Cocoa farmers across Ghana will receive a revised producer price of GH¢41,392 per tonne for the rest of the 2025/26 crop season following a government decision aimed at restoring confidence and supporting incomes within the industry.The updated price, approved by the Producer Price Review Committee (PPRC), took effect on Thursday, February 12, and is equivalent to GH¢2,587 per bag.Speaking to the media, Finance Minister Dr Cassiel Ato Forson explained that the adjustment was influenced by current trends in the international cocoa market. According to him, the new rate aligns with prevailing global prices and is aimed at restoring confidence within Ghana’s cocoa sector.He noted that the revised pricing structure is expected to improve liquidity across the cocoa value chain, enabling faster payments to farmers who have experienced delays in recent months and helping to reduce financial pressures at the farm level.The minister added that the price review forms part of broader reforms designed to ensure the long-term sustainability of Ghana’s cocoa industry. He emphasised that the measure is necessary to stabilise the sector, strengthen its financial position, and deliver better outcomes for cocoa farmers.“As a result of that, the PPRC thereby announces that effective today, Thursday 12th February 2026, the new producer price for the remainder of the 2025–2026 crop season will now be 41,392 Ghana Cedis per tonne and 2,587 Ghana Cedis per bag,” he said.The revised rate represents a reduction from the price initially announced at the start of the 2025/26 crop season. At the time, the producer price was set at US$5,040 per tonne, reflecting a 62.58 per cent increase in dollar terms, which translated to GH¢51,660 per tonne or GH¢3,228.75 per bag.

Gov't cuts Cocoa producer price from GH¢51K to GH¢41K per tonne

The Ghana Card has been thrust back into the spotlight as a central weapon in the fight against financial crime, following a new directive aimed at tightening controls within the foreign exchange market.The Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC) have jointly announced stricter compliance requirements mandating all foreign exchange bureaux to request a valid Ghana Card before conducting any business with customers.The directive forms part of the updated Anti-Money Laundering, Combating Financing of Terrorism and Combating Proliferation Financing (AML/CFT/CPF) Guidelines for exchange bureaux, which took immediate effect upon their rollout in September 2025.Authorities have long identified forex bureaux as high-risk channels routinely exploited for money laundering and illicit financial flows. According to regulators, requiring a Ghana Card noted as the primary identification document for financial transactions closes key loopholes while enhancing traceability and regulatory monitoring.The new framework strengthens obligations around Customer Due Diligence (CDD). All operators must display visible notices informing clients that no transaction will be processed without the presentation of a valid Ghana Card.For transactions of US$10,000 and above, bureaux are required to capture Ghana Card details and verify customer identity biometrically before proceeding.The directive also heightens scrutiny around Politically Exposed Persons (PEPs). Operators must screen and flag PEP-related activity and file suspicious transaction reports with regulators within 24 hours.The Ghana Card continues to expand its role as the backbone of national identification, already compulsory across banking, telecommunications, and multiple public services, from passport issuance and driver licensing to business registration and vehicle insurance.Regulators say the additional enforcement measures reinforce the identification system’s increasingly critical role in protecting the financial sector and maintaining public trust.

