Category: Daily Financial Times

The Sri Lanka Institute of Directors (SLID) will welcome two distinguished global thought leaders at the Sri Lanka Corporate Director Summit 2026, reinforcing the Summit’s position as the country’s premier forum for corporate governance, board leadership, and future-focused business thinking.

The Summit on 22 July at the Cinnamon Grand, will feature UK University of Leicester President and Vice-Chancellor Prof. Sir Nishan Canagarajah, considered one of the world’s leading higher education figures. Originally from Sri Lanka, Prof. Sir Nishan was recently awarded a Knighthood in the 2026 King’s New Year Honours for his outstanding contributions to higher education.

His keynote address, ‘Future-Ready Sri Lankan Boards: Leading Through Innovation, Talent, Technology and Global Competitiveness,’ will examine how boards can position organisations for success in an increasingly technology-driven and globally connected business landscape.

Joining him will be the World Bank Group Global Head of Talent and Career Development Edith Umole. She will deliver a keynote address titled ‘The Board’s Responsibility for Talent,’ emphasising why succession planning, leadership development, and talent oversight must become central governance priorities for modern boards.

Drawing on her extensive global leadership experience, Umole will share insights into how boards can strengthen leadership pipelines, build organisational resilience, and enhance long-term value creation through effective talent governance.

Bringing together leading directors, chairpersons, CEOs, regulators, investors, governance professionals, and international experts, the Sri Lanka Corporate Director Summit 2026 will provide an exceptional platform to explore the evolving role of boards in driving sustainable growth, innovation, and competitiveness.

Registration is now open. Participation fees are Rs. 30,000 for SLID Members and Rs. 35,000 for Non-Members. For registrations and inquiries, contact events@slid.lk or 076 545 4279.

Sri Lanka’s foreign reserves are often discussed through one headline number: gross official reserves. That number matters, but it also does not tell the full picture. To understand the full picture, we have to also know the net reserves.

Gross reserves show the foreign-currency assets held or controlled by the Central Bank of Sri Lanka (CBSL). Net reserves ask a further question: after deducting the CBSL’s foreign-currency obligations that have to be repaid, how much of that reserve cushion remains?

A simple household example helps explain the distinction. Suppose a household has $ 100 in its emergency fund, but $ 80 of that amount was borrowed and must be repaid in the near future. The household can still use the $ 100 today. But it would be misleading to treat the full $ 100 as its own safety cushion, because most of it is matched by a repayment obligation. The more relevant question is not only how much cash is in the account, but how much remains after accounting for the money that must be paid back in the near future.

This distinction mattered in the period immediately before Sri Lanka’s external debt default.

In December 2021, four months before the default, CBSL’s gross reserves were reported to be $ 3.1 billion. But after accounting for foreign-currency liabilities, CBSL’s net reserves were below zero, at negative $ 0.4 billion (see Table 2). Yet in January 2022, even as Sri Lanka’s net reserves continued to decline, the former CBSL Governor pointed to the gross reserves and publicly described the reserve position as ‘stable.’ This shows why referring only to gross reserves can be misleading.

The same issue remains relevant to current policy debates. Public statements and media reports often point to increasing gross official reserves as evidence of ‘economic recovery.’ However, under Sri Lanka’s ongoing IMF program, the reserve target is monitored using net international reserves, not gross reserves. CBSL’s Reserve data in Table 2 show that NIR was negative in December 2022 and December 2023 and turned positive in 2024. This means the recovery story depends not only on whether gross reserves are rising, but also on whether the country is rebuilding its net reserves. This was the concern highlighted in the Committee on Public Finance (CoPF) discussion and during a television appearance by the CoPF Chairperson on 10 November 2025.

This is why the distinction between gross and net reserves needs to be explained clearly.

