Business

People Carrying Over $1m Out Of Ghana Without Declaring – BoG Governor Reveals

Published

9 months ago

September 1, 2025

“People are carrying more than a million dollars out of Ghana without declaring it,” Bank of Ghana Governor Dr Johnson Asiama has revealed.

Speaking on Joy News’ yet-to-be-aired PM Express Business Edition, he described such practices as major leakages that threaten the stability of the economy and undermine efforts to fight money laundering.

“If you look at the currency declaration context framework, for example, the intel we got was that some people actually take out, you know, large volumes of cash.

“People are carrying over a million dollars just out of Ghana, without declaring these, those are leakages, right?” Dr Asiama said.

“And so as a regulator, it is for us to work together with the other regulators, GRA and the others to ensure that if you have to carry such large sums, these are accounted for.

“These are declared. The sources are known. And don’t forget, that’s also good for the anti-money laundering fight that we have on our hands.”

The Governor stressed that the central bank’s recent market notices are not arbitrary but are aimed at sealing such loopholes.

He said the Bank of Ghana is redefining the framework to ensure efficiency and accountability in financial transactions.

“We are just, you know, redefining the framework within which the market has to work and work efficiently.

“These are things we should have been enforcing, but given the context in which we are, we’ve seen clearly that we need to set those boundaries clearly so that the markets can function and function properly,” he explained.

Dr Asiama dismissed suggestions that the Bank of Ghana is overreacting to pressures in the financial market.

“No, not at all. We are only taking advantage of what we are seeing to fix the market. It is like you have a soccer match, right? There’s a context within which the game has to be played, and so that’s exactly what we are doing.”

On the controversial notice restricting large withdrawals, he justified the move, citing findings from the central bank’s investigations.

“If you look at one of the notices, for example, on large withdrawals, that again was in response to the feedback that we got from our investigations, where you find certain corporates who earned money through export rights into their FCA accounts, and then they would want to withdraw these in large amounts.

“Imagine a corporation wanting to withdraw $10 million over the counter. The fact is, what do they use that for? Because their payments are abroad, they don’t carry physical cash to go and settle anything.

“And so the point we made there was that corporations like that do not need that cash locally. Any payments they want to make abroad will be made anyway. And so we said no, for such corporations, they can afford to play in that regime.”

He noted that ordinary individuals would not be affected in the same way.

“For individuals like you and me, probably you need your few $100 or $200 to do something, that’s understandable.

“You can negotiate with your bank, and then you would have a choice whether you want to take those few dollars, or you want to pay the commission, or you want them to change it into cedis for you; you are at ease to do that.”

The Governor insisted that the measures were well thought through, with full involvement of the banking sector.

“Let me also explain that we do not just issue these notices. We met with the banks. We met with the CEOs of banks a number of times. We took on board the feedback from them.

“And so you will see that the banks are silent. They are not complaining. It’s because they were consulted. We thought through this together before the notices were issued. And so we are confident that the notices will help.”

myjoyonline.com

Business

“Don’t Wait For Government Employment; Create Your Own Jobs” – GUTA

Published

1 month ago

April 28, 2026

AladdynKing

Vice President of the Ghana Union of Traders Association (GUTA), Joseph Paddy, has urged young people to shift focus from waiting for government jobs and instead embrace self-employment and opportunities within the private sector.

Speaking at Channel One TV’s Quarterly Economic Outlook on Monday, April 27, he stressed that job creation is not limited to the public sector, noting that the private sector offers multiple opportunities for individuals willing to take initiative.

He encouraged job seekers to develop skills and explore emerging opportunities in areas such as communication, marketing, public relations, and digital services.

“Don’t wait for the government to employ you. Employ yourself,” he stated, adding that many roles in the modern economy are created by private initiative rather than government recruitment.

According to him, the private sector remains the main engine of growth and offers broader opportunities for young people who are willing to be proactive.

“The private sector is the engine of growth. When you are a private sector person, you can do everything. You can have more than one job,” he said.

citinewsroom.com

Business

Ghana On Track For IMF Programme Exit As Final Review Commences

Published

1 month ago

April 28, 2026

AladdynKing

Ghana’s engagement with the International Monetary Fund is entering its final phase, with the government expressing confidence that the country is on track to complete its ongoing program and exit on schedule after sustained policy implementation.

A staff mission from the International Monetary Fund is expected in Accra this week for the sixth and final review under Ghana’s three-year Extended Credit Facility arrangement, ahead of a planned conclusion of the program in August 2026 following a technical extension.

The mission will assess recent macroeconomic performance, including fiscal consolidation, inflation trends, debt management, and structural reforms, while engaging key stakeholders across government, the central bank, and civil society.

Speaking to Citi Business News, Technical Advisor at the Ministry of Finance and economist, Theo Acheampong, said the outlook remains broadly positive, with Ghana having largely met program commitments.

He noted that the final mission will essentially take stock of progress already achieved under the Extended Credit Facility.

“So there’s a mission that is planned for this week. We are now going to be undertaking the sixth and final review of the $3 billion extended credit facility that we entered into in 2023,” he said.

Dr. Acheampong added that performance under the program has been broadly satisfactory, with key reforms and targets largely delivered.

“What is very clear from the fifth review is that we have met most of those program targets,” he stated.

He further stressed that there is strong confidence in a positive outcome from the final assessment, pointing to progress on structural benchmarks, fiscal measures, and tax reforms.

“We are looking forward to a very positive outcome in terms of the Fund’s final review in Ghana and the conclusion of the programme,” he added.

The IMF team is expected to compile its findings after engagements in Accra and submit a report to its Executive Board in Washington, paving the way for Ghana’s programme completion, subject to final approval.

citinewsroom.com

Business

Fuel Prices Set To Drop From Jan 1, 2026 On Cedi Strength And Falling Crude Prices

Published

5 months ago

January 1, 2026

AladdynKing

Prices of petroleum products are expected to decline marginally at the pumps from January 1, 2026.

The projection is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions by oil marketing companies and has been sighted by JoyBusiness.

Projected Reduction

The price of petrol is expected to fall by between 2.40% and 4.80%, bringing the pump price per litre to about GH¢11.90.

Diesel is projected to decline by as much as 3.77%, which could see a litre selling at around GH¢12.50.

Liquefied Petroleum Gas (LPG) is also expected to drop by up to 2.19%, resulting in a kilogram selling at approximately GH¢13.40.

Reasons

According to the Chamber of Oil Marketing Companies, the expected reduction has been influenced mainly by declining prices of crude oil and finished petroleum products on the international market.

Market data show that international refined product prices fell significantly during the period, with petrol down 9.17%, diesel down 8.11%, and LPG down 3.82%.

The cedi has also strengthened against the US dollar, appreciating by more than 3% over the past three weeks.

For the January 1, 2026, pricing window, the local currency rose from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.

This marks one of its strongest performances in recent months, and a sharp improvement from the GH¢14.84 recorded during the same period last year.

More than 200 Oil Marketing Companies have told JoyBusiness they will begin reducing prices from this weekend after completing the necessary adjustments at the pumps.

Others say the changes could take effect as early as Monday.

Some marketers have also indicated that further reductions could follow if the cedi continues to appreciate or remains stable against the dollar.

myjoyonline.com