News Guide Africa

Category: Business, Small Business

Business, Small Business

  • GoldBod Record: 7.1 tonnes of gold refined locally in massive sector overhaul

    GoldBod Record: 7.1 tonnes of gold refined locally in massive sector overhaul

    By Adnan Adams Mohammed

     

    Ghana’s newly established Gold Board (GoldBod) has successfully processed 7.1 metric tonnes of domestically purchased gold through local refineries this year, marking a decisive shift toward domestic value addition in the nation’s precious minerals industry.

    Speaking on the sector’s recent progress, Chief Executive Officer of GoldBod, Sammy Gyamfi, highlighted the scale of local refinement achieved so far, framing it as a direct result of comprehensive reforms aimed at retaining value within the country.

    “7.1 metric tonnes of gold bought by GoldBod this year were refined in Ghana,” Gyamfi stated, pointing to the expanding operational capacity of domestic refining infrastructure.

    The achievement comes as the institutional framework governing Ghana’s gold trade undergoes significant restructuring following the conclusion of previous central bank initiatives.

    “The Domestic Gold Purchase Program was a Bank of Ghana initiative; it ended in March 2026,” Gyamfi explained, noting that GoldBod has since assumed a central role in streamlining purchase, regulatory, and export operations.

    To solidify these operational gains, GoldBod is rolling out a national data-tracking framework aimed at mapping the entire supply chain to curb illegal trade, enhance transparency, and maximize revenue collection.

    “Effort is underway to map, compile, and analyze comprehensive data on how gold moves through Ghana’s value chain from extraction sites to local buyers, refineries, and export markets,” Gyamfi added.

    Attributing the momentum to broader policy leadership, the GoldBod chief executive underscored the administration’s strategic focus on resource governance.

    “President Mahama has reset Ghana’s gold sector,” Gyamfi remarked, emphasizing that the combination of supply-chain tracking, local refining, and centralized oversight will secure greater economic returns for the country moving forward.

     

  • Ex-Goldman Executive nailed in US Federal court over foreign bribery and money laundering scheme

    Ex-Goldman Executive nailed in US Federal court over foreign bribery and money laundering scheme

    The legal fallout from a high-profile international corruption case reached a decisive climax as a United States federal jury handed down a guilty verdict against financial executive Asante Kwaku Berko for orchestrating a multimillion-dollar foreign bribery scheme involving Ghanaian public officials.

    The verdict, delivered in the U.S. District Court for the Eastern District of New York, concludes a landmark prosecution that exposed how corporate compliance systems were deliberately circumvented to win a major state energy infrastructure project.

    Prosecutors proved that Berko, who previously held executive roles at both global investment giant Goldman Sachs and Ghana’s Tema Oil Refinery (TOR), orchestrated illicit payments to secure political backing for a Turkish energy consortium seeking to enter Ghana’s power sector during a critical energy crisis.

    The scheme utilized a complex web of offshore intermediaries, falsified advisory contracts, and cash payments to transfer over $1 million to government ministers and parliamentary decision-makers, keeping the transactions hidden from internal corporate oversight.

    Reacting to the jury’s decision, U.S. Attorney Breon Peace emphasized the severe consequences for individuals who use foreign jurisdictions to conduct illicit financial transactions.

    “The defendant abused his position at a world-renowned American investment bank by helping bribe Ghanaian officials so he and his co-conspirators could profit from a multimillion-dollar power project,” Peace stated. “This verdict demonstrates our unrelenting resolve to hold accountable individuals who use the U.S. financial system to corrupt foreign governments for commercial gain.”

    Investigators highlighted that Berko’s network deliberately fabricated invoices and bypassed corporate vetting protocols to fund expenses, which included overseas luxury trips and direct cash allocations for public officials overseeing the deal.

    Commenting on the investigative effort, Matthew Floyd, Acting Assistant Director of the FBI’s Criminal Division, underlined the depth of global coordination involved in exposing corporate corruption.

     

    “Berko intentionally lied to his company and bypassed compliance controls to execute his illegal corrupt arrangement,” Floyd noted. “The FBI remains steadfast in ensuring that individuals who engage in financial crimes and international corruption face full justice in federal court.”