If public debate focuses only on rising gross reserves, it can create the impression that Sri Lanka’s foreign-currency position has recovered more strongly than it actually has. This is also why the focus of the IMF program is net reserves and not gross reserves. The issue is not simply whether reserves are increasing, but whether the CBSL is rebuilding its reserve position after accounting for foreign-currency obligations.

Against this backdrop, this FactCheck.lk Explainer is presented in three main parts. First, it explains what international reserves are and why they matter. Second, it explains the difference between gross international reserves (GIR) and net international reserves (NIR). Third, it explains why CBSL and the IMF program can report different NIR figures for the same period.

Why do international (foreign) reserves matter?

International reserves are foreign-currency assets and other internationally accepted reserve assets that a country’s monetary authority (in Sri Lanka’s case, the CBSL) can use when it needs to make or support payments to the rest of the world. They are used to meet foreign-currency payments-such as paying for essential imports and servicing external debt. When the Government or private sector-which earn revenue primarily in rupees-have to meet international payments in dollars, and don’t have enough foreign currency in their coffers, they can also draw upon these reserves. That is, they exchange rupees with the CBSL in return for the dollars they need to remit to the international party.

Sri Lanka’s 2022 crisis was, in practical terms, a crisis of running out of such foreign currency. The economy as a whole-particularly, the CBSL’s reserve holdings-did not have the dollars to supply the Government and others to make their international payments.

Reserve numbers are therefore important because they indicate whether the country has enough foreign-currency cover to keep paying for essential imports and external debt when foreign- inflows weaken, and there are temporary shortfalls in access to foreign currency. These are the kinds of situations referred to as external pressure or stress.

Gross reserves vs net reserves: What is the difference?

CBSL’s reserves are commonly analysed using two broad measures: Gross international reserves (GIR) and net international reserves (NIR).

GIR are the reserve assets held and controlled by the CBSL before deducting reserve-related repayment obligations. The assets that are counted for GIR are those that are liquid (readily available for use), and can be converted to any foreign currency. (They typically include: foreign currency cash and deposits, the IMF reserve position, Special Drawing Rights (SDRs) and monetary gold held by the CBSL).

NIR is the reserve assets that remain after deducting selected foreign currency liabilities-such as loans and swaps-from GIR. In simpler terms, NIR asks: if foreign currency liabilities are reduced from the gross reserve assets, what is the actual cushion (or the ability to withstand short term stress)?

Gross reserves can increase even when a country’s underlying vulnerability remains high-particularly if reserves are built up through the CBSL borrowing foreign currency. This is similar to increasing the balance in a savings account by taking out a loan: the number looks larger, but the ability to withstand a shock has not improved.

Therefore, when assessing whether a country can continue meeting its external obligations under stress, it is net reserves (NIR), and not gross reserves (GIR), that provide an accurate picture.

Why do CBSL and the IMF report different net international reserves (NIR) figures for the same period?

Since NIR is the more relevant measure, it is also important to understand how it is calculated and reported. It turns out that the CBSL and the IMF use two different ways of counting NIR. There are some foreign currency related liabilities that the CBSL does not count, but the IMF counts. This is why the figures for NIR that they report differ.

Table 1 below summaries this difference. It shows that both approaches count many of the same foreign-currency assets and deduct foreign-currency liabilities owed to banks located outside of Sri Lanka (non-resident banks). The only difference is how they treat foreign-currency liabilities owed by CBSL to banks located inside Sri Lanka (Category 5).

Table 1: Summary of the difference in calculation of the NIR by the CBSL and IMF

Under the reporting convention that is followed by the CBSL (a residency-based approach), if the CBSL owes foreign currency to a bank outside Sri Lanka, that liability is treated as external and is deducted. If CBSL owes foreign currency to a bank inside Sri Lanka, that liability is treated as domestic and is not deducted in the CBSL’s NIR calculation. This approach is mirrored in the way the CBSL reports its assets as well.

The current IMF program in Sri Lanka adopts the reserve-counting framework of the CBSL but makes one further deduction. It deducts CBSL’s foreign-currency liabilities to resident banks.

