s path to the site where the marriage rites are to be performed. This act is not merely a playful obstruction but a significant demonstration of their status and influence within the family. Jibriel noted that the groom is then required to negotiate with these women to gain their permission to proceed with the marriage. This negotiation, he added often involves the giving of gifts or money, serving as a token of appreciation and respect for their position. The ritual of 'choggu' underscores the importance of harmony and mutual respect among the co-wives and within the extended family unit. It is a vivid reminder of the delicate balance of power and respect that characterizes polygamous family structures. 'Choggu' is more than just a ceremonial hurdle; it reflects the broader cultural values of the Dagomba people. It highlights respect, negotiation, and the intricate dynamics of family life. This tradition ensures that new relationships are integrated smoothly into the existing family framework, promoting unity and understanding among all members. In essence, 'choggu' ceremonies provide a rich tapestry of cultural heritage, emphasizing the importance of familial harmony and respect in the vibrant social fabric of the Dagomba people. This practice, while deeply rooted in tradition, offers a fascinating glimpse into the enduring values and complex social structures of Northern Ghanaian communities. Story by: Joshua Kwabena Smith

In the aftermath of a disappointing loss to arch-rivals Asante Kotoko, Hearts of Oak head coach Aboubakar Ouattara has emphasized that the pressure is on the entire team, not just him. Speaking candidly after the match, Ouattara reflected on the performance and the pressing need for points in the final stages of the league. "We didn't play well. Kotoko took their chances, and we lost," Ouattara admitted. "I don't want to single out anyone for blame. I have to talk to the boys, to everyone, and to myself as well." When asked whether he felt his team could have at least salvaged a draw, Ouattara was frank. "No, based on the match itself, Kotoko deserved to win. But before the match, we had a different expectation. Today, we couldn't live up to that." Despite the ongoing struggles, Ouattara dismissed personal pressure but acknowledged the collective strain. "Personally, I'm not under pressure. But as a team, we are all under pressure. Don't isolate me—it's the whole team. We need the players to step up and deliver." Hearts of Oak, a club with a storied history and passionate fan base, finds itself in an unusual predicament as they battle to avoid relegation. The coach is acutely aware of the stakes. "Hearts of Oak is a big club. Many people don't associate relegation with us. But with each loss, the reality becomes clearer. We have three games left, and we need the points. There's no other choice." Ouattara outlined a straightforward strategy for the remaining matches. "To get the points, we must score. And to score, we need to play a simple game. It's that simple." As the team faces a crucial period, the unity and resilience of Hearts of Oak will be tested. "We need everyone to perform. It's a collective effort. We have to pull together and deliver for our fans and for the club." Despite the setback, Ouattara remained composed and appreciative. As Hearts of Oak heads back to Accra, the focus now shifts to the remaining fixtures, where every match will be a battle for survival. The coming weeks will determine whether the team can rally and preserve their prestigious status in Ghanaian football. Story by: Joshua Kwabena Smith

The much-anticipated 25th edition of the Telecel Ghana Music Awards is set to take place on Saturday, June 1st, at the prestigious Grand Arena in Accra. This milestone event not only marks a quarter-century of celebrating Ghanaian music but also pays tribute to the vibrant culture and remarkable talents of the nation's music industry. This year's ceremony promises to be an unforgettable night, featuring performances by some of Ghana's top artists, including Stonebwoy, King Promise, Mr Drew, and Efya, among many others. The event will showcase a blend of established and emerging talents, highlighting the diverse musical landscape of Ghana. A significant highlight of the evening will be the presentation of the Artist of the Year award, an accolade recognizing the artist who has made a profound impact on the music scene over the past year. This award is one of the 30 categories to be presented, celebrating achievements across various genres and collaborations, as well as individual accomplishments. In addition to honoring musical excellence, the 25th Telecel Ghana Music Awards will be a reflection on the journey of Ghanaian music over the past two and a half decades. The event aims to honor the people behind the music, the cultural heritage, and the innovative spirit that continues to drive the industry forward. With a lineup of stellar performances, heartfelt tributes, and the excitement of awards presentations, the 25th edition of the Telecel Ghana Music Awards is poised to be one of the most memorable nights in the history of Ghanaian music. Fans and industry professionals alike are eagerly awaiting this grand celebration of talent and culture. Story by: Sarah-Joyce Komenan

The Management of Beenie Words has expressed profound grief over the untimely death of their esteemed blogger, John Claude Tamakloe, who perished in a devastating car accident involving celebrated Highlife musicians KK Fosu and Bless. In a heartfelt statement released on Monday, May 27, Beenie Words management conveyed their deep sorrow and extended their condolences to Tamakloe’s family. Tamakloe, a dedicated and integral part of the team, served as an editor, publicist, and co-talent manager with Beenie Words for over a decade. “He was a hardworking, selfless, and ingenious team player we will forever miss—he has left a huge vacuum in our hearts. We’re gutted by his absence already,” the statement read. “We commiserate with his family who are going through a very challenging time due to his death.” The statement also requested privacy for Tamakloe’s family as they navigate this difficult period and make arrangements for his funeral. The fatal accident occurred on May 25 on the Accra-Apam highway. KK Fosu and Bless, known for the hit song ‘ChoCho mu Cho,’ were en route to perform at a wedding ceremony when their Toyota Camry collided head-on with a Benz car. The collision happened as the Benz attempted to overtake another vehicle. John Claude Tamakloe, accompanying Bless as his videographer, was killed instantly in the crash. Bless sustained severe injuries, including a fractured leg, and is currently in critical condition. KK Fosu also suffered injuries and is under medical observation. The tragic incident has sent shockwaves through the entertainment community, with many expressing their condolences and support for the families and friends of those involved. This loss is deeply felt by the team at Beenie Words, who remember Tamakloe not only for his professional contributions but also for his character and dedication. Further updates on Bless and KK Fosu’s conditions, as well as funeral arrangements for Tamakloe, will be communicated in due course. Story by: Joshua Kwabena Smith

Highlife Musicians, KK Fosu and Bless are in critical condition after being involved in a fatal accident on the Apam – Winneba Road in the Central Region on Saturday, May 25, 2024. The incident occurred on the Accra-Apam highway as the duo travelled to Apam to perform at a wedding ceremony. KK Fosu, known for his numerous hits, was accompanied by his colleague Bless, famed for the song “Cho Cho Mu Chu.” The two musicians were in critical condition and were transferred from a health facility in the Central Region to a hospital in Accra. John Claude Tamakloe, a freelance journalist who was also part of the entourage, died on the spot. Their accident comes less than 24 hours after Kumawood star, Kwadwo Nkansah, known as Lilwin, was also involved in a near-fatal accident. The incident GhanaWeekend understands occurred around Amokom, a suburb of the Kumasi Metropolis in the early hours of Saturday, May 25, 2024. Credit: Ghana Weekend

