Category: Daily Guide Network

The International Monetary Fund’s (IMF) recommendation that the Bank of Ghana (BoG) reassess its Domestic Gold Purchase Programme because of its impact on the central bank’s balance sheet deserves careful consideration.

The IMF’s concerns about transparency, governance and the programme’s quasi-fiscal costs are legitimate. It estimates the programme generated a quasi-fiscal loss of about US$214 million, arising from trading activities, fees and exchange-rate movements, and has called for those costs to be recognised transparently.

However, evaluating the programme primarily through its accounting costs risks overlooking a more fundamental question: did the economic benefits outweigh the financial costs?

The Domestic Gold Purchase Programme was never conceived as a profit-making venture. It was designed as a monetary and reserve management instrument to strengthen Ghana’s foreign exchange buffers, support the cedi, improve external resilience and reinforce macroeconomic stability at a time when the country was emerging from its worst economic crisis in a generation.

By the IMF’s own assessment, Ghana consistently exceeded its Net International Reserve targets under the Extended Credit Facility programme, with the Fund acknowledging that this outperformance was ‘notably due to the large-scale deployment of the Domestic Gold Purchase Programme.’

The programme also supported the rebuilding of official reserves even as the Bank of Ghana continued to intervene in the foreign exchange market to stabilise the cedi.

The results are evident. Gross international reserves, which stood at US$3.66 billion, equivalent to 1.6 months of import cover, at the start of the IMF programme, are projected to rise to US$10.73 billion, covering 3.7 months of imports, reflecting one of the strongest reserve recoveries in Ghana’s recent history.

At the same time, the Bank of Ghana’s gold holdings increased to 19.2 metric tonnes by February 2026, while the government has since expanded its reserve accumulation strategy with the long-term objective of building reserves equivalent to 15 months of import cover by 2028.

The programme contributed to a remarkable increase in Ghana’s gold-related foreign exchange inflows, from approximately US$1.7 billion in 2023 to US$12.7 billion in 2025, significantly improving the country’s reserve position and supporting exchange rate stability.

While the Bank of Ghana may have incurred financial costs in purchasing gold, those costs should be compared against the substantial economic benefits generated for the country.

A stable exchange rate delivers benefits that extend well beyond the central bank’s balance sheet. It reduces imported inflation, lowers the cost of fuel, medicines, machinery, and industrial inputs, preserves household purchasing power, improves investor confidence, and creates a more predictable environment for business and long-term investment.

Equally important, exchange rate stability is essential for maintaining Ghana’s public debt at manageable levels. A significant portion of the country’s debt is denominated in foreign currencies. Sharp depreciation of the cedi automatically increases the cedi value of external debt, raises debt-servicing obligations, widens fiscal deficits, and places additional pressure on government finances.

By helping to moderate exchange rate volatility, the Domestic Gold Purchase Programme may have prevented substantial increases in the domestic cost of servicing external debt. These avoided fiscal costs should be recognised as part of the programme’s economic return. In effect, the programme may have protected both the sovereign balance sheet and taxpayers from the far greater costs associated with a rapidly depreciating currency.

Similarly, inflation imposes a hidden tax on households and businesses. If the programme contributed to lower inflation through exchange rate stability, then it helped preserve real incomes, protect savings, reduce business operating costs, and support economic growth. These benefits cannot be measured solely through the Bank of Ghana’s profit and loss statement.

Central banks around the world frequently undertake policy interventions that may reduce their accounting profits in the short term but generate much larger long-term economic benefits. Their mandate is to preserve price stability, financial stability, and confidence in the national currency-not to maximise earnings.

For this reason, the Domestic Gold Purchase Programme should be evaluated using a comprehensive national cost-benefit framework. Such an assessment should include:

– The financial cost incurred by the Bank of Ghana.

– The reduction in inflation attributable to exchange rate stability.

– The savings from lower import costs.

– The reduction in exchange rate volatility.

– The avoided increase in the cedi value and servicing cost of Ghana’s external debt.

