News
Ghana Gold Board to be established by March 8

Published
5 months agoon

A 19-member Technical Committee tasked to develop a legal and operational framework for the establishment of Ghana Gold Board was inaugurated in Accra yesterday.
The Committee is also mandated to draft a bill for the establishment of the Ghana Gold Board, which is expected to be in existence by March 8 this year.
Inaugurating the committee, the Finance Minister, Dr Cassiel Ato Baah Forson, said the Gold Board was a flagship initiative by the President, John Dramani Mahama administration for the economic revitalisation of the economy.
He said the Board was to serve as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
“As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits of this valuable mineral remain minimal, often coming at a steep environmental cost,” the Finance Minister stated.
He said historically, Ghana’s revenues from gold had been confined to traditional sources, such as royalties and taxes, adding that the Ghanaian economy had not realised the full benefit of its gold resources.
“The time has come for Ghana to expand beyond royalties and taxes by enhancing the entire value chain of gold. As a nation, we must aspire to maximise the full benefit of our gold resources and this involves the optimising of every stage of the value chain, from extraction to refinery, value addition and marketing, both locally and internationally,” the Finance Minister stated.
He said the Ghana Gold Board would serve as a specialised agency to ensure effective marketing of the country’s gold resources.
He said the Board would implement programmes to formalise gold trading from a small-scale mining industry and promote traceability with the aim of enhancing international acceptability of gold from the Republic of Ghana.
Dr Forson said the chaos in Ghana’s gold purchasing sector prevented the nation from fully benefiting from its gold resources.
He said numerous organisations and individuals were buying gold, stressing that, “This fragmented, uncoordinated, and unregulated system has led to a widespread gold smuggling and deprived the state of the much-needed foreign exchange.”
“To address these issues, the Ghana Gold Board will be mandated to regulate and streamline the gold sector, particularly the small-scale gold,” Dr Forson stated.
He said the Ghana Gold Board would act as the sole buyer of gold from the legal small-scale miners.
“Upon its establishment, the Gold Board will also have the exclusive legal right as the sole assayer, seller, and exporter of gold from the small-scale gold miner,” Dr Forson stated.
In the year 2024 alone, he said, Ghana exported nearly $5 billion worth of gold from illegal small-scale mining.
However, research indicated that the value of gold smuggled out of Ghana from small-scale mining was nearly double the official figures, stressing the need for the Gold Board to streamline the purchase and export of Gold from the small-scale mining sector.
He said the development of the legal framework would be completed by February 4, 2025 and the establishment of the Ghana Gold Board by March 8, 2025.
The Special Legal Advisor to the President, Marietta Brew Appiah said the establishment of the Ghana Gold Board was dear to the heart of the President.
The Acting Managing Director of the Precious Minerals and Marketing Company, Sammy Gyamfi, described the Ghana Gold Board as a noble vision by the President.
The members of the Committee are Sammy Gyamfi; Marietta Agyeiwaa Brew; Dr Abdul Baasit Aziz Bamba, a legal practitioner; and Dr Johnson Asiamah, a former Deputy Governor of the Bank of Ghana.
The others are Dr Tony Aubyn, former CEO of the Minerals Commission; Joojo Kakra Bannerman, Head of Financial Markets at Standard Chartered Bank; and Martin Kwaku Ayisi, CEO of the Minerals Commission.
Also on the Committee are Mr Ernest Asiedu Odami, Director of Corporate Planning at PMMC; Sharon Quaye, Head of Business Development at PMMC; and Mohammed Abubakar, Director of Finance at PMMC, Bernard Samua M. Annan, Head of Field Operations at PMMC; Richard Kofi Afenu, a geologist, mineral economist, and legal practitioner; Mr. Kwaku Effah Asuahene, Chairman of the Chamber of Bullion Traders, Ghana, Godwin Nichelsen Armah, General Secretary of the National Association of Small-scale Miners; Roger Kwakye, a gold trading consultant; and a representative from the Office of the Attorney-General.
The rest are Joseph Iroko, Manager of Legal Affairs; Eric Bukari, Manager of Small-scale Mining, both of Minerals Commission; Paul Elikplim Bleboo, Deputy Manager of the Gold Desk at the Bank of Ghana, and Kwabena Agyemang Barning, Chief Technical Officer at MIIF.
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News
Adhere strictly to DACF guidelines …GAR Minister tells MMDAs