Ghana Card becomes mandatory ID in new crackdown on money laundering

<h2>The financial decisions you make in the next 90 days could determine your wealth for the next decade.</h2>January feels different this year, doesn't it? The holiday spending hangover is real, but so is that familiar spark of possibility that comes with a fresh start. You're scrolling through your bank account, maybe wincing a little, wondering if this is finally the year you get your money right.Here's the truth: most people will make the same financial mistakes in 2026 that they made in 2025. They'll save "when they have more money." They'll start investing "once things settle down. "They'll pay off debt "after this one big purchase."But you're reading this, which means you're different. You're ready to actually do something.The five moves below aren't complicated, and they don't require you to become a finance expert overnight. What they do require is action. Not perfect action, just consistent action. Because the gap between people who build wealth and people who stay broke isn't intelligence or luck; it's simply making better decisions and sticking with them.Let's get started. <h2>1. Build a 6-Month Emergency Fund</h2>Forget the old advice about saving three months of expenses. The reality of today's job market demands more protection. The average job search now takes 5-6 months, which means your safety net needs to be bigger.Here's the math: if your monthly expenses total $3,000, you need $18,000 set aside. Sounds like a lot? Start small. Even $100 per pay cheque adds up to $2,600 in a year.The smart approach: Open a high-yield savings account offering 4-5% APY. Your emergency fund should actually earn you money while it sits there. Set up automatic transfers so you're saving before you have a chance to spend.When Maria lost her job last spring, her six-month fund meant she didn't panic. She took her time, found a better opportunity, and negotiated 25% higher pay. Without that cushion, she would have grabbed the first offer out of desperation.<h2>2. Max Out Retirement Contributions</h2>The 401(k) contribution limit jumped to $23,500 for 2026, and if you're 50 or older, you can add another $7,500. This isn't just about saving; it's about capturing free money if your employer matches.Let's say your company matches 50% up to 6% of your salary. On a $60,000 salary, that's $1,800 in free money annually. Not contributing enough to get the full match is literally refusing a pay raise.The compound effect: A 30-year-old putting away an extra $200 monthly will see roughly $250,000 more at retirement, assuming average market returns. That's the power of starting now.Simple strategy: Got a raise recently? Redirect the entire increase to your 401(k) before your lifestyle adjusts to it. You won't miss money you never saw, and your future self will be grateful.<h2>3. Crush High-Interest Debt</h2>Credit card interest rates hovering around 20-25% are quietly destroying your wealth. A $5,000 balance at 22% interest costs you $1,100 per year just to tread water.The balance transfer strategy: Cards offering 0% APR for 12-21 months let you pause interest completely. Transfer that $5,000 balance, pay $420 monthly during the promo period, and you're debt-free without throwing away $1,100 in interest.The consolidation approach: Multiple high-interest debts become unmanageable fast. A personal loan at 8-10% beats credit cards at 20%+. Consolidating $15,000 in credit card debt to a personal loan could save you $1,500-2,000 annually in interest.One critical rule: Don't refinance debt just to run up your cards again. Fix the spending habits first, or you'll end up in a deeper hole.Calculate what you're actually paying in interest each month. That number should motivate you to act now.<h2>4. Invest in Income-Boosting Skills</h2>Your earning power is your greatest asset. In 2026's AI-driven economy, the right skills can add $10,000-30,000 to your annual income.High-return investments:Data analysis and AI literacy courses cost $200-500 but position you for roles paying significantly more. Companies are desperate for people who understand how to work with these tools.Digital marketing skills let you freelance at $50-150 per hour. Small businesses need help with SEO, social media, and content strategy.Cloud computing and cybersecurity certifications typically result in 20-40% salary increases for IT professionals.Beyond technical skills: Negotiation training could earn you thousands in your next salary discussion. One negotiation workshop at $300 could net you a $5,000-10,000 higher starting salary.Consider this: Jake spent $1,200 on a data analytics bootcamp. Three months later, he leveraged his new certification to negotiate a $15,000 raise. His investment paid for itself in less than a month.<h2>5. Diversify Your Investments</h2>Your 401(k) is essential, but it shouldn't be your only wealth-building tool. Diversification protects you when one market struggles and creates multiple income streams.Treasury bonds and I-bonds: Government-backed, zero-risk investments that currently offer solid returns. I-Bonds specifically protect against inflation while earning interest.REITs (Real Estate Investment Trusts): Own a piece of the real estate market without buying property. Start with as little as $100, earn dividends, and diversify beyond stocks.Taxable broking accounts: Once you've maxed retirement contributions, keep investing in low-cost index funds. Unlike 401(k)s, you can access this money anytime without penalties.HSA accounts: If you have a high-deductible health plan, your HSA is triple tax-advantaged. Money goes in tax-free, grows tax-free, and comes out tax-free for medical expenses. After 65, it works like a traditional IRA.Skip the temptation to chase crypto trends or "hot stocks". Real diversification means spreading money across proven asset classes that balance risk and reward.<h2>Your Action Plan</h2>This week: Open a high-yield savings account and schedule your first automatic transfer.This month: Increase your 401(k) contribution by 2% and list all debts by interest rate.This quarter: Complete one skill-building course and reach your first $2,000 in emergency savings.This year: build your full emergency fund, maximise retirement contributions, eliminate your highest-interest debt, and open an additional investment account.Financial freedom comes from consistent decisions, not perfect ones. Start with one move from this list. The momentum you build will carry you to the next step, then the next.The gap between where you are financially and where you want to be closes one decision at a time. Make 2026 the year you stopped planning and started doing.