– The improvement in investor confidence and economic activity.

– The broader social and economic benefits arising from macroeconomic stability.

Judging the Domestic Gold Purchase Programme solely by its impact on the Bank of Ghana’s profit and loss account risks overlooking its broader contribution to the economy, the more relevant question is whether the programme generated greater national value by strengthening the cedi, containing inflation, improving external resilience, protecting the sustainability of public debt, and reinforcing Ghana’s macroeconomic stability.

The IMF’s evaluation would therefore be more balanced if it considered both the direct financial costs to the central bank and the substantial economic and fiscal benefits delivered to the nation. In macroeconomic policy, the true measure of success is not the profitability of the central bank, but the stability, resilience, and long-term prosperity of the economy it is mandated to safeguard.

Businessman, Ibrahim Mahama, has donated GHS200,000 towards the funeral arrangements of late Ghanaian actress Beverly Afaglo.

The donation was announced during Afaglo’s funeral ceremony at the Forecourt of the State House in Accra on Saturday, August 8, 2026.

Ibrahim Mahama was among the personalities who attended the ceremony to mourn and honour the actress, whose death has drawn tributes from Ghana’s entertainment industry and the wider public.

Announcing the donation, the master of ceremonies said Ibrahim Mahama had presented the family with ‘2 billion old cedis, GHS200,000’, prompting applause from mourners.

The contribution is expected to support the bereaved family as they go through the funeral and related arrangements.

Afaglo died on May 24, 2026, at the age of 42, following a reported two-year battle with cancer. She built a career spanning more than two decades and featured in several Ghanaian movies.

She is survived by her husband and two children.

A thanksgiving service in her honour was held on Sunday, August 9, at Action Chapel International.

The donation from Ibrahim Mahama forms part of the support extended to Afaglo’s family as loved ones, colleagues and members of the entertainment industry continue to celebrate her life and legacy.

Telecommunications giant MTN Ghana has announced plans to construct about 800 new cell sites nationwide as part of a $1.1 billion investment programme to expand network coverage and deepen digital services.

The three-year investment forms part of activities marking the company’s 30 years of operations in Ghana.

Chief Enterprise Business Officer, Angela Mensah-Poku, announced the plan at the MTN Media and Stakeholders Forum in Kumasi on Wednesday.

She said $380 million will be spent in 2026 alone to expand network capacity, strengthen digital infrastructure, support the rollout of 5G technology and enhance fintech services.

‘This investment reflects MTN Ghana’s commitment to providing reliable connectivity and supporting the growth of businesses and individuals through digital solutions,’ Mrs. Mensah-Poku stated.

Mrs. Mensah-Poku noted that MTN Ghana has evolved significantly since beginning operations in 1996 as SpaceFon, later Scancom, then Areeba, before rebranding to MTN in 2007.

Over the past three decades, the company has moved from voice and SMS into data, enterprise solutions and mobile financial services. It now commands more than 60 percent of Ghana’s mobile voice and data market.

She said MTN’s Mobile Money platform has also been instrumental in driving financial inclusion, bringing millions of Ghanaians who previously had limited access to banking into the formal digital economy.

Network and Digital Expansion

According to her, the 800 new cell sites will help address coverage gaps and increase data capacity across the country. MTN is also upgrading its core network infrastructure to move from 5G trials to full commercial deployment. In addition, the company will expand fintech infrastructure and enterprise solutions to support micro, small and medium enterprises.

Mrs. Mensah-Poku said the investment aligns with MTN’s Environmental, Social and Governance commitments. The company will increase the use of renewable energy at network sites to reduce carbon emissions and will continue youth empowerment programmes in digital skills and coding.

She added that MTN will leverage technology to support healthcare, education and social finance.

‘This investment is about building the Ghana we all want-a digitally connected, inclusive and resilient economy,’ she said.

She commended the Ashanti Region media for their role in telling the MTN story over 30 years, noting that customer and stakeholder feedback remains critical to the company’s growth.

The Kumasi forum is part of MTN Ghana’s nationwide engagements under the anniversary theme: ’30 Years of Progress – Powered by You.’

The University of Ghana Medical Centre (UGMC) has rejected comedian Michael Blackson’s description of the facility as the ‘worst hospital in Ghana’ and demanded a retraction and apology.

The hospital says the comments, made by the Ghanaian-American comedian following the death of his 83-year-old mother, have the potential to damage its reputation and do not accurately reflect its clinical standards or overall performance.

The Director of Medical Affairs at UGMC, Dr. Baffoe Gyan, said the performance of a hospital should be assessed using objective indicators, including its clinical outcomes, infrastructure and the expertise of its medical personnel. Adding that the hospital should not be tagged as the ‘worst’ based solely on one person’s experience

‘You can assess a hospital based on the hospital performance record and so to come out and say UGMC is the worst hospital, that one I disagree totally,’ Dr Gyan said.

Dr. Gyan also rejected allegations that the hospital misdiagnosed or negligently treated Blackson’s mother. According to him, the Blackson’s mother was referred to UGMC from another health facility with a severe infection and spent eight weeks receiving treatment, six of which were in the Intensive Care Unit (ICU). He said the medical team followed established treatment protocols throughout her admission.

‘For diagnosis and management, 100% we did not do anything wrong,’ he stated.

Dr. Gyan explained that the severe infection with which Blackson’s mother was admitted eventually led to her death.

While defending the hospital’s management of the case, he expressed condolences to the bereaved family, acknowledging the pain associated with losing a loved one despite efforts by medical professionals to save the patient.

UGMC has also confirmed that its lawyers have formally written to Blackson over his social media comments. Dr. Gyan also said the hospital is seeking a formal retraction and apology from the comedian and is awaiting his response.

‘Our lawyers have written to him just for him to retract and apologise for all that he said on social media,’ he said.

The New Patriotic Party (NPP) has called on President John Mahama to withhold assent to the Ghana Cocoa Board (COCOBOD) Bill, 2026, and return it to Parliament for broader consultation with stakeholders, particularly cocoa farmers, before it is passed into law.

Speaking at a press conference in Accra on Sunday, Co-Chairman of the NPP Policy Committee on Agriculture, Dr. Isaac Yaw Opoku, said while the party supports reforms aimed at strengthening the cocoa sector, the current legislation was rushed through Parliament under a Certificate of Urgency.

The bill, he stated, contains provisions that could affect the interests of farmers and the sustainability of the industry.

He, therefore, appealed to President Mahama to reject the bill in its current form, arguing that administrative measures could address urgent pricing concerns without affecting the quality of legislation.

‘Your Excellency the President, withhold assent and return this Bill for broader consultation. The pricing window can be handled administratively. A defective statute cannot.

‘Return the Bill, consult the farmer. Fix the clauses then pass a law the whole industry can stand behind,’ Dr. Opoku stated.

The opposition party’s press conference follows the passage of the Ghana Cocoa Board Bill, 2026, by Parliament in July under a Certificate of Urgency.

The party also urged Parliament, when reconsidering the bill, to amend key provisions, including Clause 4(b), which allows the Ghana Cocoa Board to assume responsibilities beyond its core mandate with ministerial approval.

The NPP noted that any expansion of COCOBOD’s mandate should require an Act of Parliament rather than approval from a minister.

Dr. Opoku also called for the publication and independent audit of the realised Gross Free On Board (FOB) price used to determine the producer price of cocoa, stating that farmers must be able to verify the figures upon which their earnings are calculated.

He also urged Parliament to maintain external cocoa marketing under the Cocoa Marketing Company (CMC), amend Clause 81 to exempt farming activities carried out under COCOBOD’s approved guidelines, defer Clause 85(2) until farmer registration was completed, and clearly define the pricing arrangement for cocoa beans supplied to local processors.

Dr. Opoku said the party was not opposed to replacing the existing legal framework governing the cocoa sector, given that the current PNDCL 81 was overdue for reform.