Published
10 hours agoon
June 13, 2025
The Greater Accra Regional Minister, Ms Linda Obenewaa Akweley Ocloo, has urged Metropolitan, Municipal and District Assemblies (MMDAs) to adhere to the District Assemblies’ Common Fund (DACF) Guidelines to ensure development in the region.
The guidelines, which was approved by cabinet earlier this month after the Minister of Finance, Dr Cassiel Ato Forson, announced the transfer of GH¢987,965,073.00 from the Consolidated Fund into DACF representing the first quarter disbursement for 2025.
Aimed at promoting effective service delivery and transparency, the guidelines for the 80 per cent of the released funds are; 25 per cent goes for the design and construction of 24-Hour Economy model markets, 10 per cent for the construction of health facilities, another 10 per cent into construction of educational facilities while, 10 per cent goes towards provision of potable water.
Also, 10 per cent designated for environmental sanitation, 10 per cent for the provision of school furniture, five per cent for administration, including monitoring and evaluation, and 20 per cent goes into completion of abandoned legacy projects.
The minister who made the call at the Annual Council Meeting in Accra, yesterday emphasised the importance of adhering to cabinet-approved guidelines for the use of the DACF.
She announced that first quarter allocations were ready and would be released upon submission of 2025 Budget and work plans by MMDAs.
With over 80 per cent of funds expected to be invested in local development projects, she urged members to ensure prudent use of the resources, emphasising that the RCC would monitor fund usage closely to support the government’s reset agenda for sustainable growth and accountability.
“I wish to urge all of you to ensure you stick to the guidelines approved by cabinet for the utilisation of the DACF. Remember, the reset agenda can be achieved when we follow these guidelines,” she said.
Ms Ocloo highlighted the need for improved Internally Generated Funds (IGF) to drive development.
She commended some assemblies for adopting cashless systems and urged others to embrace digital platforms for greater transparency and efficiency.
“Records from this office indicates that, as at the end of the 1st quarter 2025, all MMDAs in the region had mobilised over GH¢ 80 million which represents 23 per cent of the total budget of the year 2025. Leading this achievement is Kpone Katamanso Municipal Assembly with 8.4 million which represents 38.5 per cent of its total budget, while Ayawaso North trails with GH¢316,643.66 which represents 19.8 per cent of its budget,” she added.
The minister urged all MMDAs to prioritise the submission of their 2026–2029 Medium-Term Development Plans to the National Development Planning Commission (NDPC) by June 30, 2025.
She said all future budgeting activities must align with the interventions outlined in these plans and called for strong support for planning teams to meet the deadline.
A Local Government and Decentralisation expert, Mr Jonathan Azaso, advised the assemblies to always get their developmental plans approved before putting together budget for approval so as to stay on track.
“It is important you make use of resources made available to the assembly responsible to ensure transparency and accountability to your people and government,” he stated.
He called on the various departments of the assemblies to collaborate to ensure smooth operations for community development.
News
More than 100 SEs yet to sign performance contract with SIGA – Kpessa Whyte

Published
10 hours agoon
June 13, 2025
Over 100 Specified Entities SEs, including State-Owned Enterprise (SOEs), Other State Enterprises (OSEs), and Joint Venture Companies (JVCs) with majority state interest, are yet to sign the performance contract with the State Interest and Governance Authority (SIGA).
The performance contract is a legal and strategic instrument that compelled entities to adhere to clear objectives, measurable targets, and critical performance indicators.

The Acting Director General of SIGA, Professor Michael Kpessa-Whyte, who confirmed this at breakfast meeting in Accra yesterday, said SIGA had witnessed tremendous progress in the signing of performance contracts by specified entities over the past five years.
According to him, SIGA secured the 70 signed performance contracts in 2024, which was an increase to the 69 secured in 2023.
In addition, Prof. Kpessa-Whyte said SIGA secured a total number of 64 Performance Contracts in 2022 and 2021, as well as 47 in 2020 and 2019.
However, he noted that the 70 Performance Contracts secured by SIGA in 2024 meant there were over 100 specified entities that needed to sign the performance contract, as the Cabinet-approved Register of Specified Entities lists a staggering 174 institutions.
Prof. Kpessa-Whyte explained that the compliance gap in the performance contract was a fundamental challenge that undermined SIGA’s oversight responsibility of improving transparency and elevating fiscal risk to the state.
Furthermore, he said that the situation impedes the ability of SIGA to ensure that specified entities delivered the public value they were established to provide.
“SOEs, OSEs, or JVCs, are crucial to delivering essential services, driving strategic sectors of the economy, and contributing to national development goals.
“Yet, we have seen from evidence that the effectiveness and efficiency of most of the specified entities have often been hampered by a lack of clear performance benchmarks, leading to under-performance, inefficiencies, and sometimes, significant financial losses,” Prof. Kpessa-Whyte said.
He said that SIGA acknowledged the peculiar context under which most entities operate, especially in the complex structural and legal transitions they navigate as well as the genuine capacity constraints they grappled with.
Prof. Kpessa-Whyte said performance contracts were comprehensive governance tools that were designed to turn potential into performance and also turn specified entities into high-performing institutions.
For his part, the Presidential Advisor on Economy, Mr Seth Terkper, said it was important for specified entities, including the ministries, local government and other public agencies align their plan to the medium-term developed by the National Development Planning Commission (NDPC).
Aligning their plan to the medium-term plan of the NDPC Mr Terpker said would enable such agencies to evaluate their performance effectively and enhance budget allocation.
News
Minister of Education solicits support for establishment of Islamic medical school

Published
10 hours agoon
June 13, 2025
- The Minister of Education, Haruna Iddrisu, has appealed to the Qatar Education Foundation to support the government in the establishment of an Islamic Medical School in the Northern region of Ghana.
- He said the initiative by the ministry is aimed at expanding access to medical education and enhancing healthcare delivery in the northern regions.
- “If you can give us a friendly concessionary financing to do that in order that the umma in that particular area can make use of it”, he appealed.
- Mr Iddrisu made the call when the Ambassador of the State of Qatar to Ghana, Mr Khalid Bin Jabor Al-Mesallam, paid a courtesy call on him in Accra today.
- He emphasised the need to further strengthen bilateral relations between the two countries with a particular focus on enhancing cooperation in the field of education.
- The Minister said Ghana was interested in deepening institutional ties between his outfit and that of Qater to support the mutual exchange of knowledge, best practices, and investment in education.
- He revealed that the the country’s Islamic curriculum for basic schools would be reviewed for basic education beginning with kindergarten to encourage the teaching of Arabic in basic schools across.
- Furthermore, he expressed interest in Ghana’s participation in the upcoming global Education Conference scheduled to take place in Geneva in September 2025, to enable the country showcase its progress and priorities in the education sector.
- For his part, Mr Al-Mesallam expressed strong interest in the discussions and reaffirmed Qatar’s willingness to explore collaborative opportunities in support of Ghana’s education sector.
The visit forms part of ongoing diplomatic engagements aimed at strengthening education-focused partnerships between Ghana and its international allies.

Adhere strictly to DACF guidelines …GAR Minister tells MMDAs

More than 100 SEs yet to sign performance contract with SIGA – Kpessa Whyte

Minister of Education solicits support for establishment of Islamic medical school
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