News Guide Africa

Category: Business, Small Business

Business, Small Business

ADB Holds 39th AGM, Reports Strongest Turnaround Performance

Agricultural Development Bank PLC (ADB PLC) held its 39th Annual General Meeting (AGM) at the Accra Financial Centre on Wednesday, June 24, 2026, bringing together shareholders, Board of Directors, Management, regulators and other stakeholders to review the Bank’s performance for the 2025 financial year and discuss its strategic direction.

Addressing shareholders, the Managing Director, Edward Ato Sarpong, highlighted ADB PLC’s remarkable turnaround performance, noting that the Bank recorded a profit after tax of GHS367.29 million in 2025, representing a significant improvement from the GHS35.06 million recorded in 2024.

The Bank’s total assets grew strongly from GHS14.60 billion in 2024 to GHS17.89 billion in 2025, while customer deposits increased to GHS13.22 billion from GHS12.05 billion during the same period. Shareholders’ equity also improved substantially, rising to GHS2.48 billion.

Shareholders received and considered the Audited Financial Statements for the year ended December 31, 2025, together with the Reports of the Directors and Auditors. The meeting also approved the re-election of Wing Commander Samuel J.A. Allotey (Retired), Hon. Dr. Ebenezer Prince Arhin and Hon. Misbahu Mahama Adams as Directors of the Bank.

Additionally, shareholders authorised the Board of Directors to fix the remuneration of the external auditors for the 2026 financial year.

As part of the special business of the meeting, shareholders approved resolutions authorising a private placement of equity shares to the Government of Ghana to support the Bank’s capitalisation efforts and strengthen its position in meeting regulatory capital requirements.

Speaking on the Bank’s outlook, Management reaffirmed its commitment to delivering sustainable growth, deepening customer relationships & service experience, driving innovation, supporting Ghana’s agricultural transformation agenda, and creating long-term value for shareholders.

The AGM concluded with shareholders expressing confidence in the Bank’s strategic direction and leadership as it continues its journey of transformation under its “Beyond Banking” agenda.

June 26, 2026
Gold buyback deal hailed by experts as “Far Superior” to dangerous nationalisation calls

By Adnan Adams Mohammed

Economic and mining experts have lauded the government’s landmark agreement to purchase 30% of gold output locally from all large-scale mining companies, describing it as a masterstroke for resource optimization that avoids the pitfalls of radical resource nationalism.

Industry insiders say the policy successfully strikes a delicate balance between aggressive national wealth accumulation and maintaining a stable environment for foreign direct investment.

The deal, which takes effect on July 1, 2026, was executed through the Ghana Gold Board (GoldBod) under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources.

A Productive Alternative to Nationalisation

Prominent mining analyst and economic journalist, Adnan Adams Mohammed, has strongly tided the arrangement as a superior, market-friendly model for maximizing national returns from extractive wealth without spooking foreign investors.

”This deal stands out as one of the most viable options through which Ghana can optimize benefits from our natural resources for the nation,” Mohammed noted. “It introduces a structured, state-backed buyback that respects commercial realities while securing a tangible share of production for our national reserves.”

Mohammed contrasted this arrangement with recent aggressive calls by some public policy think tanks for state ownership, warning that forced takeovers could spell disaster for Ghana’s ongoing economic recovery.

”This is far more productive than the ill-advised localization or outright nationalisation of the mines, which could severely impact our promising economy,” Mohammed added, referencing his recent publications, including ‘Ghana’s Resource Nationalism Debate: Why Clarity From Government Matters Now’. “Forced state takeovers disrupt investor confidence, choke capital inflows, and threaten operational stability. This 30% local purchase framework offers asset accumulation without the catastrophic baggage of nationalisation.”

Shifting to Local Currency and Retaining Value

Unlike the previous 2022 framework between the Bank of Ghana and the Ghana Chamber of Mines, the new Memorandum of Understanding (MoU) introduces crucial operational updates. Large-scale miners will sell the 30% output locally in doré (raw) form at a 0.55% discount, with all transactions settled in Ghana Cedis using the Bank of Ghana Reference Rate.

”This is a monumental step toward fiscal sovereignty,” a senior government official stated following the announcement. “By executing these transactions entirely in local currency and keeping the raw bullion within our borders, we are putting an end to capital flight and directly backing the strength of the Cedi with a tangible asset.”

The Road to LBMA Accreditation

A core strategic objective of the pact is elevating Ghana’s domestic refining standard to global heights, targeting London Bullion Market Association (LBMA) accreditation for at least one local refinery by 2030.

Under the approved protocol, GoldBod will ensure all purchased doré is refined locally for maximum value retention, shipped to an LBMA refinery for melting and stamping, and returned to the central bank.