    Berko, who was extradited to the United States from London after being detained under an international arrest warrant, faces multiple statutory counts that carry a combined maximum sentence of several decades in federal prison. Sentencing proceedings are expected to commence later this year.

     

  • Ghana’s debt outlook improves to moderate risk after IMF rating upgrade

    Ghana’s debt outlook improves to moderate risk after IMF rating upgrade

    By Adnan Adams Mohammed

     

    Ghana’s economic recovery has reached a major milestone after the International Monetary Fund (IMF) downgraded the country’s debt vulnerability profile, declaring its risk of debt distress has eased from high to moderate.

    According to the Fund’s latest Country Report, sustained fiscal discipline, exchange rate stability, and an improved medium-term debt outlook under the ongoing Extended Credit Facility (ECF) program warranted removing earlier analyst cautions and officially adjusting the risk rating.

    During the fifth review under the ECF, IMF staff had initially applied judgment to maintain a high-risk rating despite all primary debt indicators falling below their respective debt thresholds. At the time, analysts noted that lingering uncertainties around foreign exchange rates and volatile global gold prices warranted a conservative stance.

    However, the IMF confirmed that stronger economic performance and reduced market volatility have justified aligning the rating with mechanical indicator signals.

    “With continuing macroeconomic and exchange rate stability, and a clearer fiscal outlook, Staff now proposes to remove this judgement and upgrade Ghana to moderate risk of debt distress, consistent with the mechanical signal,” the IMF stated in its Country Report.

    Despite the positive reclassification, the Fund cautioned Ghanaian authorities against complacency, emphasizing that buffers remain tight and fiscal vigilance is essential.

    “Space under the external debt-service-to-revenue ratio remains limited,” the report highlighted, adding that debt vulnerabilities remain elevated. “The DSA highlights that debt dynamics remain sensitive to external shocks given Ghana’s reliance on gold and other commodity exports.”

    The IMF further warned that global trade shifts or commodity price slumps could quickly re-expose structural weaknesses.

    “Stress tests show that adverse export and commodity price shocks could push both solvency and liquidity indicators above their thresholds for a prolonged period. The exchange rate remains a key transmission channel, given the substantial share of FX-denominated external debt and non-resident holdings of domestic debt,” the Fund noted.

    Looking forward, the multilateral lender stressed that structural fiscal reforms, export diversification, and prudent debt management are vital to safeguarding Ghana’s economic gains and maintaining long-term stability.

    “Contingent liabilities represent another key source of downside risk: fiscal risks from the energy sector, financial sector recapitalization needs, and quasi-fiscal activities remain particularly salient,” the report observed. “Completing restructuring negotiations with residual external commercial creditors and signing the remaining bilateral agreements also remain a priority.”

     

  • Strong reserves amid cedi recovery reassure investors …as BoG reinforces market stability

    Strong reserves amid cedi recovery reassure investors …as BoG reinforces market stability

    By Adnan Adams Mohammed 

     

    The Ghanaian business community and international investors are eyeing renewed stability in Ghana’s financial markets.

    This follows as the Bank of Ghana (BoG) highlights a robust US$12.9 billion foreign exchange reserve buffer, designed to shield business operations from external currency volatility and anchor long-term economic predictability.

    Speaking at a stakeholder engagement with the Sunyani business community, Bank of Ghana Governor Dr. Johnson Pandit Asiama assured investors that the country’s external position remains resilient, backed by five months of import cover and strong trade surpluses.

    “Our external sector has also remained resilient. Exports of gold and cocoa have performed strongly, helping Ghana record a higher trade surplus during the first half of the year,” Dr. Asiama told attendees. “Although higher global oil prices have increased our import bill, Ghana continues to maintain strong foreign exchange reserves of about US$12.9 billion, enough to cover five months of imports.”

    The Governor emphasized that maintaining a substantial reserve balance serves as a crucial anchor for investor confidence, equipping the central bank with the necessary leverage to intervene and maintain order in the domestic foreign exchange market during volatile periods.

    “These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he added.

    Touching on currency performance, Dr. Asiama acknowledged that the Ghanaian cedi faced noticeable depreciation pressures earlier in the year as geopolitical instability, most notably escalating conflicts in the Middle East, disrupted global market dynamics. However, he reassured business leaders and investors that the cedi has since rebounded and stabilized.

    “The cedi experienced some pressure earlier this year because of global developments, particularly the conflict in the Middle East, but it has since recovered,” Dr. Asiama explained. “We remain committed to maintaining an orderly and well-functioning foreign exchange market.”

    Concluding his address, the BoG chief reiterated that the central bank will maintain proactive monetary policies to protect the cedi’s value, preserve macroeconomic stability, and foster a business-friendly environment conducive to long-term investment and economic growth.

     

  • Volta Economic Corridor ready for long-term private capital as concession negotiations begin

    Volta Economic Corridor ready for long-term private capital as concession negotiations begin

    By Adnan Adams Mohammed

     

    Ghana’s ambitious Volta Economic Corridor project has entered a pivotal phase for institutional and private investors as formal negotiations commenced in Accra.

    The discussion is to help establish the legal and financial framework necessary to unlock major capital investments in inland water transport, logistics, and regional trade infrastructure.

    Driven under the government’s 24-Hour Economy and Accelerated Export Development Programme, the negotiations, involving the Volta River Authority (VRA) and the Ghana Infrastructure Investment Fund (GIIF), are structured to deliver a bankable concession agreement to govern the development, financing, and operation of the Water-Lake Transport Project.

    Launching the negotiations, Chief of Staff Dr. Julius Debrah highlighted the strategic commercial value of the corridor, framing the initiative as a landmark opportunity to transform the Volta Lake from a hydroelectric asset into a multi-sector economic powerhouse connecting northern and southern trade routes.

    “Leadership is measured by the changes it brings to the lives of the people,” Dr. Debrah stated, assuring investors and business leaders that the government remains committed to creating a secure partnership model. He noted that the next phase of the historic Volta basin vision is “to harness the lake to promote transport, trade, investment and regional integration.”

    The initiative seeks to establish a high-capacity north-south transport corridor supported by modern inland ports to streamline cargo movement, drastically lower domestic freight costs, and catalyze commercial activity in surrounding industries.

    Underlining the economic fundamentals underpinning the project, Presidential Advisor on the 24-Hour Economy, Mr. Goosie Tanoh, revealed that detailed technical and market studies confirmed high-yield potential across inland shipping, renewable energy, irrigation, manufacturing, and tourism.

    “The concession negotiations will establish a framework capable of attracting long-term private investment while safeguarding the interests of the state and all participating institutions,” Mr. Tanoh noted, emphasizing the project’s structured approach to risk management and investor security.

    To accelerate project timelines and derisk early-stage development, GIIF has already approved initial financing for preparatory works while actively co-structuring capital mobilization efforts with foreign and domestic private sector partners.

    Board Chairman of GIIF, Franklin Mensah, confirmed that the fund is coordinating closely with the 24-Hour Economy Secretariat to position the Water-Lake Transport Project as a key pillar for infrastructure-led growth.

    “The project will create a major north-south transport corridor along the Volta Lake, supported by inland ports to facilitate cargo movement, reduce transport costs and stimulate economic activities along the corridor,” Mr. Mensah said, adding that GIIF is leading efforts to crowd in additional private equity and debt financing.

     

     

  • Monetary stability and strong Q1 growth affirm robust outlook for business investment

    Monetary stability and strong Q1 growth affirm robust outlook for business investment

    By Adnan Adams Mohammed

     

    International and domestic investors are eyeing renewed opportunities in Ghana following the Bank of Ghana’s decision to hold its benchmark policy rate at 14 percent, backing a sharp 6.4 percent expansion in first-quarter economic output.

    Speaking to business leaders and financial stakeholders in Sunyani, Governor Dr. Johnson Pandit Asiama framed the monetary stance as a dual commitment: preserving macroeconomic predictability while creating an attractive, liquid environment for long-term private capital.

    The central bank’s decision comes against a backdrop of steady macroeconomic recovery, even as external risks, including persistent geopolitical tensions in the Middle East and fluctuating crude oil prices, continue to weigh on global financial markets.

