Ghana has attracted a staggering US$3.9 billion in Chinese foreign direct investment (FDI) over the past decade, resulting in the execution of 424 projects across the country and creating over 39,000 jobs. This was revealed by Mr. Simon Madjie, Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), at the Ghana-China Business Summit in Accra. According to Mr. Madjie, the largest portion of the funds, approximately US$2.7 billion, went to the manufacturing sector, followed by the general trading, construction, and services sectors. He also noted a growing Chinese interest in strategic areas such as industrial zones, logistics, energy, and infrastructure, positioning Ghana as a gateway to West Africa’s regional market. Mr. Madjie described Ghana as one of Africa’s most resilient and investor-friendly destinations, highlighting the country’s stable business environment that continues to attract key development partners. To foster long-term growth, he urged Ghanaian and Chinese companies to form consistent partnerships, emphasizing the potential for mutual benefit and growth. The Ghana-China Business Summit provided a platform for business leaders and investors to explore opportunities and strengthen ties between the two countries. With billions of dollars in investment and thousands of jobs created, Ghana’s relationship with China continues to yield positive results for the country’s economy. Source: Apexnewsgh.com

The Ghana Gold Board has officially launched the full implementation of its new gold trading licensing regime, marking a significant milestone in the government’s efforts to formalize the gold trading industry and maximize revenue for the state. The new regime, backed by the Ghana Gold Board Act, 2025 (Act 1140), aims to eliminate illegal gold trading and smuggling across the country. At a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasized that only individuals and entities with valid licenses issued by the Board can legally trade gold in Ghana. He clarified that the new law overrides all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void. Mr. Gyamfi warned that unlicensed trading constitutes a criminal offense punishable by fines and jail terms, quoting Section 63 of Act 1140. “Anyone found trading gold without a Gold Board license commits an offense and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and ten years, or both,” he said. To enforce compliance, a Gold Board Task Force will be inaugurated on July 8, 2025, with police-level powers to detect and halt illegal gold trade, smuggling, and price manipulation. The Ghana Gold Board has received over 300 applications for various licenses, with more than 240 licenses approved so far. The application process remains open on a rolling basis, but unlicensed individuals and firms are barred from operating in the interim. The Board has fully digitized the licensing process, ensuring transparency and efficiency. Mr. Gyamfi urged all stakeholders to comply with the new licensing regime and support efforts to build a responsible, transparent, and economically beneficial gold trading system in Ghana. Source: Apexnewsgh.com

Three former top officials of the Ghana Revenue Authority (GRA) are currently in custody in connection with the ongoing probe into the Strategic Mobilisation Limited (SML) scandal. Rev. Dr. Ammishaddai Owusu-Amoah, a former Commissioner-General, Dr. Isaac Crentsil, a former Commissioner of Customs, and Christian Tetteh Sottie, a former technical advisor to the Commissioner-General, were arrested and interrogated by the Office of the Special Prosecutor (OSP). According to sources at the OSP, Dr. Crentsil and Tetteh Sottie now hold positions at SML, the company at the center of the corruption investigation. Dr. Crentsil is currently the General Manager at SML. The trio reportedly spent the night in National Intelligence Bureau (NIB) cells after failing to meet their bail conditions. The SML scandal involves questionable transactions and irregularities in contracts awarded to the company. An investigative documentary by former journalists of The Fourth Estate uncovered that SML received over $141 million in government payments despite breaching procurement laws. The company could not provide credible evidence to back claims of substantial revenue savings for the state. Central to the scandal is a 2023 consolidated contract valued at over $100 million annually and valid for five years, engineered by then-Finance Minister Ken Ofori-Atta. Ofori-Atta has since been declared wanted over alleged corruption and related offenses linked to the deal. Dr. Crentsil played a pivotal role during the initial contract stages between GRA and SML, serving as Commissioner of Customs from 2017 to 2019 and later as a technical advisor to the Ministry of Finance. The Special Prosecutor’s investigation is ongoing, with the three former GRA officials being held in custody as part of the probe. The outcome of the investigation will determine the next steps in the case, and it remains to be seen how the scandal will unfold. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

The Minister for Energy and Green Transition, John Abdulai Jinapor, has inaugurated the reconstituted governing board of the Volta River Authority (VRA), following their appointment by President John Dramani Mahama in consultation with the Council of State. The ceremony, held in Accra on Monday, June 23, marked a significant milestone in Ghana’s energy sector. The Minister stressed the board’s critical role in steering Ghana’s flagship power utility through the nation’s accelerating energy transition agenda. “This board has been entrusted with the task of improving VRA’s operations, optimising hydro and thermal assets, and firmly anchoring renewable initiatives within the Authority’s core mandate,” Jinapor said. He emphasized that VRA must work to be the lead institution when it comes to power generation. The Minister outlined key strategic priorities for the new board, including operational revitalization, accelerated green transition, human capital and local capacity, and public and stakeholder engagement. Jinapor assured the board of the government’s continued commitment and support, stating, “The Ministry will give you the needed support to deliver on your mandate.” On behalf of the members of the Board, the Chairman, Ing. Jabesh Amissah-Arthur, expressed appreciation to the President for the appointment and assured that the Board will work to its full capability to salvage the dwindling fortunes of VRA. “The fortunes of VRA have stagnated and dwindled over the years as a result of government policies,” he noted. “We will provide strategic guidance and direction to bring VRA back as the lead power generator in the sub-region and Africa.” The members of the new governing board of the Volta River Authority are: Ing. Jabesh Amissah-Arthur (Chairman) Ing. Edward Ekow Obeng-Kenzo (Ag. Chief Executive) Dr. Lawrence Ofosu Adjare Collins Dauda (MP) Fred Kwesi Agbenyo (MP) Lawyer Wonder Victor Kutor Awulai Attibrukusu III Lawyer Peggy Addo The inauguration of the new board marks a new chapter in VRA’s history, and the government expects the board to deliver on its mandate and drive Ghana’s energy transition agenda forward. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

