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Domestic Debt Exchange: Potential financial sector impacts and mitigating safeguards

• Ernest Addison, Governor of Bank of Ghana
A. Background
ON December 5, 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.
The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).
B. Potential Impacts on Debt Exchange on Financial Sector
Stress tests have been conducted by the relevant financial sector regulators to estimate the potential impact of the Debt Exchange for banks, specialised deposit-taking institutions (SDIs), insurance firms, asset managers, collective investment schemes, pension fund trustees, and regulated pension schemes, that could result from their participation in the debt exchange.
C. Regulatory Tools to Mitigate Financial Stability Risks from the Debt Operation
To help manage the potential impacts of the Debt Exchange on the financial sector, financial sector regulators will deploy all regulatory and supervisory tools to mitigate risks to financial stability. Regulators will assess impacts on a regular basis, and quickly address evolving risks in order to safeguard financial stability.
To support and encourage full participation of financial institutions in the voluntary debt exchange:
Regulatory Forbearance on Liquidity and Solvency
Financial sector regulators will temporarily reduce regulatory capital and liquidity requirements for regulated firms and schemes that voluntarily participate in the debt operation. Regulators will also suspend or delay any new rules that will have an adverse impact on liquidity or solvency. Each regulator will communicate more specific reliefs to its regulated firms/schemes in due course.
Ghana Financial Stability Fund (GFSF)
The GFSF is being established with a target size of GHC 15 billion to be provided by the Government of Ghana and its development partners.
The Fund will provide liquidity to financial institutions that participate fully in the Debt Exchange. All financial institutions (banks, SDIs, pension schemes, collective investment schemes, fund managers, broker/ dealers and insurance firms) that fully participate in the Debt Exchange can access the GFSF for augmented liquidity support, with effect from the date of completion of the Debt Exchange.
The Fund will be managed by the Bank of Ghana under unique operational guidelines being developed by the Financial Stability Council.
The Financial Stability Council will provide ongoing advice and oversight for the use of the GFSF.
Accounting Treatment
Regulators are already in discussions with external auditors of financial institutions and will provide guidance to ensure a standardized approach to the accounting treatment applied to the Debt Exchange.
D. Conclusion
In keeping with its mandate, the Financial Stability Council will continue to closely monitor the impacts of the Debt Exchange on financial institutions and on the financial system as a whole, as well as the effectiveness of the measures outlined above. These measures will be reviewed continuously and recalibrated as needed to ensure maximum effectiveness to safeguard the stability of our financial system and the protection of deposits, pensions, policy holders’ funds, and investor funds/assets.
The information above was issued by the Financial Stability Council on Wednesday, December 7, 2022. The Financial Stability Council was established in December 2018 by Executive Instrument, to “identify and evaluate the threats, vulnerabilities, and risks to the stability of the financial sector”.
The Council is chaired by the Governor of the Bank of Ghana, and has members from the Bank of Ghana (Deputy Governor), Ministry of Finance (Deputy Minister), Securities and Exchange Commission (Director General), National Insurance Commission (Commissioner), National Pensions Regulatory Authority (Chief Executive Officer), and Ghana Deposit Protection Corporation (Chief Executive Officer).
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GTDC, UGBS mark world safety day with focus on psychosocial wellbeing

The Ghana Tourism Development Company Limited (GTD) in collaboration with the Department of Organisation and Human Resource Management, University of Ghana Business School (UGBS) has marked the 2026 World Safety Day Celebration in Accra.
The event held on Tuesday, April 28, 2026 at the Cedi Conference Centre, Legon was under the theme “Good Psychosocial Working Environment: A Pathway to Thriving Workers and Strong Organizations.”


The day is observed globally to promote safe and healthy working conditions and to raise awareness about both physical and psychological risks at the workplace.
The event formed part of efforts by stakeholders to deepen national conversations on workplace safety, particularly the growing concern about psychosocial well being.
In his keynote address, the Minister for Labour, Jobs and Employment, Dr Abdul Rashid Hassan Pelpuo stressed that workers must not be treated as machines but as human beings with dignity, rights and families.
He explained that unsafe work environments marked by fear, harassment, intimidation and excessive pressure reduce productivity and weaken organisations.
He noted that although physical hazards such as faulty equipment and unsafe buildings remain a concern, psychological risks including excessive workload, bullying, job insecurity and toxic communication are equally dangerous and must be addressed.
According to him, psychological hazards are real, measurable and preventable, and should be treated with the same urgency as physical risks.
He maintained that safe and healthy working conditions are not a luxury but a fundamental right that supports productivity and social justice.
Dr Pelpuo further stated that the government remains committed to strengthening occupational safety and health systems, adding that worker wellbeing is a core responsibility of leadership and not a public relations issue.
He urged employers to create environments where dignity is protected, and workers are empowered to speak without fear.
The Dean of University of Ghana Business School, Prof Ernest Y Tweneboah Koduah noted that the school is committed to shaping a better world of work that is equitable, productive and sustainable.
He announced that the school has secured accreditation from the Ghana Tertiary Education Commission to introduce a programme in organisational health and safety.
He explained that gaps in workplace safety in Ghana are linked to weak enforcement, underreporting and limited professional training.
He added that the new programme will equip graduates with the skills to prioritise employee wellbeing as a key organisational responsibility.
Prof Tweneboah Koduah urged organisations to assess psychosocial risks, invest in human resource capacity and create environments where workers can openly discuss mental health concerns.
He emphasised that collaboration between academia and industry is essential to addressing workplace safety challenges.
Delivering remarks on behalf of the Vice Chancellor, the Registrar of the University of Ghana, Emelia Naa Kwantsua Agyei Mensah described the event as historic, noting that it is the first time the university is marking the global observance.
She explained that the focus on psychosocial wellbeing reflects current realities in the world of work.
She stated that employee health, including mental and emotional wellbeing, directly affects productivity, morale and institutional performance.
Mrs Agyei Mensah added that the university is committed to creating a safe and supportive environment for staff and students, beyond minimum legal requirements.
She called on leaders to reflect on the kind of workplaces they create and to prioritise the wellbeing of employees.
CEO of the GTDC, Prof Kobby on his part noted that its participation aligns with its commitment under the Riyadh Declaration, which calls on member states to improve infrastructure and public safety, as well as enhance services, transport, connectivity and accessibility.
He indicated that the company intends to use the platform to highlight Ghana’s readiness to implement the declaration, with a strong focus on worker safety and wellbeing as a foundation for sustainable tourism development.
The event brought together policymakers, academics, industry players and students to discuss strategies for improving workplace safety and promoting healthier work environments across the country.
By: Jacob Aggrey
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Ghana Armed Forces military convoy attacked in Binduri, three civilians killed

The Ghana Armed Forces has confirmed that an escort convoy protecting civilians was attacked in Binduri in the Upper East Region, leaving three people dead.
In a press release issued on April 27, 2026, the military said the convoy, which was escorting about 140 civilians from Bawku to Bolgatanga, came under gunfire from unknown attackers.
It said the attackers shot at the convoy several times, killing three of the civilians being escorted and injuring one other person.
According to the statement, soldiers returned fire and were able to repel the attack. In the process, seven of the assailants were killed.
The military added that during a follow-up operation, weapons and ammunition were retrieved from a suspect who had taken refuge in a mosque.
The items included a G3 rifle, two loaded magazines, and additional rounds of ammunition.
It said ten other suspects have been arrested and are assisting with investigations.
The Ghana Armed Forces cautioned the public against engaging the military or any security agency during operations.
It extended condolences to the families of those who lost their lives and wished the injured person a speedy recovery.
By: Jacob Aggrey