The Ghana Chamber of Mines expressed shared optimism for this phased approach to industrialization:

”The chamber and its members view this as a win-win partnership. While it guarantees a steady, structured local off-taker for 30% of our production, it aggressively drives the ecosystem toward achieving an LBMA-accredited refinery right here in Ghana. Local value addition is the future of African mining.”

Driving GANRAP and Zero Raw Exports

The initiative serves as a core engine for the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets building foreign reserves to 15 months of import cover by 2028. It also aligns with President Mahama’s broader industrial policy of achieving zero raw mineral exports by 2030.

The comprehensive details and regulatory structures of the signed MoU backed by the Ministries of Finance and Lands, GoldBod, the Bank of Ghana, and the Chamber of Mines will be officially published on Monday, July 29, 2026.

June 26, 2026
Eni Ghana signs LOI with AICS to Advance Sustainable Dev’t Initiatives in Ghana

Eni Ghana has signed a Letter of Intent (LOI) with the Italian Agency for Development Cooperation (AICS) to explore strategic partnerships aimed at advancing sustainable development initiatives in Ghana.

Through the LOI, Eni Ghana and AICS will work together to mobilize resources and strengthen partnerships that foster inclusive development in host communities. Particularly, key areas of cooperation include education, technical and vocational education and training (TVET), agriculture and value chain development, water, sanitation and hygiene (WASH), community health, nutrition and food security, as well as broader economic diversification initiatives. Additional areas of collaboration may be identified over time.

Speaking at the signing ceremony, the Managing Director of Eni Ghana, Maurizio Pinna stated: “This Letter of Intent reflects our unwavering commitment to the communities where we operate. Partnering with AICS allows us to align our efforts with the UN 2030 Agenda and deliver meaningful, lasting impact; from vocational training to clean water access. We look forward to what this collaboration will achieve for the people in our host communities and beyond.”

The collaboration contributes to the achievement of the United Nations 2030 Agenda for Sustainable Development and reflects the shared commitment of both parties to maximizing impact through coordinated initiatives and jointly implemented projects.

Eni has been present in Ghana since 2009 through offshore hydrocarbon exploration and production activities and currently reports equity production of approximately 40,000 barrels of oil equivalent per day. The company is the operator of the OCTP project with a 44.4% interest, alongside Vitol (35.6%) and Ghana National Petroleum Corporation (20%), helping to meet approximately 70% of the country’s gas demand for power generation.

Beyond its energy operations, the joint venture’s portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation and improved access to energy.

AICS expanded its presence in Ghana in March 2021, when its Ouagadougou office assumed technical responsibility for the country, followed by the opening of an office in Accra in December 2021. Since 2024, Ghana has been recognized as a priority country for Italian Development Cooperation. Italy’s cooperation framework in the country is structured around three strategic pillars: education, vocational training and decent work; health; and agri-food ecosystems. Eni Ghana signs LOI with Italian Agency for Development Cooperation to advance sustainable development initiatives in Ghana.

June 25, 2026
Harvesting The Future: the three pillars redefining African agribusiness

By Adnan Adams Mohammed

Africa’s agricultural landscape is undergoing a massive paradigm shift. No longer viewed simply as a sector of survival or a fallback for smallholders, agriculture is transitioning into a highly sophisticated frontier of commercial enterprise.

However, industry veterans, tech pioneers, and policy experts warn that achieving true food security and global export dominance requires moving past traditional methods.

Experts point to three critical areas shaping the future of African farming: the urgent demand for “patient” capital, the integration of data-driven digital infrastructure, and a missing global policy focus on basic farm financial literacy.

1. Capital That Cares: The Call for Patient Financing

For decades, commercial banks have treated agriculture with the same short-term lending matrices applied to retail or fast-moving consumer goods. According to industry leaders, this systemic mismatch is choking growth.

Solomon Armah Benjamin, President of the Pineapple Exporters Association of Ghana (SPEG), argues that agriculture requires a financing model reflecting the inherently long-term nature of biological investments.

“We must approach things differently. And then we must give farmers patient capital,” Benjamin urged. “Investments such as irrigation systems require substantial capital outlays and may take years to generate returns, but remain essential for improving productivity.”

Sharing his own frustrations from managing massive coconut plantations alongside pineapples, Benjamin highlighted how infrastructure gaps go unresolved because financial institutions expect rapid returns.

“One thing that is required is irrigation,” Benjamin lamented. “Now, the amount of money required to do irrigation is huge, but over time it can pay off. But no bank is willing.”

Beyond banks, there is an equal demand for timely government intervention. Proponents emphasize that businesses often fail not due to bad fundamentals, but because state support arrives far too late.

