News Guide Africa

Category: Business, Small Business

Business, Small Business

  • Revolutionary COCOBOD Operations: Deputy CEO outlines domestic financing framework for crop purchases

    Revolutionary COCOBOD Operations: Deputy CEO outlines domestic financing framework for crop purchases

    By Adnan Adams Mohammed

    In a major structural shift for Ghana’s agricultural economy, the Ghana Cocoa Board (COCOBOD) is finalizing an advanced homegrown funding regime that will fund cocoa purchases entirely through local investors.

    The new framework aims to fully replace the long-standing tradition of offshore syndicated loans with a domestic commercial paper programme. The primary capital sources for the new architecture will tap directly into domestic pension funds, local commercial banks, and key private actors within the cocoa value chain.

    Speaking on the sidelines of the Ghana-UK Investment Summit in London, the Deputy Chief Executive Officer in charge of Finance and Administration at COCOBOD, Mr. Ato Boateng, revealed that the board has successfully engaged key transaction advisors to ensure a seamless rollout ahead of the upcoming crop season.

    “We’ve made significant progress and have hired all the advisors we need to launch the issuance,” Mr. Boateng stated during the summit. “The advisors are working hard on the structure of the financing, which is almost finalised, to address all regulatory concerns raised by the relevant parties.”

    Tapping into local pension wealth

    The fundamental pillar of the domestic strategy centers on the country’s vast pension fund sector, which manages approximately GH¢100 billion in total assets. Under current investment regulations, these funds have the flexibility to allocate a substantial portion of their portfolios to safe, state-backed instruments.

    Explaining the core philosophy behind the shift, Boateng emphasized the immense opportunity presented by domestic liquidity.

    “The whole idea is for COCOBOD to raise funds internally, and we are looking at three different sources. The first source is pension funds,” Boateng explained. He further noted the scale of the available capital, stating, “We could potentially tap into 35% of the 100 billion cedis.”

    Innovative partnerships with commercial banks

    Beyond retirement funds, local commercial banks will form the second core pillar of the financing ecosystem. Acknowledging existing regulatory constraints and exposure limits within the banking sector, the Deputy CEO revealed that COCOBOD is deploying innovative structures to lower risk and expand capacity.

    “We need to be very innovative because we also want banks to actively participate,” Boateng said. “As such, we will look at bringing in Development Finance Institutions to expand the lending capacity of the banks.”

    The third and final pillar of the framework will focus on private placements targeted directly at players within the cocoa production line, including international trade buyers and local private operators. “We also want to bring in our industry stakeholders,” he noted.

    Tailored to the cocoa purchasing cycle

    To ensure the programme matches the physical trade realities of the sector, COCOBOD is designing a short-term, high-liquidity financial instrument. The institution is proposing a 270-day commercial paper instrument, which translates to a nine-month maturity period specifically tailored to fit the seasonal peak of cocoa harvesting.

    “What we are proposing is a 270-day commercial paper, meaning a nine-month maturity. It is essentially a working capital facility because our season runs from September through January, which is when we purchase about 70% of our produce,” Boateng detailed.

    To optimize efficiency and avoid the heavy burden of unutilized debt, COCOBOD plans to steer clear of lump-sum borrowing. Instead, the board will adopt a staggered, demand-driven funding schedule.

    “The idea is to structure the funding in tranches so that we draw only what we need for purchases,” Boateng explained. “When the funds are no longer needed, we repay investors to ensure the money is used strictly for its intended purpose.”

    A sovereign solution for financial stability

    The official stressed that the programme is being developed in close consultation with market advisors and state regulatory authorities to guarantee a successful launch, asserting, “It will be entirely locally financed.”

    This sweeping overhaul comes on the heels of broader fiscal reforms ordered by the government to clean up COCOBOD’s balance sheet, insulate the local currency from foreign exchange volatility, and guarantee prompt payments to Licensed Buying Companies (LBCs) and smallholder farmers. By shifting to a cedi-denominated commercial notes programme, the country expects to build deep financial self-reliance for its mainstay crop while completely eliminating the heavy interest and ancillary costs tied to external borrowing.

     

  • BoG reforms trigger new era for ‘Community Banking’ …ARB Apex Bank targets well-capitalized rural lenders

    BoG reforms trigger new era for ‘Community Banking’ …ARB Apex Bank targets well-capitalized rural lenders

    By Adnan Adams Mohammed 

    In a decisive move to secure the financial foundations of rural economies, the Bank of Ghana (BoG) has introduced a sweeping set of regulatory reforms aimed at restructuring the community banking sector.

    The initiative is designed to transition Rural and Community Banks (RCBs) away from thin capitalization thresholds toward robust, highly capitalized structures capable of absorbing macroeconomic shocks and aggressively financing local businesses.

    Speaking on the impact of these incoming regulations, the Managing Director of ARB Apex Bank, the umbrella support institution for rural banks in Ghana, emphasized that the reforms should not be viewed as a punitive measure, but as a crucial modernization effort.

    Building Pillars of Financial Resilience

    According to regional banking executives, many smaller community banks have historically operated on marginal capital buffers, leaving them vulnerable during periods of regional crop failures or national inflation cycles. The central bank’s updated framework seeks to address these structural vulnerabilities by raising minimum capital requirements and tightening governance compliance across the entire sector.

    “The ultimate goal of the Bank of Ghana’s regulatory reforms is to build well-capitalized, resilient, and highly secure financial institutions at the community level,” the Managing Director of ARB Apex Bank stated during a strategic industry review.

    He explained that a well-capitalized rural bank is better positioned to deploy modern digital banking systems, lower lending rates, and provide secure savings vehicles for populations that remain excluded from large commercial urban banks. “When a community bank is financially fortified, the entire local economy wins from the smallholder farmer to the cross-border market woman,” he added.

    Overcoming Resistance to Capital Reorientation

    While some rural stakeholders expressed early anxieties that higher capital demands might force closures or involuntary mergers, leadership at ARB Apex Bank reassured the public that the institution is actively working to guide rural lenders through the transition. The focus is on consolidating fractional shareholding and encouraging local investors to inject fresh equity into their home-borough banks.

     

    “We are not looking to phase out community banking; we are looking to fortify it,” an Apex Bank policy strategist noted. “Our focus is to provide the technical backing, liquidity support, and corporate governance training required to ensure every compliant rural bank crosses this new regulatory finish line smoothly.”

    Banking analysts have widely praised the central bank’s timing, noting that as national economic frameworks stabilize, rural economies require strong, localized financial partners to sustain growth. By enforcing stricter capital discipline today, the Bank of Ghana and ARB Apex Bank are ensuring that the institutions closest to the country’s agricultural and micro-enterprise engines are fully equipped to drive long-term rural wealth creation.

     

     

  • Ghana declares sovereign milestone, rejects future bailouts

    Ghana declares sovereign milestone, rejects future bailouts

    By Adnan Adams Mohammed

    In a historic address before Parliament, Finance Minister Dr. Cassiel Ato Forson declared a definitive end to Ghana’s era of financial dependence, asserting that the nation has officially turned the page on its history of seeking emergency economic lifelines.

    Following the successful completion of the country’s 16th emergency credit program with the International Monetary Fund (IMF), Dr. Forson announced that Ghana is shifting permanently away from financial rescue loans, moving from a status of economic vulnerability to a resilient $100 billion partnership.

    Reclaiming Economic Sovereignty

    Addressing a packed parliamentary chamber, the Finance Minister offered a sobering look back at the severe fiscal crisis that initially forced Ghana to negotiate a three-year, $3 billion IMF Extended Credit Facility (ECF). Highlighting a swift, targeted recovery driven by rigid fiscal reforms, Dr. Forson detailed a drastic transformation in the nation’s macroeconomic trajectory.

    “Never again must we allow recklessness, waste, and indiscipline to define how we handle the people’s money,” Dr. Forson stated emphatically from the plenary floor.

    He announced that public debt, which hovered at a staggering 61.8 percent of GDP at the end of 2024, dropped precipitously to 44.7 percent by the close of 2025. This rapid reduction allowed Ghana to meet its long-term statutory debt sustainability targets eight years ahead of its original legislative schedule. Concurrently, inflation cratered from a peak near 24 percent to single digits, while the Ghanaian cedi mounted a powerful 40.7 percent recovery against the US dollar.

    “The era of emergency IMF bailouts is over. Ghana has moved from a position of economic vulnerability to a position of strength, surging past the $100 billion economic threshold,” Dr. Forson declared.

    Shifting the IMF Relationship: From “ICU to Wellness Centre”

    Using a medical metaphor to describe the scale of the national recovery, Dr. Forson illustrated the shifting paradigm between Accra and international financial institutions. He emphasized that the country has built a strong protective cushion, moving past the stage where it requires foreign capital injections to defend its currency or balance its national books.

    “We have moved the Ghanaian economy from what I previously described as the Intensive Care Unit (ICU) to a stable wellness centre,” Dr. Forson told lawmakers.

    The Finance Minister clarified that future interactions with the Washington-based lender will no longer be centered around conditional emergency financing. Instead, Ghana is transitioning into a non-financial Policy Coordination Instrument (PCI) a purely monitoring and surveillance framework designed to signal continuous fiscal discipline to international markets without accumulating external sovereign debt.

    “Ghana’s future engagement with the IMF will now shift away from financial assistance towards policy reforms and technical cooperation,” Forson affirmed. “We do not expect to return to the IMF for another financial bailout in the foreseeable future. We have moved from being an emergency supplicant to an equal policy partner.”

    Locking in Structural Discipline

    To ensure the gains are permanent and to prevent the fiscal slippages that historically disrupted previous economic cycles, the administration has passed structural legislation designed to restrain future executive spending.

    Key changes include sweeping reforms to the Public Financial Management (PFM) Act, which legally binds the state to maintain a target debt ceiling and mandates an annual primary fiscal surplus. Furthermore, the newly operationalized Independent Fiscal Council and a specialized Compliance Desk at the Ministry of Finance will systematically audit state expenses to eliminate unbudgeted expenditures.

    Reflecting on the hard-fought progress, Dr. Forson noted that international investors have responded with renewed confidence. The country’s strategy relies heavily on maximizing internal resource mechanisms such as the domestic gold-backed reserves initiative to organically fund its infrastructure instead of taking on expensive foreign commercial loans.

    “We have a job to do, and we have started fixing the deep problems,” the Finance Minister concluded. “Ghana’s message to the global financial community is straightforward: we are doing the policy work, we are reinforcing our domestic institutions, and we have established the firm conditions required for our sovereign economic future to thrive independently.”

     

  • Investor confidence boosted as gov’t rules out mine nationalisation

    Investor confidence boosted as gov’t rules out mine nationalisation

    By Adnan Adams Mohammed

    The government has forcefully rejected claims of an impending policy shift toward the nationalisation of foreign-owned mining assets, moving swiftly to reassure the investor community that Ghana remains a stable, predictable, and market-driven destination for capital.

    The high-stakes policy clarification comes amid a firestorm of public debate surrounding the upcoming 2027 expiration and renewal of Gold Fields’ flagship Tarkwa mine lease, exposing a deep national divide between calls for localized resource sovereignty and the preservation of foreign direct investment (FDI).

    Speaking at the 19th edition of the West African Mining and Power Expo (WAMPEX) in Accra, the Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, declared that broad-scale asset expropriation is not on the cabinet’s agenda.

    “Nationalisation of mines is not government policy,” the Minister stated, clarifying that recent state interventions should not be misconstrued as aggressive resource nationalism. “The government has not adopted a blanket nationalisation policy to take advantage of the sector, but we are actively seeking mutually beneficial partnerships that will leave behind deep technical expertise and genuinely empower Ghanaians in the extractive industry.”

    Stricter Scrutiny, No Automatic Renewals

    Despite the state’s investor-friendly rhetoric, the regulator has made it clear that the era of rubber-stamping multi-decade mining concessions is over. The Minerals Commission has officially ruled out an automatic extension for Gold Fields’ Tarkwa mine a cornerstone asset in the Western Region that produced approximately 427,000 ounces of gold in 2025, valued at over $1 billion.

    The regulatory tension is heightened by the precedent set at Gold Fields’ Damang mine, where the government rejected a lease renewal application, assumed temporary operational control, and subsequently transferred operations to an indigenous Ghanaian firm, Engineers & Planners (E&P), following a competitive tender.

    Chief Executive Officer of the Minerals Commission, Isaac Andrews Tandoh, confirmed that while the state is actively engaged in discussions with Gold Fields, the South African miner will face rigorous new benchmarks before securing a renewal.

    “It won’t be business as usual where we just automatically renew the lease,” Tandoh asserted. “The company must present its exhaustive, long-term development plans to our technical committee, followed by a ministerial-level justification. Mining companies must now show significantly stronger, verifiable commitments to local value creation, structural technology transfer, and sustainable community development.”

    Chamber of Mines Welcomes Assurances

    The government’s explicit rejection of nationalisation has injected a much-needed wave of relief through the formal business community. The Ghana Chamber of Mines warmly welcomed the Minister’s remarks, noting that clarity on the security of tenure is paramount to preventing capital flight.

    Addressing delegates at WAMPEX, the Chief Executive Officer of the Chamber of Mines, Dr. Ken Ashigbey, emphasized that handling mining leases on a transparent, lawful, case-by-case basis is the only way to safeguard Ghana’s international reputation.

    “These assurances reinforce Ghana’s commitment to maintaining a stable, predictable, and investment-friendly environment,” Dr. Ashigbey stated. “Regarding recent discussions of mining leases, the Minister’s clarification helps reinforce investor confidence at a time when policy certainty is critical. The future of mining in West Africa will not be defined solely by extraction, but by who adds value, processes minerals, and builds integrated ecosystems. We must achieve this through collaboration, not disruption.”

    The Backlash: Citizens Feel Shortchanged

    The escalating debate over the Tarkwa lease is fueled by a palpable groundswell of public dissatisfaction. For many mining communities and civil society groups, the visible environmental degradation and local poverty stand in stark contrast to the billions of dollars worth of gold shipped abroad.

    Natural resource governance expert and Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Steve Manteaw, observed that the intense public scrutiny surrounding Gold Fields is a symptom of a much larger socioeconomic grievance.

    “Before the controversy surrounding the renewal of Gold Fields’ Tarkwa mining lease, few mining applications had generated such intense public interest,” Dr. Manteaw said in an interview on Joy News’ PM Express. “There is a widespread, growing perception that resource-rich Ghana is being shortchanged despite decades of mineral extraction. People feel that as resource owners, we are not getting enough, and they want to flip it over to Ghanaians so that greater value is retained in-country.”

    Dr. Manteaw noted that while the current administration’s rhetorical agenda aims to “indigenise the industry and put Ghanaians in the commanding heights of the economy,” the state must tread carefully.

    A Warning Against Sentiment and Populism

    While backing the principle of larger state and indigenous stakes in natural resources, Dr. Manteaw issued a stern warning to policymakers against capitulating to emotional or populist demands that ignore economic realities, backing earlier remarks made by Adnan Adams Mohammed, a veteran journalist and mining Health and Safety Professional.

    “I welcome the call for Ghana to acquire a more substantial stake in our mineral sector, but we need to talk about strategy and not base our actions on pure sentiment,” Manteaw warned. “There is a complex way in which this industry operates. If you don’t get the strategy right, you can put a world-class mine into Ghanaian hands and actually lose out entirely, because local actors may lack the massive capital balance sheets required to sustain production levels.”

    Instead of abrupt ownership seizures, Manteaw proposed structural fiscal reforms, pointing out that Ghana’s historic direct control of mines in the 1970s and 1980s resulted in severe operational inefficiencies and catastrophic financial losses until FDI rescued the sector.

    “What we fundamentally need to fix is the local management and deployment of mineral revenues by district assemblies and central government, which currently favors recurrent expenditure over capital development,” Manteaw argued. He further urged the state to restructure its standard 10% free-carried interest into production-linked equity, ensuring the state receives physical gold rather than waiting years for corporate dividends that may never be declared.

    As the April 2027 expiration date for the Tarkwa concession approaches, the executive branch, parliament, and civil society remain locked in a delicate balancing act: satisfying a domestic population hungry for economic sovereignty without triggering an investor panic that could derail the broader economy.

     

  • ‘Don’t bet against the cedi’ – BoG talks tough on currency hoarding as forex demand jumps

    ‘Don’t bet against the cedi’ – BoG talks tough on currency hoarding as forex demand jumps

    By Adnan Adams Mohammed

    The Bank of Ghana (BoG) has mounted a strong defense of the local currency, issuing a stern warning to businesses, financial institutions, and the public to desist from speculative currency hoarding.

    The central bank maintains that the country’s economic fundamentals remain robust, despite renewed depreciation pressures pushing the cedi to trade at GH¢12.30 against the US dollar at various forex bureaus.

    Speaking at the 6th edition of the annual Money Summit in Accra, organized by the Business and Financial Times (BFT) under the theme “Building Trust, Capital, and Stability for Ghana’s Economic Future,” the Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, emphasized that recent market behaviors are heavily driven by fear rather than actual economic indicators.

    “The fundamentals of this economy do not reward speculation against our currency. I urge every actor, because we’ve seen that semblance in the market, whether you’re a bank, you’re an importer, you’re an exporter, or you’re an investor, to transact on genuine and present needs, not out of fear and panic,” Mrs. Asante-Asiedu stated during her address to industry stakeholders.

     

    A Lesson from History

    The central bank’s intervention follows data showing the cedi depreciated by 0.94% week-on-week against the US dollar, 0.70% against the British pound, and 1.24% against the Euro, bringing its year-to-date loss against the greenback to 10.14%.

    Reminding market participants of the volatility of speculative trading, Mrs. Asante-Asiedu referenced the severe losses suffered by hoarders during previous market corrections.

    “We all saw the lessons plainly last year. Those who bet against the cedi and hoarded foreign currency soon found themselves on the wrong side of the trade, unwinding at a loss as the currency staged one of the world’s strongest recoveries through 2025. And the traders amongst us will tell you, there was a time when people who had held now began to dump,” she cautioned.

     

    The Deputy Governor assured businesses that the central bank possesses adequate reserves to manage genuine forex demands, highlighting the success of the Ghana Gold Reserve Accumulation Programme (GOLDRAP) in strengthening the country’s import cover.

    “Our reserves continue to build, and they are there as buffers to help us support this economy. The Bank will maintain a firm but responsive monetary policy stance aimed at anchoring inflation expectations and ensuring price stability,” she added.

     

    Market Pressures Persist

    Despite the assurances from the regulator, operators in the informal currency market report that intense demand pressures are likely to persist through the month. Analysts point to strong dollar demand from corporate entities, particularly manufacturing and energy sector companies, coupled with structural backlogs from recent central bank foreign exchange auctions.

    At forex bureaus across the capital, a dollar is currently averaging GH¢12.30, a marginal slide that market analysts describe as a “downside bias” driven by an mismatch between immediate demand and available supply.

    Commenting on the broader financial ecosystem, Ms. Regina Ofori, Head of Marketing and Brands at Ecobank Ghana, noted that overcoming these cyclical currency shocks requires deep collaboration across the entire financial services value chain.

    “Coordinated efforts among banks, pension funds, insurance firms, and regulators are essential for sustainable economic growth. Fragmentation weakens outcomes while collaboration strengthens resilience, investment, and recovery,” Ms. Ofori remarked.

    Echoing similar sentiments on economic resilience, the Chief Executive Officer of the BFT, Dr. Godwin Acquaye, stressed the importance of moving beyond short-term recovery toward building a solid, trust-based financial architecture

     

  • Banking executives and political gurus celebrate Joseph Mensah Abakah on milestone birthday

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    Warm tributes, corporate congratulations, and well-wishes have poured in from both the banking sector and political circles as Mr. Joseph Mensah Abakah celebrates a major milestone birthday.

    ​Recognized as a versatile leader balancing high-level corporate responsibilities with grassroots community development, Mr. Abakah’s dual impact has been highlighted in a series of celebratory announcements by colleagues, corporate leadership, and associates.

    ​Corporate Tributes Fly High at Agricultural Development Bank

    ​Within the financial sector, the Agricultural Development Bank (ADB) Ghana PLC formally recognized Mr. Abakah’s vital role in driving institutional growth.

    ​As captured in the several flyers shared on social media by the bank celebrated his dedicated service under his corporate designation as a Major Market Account Executive. The institution extended its appreciation for his strategic contributions toward reinforcing ADB’s market portfolio.

    ​Dual Roles: Championing MSMEs and Regional Organization

    ​Beyond his corporate duties, Mr. Abakah’s broader institutional footprint spans critical administrative and developmental roles within the bank, as well as notable political leadership in the Central Region.

    ​In a comprehensive tribute shared by close associates, projected Mr. Abakah as an “inspiring leader” whose vision, guidance, and dedication continue to motivate those around him.

    The tribute highlighted his expanded organizational oversight at the bank.

    ​”Congratulations on this milestone. Your vision, guidance, and dedication inspire all of us every day. May your year ahead be filled with joy, good health, and memorable moments,” the statement read, marking many more years of shared success and happiness.

     

     

     

    ​The dual outpour of support from both corporate colleagues at ADB Ghana PLC and his political associates reflects Mr. Abakah’s influential reputation as a dedicated professional committed to socio-economic progress, business facilitation, and community empowerment.

     

     

     

     

  • ​GRA rolls out ‘Red Carpet’ for British Capital …pledging transparent reforms to de-risk investment ​

    Ghana Revenue Authority officials engaging a session of UK investors

    pledging transparent reforms to de-risk investment ​

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    By Adnan Adams Mohammed

     

    In a strategic move to boost foreign direct investment and strengthen economic ties between Ghana and the United Kingdom, the Ghana Revenue Authority (GRA) has engaged UK investors with a firm commitment to establishing a more predictable, transparent, and business-friendly tax regime.

    At the recent Ghana-UK visit by the President of Ghana John Dramani Mahama, senior officials from the the tax authority were seen actively rolling out the red carpet for British businesses by pledging sweeping regulatory reforms aimed at eliminating bottlenecks and mitigating systemic uncertainties.

    ​The high-level engagements feature key leadership from the revenue authority, including Elsie Appau-Klu Esq., Technical Advisor to the Commissioner-General of the GRA, and Dr. Martin Kolbil Yamborigya, Commissioner of the Domestic Tax Revenue Division. Their coordinated message underscores a pivotal shift in how the GRA intends to interact with multinational corporations moving forward.

    ​For years, international investors have cited regulatory unpredictable timelines and rigid administrative frameworks as primary hurdles to operating seamlessly within the West African nation. The GRA’s fresh charm offensive seeks to directly address these historical pain points.

    ​Sweeping Legislative Amendments on the Horizon

    ​According to legal and corporate stakeholders working closely with the UK-Ghana Chamber of Commerce (UKGCC), the proposed reforms are not merely rhetorical. The GRA has initiated steps to overhaul critical components of the Revenue Administration Act (RAA). Key changes under review include:

    ​Eliminating Timeline Ambiguities: The GRA aims to amend strict laws governing objections, legally mandating the Commissioner-General to respond within allotted windows so corporate taxpayers are not left in limbo.

    ​Reforming the Interest Regime: The authority is addressing the current monthly compounding interest structure on outstanding taxes—a mechanism that business leaders argue frustrates corporate profitability and discourages voluntary compliance.

    ​Operationalizing the Independent Tax Appeals Board (ITAB): A major priority for the business community is bringing the long-awaited ITAB to full operational capacity, offering a vital quasi-judicial buffer between taxpayers and the courts to resolve disputes efficiently.

    ​”We want to create the necessary environment for taxpayers to do business. Remember, if there’s no business, there’s no GRA,” noted revenue representatives during recent policy forums, highlighting a new institutional mindset rooted in mutual respect and fairness.

     

     

     

    A New Chapter for Foreign Investment

     

    By pivoting away from aggressive enforcement and focusing heavily on “tax certainty,” Ghana positions itself competitively at a time when global capital markets heavily reward transparency.

     

    With both local policymakers and UK trade representatives aligning on these policy roadmaps, British investors are looking at a significantly de-risked financial landscape. The GRA’s proactive outreach signals a robust effort to ensure that Ghana remains a premier, stable hub for international trade and sustainable corporate growth.

     

     

  • Finance Minister lays 4 critical fiscal and energy reports before Parliament to anchor accountability

    Finance Minister lays 4 critical fiscal and energy reports before Parliament to anchor accountability

    In a major statutory move toward total fiscal openness and institutional transparency, the Minister for Finance, Dr. Cassiel Ato Forson, has formally presented four critical accountability documents to Parliament.

    The comprehensive legislative submissions, which span energy levy management, state petroleum revenue distributions, and broader macro-fiscal performance records, outline how billions of cedis in public funds were collected, ring-fenced, and utilized over the past fiscal cycle.

    The presentation satisfies crucial provisions of the Public Financial Management Act (PFMA) and the Petroleum Revenue Management Act (PRMA). State actors point to the delivery as definitive proof that the government is anchoring its ongoing economic reset in raw data and absolute compliance.

    Auditing the energy lifelines: ESLA under scrutiny

    Among the core documents tabled before the house, the 2025 Energy Sector Levies Act (ESLA) Report captured the immediate attention of lawmakers. The detailed text outlines the exact breakdown of revenues collected through downstream petroleum taxes and shows how those funds were distributed to amortize legacy energy sector debts, fund legacy generation shortfalls, and support primary power sector entities.

    Addressing parliamentarians during the presentation, Dr. Ato Forson emphasized that keeping the public and lawmakers fully informed on energy fund flows is non-negotiable for sustaining private investor confidence in Ghana’s utility grid.

    “We are placing these four key fiscal and energy reports before this august house because the era of managing public funds in opacity is permanently over,” Dr. Ato Forson declared from the chamber floor. “The 2025 ESLA report, in particular, provides a transparent window into how petroleum tax revenues were used, especially regarding our energy sector debt recovery strategies. Every cedi collected at the pumps must be accounted for, tracked, and channeled explicitly toward clearing state liabilities and stabilizing our national power infrastructure.”

    Tracking oil wealth and fiscal guardrails

    Beyond the energy levies, the Ministry of Finance concurrently presented the Annual Report on the Petroleum Funds, giving legislators a detailed look into the state’s oil windfalls. The report tracks allocations made into the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF), demonstrating how the sovereign wealth vaults are being guarded to shield the nation against future global commodity price shocks.

    The Minister explained that rigorous compliance with the PRMA ensures that current natural resource windfalls directly build capital assets rather than funding recurrent administrative expenses.

    “Our natural resources belong to the people of Ghana, both present and future generations,” the Finance Minister stated during his briefing to the house. “By laying these statutory petroleum reports bare before the representatives of the people, we are demonstrating exactly how our oil proceeds are being managed. We have aligned these flows with strict fiscal discipline to ensure that resource wealth directly backs long-term infrastructure, secures our sovereign buffers, and minimizes any need for future external borrowing.”

    Lawmakers and civil society demand rigid oversight

    The formal presentation of the four reports has triggered intense discussion among parliamentary committees, with members from both sides of the aisle preparing to dive into the technical annexes for deeper committee scrutinization. Minority and majority members alike agreed that the timely submission of these documents gives the legislature the analytical power to perform its constitutional oversight duties effectively.

    A leading member of the Mines and Energy Committee observed that having access to verified, audited expenditure data prevents political speculation and grounds national policy debates in facts.

    “We highly welcome the timely submission of these four crucial energy and fiscal reports by the Finance Ministry,” the committee member remarked outside the chamber. “Parliament cannot exercise its oversight functions blindly. With the ESLA and petroleum funding data now officially before us, we can meticulously verify whether the allocations match the budgetary targets approved by this house. This is a victory for institutional accountability, and we will ensure these documents are thoroughly audited at the committee level.”

    With the reports now officially handed over to the Clerk of Parliament, the various select committees have been mandated to review the text and present finalized assessment briefs to the plenary floor within the coming legislative weeks, solidifying the state’s post-IMF commitment to data-driven fiscal discipline.

     

     

     

     

  • GCB Bank joins strategic initiative to overhaul Africa’s cross-border payment architecture

    GCB Bank joins strategic initiative to overhaul Africa’s cross-border payment architecture

    In a major move toward deepening regional trade integration and reducing dependency on third-party foreign currencies, Ghana’s indigenous financial heavyweight, GCB Bank PLC, has formally joined a strategic continental coalition to strengthen Africa’s cross-border payment landscape.

    The partnership is centered on scaling the deployment of the Pan-African Payment and Settlement System (PAPSS). The platform allows African businesses to settle cross-border commercial transactions instantly using their respective local currencies, bypassing the costly and time-consuming multi-currency clearing routes that have historically hampered intra-continental trade.

    Dismantling the financial barriers to intra-African trade

    For decades, an enterprise in Accra looking to import raw materials or finished inventory from a supplier in Nairobi or Cairo had to convert Ghanaian cedis into US dollars or euros first. This multi-layered process often required international correspondent banks to clear the transactions, adding steep foreign exchange conversion fees and dragging out settlement timelines for days.

    By integrating GCB Bank’s expansive domestic network with PAPSS, corporate entities, small-scale traders, and cross-border merchants can now execute direct cedi-to-shilling or cedi-to-pound transfers instantaneously.

    Speaking on the strategic importance of the rollout, a senior executive director of corporate banking at GCB Bank PLC emphasized that the initiative directly supports the operational goals of the African Continental Free Trade Area (AfCFTA).

    “Our integration with the Pan-African Payment and Settlement System marks a defining moment for GCB Bank and our trading clientele,” the executive stated. “Africa cannot achieve genuine economic integration if our payment systems remain siloed and dependent on external currencies. By allowing a Ghanaian merchant to buy goods across borders using the cedi, while the recipient receives payment in their local currency, we are removing friction, lowering transactional overheads, and directly boosting the competitiveness of made-in-Africa goods.”

    Relieving pressure on national foreign exchange pools

    Beyond simplifying individual merchant transactions, macroeconomists point out that widespread adoption of localized settlement architectures will provide much-needed defensive support to African central bank reserves. By eliminating the necessity of the US dollar for intra-continental trade, states can preserve their hard currency reserves for essential global debt obligations and critical industrial imports.

    Addressing a regional trade finance forum, a financial analyst specializing in West African banking systems observed that GCB Bank’s massive market share makes it an ideal driver for this monetary transition.

    “When a tier-one financial institution like GCB Bank puts its weight behind a system like PAPSS, it creates a massive network effect,” the analyst explained. “This is not just about convenience for shipping companies; it is a vital structural tool to ease the constant, cyclical pressure on our national foreign exchange markets. The less we rely on third-party currencies to trade amongst ourselves as Africans, the more stable our domestic currencies will become over the long term.”

    Trading communities applaud the lower cost of commerce

    The rollout has been warmly welcomed by local industrial unions and cross-border trading groups, who have long complained about volatile exchange rates eating into their slim profit margins. Importers note that removing intermediary clearing channels will significantly lower the cost of doing business within the sub-region.

    “We highly commend GCB Bank for stepping into this continental payment framework,” a representative from the national cross-border traders association remarked. “Our members have suffered heavily from sudden currency devaluations while waiting days for international bank transfers to clear. Instant, local-currency settlement means our capital works faster, our supply chains stay moving, and we can buy directly from our neighbors without losing money to foreign exchange middlemen.”

    With GCB Bank currently initiating customer onboarding phases and rolling out dedicated digital interfaces across its branches, trade ministry officials express optimism that this synchronized push will rapidly accelerate Ghana’s position as a core logistics hub within the expanding pan-African free trade market.

     

     

     

     

     

  • ECOWAS, partners launch ambitious roadmap for West African rice self-sufficiency by 2035

    ECOWAS, partners launch ambitious roadmap for West African rice self-sufficiency by 2035

    By Adnan Adams Mohammed

    In a decisive bid to secure food sovereignty and drive economic transformation across West Africa, the Economic Community of West African States (ECOWAS) and its international partners have convened a high-level regional roundtable in Accra.

    The two-day event, which opened on Tuesday, June 2, 2026, focuses on the theme: “Mobilising resources to achieve rice self-sufficiency in West Africa.” It brings together regional leaders, policymakers, and financial institutions to secure the public, private, and blended financing required to eliminate the region’s dependence on rice imports by the year 2035.

    Delivering the official opening address on behalf of Ghanaian President H.E. John Dramani Mahama, the Vice-President of the Republic of Ghana, H.E. Professor Jane Naana Opoku-Agyemang, framed the initiative as a matter of continental pride and survival.

    “Beyond the issue of rice, this meeting raises fundamental questions regarding economic transformation, regional integration, and Africa’s ability for self-sufficiency with dignity,” Vice-President Opoku-Agyemang stated.

    The roundtable, organized by the ECOWAS Commission’s Department of Economic Affairs and Agriculture, is heavily backed by global financial heavyweights, including the World Bank and the African Development Bank (AfDB). The primary objective is to accelerate national and regional investment action plans for the rice value chain.

    Strengthening food sovereignty

    Rice has become a critical staple across West Africa, but production has historically lagged behind rapidly growing demand, draining vital foreign exchange reserves. ECOWAS leadership is determined to change this narrative.

    In his address to the delegates, H.E. Dr. Omar Alieu Touray, President of the ECOWAS Commission, emphasized that the 2035 target is part of a broader vision for the sub-region.

    “ECOWAS’ ambition is to establish competitive, inclusive, and sustainable agri-food systems that strengthen food sovereignty, create jobs, and promote shared prosperity, whilst achieving regional self-sufficiency in rice by 2035,” Dr. Touray noted, describing the roundtable as a “decisive moment” and a vital catalyst for action.

    High-level alignment

    The opening ceremony featured a robust lineup of regional and international stakeholders who pledged their institutional alignment with the 2035 roadmap. Key highlights included:

    ● Regional Vision: Dr. Kalilou Sylla, ECOWAS Commissioner for Economic Affairs and Agriculture, presented a comprehensive strategy titled ‘Vision for Rice Self-Sufficiency in West Africa by 2035.’

    ● Host Nation Commitment: Ghana’s Minister of Food and Agriculture, H.E. Eric Opoku, and Deputy Minister of Finance, H.E. Thomas Nyarko Ampem, detailed national alignment strategies and the importance of fiscal frameworks to support agricultural scaling.

    ● Global Financial Backing: Mr. Guangzhe Chen, Vice-President for the Global Environment at the World Bank, and Mr. Richard Ofori-Mante, Director of Agricultural Finance and Rural Development at the AfDB, reaffirmed their institutions’ commitments to deploying blended finance mechanisms to derisk private investments in the sector.

    The roundtable concludes today, June 3, 2026, with expectations high for a finalized investment framework that will mobilize billions of dollars over the next decade to transform West African rice fields into the breadbasket of the region.