Zoomlion Defends Integrity Amid Auditor-General’s Claims of Billing Irregularities at All-African Games
Tension simmered in Accra this week as Zoomlion Ghana Limited found itself thrust into the spotlight following an Auditor-General’s report that scrutinized the company’s billing practices during the 13th All-African Games. The report, released in late May, questioned possible duplication of labour charges in Zoomlion’s invoices for cleaning and vector control services provided throughout the high-profile sporting event. But Zoomlion was quick to push back. In a pointed statement issued on Wednesday, May 27, 2026, the waste management giant dismissed the Auditor-General’s findings as “untrue,” insisting that the allegations stemmed from a fundamental misunderstanding of the nature and scope of its work. According to Zoomlion, the report failed to distinguish between two entirely separate service contracts, vector control and janitorial services, erroneously interpreting labour costs appearing on both sets of invoices as duplication. “The findings misinterpret operational reality, ignore the distinct scope of services provided under separate contracts and overlook the fact that all supporting documents were already available to the Auditor General at the material time,” the company’s statement read. Zoomlion detailed the breadth of its operations during the Games. Vector control, the company clarified, encompassed mosquito fogging and the management of reptiles, rodents, and cockroaches using specialist technology and teams. Janitorial services, meanwhile, included daily cleaning, waste evacuation, toilet maintenance, and mopping across key competition venues. Each service, they stressed, required its own personnel, schedules, and specialized equipment, justifying the separate labour charges. To underscore its transparency, Zoomlion revealed that all relevant documentation, ranging from invoices and contracts to daily supervision logs and equipment deployment records, had been submitted to the Ministry of Sports and other institutions overseeing the event. The company also highlighted the comprehensive scope of its work, which included over 30 different activities such as waste collection, vacuum cleaning, medical waste treatment, mobile toilet provision, water supply, and cesspit management. The logistical challenge was immense: Zoomlion deployed more than 350 specially trained personnel and a large fleet of equipment across four major venues, Accra Sports Stadium, Borteyman Sports Complex, Achimota Cricket Oval, and Bukom Trust Emporium. Staff underwent intensive training at the Army Peace Operations Training School in preparation for around-the-clock sanitation and vector control throughout the Games. In reflecting on its contribution, Zoomlion emphasized that its efforts helped ensure the Games proceeded smoothly, without a single sanitation incident or outbreak of disease. The company ended its statement with a firm rejection of the allegations: “Zoomlion unequivocally denies these allegations. The company is a responsible corporate entity that upholds the highest standards of integrity, professionalism, and accountability in all its dealings.” As the dust settles, Zoomlion maintains that its reputation and the successful, hygienic staging of the All-African Games, speak louder than any report. Source: Apexnewsgh.com
Bank of Ghana Halts New 0.75% Wallet-to-Bank Transfer Fee Pending Review
The Bank of Ghana has stepped in to halt the planned introduction of a 0.75 per cent charge on direct wallet-to-bank transfers by Mobile Money Fintech Limited (MMFL), following a wave of public concern and debate. MMFL had announced that the new fee would be implemented starting June 1, 2026, sending ripples across the digital payments landscape. Many Ghanaians voiced worries about how the extra charge could discourage mobile money transactions, undermine financial inclusion, and increase the cost of accessing digital financial services. Responding to the mounting concerns, the central bank issued a statement on Tuesday, May 26, 2026, directing MMFL to put the proposal on hold. The Bank of Ghana emphasized the need for broader stakeholder engagement and a thorough review of the planned fee. According to the central bank, any changes to charges within the mobile money ecosystem must be approached with caution to safeguard consumers’ interests and ensure the continued growth and fairness of the mobile financial services sector. The Bank of Ghana reiterated its commitment to protecting users and supporting their financial well-being. While the central bank’s intervention has temporarily paused the fee, it remains unclear when the consultation process will be completed or whether the proposed charge will be revised, approved, or scrapped altogether. For now, customers and industry stakeholders await the outcome of further discussions and the future direction of mobile money fees in Ghana.
Ghana’s Cedi Faces Tough Times—A Story of Decline in 2026
Traders in Ghana count their cedis with worried expressions. The year is 2026, and Ghana’s currency has become the talk of West Africa, not for its strength, but for its steady fall against the US dollar. Early May saw the cedi drop to 11.36 against the dollar, marking a year-to-date decline of 10.28% according to Reuters, which relied on London Stock Exchange Group data for its analysis. The news rippled through the financial world, with predictions of further depreciation due to high demand for foreign exchange, especially from Ghana’s energy sector. “Ghana’s cedi is being dragged down by persistent corporate foreign-currency demand, particularly from the energy sector,” stated the Reuters report. The trend continued, and by the end of last week, the cedi closed at 11.61 to the dollar. Out of the nine currencies circulating in West Africa, including the CFA franc used by eight countries, the cedi stood out for all the wrong reasons. It was the worst-performing currency in the region in 2026, and its weak showing placed it alongside the Libyan dinar among Africa’s most fragile currencies. This downward spiral came even as inflation eased, a positive sign for Ghana’s economy. But for ordinary citizens and businesses, the weakening cedi brought challenges. Prices of goods and services climbed, as importers and traders sought dollars at rates higher than those officially quoted. Reuters attributed the cedi’s woes to relentless demand for foreign currency from importers and businesses. “The cedi is on a depreciating path due to persistent FX demand, with traders expecting the trend to continue,” the report concluded. As the cedi’s story unfolded, Ghanaians braced themselves for the uncertain months ahead, hoping for stability in a world where the value of their money seemed to slip further each day. Source: Apexnewsgh.com
The eCedi Project: Still on Track, Says Bank of Ghana Governor
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has reassured the public that the central bank’s much-anticipated eCedi project has not been abandoned. Addressing journalists after a recent Monetary Policy Committee meeting, Dr Asiama emphasized the Bank’s ongoing commitment to the digital currency initiative. According to Dr Asiama, the BoG is actively exploring how the eCedi could pave the way for more efficient cross-border payments and boost regional trade across West Africa. He explained that, while significant progress has been made, the central bank intends to conduct several more pilot programmes before considering a nationwide rollout. “Our focus is on how the eCedi can facilitate faster cross-border settlements for businesses in the sub-region,” Dr Asiama stated. He stressed the importance of rigorous testing and broad stakeholder engagement to ensure the security and effectiveness of the digital currency system. The Governor also noted that the Bank of Ghana is closely monitoring global trends in central bank digital currencies. At the same time, the BoG is collaborating with international partners to refine the eCedi project and ensure it meets world-class standards. In summary, Dr Asiama made it clear that the eCedi remains very much on the Bank of Ghana’s agenda, with careful planning and further trials ahead before its full-scale introduction. Source: Apexnewsgh.com
Governor Warns: Converging Risks Threaten Ghana’s Economic Gains
It was a pivotal moment in Accra as Dr. Johnson Asiama, Governor of the Bank of Ghana, addressed the opening of the 130th Monetary Policy Committee (MPC) meeting. With the city bustling outside, the Governor’s message inside was one of both caution and urgency: Ghana’s economy faces a confluence of external and domestic threats that could undermine the hard-won macroeconomic stability achieved in recent years. Dr. Asiama placed global energy developments and domestic pressures at the forefront of his address. He highlighted the prolonged Middle East conflict, which continues to inflate global energy prices and ripple through Ghana’s economy. “The protracted Middle East conflict and sustained energy price elevation are all risks which, if not addressed, could dislodge inflation expectations before they are firmly anchored,” he warned. For an energy-importing country like Ghana, every uptick in crude prices translates to higher fuel and transport costs, with cascading effects on consumer prices and inflation. The Governor described how these external shocks intersect with local vulnerabilities, especially disruptions in domestic energy supply, to create a “dual-channel inflation expectations problem.” Policymakers, Dr. Asiama said, are increasingly concerned that these risks could undo recent progress in stabilizing inflation. “Without timely policy responses, the current trajectory could reverse recent disinflation gains, complicating monetary policy decisions in the near term,” he cautioned. Beyond inflation, the Governor drew attention to Ghana’s external balances. Improvements in the current account, he noted, could be short-lived if global headwinds weaken export earnings and limit foreign exchange inflows. “The second risk is the current account and reserve vulnerability issues, fiscal risks from external revenue compression, and the domestic power crisis,” he explained. Fiscal risks are also heightened by possible revenue shortfalls linked to global economic slowdowns and volatile commodity prices. Dr. Asiama did not downplay the impact of domestic structural problems, particularly in the energy sector. While the power situation is “showing signs of abatement,” it still weighs heavily on the economy. Persistent power supply disruptions have driven up business costs and inflation expectations, raising the stakes for both producers and consumers. Against this backdrop, the Governor urged his colleagues on the MPC to scrutinize how well monetary policy is working in the current climate. “The current monetary policy transmission is still of concern,” he admitted, questioning whether policy signals are effectively influencing lending and credit growth. The answer, he stressed, would be critical for sustaining broader economic activity as conditions tighten. As the MPC’s deliberations got underway, it was clear that the stakes had rarely been higher. With risks ranging from global geopolitical tensions to domestic energy and fiscal challenges, the path forward would require a careful balancing act. “These risks will be central to the discussions this week,” Dr. Asiama concluded, underlining the importance of decisive and timely action. His final message was unmistakable: Ghana’s economic resilience will depend not just on the foundation of past reforms, but on the country’s ability to respond swiftly and effectively to a rapidly changing risk environment. Source: Apexnewsgh.com
Bank of Ghana Unveils 2025 Financial Stability Review, Emphasizes Vigilance Amid Emerging Risks
The Bank of Ghana ushered in a new chapter of transparency and oversight with the official launch of the 2025 Financial Stability Review, the flagship publication of the Financial Stability Advisory Council. The ceremony, held on Friday, May 15, 2026, brought together key stakeholders to assess the current health and resilience of Ghana’s financial sector under the theme: “From Stress to Stability: Staying on Course.” In her address on behalf of the Governor, Second Deputy Governor Matilda Asante-Asiedu praised the continued resilience of Ghana’s financial system. She reaffirmed the central bank’s unwavering commitment to maintaining stability, reinforcing public confidence, and safeguarding the integrity of the sector. However, Asante-Asiedu cautioned that new risks are beginning to emerge, subtly shaping the outlook for the financial sector. “Some risks are emerging in the outlook. Financial institutions are reassessing their business models to adapt to evolving conditions and avoid disruptions to the stable trajectory we have enjoyed,” echoed Governor Johnson Pandit Asiama in remarks included in the report. The 2025 Financial Stability Review highlights how regulators are proactively working with financial institutions to ensure they adjust their strategies in response to changing economic conditions. The report underscores ongoing efforts to preserve stability across the banking and financial services sector, even as the landscape continues to evolve. With this new publication, the Bank of Ghana signals its continued vigilance and readiness to respond to challenges, ensuring that Ghana’s financial sector remains robust and trusted in the face of uncertainty. Source: Apexnewsgh.com
Ghana’s Growing Reliance on Costly Liquid Fuels Threatens Energy Sector Stability, Says CEMSE Analysis
