News Guide Africa

Category: Economy and Finance

  • Ghana Gas and NPA tighten bonds to fuel downstream petroleum sector growth

    Ghana Gas and NPA tighten bonds to fuel downstream petroleum sector growth

    The leadership of Ghana’s energy sector has signaled a deeper commitment to regulatory synergy and operational excellence, following a high-level meeting between the country’s premier gas company and its petroleum downstream regulator.

    On Tuesday, 16 June 2026, the Chief Executive Officer of the Ghana National Gas Limited Company (Ghana Gas), Ms. Judith Adjobah Blay, led a management delegation to pay a crucial courtesy call on the Chief Executive Officer of the National Petroleum Authority (NPA), Mr. Godwin Kudzo Tameklo (Esq). The engagement marks a decisive step forward in harmonizing state operations to better serve commercial consumers and secure the national grid.

    The high-level engagement builds upon an initial meeting held in August last year, which aimed to explore mutually beneficial pathways to drive sustainable growth across Ghana’s petroleum downstream sector.

    Tuesday’s discussions centered primarily on promoting the smooth operations of Ghana Gas and facilitating robust, long-term partnerships between the two state entities.

    Aligning Strategic Vision

    Speaking during the visit, Ms. Judith Adjobah Blay emphasized the vital importance of regular dialogue in maintaining operational harmony between the regulator and the utility provider.

    “Following the meeting we had in August last year, we agreed to meet again and discuss a few more technical issues that have bearing on the work of NPA and Ghana Gas,” Ms. Blay noted.

     

    She further highlighted the impact of their collaborative efforts on the wider business community, stating:

    “This is because we serve businesses and sometimes these meetings are very necessary to be held often, so that we can be on the same page as to how we serve these companies that come to us.”

     

    Guaranteeing Operational Efficiency

    Responding to the Ghana Gas delegation, the NPA Chief Executive, Mr. Godwin Kudzo Tameklo (Esq), expressed gratitude for the visit and reaffirmed the regulatory body’s unwavering commitment to supporting Ghana Gas’s mandate. He assured the delegation that the NPA would continue to execute its regulatory functions diligently to safeguard the company’s operations.

    “I personally want to thank the CEO of Ghana Gas for the visit, and we want to assure that NPA will return the favour,” Mr. Tameklo remarked.

     

    He further pledged the Authority’s hands-on support to alleviate operational bottlenecks:

    “We will intensify our operational efforts in areas that we need to, to make your work less difficult and ensure that your operations move on smoothly. I am sure that we have agreed on decisions that will benefit both organisations collectively and the NPA will deliver on its part of the bargain for the greater good of our sector.”

    A Unified Front for the Energy Sector

    The successful meeting underscores a renewed and fortified partnership between the National Petroleum Authority and Ghana Gas. Industry observers view this alignment as a critical step forward, highlighting a shared national commitment to operational efficiency, regulatory synergy, and the sustainable advancement of Ghana’s broader energy landscape.

     

  • ‘Cocoa Farmer Accord’ fortified at Abidjan conference

    ‘Cocoa Farmer Accord’ fortified at Abidjan conference

    By Adnan Adams Mohammed

    In a historic consolidation of West African economic power, Ghana and Côte d’Ivoire have finalized a sweeping joint agreement to insulate the region’s cocoa sector from global market manipulation and climate threats.

    Dubbed a critical fortification of the “Farmer Accord,” the high-level summit culminated in a Joint Declaration signed on June 16, 2026, by Ivorian President Alassane Ouattara and Ghanaian President John Dramani Mahama.

    The accord places smallholder farmers at the absolute center of sector governance, aiming to aggressively claw back value from a multi-billion-dollar global chocolate supply chain that historically leaves Africa with mere crumbs.

    COCOBOD Chief Demands ‘Mutual Confidence’ to Protect Farmers

    Leading the charge for the operational execution of the pact, Dr. Abbey, Chief Executive of the Ghana Cocoa Board (COCOBOD), delivered a sharp, passionate call for unwavering synergy between the two nations. Speaking to delegates in Abidjan, Dr. Abbey warned that excellent policies on paper would mean nothing without deep, operational trust on the ground.

    “Ghana and Côte d’Ivoire have a unique opportunity to shape the future of the global cocoa industry. However, this can only be achieved if we continue to work together in a spirit of openness, honesty, and trust,” Dr. Abbey stated.

     

    The COCOBOD boss emphasized that because the two West African neighbors command over 60% of global cocoa production, they hold unparalleled market leverage but only if they act as a single, unyielding entity. Fragmented approaches, he warned, only allow international commodities traders to dictate terms and play the two nations against each other.

