Politics

In the 2025 Budget Speech, we were told by Hon. Dr. Ato Forson in section 6(Page 2) that, Mahama’s government will be seeking to review a number of Acts including the “Energy Sector Levies Act, 2015(Act 899)” but nothing was said about the introduction of GHS 1 tax on every liter of fuel after the amendments to Energy Sector Levies Act.

The pricing of goods and services in Ghana is largely influenced by fuel prices and exchange rate instability particularly fuel prices.

According to Section 27(Page 7) of the 2025 Budget Speech, Hon. Dr. Ato Forson indicated that, “Mr Speaker, the extensive consultations(with traders as captured in Section 26 of 2025 Budget Speech, Page 7) revealed that the overriding concern among Ghanaian traders and the business community, remains price and exchange rate instability”.

If we may recall, Mahama’s government asked traders and the business community to reduce prices for goods and services simply because of the recent Cedi Appreciation, so now, how would the traders and the business community adjust the pricing of goods and services in response to the GHS 1 tax on every litre of fuel since transportation is going to be expensive?

In section 56(Page 13) of the 2025 Budget Speech, we were informed that, the central government has arrears/payables of $1.73 billion owed to the Independent Power Producers(also reiterated in Section 84 Page 18 of 2025 Budget Speech), and GHS 68 billion owed by the Electricity Company of Ghana(ECG) coupled with Energy Sector Financing Shortfall of GHS 35 billion for 2025 as mentioned in Sections 80-83(Pages 17-18) of the 2025 Budget Speech under the headline of “Energy Sector Fiscal Risks”.

However, if you read about the “2025 Energy Sector Measures” in Section 136(Pages 38-39) of the 2025 Budget Speech, there is absolutely nothing about the implementation of a tax policy of GHS 1 on every litre of fuel to address DUMSOR as part of the Energy Sector Recovery Programme Interventions.

In Section 137(Page 39), Mahama’s government indicates to Ghanaians that:
(i). PURC will continue to implement the Quarterly Tariff Adjustment to reflect changes in inflation, exchange rate, and generation mix;
(ii). PURC will also undertake the major Tariff Adjustment which will be due in the 4th quarter of 2025 to reflect capacity charges, additional liquid fuel usage, and additional capex.

The question many Ghanaians are asking Mahama’s government is that, would the GHS 1 on every litre of fuel co-exist with the aforementioned measures by PURC?, and how would that be deemed as fairness to the Ghanaian people especially the traders, business community and various households?

Another important question to Mahama’s government is that, does it make economic sense in Section 141(Page 41) of 2025 Budget Speech to:
1. Abolish Emission Levy on industries and vehicles, and 3 months later start the implementation of GHS 1 tax on every litre of fuel?

2. Abolish VAT on motor vehicle insurance policy, and 3 months later start the implementation of GHS 1 tax on every litre of fuel?

3. Abolish the Electronic Transfer Levy(E-levy) of 1%, and 3 months later start the implementation of GHS 1 tax on every litre of fuel?
Make no mistake, tax on fuel would significantly affect the wellbeing and quality of life for the poor masses than tax on momo transactions.

The implementation of GHS 1 tax on every litre of fuel clearly has defeated the claim of Mahama’s government in Section 142(Page 41) of 2025 Budget Speech. The introduction of GHS 1 tax on every litre of fuel will increase the burden on households, completely erodes their disposal incomes, and in addition, undermine the growth of businesses as well as decrease tax compliance.

Indeed, the GHS 1 tax on every litre of fuel has seriously exposed Mahama’s 2025 Budget Statement and Economic Policy as a “Significant Lies”, and I said so because it is stated in Section 152(Page 43) of the 2025 Budget Speech that, “without increasing the levy, we will also review the Energy Sector Levies Act(ESLA) to consolidate the Energy Debt Recovery Levy, Energy Sector Recovery Levy(Delta Fund), and Sanitation & Pollution Levy into one levy and use the proceeds to cater for the energy sector shortfalls and service the inherited debt service obligation”.

Signed
Razak Kojo Opoku(PhD)
Founding President of UP Tradition Institute

The first 120 days of John Mahama’s second term in office has seen some significant achievements in the areas of fiscal and monetary policies including the much talked about of the recent appreciation of the Cedi against US dollar and other major international trading currencies.

However, it is worthy to let Ghanaians know the key contributions of Akufo-Addo’s government to the performance of Mahama’s government within the 120 days as follows:

1. Cedi Appreciation: Bearing Fruits of NPP “Gold for Forex” Initiatives & other Interventions

The CEO of GoldBod, Sammy Gyamfi has been demanding answers to the two questions below:
1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS 16? or

2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS 12.2?

First and foremost, any well-read learned lawyer would rather argue from the standpoint of tonnes accumulated over a period of time, not the value of exchange rate since several factors affect the appreciation and depreciation of Currency.

The CEO of GoldBod unfortunately is rushing above his gold-economics intelligence.

Respectfully, the CEO of GoldBod should appreciate the fact that, the physical gold reserves left behind by the NPP Government is largely responsible and part of the unprecedented gold exports executed by Mahama’s government to accumulate the adequate forex liquidity at the exchange rate of GHS 12.2.

The Bank of Ghana Gold Reserves hit 31.37 tonnes at the end of April 2025.