In 2025, the story of Ghana’s energy sector took a worrying turn. A new analysis by the Centre for Environmental Management and Sustainable Energy (CEMSE), led by Benjamin Nsiah, revealed mounting concerns over the country’s increasing dependence on expensive liquid fuels to keep the lights on. For years, Ghana’s power plants have relied on natural gas as their main source of fuel, with liquid fuels such as Heavy Fuel Oil (HFO), Diesel Fuel Oil (DFO), and Light Crude Oil (LCO) serving as backup during gas shortages. But as the supply of natural gas faltered between 2021 and 2025, backup fuels became the mainstay. The cost of this shift has proven staggering. The CEMSE report found that thermal generation continues to dominate Ghana’s electricity sector, making up about 70 percent of the nation’s dependable generation capacity by 2025. As gas supply disruptions became more frequent, power producers increasingly turned to liquid fuels, at a steep financial cost. The numbers tell a dramatic story. In 2025, the use of Heavy Fuel Oil for power generation surged to 133,237 metric tonnes, a jaw-dropping 947 percent increase from the previous year. The bill for this HFO alone was estimated at US$80.6 million. Diesel Fuel Oil, which had been used only sparingly in 2021 and 2022, saw a significant jump in consumption, with costs reaching US$32.39 million in 2025. Light Crude Oil imports for power plants also soared, from US$36.57 million in 2024 to about US$116.8 million in 2025, a 210 percent spike. Altogether, the combined cost of HFO, DFO, and LCO for the year hit an eye-watering US$229.89 million, translating to roughly US$19.16 million in monthly expenditure. CEMSE’s analysis warned that these escalating costs are not fully accounted for in Ghana’s electricity tariffs. This means the government is forced to rely heavily on petroleum levies to keep the sector afloat, further straining public finances. The report attributed the growing reliance on liquid fuels to persistent deficits in natural gas supply, a trend, it warned, that jeopardizes the financial sustainability of the entire energy sector. With the threat of mounting debt and instability looming, CEMSE called for urgent action. The Centre urged policymakers to address gas supply challenges, diversify the country’s energy sources, improve fuel procurement practices, and reduce Ghana’s exposure to expensive liquid fuels. Only through these steps, the report emphasized, can Ghana secure a more stable and affordable energy future. Source: Apexnewsgh.com
Hajia Charity Rahinatu Asoemah Empowers Bolgatanga Dressmakers with Sewing Machines and Cash Donation
At the 2026 graduation ceremony of the Bolgatanga Central Zone One branch of the Ghana National Tailors and Dressmakers Association (GNTDA), hope and opportunity took center stage. The guest of honor, Hajia Charity Rahinatu Asoemah, Former Upper East Regional Women’s Organizer of the NDC and Deputy Director General of Warehouse of NADMO, made a generous donation of 30 sewing machines and GH₵5,000 cash to the association. Hajia Charity explained that her donation was aimed at supporting the association’s mission to train more young people, particularly young women, in the craft of dressmaking. “As a daughter of this region, I understand the challenges many young ladies face in their daily lives. For some, even having three square meals a day is a struggle. That is why seeing all of you, young graduates, standing before me today is deeply meaningful. I know it has not been easy to get here, and for that, I say a big congratulations to every one of you”. She told the gathering. She commended GNTDA for its steadfast commitment to equipping the youth with valuable, employable skills and encouraged the association to further expand its training programs. Addressing the apprentices, Hajia Charity urged the youth, especially young women, to take their handiwork seriously, emphasizing the potential for vocational training to pave the way for a brighter future. “I want to admonish the youth of this region, especially the ladies, to take their handiwork seriously and become better people in the future,” she advised. Pledging her ongoing support, Hajia Charity promised to assist the association whenever the need arises. The ceremony was also marked by the graduation of 73 apprentices from the Bolgatanga Central Zone One branch. Leaders of the association took the opportunity to call on government authorities to prioritize support for local dressmakers, encouraging efforts to help new graduates establish their own businesses locally rather than seeking opportunities elsewhere. Source: Apexnewsgh.com
BoG and SEC Roll Out Bold Digital Finance Reforms to Position Ghana as Africa’s Fintech Leader