    “With one accord, the two countries can achieve a lot in terms of price on the international market,” Dr. Abbey emphasized, demanding that agreements translate immediately into enforceable practices. “The discussions we hold must be matched by practical actions and mutual confidence. Without trust and transparency, it becomes difficult to achieve the common objectives we seek for our farmers and our economies.”

     

    Political and Financial Muscle Backing the Framework

    The strategic push received heavy political reinforcement from Ghana’s Finance Minister, Dr. Cassiel Ato Forson, who stepped forward to signal full state backing for the synchronized pricing mechanism. Dr. Forson framed the cross-border alliance not just as a trade policy, but as an absolute requirement for national economic sovereignty.

    “A common pricing framework between Ghana and Côte d’Ivoire is not just optimal, it is non-negotiable if we want to protect our economies from global price volatility,” Dr. Ato Forson stated. “We must ensure our farmers are never left at the mercy of fragmented state strategies.”

     

    Heads of State Target Value Chains and External Pressures

    The Joint Declaration signed by Presidents Ouattara and Mahama builds directly upon the foundational 2018 Abidjan Declaration. While celebrating milestones like the institutionalization of the Living Income Differential (LID) and the harmonization of crop-season calendars, the leaders explicitly acknowledged the glaring economic injustice embedded in the current global market.

    Despite Africa accounting for nearly 80% of global cocoa production, the continent captures only a marginal fraction of the final chocolate industry’s wealth.

    To reverse this, the 2026 Abidjan Accord commits both states to a rigorous, five-pronged offensive:

    ● Price Policy Harmonization: Aligning premiums and farm-gate prices to block market undercutting.

    ● Value Addition: Rapidly scaling up domestic processing capacities and stimulating regional consumption of cocoa-based products.

    ● Scientific Cooperation: Jointly financing research to eradicate the devastating Cocoa Swollen Shoot Virus Disease (CSSVD).

    ● Aggressive Expansion: Opening the Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) to other African nations to form a continent-wide cocoa cartel capable of rewriting international trade terms.

    A Shield Against Global Regulatory Shocks

    The fortification of this alliance arrives at a precarious time for West African agriculture. The sector faces compounding existential threats, including the destructive spread of illegal gold mining (galamsey), extreme weather patterns driven by climate change, and the rising corporate use of synthetic cocoa substitutes.

    Furthermore, international regulatory bodies—most notably the European Union are enforcing increasingly rigid sustainability and environmental compliance laws. Industry observers note that individual smallholders cannot bear the costs of these stringent global demands alone.

    By presenting a heavily fortified, unified front, Ghana and Côte d’Ivoire have signaled to global buyers, multinational chocolate corporations, and foreign regulators that the path to sustainable cocoa must be paved with fair, guaranteed producer prices.

     

  • Julius Debrah Anchors Ghana-Japan Ties as Tokyo Backs 24-Hour Economy Vision

    Julius Debrah Anchors Ghana-Japan Ties as Tokyo Backs 24-Hour Economy Vision

    By Adnan Adams Mohammed

     

    In a major diplomatic breakthrough that signals strengthening bilateral ties, top Japanese envoys met with Ghana’s Chief of Staff, Dr. Julius Debrah, to reinforce strategic cooperation and celebrate Ghana’s recent macroeconomic milestones.

    The high-level meeting, held on Friday, June 12, 2026, focused heavily on alignment between Japan’s foundational foreign policy goals for the continent and Ghana’s current economic trajectory.

    The Japanese delegation, led by Ambassador Yoshimoto Hiroshi and Ms. Misako Takahashi, Director General and Assistant Minister for African Affairs, emphasized that the engagement went far beyond standard diplomatic protocol. Discussions were anchored strictly on Japan’s Three Pillars for Africa:

    ● Forging a continent of peace.

    ● Building a virtuous cycle of growth linking Tokyo to Accra and beyond.

    ● Shaping a society where prosperity is felt in the everyday lives of young people through bold co-creation.

    During the session, Ms. Takahashi praised Ghana’s fiscal discipline and forward-thinking economic planning, specifically pointing to the successful conclusion of the nation’s International Monetary Fund (IMF) credit facility.

    “Ghana’s completion of its IMF credit facility is highly commendable,” Ms. Takahashi noted during the meeting, while further hailing Ghana’s 24-Hour Economy Program as a “flagship vision with continental weight.”

     

    A Shared Commitment to the Future

    Responding on behalf of His Excellency the President, Chief of Staff Dr. Julius Debrah offered firm assurances that Ghana remains a stable, reliable partner for Japanese investment and development initiatives.

    “Cooperation will remain unwavering, and collaboration will keep evolving,” Dr. Debrah stated, cementing Ghana’s word to the visiting delegation.