“Government must show its head and take certain decisions,” the SPEG President stated. “The fact that something happened once in the course of time does not make the business a bad business. But at times, because interventions do not come early, people sit around the problem, and then by the time you see, they fizzled out.”

2. Erasing the Guesswork: Data and Global Market Access

While leaders push for institutional funding, agronomic technology is stepping in to solve day-to-day inefficiencies and connect localized farming networks directly to the global marketplace.

The fragmentation of African supply chains has historically meant heavy post-harvest losses, erratic pricing, and an inability to meet strict international standards. Agritech enterprises like Complete Farmer are systematically rewriting this narrative using digital marketplaces and data-driven cultivation protocols.

By launching specialized solutions like CF Grower for smallholders and CF Buyer for international procurement teams the platform bridges the divide between remote West African fields and corporate food processors.

Desmond Koney, CEO and Founder of Complete Farmer, envisions a future where technology makes agriculture universally accessible and highly professionalized.

“We want to be able to change the narrative of what a smallholder farmer looks like,” Koney declared at a recent platform launch. “We want to change the narrative to one where farming becomes everyone’s lifestyle. Through this platform, we want everyone to be a farmer… and we have buyers here who are looking for you to become a farmer as well.”

The impact on the ground has been tangible. Smallholder farmers utilizing the platform report transitioning away from blind guesswork to predictable, high-yield outputs. Abdul Raman, a farmer with 15 years of experience in Ghana, noted how data tracking changed his daily routine.

“I get a lot of experience through Complete Farmer’s partnership: how to sow my plants, how to store my farm produce, and how to fight against pests and insects,” Raman shared. “They’ve made it easier for us to sell our produce. We were practicing smallholder farming, but since we’ve joined, we’ve harvested more acres and made higher yields.”

3. The Forgotten Pillar: Financial Literacy in SDG 2

Even with access to technology and capital, a massive structural vulnerability remains at the foundation of global food policy.

The United Nations Sustainable Development Goal 2 (SDG 2) targets “Zero Hunger” by expanding yields, improving nutrition, and securing market access. Yet, policy analysts observe a glaring omission: Farm Financial Management.

Though the world’s 500 million smallholder farms produce nearly 70% of global food supplies, the vast majority operate completely outside formal accounting systems. Research across West Africa shows a staggering reality: farms utilizing basic financial management literacy naturally generate 23% to 31% higher net margins than identical farms growing the exact same crops with the exact same inputs.

Experts emphasize that many farms fail simply because operators cannot read a basic profit-and-loss statement, evaluate seasonal cash flows, or calculate their exact cost of production per kilogram before selling.

“The world’s smallholder farmers are not failing because they lack the will to succeed,” notes a leading agricultural analyst. “They are failing because they are operating sophisticated biological and commercial enterprises without the most basic financial tools to manage them.”

This dynamic is even more unforgiving in high-overhead, climate-resilient setups like greenhouse farming, where capital expenditure is elevated and the margin for error is razor-thin. Applying strict variance analysis and activity-based costing can save operations from financial ruin without needing a single cent of extra investment.

With the 2030 UN deadline fast approaching, development practitioners are calling for a formal revision of international frameworks. They argue that non-governmental organizations (NGOs) and development banks must make financial reporting and cost literacy a mandatory, measurable indicator of agricultural aid.

The Path Forward

To transform African agriculture into a resilient, self-sustaining economic powerhouse, the solutions must be holistic. Giving a farmer premium fertilizer or a tractor is no longer enough. True modernization requires wrapping that farmer in a secure ecosystem: patient capital to withstand seasonal shocks, predictive technology to guarantee global market transparency, and the financial literacy required to turn dirt into sustainable profit.

June 25, 2026
Turnaround at the Beach: SSNIT to expand, remodel key hotels to boost investment returns

By Adnan Adams Mohammed

The Social Security and National Insurance Trust (SSNIT) has recorded a major operational milestone within its hospitality portfolio, announcing that the historically distressed La Palm Royal Beach Resort has finally returned to profitability after years of consecutive losses.

The breakthrough comes amid a stellar financial performance by its premier sister asset, the Labadi Beach Hotel, prompting the Trust to launch a comprehensive restructuring and expansion drive across its hotel holdings while firmly dismissing lingering speculation of any impending asset divestments.

The positive fiscal results arrive at a critical juncture for the pension trust. Following intense public scrutiny from organized labor and civil society over the management of its real estate assets, the fresh financial data is being leveraged by regulators as hard proof that its state-backed corporate turnaround strategy is bearing fruit.

A “Modest but Significant” Breakthrough at La Palm

The most surprising update came from La Palm Royal Beach Resort, a beachfront property that forms part of SSNIT’s Golden Beach Hotels Limited subsidiary alongside Elmina Beach Resort and Busia Beach Resort. After years of being considered a severe drain on pension reserves, the property posted a modest profit of {GH¢1.80 million} for the preceding financial year.

Addressing the media on the unexpected recovery, the Director-General of SSNIT, Kwasi Afreh Biney, could not conceal the historic weight of the development, admitting that the hotel had been underperforming for so long that its profitable eras had been forgotten.

“La Palm last year, for the first time in fact we don’t even remember the last time La Palm made a profit made a profit,” Director-General Afreh Biney stated with candor. “It may be small, {GH¢1.80 million}, but at least bigger things start with humble beginnings. The turnaround process is beginning now.”

To secure and scale this fragile recovery, Afreh Biney explained that SSNIT has engaged professional consultants to design a rigorous five-year operational roadmap for the entire Golden Beach portfolio. The strategy rules out asset liquidation, focusing instead on structural remodeling, aggressive cost discipline, and elevated service standards to effectively compete against international hospitality brands in the capital.

Labadi Beach Records Historic Payout and Targets Expansion

While La Palm is celebrating its first steps out of the red, SSNIT’s crown jewel hospitality asset, the Labadi Beach Hotel which is 100% wholly owned by the Trust continues to deliver record-breaking numbers. The luxury five-star hotel recently presented a massive dividend of {GH¢17.80 million} to SSNIT, with even larger payouts forecasted for the current financial cycle.

According to management briefings, Labadi Beach generated a stunning Profit Before Tax (PBT) in excess of {GH¢67.00 million} last year, yielding a net profit after tax exceeding {GH¢50.00 million}.

The financial strength of the asset has emboldened the Trust to pivot from a defensive cost-cutting posture to aggressive capital growth. Rather than scaling back, SSNIT is actively preparing to finance a large-scale remodeling and expansion of the resort’s facilities.

“Labadi is doing well. Labadi is seeking to expand, and as the 100 percent shareholder, we will give our unwavering support to that expansion,” Afreh Biney emphasized. “There are ongoing conversations to remodel and redevelop La Palm because ultimately, we need to improve the returns on our investments to grow the Trust and safeguard contributors’ funds.”

Reversing the Divestment Narrative

The aggressive expansion talk marks a deliberate departure from past policy debates, where previous boards argued that the only way to manage investment risk was to offload a 60% stake in the properties to private hoteliers due to frequent requests for maintenance funding.

The Trust issued an explicit statement completely denying that its current advertisements for corporate turnaround advisory firms were a backdoor attempt at privatization or asset leasing.

“The management of SSNIT refutes recent media publications and social media commentary alleging the sale of its hotels, describing the claims as false, misleading, and without any basis,” the Trust noted in a formal regulatory release. “The engagement of qualified consulting firms is a business improvement and strategic planning exercise intended to enhance operational performance and preserve value—not a divestment process. All decisions relating to hospitality investments are guided strictly by sound investment principles and the objective of creating long-term value for contributors and pensioners.”

As the five-year hospitality master plan swings into motion, market analysts note that SSNIT is successfully rewriting its real estate narrative. By demonstrating that public institutions can execute accountable corporate governance and generate millions in direct dividends, the Trust is reinforcing consumer trust, assuring millions of Ghanaian workers that their retirement contributions are anchored in highly resilient, growing assets.

June 25, 2026
Capital Shocks and Consumer Shifts: The far-reaching implications of Ghana’s microfinance overhaul

By Adnan Adams Mohammed

The Bank of Ghana’s (BoG) aggressive implementation of the Revised Microfinance Sector Framework has triggered structural shockwaves across the financial landscape.

By mandating the conversion of all 147 licensed Rural and Community Banks (RCBs) into unified “Community Banks” and dramatically raising capital limits, the central bank is initiating a permanent restructuring.

The implications of this sweeping financial blueprint extend far beyond mere regulatory compliance, radically altering operational dynamics within the banking ecosystem and transforming how over eight million everyday depositors manage their wealth.

Implications for the Financial Sector

Forced Mergers and a Thinning Corporate Landscape

The most immediate industry outcome is an inevitable wave of consolidation. With capital thresholds pushed to {GH¢100 million} for new Microfinance Banks (MFBs), {GH¢50 million} for transitioning tier-2 institutions, and up to {GH¢10 million} for Community Banks, the sector is entering a rapid distillation phase.

Smaller, historically under-capitalized institutions that cannot independently source these massive equity injections before the December 31 deadline are facing severe corporate vulnerabilities.