The Bank of Ghana has announced that the establishment of a Women’s Development Bank will play a crucial role in addressing the longstanding credit access constraints faced by women-led enterprises across various sectors, including trade, agriculture, and technology. According to First Deputy Governor Dr. Zakari Mumuni, this initiative is part of the bank’s broader efforts to advance gender-inclusive financial policies. Delivering remarks on behalf of the Governor at the 2025 African Financial Inclusion Policy Initiative meetings, Dr. Mumuni emphasized the significance of promoting financial inclusion for women. “Beyond access, we are also committed to gender-inclusive finance,” he stated. In 2023, Ghana joined the African Development Bank’s AFAWA initiative, which supports financial institutions in unlocking credit for women entrepreneurs through risk sharing and technical assistance. The Women’s Development Bank, established with a seed capital of over GH¢51 million allocated in the 2025 budget, will provide women-led businesses with low-interest loans and tailored financial services on flexible terms. This institution is expected to directly address the persistent credit gap faced by women-led businesses, particularly in the agricultural, trade, and technology sectors. Dr. Mumuni noted that these initiatives reflect the belief that women’s financial inclusion is not a social obligation but a smart economic strategy. The Women’s Development Bank will offer a range of financial services, including: Low-interest loans: tailored to support women entrepreneurs in various sectors Financial literacy training: to improve business sustainability and management Flexible repayment terms: designed to encourage business growth and development By providing these services, the Women’s Development Bank aims to empower millions of Ghanaian women and promote economic growth and development. The establishment of this bank was a key promise by President John Dramani Mahama ahead of the 2024 elections, and its implementation is expected to have a significant impact on women’s economic empowerment in Ghana. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

The management of Tema Oil Refinery (TOR) has revealed that the company’s total debt stock has reached a staggering $517 million as of December 2024. According to TOR’s Acting Managing Director, Edmund Kombat, the debt is attributed to a combination of operational liabilities and government accounting adjustments. Speaking to journalists after an appearance before Parliament’s Energy Committee, Kombat explained that a significant portion of the debt stemmed from trade obligations and unpaid crude oil supplies over the years. He also disclosed that some grants initially extended by the Ministry of Finance had been reclassified as debt under the government’s ongoing agreement with the International Monetary Fund (IMF), contributing to the surge in TOR’s liabilities. Despite the financial burden, Kombat assured that TOR is working to restructure the debt and engage with stakeholders to clear the outstanding obligations. “We are doing that verification, and as I mentioned, once we do that verification and authentication of what we have been able to bring down, that will be communicated publicly,” he said. The revelation comes amid renewed efforts to restore TOR’s operations. Management has announced that the refinery is expected to resume full operations by October 2025, following a lengthy shutdown due to lack of crude. TOR has also initiated steps to revive its key production infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC), with the aim of significantly reducing Ghana’s reliance on imported refined petroleum products. With a clear plan in place to address its debt and restore operations, TOR is poised to play a more significant role in Ghana’s energy sector. The company’s revival is expected to have a positive impact on the economy, and its management is working tirelessly to ensure a successful turnaround. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

The Minister for the Interior, Muntaka Mubarak Mohammed, has commended the leadership of the Narcotics Control Commission (NACOC) for their enhanced efforts in the fight against drug trafficking in Ghana. He made the commendation during the graduation parade and parchment ceremony of Basic Narcotics Cadet Course 8, held at the Leadership Training School in Tema. The Minister praised NACOC for the recent increase in arrests, describing it as evidence of tighter enforcement measures aimed at making Ghana an unattractive hub for drug trafficking syndicates. He reaffirmed the government’s commitment to working closely with NACOC to dismantle drug networks and ensure a safer and more secure nation for all. Muntaka expressed satisfaction with the six-and-a-half-month intensive training the cadets had undergone, noting that it had equipped them with essential skills in pharmacology, financial investigations, and intelligence gathering. He said these competencies would empower the new officers to tackle the illicit drug trade with integrity, fairness, and professionalism. In a significant policy move, the Interior Minister called on NACOC to operationalise the Substance Use Disorder Rehabilitation Fund, a dedicated initiative to support research, treatment, and rehabilitation programmes for individuals battling addiction. He pledged to provide a seed fund for the project and appealed to corporate entities to support the fund as part of their Corporate Social Responsibility. The Minister emphasized that winning the fight against narcotics requires a collective national effort, urging the newly commissioned cadets to carry out their duties with courage, professionalism, and compassion. He congratulated the graduating cadets on their achievements and called on all stakeholders to collaborate in building a Ghana free from the scourge of illicit drugs. Muntaka reiterated the government’s unwavering support for NACOC and other security agencies, assuring that the necessary resources would be made available to strengthen their capacity in the ongoing war against drug trafficking and substance abuse. With this commitment, Ghana is poised to make significant strides in the fight against narcotics. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen