News Guide Africa

Category: Business, Small Business

Business, Small Business

  • FACT-CHECK: Inconsistent financial figures dent credibility of attacks on NLA-KGL deal …Call grows to protect local businesses

    FACT-CHECK: Inconsistent financial figures dent credibility of attacks on NLA-KGL deal …Call grows to protect local businesses

    Public policy experts and corporate analysts are calling for a more objective, data-driven approach to discussing major public-private partnerships, following what critics describe as highly inconsistent and contradictory allegations leveled against the operational deal between the National Lottery Authority (NLA) and KGL Technology Limited.

    The ongoing media campaign led by the Executive Director of the Media Foundation for West Africa (MFWA), Sulemana Braimah, has come under intense scrutiny. Observers point out that a close review of his public statements reveals fluctuating financial claims that raise serious questions about the credibility and reliability of his assertions.

    Shifting Figures and Contradictory Claims

    A chronological tracking of social media commentary exposes sharp inconsistencies in the figures presented to the public.

    ● On 5th August 2025, as captured in the file named FB_IMG_1780508517180.jpg, a post asserted that “the NLA-KGL deal must be abrogated immediately” because “Ghana is losing millions every week.”

    ● Scarcely six weeks later, on 19th September 2025, another post referenced via the file named FB_IMG_1780508528838.jpg shifted the narrative entirely, questioning how a state business generating “GHC 3 billion” could be given to a private company in exchange for “GHC 170 million.”

    ● Today, 3rd June 2026, the narrative has shifted yet again. In a new update under the file named FB_IMG_1780508533026.jpg, the claim has altered to state that the deal is about Ghana “loosing close to GHC 1 billion every year.”

    “Smart and intelligent investigators substantiate their allegations with concrete facts and verified data,” a corporate governance analyst remarked on the condition of anonymity. “When an commentator continuously throws around vastly inconsistent facts and figures within a short timeframe, it suggests that the underlying analysis may be driven by sentiment rather than audited financial realities.”

    What Did the Presidential Committee Actually Say?

    The continuous demands for the outright termination of the partnership run contrary to the official findings of state-level investigations.

    Contrary to the impression created in these public attacks, the independent committee set up by the President did not validate claims of the state losing “millions every week,” a “GHC 3 billion business,” or “GHC 1 billion every year” due to KGL’s operations.

    Crucially, the presidential committee never recommended that the NLA-KGL deal should be abrogated. Instead, the consensus among state oversight bodies has focused on regulatory oversight and contract optimization safeguarding the state’s interests by refining the partnership rather than tearing it down completely. Critics argue that the apparent hostility directed toward KGL has clouded objective judgment, resulting in claims that misinform and mislead followers.

    Supporting Ghanaian Industry While Correcting Flaws

    Industry stakeholders argue that the focus should remain on building and scaling indigenous Ghanaian enterprises. KGL Technology Limited is a wholly Ghanaian-owned business that has driven digital innovation within the local lottery ecosystem, creating significant employment and keeping capital within the domestic economy.

     

    The prevailing view among economic pragmatists is that the KGL-NLA partnership must be encouraged and sustained, while any identified administrative or structural flaws are systematically corrected.

    Abrogating contracts based on fluctuating public allegations threatens investor confidence and undermines the growth of local champions. The path forward for Ghana’s public sector lies in rigorous, data-backed oversight that protects the national purse while actively empowering Ghanaian businesses to thrive.

     

     

     

  • ​NPA Boss Edudzi Tameklo honoured with ‘Outstanding Public Leadership Excellence’ award ​

     

    By Adnan Adams Mohammed

     

    The Chief Executive of the National Petroleum Authority (NPA), Godwin Kudzo Tameklo, has been targeted with high praise and prestigious recognition at the landmark 10th Ghana CEO Summit held in Accra.

    ​Mr. Tameklo was conferred with the Outstanding Public Leadership Excellence Award, a testament to his exceptional leadership, visionary governance, and unwavering dedication since taking the helm of the country’s petroleum downstream regulatory body in January 2025.

    ​A Well-Deserved Recognition

    ​The award highlights Mr. Tameklo’s transformative impact over the past year and a half. Industry players and observers at the summit widely agreed that the accolade is well-deserved, pointing to his strategic reforms that have strengthened regulatory compliance, enhanced operational efficiency, and fostered transparency within the petroleum sector.

    ​Under his watch, the NPA has not only tightened its regulatory grip to curb illicit fuel trade but has also actively engaged stakeholders to ensure stability and fairness in the market.

    ​”A Leader for the People”

    ​Beyond his corporate and regulatory achievements, the honour has sparked widespread celebration among the public and grassroots supporters, many of whom describe him as a uniquely accessible and selfless leader.

    ​”He is one of the appointees who really supports the base. He remains one of the most selfless CEOs in the public sector today,” noted an industry insider, echoing the sentiments of many who have watched his trajectory.

     

    ​Colleagues, friends, and well-wishers across the country have flooded social media and public spaces with congratulatory messages, urging the NPA boss to keep up his exemplary work and continue lifting the standard of public service in Ghana.

    ​With this latest feather in his cap, Godwin Kudzo Tameklo cements his reputation not just as a stellar corporate executive, but as a blueprint for impactful public leadership.

     

  • Ghana to self-fund US$4bn Accra–Kumasi expressway project

    Ghana to self-fund US$4bn Accra–Kumasi expressway project

    In an unconventional break from traditional developing-nation financing models, the government of Ghana has firmly ruled out external or domestic borrowing to fund the upcoming US$4 billion, 198-kilometer Accra–Kumasi Expressway.

    Instead, the state has launched an aggressive fiscal policy overhaul to channel national petroleum revenues and mineral royalties directly into critical, high-impact infrastructure.

    The strategic pivot ring-fences domestic resource wealth, seeking to permanently end the cycle of borrowing-led development while aiming to complete the modern six-lane corridor within a strict three-year window.

    Speaking to international business executives and economic policy analysts at the Ishmael Yamson & Associates Business Roundtable, Finance Minister Dr. Cassiel Ato Forson detailed the alternative financing structure. He explained that the state has completely halted the practice of spreading oil windfalls across recurrent, low-impact line items, opting instead to pool state resources for high-value national assets.

    “Granted, the Accra-Kumasi Expressway is going to cost us $4 billion. We’ll fund it without borrowing,” Dr. Ato Forson confidently declared. “In 2025, 2026, and 2027, we’ll be able to have US$4 billion to link Accra to Kumasi… We’ve said that we must use Ghana’s oil revenue only for infrastructure. All of the imprudent spending, we’ve stopped it. And we are targeting major infrastructure. After 2027, we’ll target another project.”

    The government has already successfully mobilized a massive baseline by redirecting mineral royalties—previously held in the Minerals Income Investment Fund for short-term treasury bill investments—straight into the project’s primary development account. With government projections indicating an additional US$1.5 billion surge in petroleum and mining revenues over the current fiscal cycle, total available domestic cash is expected to reach US$2.5 billion by year-end, fully backing construction milestones without foreign debt.

    Military acceleration and property compensation

    The ambitious project, which stands as a central pillar of the national infrastructure agenda under President John Dramani Mahama, is already rapidly transitioning from design blueprints to active field operations. To bypass lengthy commercial procurement delays and ensure maximum fiscal efficiency, the Ghana Armed Forces are leading the initial clearing and alignment phases.

    Providing an operational update, the Finance Minister confirmed that military engineering regiments have already completed extensive site preparations along the corridor.

    “An update on the phenomenal work being undertaken by the Ghana Armed Forces on President Mahama’s transformational Accra-Kumasi Expressway project,” Dr. Ato Forson stated. “So far, about 51 kilometers of the entire stretch has been successfully cleared. Steadily, deliberately, and with remarkable professionalism, the foundation is being laid for what will become one of Ghana’s most strategic and economically transformative corridors.”

    As heavy machinery moves along the cleared corridor, the state is concurrently addressing local community impact. The Ministry of Finance announced that formal compensation payments to residents and landowners along the alignment path will begin next month, following the completion of data verification assessments by relevant state valuation agencies.

    Commuters and shippers anticipate relief from bottlenecks

    The announcement has sparked widespread enthusiasm across the national logistics and transport sectors. While the ongoing dualization work on sections of the traditional Accra–Kumasi highway remains separate, this entirely new six-lane expressway is designed to completely reshape travel dynamics between the capital and the middle belt. Featuring eight major modern interchanges—including planned junctions at Accra, Adeiso, Asamankese, Akim Oda, Ofoase, and Kumasi—the high-speed road will bypass traditional traffic chokepoints entirely.

    A representative from the national cargo transport unions noted that reducing travel times between the capital and the interior is critical to lowering food and product inflation across the country.

    “The current road between Accra and Kumasi is plagued by severe traffic delays, vehicle wear-and-tear, and high accident risks,” the transport representative remarked. “A dedicated, high-speed express route means our cargo trucks can turn around in hours instead of days. If the government can truly deliver this without adding new debt to the national ledger, it will be a historic victory for Ghanaian business owners.”

    A post-debt blueprint for West Africa

    International economists are watching Ghana’s self-funding strategy closely, viewing it as a critical test case for infrastructural independence. Having recently stabilized its macroeconomic indicators through strict fiscal discipline, the state’s choice to rely on raw resource revenues rather than global credit markets marks a significant paradigm shift.

    If the government hits its aggressive target to complete the 198-kilometer express link by 2029, the project could serve as an infrastructure blueprint for resource-rich nations across the continent, proving that sovereign assets can directly build national development.