Ghana is taking decisive steps to strengthen its place in Africa’s growing digital economy, as the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) unveiled major reforms aimed at transforming the country into a leading digital finance hub on the continent. The announcements were made during the 3i Africa Summit, where policymakers and financial industry leaders outlined plans to improve instant payment systems, regulate virtual assets, and tighten controls within the fintech lending space. Delivering closing remarks at the summit, the First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, stressed that Africa’s next financial breakthrough will depend on how effectively countries connect their payment systems across borders. According to him, many African countries have already built successful mobile money and digital payment platforms, but the lack of integration between national systems continues to slow down the continent’s digital trade ambitions. Dr. Mumuni explained that the challenge facing Africa is no longer about creating new financial innovations, but rather scaling existing systems to work seamlessly together. He noted that harmonized standards and interconnected payment infrastructure would make it easier for money to move freely across African borders. He cautioned that without deliberate collaboration among African nations, the dream of a unified digital market could remain unattainable. He further urged leaders and regulators to focus on building interconnected systems instead of isolated financial structures. Meanwhile, the Securities and Exchange Commission has moved to formalize Ghana’s virtual asset industry with the introduction of a regulatory sandbox framework for Virtual Asset Service Providers (VASPs). The SEC said the initiative, established under the Virtual Asset Service Providers Act, 2025 (Act 1154), will allow companies operating in the virtual asset space to test innovative products and services under regulatory supervision for a period of 12 months. The Commission explained that the sandbox arrangement is intended to promote responsible innovation while ensuring investor protection and maintaining market integrity. Companies that successfully meet the regulatory requirements during the testing phase may eventually receive full operational licenses. In another significant move, the Bank of Ghana also announced plans to strengthen credit risk management within the fintech sector through mandatory data sharing among financial technology companies. The central bank believes the initiative will help reduce the activities of habitual loan defaulters and lower lending risks by incorporating fintech borrowing data into Ghana’s credit reporting system. Dr. Mumuni emphasized the importance of building financial systems that not only expand access to credit but also promote responsible borrowing and lending practices. Participants at the summit agreed that Africa’s digital finance sector has reached a stage where action and implementation must now take precedence over experimentation and pilot projects. Closing the summit, Dr. Mumuni urged stakeholders to move beyond discussions and commit to practical execution, insisting that the real success of the 3i Africa Summit would be determined by the concrete actions taken after the event. Source: Apexnewsgh.com
Ghana’s Financial Revolution: Making Women’s Ventures ‘Investment-Ready’ for the World
In the bustling markets and roadside stalls across Ghana, millions of women work tirelessly, yet most remain invisible to the formal banking system. But a shift is coming. “Our goal is to ensure these ventures are ‘investment-ready’ for the global stage,” a spokesperson for Chartered recently declared, capturing a growing consensus among financial leaders. Still, the reality of the “unbanked” female entrepreneur is stark. Despite national economic gains, countless women in the informal sector find themselves locked out of traditional loans. Experts argue that until Ghana dismantles its deeply rooted “collateral culture”, which demands physical assets most women don’t possess, many will remain trapped, relying on high-interest informal lenders who circle like vultures. Enter Dr. Elizabeth Zormelo, a fierce advocate for female financial literacy. She doesn’t mince words. “Credit is the fuel, but financial literacy and market access are the engine,” Dr. Zormelo explains, her voice carrying the urgency of someone who has watched too many small businesses flicker and die. “The Women’s Development Bank must be paired with aggressive training to ensure these businesses don’t just survive, but dominate.” Her message arrives at a pivotal moment. The Bank of Ghana is preparing to release new guidelines on gender-disaggregated data reporting,a tool that will finally reveal, in stark numbers, who gets loans and who doesn’t. The message to the financial sector is unmistakable: the future of Ghana’s economic growth is female, and the cost of exclusion is a price this nation can no longer afford to pay. Source: Apexnewsgh.com