Ghana Roundup: Opioid crisis, gold reserves surge, banking sector fraud

Opioid crisis

A growing opioid crisis is gripping Ghana, with increasing numbers of young people abusing the drug known locally as "Red." Disturbing social media videos reveal youth in severe distress after taking opioids, often seeking an energy boost for physically demanding jobs or influenced by peer pressure. In an interview, users such as 20-year-old Ekow Annan from the Western Region and Charles Manu from Koforidua described how they became dependent on opioids to cope with labour or enhance sexual performance, RFI reports. Health experts are raising the alarm over the dangerous side effects, which include seizures, depression, and cognitive impairment. Dr. Kwabena Ofori of the Presbyterian Hospital in Dormaa Ahenkro highlighted that the drugs are illegally entering the country through ports and unapproved routes, with weak regulation exacerbating the crisis. "There is an abnormal electrical activity in the brain, potentially leading to seizures. There are also mood disorders, anxiety, and depression. There are also difficulties concentrating, memory problems, and decision-making issues," he said.

Gold reserves surge

Ghana’s official gold reserves have quadrupled in less than two years, reaching 31.37 tonnes by April 2025, up from 8.78 tonnes in May 2023, according to the Bank of Ghana. This rise has been attributed to a strategic decision to diversify foreign reserves and reduce dependence on traditional currencies, local news portal Citinewsroom reports. The GoldBod initiative, introduced under President John Dramani Mahama, has played a crucial role by securing commitments from major mining firms to supply 20% of their output to the local market. As Africa’s leading gold producer, Ghana is reinforcing its economic stability through this bold reserve expansion strategy.

Banking sector staff fraud

The Bank of Ghana's latest fraud report reveals a worrying trend: 155 banking employees were dismissed for fraud in 2024, with a total of 365 implicated. Fraud incidents in banks and Special Deposit-Taking Institutions (SDIs) rose to 16,733 cases, a 5% increase from 2023, with associated financial risks reaching nearly GH¢99 million. The central bank noted in its report, "The lengthy nature of court cases often discourages institutions from pursuing them, resulting in fewer successful recoveries." The report further observed that "this is an indication that other staff implicated in fraudulent activities are either exonerated or given lesser punishments," Business Insider Africa quotes. The central bank criticised the sluggish legal system for deterring the recovery of stolen funds, calling for stronger punitive measures and a culture of zero tolerance.

Ghana and Algeria visa-free travel agreement

Ghana and Algeria have signed a visa-free travel pact aimed at boosting cooperation and reviving long-standing bilateral ties. The deal was sealed during Foreign Minister Samuel Okudzeto Ablakwa’s official visit to Algiers, where leaders also discussed initiatives in education, security, and trade, Business Insider Africa reports. The announcement followed high-level meetings with Algeria’s President Abdelmadjid Tebboune and Foreign Minister Ahmed Attaf. The leaders also tabled plans for direct flights between Accra and Algiers, expanded scholarships in tech-related fields, and revived Joint Economic Cooperation talks.

Non-traditional exports to hit $10 Billion

In a bold economic move, President Mahama inaugurated the Accelerated Export Development Committee (AEDC), aiming to triple Ghana’s non-traditional export revenues from $3.5 billion to $10 billion annually by 2030. The AEDC will spearhead efforts to shift Ghana away from raw material dependency toward value-added exports. “Ghana’s current exports remain dominated by low-complexity raw materials such as gold, cocoa, cashew, and timber, mostly in their raw state. We must change this narrative,” President Mahama noted. Key priorities include modernising port infrastructure and fostering strategic coordination under the National Export Development Strategy, Citinewsroom reports.