     

     

     

     

     

  • How the BoG’s dynamic Cash Reserve Ratio Regime will work …and what it means for commercial banks in Ghana

    How the BoG’s dynamic Cash Reserve Ratio Regime will work …and what it means for commercial banks in Ghana

    By Toma Imirhe

    This week, the dynamic Cash Reserve Ratio (CRR) framework for commercial banks, announced by their regulator, the Bank of Ghana a fortnight ago, will commence. This marks a significant shift in the country’s monetary policy and liquidity management architecture.

    The new framework, announced on May 20, 2026 by the BoG Governor, Dr Johnson Pandit Asiama,, will take effect from this Thursday, June 4, 2026, and will establish a baseline CRR of 20% for universal banks, with reserves to be held in Ghana cedis.

    The move represents a departure from the traditional fixed CRR regime under which all banks have been required to maintain the same reserve ratio regardless of their liquidity conditions, lending behaviour or balance sheet expansion.

    Under the new system, the 20% CRR will serve as a benchmark rather than a permanently fixed requirement. The actual reserve ratio applicable to individual banks could fluctuate depending on factors such as liquidity growth, deposit mobilisation, lending expansion, risk exposure and compliance with prudential requirements.

    The Bank of Ghana says the change is intended to strengthen monetary policy transmission, improve liquidity control within the banking system and provide greater flexibility in managing inflation and exchange rate stability.

    How the dynamic CRR will work

    The Cash Reserve Ratio refers to the proportion of customer deposits that commercial banks are required to keep with the central bank rather than deploy for loans or investments.

    For example, under the new arrangement, a bank with GH¢1 billion in qualifying deposits would initially be required to maintain GH¢200 million (which is 20%) as reserves with the central bank, leaving GH¢800 million available for lending and other operations.

    However, unlike the old framework where that ratio remained static, the dynamic regime will permit the Bank of Ghana to vary reserve requirements according to the activities and liquidity profile of each bank or according to broader market conditions.

    Banks that aggressively expand lending or create excessive liquidity could face reserve requirements above the baseline 20%. Conversely, institutions considered more prudent in liquidity management or supportive of targeted productive sectors with their lending may benefit from lower cash reserve obligations.

    Financial analysts say the system effectively gives the central bank an additional monetary policy lever beyond the benchmark Monetary Policy Rate.

    “This introduces a more flexible and responsive framework for liquidity sterilisation,” says one banking analyst. “Instead of relying solely on interest rates, the Bank of Ghana can now directly absorb or release liquidity from the banking system more efficiently.”

    Why the BoG is making the change

    The introduction of the dynamic CRR comes at a time when Ghana’s macroeconomic environment is stabilising following several years of elevated inflation, exchange rate volatility and aggressive monetary tightening.

    Although inflation has declined substantially from the peaks recorded during the economic crisis of 2022 and 2023, the central bank remains cautious about excess liquidity conditions that could reignite inflationary pressures or weaken the cedi.

    The dynamic CRR framework is therefore designed to complement recent monetary easing measures while ensuring that liquidity growth remains consistent with price stability objectives.

    By adjusting reserve requirements dynamically, the Bank of Ghana will be able to target liquidity more precisely within the banking sector rather than applying broad tightening measures across the entire economy.

    Economists say this approach could improve the effectiveness of monetary policy transmission in several ways.

    First, it enables quicker absorption of excess cedi liquidity that might otherwise fuel speculative demand for foreign exchange.

    Second, it reduces reliance on continuous increases in benchmark monetary policy interest rates to control inflation, potentially allowing the central bank to support economic growth while maintaining macroeconomic stability.

    Third, it strengthens oversight of systemic liquidity risks within the banking sector.

    The fact that reserves will be held in cedis rather than foreign currency is also viewed as strategically important because it supports domestic currency management and reduces incentives for excessive foreign exchange positioning by banks.

    Advantages for monetary policy management

    Market analysts believe the new framework could significantly improve the Bank of Ghana’s liquidity management capability.

    Under a fixed CRR system, reserve requirements often become blunt policy instruments because they do not differentiate between banks with varying liquidity and risk profiles. But the dynamic approach gives the central bank flexibility to respond to changing economic conditions in real time.

    During periods of rapid money supply growth or excessive lending expansion, reserve requirements can be raised to absorb liquidity without necessarily increasing interest rates sharply. Conversely, during periods of economic slowdown, reserve requirements could be eased to encourage lending to businesses and households.

    The framework is also expected to improve alignment between interbank liquidity conditions and the central bank’s monetary policy objectives.

    Analysts note that the policy could further strengthen exchange rate stability by limiting the amount of excess cedi liquidity available for speculative foreign exchange purchases.

    What this means for commercial banks

    While the policy is expected to strengthen macroeconomic management, it is likely to have mixed implications for commercial banks.

    On the positive side, the framework could enhance overall financial system stability by discouraging excessive risk-taking and aggressive balance sheet expansion. It may also encourage banks to adopt more disciplined liquidity management practices and improve asset quality monitoring. Banks that maintain prudent liquidity profiles could potentially benefit from relatively lower reserve obligations under the dynamic system.

    However, the framework could also constrain profitability.

    Higher reserve requirements reduce the amount of funds banks can deploy for income-generating activities such as lending and investments. If the reserves held with the Bank of Ghana are unrewarded in terms of interest payments or attract below-market interest rates, banks could experience pressure on net interest margins.

    Some industry observers also warn that tighter reserve requirements may contribute to relatively high lending rates if banks attempt to recover the opportunity cost of locked-up liquidity from borrowers.

    Smaller banks with narrower liquidity buffers may face greater pressure under the new framework than larger institutions with stronger deposit bases.

    Nonetheless, banking sector analysts generally view the policy as consistent with the central bank’s broader strategy of consolidating macroeconomic stability while modernising monetary policy operations.

    For Ghana’s financial system, the success of the dynamic CRR regime will likely depend on how transparently and predictably the Bank of Ghana applies the framework in practice over the coming months

     

     

  • GRA Sets ambitious GH¢310 billion revenue target for 2028 …As shippers demand collective balance in port cost reforms

    GRA Sets ambitious GH¢310 billion revenue target for 2028 …As shippers demand collective balance in port cost reforms

    The Ghana Revenue Authority (GRA) has unveiled an aggressive medium-term fiscal strategy, targeting an unprecedented GH¢310 billion in annual tax revenue by 2028.

    Driven by a sweeping expansion of digital compliance infrastructure and artificial intelligence systems, the authority aims to more than double its current collection baselines over the next two years.

    However, as the state sharpens its enforcement tools, maritime stakeholders and trade groups are cautioning that concurrent port cost reforms including controversial caps on container administrative charges must protect the collective interests of both local shippers and international logistics providers to avoid disrupting the supply chain.

    Digital compliance expands to hit Historic revenue milestones

    Announcing the medium-term targets at a high-level briefing, the Commissioner-General of the GRA, Anthony Kwasi Sarpong, emphasized that the journey toward the GH¢310 billion milestone will rely entirely on digitizing tax pathways rather than introducing new statutory tax burdens.

    “Our target to hit GH¢310 billion by 2028 is firmly anchored on the structural expansion of our digital compliance systems,” Commissioner-General Sarpong stated. “The era of manual tax administration, with its leakage risks and arbitrary assessments, is firmly behind us. By scaling our integrated platforms, expanding data analytics, and widening the tax net through automated tracking, we are making compliance seamless for businesses while guaranteeing maximum mobilization for the state.”

    The GRA chief pointed to immediate, real-world proof of this digital transition, revealing that the integration of the cutting-edge “Publican AI” system into port revenue monitoring and customs audits boosted state coffers by an astonishing GH¢1 billion in the month of April alone.

    Port reforms ignite fierce cost-capping debate

    While the central government celebrates expanding digital revenue receipts, the operational landscape at Ghana’s maritime gateways is experiencing major regulatory shifts. The Ghana Shippers Authority (GSA) recently moved to cap Container Administrative Charges (CACs) at the ports a decision highly praised by local importers who have long complained about the high cost of doing business in West Africa.

    However, logistical analysts and international carrier representatives warn that an overly simplistic approach to price-capping could prompt a capital flight or push shipping lines to bypass Ghanaian hubs entirely.

    “The ongoing debate surrounding Container Administrative Charges is often overly simplified in the public sphere,” noted a maritime logistics specialist specializing in West African trade lines. “While concerns over high port costs are completely legitimate, capping administrative fees arbitrarily without a holistic evaluation could backfire. Port cost reforms are absolutely necessary, but they must reflect collective interests. If we squeeze the margins of global operators too tightly without fixing underlying port efficiencies, we risk losing our competitive edge to regional rivals.”

    Freight forwarders appeal for harmonized trade policies

    The call for structural equilibrium is echoing strongly across shipping floors and freight forwarding hubs in Tema and Takoradi. Importers emphasize that while the GRA’s deployment of AI tools has drastically reduced clearance processing times, the parallel layering of local shipping line charges continues to strain operational equity.

    “We welcome the transparency that tools like Publican AI bring to custom valuations,” an executive member of the local freight forwarders union remarked. “But the state must harmonize its revenue-collecting goals with real relief for the trading community. If the Shippers Authority caps one fee, but shipping lines introduce three new ones to cover their overheads, the local consumer gains nothing. We need a unified negotiation table where government, shippers, and carriers find a sustainable equilibrium.”

    A post-IMF era grounded in data and fiscal discipline

    Legal and economic observers highlight that this dual focus on automated tax mobilization and port restructuring marks Ghana’s entry into its most data-driven fiscal era in history. Following the formal conclusion of the state’s IMF Extended Credit Facility program, the country is navigating its finances without external validation or multilateral cushions for the first time since 2022.

    With the GRA leaning heavily on digital oversight to hit its GH¢310 billion threshold and trade ministries working to balance domestic shipping costs against global logistics investments, the next 24 months will serve as the ultimate test of Ghana’s institutional capacity to maintain independent, sustainable economic growth.

     

     

     

  • KGL Group CEO calls for deliberate strategy to nurture African business giants

    KGL Group CEO calls for deliberate strategy to nurture African business giants

    In a powerful call to action that could redefine the continent’s economic landscape, the Group Executive Chairman of the KGL Group, Alex Apau Dadey, has urged African governments to intentionally groom and protect homegrown enterprises to drive sustainable, continent-wide development.

    Speaking at the prestigious 10th Ghana CEO Summit in Accra, Mr. Dadey argued that Africa’s long-term economic independence hinges on its political will to deliberately cultivate its own corporate heavyweights, rather than relying solely on foreign investment.

    The high-profile event, marking a decade of the CEO Network, was attended by key state officials and business leaders, including former President John Dramani Mahama, who was commended by the KGL boss for his consistent advocacy for local ownership and indigenous participation.

    Delivering his address under the theme, “Raising African Champions: Leadership, Resilience and Industrial Scale – Lessons from Ghana’s Business Transformation,” Mr. Dadey stated that while the continent’s immense economic potential has long been recognized, potential alone has never been enough to transform a continent.

    “Potential alone has never transformed any nation,” Mr. Dadey told the summit. “Africa therefore faces a defining choice: either remain a market for the ambitions of others or build enterprises capable of shaping global economic outcomes ourselves.”

    Protecting Local Scale, Avoiding Unwarranted Scrutiny

    Addressing the realities confronting indigenous businesses on the continent, Mr. Dadey observed a worrying trend where successful local enterprises are often viewed with skepticism once they grow. While maintaining that accountability and regulatory compliance remain essential, he argued that African businesses must not be treated with suspicion simply because they achieve industrial scale.

    “No nation industrialised successfully by weakening its own productive capacity or undermining responsible indigenous enterprise,” he said. He challenged governments across the continent to actively defend local commercial success, asking, “If Ghana does not protect and nurture its responsible indigenous enterprises, who will build the continental champions we aspire to?”

    Leadership as ‘Missing Infrastructure’ and Trans-generational Wealth

    In a thought-provoking analysis of Africa’s development bottlenecks, the celebrated entrepreneur described leadership as the continent’s “missing infrastructure,” underscoring that industrialization is bound to fail where leadership falls short. He urged political and corporate leaders to look beyond immediate gains—such as election cycles and quarterly corporate earnings—and focus instead on institution-building and long-term national development.

    Turning to wealth creation, Mr. Dadey raised concerns over the lack of continuity in African-owned conglomerates. He noted that too much African wealth disappears within a single generation because it is heavily consumed rather than institutionalized. To reverse this trend, he called for robust corporate governance structures, strict succession planning, and long-term reinvestment strategies aimed at preserving productive capital across generations.KGL Group Partners with CNBC Africa

    The summit also served as a stage for a major economic milestone. In a significant announcement, Mr. Dadey unveiled a strategic partnership between the KGL Group and CNBC Africa.

    The agreement will see the establishment of a dedicated CNBC Africa country office in Ghana, which will be hosted by the KGL Group. According to the Executive Chairman, the partnership reflects a unified commitment to amplifying African business stories, elevating regional conversations around enterprise and investment, and positioning Ghana more prominently in the global economic landscape.

    The 10th Ghana CEO Summit continues to serve as a leading platform for high-level policy engagement, driving critical discourse on how indigenous innovation can be scaled into continental prosperity.

     

     

  • IGP petitioned over NUGS President’s “Mass Action” threat against Gold Fields Ghana

     

    A formal petition has been filed with the Inspector General of Police (IGP) calling for the immediate investigation and restraint of the President of the National Union of Ghana Students (NUGS).

    The petition, submitted by a veteran financial and economic journalist, mining health and safety professional, and Executive Director of Muyad Social Services, Adnan Adams Mohammed, follows highly inflammatory public statements made by the student leader.

    ​The NUGS leader’s remarks, reported widely across national media platforms on May 30, 2026, under headlines such as “Xenophobia: NUGS President warns of mass action if gov’t renews Gold Fields lease,” threatened nationwide “mass action” if the government moves forward with the statutory renewal of commercial mining leases for Gold Fields Ghana.

    ​The petition strongly condemns the NUGS President’s ultimatum as a predetermined incitement of violence, economic sabotage, and a direct threat to national security. It notes that the student leader’s rhetoric relies on a dangerous misrepresentation of the 1992 Constitution and displays a total ignorance of the Minerals and Mining Act, 2006 (Act 703).

    ​”For an individual who claims the status of a lawyer to stand before the public and confidently misquote the supreme law of the land to justify lawlessness is a professional disgrace,” the petitioner stated. “It brings into serious question how this individual managed to qualify as a legal practitioner in our Republic.”

    ​Key Grounds of the Petition:

    ​Predetermined Incitement to Crime: The petition argues that calling for “mass action” against high-risk industrial installations like mining concessions violates Section 172 of the Criminal Offences Act, 1960 (Act 29), which prohibits the instigation of riots and unlawful assemblies to disrupt lawful corporate and state processes.

    ​Constitutional Misrepresentation: The NUGS President claimed the state has an absolute mandate to arbitrarily reject lease renewals. The petition points out that while Article 257(6) vests minerals in the President in trust for the people, Article 18 guarantees the right to private property, and Article 20 strictly outlines the rigorous, non-arbitrary conditions and due process required for any form of compulsory acquisition.

    ​Ignorance of Mining Operations: The NUGS leader wrongfully linked a commercially prudent, lawful asset-reallocation strategy by Gold Fields Ghana to external factors completely outside the company’s control and jurisdiction. Large-scale mining operates under multi-year Life-of-Mine (LoM) plans governed by Section 44 of Act 703, where lease renewals are evaluated by the Minerals Commission based on technical competence, safety compliance, and financial capability—not populist coercion.

    ​Xenophobic Economic Sabotage: The petition warns that weaponizing xenophobia against major multinational investors destroys Ghana’s reputation as a stable, predictable jurisdiction for Foreign Direct Investment (FDI), risking capital flight and economic instability.

    ​Prayers to the Ghana Police Service:

    ​Through the petition, the IGP and the National Police Headquarters are being respectfully urged to:

    ​Invite and Interrogate the NUGS President regarding the logistics, timeline, and criminal intent behind his public threats of “mass action.”

    ​Issue a Formal Restraining Warning to the NUGS executive body regarding their criminal liabilities under Act 29 should any student-led action result in property damage or breach of peace.

    ​Deploy Heightened Security Assessments around targeted mining installations to safeguard workers, local communities, and critical national economic assets.

    ​”We must remain a nation governed by the sober dictates of the law, not the reckless ambitions of populist agitators who twist our constitution for public applause,” the petitioner concluded.

     

  • BoG amends Cash Reserve Ratio to mop up GH¢16bn …and shield Cedi from market pressures

    BoG amends Cash Reserve Ratio to mop up GH¢16bn …and shield Cedi from market pressures

    By Adnan Adams Mohammed

    In a decisive regulatory intervention designed to insulate the domestic currency from building macroeconomic shocks, the Bank of Ghana (BoG) is adjusting its Cash Reserve Ratio (CRR) framework.

    According to internal policy evaluations and market analysts, the sweeping technical amendment is highly likely to drain more than GH¢16.0 billion (US$1.1 billion equivalent) in excess liquidity from the interbank market, providing immediate structural relief to the Ghanaian cedi.

    The proactive liquidity squeeze represents a major cornerstone of the central bank’s broader strategy to aggressively anchor inflation, manage asset-liability currency mismatches, and maintain the current macroeconomic reset.

    Currency realignment eliminates structural banking risks

    The regulatory adjustment fine-tunes the dynamic CRR framework for commercial banks by utilizing a strict currency-matching operational system. Under previous iterations, financial institutions were allowed to maintain cedi-equivalent reserves against foreign-currency deposits. This mechanism often introduced severe asset-liability imbalances when severe foreign exchange volatility emerged.

    By mandating that cash reserves be held in the exact currency of the corresponding deposit liabilities, the central bank eliminates the structural imbalance. The move effectively locks up billions in volatile foreign exchange and domestic liquidity that would otherwise put intense pressure on commercial exchange windows.

    Central bank data confirms that this enforcement arrives at a time of exceptional macroeconomic recovery. Headline inflation in Ghana has seen a sharp decline, plummeting from 23.8 percent in December 2024 down to a stable 3.4 percent. Concurrently, the central bank has built up its gross international reserves to a robust $14.4 billion—providing 5.7 months of solid import cover to cushion the state against unpredictable global disruptions.

    Policy Rate maintained at 14% to preserve stability

    The liquidity drain coincides with the decision of the BoG’s Monetary Policy Committee (MPC) to hold the benchmark Monetary Policy Rate steady at 14.0 percent. Speaking on the decision, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, explained that while the internal economy is recovering strongly, geopolitical uncertainties in the Middle East and global commodity market volatility demand a highly vigilant policy stance.

    “The committee assessed risks in the outlook to inflation and growth as broadly balanced, and therefore decided to maintain the monetary policy rate at 14.0 percent,” Dr. Asiama stated during his policy briefing. “Our domestic economy continues to recover strongly, supported by robust private sector credit growth, industrial production, and expanding international trade. However, exchange rate stability, rising reserve buffers, and continued fiscal discipline remain our primary operational tools to moderate emerging risks.”

    Governor urges CEOs to deploy private capital for industrialization

    Addressing captains of industry at the 10th Ghana CEO Summit in Accra, Governor Asiama emphasized that while the central bank is absorbing billions of excess cedis to guarantee monetary and price stability, the responsibility for structural transformation now shifts to the private sector.

    “Macroeconomic stability creates an enabling environment, but it is the private sector that must ultimately drive the country’s economic reset,” Governor Asiama told the assembly of corporate executives. “Ghana has now moved past economic recovery to a state of converting those gains into a foundation for industrial competitiveness. As CEOs, you are the architects of economic growth… Ghana’s economic transformation will not happen by accident; it will require disciplined choices, resilient institutions, innovative businesses, and courageous leadership.”

    The Governor noted that the central bank’s aggressive open market stabilization interventions—which incurred GH¢17 billion in liquidity management expenses to secure the historic inflation drop—were completely necessary to give local businesses a stable, predictable horizon to invest their equity.

    Private sector demands sustained policy predictability

    The central bank’s focus on macro-stability was welcomed by corporate leaders at the summit, who agreed that keeping excess cash from chasing scarce foreign exchange is critical for long-term corporate forecasting. Business heads noted that the combination of a steady 14 percent policy rate, aggressive liquidity absorption via the CRR, and an expanding national reserve buffer provides a reliable shield against the currency depreciations that historically eroded corporate capital.

    With the central government concurrently enforcing a mandatory commitment control regime to curb state spending, the synchronized alignment of monetary and fiscal policies signals that Ghana is aggressively fortifying its defensive structures to ensure the current growth surge is sustained far into the future.

     

     

     

     

     

  • Economy surges past US$100bn as gov’t rules out future IMF bailouts

    Economy surges past US$100bn as gov’t rules out future IMF bailouts

    By Adnan Adams Mohammed

    In a historic turning point for West Africa’s second-largest economy, Finance Minister Dr. Cassiel Ato Forson has declared that Ghana has officially transitioned from an International Monetary Fund (IMF) “supplicant” to an equal economic partner.

    The announcement comes on the heels of new data revealing that the country’s gross domestic product (GDP) has surged past the historic US$100 billion threshold, driven by robust macro-fiscal performance and aggressive structural reforms.

    Addressing a high-level assembly of international investors and state actors, Dr. Ato Forson firmly ruled out any reliance on foreign bailouts for the foreseeable future, pointing to an economy that is rapidly regaining its self-sufficiency.

    “Ghana has officially moved from being an IMF supplicant to an economic partner,” Dr. Ato Forson declared. “With our economy surging past the US$100 billion mark, I can confidently state that no IMF bailout will be needed in the foreseeable future. The gains we are witnessing are not cosmetic; they are the tangible outcomes of deliberate, painful, and well-thought-through structural rules backed by disciplined implementation.”

    African Development Bank backs rebound with 5% growth forecast

    The Finance Minister’s optimism is strongly supported by external multilateral institutions. In its freshly released 2026 African Economic Outlook Report, the African Development Bank (AfDB) upgraded Ghana’s growth forecast, projecting a 5 percent GDP expansion for 2026, which is expected to accelerate further to 5.4 percent in 2027.

    The AfDB’s robust outlook outpaces the more conservative 4.8 percent estimates previously issued by both the World Bank and the IMF. According to the report, Ghana’s recovery is underpinned by expanding agricultural value chains, a resilient external sector maintaining a current account surplus of 3 percent of GDP, and a steadily narrowing fiscal deficit projected to drop to 2.2 percent by 2027. Furthermore, the report anticipates that year-end inflation will stabilize at 9 percent, indicating a significant containment of historical price volatility.

    Bank of Ghana guarantees monetary stability for industry

    At the annual Ghana CEO Summit in Accra, top policymakers and corporate executives gathered to deliberate on aligning this macroeconomic upswing with local industrial expansion. Speaking to the business community, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, offered assurances that the central bank would maintain a highly disciplined monetary policy stance to safeguard the private sector from currency and price distortions.

    “Our focus remains squarely on locking in monetary stability to drive long-term industrial growth,” the BoG Governor stated at the summit. “Through disciplined monetary interventions, foreign exchange market guidelines, and structural tools like our aligned Cash Reserve Ratio, we are ensuring that businesses have a predictable environment to expand, hire, and innovate.”

    The central bank chief also highlighted ongoing structural engagements, noting that the BoG has formalized bridges with industry leaders including the launch of a dedicated CEO Forum and inviting business representatives to observe Monetary Policy Committee operations to ground policy decisions in real-time market realities.

    Private sector demands “bold leadership” to secure the reset

    Despite the highly encouraging numbers, prominent captains of industry at the summit warned against complacency. Renowned traditional leader and corporate leader Togbe Afede XIV addressed the summit with a powerful call to action, urging state leaders to anchor these statistical victories in deep, institutional accountability and real-world relief for local businesses.

    “While we celebrate these macroeconomic milestones, we must remember that numbers alone do not build a sustainable nation,” Togbe Afede XIV remarked during his address. “Sustaining Ghana’s economic recovery requires bold, unyielding leadership. We must actively transform business and governance structures, eliminate public waste, and ensure that our US$100 billion status directly translates into competitive credit rates, affordable energy, and real growth for indigenous businesses.”

    The government maintains that its current fiscal path is designed to do exactly that. The Ministry of Finance recently pointed to aggressive expenditure controls—including cutting the size of the central government, enforcing mandatory commitment authorization regimes across state ministries, and cleansing the public payroll of tens of thousands of unverified entries as proof of its commitment to long-term sustainability.

    As the final stages of its IMF Extended Credit Facility reviews conclude, Ghana is positioned to transition smoothly toward a independent Policy Support Instrument framework, solidifying its stance as an economic sovereign capable of managing its own destiny.

     

     

     

     

     

     

     

  • Foreign confidence rebounds as Ghana secures historic US$2.61bn in FDI Inflows

    Foreign confidence rebounds as Ghana secures historic US$2.61bn in FDI Inflows

    By Adnan Adams Mohammed

    Foreign Direct Investment (FDI) inflows into the Ghanaian economy has experienced a monumental surge, reaching an estimated US$2.61 billion during the 2025 fiscal year.

    The stellar performance, contained in provisional data released by the Ghana Investment Promotion Centre (GIPC), marks a dramatic multi-fold jump from the US$617.61 million recorded during the previous operational cycle.

    Compiled from joint institutional tracking alongside the Petroleum Commission and the Ghana Free Zones Authority, the provisional returns capture 253 registered projects and major expansions by existing companies.

    Financial analysts and state actors point to the numbers as explicit validation that international markets are responding positively to Ghana’s aggressive macro-fiscal adjustments, stabilizing inflation trends, and structural reforms.

    Reinvested capital signals deep long-term commitment

    A highly notable feature of the newly released data is that a significant share of the US$2.61 billion came directly from the reinvested earnings of multinationals already situated in the country. This structural trend indicates that existing corporate entities are scaling up local production lines rather than repatriating their returns or divesting from the West African hub.

    Addressing the press following an executive board and management review session, the Chief Executive Officer of the GIPC, Simon Madjie, emphasized that the data showcases a tangible shift in global sentiment toward the domestic economy.

    “The investment environment has indeed improved, and the fact that we have seen over US$2.6 billion in FDI inflows is an indication that something positive is happening in the country,” Madjie declared. “This strong performance signals renewed investor confidence in the economy… It reflects growing confidence among both local and international investors in the country’s economic prospects.”

    China and India dominate project portfolios

    The structural composition of the investment baseline reveals a diverse mix of country sources and targeted sectors. By physical project count, China solidified its position as Ghana’s largest bilateral investment source country, registering 70 distinct projects over the review period. India followed closely as the second most active participant with 22 projects, while sub-regional neighbor Nigeria accounted for 10 projects. The United Arab Emirates and the United Kingdom also maintained prominent profiles, registering nine and eight projects respectively.

    In terms of capital allocation, the GIPC recorded 180 entirely new ventures valued at US$1.44 billion. Concurrently, the upstream petroleum sector remained a powerful magnet for foreign capital, with the Petroleum Commission registering 18 major projects valued at an estimated US$994 million. Strategic export-oriented infrastructure operating under the Ghana Free Zones Authority successfully attracted an additional 142 investments worth US$165 million.

    Narrative matching economic data

    State officials note that maintaining this upward trajectory requires projecting an accurate, professional image of the national landscape to global capital markets. Highlighting this factor, the Board Chairman of the GIPC, Akwasi Oppong-Fosu, urged media stakeholders to serve as development partners by providing objective, factual coverage of the country’s regulatory advancements.

    “Investor confidence is influenced not only by raw economic data but also by the narrative presented about the country,” Oppong-Fosu observed during the press engagement. “The media has a critical role to play in projecting a balanced and positive image of Ghana to the international investment community, highlighting our stability, transparent rules, and structural readiness to host tier-one global industries.”

    Overcoming internal chokepoints to sustain growth

    While the multi-billion dollar inflow marks a clear victory for economic managers, the local business community emphasizes that the state must continuously refine domestic operating conditions to ensure these foreign projects thrive. Indigenous business chambers note that while macroeconomic indicators like currency volatility have smoothed out, manufacturing and industrial firms still grapple with elevated utility tariffs and high operational overheads.

    The GIPC maintains that its ongoing collaborative drives with the Bank of Ghana and other cross-cutting state entities will focus on aggressively slashing administrative red tape and deploying targeted investment incentives. With major international conglomerates already signaling over US$5 billion in prospective project pipelines for the coming years, economic actors are optimistic that Ghana is firmly anchoring its position as the preferred, independent investment frontier across Sub-Saharan Africa.