     

    Insiders present at the talks characterized the atmosphere as one of “classic diplomacy at its best,” defined by mutual respect and measurable progress. Officials from both nations left the room in agreement that the future of Ghana-Japan relations is “not inherited but built together.”

     

  • Numbers Don’t Lie: Why GLOA’s 80% market share should yield more than GH¢ 44.9m

    Numbers Don’t Lie: Why GLOA’s 80% market share should yield more than GH¢ 44.9m

    By Adnan Adams Mohammed

    A fierce debate over revenue mobilization in Ghana’s lottery industry has intensified following a press statement by the Ghana Lotto Operators Association (GLOA).

    The association is urging stakeholders, the media, and the general public to refrain from comparing the GH¢ 44.9 million paid by 29 licensed Private Lotto Operators to the National Lottery Authority (NLA) with the staggering GH¢ 173 million contributed by tech-giant KGL Technology Limited.

    While GLOA defends the disparity by pointing to vastly different operational structures, industry analysts and the legal framework governing the sector suggest that differing business models should not serve as an excuse for underperforming in national revenue mobilization.

    Revenue Generation: The Primary Mandate

    According to Section 2(1) of the National Lotto Act, 2006 (Act 722):

    “National Lotto shall be conducted for the purpose of RAISING REVENUE for the NATION and for other purposes stated in this Act.”

     

    Per this statutory provision, KGL has emphatically proven its worth. By injecting over GH¢ 173 million into the state coffers, KGL has emerged as the largest single contributor to the NLA, effectively helping the Authority fulfill the number-one objective for which it was established.

    While critics often argue that traditional private operators do more for grassroots employment, the legal framework clarifies that the primary purpose of the NLA is state revenue generation, not job creation. Crucially, modern data shows that robust revenue generation inherently triggers socio-economic benefits. Whether through digital USSD platforms, Point of Sale (POS) terminals, or traditional paper-based coupons, KGL’s high-volume model naturally stimulates job creation and grassroots economic activity as a secondary byproduct of its financial success.

    The Regulatory Divide and Market Share Irony

    The operational distinction between the two entities boils down to their legal recognition under Ghanaian law:

    ● KGL Technology Limited: Operates digitally as an official collaborator under Section 2(4) of the National Lotto Act, 2006 (Act 722).

    ● Private Lotto Operators (GLOA): Are not explicitly recognized as Lotto Marketing Companies or collaborators under Act 722. Instead, they operate under licenses regulated by the NLA via Section 22(1) of the Veterans Administration, Ghana Act, 2012 (Act 844).

     

     

    Operator Group Legal Framework Market Share Recent NLA Revenue Contribution

    KGL Technology Ltd. Act 722, Sec 2(4) ~20% – 30% GHS 173 Million

    Private Operators (GLOA) Act 844, Sec 22(1) 70% – 80% GHS 44.9 Million (Combined)

     

    This stark contrast in market share is what makes GLOA’s plea for “no comparison” highly contentious.

    Industry Experts Weigh In

    Market data indicates that members of GLOA and other private lotto operators still collectively command a massive 70% to 80% of the domestic lottery market share.

    With such a dominant grip on the Ghanaian playing public, financial experts argue that it is not inherently flawed to compare GLOA’s GH¢ 44.9 million to KGL’s GH¢ 173 million. If anything, the math suggests that the state is losing out on significant revenue from the private sector. If a single digital collaborator controlling a smaller fraction of the market can yield 173 million cedis, a collective of 29 heavily entrenched private operators controlling the lion’s share of the market should realistically be contributing far more to the Republic.

    As the government seeks to maximize domestic revenue mobilization to fund critical infrastructure and development projects, the NLA is facing mounting pressure to bridge this gap. Going forward, the state may need to re-evaluate its regulatory mechanisms to ensure that all operators—regardless of whether they use digital algorithms or paper coupons—commensurately pay back into the nation that sustains them.

     

  • IMTO licensing deadline extended to July 31

    IMTO licensing deadline extended to July 31

    The Bank of Ghana (BoG) has granted international money transfer operators (IMTOs) a critical operational reprieve by extending the formal registration deadline to July 31, 2026.

    This strategic extension is designed to give remittance service providers, commercial banks, and fintech firms ample time to fully comply with the central bank’s revamped regulatory and supervisory frameworks without disrupting the flow of foreign inbound remittances.

    The extension offers a vital window of opportunity for operators, banks, specialized deposit-taking institutions, and payment service providers to align their frameworks with the central bank’s newly introduced regulatory guidelines.

    Strengthening Oversight and Transparency

    The operational guidelines form part of the central bank’s broader initiative to reinforce its supervisory capabilities, enhance market transparency, and safeguard the integrity of inward remittance flows. By mandating formal registration, the BoG aims to align local remittance networks with international best practices and robust legal frameworks.

    According to institutional notices, the registration process requires all IMTOs currently functioning in the country, or those planning to enter the Ghanaian market, to submit formalized digital applications. Existing operators who fail to regularize their documentation within the newly stipulated timeframe risk facing strict regulatory sanctions.

     

    Standardized Fees and Compliance

    Under the established framework, the Bank of Ghana has maintained a transparent fee structure to streamline the verification of operating entities. Applicants are required to fulfill the following financial commitments:

    ● Registration Processing Fee: GHS 30,000.00 (payable upon initial application).

    ● Annual Operating Fee: GHS 100,000.00.

    The central bank has noted that these fees remain subject to periodic reviews to match evolving economic dynamics and operational monitoring costs.

     

    A Boost for the Financial Ecosystem

    Financial analysts view the extension as a pragmatic approach by the regulator to prevent disruptions in remittance inflows a critical driver of foreign exchange and economic stability in Ghana. The buffer period allows financial institutions and tech-driven payment processors sufficient time to upgrade their Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols to satisfy the central bank’s vetting procedures.

    Operators looking for technical guidance or administrative support regarding the submission workflow have been advised to utilize the dedicated digital support desks provided by the central bank before the July 31 cutoff.

     

  • COCOBOD CEO  demands ‘mutual confidence’ to secure fair cocoa prices to safeguard farmers 

     

    By Adnan Adams Mohammed

     

    ​In a major push for regional economic solidarity, the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Abbey, has made a passionate call for Ghana and Côte d’Ivoire to deepen mutual confidence and maintain a common strategic direction on key industry issues, particularly cocoa pricing.

    ​Speaking on the immense economic leverage held by the two West African neighbors, Dr. Abbey highlighted that closer alignment is the only sustainable pathway toward ensuring fair value for local producers on the international market and insulating them from the volatile swings of global commodities trading.

    The strategy has received significant political backing, with the Finance Minister, Dr. Cassiel Ato Forson, stepping forward to publicly endorse the push for a unified framework.

    ​Shaping the Global Cocoa Value Chain

    ​Dr. Abbey emphasized that because the two nations collectively control more than sixty percent of global cocoa production, they possess unparalleled power to influence the market if they maintain a united front. However, he warned that fragmented market approaches would only erode this advantage, allowing multinational buyers to dictate terms and weaken national efforts to secure fair returns for cocoa exports.

    ​”Ghana and Côte d’Ivoire have a unique opportunity to shape the future of the global cocoa industry. However, this can only be achieved if we continue to work together in a spirit of openness, honesty, and trust,” Dr. Abbey stated.

     

    ​He further urged both nations to move beyond high-level dialogue and demonstrate an unwavering commitment to coordinated action that directly protects the livelihoods of smallholder cocoa farmers, who form the backbone of both economies.

    ​”With one accord, the two countries can achieve a lot in terms of price on the international market,” he emphasized.

     

    Legislative and Financial Backing for the Framework

    ​Reinforcing the economic necessity of this cross-border alliance, Dr. Cassiel Ato Forson threw his weight behind the initiative, noting that a joint pricing policy is a matter of national interest that transcends daily politics.

    ​Forson highlighted that a unified front is the most effective mechanism to safeguard national revenues and stabilize the cocoa sector against manipulative external market forces.

    ​”A common pricing framework between Ghana and Côte d’Ivoire is not just optimal, it is non-negotiable if we want to protect our economies from global price volatility,” Dr. Ato Forson stated, backing the push for synchronized policy execution. “We must ensure our farmers are never left at the mercy of fragmented state strategies.”

     

    ​Trust and Transparency as the Foundation

    ​Dr. Abbey observed that successful partnerships are entirely dependent on accountability, stressing that agreements reached in conference rooms must be backed by enforceable practices on the ground. Historical precedents show that without a unified stance, unilateral policy changes by one country can inadvertently undermine the market positioning of the other.

    ​”The discussions we hold must be matched by practical actions and mutual confidence. Without trust and transparency, it becomes difficult to achieve the common objectives we seek for our farmers and our economies,” he added.

     

    ​The COCOBOD Chief Executive also highlighted the importance of sustaining cooperation on broader systemic challenges confronting the sector. Beyond pricing, these include enforcing ethical environmental standards, ensuring strict supply chain traceability, building climate resilience against changing weather patterns, and improving overall farmer welfare.

    ​A Unified Front Against Stricter Global Regulations

    ​The framework for this partnership remains anchored by the Côte d’Ivoire–Ghana Cocoa Initiative, an established strategic platform designed to promote policies that advance the livelihoods of cocoa farming households across West Africa. The initiative serves as a crucial defensive barrier against external economic pressures.