“The timeline forces boards into making swift, survival-driven decisions,” explained a corporate finance consultant specializing in Accra’s banking sector. “By the June 30 strategic deadline, we will see dozens of rural lenders and fragmented microcredit firms aggressively seeking partnerships. For many, standalone survival is no longer an option. They will either be swallowed in mergers or execute total asset and liability transfers to larger, well-capitalized platforms.”

Shift to Digital Oversight via ARB Apex Bank

The framework drastically expands the oversight mandate of ARB Apex Bank, turning it into a centralized backbone for the newly designated Community Banks. ARB Apex Bank will now run unified digital infrastructure, handle payment systems, and distribute shared technical services to enforce system-wide transparency.

This digital centralization effectively eliminates the isolated, manually run accounting practices that historically masked institutional distress, pulling informal subsectors directly under the central bank’s supervisory telescope. Furthermore, bringing robust credit unions holding assets of {GH¢60 million} or more under direct BoG regulation strips away decades of soft cooperative oversight, forcing the entire middle-tier sector to adhere to uniform risk-management standards.

Implications for Customers and Everyday Depositors

Bulletproof Savings vs. Transitional Anxiety

For the consumer, the long-term impact of this sweeping reform is overwhelmingly positive. By liquidating or merging fragile, over-leveraged microfinance operators and forcing survivors to hold dense capital reserves, the Bank of Ghana is systematically engineering a bulletproof protective shield around local savings.

However, the short-term transition path introduces distinct customer friction. The immediate mandate for 1,000 branches nationwide to execute sudden name changes, physical rebranding, and legal framework modifications risks creating localized customer confusion.

“When rural savers see their local bank suddenly changing its name, removing the word ‘Rural,’ and shifting its corporate identity, it can trigger unneeded anxiety,” warned a behavioral economist. “If the newly established BoG joint committee does not manage public communication perfectly, it could spark localized runs on deposits from nervous consumers who conflate institutional reclassification with financial distress.”

The Tightening of Localized Credit

Perhaps the most critical risk for the micro-economy is a potential contraction in accessible credit. As Community Banks restructure their balance sheets to meet stricter risk-weighted asset rules, their traditional lending behaviors will shift.

To protect their newly injected capital, these institutions are highly likely to tighten credit underwriting standards, pulling away from high-risk, informal micro-loans such as seasonal agricultural credit for rural smallholders in favor of safer, heavily collateralized small and medium enterprise (SME) loans.

While this shift creates healthier, safer banks, it leaves vulnerable, unbanked populations increasingly reliant on informal, high-interest last-mile providers. This dynamic forces the very customers microfinance was designed to protect further out to the margins of the formal financial system.

June 25, 2026
Mining cost surge pushes factory inflation to 5.8% …as industry demand shift to local cement raw materials

By Adnan Adams Mohammed

Ghana’s industrial sector is facing an intense dual squeeze of escalating production expenses and a volatile global supply chain.

New data has revealed a steep spike in the country’s Producer Price Inflation (PPI). Simultaneously, industrial players and government officials are sounding alarms over the soaring costs of building infrastructure, demanding an aggressive pivot toward domestic raw materials to salvage the manufacturing and construction sectors.

According to the latest figures released by the Ghana Statistical Service (GSS), annual producer inflation climbed sharply to 5.8 percent in May 2026, up from 2.7% recorded in April. This metric indicates that, on average, domestic producers received 5.8% more for their goods and services compared to the same period last year.

The primary catalyst behind this spike was the mining and quarrying sector, which registered an inflation rate of 11.0% in May. The rebound was also heavily driven by recoveries in transport and storage, which vaulted from a negative 6.6% in April to a positive 7.7% in May, alongside manufacturing, which recovered to 0.7% from negative 0.7%.

While annual indicators suggest renewed cost pressures at the factory gate, the GSS reported a minor silver lining: producer prices actually declined by 1.4% on a month-on-month basis between April and May 2026. Because PPI acts as a leading indicator for retail markets, experts warn that these overarching annual production increases are bound to trickle down to everyday consumers through higher retail prices.

The Clinker Crisis: The True Culprit in Housing Costs

Nowhere are these upstream production cost pressures more visible than in the domestic building sector. Speaking at the INTERCEM Africa 2026 conference in Accra, industry leaders revealed that Ghana’s reliance on imported clinker the foundational component used to bind cement is heavily draining local industries due to global shocks, port congestion, and volatile fuel prices.

Frederic Albrecht, Chairman of the Chamber of Cement Manufacturers, Ghana (COCMAG) and CEO of CBI Ghana, explained the structural challenges pinning down local operations:

“Clinker production is not possible in Ghana because of unsuitable limestone deposits. Yet clinker remains a major input in cement production, and importing it is increasingly expensive due to rising fuel costs, port congestion, and global supply disruptions.”

Albrecht emphasized that clinker production is uniquely exposed to global energy markets, requiring processing temperatures of up to 1,500 degrees Celsius. To protect the economy from exchange rate pressures and price volatility, he stressed that alternative local formulas are no longer optional:

“We must develop a different type of cement that allows Ghana to become more self-sufficient. By reducing clinker ratios and utilising local raw materials, we can lower production costs, improve competitiveness, and reduce pressure on foreign exchange.”

State Demands Innovation: Shift to Clay and Limestone Alternatives

The government has echoed this sentiment, warning that the state’s massive industrialization and housing projects will continue to demand massive quantities of cement, making imported supply lines unsustainable.

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, issued a direct charge to manufacturers to prioritize local inputs like clay and specialized limestone variations to make development cost-effective:

“Our cement industry must become more affordable, accessible, and sustainable. We must reduce clinker imports and invest in local raw material production. There are significant local resources that can be harnessed.”

The Minister pointed to early progress in Limestone Calcined Clay Cement (LC3) by domestic leaders as proof that the shift is viable.

“The example set by CBI and Ghacem shows that this transformation is achievable. We expect more companies to replicate these efforts to reduce clinker usage in our building projects. Whether we like it or not, Ghana’s development will require more cement. However, we must produce it in an eco-friendly manner by reducing clinker imports and promoting import substitution.”

A Three-Year Horizon for True Transformation

Despite the consensus on utilizing local raw materials to ease macro-inflationary burdens, reversing decades of import dependency will require significant structural adjustments. Transitioning to low-clinker options requires heavy capitalization and long-term infrastructure upgrades.

“Establishing alternative production systems takes about three years,” Albrecht noted, calling for proactive planning. “It requires foresight, investment, and strong collaboration between industry players and government.”

Adding to this sentiment, Bishop Dr. George Dawson-Ahmoah, CEO of COCMAG, highlighted the immediate benefit of international knowledge-sharing platforms to speed up this transition:

“This conference provides a valuable platform for innovation and collaboration. It is helping Ghana’s cement producers adopt more sustainable practices, including the use of clay and other local materials to reduce clinker dependency.”

With macro-level factory gate inflation climbing back up to 5.8%, policymakers and corporate leaders recognize that shielding households from soaring retail costs requires reshaping the basic supply lines of the Ghanaian industrial sector.

June 24, 2026
Presidential Committee’s findings contradict Fourth Estate claims on NLA-KGL deal – former NLA Official

By News Desk

A fierce war of words has erupted following a public statement issued by the former Head of Public Relations at the National Lottery Authority, Dr. Razak Kojo Opoku, who has vehemently accused investigative media outlet The Fourth Estate of peddling “barefaced lies” and “misleading the public” regarding the ongoing review of the National Lottery Authority (NLA) and KGL Group partnership agreement.

The prominent political and social commentator argues that, recent claims by the media house suggesting that a government-instituted committee’s findings validate their previous reportage are entirely false, malicious, and a calculated attempt to twist facts.

The Core of the Dispute

The controversy stems from a series of publications by The Fourth Estate which heavily criticized the NLA-KGL deal, labeling it “terrible” and aggressively demanding its immediate termination.

In a sharp rebuttal, Dr. Opoku pointed out that in the interest of transparency, the President of the Republic ordered a committee to investigate the matter. However, the committee’s final directive fundamentally contradicted the media house’s agenda. Rather than canceling the contract, the committee recommended a stay of execution and a structured renegotiation of the financial terms to maximize benefits for the state.

“The Fourth Estate, right from the beginning, had been calling for the abrogation of the NLA-KGL deal,” Dr. Opoku stated. “However, this description has never been backed with any reasonable conclusion or substantial evidence by the Fourth Estate or its surrogates.”

“Why the Backtracking?”

Dr. Opoku questioned why The Fourth Estate is now allegedly attempting to align its previous narrative with the committee’s actual findings, calling out the media organization for what he described as a lack of professional integrity.

“The Fourth Estate maliciously and mischievously labelled the KGL-NLA deal as terrible and called for the abrogation of the deal. It never called for renegotiation,” Dr. Opoku argued. “Why the backtracking? Why not be truthful? We expected that, if not for cheap sentimentalism and parochialism, the Fourth Estate would have rendered an unqualified apology to KGL.”

He further noted that the media house’s lack of relevance to the actual governance process is evident in their exclusion from the official proceedings.

“Again, if the Fourth Estate were that consequential, it would have been considered as part of the ongoing renegotiation. No one at the Fourth Estate or among its surrogates can pressure the Committee, which has the mandate, to rush and interfere with its professional work,” he added.

Renegotiations Strictly Commercial, Not for Social Media

The statement emphasized that all parties involved in the NLA-KGL agreement are actively engaged in a lawful, structured process aimed at securing Ghana’s economic interests. Dr. Opoku warned that state-level commercial agreements cannot be influenced by media campaigns or public sensationalism.

“Renegotiations are NOT done on social media or at the headquarters of the Fourth Estate,” Dr. Opoku maintained. “This is an important national exercise, devoid of sensationalism, propaganda, and the twisting of narratives. All parties sincerely appreciate the urgency of this important renegotiation, but this is strictly a legal and commercial agreement that must adhere to the legal rights of each party.”

Defense of Indigenous Businesses

Concluding his remarks, Dr. Opoku defended the track record of KGL Group, a major corporate entity and a prominent headline sponsor of Ghana’s national football team, the Black Stars. He criticized The Fourth Estate and its parent organization, the Media Foundation for West Africa (MFWA), accusing them of routinely trying to dismantle local corporate successes.

“KGL is fully committed to the Republic and will never waste its time on those who seek to undermine and destroy indigenous businesses, as is the habit of the Fourth Estate and the Media Foundation for West Africa,” Dr. Opoku concluded.

At the time of going to press, the leadership of The Fourth Estate had not yet issued a formal response to Dr. Opoku’s blistering critique.

June 24, 2026
AfDB and GhIB sign historic accord to battle Africa’s $120bn trade finance crisis

By Adnan Adams Mohammed

In a major move to counter the ongoing withdrawal of Western correspondent banks from frontier economies, the African Development Bank Group (AfDB) has signed a Confirming Bank Agreement with Ghana International Bank Plc (GHIB) under its flagship Transaction Guarantee Instrument.

The strategic partnership, finalized at the AfDB headquarters, establishes a robust de-risking mechanism designed to revive stalled import-export corridors, insulate fragile West African markets from liquidity shocks, and accelerate the cross-border momentum of the African Continental Free Trade Area (AfCFTA).

Under the terms of the agreement, the AfDB will provide transaction-by-transaction guarantees covering up to 100% of the non-payment risk assumed by GHIB on trade finance transactions originated by approved African local issuing banks. This unfunded, highly agile risk-sharing instrument allows transactions to be cleared within a rapid 48-hour window.

Reversing the Global De-Risking Tide

Over the past decade, major global banking conglomerates including HSBC, Citi, and Standard Chartered have aggressively pulled back their correspondent banking presence across African frontier states due to shifting risk-appetite metrics and compliance overheads. This structural retreat has left local banks stranded, unable to secure the international letters of credit required by domestic businesses to buy or sell critical goods.

By positioning GHIB a Ghanaian-owned, London-based financial institution regulated by the UK’s Financial Conduct Authority (FCA) as an approved international confirming bank, the AfDB is building an alternative financial highway for the continent.

Solomon Quaynor, the African Development Bank Vice President for the Private Sector, Infrastructure, and Industrialization, detailed the regional rescue logic driving the initiative.

“The addition of Ghana International Bank to the African Development Bank’s network of confirming banks strengthens our ability to support trade across Africa, especially in low-income countries and transition states such as Sierra Leone, The Gambia, Guinea, and Liberia,” Vice President Quaynor stated. “With the increasing implementation of the AfCFTA, our strategic objective is reducing Africa’s trade finance gap by enhancing the confirming bank capacity of African financial institutions such as GHIB for them to play an even bigger role in promoting intra-Africa trade.”

Tackling a Multi-Billion Dollar Financing Void

The partnership targets a widening funding void that continues to throttle sub-Saharan economic expansions. According to recent AfDB findings, Africa’s unmet annual demand for trade finance ranges between $74{ billion} and $92{ billion}, with small and medium-sized enterprises (SMEs) absorbing the heaviest damage. Other pan-African banking studies push that financing deficit as high as $120{ billion}.

By absorbing 100% of the underlying default risks, the AfDB-GHIB framework effectively lowers the cost of capital, allowing local businesses to process high-volume commercial transactions without facing impossible collateral demands.

Ian Greenstreet, the Chief Executive Officer of Ghana International Bank, framed the accord as a pivotal milestone for both the bank and the broader market.

“This agreement represents a significant milestone for Ghana International Bank and our clients,” Greenstreet noted following the signing ceremony. “It strengthens our ability to support businesses engaged in international trade and reinforces our commitment to facilitating economic growth and investment across Africa. As a UK-regulated bank with deep roots in Africa and strong international connections, GHIB is uniquely positioned to serve as a bridge between African markets and global capital.”