How should we adjudicate between these two measures?

The answer depends on the size of CBSL’s foreign-currency assets held with resident banks.

If foreign-currency liabilities to resident banks are counted, as the IMF does, then a full application of the NIR principle (assets minus liabilities) would also require counting foreign-currency assets held with resident banks, which the current IMF program in Sri Lanka does not do.

Therefore, if the CBSL’s foreign-currency assets held with local banks are roughly equal to its foreign-currency liabilities to local banks, then the CBSL measure is likely to provide the more reflective of the real picture of the reserve position, because including both would largely cancel each other out-producing much the same result as excluding both.

On the other hand, if those foreign currency assets with local banks are near zero, then the measure used under the current IMF program would be more reflective of the real position of reserves, since the assets excluded by the IMF would have little effect on the calculation.

Whether the CBSL is a net borrower or net lender to local banks is therefore the key question? For which data is not available. This non availability of data compromises the ability of Parliament and the Cabinet to understand Sri Lanka’s true reserve position.

The IMF’s choice to ignore, in its measure, the foreign currency asset position of the CBSL with resident banks suggests that these assets are negligible. This would also explain why Sri Lanka agreed to use that measure under its IMF program. Therefore, unless the CBSL provides evidence to the contrary, it would be prudent to place greater weight on the measure used in the current IMF program.

Additional Note 1: A separate issue concerns whether all assets included in gross reserves are equally usable. For example, FactCheck.lk has previously raised concerns about CBSL’s treatment of the People’s Bank of China currency swap in reserve reporting, arguing that its inclusion can overstate the country’s usable reserve position. For more details, see: https://factcheck.lk/factcheck-lk-reservations-on-sri-lankas-reporting-of-foreign-reserves/.

Additional Note 2: Apart from deducting foreign-currency liabilities to resident banks, the IMF program measure uses fixed exchange rates and a fixed gold price based on January 2023 levels. This prevents the NIR figure from changing merely because exchange rates or gold prices move. The IMF program target can also be adjusted when external financing inflows or external debt service payments differ from the assumptions used in the program. In simple terms, these adjustments try to measure whether reserves are improving because of policy performance, rather than because of price movements or changes in assumed inflows and payments.

Table 2: CBSL Reserve Position from 2015-2025

(a) The total outstanding debt of the Central Bank, excluding outstanding Special Drawing Rights (SDRs) holdings.

(b) As per the IMF Fifth and Sixth Review

Sources: CBSL, IMF Fourth Review on Sri Lanka, IMF Fifth and Sixth Review on Sri Lanka

Hela Apparel Holdings PLC has appointed Emerald Investments Ltd., to manage the operations of its Egypt manufacturing facility as the company moves to address working capital challenges affecting the overseas operation.

In a corporate disclosure, Hela said Hela Clothing Egypt S.A.E., a fully owned subsidiary of Hela Investment Holdings Ltd., which in turn is a subsidiary of Hela Apparel Holdings PLC, was experiencing working capital constraints and that the company and its shareholder were implementing an operational stabilisation program to ensure continuity of operations and revenue generation.

Under the arrangement, Emerald Investments has been appointed as the Manager of the Egypt facility under a Management Service Agreement signed on 7 June with Hela Investment Holdings Ltd.

The management arrangement will remain in place until 31 December 2026, during which Emerald Investments will oversee manufacturing operations and employee management at the factory, enabling continued production and delivery of apparel orders to global customers.

Hela said Emerald Investments was selected based on its experience in apparel manufacturing and demonstrated capabilities, including the required skills, expertise, and personnel to manage production operations.

The agreement also provides Emerald Investments with an option to acquire Hela Clothing Egypt S.A.E., subject to terms agreed between the parties and the company’s creditors.