5 money decisions that could change your life in 2026

The Bank of Ghana (BoG) has introduced comprehensive regulations for International Money Transfer Operators (IMTOs) to strengthen oversight, protect consumers, and safeguard the integrity of the country’s remittance sector.The new guidelines, issued last month, set a stricter licensing and operational framework for all entities involved in receiving inward remittances, including IMTOs, banks, and payment service providers. BoG described remittances as a “vital pillar of Ghana’s socio-economic development” and stressed that the fast-evolving digital financial landscape requires robust regulatory measures to maintain public confidence and financial stability.Under the regulations, prospective IMTOs must hold a valid licence in their home jurisdiction and submit detailed applications to BoG, including shareholder structures, profiles of ultimate beneficial owners, and proof of strong internal controls. The central bank will review complete applications within 90 days, and registration, once granted, is non-transferable.<h2>Operational Restrictions and Compliance Requirements</h2>Registered IMTOs are now limited to facilitating inward person-to-person remittances only. They are prohibited from conducting outbound transfers, accepting deposits, issuing loans, or engaging in foreign exchange trading. Additionally, remittances must be paid exclusively to individual beneficiaries, not business or corporate accounts, and all transactions must be settled in Ghana Cedis through designated bank accounts at rates based on the Average Opening Bloomberg USD/GHS Regional (REGN) bid-ask range or equivalent currency pair rate.IMTOs and their agents are required to capture detailed transaction data, including the purpose of transfers and beneficiary information, and retain records for a minimum of six years. Monthly data returns must be submitted by the ninth working day of the following month, while suspicious transactions must be reported within 24 hours.IMTOs must operate through approved agent banks or payment service providers under formal Service Level Agreements (SLAs). They bear ultimate responsibility for compliance, including anti-money laundering, counter-terrorist financing, and counter-proliferation measures, and must actively monitor their agents.Non-compliance carries severe penalties, including fines starting at 1,000 penalty units, suspension, or outright de-registration. Existing operators have been given a three-month transitional period to align with the new requirements.BoG says the guidelines are designed to formalise partnerships across the remittance ecosystem, strengthen Ghana’s defences against financial crime, and support the continued growth of a critical source of foreign exchange.

Bank of Ghana tightens oversight of IMTOs

MTN Ghana has announced a downward adjustment in tariffs across all its products and services, with the new rates set to take effect from January 2, 2026.In a notification sent to customers on Friday, the telecommunications operator said the reductions reflect recent changes introduced under Ghana’s revised Value Added Tax (VAT) framework. Customers were encouraged to visit MTN’s official website for detailed information on the new pricing.The move makes MTN one of the first major service providers to align its pricing structure with the latest tax reforms, signalling an early response by the private sector to the government’s revised fiscal measures.The tariff cuts follow comprehensive VAT reforms rolled out by the Ghana Revenue Authority (GRA), aimed at easing the tax burden on households and businesses while strengthening compliance. A key feature of the reforms is the increase in the VAT registration threshold for businesses dealing in goods, which has been raised from GH¢200,000 to GH¢750,000. The change is expected to significantly reduce compliance obligations for micro and small enterprises by exempting a larger segment from mandatory VAT registration.The GRA has also scrapped the COVID-19 Health Recovery Levy, eliminating an additional consumption tax introduced during the pandemic. Furthermore, the re-coupling of the National Health Insurance Levy (NHIL) and the Ghana Education Trust Fund (GETFund) levies will allow VAT-registered businesses to claim input tax credits, a development expected to improve cash flow and lower effective tax costs.Under the new framework, the standard VAT rate has been reduced to 20 per cent, while the VAT Flat Rate Scheme has been abolished in favour of a more streamlined and transparent system. The GRA says the reforms are designed to promote fairness, improve administrative efficiency, and enhance overall tax compliance.MTN’s decision to reduce tariffs is expected to provide some relief to subscribers, particularly as consumers and businesses closely monitor how key sectors, including telecommunications, adjust prices in response to the new VAT regime.

MTN Ghana cuts tariffs from Jan 2, 2026 following new VAT reforms

The Ghana cedi is expected to regain some strength over the next two weeks, despite coming under mild pressure in recent sessions amid tighter foreign exchange supply.The anticipated rebound is largely anchored on a projected US$385 million disbursement from the International Monetary Fund (IMF), which is expected to bolster liquidity in the forex market and improve sentiment around the local currency.Analysts forecast that the cedi will stabilise within the GH¢11.39 to GH¢11.45 range against the US dollar in the near term.Databank Research attributed the recent depreciation to seasonal demand pressures, particularly typical year-end adjustments in foreign exchange positions. The firm, however, maintained that the cedi remains fundamentally sound.“Our assessment suggests the cedi is trading close to its fair value, with minimal deviation from Real Effective Exchange Rate benchmarks, indicating no significant overvaluation or undervaluation,” Databank Research noted.Over the past two weeks, the local currency recorded modest losses against the major international currencies across both the wholesale and retail markets.In the interbank market, the US dollar strengthened to close at a mid-rate of GH¢11.49, up from GH¢11.41. The British pound and the euro also edged higher, settling at GH¢15.35 from GH¢15.26 and GH¢13.47 from GH¢13.32, respectively.At the retail end of the market, the cedi depreciated by 2.03 per cent to GH¢12.30 per US dollar, while losses of 2.75 per cent and 2.79 per cent were recorded against the pound and euro, which closed at GH¢16.35 and GH¢14.35, respectively.Meanwhile, forex bureaus opened the week quoting the cedi at around GH¢12.40 to the US dollar, reflecting ongoing demand pressures.Despite the recent softness, the cedi remains one of the stronger-performing currencies in the region, posting a year-to-date gain of 26.22 per cent against the US dollar.

Ghana Cedi poised for short-term rebound on IMF inflow

The Bank of Ghana (BoG) has unveiled plans to license fully fledged financial institutions dedicated exclusively to non-interest banking and finance (NIBF) services, marking a significant step toward diversifying the country’s financial landscape.Under this initiative, once the supporting regulatory framework is finalised, both new and existing financial institutions will be permitted to apply for licences to offer non-interest financial products. Although the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) already recognises non-interest banking as a legitimate activity, implementation has been stalled for years due to the absence of operational guidelines.To bridge this regulatory gap, the central bank has begun extensive engagements with financial sector stakeholders, aimed at building technical expertise and preparing the industry for a structured rollout of NIBF services.At a stakeholder engagement session in Accra, Professor John Gatsi, Advisor on Non-Interest Banking and Finance at the BoG, noted that Ghana was drawing insights from countries such as Nigeria, Kenya, Togo and Benin, where non-interest finance models are already well established. He emphasised the BoG’s commitment to providing clear regulatory direction to support both standalone NIBF institutions and specialised NIBF windows within existing banks.<h3>Regulatory Clarity</h3>Prof. Gatsi underscored that the renewed push by the BoG aims to provide long-awaited regulatory clarity for a model that legally exists but has lacked implementation guidelines.“Act 930 already makes room for non-interest banking as a permissible activity, but without regulations, nobody could operationalise it,” he explained.He added that the central bank was now focused on issuing the directives required to allow both new entrants and established financial institutions to operate confidently within the NIBF framework.<h3>Building Capacity</h3>As part of the preparatory work, Prof. Gatsi revealed that the BoG is engaging industry players and bolstering capacity across the financial sector to ensure institutions are sufficiently equipped ahead of licensing.“What we are doing today is capacity-building because if you don’t have people who are knowledgeable in the non-interest banking space, then you cannot give them a licence,” he said.Some institutions, he noted, have already started training staff locally and internationally to align with global best practices. The BoG expects a broad spectrum of financial entities — including Fintechs, microfinance companies, rural and community banks, savings and loans firms, and capital market operators — to take similar steps.<h3>Learning From the Region</h3>Prof. Gatsi highlighted that Ghana is benefiting from lessons across the subregion, where non-interest banking has matured.“Nigeria, Kenya, Togo and Benin have all implemented versions of this model, and we are learning from their experiences,” he said.He noted that Ghana and Liberia remain the only West African countries yet to operationalise non-interest banking fully, although Liberia is also preparing to roll out its framework. The model, he stressed, is not designed to replace conventional banking but to complement it.“It is not coming to overshadow the conventional banking system. It is an alternative model based on risk-sharing and profit-sharing, with the potential to transform the financial sector’s support for the real economy,” he added.<h3>Collaboration and Inclusivity</h3>Ismail Adam, Head of the Banking Supervision Department at the BoG, attributed the progress on NIBF to an inclusive engagement process that involved both Christian and Muslim stakeholders to ensure the model aligns with Ghana’s secular values.This collaborative approach, he said, has enhanced regulatory coordination with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NIC).“Both Christians and Muslims have agreed to call this novel concept non-interest banking and finance to reflect the secularity and common principles that we share as a nation,” he noted.He urged financial institutions to intensify staff training and strengthen technical readiness, stating that the stakeholder-driven approach places Ghana in a strong position to introduce NIBF in a way that fosters financial stability and broad participation.<h3>SEC Prepared for Rollout</h3>The acting Director-General of the SEC, Dr James Kludze Avedzi, reaffirmed the commission’s readiness to support the introduction of non-interest financial instruments. He noted that the SEC has been part of the process “from day one,” collaborating closely with the BoG through joint learning and capacity-building.Drawing on examples from Nigeria, Kenya and Tanzania, where non-interest bonds have been successfully issued, Dr Avedzi revealed that the SEC is developing guidelines to regulate similar instruments locally.“We are ready as a commission, and we are equipping our staff to ensure we can effectively guide and supervise the issuance of Sukuk and other non-interest products,” he said.<hr>

Bank of Ghana moves to license non-interest banking institutions

The Government of Ghana has announced a significant increase in cocoa producer prices, offering farmers an additional GH₵400 per 64 kg bag for the 2025/2026 crop season.At the start of the season, farmers were receiving GH₵3,225 for every bag. With this latest adjustment, they will now earn GH₵3,625 per bag, marking a major boost to farmer incomes.<h2>Government’s Assurance to Farmers</h2>Finance Minister Cassiel Ato Forson, speaking at an emergency press briefing in Accra, emphasised that the upward review was aimed at improving the livelihoods of cocoa farmers.He noted that the Producer Price Review Committee (PPRC) made the decision after reviewing updated government forecasts.Read Also:<a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.ghnewsmedia.com/news/ghanas-nursing-conundrum-politics-over-practicality"> Ghana's nursing conundrum: Politics over practicality</a>“This means that for every bag sold, a cocoa farmer will now take home an additional GH₵400,” the minister explained. He further assured that the government will continue to monitor global cocoa market dynamics and adjust policies in ways that will maximise the benefits for local producers.<h2>Early Start to 2025/26 Cocoa Season</h2>This year, Ghana launched the cocoa season in August—two months earlier than usual—to ensure farmers had quicker access to cash. The move appears to have paid off, as deliveries to licensed warehouses quadrupled compared to the same period last year.Read Also: <a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.ghnewsmedia.com/news/julius-malema-convicted-faces-15-year-prison-sentence">Julius Malema convicted, faces 15-year prison sentence</a>According to Bloomberg, cocoa arrivals for the four weeks ending September 4 reached 50,440 metric tonnes, compared to just 11,000 tonnes during the same period in 2024.<h2>Global Market Implications</h2>Ghana, the world’s second-largest cocoa producer, recently raised farm-gate prices by 4.2% to GH₵3,228.75 ($261) per bag in the 2025/26 season. Analysts believe the price increase could reduce incentives for cross-border smuggling, a recurring challenge for the sector.The global cocoa market has faced a severe supply crunch in recent years, with poor harvests driving futures prices to record highs. While a small surplus is projected in the 2024/25 season, prices remain elevated, and market players are closely tracking output from West African producers.Read Also: <a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.ghnewsmedia.com/news/biography-of-coach-daniel-annor-walker">Annor Walker: The tactician whose legacy outlives him</a><h2>Cocoa Output Forecast</h2>For the 2025/26 season, Ghana has projected a harvest of 650,000 metric tonnes, up from 600,000 tonnes recorded in the previous crop year. Most of the beans will be exported, although a portion will be allocated to local processing companies.This upward review of cocoa prices reaffirms the government’s commitment to supporting farmers while safeguarding Ghana’s critical role in the global cocoa supply chain.

Ghana raises cocoa price to GH₵3,625 per bag for 2025/26

Elon Musk has been dethroned as the world’s richest person, with Oracle cofounder Larry Ellison now claiming the top spot.According to <a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.bloomberg.com/news/articles/2025-09-10/oracle-co-founder-larry-ellison-closes-in-on-elon-musk-as-world-s-richest-man">Bloomberg</a>, Ellison’s fortune soared by $101 billion to reach $393 billion following Oracle’s exceptional earnings report on Tuesday evening, overtaking Musk’s net worth of $385 billion.Oracle’s (ORCL) stock skyrocketed 41% on Wednesday—its biggest single-day gain since 1992—driven by overwhelming demand for data center capacity from artificial intelligence (AI) clients.CEO Safra Catz revealed after markets closed on Tuesday that Oracle secured four multibillion-dollar contracts during the quarter and expects more in the coming months.The company’s momentum is powered by its strategic role as a backbone for AI infrastructure, supplying cloud services and database software to meet the sector’s vast computing needs.In July, Oracle announced a landmark deal to supply<a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://openai.com/index/chatgpt/"> ChatGPT </a>creator OpenAI with 4.5 gigawatts of electricity to support its AI operations.“This will be remembered for years,” said Ben Reitzes, analyst at Melius Research, describing Oracle’s $455 billion AI services backlog as “staggering.”Ellison, Oracle’s largest shareholder, could further extend his lead if the stock continues its extraordinary rally. With a market capitalization nearing $1 trillion, Oracle is poised to join the ranks of mega-cap tech giants like Nvidia and Microsoft, both of which recently surpassed $4 trillion in valuation.Bloomberg reports that Ellison’s wealth surge marks the largest single-day increase ever recorded on its Billionaires Index, which will update again after Wednesday’s market close.The AI-driven tech boom has transformed Oracle’s trajectory, with its stock climbing 103% this year alone. Reitzes noted, “Microsoft and Oracle really aren’t software companies anymore – they are AI cloud infrastructure stocks that happen to sell software too.”Musk, who first claimed the “world’s richest” title in 2021 through his stakes in Tesla and SpaceX, has seen his crown slip several times, including to LVMH CEO Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024.Despite setbacks, Musk continues to secure massive compensation packages, including one potentially worth nearly $1 trillion should Tesla achieve key milestones.For Ellison, now 81, the achievement is the culmination of a journey that began in 1977 when he co-founded Oracle after dropping out of college.Beyond his business empire, he owns 98% of the Hawaiian island of Lana’i and revitalized California’s Indian Wells tennis tournament, now dubbed the sport’s “fifth slam.”Ellison has also maintained close ties with political leaders, including former U.S. President Donald Trump, and has previously been linked to potential bids for companies such as TikTok.

Larry Ellison becomes world’s richest person, surpassing Elon Musk after oracle’s $101B AI boom

The Bank of Ghana (BoG) has cautioned the public and businesses against unauthorised foreign exchange transactions, particularly the use of United States dollars (USD) and other foreign currencies for domestic payments.In a communiqué issued on Wednesday, August 27, the central bank reiterated that pricing, advertising, issuing receipts, or making payments in foreign currency without proper authorisation is a breach of the Foreign Exchange Act, 2006 (Act 723). The directive applies to both public and private institutions, as well as individuals engaged in such practices.The BoG reaffirmed that the Ghana cedi remains the country’s only legal tender and warned that no resident—unless duly licensed or authorised—should price, invoice, or receive payment in foreign currency for goods and services. The prohibited activities cover a wide range of sectors, including:<ul><li>Payment of school fees</li><li>Sale and rental of vehicles</li><li>Sale and rental of real estate</li><li>Purchase of airline tickets</li><li>Domestic contracts</li><li>Retail and online shopping</li><li>Hotel accommodation</li><li><div class="max-w-full h-auto rounded-lg shadow-sm border border-gray-200 my-4"><div class="relative w-full" style="padding-bottom: 99.6%;"><iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fweb.facebook.com%2Fthebankofghana%2Fposts%2Fpfbid0P7XfZfTWwzPPcEBJRbAP2TSbzLkXmqyXweHUDC6jYF7nnwAccisWUG6Udh9N6Pdjl&amp;show_text=false&amp;width=500" width="500" height="498" title="Embedded content" frameborder="0" allowfullscreen="true" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" class="absolute top-0 left-0 w-full h-full rounded-lg border border-gray-200 shadow-sm"></iframe></div><div class="mt-2 text-xs text-gray-500 text-center">Embedded content from: www.facebook.com</div></div></li></ul>The central bank clarified that foreign currency invoicing is permitted only for expatriates and non-residents, with proceeds required to be deposited into Foreign Exchange Accounts (FEAs) at licensed banks. It further directed that all such invoices must reflect commercial bank exchange rates benchmarked against the Bank of Ghana’s published reference rate, not arbitrarily determined rates.The BoG assured the public that legitimate foreign exchange transfers for external payments will continue to be facilitated through the banking system, in compliance with existing regulations and thresholds.

BoG bans dollar payments for school fees, rent, airline tickets & more

The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, has announced that cryptocurrency traders in Ghana will not be exempt from taxation as the Authority prepares to roll out new digital tools to monitor gains from virtual assets.Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Sarpong highlighted the growing relevance of cryptocurrency in Ghana’s economy. He noted:“One interesting area is crypto. The crypto is evolving and growing very well. And today we have people who are dealing with cryptocurrency, and they are making money. That area is evolving.Our laws are coming up. So again, we are working with the Securities and Exchange Commission and the Bank of Ghana to bring the regulation. But in terms of tax laws, one, the tax law is still not a new one. If you make a profit or gain, you’re supposed to pay that.”He further explained that the GRA is enhancing its systems to track and capture digital transactions. According to him:“So today, the technology we are going to deploy will be able to bring in all the crypto accounts into focus, and then we will work with these individuals to make sure that we bring them into the tax net.”Mr Sarpong emphasised that this initiative forms part of a broader agenda to align Ghana’s tax regime with the fast-growing digital economy. He stated:“Digitisation and the digital economy are here with us and into the future, and most importantly, even the taxpayer of the future is digital. And that’s why we as GRA are preparing ourselves to be digitally ready for today and into the future, so we can continue to deliver on our mandate of revenue mobility.”The Commissioner-General added that beyond cryptocurrency, the Authority is also seeking to close gaps in online transactions to ensure compliance with existing tax rules. He pointed out that:“So today, online business tax rules already exist, which is, for example, the VAT. If you are buying as you walk into a physical shop, you pay VAT. In the same way, when you are buying online, you pay VAT.So what we are doing is using the technology so that when people buy online, we can access the VAT and the tax at the point of payment so that today’s challenge of not finding them to come and follow, or not even knowing what they have done online, will be a thing of the past.And that introduction of technology we are working on, again, that’s something we believe that by September, we will deploy that technology and run a pilot for the end of the year and scale it up.”He stressed that the government’s strategy is not to create multiple new taxes but to strengthen the enforcement of existing ones. As he concluded:“So you know the policy of President Mahama and the Finance Minister is that we are not introducing so many new taxes because we already have within our tax laws sufficient measures that, once implemented, will help us deepen and expand the tax net.”In essence, the GRA’s renewed focus on cryptocurrency and online transactions reflects Ghana’s determination to adapt its tax system to the realities of a digital economy.

GRA set to tax cryptocurrency traders in Ghana with new system

MTN Ghana has announced a scheduled system upgrade that will result in a temporary suspension of all Mobile Money (MoMo) services for six hours on Sunday, August 17, 2025.

The telecom leader stated that the downtime will occur from 12:00 am to 6:00 am to facilitate essential maintenance and system improvements. 

During this period, all MoMo functionalities — including deposits, withdrawals, person-to-person transfers, and merchant payments — will be unavailable.

This brief outage carries significant implications for Ghana’s financial ecosystem, where MTN Mobile Money has become the dominant transaction platform, processing billions of cedis annually and playing a crucial role in driving financial inclusion.

In an interview with Citi FM, Charles Asamoah Assah, Chief Technology & Service Delivery Officer of Mobile Money Limited, emphasised the importance of the planned upgrade.

"Please be informed of a planned system upgrade on 17th August 2025, from 12 midnight to 6 am. During this period, all Mobile Money services will be unavailable. 

This upgrade is to improve our services to you. We sincerely apologise for any inconvenience caused and thank you for your understanding."

According to MTN, the upgrade is part of ongoing efforts to enhance customer experience, following previous modernisation projects aimed at improving transaction speed, strengthening fraud prevention measures, and introducing innovative digital services.

The company assured customers that all funds will remain safe and services will be restored immediately after the maintenance window. 

MTN is advising individuals and businesses to complete any urgent transactions ahead of the scheduled downtime to avoid disruptions.



MTN Mobile Money system upgrade to cause 6-hours service disruption on August 17, 2025

The Board of the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), a subsidiary of the Bank of Ghana (BoG), has announced the appointment of Mrs Clara B. Arthur as its new Chief Executive Officer, effective September 1, 2025.

Mrs Arthur is a seasoned professional with extensive experience spanning the financial services and technology sectors. Her career is marked by a consistent record of leadership, innovation, and growth-driven strategy.

She holds a Bachelor of Arts in Law and History from the Kwame Nkrumah University of Science and Technology (KNUST) and a Master of Science in Finance and Administration from Thames Valley University in the UK. 

With more than 20 years of industry experience, she has held various high-level positions in reputable financial institutions.

Her previous roles include Head of ATM and Card Technology at Ecobank and Head of E-banking at Fidelity Bank. She has also served in international consultancy positions, notably as a Digital Financial Services Consultant with the Consultative Group to Assist the Poor (CGAP) and as a Remittance Expert with the United Nations Capital Development Fund (UNCDF).

Prior to joining GhIPSS, Mrs Arthur held senior leadership positions at Fidelity Bank Ghana and E Process International S.A. (the technology arm of the Ecobank Group) and worked as a private consultant, where she led teams in delivering technical expertise in IT infrastructure and payment systems.

Governor of the Bank of Ghana and Board Chairman of GhIPSS, Dr Johnson Asiama, commented on her appointment, saying:

“We are confident that Mrs Arthur will bring a fresh perspective and strategic vision to GhIPSS and will help lead the institution into the next phase of growth and success.”

In her acceptance remarks, Mrs Clara Arthur stated:

“I am honoured to step into this role at this pivotal time. It is more of a return for me, and I look forward to working alongside this talented team to continue the legacy of GhIPSS. Together, we will continue to drive meaningful impact, embrace new opportunities, and shape a future in the payments industry that we can all be proud of.”

She takes over from Mr Archie Hesse, who previously served as Chief Executive Officer of GhIPSS for over 17 years. 



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