Unleashing the Power of the AfCFTA

Market analysts point out that while policy frameworks like the AfCFTA provide the legal architecture for tariff-free commerce, those policies remain frozen without the necessary trade finance mechanisms to back them up. If a local enterprise in Accra or Banjul cannot secure a validated letter of credit to pay an exporter in Abidjan, intracontinental supply chains break down entirely.

By providing comprehensive transaction guarantees, the AfDB-GHIB alliance ensures that trade lines remain open even during times of macroeconomic stress. Capitalized by its unique dual identity as a British-regulated entity backed by Ghanaian sovereign roots, GHIB plans to scale up its newly backed confirmation capabilities over the coming quarters, laying down a highly resilient financial bedrock for West African trade.

June 24, 2026
Analysts clash over Ghana’s 2026 growth trajectory …as Fitch warns of geopolitical headwinds but Standard Bank sees expansion

By Adnan Adams Mohammed

International rating agency Fitch Ratings and financial powerhouse Standard Bank Research have presented sharply divergent forecasts for Ghana’s economic performance, sparking a lively debate among local policymakers and investors over the trajectory of the country’s post-restructuring recovery.

While Standard Bank Research has upgraded its baseline projection, predicting robust Gross Domestic Product (GDP) expansion between 5.9% and 6.1%, Fitch Ratings has taken a more conservative stance, projecting a moderate cooling of economic momentum to 5.0%.

The differing outlooks highlight a tension between structural domestic gains and intensifying external global shocks.

Standard Bank: Structural Reforms Anchor Optimism

Standard Bank’s optimistic forecast relies heavily on a stronger-than-expected 2025 baseline, during which the Ghanaian economy expanded by 6.0%, outpacing initial consensus estimates.

Speaking at a market landscape webinar organized by Stanbic Bank Ghana, Jibran Qureishi, Head of Africa Research at Standard Bank, argued that key structural transformations and aggressive infrastructural execution will cushion the nation from global market turbulence.

“Given the base has changed now and is higher than we had expected, we still believe that growth in 2026 will be between 5.9% and 6.1%, with potential to pick up to between 6.2% and 6.3% in 2027,” Qureishi stated. “Regardless of risks such as tensions in the Middle East, Ghana’s economy would still expand due to some structural changes and investments on the ground.”

Qureishi pointed to a major wave of public and private capital spending, including the newly commissioned Tema Port expansion, the ongoing reconstruction of Kumasi Airport, and the expansion of the Accra-Tema Motorway, as critical economic catalysts. Furthermore, he noted that the newly established gold board’s strict oversight will successfully curb illicit leakages in artisanal mining, driving formalized investments back into the extractive sector.

Fitch: Geopolitical Shocks Face Sub-Saharan Resilience

Conversely, Fitch Ratings expects a slight deceleration from 2025’s 5.9% mark, pinning its conservative 5.0% growth forecast on an unpredictable global energy market and escalating geopolitical disruptions.

According to Fitch’s latest analytical brief, the widening dimensions of international conflict serve as a critical test for Sub-Saharan African (SSA) oil-importing sovereigns. The agency warned that the transmission channels of these external conflicts, primarily spiked refined petroleum costs and potential fertilizer shortages, will inevitably apply friction to domestic production.

“Our baseline forecasts are for real GDP to grow in all Fitch-rated SSA sovereigns this year… but some oil importers are exposed to a supply shock,” Fitch Ratings detailed in its report. The agency added that while improvements to monetary, fiscal, and macroeconomic policy settings since 2022 have significantly enhanced the region’s overall structural resilience, “the war’s impact will test its depth and durability.”

Despite projecting a growth slowdown, Fitch noted that Ghana’s macroeconomy is confronting these external vulnerabilities from a position of relative stability. Thanks to central bank intervention strategies and a strong gold price rally, improved exchange-rate flexibility and built-up international reserves have provided fiscal authorities with a vital cushion against rapid inflationary pass-throughs.

The New ‘Low Beta’ Economy

The conflicting numbers come at a time when Ghana’s relationship with international capital markets has fundamentally shifted. Standard Bank’s data reveals that foreign investor participation in Ghana’s domestic debt market has plummeted to below 5%, down from nearly 40% in the pre-pandemic era.

While this capital flight presents deep challenges for securing external financing, economists note it has paradoxically insulated the local economy from global portfolio volatility. By operating as a “low beta market,” Ghana’s domestic growth drivers are increasingly tied to internal output rather than the whims of international hot money.

As the state navigates the year, the ultimate growth outcome will depend on whether local infrastructure and resource formalization can outrun the compounding costs of global supply chain disruptions.

June 24, 2026