Hela Clothing Egypt S.A.E. operates an apparel manufacturing facility in Egypt producing garments for global brands for export markets. Hela Investment Holdings holds a 99% stake in the Egyptian subsidiary.

The Minority Leader, Alexander Afenyo-Markin, has criticised the government’s response to the recent devastating floods, accusing President John Dramani Mahama of merely conducting aerial inspections of affected communities instead of visiting victims on the ground.

Contributing to a statement in Parliament on the recent floods, the Effutu Member of Parliament (MP) said the government must go beyond symbolic gestures and demonstrate practical support for thousands of people who have lost lives, homes and livelihoods.

‘Since this flood, we have not seen the President visiting families. We saw him in the air. We saw him in the helicopter in the name of surveying and finding out. But the people who suffered are in their homes,’ he said.

According to the Minority Leader, flood victims across the country, particularly those who lost relatives and properties, deserve direct engagement and reassurance from the nation’s leadership.

‘Those who lost their lives, we have not seen any government official reaching out to their families. Those who lost properties, we have not seen any action from the government,’ he stated.

Mr. Afenyo-Markin questioned the government’s decision to declare a National Day of Thanksgiving in the aftermath of the disaster, arguing that many affected families were still grieving and struggling to recover.

‘People have died and they are suffering. They have lost their properties. The next day you are wearing white with white handkerchiefs for thanksgiving. What are you thanking God for? We don’t know what you know,’ he remarked.

He stressed that while he was not opposed to the thanksgiving observance, the timing was inappropriate given the scale of devastation caused by the floods.

The Minority Leader urged the government to prioritise relief efforts and provide meaningful assistance to affected households rather than focusing on what he described as optics.

He also criticised the National Disaster Management Organisation’s (NADMO) initial relief distribution, claiming that some flood victims in communities such as Nima and Accra New Town received only baked beans and instant noodles despite suffering extensive losses.

‘People have lost properties. They need rice, they need maize, they need cooking oil. They need government intervention to restore their businesses,’ he said.

Drawing attention to conditions in his Effutu constituency, Mr. Afenyo-Markin said six communities had been severely affected, with roads cut off and residents unable to access their farms.

‘I’ve spent days with my people. They are in pain. The roads have been cut off and they cannot go to their farms. That is the reality we are talking about,’ he noted.

The Minority Leader further called on the government to outline a comprehensive sanitation and flood prevention policy, insisting that recurring floods could not continue to be blamed on previous administrations.

‘There must be a clear sanitation policy. It is not enough to engage in blame games. They are in charge, they are responsible and they are in government,’ he stated.

He argued that drainage systems had not been adequately maintained since the current administration assumed office, contributing to the flooding witnessed in several parts of the country.

Mr. Afenyo-Markin, however, endorsed Speaker Alban Sumana Kingsford Bagbin’s appeal for Members of Parliament to mobilise their constituents to participate in nationwide clean-up exercises, saying communities also have a role to play in keeping the environment clean.

He maintained, however, that the government must match such community efforts with decisive policies, timely relief interventions and sustained investment in flood mitigation to prevent future disasters.

Government has reaffirmed its commitment to strengthening Ghana’s child protection system through sustainable financing and stronger partnerships.

Minister for Gender, Children and Social Protection, Dr. Agnes Naa Momo Lartey, said this when she addressed participants at the 2026 National Justice Conference in Accra.

She said government remained committed to building a child protection system that protects every child from labour exploitation and guarantees their rights, safety and well-being.

Dr. Lartey noted that sustainable financing is essential to ensuring effective child protection, adding that without adequate and reliable investment, even the strongest policies, legal frameworks, and institutional arrangements cannot deliver their full impact.

The minister also called for a coordinated financing approach involving government, development partners, civil society organisations, the private sector and communities to strengthen child protection systems across the country.

She, however, added that investing in child protection was not merely a social obligation but an investment in human capital, economic productivity, social cohesion, and Ghana’s future development.

According to her, these complementary investments, if coordinated well, will be able to respond to emerging challenges.

‘Protecting children is not the responsibility of any single institution. It is a shared national responsibility that requires sustained commitment from government, Parliament, the judiciary, development partners, civil society, the private sector, communities, families, and every citizen.

‘Together, through partnership, innovation, and sustained investment, we can create a Ghana where every child is safe, every child’s rights are protected, and every child has the opportunity to reach his or her full potential,’ she added.

Dr. Lartey further acknowledged the contributions of development partners, including the International Justice Mission (IJM), the United Nations Children’s Fund (UNICEF) and the International Labour Organisation (ILO), for their support which has continued to strengthen the country’s response to child labour exploitation.

Prof. Lord Mensah, Head of Local Government Service, also described child labour not only as a social concern but as a governance, development and moral issue that demands collective action.

He urged local authorities to work closely with social welfare, education and law enforcement agencies to mobilise resources in order effectively monitor child protection policies in various communities.

He also called on district assemblies to allocate dedicated funds for child protection programmes, to reduce dependence on donor support.

‘Every child deserves a chance to dream, to learn and to thrive. It is our collective duty to ensure that no child is robbed of that future through exploitation,’ he said.

The conference, held under the theme ‘Sustainable Funding for Child Protection Against Labour Exploitation,’ organised by the International Justice Mission, brought together policymakers, development partners, civil society organisations, child protection advocates, representatives of the security agencies, traditional leaders and other stakeholders.

Sri Lanka Insurance Life (SLICLL), reinforcing its position as the country’s strongest and most trusted life insurer, has once again set an industry benchmark by declaring an unprecedented Rs. 14.68 billion bonus to its policyholders for the year 2025, the highest annual life insurance bonus declared in the Sri Lankan life insurance industry.

This brings the cumulative bonus paid to policyholders since 2006 to an outstanding Rs. 131.28 billion, extending Sri Lanka Insurance Life’s unmatched record of declaring the industry’s highest bonus year after year.

In a year marked by evolving economic dynamics, Sri Lanka Insurance Life demonstrated remarkable resilience and financial strength. At the end of 2025, the Company’s total asset base stood at Rs. 275 billion, while its Life Fund grew to Rs. 247 billion, maintaining its position as the largest in the industry. Throughout the year, the Company settled an average of over Rs. 1.35 billion in maturity and claims every month amounting to approximately Rs. 16.2 billion annually in addition to the annual bonus declared. These achievements reflect the Company’s prudent investment management, financial stability, and unwavering commitment to safeguarding the interests of its policyholders.

With a legacy spanning over six decades, Sri Lanka Insurance Life has consistently delivered on its promises, earning the trust of generations of Sri Lankans. Against a backdrop of evolving market and economic dynamics, the Company recorded another year of strong financial performance in 2025, reporting a Profit Before Tax of Rs. 4.3 billion. Gross Written Premium (GWP) increased to Rs. 32.6 billion, reflecting a strong 24% year-on-year growth, while New Business Premium Income reached Rs. 7.56 billion, recording an outstanding 42% growth.

Customer centricity remains at the heart of Sri Lanka Insurance Life’s strategy, driving the organisation’s continuous efforts to enhance service standards and elevate the customer experience. Through ongoing investments in digital innovation and process improvements, Sri Lanka Insurance Life continues to make insurance more accessible, convenient and responsive, ensuring customers receive the highest standards of service throughout their journey. Complementing this commitment, the enhanced Life Loyalty Rewards program offers policyholders an extensive range of exclusive benefits and lifestyle privileges, reinforcing the SLIC Life’s focus on delivering value beyond insurance.