On Saturday, May 25, Freemasons from Ghana and across the globe gathered in Kumasi to pay tribute to the Asantehene, Otumfuo Osei Tutu II. The occasion celebrated two significant milestones; his 25th anniversary on the Golden Stool and his quarter-century of service in Freemasonry. The event took place at the prestigious Bro Otumfuo Sir Agyemang Prempeh II Masonic Hall. Otumfuo Osei Tutu II, known within the Grand Lodge of Ghana as Most Worshipful Bro Otumfuo Osei Tutu II, holds the esteemed position of Grand Patron. His dual anniversaries mark a significant chapter in both his reign as the Asantehene and his influential role within the Masonic community. The ceremony was a grand affair, reflecting the high regard in which the Asantehene is held. Freemasons from various countries convened to honor his contributions and leadership. The Asantehene’s influence extends beyond traditional realms, as he has played a pivotal role in the Freemasonry fraternity, fostering unity and progress. The Bro Otumfuo Sir Agyemang Prempeh II Masonic Hall, named after a distinguished predecessor, provided a fitting venue for the event. It was adorned with symbolic regalia and decorations befitting the grandeur of the occasion. The hall resonated with speeches, accolades, and a deep sense of camaraderie as Masons from diverse backgrounds came together to celebrate their Grand Patron. Otumfuo Osei Tutu II's 25 years on the Golden Stool have been marked by significant achievements and modernization efforts within the Ashanti Kingdom. Simultaneously, his quarter-century of involvement in Freemasonry underscores his commitment to the values of brotherhood, charity, and moral uprightness. The celebration highlighted not only the Asantehene's leadership but also his embodiment of Masonic principles. His tenure has been characterized by efforts to promote education, healthcare, and economic development within his jurisdiction and beyond. As the event concluded, it was evident that Otumfuo Osei Tutu II's legacy would continue to inspire both the Ashanti people and the global Masonic community. The ceremony was a testament to his enduring influence and the respect he commands on both traditional and Masonic platforms. Story by: Joshua Kwabena Smith

Following a month-long search for a missing Ghanaian lady, Afiba Abigail Tandoh and her friend Celine Chidinma Ndidum, significant developments have emerged pointing towards suspect Andrew Amechi Otchipo, a 52-year-old British Nigerian with deep connections in Nigeria. Otchipo, a supposed notorious figure wanted by security agencies, was apprehended by Interpol in Nigeria to aid in investigations related to the disappearance of the two women. Close Circuit Camera (CCTV) footage from the hotel where the trio met revealed crucial evidence linking the suspect to the missing girls, including personal belongings such as the ladies handbags, ATM cards among others were found in his residence. Despite this breakthrough, authorities are facing challenges in extracting information from Otchipo regarding the whereabouts of Afiba and Celine. The Ghanaian government, deeply concerned about the welfare of its citizens, has instructed the Consulate in Nigeria to intensify efforts to locate the missing individuals. Pressure is mounting on the Nigerian Police Force to expedite the search for Afiba and Celine, whose sudden disappearance has raised alarm in both countries as a relations of the Ghanaian who happens to be top politicians in Ghana are living anything to chance in rescuing their relation. Information available to DGN Online shed light on the intricate sequence of events leading up to Afiba’s sudden disappearance. Following the unexpected cancellation of the wedding they intended to attend, both Afiba and Celine rendezvoused with another acquaintance, Adiani Blessing Onyinye, whose wedding was called off at Garden Heights Estate in GRA, Port Harcourt on April 19, 2024. Subsequently, the pair undertook a journey to meet Celine’s associate which has been revealed to be suspect Andrew Amechi in Aba, Abia State, on April 27, 2024, ahead of their purportedly a business engagement centered around pet-related ventures—an area of expertise for the Ghanaian visitor. Promising to return by April 29, Afiba and Celine were last seen at Panyu Hotel and Resort in Abia with the aid of a CCTV footage before their presence became alarmingly absent from public view. Concern over the fate of the two women escalated dramatically when, on Sunday, April 28, reports emerged hinting at a possible abduction scenario via text messages to friends and relatives. An urgent message sent via WhatsApp from Afiba Tandoh phone included a live location marker, directing the recipient— Blessing in Port Harcourt—to alert the authorities promptly. In response to this distress call, the matter was swiftly relayed to the Aba Anti Kidnapping Squad, urging collaborative efforts with the esteemed Nigeria Police Force to expedite search and rescue actions in the pursuit of locating the missing individuals. Amidst the uncertainty surrounding Afiba Abigail Tandoh’s inexplicable vanishing act in a foreign land, familial distress and official apprehension heighten the urgency to unravel the circumstances underpinning this distressing disappearance. As waves of speculation ripple through the Ghanaian community, especially at Jomoro in the Western Region, the imperative to track down Afiba and her companion underscores the gravity of safeguarding individuals crossing borders and the vital role law enforcement plays in responding decisively to such poignant cases of missing persons. Source: dailyguidenetwork