    ​Industry stakeholders have consistently argued that closer coordination between the two leading cocoa producers is essential to strengthening their collective bargaining power within the global cocoa market. By improving value retention within the producing countries, West African nations can ensure that a fairer share of the wealth generated from the multi-billion-dollar global chocolate industry returns directly to local communities.

    ​As global consumer demand for sustainably sourced cocoa continues to grow, and international regulatory requirements—particularly from the European Union—become increasingly stringent, observers believe that a stronger and more united Ghana–Côte d’Ivoire alliance will be pivotal. Only by presenting a harmonized front can West Africa successfully shape the future of the international cocoa trade and advance the socio-economic welfare of millions of agricultural households.

     

  • Asante Gold hits record $300M Q1 revenue amid leadership shift and production surge

    Asante Gold hits record $300M Q1 revenue amid leadership shift and production surge

    By Adnan Adams Mohammed, Award-Winning Financial and Economic Journalist

     

    Asante Gold Corporation (TSX.V:ASE | GSE:ASG) has delivered a blockbuster opening to the 2026 financial year, clocking a record-breaking quarterly revenue of $300.4 million.

    The 111.6% surge from the previous year’s comparable quarter ($142 million) comes on the back of soaring global gold prices and a massive production ramp-up across its Ghanaian operations.

    The stellar financial performance coincides with a major changing of the guard, as Campbell Baird takes the helm as Acting Chief Executive Officer following the retirement of long-time President and CEO Dave Anthony.

    A Tale of Two Realities: Record Sales vs. Rising Costs

    Propelled by spot gold reaching unprecedented heights, Asante realized an exceptional average gold price of $4,769 per ounce on sales of 62,996 gold-equivalent ounces for the three months ended March 31, 2026. This is a staggering increase from the $2,946 per ounce captured in the same period last year. Adjusted EBITDA skyrocketed to $102.2 million, up from $30.7 million.

    However, the golden quarter was not without its operational friction. Group gold production reached 59,800 equivalent ounces averaging roughly 20,000 ounces per month marking a 50% increase over the 2025 monthly average. Yet, All-In-Sustaining-Costs (AISC) remained high at $3,886 per equivalent ounce, pinched by heavy investments, mill upgrades, and localized operational setbacks.

    In his first major address since stepping into the chief executive role, Acting CEO Campbell Baird balanced optimism with a grounded view of the challenges ahead.

    “The growth opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano,” Baird stated.

     

    Operational Breakdown: Bibiani and Chirano

    Asante’s two flagship assets in Ghana painted contrasting operational pictures for the first quarter:

    ● Bibiani Gold Mine: Material movement hit historic highs since acquisition, with the open-pit mining fleet finally operating at 100% planned capacity (including 115 trucks at the Main Pit). Gold production jumped sharply to 27,679 ounces, aided by a newly commissioned sulphide treatment plant that pushed gold recoveries up to 76%. However, a mid-January wall slippage on the southeast wall deferred access to high-grade ore to the latter half of the year, driving AISC up to $4,197 per ounce due to elevated waste-stripping requirements.

    ● Chirano Gold Mine: Powered by a freshly upgraded underground mining fleet delivered through early Q1, open-pit ore mining surged by 52.5%, heavily supported by the Aboduabo site. Despite the higher volume processed, lower grades from the Suraw and Obra underground mines meant total production held steady at 32,124 ounces. Chirano’s AISC ticked up to $3,587 per ounce due to temporary processing constraints and increased capital expenditure on the tailings storage facility.

    Addressing the cost metrics and teething issues associated with the rapid equipment ramp-up, Baird noted that the company is actively course-correcting.

    “While acknowledging there remains more to do to improve reliability of our production and cost performance and delivery on our growth potential these results demonstrate the initial quantum and direction of improvement,” Baird said.

     

    Resetting the Strategy and Securing Capital

    To bridge the gap between volatile performance and steady growth, Asante launched a comprehensive strategic review of its mining and processing activities in early April.

    “This review is focused on resetting our operating plan to be executable and robust,” Baird explained. “While both operations have demonstrated improving production trends in recent months, the Company’s immediate priority is to transition both operations from periods of improving performance to consistent, repeatable delivery, and then to unlock further sustainable growth.”

     

    On the financial front, the miner is actively shoring up its balance sheet. Asante closed the quarter with $62.2 million cash on hand and has engaged a senior lending group to secure an initial $50 million via an unsecured gold forward agreement to manage short-term liquidity.

    Furthermore, the company has deferred $55 million in hedging liabilities to late 2026, meaning Asante now retains unlimited upside exposure to the historically strong gold market. Looking ahead, management has committed to raising an additional $100 million in debt or equity by August 31, 2026, potentially via mezzanine debt or an upcoming listing on the Australian Securities Exchange (ASX).

    “Early work reinforces that these assets can deliver materially stronger production than what was achieved in Q1 2026,” Baird concluded. “We will update the market on the outcomes of this review, including key expected output and cost parameters, once a revised operating plan has been finalized.”

     

  • Lottery Industry Showdown: GLOA concedes market dominance to KGL, shuns revenue-driven comparison 

     

    ​By News Desk

     

    ​The Ghana Lotto Operators Association (GLOA) has officially broken its silence on the brewing revenue debate within the nation’s lottery sector, confirming the undisputed market dominance of tech-lottery giant KGL Group.

    GLOA, in a press statement issued last week, the association urged state officials, the media, and the general public to halt immediate comparisons between the financial contributions of private operators and those of KGL, describing such parallels as fundamentally flawed given the vastly different operational frameworks.

    ​The statement, explicitly pleaded with stakeholders “not to compare the GHS 44.9 million paid by some 29 licensed Private Lotto Operators to the National Lottery Authority (NLA) to the over GHS 173 million paid by KGL to the same institution.” GLOA went a step further to formally crown KGL as the single largest contributor to the NLA’s revenue generation pipeline for the Republic.

    ​Revenue vs. Employment: The Mandate of Act 722

    However, ​at the heart of the association’s argument is a return to the foundational legal text governing the lottery sector.

    Consequently, in a statement authored by lotto industry expert, Dr Razak Kojo Opoku, pointed out that under Section 2(1) of the National Lotto Act, 2006 (Act 722), the legislative intent is crystal clear.

    ​”National Lotto shall be conducted for the purpose of raising revenue for the nation and for other purposes stated in this Act,” the statute dictates.

    ​”Per Section 2(1) of Act 722, KGL has proven its worth in salt by helping the National Lottery Authority to fulfill its number one objective for which the Authority was established,” the Dr Kojo Opoku said in the statement.

    ​The association argued that critics often misunderstand the primary purpose of the NLA. “The primary purpose of establishing NLA is raising revenue for the nation, not principally employment creation or engaging in grassroots economic activity,” Dr Kojo Opoku clarified, swiftly added that “generating revenue automatically leads to jobs creation and grassroots economic activity whether via its USSD platform, point of sale terminals, or paper-based coupons.”

    National Lottery Authority (NLA) Contributions ─────────────┬────────────

    │ Entity                     │Amount Paid to NLA

     

    │ KGL Group            │ GHS 173.0 Million      │

    │ 29 Lotto Operators│ GHS 44.9 Million

     

     

    A Paradigm of Different Business Models

    ​The association clarified that the two entities operate in entirely different legal and operational spheres. While KGL operates legally as a registered collaborator under Section 2(4) of Act 722, private operators have a more fragmented legal standing. The statement admitted that private operators are not explicitly recognized under Act 722 as either Lotto Marketing Companies or formal collaborators, requiring them to instead be regulated under Section 22(1) of the Veterans Administration, Ghana Act, 2012 (Act 844).

    ​However, GLOA did not entirely shield its own members from criticism regarding the massive revenue gap. Despite KGL’s staggering GHS 173 million yield, GLOA acknowledged that private operators collectively still command a massive 70% to 80% share of the physical lottery market.

    ​”It is not inherently flawed to compare GLOA’s 44.9 million cedi to KGL’s 173 million cedi because GLOA and its members still control 70–80% of the market share,” the statement candidly remarked. “Therefore, it is expected that GLOA would do better than making GHS 44.9 million payments to the Republic through NLA.”

    ​The Half-Dollar Billion Illusion: Tech Architecture Costs Money

    ​Addressing critics who claim KGL holds an unfair advantage through exclusive digital access, the expert slammed the narrative that digital success is automatic. The association stressed that staking lottery numbers is an optional civic duty rather than a mandatory tax, meaning consumer acquisition requires aggressive, high-capital strategies.

    ​”It takes extremely huge investments into modern I.T. infrastructure, software systems integrations, ISO Certifications, and marketing to achieve the needed results in mobile-based transactions,” Dr Kojo Opoku stated.

     

    ​The association estimated the price tag for such dominance to be astronomically high: “Attaining competitive advantage in that space is not by mouth, but an expensive capital investment of about $500 million to $1 billion to have the kind of infrastructure architecture that KGL is currently operating in partnership with the Mobile Network Companies.”

    The industry expert pulled no punches in dispelling myths surrounding digital platforms, calling out historical misinformation. “It is a lie for anyone to say that access to a dedicated USSD platform substantially expands transaction volumes while reducing operational complexity.”

    ​To back this claim, the statement highlighted a history of failed digital lottery initiatives managed by the NLA and prior collaborators:

    ​Mobi Game 2 Sure (2008): Failed to achieve sustainability.

    ​Mobile 5/90 (2015–2017): Brought in a meager GHS 517,967.50 in 2015, crawled to GHS 1.25 million in 2016, and plummeted to GHS 367,812.30 in 2017 before being abruptly shut down by the NLA due to poor performance.

    ​*890# Short Code Projects (2020): The VAG Lottery Intake and NLA 5/90 VAG intakes generated a dismal GHS 31,786.85 and GHS 938,005.14 respectively, forcing the NLA and Tekstart Afrika Limited to cease operations completely.

    ​”These historical failures of the aforementioned digitalization projects by NLA and previous collaborators cement and confirm that the success story of KGL did not come easy or cheap,” Dr Kojo Opoku argued. “It came through tremendous work, dedication, and investments.”

    ​Sustaining a Heavy Overhead and Over 1 Million Livelihoods

    ​According to Dr Kojo Opoku, KGL carries an infrastructure maintenance burden that dwarfs the operational costs of traditional paper-coupon operators. The association challenged its own peer network, asking, “Which member of GLOA, or can the combined resources of GLOA, match up to the unprecedented financial investments that KGL has poured into the sustainability of its operations at no financial cost or risk to NLA?”

    ​These expenditures include multi-million dollar investments into telecommunications alignment, advanced cybersecurity firewalls to block fraud, the direct payment of winning national lotto tickets, and robust Corporate Social Responsibility (CSR) campaigns.

     

    KGL’s Annual Economic Footprint to NLA Funds

     

    │NLA Stabilization Fund│ GHS 3.0 Million

     

    │NLA Good Causes Foundation │ GHS 2.0 Million

     

    │Total Ecosystem Contribution │ > GHS 1.0 Billion

     

    (Note: KGL’s individual fund contributions of GHS 3M and GHS 2M each outpace the GHS 1.5M license fee paid by single private operators).

    ​Beyond statutory requirements, Dr Kojo Opoku praised KGL’s wider impact on the Ghanaian economic ecosystem, noting that corporate giants like MTN, Telecel, AirtelTigo, various commercial banks, advertising agencies, and media houses remain major financial beneficiaries of KGL’s operations. Through the KGL Foundation, the group heavily funds education, healthcare delivery, and sports development, injecting over GHS 1 billion annually into the national economy and supporting millions of households.

    ​A Call for Industrial Harmony

    ​Concluding the statement, Dr Kojo Opoku called for an immediate truce and a “holistic evaluation” of the lottery market, emphasizing that the sector is vast enough for all entities to thrive if modern corporate strategies are adopted.

    ​”The lottery market space is still underdeveloped, and the space is big enough to accommodate KGL, Private Lotto Operators, and other Collaborators. Industrial harmony is key for each company licensed by NLA to realize its full potential,” the statement urged.

     

    ​The association advised it members to stop fighting the digital wave and instead look inward by deploying modern Point of Sale (POS) terminals and secure paper coupons with enhanced anti-fraud features.

    ​”The Republic needs KGL to raise revenue in accordance with Section 2(1) of Act 722. The Republic also needs the Private Lotto Operators, Lotto Marketing Companies, and Collaborators to create jobs for a number of people in the kiosks across the country,” Dr Kojo Opoku concluded. “Instead of fighting and undermining each other, the stakeholders duly recognized by the National Lottery Authority should learn to peacefully co-exist.”

     

     

     

     

     

  • GCB Turnaround: Inside Farihan Alhassan’s high-growth, low-risk strategy

    GCB Turnaround: Inside Farihan Alhassan’s high-growth, low-risk strategy

    By Adnan Adams Mohammed, Financial and Economic Journalist

     

    Farihan Alhassan, the 44-year-old Managing Director of GCB Bank PLC, is no stranger to shattering age barriers. To him, youthfulness and weighty responsibility are a familiar combination. At just 26, Alhassan made history as the youngest regional manager at Barclays Bank (now Absa).

    But his personal milestones are not what has the financial world talking. The real story is how the bank he leads recently captured national headlines, staging an unprecedented financial comeback that has redefined Ghana’s banking landscape.

    In 2025, GCB Bank shattered performance records, posting an unprecedented profit before tax of GHS 3.17 billion and a staggering net profit of GHS 2.06 billion.

    This explosive growth triggered a massive rally on the Ghana Stock Exchange. In January 2025, GCB’s share price sat at a modest GHS 6.2. By December 2025, it had skyrocketed to GHS 22.5 per share. That momentum has only accelerated; at the time of going to press, GCB’s share price commands a historic GHS 36.