Out of this figure, what has been the contribution of GoldBod to the 31.37 tonnes of Gold and under which Budget utilization from January to April 2025?

A robust physical gold reserve position enhances the resilience of Ghana’s balance of payments, ensuring adequate buffer against external economic shocks, and strengthening the monetary policy decisions of Bank of Ghana.

Even, President John Mahama, speaking at the opening ceremony of Ghana-EU Business Forum held in Accra, admitted and acknowledged the undeniable fact that, Akufo-Addo’s government left behind $8.98 billion reserves, creating positive significant impact on the Cedi against the US Dollar and other trading currencies.

The NPP’s $8.98 billion has significantly supported forex inflows, improved trade balancing as well as growing investor’s confidence in Mahama’s government.

According to John Mahama, “our gross international reserves have improved further from $8.98 billion in December 2024 to $10.6 billion by April 2025”. Mathematically, the inference is that between January-April 2025, John Mahama’s government has added only $1.62 billion to the Reserves of Ghana, even largely underpinning by the revenue mobilization strategies of NPP’s Mini-Budget for the 1st quarter of 2025 approved by Parliament on 3rd January 2025.

Until and unless Mahama’s government through the GoldBod is able to add more gold to the Reserves exceeding $8.98 billion left behind by the NPP government, the NDC has absolutely no moral or legal or ethical or economic rights to take full 100% credit for the recent appreciation of the Cedi against the US Dollar and other trading currencies.

The Domestic Gold Purchase Programme(DGPP) and “Gold for Oil”Policy so far have done greater good to the Cedi than Mahama’s GoldBod though we cannot completely also ignore the fact that the monopolistic GoldBod has played its role in the recent appreciation of the Cedi.

Categorically, Akufo-Addo’s government is responsible for about 80-90% of gold reserves of Ghana from 2021-April 2025, with the greater credit to the Bank of Ghana under the leadership of Governor Ernest Addison.

John Mahama’s government has been lucky enough to have inherited an already recovering economy from Akufo-Addo’s government.

Also, the admission and acknowledgement of $8.98 billion reserves by John Mahama sincerely indicates that John Mahama and the NDC LIED to the good people of Ghana that NPP criminally managed the economy.

Dr. Ato Forson authoritatively indicated in Section 104, page 24 of the 2025 Budget Speech that, “Mr. Speaker, provisional 2024 GDP Statistics published by Ghana Statistical Service(GSS) on 10th March 2025 shows that overall real GDP grew by 5.7% in 2024 compared to the growth rate of 3.1% recorded in 2023, and non-oil GDP grew by 6% in 2024 compared with a growth rate of 3.6% recorded in 2023(Section 105, Page 24 of 2025 Budget Speech).

In fact, this is a solid economic recovery foundation left behind by Akufo-Addo’s government to John Mahama’s government.

Sammy Gyamfi should NOT also forget that before the operations of GoldBod on 2nd April 2025, there were functionality and operationalization of:
1. Precious Minerals Marketing Company(PMMC), later amended to the current GoldBod, headed by Sammy Gyamfi. Mr. Gyamfi was initially appointed as CEO for PMMC, not GoldBod, and actually started working with the architecture of PMMC for three(3) months until the Ghana Gold Board Act, 2025(Act 1140) was passed in March 2025 and assented into law on 2nd April 2025.

2. Domestic Gold Purchase Programme which began in 2021, with special credit to Akufo-Addo’s government.

The Domestic Gold Purchase Programme(DGPP),and Gold for Oil Policy implemented under the guidance of Akufo-Addo’s government seriously underpins Ghana’s “Gold for Forex” intervention for the appreciation of the Cedi.

3. Minerals Income Investment Fund(MIIF) envisioned by former President Akufo-Addo, and implemented by Ken Ofori-Atta, former Minister of Finance.

Due to the viability and relevance of Minerals Income Investment Fund(MIIF), in accordance with Section 135 of the 2025 Budget Speech presented to Parliament by Dr. Ato Forson, Minister of Finance, the Mahama’s government would amend the Minerals Income Investment Fund Act to ensure that, 80% of Mineral Royalties originally maintained by MIIF is transferred to the Consolidated Fund for infrastructure development and strengthen social protection initiatives of Mahama’s government(Pages 37-38 of the 2025 Budget Speech).

4. Ghana-IMF Programme started by Akufo-Addo’s government until 2026. John Mahama’s government inherited a $3 billion Extended Credit Facility from NPP government, with $370 million tranche hitting the account of Bank Ghana very soon.

The current Ghana-IMF programme has really created fiscal discipline and macro-stability for the Ghanaian economy, thereby boosting investor’s confidence in the economy.

The existence of the IMF programme has largely prevented Mahama’s government from reckless expenditures.

We would patiently wait to see the outcome of Ghana’s economy under Mahama’s government after the IMF Fiscal Discipline Programme with Ghana comes to an end in 2026.

2. Mini-Budget for 1st Quarter of 2025 Presented to Parliament by Akufo-Addo’s Government

It is without any argument and doubt that, Ghana was governed by John Mahama within the 120 days using Akufo-Addo’s Mini-Budget for 1st Quarter of 2025 passed by Parliament on 3rd January 2025.

Until Hon. Dr. Ato Forson presented the Budget on the 11th March 2025, John Mahama’s Administration was operating with Akufo-Addo’s Mini-Budget for 1st
quarter of 2025 in accordance with the relevant laws of the Country.

The Mini-Budget delivered by Hon. Dr. Mohammed Amin Adam on behalf of Akufo-Addo’s government was responsible for funding government operations for the 1st quarter of 2025, pending the substantive budget presentation by Mahama’s government.

The allocations of Akufo-Addo’s Mini-Budget focused on critical government functions including GHS 2.37 billion tax refunds, healthcare, education, public service costs, and infrastructure development across the country.

Akufo-Addo’s Mini-Budget helped Mahama’s government to sustain essential services, address pressing fiscal & monetary needs of Ghana, ensuring the sustainability of economic stability, as well as revenue mobilization strategies.

The Akufo-Addo’s 68.13 billion Ghana Cedis Mini-Budget for 1st Quarter of 2025 has the following deliverables:
1. GHS 16.46 billion for payment of employees salaries.
2. GHS 3.12 billion for payment of goods and services.
3. GHS 20.69 billion for interest payments, including obligations to Independent Power Producers(IPPs), and the Energy Sector Levy Account(ESLA).
4. GHS 45.50 million for subsidies.
5. GHS 9.19 billion allocated to government agencies.
6. and several other components not mentioned here.

3. Payment of Domestic Bondholders by Mahama’s Government

It is undeniable fact that, John Mahama’s government was able to honour the following payment interventions in February 2025 largely influenced by the Mini-Budget of Akufo-Addo’s government:
1. Payment-in-Cash(PIC) coupon of GHS 6.081 billion to all Domestic Debt Exchange Programme(DDEP) bondholders.
2. Payment-in-Kind(PIK) portion of GHS 3.46 billion, deposited into the respective bondholders’ securities accounts in line with the DDEP Memorandum secured by Akufo-Addo’s government.
3. Payment of GHS 9.7 billion into the Debt Service Recovery Cedi Account(Sinking Fund) as a buffer for the 5th DDEP coupon due in July and August, 2025.

The Debt Exchange Programme was a necessary evil intervention taken by Akufo-Addo’s government, attracted the hatred of Ghanaians but now serving as a blessing and breathing room to John Mahama’s government.

The 2025 Budget Statement of Mahama’s government indicates that, “Mr. Speaker, you may recall that the government(Akufo-Addo’s government) commenced the debt restructuring programme in 2022 to RESTORE DEBT SUSTAINABILITY and ECONOMIC STABILITY.

Mr. Speaker, as of now, the restructuring process is approximately 93% completed. The remaining 7% relates to debt of $2.7 billion owed to commercial creditors. We are committed to completing the remaining debt restructuring as soon as possible”(Sections 101, 102 and 103: Pages 23-24 of 2025 Budget Speech delivered on 11th March 2025).

Additionally, Dr. Ato Forson admitted in Section 100 of the Budget Speech as follows, “Mr. Speaker, the reduction in debt -to-GDP ratio and the dollar component of our debt stock is as a result of the 37% haircut on the principal of the Eurobond debt under the debt restructuring programme” (Page 23 of 2025 Budget Speech), with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam, two former Ministers of Finance Akufo-Addo’s government.

Now, my question to Sammy Gyamfi, CEO of GoldBod and NDC Members are as follows:
(a). What would have been the current situation of the Cedi and the economy of Ghana if NPP government (with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam) was unable to successfully restructured 93% of Ghana’s debt caused by successive governments?

(b). How do you(NDC members) take full 100% credit for Cedi Appreciation when your efforts to Ghana’s debt restructuring is just 7%? This would certainly be an unreasonable and unjustifiable glory.

Signed
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute

SikkaNews
Kwame Asare

The Bank of Ghana (BoG) began preserving gold reserves in 1961 during the administration of President Kwame Nkrumah. However, this practice was discontinued in 1962 due to a decline in gold prices and a strategic shift towards holding foreign currency and securities as reserve assets.

President Jerry John Rawlings (1993–2001)

President Rawlings’ administration focused on liberalizing the mining sector to attract foreign investment. This led to the enactment of the Minerals and Mining Law of 1986, which aimed to create a more favorable environment for mining activities, including gold extraction. While this law was passed before his presidency, its implementation during his tenure significantly influenced the growth of the gold sector.

President John Agyekum Kufuor (2001–2009)

During President Kufuor’s administration, Ghana’s gold sector saw substantial growth. In 2008, Ghana’s gold output rose by 4% to 2.6 million ounces, and higher prices pushed overall mining revenues to $2.3 billion, up 28% from 2007 .

To further develop the sector, Kufuor’s government undertook initiatives such as:
1. Sending over 800 small-scale miners to China: Between 2007 and 2008, the administration facilitated a trip for more than 800 small-scale miners to China to study mining operations. This initiative aimed to enhance local mining practices and foster international partnerships.

2. Enacting the Minerals and Mining Act, 2006 (Act 703): This law consolidated previous mining laws and introduced provisions to regulate small-scale mining, including sections 81 to 99, which specifically addressed small-scale mining activities.