‘We support traceability, value addition, and a guaranteed floor for the farmer’s share. Our objection is the manner of travel and provisions that will hurt the very farmers they claim to protect. A good cause has been undone by a bad process,’ he stressed.

He said the bill was introduced on July 28 and passed within the same week, despite introducing major changes, including the repeal of PNDCL 81, the creation of a new regulatory framework, a tribunal, and new criminal offences.

‘Certificate of Urgency is not unconstitutional, but its use must be proportionate. A pricing window that opens every September cannot justify rushing a law of this permanence,’ he added.

According to him, neither national cocoa farmer associations nor other key stakeholders, including the Cocoa Carriers Association, were properly consulted before the bill was passed.

The NPP also raised concerns about the producer price formula, particularly the requirement that farmers receive not less than 70 percent of the Gross FOB price realised by COCOBOD.

Touching on local processing, Dr. Opoku argued that the requirement for at least 50 percent of cocoa beans to be processed locally lacked clarity, insisting that the major challenge facing processors was not factory capacity but access to affordable cocoa beans.

He cautioned that without proper measures, the new law could create additional burden for farmers, including possible criminalisation of routine farming activities such as tree removal for rehabilitation and disease control.

Dr. Opoku said the NPP would continue to monitor the implementation of cocoa pricing policies and demand accountability in the management of the sector.

‘We support reform. We cannot support a text that criminalises good husbandry, that criminalises farmers for COCOBOD’s registration backlog, that opens the door to fragmenting external marketing, and that ties the farmer’s entitlement to a figure no farmer can verify,’ he added.

Reggae-dancehall musician, Samini’s planned performance at a boat party in London has been called off after the vessel reportedly became overcrowded.

The event, dubbed, ‘White Night on the Thames’ Summer Boat Party, was scheduled for Saturday, August 8, 2026, at Blackfriars Pier, with Samini billed as the special guest.

The evening cruise was expected to run from 5pm to 11pm and feature Afrobeats, Amapiano, and Afroswing.

However, according to a police officer who spoke at the scene, the cancellation was made by the event organisers rather than the police.

The officer explained that the boat had reached its permitted capacity after some people allegedly entered without tickets, making it unsafe to carry additional passengers.

‘We didn’t cancel the show, the organisers cancelled it,’ the officer said, adding that the boat had become overweight and could not accommodate more people.

The situation reportedly frustrated several patrons who had waited for hours at the pier.

One attendee said they arrived at about 3:30pm and were repeatedly given later boarding times before eventually being allowed onto the boat around 8pm, only to be asked to disembark.

Some patrons expressed anger over the organisation of the event and called for refunds.

The cancellation comes shortly after the disruption of another Ghanaian entertainment event in the UK, Shatta Wale’s ShattaFestUK, which was reportedly called off following a stampede linked to crowd-control problems at the entrance.

Access Bank (Ghana) Plc has signed a strategic financing partnership with Mantrac Ghana, the authorised dealer of Caterpillar equipment, to expand access to capital for contractors and mining companies across the country.

The agreement, signed at a ceremony in Accra, brings Access Bank together with four other leading local banks in a consortium financing arrangement designed to make it easier for businesses in Ghana’s infrastructure ecosystem to acquire heavy equipment and execute projects at scale.

Under the partnership, eligible contractors and mining firms will gain access to tailored financing solutions including working capital and equipment financing, structured to help them acquire world-class Caterpillar machinery without the constraints that have traditionally limited their growth.

Executive Director, Wholesale Banking at Access Bank, Nana Kwabena Afoom, described access to capital as one of the biggest barriers preventing contractors from scaling their operations.

‘At Access Bank, we understand that ambition has never been the challenge for contractors and mining companies. The real constraint has always been capital and access to capital. A contractor with a strong order book is not a bad risk. It is a mispriced one. We at Access Bank price it right.’

Mr. Afoom noted that Access Bank’s footprint across 16 African countries, alongside operations in the United Kingdom and Mauritius, positions the Bank to support contractors and mining firms on projects that extend beyond Ghana’s borders. He added that the Bank favours bespoke financing over standardised packages.

‘We don’t believe in templates. Every contractor has unique financing needs, and we are ready to sit with every customer to structure bespoke solutions that support their businesses. Equipment financed is equipment deployed. You have heard Banks make promises before. We are not visiting that sector, we live here.’

Frank Amegbeji, Group Head of Corporate Banking at Access Bank Ghana, described the partnership as a timely intervention that aligns with Ghana’s infrastructure development agenda and the government’s ongoing investment in major construction projects.

‘We see local businesses as the engine of Ghana’s economic growth. Through this partnership, Access Bank will provide working capital, equipment financing and other tailored financial solutions that will help contractors and mining companies execute projects successfully.’

Managing Director of Mantrac Ghana, Pierre Lambert Hill, said the partnership reflects a shared commitment to making Caterpillar’s globally recognised equipment more accessible through innovative financing.

‘This collaboration brings together leading financial institutions to make quality equipment accessible to more companies. Whether small, medium or large, businesses will now have better financing options that enable them to acquire Caterpillar equipment and deliver quality projects,’ he said.

Women’s world number one Aryna Sabalenka suffered a surprise defeat in the Canadian Open weeks before she begins her US Open title defence, while Britain’s Cameron Norrie also bowed out in the last 16.

Sabalenka lost 7-6 (7-3) 4-6 6-4 to Russia’s Ekaterina Alexandrova in a match lasting almost two and a half hours in Toronto.

The Belarusian recovered from a set down to force a decider, but a double fault when serving to stay in the match handed the number 16 seed victory.

It is the latest defeat in what has been a difficult summer for Sabalenka, who was knocked out in the quarter-finals and last 16 of the French Open and Wimbledon respectively.

‘I just tried to play every single point as if it was the last one because with her, you don’t [get] a lot of chances during the match,’ Alexandrova said.

‘I’m super happy that I could win because after the second set, I thought [the chance] was already past me.’

The Russian will face Ukraine’s Elina Svitolina for a place in the semi-finals, after she defeated American eighth seed Amanda Anisimova 6-2 6-4.

Third seed Jessica Pegula suffered a first career loss to Diana Shnaider, as the 22-year-old finished both sets strongly to win 6-3 6-3.

The Russian will face Iga Swiatek in the semi-finals, after the seventh seed overcame opening set service troubles to defeat 10th seed Marta Kostyuk 3-6 6-1 6-2.

The six-time Grand Slam winner retired to the locker room after Kostyuk broke her serve four times during a shambolic a 39-minute opening set, but looked much improved when she returned.

In the men’s event in Montreal, British number two Cameron Norrie spurned two set-point opportunities as he was defeated 6-2 7-6 (10-8) by 18th seed Arthur Fils.

Norrie saved three match points in the second set to force a tie-break, but the Frenchman broke his serve to win in one hour and 43 minutes.

Fils will meet Spanish teenager Rafael Jodar in the quarter-finals, after the 19-year-old upset eighth seed Jiri Lehecka 6-3 6-3.

Brandon Nakashima and Luciano Darderi also progressed to the next round with gruelling three-set victories over Arthur Rinderknech and Nuno Borges respectively.

Italian Darderi used a mid-match changeover to enjoy an espresso as he battled to a 4-6 6-3 7-5 win.

MTN GHANA has expanded its annual sustainability drive into a full month-long programme, marking what the company calls a major step in embedding responsible business practices across its operations.

The 2026 Sustainability Month was launched by the company’s Chief Corporate Services and Sustainability Officer, Adwoa Wiafe, who said the move reflects MTN’s commitment to moving beyond symbolic gestures.

‘Sustainability goes beyond environmental conservation or symbolic actions such as wearing green or driving electric vehicles. It is about shaping responsible business practices, creating shared values and working collectively to improve society,’ Adwoa Wiafe said.

Planned activities include lunch-and-learn sessions, visits to recycling plants, tree-planting exercises, and departmental sustainability conversations aimed at strengthening the company’s sustainability culture.