     

    GCB Bank Performance Indicators at a Glance

    Financial Metric 2024 / Early 2025 Late 2025 / Current (2026) Growth / Change

    Total Assets Baseline GHS 42.8 Billion +57.6% YoY

    Total Deposits Baseline GHS 34.5 Billion +58.5% YoY

    Loan Book Expansion Baseline — +52.8%

    Share Price GHS 6.2 (Jan 2025) GHS 36.0 (Current) +480.6%

    Non-Performing Loans (NPL) 15% 4.9% (Q1 2026) Down 10.1%

     

    High Volume, Low Risk

    For Alhassan, however, the ultimate victory lies not just in raw profitability, but in surgical operational efficiency. GCB has drastically elevated its underwriting standards. The bank is now aggressively extending more loans than any of its competitors, yet fewer of those loans are going bad.

    According to financial statements, GCB’s total assets surged by 57.6% year-on-year to GHS 42.8 billion far outstripping the banking industry’s average growth rate of 33.79%. This expansion was fueled by a 52.8% growth in its loan book and a 58.5% increase in total deposits, which now stand at GHS 34.5 billion.

    The Secret Sauce: A Bottom-Up Revolution

    So, what is GCB Bank doing differently? Alhassan attributes the magic trick to a radical shift in corporate culture: a strict bottom-up approach.

    “Everything is about the staff,” Alhassan emphasizes. Under his leadership, employees have been empowered to see themselves as direct architects of the bank’s strategy. In this new cultural paradigm, the bank’s failures are felt personally, and its successes are celebrated collectively.

     

    But Alhassan’s strategy wasn’t built on motivational speeches alone. The bank backed its vision with tangible rewards, effectively lubricating the “rusty parts” of its workforce’s professional lives. GCB rolled out sweeping salary increases, with some categories of workers seeing their take-home pay completely doubled.

    No Flash in the Pan

    Critics wondering if GCB’s 2025 performance was a temporary stroke of luck have already been answered by the bank’s dominant opening acts in 2026.

    In the first quarter of 2026, GCB recorded a profit before income tax of GHS 902.5 million, a massive leap from the GHS 533.1 million recorded during the same period last year. Simultaneously, the bank’s non-performing loan (NPL) ratio plummeted to an astonishing 4.9%, down from 14.9% in the previous year.

    Backed by a highly supportive board of directors led by Professor Joshua Alabi—whose imposing physical presence is matched only by his towering legacy at the University of Professional Studies, Accra (UPSA)—Alhassan remains fiercely confident.

    If the current trajectory is any indication, GCB Bank PLC has no intention of ceding its crown as the undisputed leader of Ghana’s banking industry.

     

  • Govt cushions cocoa farmers …maintains producer price for 2026 Light Crop Season amid global slump

     

    By Adnan Adams Mohammed 

    In a major move to shield local farmers from the volatile international commodities market, the Government of Ghana, acting through the Ghana Cocoa Board (COCOBOD), has announced that the producer price of cocoa will remain unchanged for the upcoming 2025/26 Light Crop Season.

    The decision comes at a critical time when global cocoa prices are experiencing a notable downward trend, signaling the government’s intent to absorb the economic shocks on behalf of local producers.

    According to an official circular released by COCOBOD, the state will maintain the existing guaranteed pricing structure to ensure financial predictability for the farming community.

    Purchases for the new light crop season are officially scheduled to commence on Thursday, June 18, 2026.

    The approved pricing structures for the season have been outlined as follows:

    Quantity / Unit Approved Grade I & II Price

    Per Load (30 kg) GH¢1,241.76

    Per Bag (64 kg gross) GH¢2,587.00

    Per Tonne (16 bags) GH¢41,392.00

     

    Protecting Livelihoods

    The state’s intervention is explicitly designed to act as a financial buffer. In the official press release, COCOBOD emphasized that the policy is a direct reflection of state support for the agricultural backbone of the country.

    “The decision underscores Government’s commitment to protecting the incomes and livelihoods of cocoa farmers, even as international cocoa prices experience a downward trend,” the statement read.

     

    By holding the financial line, the administration hopes to inject a sense of security into the rural economy before the harvesting and buying processes begin.

    “By maintaining the current producer price, Government aims to provide stability and confidence to farmers ahead of the new light crop season,” COCOBOD noted.

     

    Industry-Wide Coordination

    The directive, signed by the Deputy Chief Executive in charge of Agronomy and Quality Control (A&QC), Dr. Francis Baah, has already been dispatched to all major stakeholders across the cocoa value chain to ensure compliance and a seamless rollout nationwide.

    The regulatory body confirmed that the necessary logistical and administrative frameworks are being aligned ahead of next week’s opening date.

    “The announcement has been communicated to key stakeholders within the cocoa industry, including Licensed Buying Companies (LBCs), COCOBOD management, relevant ministries, and other sector players to ensure a smooth commencement of cocoa purchases nationwide.”