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Minority Leader Alexander Afenyo-Markin has filed defamation suits against Ghana Gold Board (GoldBod) CEO Sammy Gyamfi and several media houses. The conflict erupted over a reported US$1.7 billion (GHc22 billion, ~$1.99 billion USD) loss in the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). Gyamfi countered the Minority's calls for a probe by labeling Afenyo-Markin an "extortionist," prompting a preliminary assessment by the Office of the Special Prosecutor (OSP).
This case tests the transparency of Ghana's natural resource management and the limits of parliamentary oversight. The outcome could significantly impact public trust in the Bank of Ghana's ability to stabilize the cedi through gold reserves.
The DGPP was launched to build gold reserves to support the cedi. The "loss" narrative stems from an IMF report, but government officials argue these are operational costs for currency stabilization rather than a cash deficit.
Speaker Alban Bagbin has convened a five-day emergency session of Parliament to address a backlog of executive business. The agenda includes the vetting of ministerial nominees Mahama Ayariga (Local Government) and Dr. Zanetor Agyeman-Rawlings (Environment), as well as three Supreme Court nominees: Justice Sophia Bernasko-Essah, Justice Amoako Asante, and Tony Forson. The session also addresses the Banks and Specialised Deposit-Taking Institutions (Amendment) Bill.
The vetting of Mahama Ayariga is expected to be a flashpoint, as the Minority intends to focus heavily on the nation's sanitation crisis. Furthermore, the Supreme Court appointments are critical for judicial continuity.
A procedural row broke out when the Speaker ruled that President Mahama's announcement of James Agalga as the new Majority Leader was incorrect, stating that leadership changes must come from the party caucus via the General Secretary.
Interior Minister Mohammed-Mubarak Muntaka announced that routine roadside police checks will be replaced by the TRAFITECH automated system starting September 2026. He also reported that 26 suspects are being prosecuted for 2020 and 2024 election-related violence, although 13 remain at large. Additionally, the government has frozen GHc6.9 million (~$626,000 USD) and $440,000 USD in assets linked to the illicit drug trade.
The deployment of 700 digital enrollment stations nationwide will be a key indicator of whether the Ministry can successfully transition to a corruption-resistant, tech-based traffic management system.
Finance Minister Dr. Cassiel Ato Forson revealed that Ghana now spends less than 20% of its revenue on debt servicing, down from nearly 50%. The 2026 Mid-Year Fiscal Policy Review targets a 4.8% growth rate for the year, supported by a 6.4% GDP surge in Q1. This recovery is credited to successful debt restructuring and a primary surplus target of 1.5% of GDP.
Falling interest rates (the 364-day T-bill settled at 11.59%) are expected to unlock billions in domestic debt markets, signaling a pivot for financial institutions toward real-sector lending and corporate bonds.
The improved fiscal profile may lead to greater currency stability, making long-term investments in Ghana—such as real estate or business startups—more predictable.
Bank of Ghana Governor Dr. Johnson Asiama reported a decrease in international reserves from $14.1 billion to $12.9 billion, primarily due to Middle East tensions. The Governor is advocating for a strategy to increase non-traditional exports and better channel the $8 billion in annual remittances into productive investments rather than just consumption.
The reserve cushion is vital for defending the cedi. A $1.2 billion drop represents a significant erosion of the buffer accumulated last year.
Ghana is actively seeking to diversify its foreign exchange earners, recently inviting Brazil's Petrobras for direct oil exploration negotiations in the Keta Basin.
PETROSOL Platinum Energy PLC successfully oversubscribed its maiden GHc100 million (~$9.07 million USD) corporate bond by 178%. Meanwhile, the SEC has admitted fintech firms like WeWire into its Virtual Assets Regulatory Sandbox to pilot trade finance tokenization.
The success of corporate bonds like PETROSOL's suggests deep liquidity in the market for reputable indigenous firms. The SEC's move into virtual assets indicates a maturing regulatory environment for blockchain technology.
The Ministry of the Interior has eased the motorbike ban in Bawku Municipality. Men and women can now ride between 6:00 a.m. and 6:00 p.m. However, a 10:00 p.m. to 5:00 a.m. curfew remains in effect, along with a total ban on carrying arms.
Bawku has faced long-standing ethnic and chieftaincy conflict. The easing follows a National Security Council assessment suggesting the situation is stabilizing, which will provide relief for local trade and transport.
The Ghana Armed Forces' 48 Engineer Regiment has been deployed to reclaim the Lafa water retention basin in Mallam. The project involves dredging and the removal of illegal structures to prevent the perennial flooding that affects Weija and Dansoman.
If you have property in the Mallam-Weija area, these engineering works are critical for protecting your investment against seasonal flood damage.
Former captain André "Dede" Ayew has publicly criticized the Ghana Football Association (GFA) for delaying the sacking of Otto Addo following the Black Stars' failure to qualify for AFCON 2025. Ayew also hinted at a potential future bid for the GFA presidency.
Black Stars context: Ghana is currently navigating a technical reset under Carlos Queiroz as they prepare for the 2027 AFCON qualifiers.
Today we covered the intensification of the GoldBod investigation, the emergency recall of Parliament, and the promising fiscal data showing a dramatic drop in debt-servicing costs. Thank you for reading the Anansi News Daily Brief!
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