Mrs. Wiafe said the timing is critical as Ghana prepares to implement the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards (S1 and S2), which will require businesses to measure, disclose and report their environmental and social impacts.

MTN Ghana CEO, Stephen Blewett, said the decision to dedicate a full month shows the growing importance of the agenda. ‘For the past two years, we used one week to focus attention on sustainability. This year, MTN Ghana is dedicating a full month for this agenda. The responsibility is bigger. And the opportunity is bigger,’ Mr. Blewett stated.

This year’s theme, ‘Together for a Sustainable Future: Small Actions, Big Impact,’ stressed that sustainability must be treated as a core business discipline, not charity.

‘Our growth must open doors for people, strengthen communities, enable businesses, protect the environment and build trust. As we mark 30 years of enabling the benefits of a modern connected life, we can be proud of what has been built’ he said.

Mr. Blewett added that ESG is ‘not a label, it is a leadership discipline’ that turns shared value into results. ‘Through Doing for Planet, we treat resource efficiency, climate responsibility and waste reduction as business resilience issues, not just environmental ones,’ he noted.

‘As CEO, my expectation is clear: sustainability must show up in how we plan, how we execute, how we choose suppliers, how we design products, how we manage risk and how we hold ourselves accountable. Sustainability is not a department. It is a discipline,’ he said.

Mr. Blewett added that the month-long campaign will focus on moving sustainability ‘from awareness to ownership, and from ownership to measurable impact’ as the company aligns with its Ambition 2030 strategy.

While we congratulate the New Patriotic Party (NPP) for a decent demonstration last week, devoid as it was of breaches of peace and public order, same cannot be extended to a certain Chief Superintendent of Police and Nana Yaa Jantuah.

While the senior police officer, a certain Chief Superintendent Atuluk, put up a threatening posture, Nana Yaa Jantuah, a presidential staffer, on the other hand, found in the demonstration an opportunity to pour cold water over it with a deliberate lie.

As for the senior cop, many who saw him in that mode wondered whether he felt he owned the country. No wonder he was videoed when he uttered those useless threats.

Let us deal with the senior police officer’s silly threats of ‘dealing with them’ utterance and his cow-face posture. The ‘them’ referred to the demonstrators, and he reminded followers of international affairs of the ‘cockroach party in India’.

The import of his posture was about his readiness to vent his anger on the demonstrators. Perhaps by emptying many canisters of teargas on them. Does he not know that he is being paid with taxpayers’ money and that any foolish move on his part could have landed him in trouble?

The deployed cops comported themselves well because, after all, the demonstrators they were paid to protect were disciplined and did not show the rowdy nature associated with others.

Not so however Chief Superintendent Atuluk, as his name tag showed.

Thousands of Ghanaians have served in the Ghana Police Service as far back as the Gold Coast Constabulary days and retired successfully, and others passed on. Let those in uniform today not be fooled by the state power in their possession temporarily by acting untowardly to please megalomaniac politicians. These politicians would abandon them when the heat is turned on them.

It was disappointing that a Chief Superintendent who should guide the Other Ranks under him would do as Atuluk did.

By now he would have heard or even watched his image on social media uttering the unnecessary threats.

The Police College he attended did nothing to refine him unfortunately. We pray that he does not infect those under him with his crudeness and unprofessional conduct even at that rank as he looks forward to becoming an Assistant Commissioner in the not distant future.

We all have a country to protect and to serve in various ways.

Nana Yaa Jantuah played the gender card unsuccessfully when she claimed that she was disrespected by Hon Alexander Afenyo-Markin. All he meant was that she was not the appropriate person to receive the petition from the demonstrators.

There was no misogynistic traits in the Minority Leader’s opposition to her receiving the petition, her role as Presidential Staffer considering the rankings of the opposition leadership presenting the petition. That was all there was to it and not the negativities she sought to bring into the subject.

That is how politics has gotten to in this country. Let them hear who have ears, because Ghanaians are ready to protect democracy irrespective of government machinations.