Guided by its brand promise, ‘Like a Father, Like a Mother’, Sri Lanka Insurance Life continues to make a lasting impact beyond insurance through initiatives that strengthen communities across the country. Since its inception in 2007, the ‘Pasal Piriyatha Surakimu’ programme has benefitted over 3,365 underprivileged schools through classroom refurbishments, water facilities, libraries and other essential learning resources. Complementing this effort, the ‘Suba Pathum Scholarship Program’, launched in 2014, has awarded over 2,200 scholarships worth more than Rs. 240 million to children excelling at national examinations, including 225 scholarships awarded in 2025. The Company also marked the fourth consecutive year of its World Children’s Day initiative in 2025 by extending complimentary life insurance cover to parents of newborns across the country. In recognition of its continued contribution to nation building through education focused initiatives, Sri Lanka Insurance Life was honoured with the ‘Support and Improvement in Quality of Education’ award under the Excellence in CSR category at the Sri Lanka Leadership Awards 2025.

This year’s record bonus declaration reflects the Company’s enduring promise of ‘Trust That Goes Beyond Measures’, a commitment built on financial strength, consistency and unwavering dedication to policyholders. Backed by the industry’s strongest financial foundation and sustained business growth, Sri Lanka Insurance Life remains committed to creating long-term value while continuing to lead the Sri Lankan life insurance industry with strength, trust and purpose.

Novak Djokovic produced an astonishing performance to beat Felix Auger-Aliassime in a five-set thriller lasting over five hours to set up a blockbuster Wimbledon semi-final against defending champion Jannik Sinner.

It was the longest-ever quarterfinal at Wimbledon.

Bidding for a record 25th Grand Slam title, having been tied with Margaret Court since the 2023 US Open, it seemed like Djokovic’s latest bid was on the brink when he pulled up with a leg injury in the first set.

But a medical time-out and a massage appeared to solve the problem and the 39-year-old was still fighting hard four sets later against third seed Auger-Aliassime.

After entertaining a packed Centre Court for five hours and 15 minutes, it was Djokovic who stood with his arms aloft in triumph after a 7-6 (12-10) 3-6 6-3 6-7 (4-7) 7-6 (10-4) victory.

The Bank of Ceylon (BOC) has taken another significant step in advancing financial inclusion by introducing BOC Flex and Lanka QR payment solutions to entrepreneurs from Sri Lanka’s indigenous community in Dambana, enabling them to embrace the country’s growing digital economy while preserving their rich cultural heritage.

As the nation’s trusted banking partner, BOC continues to reaffirm its commitment to ensuring that every Sri Lankan, regardless of location or background, has access to secure, convenient, and innovative financial services. The initiative reflects the Bank’s vision of creating opportunities that empower communities and contribute to sustainable economic development.

For generations, the indigenous community of Dambana has relied on traditional livelihoods, including beekeeping, forest-based products, and handcrafted herbal items. However, limited access to modern banking services and wider markets has often restricted their economic potential.

Recognising these challenges, BOC introduced digital payment solutions that allow entrepreneurs to accept payments instantly through Lanka QR, with funds credited directly to their Bank of Ceylon accounts. This eliminates the need to handle cash, provide change, or face payment-related inconveniences, while offering customers a fast, secure, and seamless payment experience.

The initiative becomes even more meaningful as movement within forest areas has increasingly been affected by wildlife-related challenges. By enabling digital transactions, BOC helps bridge the gap between these entrepreneurs and customers, creating new opportunities for business growth, financial security, and wider market access.

The indigenous entrepreneurs recently showcased their unique products at the BOC SME Trade Fair held at Dutch Hospital, Colombo. As part of its commitment to empowering small entrepreneurs, the Bank provided them with exhibition space free of charge, enabling them to promote and market their products to a wider audience. Visitors also experienced the convenience of making purchases through Lanka QR, demonstrating how traditional craftsmanship and modern digital banking can work together to create sustainable livelihoods while preserving Sri Lanka’s unique cultural identity.

Beyond introducing a payment solution, this initiative represents BOC’s broader commitment to building an inclusive financial ecosystem where every community can participate in the nation’s digital transformation journey. By combining technology with purpose, the Bank continues to create pathways for economic empowerment, ensuring that no Sri Lankan is left behind.

Through initiatives such as these, Bank of Ceylon continues to live its promise as the ‘Bankers to the Nation,’ connecting people, empowering businesses, and driving inclusive growth across Sri Lanka, where centuries-old traditions and cutting-edge digital innovation come together to build a stronger future for generations to come.

A total of 900 Ghanaians who have registered with the Ghana High Commission in Pretoria are expected to be evacuated soon following violent anti-immigrant demonstrations in South Africa, which left one Ghanaian national dead.

While government is yet to announce the date for the evacuation, Ghana’s High Commissioner to South Africa, Benjamin Quashie, has assured that it will prioritise Ghanaian nationals to ensure they arrive safely when evacuation begins.

Commenting on the fatal shooting of Bashiru Isak, 40, in Khayelitsha, Cape Town on June 30, 2026, Mr. Quarshie indicated that the key witness in the murder has gone into hiding over fears for his life, complicating efforts to prosecute those responsible.

According to Mr. Quashie, the witness, a Zimbabwean national who had been working alongside the deceased when the incident occurred, has refused to cooperate with investigators out of fear he would be targeted if he testified.

The High Commissioner said the witness is considered crucial to establishing the circumstances surrounding the killing.

‘Fortunately, one gentleman, a Zimbabwean who was working with the deceased, was in the shop when the incident happened. We have been told that he is the person we are looking for to become a state witness in the case,’ Mr. Quashie said.

‘He has also absconded. We’ve tried reaching him, and he has told us that if he comes to testify, he knows his life will be in danger,’ he added.

Mr. Quashie disclosed that lawyers at the Ghana High Commission are in the process of securing witness protection for the man, so he can testify in court.

‘The lawyers from the High Commission are working hard with the courts in South Africa so that he can be placed under witness protection and be able to corroborate what happened on that very day,’ he stated.

The High Commissioner explained that investigations into the killing have been challenging because many Ghanaians living in Cape Town are reluctant to provide information due to fears for their safety. ‘When the murder happened, because the High Commission is in Pretoria, we quickly dispatched officers to establish the facts. We found it difficult to get information because many Ghanaians in Cape Town were afraid to come forward,’ he said.

The Government of Ghana on Wednesday, May 27, 2026, received the first batch of Ghanaian nationals evacuated from South Africa due to the recent xenophobic attacks.

The evacuees were received on arrival by the Chief of Staff, Julius Debrah, the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa (MP), the Deputy Minister for Foreign Affairs, James Gyakye Quayson (MP) and senior government officials.

The Chief of Staff assured the evacuees of government’s unwavering commitment to protecting all Ghanaian nationals. He stated that government considered it prudent to ensure their safety by evacuating them due to the challenging environment they found themselves. He further reiterated government’s commitment to supporting all evacuees to facilitate their reintegration.

The Ghana Police Service has arrested Eric Afoakwa, also known as ‘Chad’, a convicted fraudster who had been on the run for six years after being sentenced to prison for multiple financial offences.

Afoakwa was convicted in absentia in 2019 by an Accra High Court, presided over by Justice Georgina Mensah Datsa. He was found guilty on five out of six counts, including money laundering, defrauding by false pretences, and forgery of official documents.

The court sentenced him to eight years imprisonment on each count, to run concurrently. He was also ordered to refund $132,660.00 to the complainant.

Following the judgment, Afoakwa went into hiding and was subsequently declared wanted by the Economic and Organised Crime Office (EOCO), which had appealed to the public for information on his whereabouts.

On July 6, 2026, acting on the directive of the Inspector General of Police, a team from the Anti-Armed Robbery Unit arrested the convict as he was preparing to leave the country. Police say Afoakwa will be handed over to EOCO to continue the enforcement of the court’s judgment.