Kofi Ahovi

Former UT Bank founder and CEO Prince Kofi Amoabeng has questioned the International Monetary Fund's (IMF) involvement in the closure of UT Bank and how the process was carried out. Speaking on Joy News’  PM Express Business Edition  on Thursday, January 16, he expressed concerns about the Bank of Ghana’s decisions and whether they were unduly influenced by external pressures. It was a very interesting comment,” Amoabeng began, referring to the Bank of Ghana Governor’s assertion that the IMF had influenced the decision. “One, I had my suspicions that IMF had a role to play in it, but I couldn’t confirm it. So if you ask me, I believe in what the governor said, that the IMF influenced the program. But then, it’s a sad statement for him to make because it means the leadership in Africa don’t have the independence and the will to do what is right for their country, and they have to be dictated to.” Kofi Amoabeng pointedly questioned the specifics of the IMF’s alleged influence, e...

An audit of the Electricity Company of Ghana’s (ECG) revenue collection has uncovered a GH₵490 million discrepancy in reported revenue between October and December 2023. The discrepancy involves both tariff and non-tariff revenue. According to a report shared by the Public Utility Regulatory Commission (PURC), the variance was identified between the regional bank accounts and ECG’s head office account. The audit report stated: “Between October and December 2023, ECG reported revenue of GH₵3.38 billion. However, based on information from the head office bank accounts analysed, the recorded revenue was GH₵3.87 billion.” Further investigations revealed that the unaccounted funds resulted from the transfer of all funds from district and regional accounts to the 14 head office accounts at the end of each month. This transfer process led to the GH₵490 million discrepancy between the figures reported by ECG and those found in the audit analysis. The analysis was conducted by reviewing and ana...

 The Peasant Farmers Association of Ghana (PFAG) has called on the Minister-designate for Food and Agriculture, Eric Opoku, to prioritise the development of robust irrigation systems to combat the growing effects of climate change on agriculture. National president of PFAG, Wepia Adugwala believes sustainable food production in Ghana can no longer rely on traditional rain-fed agriculture. He points to the urgency of transitioning to more resilient farming methods, including the widespread use of irrigation. Adugwala highlighted the Pwalugu Multipurpose Dam as a critical resource that could irrigate over 15,000 hectares of land, particularly in northern Ghana. He stressed that the full potential of the dam is yet to be realised, and it is essential to expand its use to ensure consistent and reliable irrigation throughout the country. The PFAG president called on the new agriculture minister to take swift action to modernise the sector and support farmers with the infrastructure need...

  Samuel Dubik Mahama, the former Managing Director of the Electricity Company of Ghana (ECG), has provided clarity on the utility company’s decision to operate with 84 bank accounts, stating that the move is essential for efficient revenue collection and operations. He explained that while ECG maintains multiple accounts across the country, all the revenue collected from these accounts is consolidated into a single settlement account by the end of each day. ECG has accounts in all areas that collect revenues, but they are all swept into a single collection account. ECG has one single settlement account but as for the collection account, if you reduce them, the work will be very difficult,” he said. This follows the release of the ECG audit report which showed that the company operate with 84 bank accounts in the collection of it revenues nationwide. According to Samuel Dubik, the use of these numerous accounts is not arbitrary. Thanks to the implementation of the GIBS platform and...

  The Institute of Energy Security (IES) says the rescheduled maintenance works by the West Africa Gas Pipeline Company Limited (WAPCO) will enable government increase liquid fuel reserves for powering thermal plants during periods of shortage. The comments by IES follows the confirmation that the second phase of WAPCO’s rescheduled maintenance works will run from February 3 to March 2, 2025. This phase will include offshore pipeline cleaning and inspection, commonly referred to as pigging. In an interview with  Citi Business News , the Executive Director of IES, Nana Amoasi VII, noted that the planned maintenance will also assist the government in generating more energy to power plants. The deferment of the maintenance programme gives the government ample time to build up its liquid fuel reserves. In the event that the exercise begins and the national gas flow to the power plants in the Eastern enclave is interrupted, there will be sufficient liquid fuel available for the pla...

The Social Security and National Insurance Trust (SSNIT) has disbursed a total of GH₵510.21 million in pensions to 253,601 pensioners for January 2025. The payment was made on January 16, 2025 underscoring SSNIT’s commitment to providing timely and reliable support to retirees. This disbursement reflects a 12% increase in monthly pension payouts as part of SSNIT’s annual indexation process for 2025. The adjustment was made in consultation with the National Pensions Regulatory Authority (NPRA) and complies with Section 80 of the National Pensions Act, 2008 (Act 766). For January 2025, the highest monthly pension under PNDC Law 247 was GH₵201,792.37, while the lowest pension for existing pensioners was GH₵396.58. Under Act 766, the highest monthly pension was GH₵28,703.01, with the minimum for new pensioners set at GH₵300. In December 2024, SSNIT disbursed GH₵454.05 million to 252,766 pensioners. During that period, the highest monthly pension under PNDC Law 247 was GH₵186,777.58, while ...