    By anchoring the policy rate at 14%, the central bank aims to provide commercial institutions and private enterprise with predictable borrowing conditions, giving lenders room to trim interest margins without rekindling demand-pull inflation.

     

    Capitalizing on Strong Real-Sector Growth

    The economic footprint in the first quarter of 2026 presents a compelling case for commercial investment. Ghana’s GDP growth accelerated to 6.4%, up from 6.2% in the same period last year, lifted by broad gains in industrial production, services, trade, and a rebounding tourism sector.

    “I am also pleased to report that Ghana’s economy continues to grow. In the first three months of this year, the economy grew by 6.4%, compared with 6.2% during the same period last year,” Dr. Asiama announced, pointing to strengthening consumer and corporate confidence.

    For investors, the central bank’s decision to maintain the policy rate at 14% offers a stable baseline to price risk and deploy capital without the threat of sudden monetary tightening.

    “After carefully assessing our economic situation, the Committee decided to maintain the Monetary Policy Rate at 14.0%,” Dr. Asiama explained. “We took this decision because we believe it is the right balance. It will help keep inflation under control while supporting businesses, investment, and economic growth. At the same time, it gives us the flexibility to respond to changes in the global economy if necessary.”

    Private Credit Expansion Drives Market Opportunities

    A key indicator of investor activity is the dramatic growth in private sector credit, which surged 41 percent year-on-year. Lower borrowing costs and improved liquidity across commercial banks have unblocked credit channels, enabling companies to finance capital expenditure and market expansion.

    Dr. Asiama reassured institutional stakeholders that the financial sector is well-capitalized, resilient, and equipped to absorb external headwinds such as global oil price volatility and Middle East tensions.

    By keeping price stability intact while supporting a 41 percent boom in private credit, the central bank is positioning Ghana as an increasingly stable, high-yield destination for both direct and portfolio investments across West Africa.

     

  • Tech reforms drive historic GH¢6.1bn revenue surge in July …Asantehene urges expansion into informal sector

    Tech reforms drive historic GH¢6.1bn revenue surge in July …Asantehene urges expansion into informal sector

    By Adnan Adams Mohammed 

     

    Tech-driven customs reforms have propelled the Ghana Revenue Authority (GRA) to a record-breaking GH¢6.1 billion revenue collection for July 2026, even as traditional authority calls for broader tax net expansion into the informal economy.

    The milestone follows the full April 2026 deployment of the Publican Artificial Intelligence (AI) trade valuation platform. The modern system has boosted customs revenues significantly from a pre-deployment monthly average of roughly GH¢4 billion.

    Detailing the financial gains during a delegation visit to the Manhyia Palace in Kumasi, GRA Commissioner-General Dr. Anthony Kwasi Sarpong emphasized the upward trajectory of national revenue mobilization.

    “The full implementation started in April 2026. So, between April and June, we are happy to report, and as the Finance Minister, Dr. Ato Forson, also echoed in Parliament, that we are collecting about GH¢1.3 to GH¢1.5 billion a month in addition to what we used to collect,” Dr. Sarpong stated.

    “Before the implementation, we were collecting about GH¢4 billion a month. As of June, we were collecting GH¢5.5 billion. In the month of July, we collected GH¢6.1 billion, which means that our custom reforms are working,” he added.

    Expand Net to Informal Workers, Plug Revenue Leakages

    Welcoming the delegation, the Asantehene, Otumfuo Osei Tutu II, commended the revenue authority’s leadership for visible improvements in revenue mobilization while urging them to broaden their focus beyond formal sector employees.

    “The focus has always been on workers in the formal sector, while there are many others in the informal sector who can be educated on the need to pay taxes to support national development,” the Asantehene stated.

    To bring informal workers seamlessly into the tax fold and reduce reliance on external borrowing, the King recommended organizing informal operators into structured bodies.

    “Groups such as hairdressers, mechanics, and drivers could be encouraged to form cooperatives to make it easier for them to be integrated into the tax system,” Otumfuo Osei Tutu II suggested, while cautioning that structural leakages must also be eliminated. “I have observed an improvement in revenue collection since the current Board and Management took over… Despite these gains, some leakages still exist, and I urge you to work at addressing them.”

    Stakeholder Engagement and the Next Phase of Reforms

    Addressing the Asantehene’s observations, GRA Board Chairman Ricketts Hagan reaffirmed the Authority’s commitment to engaging stakeholders and easing the adoption of new compliance platforms.

    “There are new systems, including the Publican AI, which have been helping our efforts. I’m sure you heard noise about not being able to comprehend, but people are beginning to understand the system,” Mr. Hagan explained.

    Building on its customs automation successes, the GRA is currently scaling its digital strategy into retail taxation. The next phase centers on modernizing Value Added Tax (VAT) administration using real-time digital integration and automated transaction recording across commercial enterprises nationwide.

    “That is going to be a game changer in our VAT administration,” Dr. Sarpong noted, citing recently approved legislative support for point-of-sale system integration aimed at securing a transparent, tech-driven business environment for long-term economic growth.

     

  • ADB Makes History with First-Ever CIB Chapter Retreat to Shape Banking Future

    ADB Makes History with First-Ever CIB Chapter Retreat to Shape Banking Future

    The Agricultural Development Bank (ADB PLC) has made another significant mark in Ghana’s banking industry with the first-ever retreat of its Chartered Institute of Bankers (CIB) Chapter, creating a strategic platform to strengthen professionalism, deepen collaboration, and prepare bankers for the rapidly changing future of financial services.

    Held at Akosombo on 7th and 8th August 2026, under the theme “Recharge, Reconnect and Reinvent,” the two-day retreat brought together members of the CIB-ADB Chapter across the country, executives, and industry experts for a blend of professional development, strategic conversations, mentorship, networking, and team-building.

    The historic retreat was led by the President of the CIB-ADB Chapter who is also the Deputy Managing Director in charge of Services at ADB, Mrs. Sylvia Naa Kwakai Nyante. Participants were honoured to have the Managing Director of ADB, Edward Ato Sarpong, attending as a Special Guest and the Chief Executive Officer of the Chartered Institute of Bankers, Ghana, Robert Dzato, also attending as a Speaker.

    The initiative underscores ADB’s growing emphasis on developing its human capital and building a new generation of banking professionals equipped with the knowledge, leadership capabilities, ethical grounding, and innovative mindset in line with ADB’s strategic vision of being among the top 3 banks in Ghana, globally admired for its people, processes, and performance.

    Theme: Recharge, Reconnect, and Reinvent

    Addressing participants, Mrs. Sylvia Naa Kwakai Nyante said the maiden retreat represents much more than a gathering of professional bankers, describing it as an opportunity for members to reconnect with one another, strengthen professional relationships, and collectively reflect on their role in shaping the future of banking.

    Mrs. Nyante emphasised that the theme, “Recharge, Reconnect and Reinvent,” speaks directly to the realities of today’s banking environment, where institutions and professionals must continuously adapt to technological advancement, changing customer expectations, emerging risks and increasing competition.

    According to her, the strength of the CIB-ADB Chapter must ultimately be reflected in the quality of its members, the professional standards they uphold, and the value they bring to ADB and the wider banking industry.

    “The future of banking will require professionals who are prepared to continuously learn, collaborate and reinvent or reposition themselves. This retreat provides us with an opportunity to recharge, strengthen the bonds among us and develop the collective capacity required to contribute meaningfully to the transformation of ADB PLC and the banking profession,” Mrs. Nyante said.

    She noted that building stronger professional relationships among members would also encourage mentorship, knowledge sharing and a greater sense of belonging within the Chapter.

    ADB PLC Investing in the Future of Its People

    The Managing Director of ADB, Edward Ato Sarpong, commended the leadership of the CIB-ADB Chapter for introducing the retreat in the banking industry and creating a platform that brings professional development closer to employees.

    He noted that the transformation of ADB PLC into a stronger, more competitive and customer-focused institution requires deliberate investment in the people who drive the Bank’s strategy.

    The ADB MD highlighted that while digital technology is rapidly transforming the delivery of financial services, people will remain central to the success of banking institutions. He therefore encouraged participants to embrace continuous professional development and remain responsive to emerging trends within the industry.

    “As banking continues to evolve, the institutions that will lead are those that combine innovation and technology with knowledgeable, ethical and highly motivated people. Our investment in professional development is therefore an investment in the future of ADB,” the ADB MD stated.

    Edward Ato Sarpong urged members of the Chapter to translate the knowledge, relationships and ideas developed during the retreat into improved customer experience, stronger teamwork and greater value for the Bank’s stakeholders.

    Robert Dzato Challenges Bankers to Prepare for the Future

    The CEO of CIB Ghana, Mr. Robert Dzato, a guest speaker, highlighted the increasingly dynamic nature of the banking profession and the need for practitioners to continually enhance their competencies.

    He underscored the important role of professional banking education in building a resilient financial sector and challenged bankers to look beyond traditional approaches to banking as digitalisation, artificial intelligence, data analytics and changing customer behaviour redefine the industry.

    Robert Dzato further encouraged members to uphold the highest standards of professionalism and ethical conduct, noting that trust remains fundamental to banking despite the technological transformation taking place within the sector.

    “Banking may be changing in the way services are delivered, but professionalism, competence, integrity and trust will remain at the heart of the profession. The banker of the future must therefore be technically competent, digitally aware, innovative and deeply committed to ethical practice,” Mr. Dzato said.

    He commended the CIB-ADB Chapter for setting the pace by organizing the first-ever CIB chapter retreat and creating a dedicated platform for professional engagement. Mr. Dzato also encouraged members to take advantage of the Institute’s programmes to continuously upgrade their knowledge and capabilities.

    From Professional Development to Stronger Human Connections

    The retreat programme was deliberately designed to combine professional development with human-centred engagement.

    The opening day featured a welcome and introductory session followed by a Committee Spotlight Session, during which the Welfare, Learning and Development, and Membership Committees highlighted their roles and priorities.

    A major feature was “The Big Conversation,” which provided a platform for participants to explore the retreat theme and exchange perspectives on professional growth, collaboration and the changing banking landscape.

    The programme also featured “Sharing the Thrill,” allowing participants to share experiences and stories that have shaped their professional journeys.

    On the second day, participants engaged with industry leadership through speaker sessions, while executives and committee members of the CIB-ADB Chapter were inducted and sworn into office.

    The retreat further incorporated feedback and reflection sessions, networking opportunities and social activities, including a talent show and karaoke night, to deepen camaraderie and strengthen relationships among members.

    A New Chapter for Professional Banking at ADB

    The maiden CIB-ADB Chapter Retreat represents a major step in strengthening professional banking culture within ADB and creating a sustainable platform for learning, mentorship and leadership development.

    It also signals a broader recognition that the future competitiveness of financial institutions will depend significantly on their ability to build bold, agile, innovative and highly skilled workforces capable of responding to disruption and creating value for customers.

     

    For ADB, the historic gathering reinforces its commitment to building a workforce that is not merely prepared to respond to the future of banking, but empowered to help shape it even far beyond banking.

     

  • Customs automation unlocks revenue growth as GRA reports historic GH¢6.1bn in July 

    By Adnan Adams Mohammed

     

    ​Ghana’s fiscal landscape is demonstrating strong resilience and enhanced efficiency following the successful integration of advanced technology into domestic revenue administration.

    The Ghana Revenue Authority (GRA) posted a record GH¢6.1 billion in customs revenue for July 2026, marking a significant leap from the monthly pre-deployment average of approximately GH¢4 billion.

    ​The substantial revenue growth follows the full implementation of the Publican Artificial Intelligence (AI) trade valuation platform in April 2026, a move designed to modernize trade facilitation, streamline customs processing, and boost fiscal transparency.

    ​Accelerating Monthly Yields

    ​Outlining the financial impact of the digital transformation during a briefing at the Manhyia Palace, Commissioner-General of the GRA, Dr. Anthony Kwasi Sarpong, highlighted the steady upward trajectory in monthly collections over recent quarters.

    ​“The full implementation started in April 2026. So, between April and June, we are happy to report, and as the Finance Minister, Dr. Ato Forson, also echoed in Parliament, that we are collecting about GH¢1.3 to GH¢1.5 billion a month in addition to what we used to collect.

