Latest news with #AtoForson
Zawya
20 hours ago
- Business
- Zawya
Ghana: Finance Minister Inaugurates New Financial Intelligence Centre (FIC) Board
The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a seven-member Board for the Financial Intelligence Centre (FIC). The new Board members are: Mr. Mike Kofi Afflu – Chairperson Mr. Albert Kwadwo Twum Boafo – Chief Executive Ms. Grace Mbrokoh-Ewoal – Ministry of Finance/Member Ms. Elizabeth Ama Yankah – National Security/member Dr. Kwasi Osei Yeboah – Member A representative from the Ministry of the Interior (Senior Police Officer) A representative from the Attorney-General's Department The Board has been tasked with supporting Ghana's fight against money laundering, terrorism financing, and other financial crimes. The FIC plays a crucial role in protecting Ghana's financial system, especially as fraud and financial crimes become more sophisticated. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
5 days ago
- Business
- Zawya
Finance Minister Inaugurates New National Investment Bank (NIB) Board, Hints at Major Recapitalisation Plan
Finance Minister Dr. Cassiel Ato Forson has inaugurated a new 9-member board for the National Investment Bank (NIB), pledging a major government decision to recapitalise the bank. Speaking at the inauguration ceremony, Dr. Ato Forson acknowledged that NIB had been subjected to political interference in the past but emphasized that this era has come to an end. 'NIB was turned into a political football. But that ends now,' the Finance Minister declared. The Finance Minister revealed that the government has taken a bold decision to recapitalise NIB and committed to reveal fuller details of the NIB recapitalisation plan during the upcoming mid-year review. The newly inaugurated board is chaired by Mr. Frank Adu Jnr., who expressed gratitude to the Finance Minister and appealed for continued support to help turn around the bank's fortunes. The complete board composition includes Managing Director, Dr. Doli-wura Awushi Abdul-Malik Seidu Zakarai, Hon. Dr. Othniel Ekow Kwainoe, Hon. Ebenezer Kwaku Addo. Other members are Dr. Mrs. Mercy Naa Aku Ofei-Koranteng, Dr. Shani Bashiru, Mr. Max George Cobbina, Dr. Kwasi Akyem Apea-Kubi, and Dr. Alfred Attuquaye Botchway. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
5 days ago
- Business
- Zawya
Finance Minister Inaugurates New Board of Agricultural Development Bank
The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a new Board of Directors for the Agricultural Development Bank (ADB), with a call on the members to stay true to the bank's core mandate of championing Ghana's agricultural transformation. At a brief ceremony to formally induct the board, the Minister underscored the critical role of agriculture in national development, noting that no country can achieve sustainable growth without a vibrant and resilient agricultural sector. 'I have therefore tasked the new board to remain focused and guided by their primary mandate — serving Ghana's agricultural sector,' he stated. In a significant announcement, Dr. Ato Forson assured the new board and management of plans to recapitalize the Agricultural Development Bank in 2026. This move, he explained, is aimed at strengthening ADB's financial position to better support farmers, agribusinesses, and agricultural value chain initiatives. The newly inaugurated board is chaired by Mr. Kenneth Kwamina Thompson, with Mr. Edward Ato Sarpong serving as Managing Director. Other distinguished members include: • Hon. Andrew Dari Chiwitey • Mr. Siisi Essuman-Ocran • Hon. Dr. E. Prince Arhin • Hon. Misbahu Mahama Adams • Wing Commander Samuel J.A. Allotey • Mr. Courage Akanwunge Asabagna • Mr. Abdul Nasir M. Saani Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
5 days ago
- Business
- Zawya
Finance Minister Inaugurates New Board of Consolidated Bank Ghana
Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a new Board of Directors for Consolidated Bank Ghana Limited (CBG). Speaking at the swearing-in ceremony, Dr. Ato Forson reminded the board that CBG stands as a symbol of the state's intervention, when approximately GH₵30 billion was spent to purportedly salvage and restore confidence in the financial sector. 'I have assured the board of the government's commitment to recapitalize CBG in the coming year. However, it is equally important that this board safeguards taxpayers' money, as you have been entrusted with a crucial national asset,' he charged. The Finance Minister also issued a firm warning against the era of excessive salaries and board allowances within State-Owned Enterprises (SOEs), stressing that such practices would not be tolerated under the current administration. Newly appointed Board Chairman, Mr. Ernest Mawuli Agbesi, expressed his gratitude for the opportunity to serve the nation once again. He commended the government's resolve to recapitalize the bank and pledged that the board would work diligently to deliver value to both the government and the Ghanaian people. The newly inaugurated CBG Board comprises: • Mr. Ernest Mawuli Agbesi — Chairperson • Dr. Naomi Wolali Kwetey — Managing Director • Ms. Irene Ackuaku — Member • Mr. David Adom — Member • Mr. Michael Kwasi Anyamesem — Member • Mr. Stephen Kporzih — Member • Dr. Sa-ad Iddrisu — Member • Mrs. Immaculate Kawe Kanlisi — Member • Mr. John Alexander Ackon — Member Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Business Insider
18-06-2025
- Business
- Business Insider
Fitch upgrades Ghana's credit rating to ‘B-‘; Outlook Stable
Global credit ratings agency Fitch Ratings has upgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'Restricted Default' to 'B-', assigning a Stable Outlook. Ghana's credit rating has been upgraded from 'Restricted Default' to 'B-' by Fitch Ratings, with a Stable Outlook. Inflation has significantly decreased, reaching its lowest level in three years, supported by tighter monetary policies and improved currency stability. The Ghanaian economy has shown improved fiscal health, including higher gross international reserves and reduced public debt-to-GDP ratio. This significant development reflects growing investor confidence in the West African nation's economic recovery, spearheaded by Finance Minister Dr Cassiel Ato Forson. Eurobond restructuring and external debt talks drive upgrade Fitch's positive assessment follows Ghana's notable achievements in debt restructuring, particularly the successful renegotiation of $13.1 billion in Eurobond liabilities. The country has also made substantial progress in discussions with its remaining external creditors and is expected to conclude the full restructuring process by the end of 2025. The agency commended Ghana for restoring normal relations with the majority of its commercial lenders, suggesting that the country is re-establishing its financial credibility after a turbulent period. Inflation falls to three-year low as Cedi strengthens One of the most encouraging indicators highlighted in the report is Ghana's rapidly declining inflation. The rate has fallen from 23% in 2024 to 18.4% in May 2025—the lowest level recorded in over three years. Fitch projects that inflation will continue to fall, averaging 15% in 2025 and dropping further to 10% in 2026. This downward trend is being driven by a combination of tight monetary policy, prudent fiscal management, and improved currency stability. The Ghanaian cedi has seen significant appreciation in recent months, reversing earlier depreciation trends and easing pressure on import prices, including fuel. Fitch attributed the cedi's turnaround to 'renewed confidence in Ghana's macroeconomic fundamentals and coordinated interventions by the Ministry of Finance and the Bank of Ghana.' Public finances improve as debt and deficit decline Under the direction of Dr Ato Forson, the government has implemented a robust economic recovery strategy focused on fiscal consolidation, debt sustainability, and rebuilding investor trust. Key achievements under his leadership include: Public debt-to-GDP ratio Projected to fall to 60% in 2025 (from 93% in 2022) Gross international reserves Increased to $6.8 billion and rising Fiscal performance Primary surplus of 0.5% of GDP projected in 2025 Interest payments as share of revenue Down to 25% from a peak of 48% in 2021 Real GDP growth 5.7% in 2024; projected 4% in 2025 Senior officials at the Ministry of Finance attributed these improvements to 'the Finance Minister's bold and consistent policy direction', adding that the upgrade 'underscores the success of Ghana's path towards economic stability.' The upgraded rating is expected to enhance Ghana's appeal to international investors, support the revival of domestic capital markets, and alleviate fiscal pressures. Dr Forson, speaking earlier this month, reaffirmed the government's commitment to maintaining discipline: 'We are building an economy that works for everyone. This upgrade is a signal that Ghana is back on track, and we will not relent in protecting the gains we've made.' A turning point for Ghana's economy
