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May 14, 2026
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Gabby reacts to Ecobank case, warns of possible market shock
Money
Policy
Growth
Key Points
- Gabby Otchere-Darko expressed alarm over a Supreme Court ruling awarding businessman Daniel Ofori 30% monthly compounded interest over a decade against Ecobank Ghana and the Ghana Stock Exchange.
- The Supreme Court dismissed an application by Ecobank and GSE, upholding Ofori's entitlement to monthly compounded interest on GHS 6.16 million from 2008-2018, then 13.34% simple interest.
- Otchere-Darko highlighted that the Bank of Ghana, when consulted, reportedly advised that compound interest should ordinarily be annual, not monthly.
- He questioned the accuracy of media reports and expressed surprise if the court indeed ignored the central bank's advice, stating he awaits the full judgment.
- Otchere-Darko warned of "far-reaching" implications for Ghana's financial and judicial systems and urged Ecobank to issue a reassuring statement to the market.
Why This Matters
This Supreme Court ruling could set a significant precedent for interest calculations in commercial disputes, potentially impacting the stability and predictability of Ghana's financial markets. The high rate and monthly compounding could create substantial liabilities for financial institutions, affecting investor confidence and the overall cost of doing business in the country. It also raises questions about the judiciary's approach to technical financial matters, especially when seemingly going against central bank advice.
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August 24, 2026
GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
- GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.
August 24, 2026
GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
- This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
- The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
- The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
August 23, 2026
Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.