    ​“Before the implementation, we were collecting about GH¢4 billion a month. As of June, we were collecting GH¢5.5 billion. In the month of July, we collected GH¢6.1 billion, which means that our custom reforms are working,” Dr. Sarpong stated.

     

    ​For international investors and commercial entities, the deployment of AI technology offers a more predictable, transparent, and standardized valuation framework at port entries, reducing operational bottlenecks and minimizing discretionary assessment risks.

    ​Strong Fiscal Fundamentals and Tech Expansion

    ​The fiscal gains form part of a broader macroeconomic stabilization effort aimed at enhancing domestic resource mobilization and establishing sustainable public finances. Building on the success of the customs automation, the GRA is preparing to scale its technology-first strategy into retail taxation.

    ​The upcoming phase will focus on modernizing the Value Added Tax (VAT) network through real-time digital integration and automated transaction recording across commercial enterprises nationwide.

    ​“That is going to be a game changer in our VAT administration,” Dr. Sarpong noted, referring to newly approved legislative backing for digital point-of-sale reporting system integration.

     

    ​The GRA’s systemic transition toward automated tax infrastructure signals a stable, transparent, and technology-driven business environment—key indicators for long-term direct investment and private sector expansion.

  • Cocoa trees as protected crops will safeguard national and farmers’ interests – COCOBOD Chief

    Cocoa trees as protected crops will safeguard national and farmers’ interests – COCOBOD Chief

    By Adnan Adams Mohammed

     

    The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has reaffirmed the government’s commitment to protecting the nation’s cocoa sector, revealing that the passed Cocoa Bill 2026 officially classifies cocoa trees as protected crops to curb farm destruction and legal loopholes.

    Speaking during a media engagement on the landmark legislation, Dr. Abbey highlighted the aggressive encroachment on cocoa lands across the country and underscored the urgent need for a modernized legal framework.

    “The new law makes cocoa trees a protected crop to safeguard national and farmers’ interest,” Dr. Abbey stated, pointing to widespread land conversion by land sellers and private interests as a major threat to national output.

    “They are destroying cocoa,” Dr. Abbey lamented. “Land sellers are giving these cocoa farms to timber companies, to mining companies, and now even to real estate developers across key cocoa-growing areas. They are clearing all the cocoa farms.”

    The COCOBOD chief expressed grave concern over the cumulative effect of land clearing and plant diseases, noting that the country’s cocoa footprint is shrinking at an alarming rate.

    “Already in Ghana, 40% of cocoa farms have been ravaged by swollen shoot disease 40%. This means they are not productive,” Dr. Abbey explained. He noted that without adequate legal protections, ongoing farm clearing alongside disease outbreaks risks shrinking national production even further.

    Addressing criticisms regarding regulatory oversight, Dr. Abbey defended the necessity of tailored Ghanaian solutions, contrasting local legal approaches with stricter enforcement mechanisms used in neighboring countries.

    “These laws exist because other countries do not have the same problems we have. If you look at how they deal with cocoa smuggling, we cannot easily do the same in Ghana because of concerns about human rights,” he noted. “In Côte d’Ivoire, they seize the smuggled cocoa and burn the truck carrying it. But Ghana has its own challenges, so we must find solutions that suit our own circumstances.”

    The proposed legislation also seeks to fix long-standing gaps in penalizing perpetrators who destroy farms. According to Dr. Abbey, offenders currently exploit outdated laws enacted decades ago.

    “The issue raised about the courts relates to the 1979 decree. The reason some people go ahead to destroy cocoa farms is because they have studied the decree and know the punishment stated in it,” Dr. Abbey revealed. “When you examine the 1979 decree, you realize that it is not adequate. We have a law from 1979 that is supposed to protect cocoa, but what sanctions does it actually provide? The weakness of the law is one of the reasons why people continue to destroy cocoa farms.”

    Dr. Abbey assured smallholder farmers that the new legal framework would protect and support all farm holdings regardless of size, noting that average farm sizes in Ghana sit at roughly three hectares compared to larger plantations elsewhere.

    “Regardless of whether a cocoa farm is 0.5 hectares or several thousand hectares, it is still recognized as a farm and is entitled to support,” he said, adding that details regarding authorization and enforcement will be clearly outlined in regulations to be submitted to Parliament soon.