Ghana Boosts Domestic Natural Gas Supply
The Ministry of Energy and Green Transition has announced a significant enhancement to Ghana’s domestic natural gas supply. A new agreement with energy giant ENI will see an additional 30 million standard cubic feet per day (MMscfd) of gas production, effective Sunday, July 13, 2025. This brings ENI’s total gas supply to the country to 270 MMscfd. The Ministry described the development as a strategic intervention aimed at strengthening Ghana’s energy infrastructure and improving supply reliability. The move is expected to bolster energy security, support industrial operations, and advance the government’s energy transition agenda. To facilitate the increase in domestic gas supply, ENI will temporarily suspend its gas exports. This measure is essential for optimising the supply chain and ensuring the successful implementation of the supply increase. The Ministry acknowledged the potential for short-term impacts on power generation due to the reallocation of gas resources but assured the public that adequate mitigation measures have been put in place to minimise any disruptions to the electricity supply. The Ministry is confident that the boost in gas production will have a positive impact on the country’s energy sector. The government is committed to ensuring a stable and reliable energy supply to support industrial operations and advance the country’s energy transition agenda. Source: Apexnewsgh.com
Ghana’s Finance Minister Reveals Shocking Gold Smuggling Figures
Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, has made a startling revelation about the scale of gold smuggling in the country. According to Dr. Forson, 60 tonnes of gold, worth an estimated $1.2 billion, were smuggled out of Ghana at the height of the economic crisis in 2022. This amount is nearly half of the $3 billion bailout Ghana sought from the International Monetary Fund (IMF) to stabilize the economy. Dr. Forson lamented that smuggling operations have deprived the country of much-needed foreign exchange and development resources. “This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated. He emphasized that the value of the smuggled gold could have made a significant difference in Ghana’s economic situation. The Finance Minister underscored the urgency for bold action, calling for firm and decisive measures against those sabotaging Ghana’s economy. “It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he declared. He expressed hope that curbing smuggling would allow the country to regain control over its gold resources and ensure maximum benefit for its citizens. Dr. Forson also pledged his support for the Ghana Gold Board, which he said has shown impressive progress in the first half of the year. “Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources,” he noted. He added that the recent inauguration of a special task force to combat smuggling would enhance efforts to tackle the problem and recover lost revenue. The Finance Minister referenced the estimated 600 tonnes of gold believed to have been smuggled over the past decade, worth around $12 billion. “Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote. This staggering amount highlights the severity of the problem and the need for immediate action. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
GIPC Reaffirms Commitment to Supporting Investors
The Ghana Investment Promotion Centre (GIPC) has reaffirmed its commitment to supporting investors through its Aftercare Division, a key mechanism for post-establishment assistance. The assurance was given by the Chief Executive Officer of GIPC, Mr. Simon Madjie, during a meeting with the new Managing Director of Mantrac Ghana Ltd., Mr. Pierre Hill, at the Centre’s office in Accra. Mr. Hill, who recently assumed leadership at Mantrac Ghana, emphasized the company’s long-standing investment in the country, with a workforce of over 1,000 employees. He highlighted the need for strengthened collaboration with government institutions to resolve operational challenges and ensure business continuity. Mr. Madjie acknowledged the company’s significant contribution to Ghana’s industrial and economic development and reiterated the Centre’s readiness to support investors beyond the initial entry phase. Mr. Madjie noted that GIPC’s Aftercare Division plays a crucial role in helping companies navigate regulatory processes and address operational issues. The division provides post-establishment assistance to investors, ensuring that they receive the necessary support to thrive in Ghana’s business environment. Mr. Madjie also referenced ongoing efforts to review Ghana’s investment legislation, including the introduction of a proposed Investor Grievance Mechanism. This initiative aims to provide a framework for addressing investor concerns and promoting a more favorable business environment. The meeting between GIPC and Mantrac Ghana Ltd. demonstrates the Centre’s commitment to supporting investors and promoting a conducive business environment in Ghana. By providing aftercare services and collaborating with government institutions, GIPC aims to ensure that investors receive the necessary support to succeed in the country. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
Ghana Makes Timely Eurobond Payment
The Government of Ghana has successfully fulfilled its Eurobond debt service commitments for 2025 with the payment of US$349.52 million on Thursday, July 3, 2025. This latest instalment brings the total Eurobond debt service payments for 2025 to US$699.04 million, following two earlier payments of equal value in January and July. The Ministry of Finance emphasized that the timely payment underscores the government’s commitment to macroeconomic stability, prudent debt management, and ongoing cooperation with external creditors. Ghana had previously made an initial payment of US$475.60 million in October 2024, shortly after concluding a comprehensive Eurobond debt restructuring deal. In total, Ghana has now serviced US$1.17 billion in Eurobond payments since the restructuring, bringing it fully up to date on all scheduled debt obligations for the year. This achievement demonstrates the government’s dedication to meeting its debt obligations and maintaining fiscal discipline. The Ministry of Finance expects this latest payment to have a positive impact on Ghana’s credit rating outlook, reinforcing its post-restructuring fiscal discipline and strengthening investor confidence in the country’s sovereign creditworthiness and economic recovery programme. Additionally, the payment is expected to support stability in the foreign exchange market, with the payment integrated into the Bank of Ghana’s reserves and liquidity management framework. Ghana is scheduled to service US$1.41 billion in Eurobond debt in 2026. The government remains committed to meeting all future debt obligations as part of its broader economic recovery and reform agenda. This commitment to debt management and fiscal responsibility is expected to contribute to Ghana’s economic stability and growth.