3. Promoting local ownership: President Kufuor encouraged the development of local entrepreneurs in the mining sector, urging the Minerals Commission to implement policies that would enable Ghanaians to own and operate large-scale mining ventures. These efforts contributed to Ghana’s position as Africa’s second-largest gold producer by 2008.

President John Atta Mills (2009–2012)

1. Mills administration reviewed mining agreements, particularly those seen as overly favorable to multinational companies.

2. Strengthened Ghana’s participation in Extractive Industries Initiative (EITI) to increase transparency in gold revenues and contracts.

3. Promoted policies aimed at increasing Ghanaian participation in the gold mining value chain.

4. While not a new “programme” per se, Mills was instrumental in reviewing Ghana’s gold mining fiscal regime to ensure more equitable benefit for the country.

President John Mahama (2012–2017)

1. The first term of Mahama’s government focus on addressing Illegal Mining, as well as Value Addition.

2. Inter-Ministerial Task Force(IMTF) on Illegal Mining was established in 2013.
The task force targeted the illegal small-scale mining (galamsey), especially its environmental impact.

3. Encouraged the establishment of gold refineries (e.g., plans to support the Precious Minerals Marketing Company – PMMC).

4. With respect to Gold Royalties Management, Mahama’s government continued the EITI policy and considered reforms in how royalties were distributed and used.

However, Mahama’s government faced key challenge such as rising crisis of galamsey.

Galamsey reached crisis levels, and Mahama’s administration faced pressure to curb illegal mining while balancing livelihoods.

Ghana Gold Reserves data reached an all-time high of 2,000.000 Metric Ton in 2014 and a record low of 990.000 Metric Ton in 2016.

President Nana Akufo-Addo (2017–2026)

1. “Gold for Oil” Policy (2022-March 2025) was implemented by Akufo-Addo’s government to ensure the stabilization of fuel prices on the domestic market.

The “Gold for Oil” Policy was aimed at exchanging gold for refined petroleum products to reduce pressure on foreign reserves and stabilize the Cedi. However, despite the “Gold for Oil” Policy, the cedi keeps on depreciating against the US Dollar and the other trading currencies.

2. Establishment of a Gold Refinery.
Akufo-Addo’s government collaborated with Rosy Royal Investments to build a national gold refinery in partnership with PMMC.

3. Formalized small-scale mining under regulated frameworks to reduce illegal mining and improve community benefit.

4. Set up the Agyapa Royalties Deal (2020).
Attempted to monetize gold royalties by creating Agyapa Royalties Ltd, a special-purpose vehicle listed in London. The deal faced criticism over transparency and was suspended.

5. Bank of Ghana’s Gold Purchase Programme(2021)
Initiated to build gold reserves by buying domestically mined gold with cedis to strengthen the economy.

In June 2021, the Bank of Ghana (BoG) reintroduced gold as a component of its reserves through the Domestic Gold Purchase Programme (DGPP).

This initiative, launched under the governorship of Dr. Ernest Addison, aimed to bolster the country’s foreign reserves by purchasing gold from local producers using Ghanaian cedis.

Let me put on record that, the Domestic Gold Purchase Programme(DGPP) of Bank of Ghana is completely different from the Bawumia’s proposed “Gold for Oil” Policy.

As of April 2025, the BoG’s gold reserves had increased to 31.37 tonnes, representing a significant rise from 8.77 tonnes in 2022.

Also, Ghana Gold Reserves was reported at 1,000.000 Metric Ton in December 2024, and this stayed constant from the previous number of 1,000.000 Metric Ton for December 2023.

Ghana Gold Reserves data is updated yearly, averaging 1,000.000 Metric Ton from December 2008 to 2024, with 17 observations.

President John Mahama(7th Jan 2025 – Present)

President John Mahama in his second term has also establish the Ghana Gold Board(GoldBod) to contribute to the “Gold for Reserves” Policy of Ghana.

*Conclusion*
In summary, the Bank of Ghana first began preserving gold reserves in 1961 under President Kwame Nkrumah’s regime. After a hiatus, the practice was actively and astronomically revived in 2021 during Dr. Ernest Addison’s tenure as Governor under Domestic Gold Purchase Programme(DGPP).

…. Signed….
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute.

sikkaNews

The recent appreciation of the Cedi against the US dollar and other trading currencies has led to many arguments and credit-taking competitions.

For political expediency and partisan interest, some have credited the Cedi recovery to:
1. Gold for Oil Policy spearheaded by Dr. Mahamudu Bawumia.
2. GoldBod Initiative spearheaded by Mahama’s government.
3. External Influences such as US-China Tariffs war and trade tensions.

However, it is important to state certain facts without any form of political interest as follows:

1. The “Gold for Oil” is not the same as “Gold for Reserves”.

“Gold for Oil” was implemented by Akufo-Addo’s government as a specific programme where gold was used to pay for oil imports with the sole objective of reducing foreign exchange dependency as well as ensure the stabilization of fuel prices on the Ghanaian market. That is, domestically produced gold in Ghana was used to pay for oil imports instead of using foreign currency especially US Dollars.

The net effect of “Gold for Oil” policy reduce dependence on foreign trading currencies for oil imports, reduce the impact of exchange rate fluctuations on fuel costs, and potentially ensure the stability of fuel prices on the domestic market.

In nutshell, Bawumia’s “Gold for Oil” was a specific policy aimed at providing solution to a specific economic challenge of Fuel Pricing Stability. That is, the policy was an innovative barter arrangement aimed at exchanging domestically procured gold for imported petroleum products thereby reducing the need for US Dollars to buy fuel from the world market. The Gold for Oil was a specific need for the Bulk Distribution Companies(BDCs), and the deal involved the Bank of Ghana purchasing gold from small-scale gold operators in Cedis, which the Central Bank then sells on the world market for US Dollars. The dollars realised from the sales was used by Bank of Ghana to purchase the oil or in some instances, swapped the gold for the oil.

On the other hand, “Gold for Reserves” is a continuous policy and comprehensive financial strategy implemented by Bank of Ghana and other Central Banks, aims at managing a country’s overall foreign exchange portfolio.

The rationale behind “Gold for Reserves” Policy is to provide a stable exchange rate regime (that is building foreign exchange reserves), stable store of value, buffer against inflation, investments-diversification, and act as a hedge against financial instability.

The “Gold for Reserves” policy has been in existence long before the introduction of “Gold for Oil Policy”, and both were running concurrently until the current Bank of Ghana Governor, Dr. Johnson Asiama announced the outright suspension of the “Gold for Oil” policy, citing:
(a). Policy implementation challenges
(c). Operational challenges
(d). Financial losses to the State.

It is important to state that, the “Gold for Reserves” Policy is still in place and has always been in operations, and that, the recent GoldBod initiatives seems to only enhance the effectiveness and efficiency of the operationalization of “Gold for Reserves” Policy of Bank of Ghana. With or without the GoldBod, the Bank of Ghana would still continue to operate its traditional “Gold for Reserves” Policy.

Was “Gold for Oil” Policy able to addressed the depreciation of the Cedi against the US Dollar and other trading currencies since its implementation from 2022 to March 2025? The answer to this question is BIG NO.

Was the “Gold for Oil” Policy able to ensures the stability of domestic fuel prices in Ghana between 2022-March 2025? The answer to this question is Partially Yes.

*Unbiased Verdict*
The recent appreciation of the Cedi against the US Dollar and other trading currencies are largely due to the following reasons:

1. Policy Reforms, Fiscal Policy Objectives, and Monetary Policy objectives of Mahama’s government.

2. Favorable global economic conditions especially the recent US-China trade tensions(Tariffs War between US and other countries especially in relation to China).
Both US and China are significant trading partners of Ghana.

3. Ongoing Fiscal Reforms(Fiscal discipline programme) under Ghana-IMF programme, and the credit has to be given to former President Akufo-Addo, Ken Ofori-Atta, former Minister of Finance, and Hon. Dr. Mohammed Amin Adam, former Minister of Finance.

It is without doubt that, the $ 3 billion IMF Extended Credit Facility has restored some considerable level of economic confidence, with an anticipated $370 million tranche hitting the account of Bank of Ghana soon.

For the records, Mahama ended his first term with IMF cushion from 2015-2016, and his second term too is being cushioned with IMF from 2025-2026.

4. Ongoing Ghana’s Debt Restructuring Programme, and the credit has to be given to former President Akufo-Addo, Ken Ofori-Atta, former Minister of Finance, and Hon. Dr. Mohammed Amin Adam, former Minister of Finance.

During the 2025 Budget Speech delivered on 11th March 2025, Hon. Dr. Ato Forson stated that, “Mr. Speaker, you may recall that the government(Akufo-Addo’s government) commenced the debt restructuring programme in 2022 to restore debt sustainability and economic stability. Mr. Speaker, as of now, the restructuring process is approximately 93 percent completed completed. The remaining 7 percent relates to debt of US$2.7 billion owed to commercial creditors. We(Mahama’s government) are committed to completing the remaining debt restructuring as soon as possible”(Sections 101, 102 & 103 and Pages 23-24 of the 2025 Budget Speech).

It is very worthy to state that, the Ghana’s debt restructuring has provided a necessary vital breathing room for Mahama’s government, with the next major payment due in July 2025.

5. The recent S&P Global Ratings Upgrade of Ghana’s credit status from selective default to CCC+, and the credit has to be given to President John Mahama, and Hon. Dr. Ato Forson, Minister of Finance.

6. The recent direct market interventions by the Bank of Ghana, in the forex injection of $490 million in April 2025, and the credit has to be given to Dr. Johnson Asiama, Governor of Bank of Ghana.

7. World market pricing of Ghana’s gold at $ 3, 400 per ounce, and cocoa at $ 10, 000 per ton.

8. Establishment and operationalization of the Ghana Gold Board(GoldBod) even though UP Tradition Institute still has some strong reservations about the monopolistic creation of the GoldBod.

9. The decline of the US Dollar Index(DXY) leading to the weakening of the dollar against other trading currencies.

10. The increased gold reserves of Bank of Ghana, valuing at approximately $3.6 billion by 30th April 2025 kind courtesy the combined positive effects of “Gold for Reserves” Policy(with credit to Bank of Ghana), suspended “Gold for Oil” Policy(with credit to Dr. Mahamudu Bawumia), and the operations of the GoldBod(with credit to President John Mahama, especially the requirements that, 20% of gold export proceeds should be converted to Ghana Cedis before dollar exchange as well as the decision of Mahama’s government through GoldBod to purchase 20% of gold from large-scale mining companies).

The recent recovery of the Cedi is a combination of several factors, and therefore, it is very pedestrian for anyone to single out one initiative as the causality of the Cedi appreciation.

Based on the available facts and data, it fair to state that:
1. Mahama’s government(President John Mahama, Hon. Ato Forson, Minister of Finance, and Dr. Johnson Asiama, Governor of Bank of Ghana) contributed 50% to the recent appreciation of the Cedi.

2. Akufo-Addo’s government(President Akufo-Addo, Hon. Ken Ofori-Atta, Hon. Mohammed Amin Adam, and Governor Ernest Addison) contributed 25% to the recent appreciation of the Cedi.

3. IMF-Ghana Programme, and CCC+ credit status of Ghana by S&P Global Ratings contributed 15% to the recent appreciation of the Cedi.

4. Favorable Global Economic conditions such as US-China Tariffs war contributed about 9% to the recent appreciation of the Cedi.

5. “Gold for Oil” Policy and other domestic factors contributed about 0.5-1% to the recent appreciation of the Cedi.

Therefore, the role of the suspended “Gold for Oil” Policy to the recent Cedi appreciation is highly insignificant on a scale of 100%.

In conclusion, to safeguard the sustainable appreciation of the Cedi against the US Dollar and other trading currencies, the UP Tradition Institute would like to respectfully recommend to the Mahama’s government or future government of the New Patriotic Party(NPP) to consider the:
1. Enactment of “Ghana Gold Reserve Act” under the direct control and supervision of the Bank of Ghana.

The “Ghana Gold Reserve Act” would protect the currency system of Ghana, provides guidelines/regulations for the better use of the monetary gold stock at the Bank of Ghana.

The operations/functionality of the “Ghana Gold Reserve Act” would NOT be the same as the Ghana Gold Board(GoldBod). The GoldBod would contribute to the “Gold for Reserves” Policy whereas the “Ghana Gold Reserve Act” would ensure the proper international best practices as far as the monetary use of gold stock at Bank of Ghana is concerned.

2. Establish the “Exchange Stabilization Fund(ESF)” under the “Ghana Gold Reserve Act”, to control the value of foreign currencies in relation to the performance of the Cedi.

3. Amend the Foreign Exchange Act, 2006(Act 723) to include the authority of the President of the Republic of Ghana to establish the gold value of the dollar or any foreign currency by proclamation through the Ministry of Finance without unnecessary approval from the Bank of Ghana.

……Signed….
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute.

Atwima Mponua NDC Constituency Chairman, Haruna Salifu, popularly known as Chairman Kutu, has categorically denied allegations of involvement in illegal mining (galamsey) following a viral video that accused him of the illicit activity.

In response to the false allegations, Chairman Kutu has taken decisive legal action against Amaro Shakur, the publisher of the video, seeking damages of GH₵ 1,500,000.

According to the writ filed by Chairman Kutu, the defendant’s statements were false and damaging to his reputation.

The plaintiff claims that the publications were defamatory and have caused harm to his personal and professional life.

As a result, Chairman Kutu is seeking several reliefs, including a declaration that the defendant’s publications are defamatory, an order for the defendant to retract the publication on his social media platforms, a public apology from the defendant, and an order restraining the defendant from publishing further falsehoods against him.

While debunking the allegations, Chairman Kutu reaffirmed his support for the government’s efforts to combat illegal mining.

He urged the public to disregard the falsehoods against his person and emphasized the need for collective action to protect the environment and natural resources.

Chairman Kutu’s commitment to fighting galamsey is evident in his actions, as he has consistently advocated for responsible mining practices and supported initiatives that promote sustainable development.

As a champion of environmental protection, Chairman Kutu’s decision to take legal action against the publisher serves as a deterrent to those who seek to spread false information and damage the reputation of others.

As the NDC Constituency Chairman, he remains committed to working with the government and other stakeholders to address the challenges of illegal mining and promote development in the Atwima Mponua constituency.

SikkaNews
Kwame Asare

The spoken words of a poor person should be devoid of arrogance, and the spoken words of a rich/wealthy person should be devoid of pride.

The poor should demonstrate humility in his/her submissions, and the rich/wealthy should demonstrate meekness & tolerance in his/her responses.

Both the rich and poor have the right to speak but their respective utterances should be seasoned with salt and guided by responsibility.

The weak should respect the strong, and the strong should protect the weak.

The young person should honour the elderly, and the elderly should appreciate the young person.

The wife should submit to the husband, and the husband should love the wife.

The subordinate should protect the interest of the Boss, and the Boss should elevate the subordinate.

It is as simple as that.

To protect the public image of our NPP, let’s avoid needless accusations and counter-responses.

Issued By: Razak Kojo Opoku (PhD)

SikkafmNews

The aims and objectives listed below as enshrined in the Constitution of NPP clearly put the New Patriotic Party(NPP) ahead of any political party operating in Ghana including the NDC:

1. To manage the economy of the country with efficiency and prudence, guided by the consideration of national interest.

2. To promote a vibrant, free-market economy and encourage vigorous participation by citizens in economic activities.

3. To create a climate in which private enterprise will thrive and citizens and foreigners alike may invest without fear and without unnecessary bureaucratic restrictions and impediments, in order to create wealth and prosperity for the citizens and people of the country.
This objective has been amended as, “to recognize and guarantee the ownership of property by individuals, either alone or in association with others.

4. To solve the grave problem of massive unemployment and to provide for all who are capable, the opportunity and means of earning a living, either by way of self-employment or as employees in various undertakings.

5. To ensure that the wealth of the country is not monopolized by a section or particular area of the country but is fairly shared and enjoyed by all, in particular, to bridge the present wide gap between the urban and rural communities and also improve conditions in depressed urban areas of the country.

6. To protect the environment from degradation and repair the damage done to the environment by wasteful and improper exploitation of our land, forest, marine, and fresh water resources.

7. To ensure that there are equal opportunities for all citizens without discrimination on any grounds whether of gender, age, position, politics, religion or status so that they can contribute more effectively to the development of the nation.

These aforementioned objectives of our Party seriously positioned NPP as the “Better Managers of the Economy”, and equally influenced majority of the Upper Class, Middle Class, the Business Community, Academia, the Elite Community etc. to become our backbone.

However, it hasn’t been easy fully achieving the above aims and objectives of NPP under Kufuor and Akufo-Addo’s governments due to several human errors in judgement and unforseen factors.

Nevertheless, the governments of Kufuor and Akufo-Addo have tremendously done well to contribute to national development and nation-building of Ghana.

The continuation of NPP’s Policy Interventions under Mahama’s government(as captured in Sections 202, 205, 206, 207 of 2025 Budget Speech) such as Free SHS Policy, School Feeding Programme, Capitation Grant, payments of Teacher Trainee and Nursing Trainee Allowances, clearly show that NPP is a strategic asset for the development of Ghana.

In fact, the 120 days of Mahama’s government has proven that, NPP government is still better managers of the Ghanaian economy especially in the midst of adversities.

According to the 2025 Budget Speech presented by Dr. Cassiel Ato Forson(Minister of Finance) to the Parliament of Ghana, it clearly shows that the sustainability and functionality of the 2025 Budget of Mahama’s government is anchored on some key policies of previous governments of NPP such as:

1. Earmarked Funds Capping and Realignment Act, 2017(Act 947).

The National Health Insurance Levy(NHIL), Road Fund, and GNPC, under Mahama’s government will fully receive allocation under the Act 947 passed by Akufo-Addo’s government(Section 135, Page 37 of 2025 Budget Speech).

2. The Mineral Income Investment Fund(MIIF) Act, 2018(Act 978) passed by Akufo-Addo’s government will be amended by Mahama’s government to ensure that 80% Mineral Royalties originally maintained by MIIF is transferred to the Consolidated Fund for Infrastructure development(Section 135, Page 37 of 2025 Budget Speech).

3. Mahama’s government will increase the Growth & Sustainability Levy from 1% on the gross production of mining companies to 3% to enable the nation to have its fair share of the windfall from increase in gold prices, and have also proposed to extend the sunset clause to 2028(Section 157, Pages 44-45 of 2025 Budget Speech).

It is very essential to state that, the Growth & Sustainability Levy Act, 2023(Act 1095) was passed by Akufo-Addo’s government.

4. Mahama’s government has proposed the extension of the sunset clause for the Special Import Levy to 2028 as part of the revenue measures of Mahama’s government(Section 158, Page 45 of 2025 Budget Speech).

The Special Import Levy Act, 2013(Act 861) was first passed in 2013, amended in the same year of 2013(Act 869), and in 2014(Act 884).

In 2017, under Akufo-Addo’s government, the Special Import Levy was further amended to Act 2017(Act 944) aimed at extending the period of application while making specific exemptions.

5. Mahama’s government in 2025 will continue to implement reforms and increase budgetary allocations to enhance the implementation of the FOUR TARGETED SOCIAL PROTECTION PROGRAMMES (Section 209,Page 61 of 2025 Budget Speech) namely:
(a). NHIS
(b). LEAP(Livelihood Empowerment Against Poverty) Programme
(c). School Feeding Programme
(d). Capitation Grant

It is worth stating that, NPP under Kufuor introduced and implemented the FOUR TARGETED SOCIAL PROTECTION PROGRAMMES mentioned in Section 209, Page 61 of the 2025 Budget Speech.

NPP is a government for the vulnerable and we strongly believe in Social Protection Programmes for the poor and destitute.

However, let me also commend President John Mahama for ensuring the continuation and sustainability of the aforementioned NPP Policies and Programmes including the Agenda 111 Hospitals. Continuity of national projects by successive governments is one of the best approaches of accelerating national development in Ghana.

In 2028, the New Patriotic Party(NPP) with the appropriate Presidential Candidate and Parliamentary Candidates coupled with Unity of Purpose would stand the greater chance of winning power from the NDC.

The legacies of Kufuor and Akufo-Addo are our surest trump cards and unique selling proposition(USP) for 2028 general election.

Issued by: Razak Kojo Opoku(PhD)
Lecturer/Founding President of UP Tradition Institute

sikkafmNews

A legal battle has erupted between the outgoing SIC Insurance Managing Director, Hollistar Duah-Yentumi and the company after she allegedly refused to handover the role, despite being replaced by President John Mahama’s appointee, James Agyenim-Boateng.

Her lawsuit, filed on February 4, not only challenges her removal but has also shed light on her staggering earnings and perks as SIC’s top executive.

Court documents reveal that Madam Duah-Yentumi earned a gross monthly salary of GH₵70,000, bringing her annual basic earnings to GH₵840,000.

Beyond her salary, she enjoyed a clothing allowance of GH₵84,000 per year, an entertainment allowance of GH₵7,000 per month, and a canteen allowance of GH₵850 monthly.

National Lawsuit reveals Ex-SIC MD’s GH₵70k monthly salary and lavish perks

Source: Prince Adu-Owusu
6 February 2025 6:05pm

A legal battle has erupted between the outgoing SIC Insurance Managing Director, Hollistar Duah-Yentumi and the company after she allegedly refused to handover the role, despite being replaced by President John Mahama’s appointee, James Agyenim-Boateng.

Her lawsuit, filed on February 4, not only challenges her removal but has also shed light on her staggering earnings and perks as SIC’s top executive.

Court documents reveal that Madam Duah-Yentumi earned a gross monthly salary of GH₵70,000, bringing her annual basic earnings to GH₵840,000.

Read also: Ex-SIC MD challenges dismissal in court; rejects Agyenim-Boateng as successor
Beyond her salary, she enjoyed a clothing allowance of GH₵84,000 per year, an entertainment allowance of GH₵7,000 per month, and a canteen allowance of GH₵850 monthly.

She also received a professional allowance of GH₵1,200 and payments for personal staff, including GH₵3,000 each for a house help and personal security, as well as GH₵2,000 for a gardener.

Her benefits extended further, covering a $3,000 annual familiarization tour, $810 per diem for official trips, full payment of all utility bills, property rates, and taxes for her official residence.

Additionally, she was entitled to a Toyota Land Cruiser V8, which would be sold to her at the end of her term, a mobile phone with rechargeable units, and 450 liters of fuel per month.

Under her contract, these earnings and benefits were subject to an annual 15 per cent increment review.

Despite President Mahama appointing Mr Agyenim-Boateng as her replacement on January 27, Madam Duah-Yentumi insists her four-year contract—set to expire on January 1, 2028—remains valid.

She argues that any changes to her tenure must be approved by the Board of Directors or resolved by shareholders at an Annual General Meeting.

Despite President Mahama appointing Mr Agyenim-Boateng as her replacement on January 27, Madam Duah-Yentumi insists her four-year contract—set to expire on January 1, 2028—remains valid.

She argues that any changes to her tenure must be approved by the Board of Directors or resolved by shareholders at an Annual General Meeting.

The Ashanti Regional Minister, Hon. Dr. Frank Amoakohene, in collaboration with Coordinating Directors in Greater Kumasi, has launched a citywide initiative to address pressing challenges related to street lighting and sanitation. This follows a comprehensive assessment tour aimed at identifying areas in need of urgent intervention.

During the assessment, the team observed malfunctioning streetlights and sanitation issues that pose safety and health risks to residents. Recognizing the urgency of these challenges, Hon. Dr. Amoakohene has committed the next few days to implementing decisive actions to improve conditions across the region.

“Our priority is to ensure that Greater Kumasi is clean, safe, and well-lit. A well-maintained environment enhances security, reduces health risks, and improves the overall quality of life for residents. We are taking immediate steps to address these concerns,” he stated.

The Minister emphasized that streetlights play a critical role in preventing crime and accidents, while improved sanitation is essential for public health. He urged local assemblies, stakeholders, and residents to collaborate in maintaining the city’s infrastructure and hygiene.

As part of the initiative, authorities will be repairing non-functional streetlights, clearing waste from public spaces, and enforcing sanitation bylaws. The move aligns with the broader vision of sustainable urban development and community well-being.

Residents have been encouraged to actively participate in keeping their neighborhoods clean and to report faulty streetlights or sanitation issues to the appropriate authorities.

The Ashanti Regional Minister reaffirmed his administration’s commitment to proactive governance and urged the public to support the initiative, stating, “Together, we can make Ashanti a model region for development and progress.”

The coming days will see intensified efforts across Greater Kumasi, reinforcing the region’s commitment to effective governance, community engagement, and sustainable urban management.

The concerned youth force of NPP in the Kwahu Afram Plains South Constituency in the Eastern region has petitioned the constituency executives to suspend their Deputy Youth Organizer , Ebenezer Donkor (Jumping Kid) for gross misconduct.

Angry NPP concern youth force in Kwahu Afram Plains South have petitioned constituency party executives to suspend the constituency Deputy Youth Organizer, Ebenezer Donkor for the following reasons;Discussion of party internal issues on radio.

Theft of bags of rice which was meant to be used during the campaign activities of 2024 general elections, he was involved in a stealing activity in a supermarket and has finally publicly assaulted and insulted party executives, including chairman, treasurer, and women’s organiser.

Speaking to Afia Agyeimaa Budu at Tease, Ernest Opoku who presented the petition appealed to the party executives to act on the issues as soon as possible else the youth would take the law into their own hands.

Receiving the petition, chairman Israel Kofi Naadow said the executives were on the matter before they brought their petition, he promised to act on the issue and charged them to comport themselves and not to take the law into their own hands.