IMF Approves $370 Million Disbursement for Ghana, Endorses Economic Reforms
Ghana’s economic recovery efforts received a major boost today as the Executive Board of the International Monetary Fund (IMF) approved the country’s fourth review under the $3 billion Extended Credit Facility (ECF) programme, clearing the way for an immediate $370 million disbursement. The decision signals strong international confidence in Ghana’s fiscal reforms and marks a crucial milestone in the government’s push to restore macroeconomic stability. In a statement following the approval, Finance Minister Dr. Casiel Ato Forson hailed the development as a “decisive step forward” in Ghana’s economic revival. “This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” he said. “Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognises and supports.” The latest disbursement brings Ghana closer to achieving the objectives of the three-year ECF programme, designed to restore debt sustainability, strengthen public finances, and promote inclusive growth. Since the programme’s inception, Ghana has implemented tough but necessary measures, including: Fiscal consolidation to reduce deficits and control debt Revenue mobilization reforms to broaden the tax base Structural adjustments to improve public financial management Social protection programmes to cushion vulnerable citizens The IMF’s continued support reflects growing optimism that these policies are stabilizing the economy and setting the stage for long-term resilience. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
Ghana’s Mining Sector Witnesses Historic Milestone as Sir Sam Jonah Defends E&P’s Black Volta Gold Project Acquisition
Prominent Ghanaian business leader Sir Sam Jonah has come to the defense of Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project, dismissing claims of political favoritism. According to Sir Jonah, the $100 million deal is a merit-based and commercially viable transaction that showcases a long-overdue transformation in Ghana’s mining sector. Speaking at a ceremony to celebrate the financing agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Jonah emphasized that the agreement is a legitimate business move, rather than a politically influenced arrangement. He described the moment as “historic” and a “turning point” in Ghana’s decades-long relationship with the mining industry. Sir Jonah praised the deal as the first large-scale, wholly Ghanaian-owned gold mine, calling it a symbol of what is possible when indigenous vision meets execution. He noted that the deal was signed in October 2023 “with no fanfare, no interference, and no backroom dealing,” further reinforcing the argument that the project’s success is grounded in “merit, backed by a strong balance sheet, and grounded in solid business fundamentals.” Sir Jonah, a longtime advocate for Ghanaian ownership of the mining value chain, praised Ibrahim Mahama, the founder of E&P, for his foresight and persistence. Recounting their first meeting in 1998, Sir Jonah revealed that he had advised Mahama to focus on hard rock mining, which he believed held more promise than alluvial gold mining. “You are living out my dream,” Sir Jonah said, commending Mahama for building a company that has earned the respect of the industry. Beyond celebrating the achievement, Sir Jonah used the occasion to push for policy reforms that favor local ownership and long-term national economic transformation. He emphasized that ownership and equity matter, and national pride demands that Ghanaians be at the heart of their mineral wealth. Drawing a comparison with South Africa’s Black Economic Empowerment (BEE) framework, Sir Jonah called on Ghana to create similar conditions for local entrepreneurs to thrive. Ending with a rallying call, Sir Jonah urged stakeholders to view the Black Volta Gold Project not as an isolated win but as a blueprint for national resource empowerment. “Let this be the dawn of a new era… from resource extraction for others to resource empowerment for ourselves,” he declared. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
Ghana’s Oil and Gas Discoveries Spark Political Credit Claims
A heated political dispute has emerged over who deserves credit for Ghana’s recent declaration of commerciality for the Eban and Akoma oil and gas discoveries in the Cape Three Points area of the Western Region. The Deputy Ranking Member on Parliament’s Energy Committee, Collins Adomako, insists that the achievements should be attributed to the Akufo-Addo administration. According to Adomako, the discoveries were made during President Akufo-Addo’s tenure, with Akoma discovered in 2019 and Eban in 2021. The appraisal program for the two fields was approved in July 2022 by the same administration, which also recognized the commercial potential of the fields. “These are not new developments. The Eban and Akoma discoveries, as well as their appraisal, were the direct result of decisions taken by the Akufo-Addo government,” Adomako emphasized. The declaration of commerciality, announced on July 3, 2025, marks a significant milestone in Ghana’s upstream petroleum sector, paving the way for full field development and production. The Eban-1X well contains predominantly oil, while the Akoma-1X well yields gas and condensates, offering flexibility in future development options. As political actors scramble to claim credit, the issue has taken a partisan turn. Adomako argues that crediting the current administration with the success of these discoveries would be historically inaccurate and unfair. The Ministry of Energy has yet to respond to the competing claims. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
Elon Musk Launches ‘The America Party’ Amid Feud with Donald Trump
Billionaire entrepreneur Elon Musk has announced the formation of a new political party, “The America Party,” following a dramatic fallout with his former ally, US President Donald Trump. Musk made the declaration on his social media platform X, accusing both major political parties of fostering corruption and fiscal irresponsibility. In his post, Musk stated, “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.” This move comes after Musk sharply criticized President Trump’s newly signed domestic policy bill, claiming it would balloon the national deficit.¹ The rift between Musk and Trump appeared to calm briefly last month after Musk deleted critical posts, but tensions reignited as the bill advanced through Congress. Trump officially signed it into law on Friday, prompting Musk to escalate his discontent into political action. Trump dismissed Musk’s new party as “ridiculous” and warned it would only create division, saying, “We have a tremendous success with the Republican Party… starting a third party just adds to confusion.” Despite the skepticism, Musk hinted that the America Party would field candidates in select House and Senate races during the upcoming midterm elections. However, legal filings with the Federal Election Commission are yet to confirm its formal registration. Source: Apexnewsgh.com
GPRTU and COPEC Urge Government to Set Timeline for GH¢1 Fuel Levy
The Ghana Private Road Transport Union (GPRTU) and the Chamber of Petroleum Consumers (COPEC) are calling on the government to provide a clear timeline for the implementation and duration of the GH¢1 fuel levy set to take effect on July 16. Apexnewsgh reports While the GPRTU has dropped its initial resistance following stakeholder engagements, it insists that the levy must not become a permanent burden. Abass Imoro, Industrial Relations Officer of GPRTU, pleaded with the government to specify a timeline for the levy, whether it be six months, one year, or a specific date. “We also plead with those in authority to also make sure they come out with a timeline that we are taking this [fuel levy] for 6 months or for 1 year or whichever date they think it will sustain us up to,” he said. Imoro noted that the marginal drop in petrol prices and the slight increase in diesel for the first pricing window of July offer some relief. However, he warned that further hikes could force fare adjustments, emphasizing that drivers need to see tangible benefits from their work. “We are working and we will want to make sure we are making profit out of what we are doing. So when we get to a stage where we see no profit why not, we will start to make sure we also gain something out of what we are doing,” Imoro stated. COPEC is equally firm in its stance, with Executive Secretary Duncan Amoah demanding accountability and a fixed duration for the levy. “This new GH¢1 levy should not be treated as one of those old taxes that we have left on the price build-up forever,” he said. Meanwhile, the Chamber of Oil Marketing Companies says its members are preparing for the rollout but cautioned that the impact on fuel prices remains uncertain due to market volatility. The government is under pressure to provide clarity on the fuel levy, and stakeholders are eagerly awaiting a response. Source: Apexnewsgh,com/Ngamegbulam Chidozie Stephen
SEC Warns Public Against Unlicensed Investment Platforms
The Securities and Exchange Commission (SEC) has issued a strong warning to the public against engaging with two social media-based platforms promoting unlicensed investment products in Ghana. Some media platforms are advertising and promoting unapproved investment schemes that promise high returns at no risk. According to a public notice issued on July 1, 2025, “News GH” is promoting a scheme known as the “Gold AI Rise Platform,” while “Ghana News” is offering an unnamed product with similarly unrealistic promises. The SEC has clarified that these entities are not licensed to operate in the capital market as required by law. The Commission has warned that these activities pose significant risks to the investing public and has assured the public that it is collaborating with law enforcement agencies to clamp down on the people behind these illegal schemes. As part of its regulatory mandate, the SEC continuously monitors the securities industry to protect investors and maintain the integrity of the market. The SEC has urged Ghanaians to exercise extreme caution and avoid dealing with such unregulated platforms. To ensure safety, the public is encouraged to verify the licensing status of any investment company or product by contacting the SEC through its toll-free line, main lines, or email. The SEC reaffirmed its commitment to promoting a fair, efficient, and transparent securities market in Ghana, where investor interests are fully protected. The public notice was issued under sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen