News Guide Africa

Category: Economy and Finance

  • BoG’s dynamic CRR is a liquidity management upgrade

    BoG’s dynamic CRR is a liquidity management upgrade

    The decision by the Bank of Ghana as announced last week, to introduce a 20 percent dynamic Cash Reserve Ratio (CRR) framework for commercial banks marks one of the most important refinements to monetary operations in recent years. Although overshadowed by the Monetary Policy Committee’s decision to retain the benchmark policy rate at 14 percent, the new liquidity management tool could ultimately prove even more consequential for the stability and efficiency of Ghana’s banking system.

    At its core, the move reflects a welcome transition from blunt monetary tightening instruments towards more flexible and market-sensitive liquidity regulation.

    Under the previous reserve arrangement, banks were required to maintain fixed reserve balances with the central bank regardless of prevailing liquidity conditions within the financial system. The dynamic CRR system changes this by allowing the central bank to vary reserve requirements in response to liquidity developments, credit growth patterns and macroeconomic conditions. In practical terms, this gives the central bank a more precise mechanism for controlling excess liquidity without excessively distorting credit creation or interest rate transmission.

    This is particularly important at the current stage of Ghana’s economic recovery.

    Since mid-2025, the Bank of Ghana has aggressively reduced the Monetary Policy Rate by a cumulative 1,400 basis points as inflation decelerated sharply and macroeconomic stability improved under the IMF-supported reform programme which ended less than a fortnight ago. Those rate cuts were intended to lower borrowing costs and stimulate private sector activity. However, rapid liquidity accumulation within the banking system has increasingly threatened to weaken monetary discipline and rekindle inflationary pressures.

    The challenge facing the central bank has therefore become more nuanced. It now needs to support growth while simultaneously preventing surplus liquidity from fuelling speculative demand for foreign exchange, destabilising the cedi or encouraging imprudent credit expansion.

    The dynamic CRR framework offers a sophisticated answer to that challenge.

    By requiring banks with stronger deposit growth or larger liquidity surpluses to hold proportionately more reserves, the central bank can sterilise excess liquidity more efficiently. Unlike across-the-board tightening measures, this approach allows policy intervention to be more targeted and responsive to changing market conditions.

    Importantly, the new system should also improve interbank market discipline. Banks will now have greater incentive to manage their liquidity positions prudently rather than relying excessively on short-term funding opportunities or central bank support facilities. This could deepen activity in Ghana’s interbank money market and improve pricing efficiency across short-term instruments.

    There are additional macroeconomic benefits as well.

    A more actively managed liquidity framework strengthens the transmission of monetary policy decisions into the broader economy. One of the longstanding weaknesses of Ghana’s monetary regime has been the disconnect between policy rate adjustments and actual lending behaviour by banks. Excess liquidity has often diluted the impact of policy tightening or easing. By calibrating reserve requirements dynamically, the central bank can better align system liquidity with its monetary policy objectives.

    The move should also support exchange rate stability. In Ghana, surplus cedi liquidity frequently migrates into the foreign exchange market, especially during periods of declining domestic yields. Containing excessive liquidity growth could therefore reduce speculative pressure on the cedi and help sustain the recent exchange rate stability achieved since late 2025.

    Naturally, implementation risks remain. If applied too aggressively, higher reserve requirements could constrain credit to the private sector and weaken economic momentum. Transparency in the calibration process will therefore be essential to avoid market uncertainty or perceptions of regulatory arbitrariness.

    Nevertheless, the broader policy direction deserves commendation. The Bank of Ghana is signalling that monetary management is evolving beyond simple interest rate adjustments towards more flexible and data-driven liquidity control. For a financial system emerging from recent macroeconomic turbulence, that evolution is both timely and necessary

     

  • Catholic expert’s appointment to NIB Advisory Council crushes ‘Islamisation’ fears

    Catholic expert’s appointment to NIB Advisory Council crushes ‘Islamisation’ fears

    By Adnan Adams Mohammed

    In a historic move that signals the imminent launch of Ghana’s first fully licensed Non-Interest Banking (NIB) institution, the Bank of Ghana (BoG) has announced the appointment of two prominent industry experts to the Non-Interest Financial Advisory Council (NIFAC).

    Crucially, the consideration of a devout Catholic to the apex advisory council has effectively diffused long-standing public misconceptions that non-interest banking, often associated with Islamic finance principles, is an attempt to secretly “Islamise” the nation’s financial system.

    The yet to be fully constituted NIFAC is tasked with reviewing and approving the first suite of financial products to be rolled out by incoming institutions, ensuring strict compliance with non-interest banking (NIB) principles before they hit the commercial market.

    Bridging the Faith Divide

    For years, the introduction of non-interest or ethical banking sparked quiet apprehension among segments of the public who viewed it strictly through a religious lens. However, the central bank’s decision to appoint a high-profile Catholic finance expert to NIFAC has completely shifted the narrative toward financial inclusion rather than religious dominance.

    Speaking on the condition of anonymity shortly after appointment letters were dispatched, the Catholic council member expressed deep optimism about the sector’s secular benefits.

    “When I was approached for this role, I saw it not as a religious calling, but as an economic duty,” he stated. “Non-interest banking is built on ethics, risk-sharing, and asset-backed transactions. As a Catholic, these values of fairness and community empowerment resonate deeply with my own faith. This is about giving Ghanaians more options, not changing their religion.”

    The expert further addressed the lingering myths surrounding the financial framework.

    “There has been a persistent misconception that introducing these frameworks is a backdoor strategy for ‘Islamisation.’ That narrative is entirely unfounded. If a Catholic can sit at the highest advisory level to regulate these products, it proves that this is a universal, ethical economic tool designed for all Ghanaians, regardless of their creed.”

    BoG Fast-Tracks First License

    The appointments come on the heels of the Bank of Ghana finalizing its review of application documents submitted by some institutions for ‘Window’ license. Insiders within the central bank confirm that with NIFAC being set up and to be launched soon, the apex bank is on the verge of issuing its very first independent non-interest banking license in earnest.

    Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, has previously emphasized that the framework is meant to expand financial access to underserved populations, particularly small-to-medium enterprises (SMEs) that struggle with conventional high-interest loans.

    “Our objective is to create an all-inclusive financial ecosystem,” the Governor remarked. “By bringing in a diverse stock of top-tier experts, we ensure robust regulatory oversight. This council will guarantee that these new products strictly protect consumer interests while driving national economic growth.”

    Industry Applauds the Move

    Financial analysts and religious leaders alike have praised the central bank’s inclusive approach to composing the advisory council. Banking consultant Kwame Mensah noted that diversifying the council is a masterstroke in public relations and regulatory policy.

    “The central bank has handled this brilliantly,” Mensah said. “By ensuring the council isn’t monolithic, they have effectively decoupled the financial utility of non-interest banking from religious politics. It sends a clear message to investors and consumers that this is purely business, equity, and asset-based development.”

    As the newly appointed experts assume their roles, the testing of system compliance is entering its final stages. With the regulatory roadblocks cleared and the “Islamisation” myth successfully debunked, Ghanaians can expect the launch of the country’s premier non-interest bank in the coming months, ushering in a new era of competitive, interest-free financial alternatives.

     

     

     

  • GRA’s AI System triggers historic GH¢1bn Customs revenue surge in April amid deepened engagement

    GRA’s AI System triggers historic GH¢1bn Customs revenue surge in April amid deepened engagement

    By Adnan Adams Mohammed

    Publican AI eliminates human discretion at the ports, smashing initial targets; May collections on track to eclipse April’s record milestone.

    In what has been described as a structural turning point for public sector revenue collection, the Ghana Revenue Authority (GRA) has recorded an unprecedented financial windfall, capturing an additional GH¢1 billion in customs revenue for the month of April 2026 alone.

    The record-breaking fiscal surge directly follows the aggressive deployment of “Publican AI” a cutting-edge artificial intelligence infrastructure integrated into the nation’s ports and borders to automate risk management and eliminate deep-seated trade discrepancies.

    Speaking before an audience of international investors, policymakers, and corporate executives at the 10th Ghana CEO Summit in Accra, the Commissioner-General of the GRA, Anthony Kwasi Sarpong, revealed that the early-stage performance of the technology has completely shattered initial econometric projections.

    “Indeed the results for the first two months of deploying the AI is amazing and promising,” Mr. Sarpong disclosed. “In the month of April alone we added GHS1 billion to our revenue generation for customs.”

    Dismantling the ‘Human Discretion’ Loophole

    For decades, Ghana’s gateway ports have been plagued by systemic under-valuation, fraudulent misclassification of cargo, and deliberate under-invoicing. Prior to the technology’s rollout earlier this year, a heavy reliance on manual invoicing systems and human inspection left state coffers vulnerable to massive revenue leakages.

    The Publican AI system intercepts trade data in real-time, matching cargo manifests against international trade metrics, global pricing indexes, and cross-border risk-analysis frameworks. By instantly tracing the true origin and value of goods, the algorithm has effectively automated the assessment process, creating an un-bypassable digital sieve.

    The GRA boss emphasized that the rollout represents a broader philosophical shift toward corporate equity and public transparency, setting a digital precedent for the rest of the continent.

    “We want to claim that GRA is the first public institution to use AI across the board, affecting many businesses,” Sarpong stated. “The purpose is to reduce human discretion, make faster assessment, create a fairer basis for all import and import assessment.”

    The April-May Revenue Trajectory

    April 2026 (Actual): +GH¢1.0 Billion First full month of optimized Publican AI integration.

    May 2026 (Projected): >GH¢1.0 Billion  Mid-quarter data indicates cross-border compliance is accelerating.

    Navigating Private Sector Friction

    The transition has not been entirely seamless. The deployment initially triggered severe operational friction, drawing protests from local freight forwarders, clearing agents, and port-logistics stakeholders who complained about rigid compliance demands and adjustments to digital customs clearance workflows.

    However, the revenue authority has remained firm, maintaining that the financial metrics vindicate the strict policy shift. Far from a temporary bump, the revenue growth has shown a sustained upward trajectory.

    “We are on course in the month of May and the results as of yesterday is showing that we are going beyond GHS1 billion for the month of May,” Mr. Sarpong revealed to the summit, indicating that the technology’s efficiency is compounding weekly.

    Deepening Private Sector Engagement

    Acknowledging that long-term compliance requires corporate consensus, the GRA leadership has moved swiftly to transition from strict enforcement to strategic collaboration. The authority recently held a high-stakes stakeholder engagement with the Ghana National Chamber of Commerce and Industry (GNCCI) to address private sector anxieties surrounding digital revenue platforms.

    Led by GNCCI President Stephane Miezan, the forum allowed physically and virtually present business leaders to seek direct clarity on Value Added Tax (VAT) administration, automated customs interventions, and the synchronization of the new AI with the existing Integrated Customs Management System (ICUMS).

    Commenting on the rationale behind the dialogues, senior customs officials noted that the engagement forms part of broader efforts to refine the digital interface, making it easier for honest businesses to comply while keeping the tax net tightly secured.

    With May’s revenue totals already poised to eclipse April’s historic milestone, the Ministry of Finance and the GRA are reportedly advanced in plans to expand the Publican AI architecture beyond maritime borders, scaling it across broader sectors of domestic income and corporate tax mobilization. For Ghana’s economic recovery programme, the message from the port is clear: the future of revenue mobilization is digital, automated, and absolute.

     

     

     

  • IMF okays COCOBOD’s overhaul; demands farmgate prices align with world market to secure sector

    IMF okays COCOBOD’s overhaul; demands farmgate prices align with world market to secure sector

    The International Monetary Fund (IMF) has strongly endorsed the sweeping structural reforms currently being aggressively pursued by the Ghana Cocoa Board (COCOBOD).

    However, to ensure the long-term financial sustainability of the sector, the global lender is demanding that local farmgate cocoa prices more dynamically reflect world market values.

    The IMF’s backing comes at a critical moment. Under the leadership of Chief Executive Dr. Randy Abbey, COCOBOD is already overhauling its administrative costs, operational frameworks, and financial scope to address decades-old perennial challenges that have burdened the institution’s balance sheet.

    Aligning Farmgate Prices with Global Realities

    Following its latest review of Ghana’s economic programme, the IMF highlighted the urgent necessity of streamlining costs within COCOBOD. While reinforcing the board’s current direction, the Fund explicitly tied the industry’s ultimate survival to a more flexible, market-driven pricing regime for local cocoa farmers.

    “Priority should be given to strengthening the legislative framework to streamline costs, including through more frequent farmgate price adjustments, improve efficiency, and ensure COCOBOD’s long-term financial sustainability,” the IMF stated in its mission summary.

    The Fund argues that a rigid pricing mechanism limits the board’s capacity to navigate volatile global commodity trends, making more frequent adjustments a necessary tool to protect the reforms already underway.

    COCOBOD’s Proactive Structural Overhaul

    Even before the IMF’s explicit endorsement, COCOBOD’s new management had recognized that its traditional operations were no longer sustainable. Decades of reliance on multi-billion dollar offshore syndicated loans have placed massive financial stress on the state cocoa manager, prompting Dr. Randy Abbey’s administration to finalise a groundbreaking new funding model ahead of the 2026/2027 cocoa season.

    The board plans to completely abandon legacy foreign syndications in favor of domestic financing models, a move the IMF views as a step in the right direction.

    Speaking on the shift, Dr. Randy Abbey explained how this new paradigm will directly integrate the pricing flexibility the IMF is calling for:

    “The new funding model will come with a new pricing mechanism which will involve periodic reviews, maybe quarterly, and will be used for the entire crop,” Dr. Abbey disclosed.

    He clarified that while the government remains firmly committed to paying cocoa farmers a minimum of 70 percent of the Free-On-Board (FOB) price, the introduction of periodic price reviews will allow farmgate returns to dynamically shift alongside exchange rates and global market trends.

    “The model would better protect farmers’ incomes from global cocoa price volatility,” Dr. Abbey added, reinforcing that COCOBOD’s internal goals mirror the IMF’s sustainability targets.

    Urgency for Legislative Framework Review

    Despite its approval of COCOBOD’s current trajectory, the IMF notes that administrative intentions must be legally cemented. The Fund is pushing for an immediate legislative framework review to officially back and institutionalize the operational and financial scope overhaul that the Dr. Randy Abbey leadership is pursuing.

    According to sector analysts, passing an updated legislative framework through Parliament is urgently required to legally anchor these automatic quarterly price adjustments and enforce stricter cost-cutting mandates across the board.

    The Ministry of Finance has echoed this urgency, validating the ongoing shakeup at the cocoa house. Commenting on the broader strategy to curb COCOBOD’s legacy debts and align with international partner expectations, Finance Ministry officials confirmed that the executive branch has mandated absolute expenditure discipline.

    “Cabinet has directed the initiation of immediate reforms at COCOBOD to streamline their operations and cut costs. Wasteful and uncontrolled expenditure practices are to be curtailed immediately,” the Ministry stated.

    As Ghana enters the next phase of its macroeconomic recovery, the IMF’s validation of COCOBOD’s domestic financing transition paired with the push for market-reflective farmgate pricing signals a definitive end to the business-as-usual approach in the country’s historic cocoa sector.

     

     

     

  • BoG rejects artificial market intervention …focuses on reserve accumulation to anchor cedi and check volatility

    BoG rejects artificial market intervention …focuses on reserve accumulation to anchor cedi and check volatility

    The Bank of Ghana (BoG) has firmly ruled out executing artificial or heavy-handed interventions in the foreign exchange market to manage recent demand pressures on the local currency.

    Instead, the regulator assured that its policy focus remains squarely fixed on aggressive reserve accumulation and structural market stability to cushion the cedi against global shocks.

    The central bank confirmed that while the cedi has experienced localized pressures, its core strategy relies on allowing a flexible exchange rate regime to absorb external volatility naturally. Policy coordinators emphasized that the bank’s key priority is to prevent excessive, speculative fluctuations rather than trying to force an artificial value on the market.

    Reserves over artificial interventions

    Addressing the press following the conclusion of the 130th Monetary Policy Committee (MPC) meetings in Accra, Bank of Ghana Governor Dr. Johnson Pandit Asiama explained that modern market fundamentals, rather than ad-hoc dollar injections, must dictate the local currency’s path.

    “We are not intervening in the market in a manner that distorts the exchange rate. What we are doing is building reserves and strengthening buffers for the economy,” Dr. Asiama declared. “The relative stability of the cedi in recent months has largely been driven by improved market fundamentals, stronger inflows, and growing investor confidence. The reserve accumulation programme is progressing well, and this is providing confidence to the market.”

    The Governor explained that attempting to defend the currency through continuous, artificial market injections is a short-term approach that drains vital national resources.

    “Our objective is to ensure long-term macroeconomic stability and avoid a return to the era of sustained currency depreciation,” Dr. Asiama stressed. “Global uncertainties, particularly tensions in the Middle East and fluctuations in commodity prices, continue to pose risks to emerging market currencies, including the cedi. However, Ghana’s improving macroeconomic indicators and stronger foreign reserve position are helping to cushion the economy against these external pressures.”

    Embracing a flexible exchange rate strategy

    Reinforcing the Governor’s stance, senior technical directors within the central bank’s monetary operations department noted that a flexible exchange rate mechanism remains the country’s primary defense against global financial imbalances.

    Officials explained that allowing the cedi to adjust dynamically ensures that domestic industries remain globally competitive while discouraging speculative hoarding by retail actors.

    “A flexible exchange rate regime is absolutely critical in absorbing external shocks,” a first deputy governor at the central bank observed during market briefings. “When external cost-push pressures or geopolitical disruptions occur, a rigid exchange rate can mask the economic reality and lead to sudden, severe structural breaks. By allowing the currency to reflect authentic demand and supply dynamics, the economy adjusts more smoothly, ensuring long-term fiscal predictability.”

    Mitigating speculation and avoiding excessive volatility

    Despite backing a flexible framework, the central bank clarified that it will maintain a highly active supervisory eye on commercial banking treasury desks to prevent predatory trading and speculative distortions.

    Treasury operators note that while normal commercial demand from bulk distribution companies and manufacturing importers is expected, the regulator is moving swiftly to eliminate panic-buying behavior.

    “Our primary concern at this stage is to avoid excessive volatility that is not supported by real economic data,” a senior central bank market specialist remarked. “We understand that corporate operators require foreign exchange for their forward planning, and the market has sufficient liquidity to support those legitimate transactions. What we are actively working against are speculative spikes driven by sentiment rather than actual trade requirements. We have the necessary mechanisms to smooth out temporary imbalances without altering the natural trend of the market.”

    With state gold-purchase programs continuing to actively bolster the central bank’s monetary gold reserves, financial analysts in Accra express confidence that the regulator’s current strategy will successfully steer the cedi through mid-year import cycles while avoiding severe inflationary pass-through effects.

     

     

  • BoG rallies for unified financial markets to fuel digital future …as Africa economy tipped to maintain steady growth through 2028

    BoG rallies for unified financial markets to fuel digital future …as Africa economy tipped to maintain steady growth through 2028

    By Adnan Adams Mohammed

    Emerging from a series of global macroeconomic shocks, the African continent is projected to maintain a resilient and steady economic growth trajectory from 2026 through 2028.

    The bullish medium-term forecast, published by international financial advisory firm Bridgewater Advisors, highlights a structural turnaround across sub-Saharan economies driven by robust domestic reforms, stabilizing currencies, and expanding service sectors.

    The multi-year growth projection has injected fresh momentum into the African policy space.

    Opening the prestigious Global Markets Congress in Accra, Bank of Ghana Governor Dr. Johnson Pandit Asiama declared that capitalizing on this growth window requires a radical departure from fragmented national financial architectures. He rallied central banks and finance leaders to urgently establish connected African financial markets to unlock capital mobility and power long-term industrialization.

    Capitalizing on the three-year growth window

    The Bridgewater Advisors data indicates that Africa’s projected growth trajectory offers a critical window of opportunity for regional governments to finalize structural transitions. However, analysts warn that this baseline growth cannot achieve its full potential without deep cross-border financial integration.

    Addressing international delegates and global market operators, Governor Dr. Johnson Pandit Asiama outlined a strategic vision to establish Accra as the primary capital and financial hub of West Africa.

    “According to the latest indicators, Africa is set to maintain steady growth over the next three years,” Dr. Asiama noted during his opening address at the congress. “But to translate these macroeconomic projections into sustainable development, we must proactively integrate our capital markets. The Bank of Ghana is pushing aggressively for highly connected African financial markets. We must dismantle the regulatory silos that make it easier to export African capital to western capitals than to invest it in our neighboring states.”

    The Governor explained that a connected financial grid would allow local institutional investors, such as pension funds and sovereign wealth managers, to seamlessly back large-scale cross-border infrastructure.

    “A fragmented market limits liquidity and increases risks for investors,” Dr. Asiama added. “By harmonizing our trading systems, payment infrastructures, and regulatory frameworks, we create a deeper, highly liquid marketplace capable of absorbing billions in investment and providing the long-term credit our private sector desperately needs.”

    Redirecting Africa’s wealth into digital public infrastructure

    The call for structural market integration aligns closely with emerging consensus from the recently concluded Forward Africa Leaders Continental Summit in Kigali, Rwanda. Speaking on the sidelines of regional trade dialogues, prominent private sector leaders argued that the continent’s financial modernization must move beyond basic banking to fund advanced technical sovereignty.

    Alex Appau Daddey, the Executive Chairman of the KGL Group and Co-Chair of the Forward Africa Leaders Summit Governing Council, emphasized that Africa’s primary economic challenge is not an absolute scarcity of capital, but rather the structural direction of that capital.

    “Africa’s capital must power African digital innovation and infrastructure,” Daddey declared. “Capital flows naturally where incentives, regulatory certainty, and clear commercial opportunities are aligned. There must be an absolute alignment between government policy, private sector leadership, and financial institution support. We must deliberately structure our domestic markets to make it far more attractive to invest in African digital infrastructure than to export African capital.”

    Daddey pointed out that in an era increasingly dominated by advanced automated networks and artificial intelligence, nations that do not control their digital public infrastructure will forfeit their economic independence.

    “We recognize that African companies must move beyond simply participating in global markets; we must actively shape them,” Daddey added. “Through strategic investments in digital finance ecosystems, modern e-governance solutions, and sovereign data systems, we can modernize public revenue streams and build the structural resilience required for the next development decade.”

    Building the interoperable frontier

    To bridge the gap between private tech ambitions and central bank oversight, regulatory bodies under the African Continental Free Trade Area (AfCFTA) are moving to scale up interoperable payment channels. Trade experts observe that the Pan-African Payment and Settlement System (PAPSS) is already serving as a primary pilot for the connected financial markets championed by the Bank of Ghana.

    As Accra positions itself to anchor these emerging financial networks, the combination of steady medium-term growth projections, proactive regulatory harmonization, and localized private capital deployment is seen as a timely formula to insulate the continent against future global recessions while retaining African wealth to power African industries.

     

     

     

  • Ghana to host prestigious World Cocoa Foundation partnership meeting next year

    Ghana to host prestigious World Cocoa Foundation partnership meeting next year

    Ghana has officially been announced as the host nation for the highly anticipated 2027 World Cocoa Foundation (WCF) Partnership Meeting, positioning the country at the centre of the global commodities stage.

    The landmark announcement was made by the Deputy Minister for Finance, Honourable Thomas Ampem Nyarko, during an official launch event hosted by the WCF in partnership with the Ghana Cocoa Board (COCOBOD) in Accra.

    The premier global event is scheduled to take place from 16th to 19th March 2027 at the prestigious Kempinski Gold Coast City Hotel in Accra, gathering international stakeholders, policymakers, and industry giants under the theme: ‘From Origin to Global Resilience’.

    A milestone for farmer well-being and sustainability

    Addressing attendees at the launch, Hon. Thomas Ampem Nyarko emphasized the economic and social significance of hosting the global event, noting that the choice of Ghana underscores the country’s historic and foundational role in the global cocoa supply chain.

    “Securing the hosting rights for the 2027 WCF Partnership Meeting is a profound victory for Ghana, and more importantly, for our hardworking cocoa farmers,” Hon. Ampem Nyarko stated. “This meeting is expected to stimulate global dialogue on farmer well-being, to promote climate-smart agriculture, and to create an environment for shared accountability across the entire value chain.”

    The Deputy Minister further noted that the government remains committed to leveraging international partnerships to transform the agricultural sector.

    “We cannot build global resilience without prioritizing the very hands that cultivate the crop. By bringing the world to Accra, we are ensuring that the voice of the origin country the voice of the African farmer is loud, clear, and central to every policy conversation,” he added.

    Collaborative strides for the sector

    The partnership between COCOBOD and the WCF highlights a unified front in addressing the modern challenges facing cocoa production, from volatile market pricing to the severe impacts of shifting climate patterns.

    Speaking on behalf of COCOBOD, representatives expressed immense optimism regarding the upcoming 2027 event, viewing it as a strategic platform to showcase Ghana’s strides in sustainable bean sourcing.

    “The theme ‘From Origin to Global Resilience’ perfectly captures where the industry needs to go,” COCOBOD CEO, Dr Randy Abbey remarked during the launch. “Hosting this event gives us the unique opportunity to drive accountability. It is a call to action for global brands to match their sustainability promises with actionable economic support for the origins.”

    Anticipated impact

    The 2027 meeting is anticipated to draw thousands of global delegates to Accra, providing a substantial boost to the local hospitality, tourism, and aviation sectors.

    More crucially, the forum will serve as the definitive stage for hammering out new frameworks on:

    Climate-Smart Agriculture: Implementing farming strategies that mitigate deforestation and withstand extreme weather.

    Economic Viability: Elevating the standard of living and baseline pricing models for smallholder farmers.

    Shared Accountability: Ensuring ethical compliance and transparency from origin fields to retail shelves worldwide.

    As preparations officially begin, the choice of the Kempinski Gold Coast City Hotel as the venue guarantees a world-class environment for the critical negotiations and dialogues set to shape the future of cocoa for decades to come.

     

     

  • ECOWAS hosts media sensitization workshop to advance regional biometric identity card rollout

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    By Adnan Adams Mohammed

     

    In a major step toward strengthening regional security and advancing West African integration, the ECOWAS Commission is convening a high-level Media Sensitization Workshop today, Tuesday, May 26, 2026, at the Tang Palace Hotel in Accra.

    ​The workshop aims to equip journalists and media practitioners with the necessary knowledge and tools to report accurately on the implementation of the ECOWAS National Biometric Identity Card (ENBIC). By building a strategic network of media partners, regional authorities hope to foster public trust, raise widespread awareness, and combat misinformation surrounding the initiative.

    ​Fostering Free Movement and Regional Security

    ​The introduction of the ENBIC stands as a core priority originally agreed upon by the Authority of Heads of State and Government during the 46th ECOWAS Ordinary Summit. Designed as an official travel document, the biometric card is engineered to promote regional integration and facilitate the Protocol on the Free Movement of Persons.

    ​Beyond enhancing economic and social mobility for citizens, the ENBIC framework aims to:

    Strengthen the regional security architecture.

    ​Mitigate irregular migration.

    Tackle trans-border crimes.

    Enhance the overall integrity, reliability, and interoperability of identity management systems across Member States.

    ​The Strategic Role of the Media

    ​Recognizing that public acceptance hinges on accurate information, the ECOWAS Commission has mandated targeted advocacy initiatives. Media professionals from print, broadcast, and online platforms are joining border management experts and ministry officials for the interactive sessions.

    ​The workshop will specifically address critical implementation processes, timelines, and institutional roles, while providing a dedicated platform to discuss sensitive issues such as privacy, data protection, and security safeguards.

    ​Workshop Agenda & Program Highlights

    ​The day’s program features technical presentations, interactive question-and-answer segments, and strategic strategy sessions:

    ​Morning Session: Following registration and opening statements from the ECOWAS Directorate of Free Movement of Persons, Migration and Tourism alongside the Ghana Immigration Service (GIS), ECOWAS technical experts will deliver a comprehensive overview of the ENBIC’s features, objectives, and implementation roadmap.

    Afternoon Session: The Ghana Immigration Service will present a detailed look at internal processes, focusing on the issuance, control, and application procedures within Ghana.

    ​Plenary & Strategy: The Media Foundation for West Africa will lead a session exploring the critical role of journalists in driving public awareness. The afternoon will close with an open plenary allowing journalists to voice anticipated challenges and gaps in information dissemination, culminating in a joint list of strategic recommendations.

    ​Through this collaborative forum, implementing agencies and West African media houses aim to forge a lasting partnership that ensures the smooth, secure, and well-understood rollout of the ENBIC across the sub-region.

     

  • BoG orders banks to chase defaulters on ‘written-off loans’ …to avoid ‘moral hazard’

    BoG orders banks to chase defaulters on ‘written-off loans’ …to avoid ‘moral hazard’

    By Adnan Adams Mohammed

    The Bank of Ghana (BoG) has directed commercial banks to aggressively pursue borrowers of fully provisioned loans, warning that completely erasing bad debts from their books without recovery efforts creates a dangerous “moral hazard” in the financial sector.

    Central Bank Governor Dr. Johnson Pandit Asiama issued the directive during a Monetary Policy Committee (MPC) press briefing. He revealed that while Ghana’s gross Non-Performing Loan (NPL) ratio remains elevated at just under 20%, the true underlying risk exposure drops significantly to around 8% when fully provisioned bad debts are accounted for.

    The Governor’s remarks were in response to a question as to whether the stubborn NPL levels were a legacy effect of the country’s domestic debt exchange programme, and what regulatory sanctions it would deploy against banks failing to clean up their balance sheets.

    The problem with “just erasing” bad debt

    Addressing the calls for banks to simply wipe out these long-standing bad loans to make their books look cleaner, Dr. Asiama explained that a rapid write-off policy sends the wrong message to borrowers.

    “Your question would be, why don’t we just erase the fully provisioned loans?” Dr. Asiama stated. “We don’t just erase them because there’s something called a moral hazard. If you just erase them, you could be raising moral hazard issues out there.”

    The Governor explained that forgiving or quietly erasing debt relieves the pressure on defaulting borrowers, which could encourage reckless borrowing behavior across the wider economy.

    Actively hunting defaulters

    To ensure financial discipline is maintained, the central bank expects commercial banks to keep debt collection units active, even for loans that have technically been accounted for as losses.

    “We still urge the commercial banks to pursue the beneficiaries of those loans, and as much as possible to collect, even though they may have written off fully those loans,” Dr. Asiama asserted. “They go after them and collect as much as they can.”

    Countdown to the 2026 deadline

    The central bank has already set wheels in motion to force compliance. The BoG has issued a series of strict guidelines to local banks, establishing a hard deadline at the end of 2026 for institutions to drastically reduce their toxic loan portfolios.

    According to earlier regulatory directives, the BoG is aiming to push the industry’s benchmark NPL ratio down below a 10% threshold by the time the enforcement window closes.

    Dr. Asiama noted that a collaborative framework is already yielding results, expressing confidence that the industry’s balance sheets will undergo a major transformation over the coming months.

    “There’s a programme in place. We are working together with the banks to make sure we reduce that stock,” the Governor concluded. “Once we reduce them, we’ll see even the gross NPL ratio declining significantly. So far, there’s been a lot of progress made. We’ll build on that.”

     

     

     

     

     

     

  • Ghana chases Africa’s 1.4 billion market as Trade Minister courts Chinese and Gulf investors

    Ghana chases Africa’s 1.4 billion market as Trade Minister courts Chinese and Gulf investors

    By Adnan Adams Mohammed

    In an aggressive push to transform the nation’s industrial landscape and accelerate economic growth, Trade Minister Hon. Elizabeth Ofosu-Adjare is leading a high-powered Ghanaian delegation to the People’s Republic of China.

    The mission aims to lock down multi-million-dollar partnerships in the industrial and agribusiness sectors by positioning Ghana as the continental gateway to the African Continental Free Trade Area (AfCFTA) market of 1.4 billion people.

    Undertaken on the directive of President John Dramani Mahama, the diplomatic and economic offensive aligns with the government’s broader “Reset Agenda.” The mission is designed to shift Ghana away from raw material exportation toward a heavily mechanized, export-led economy.

    The high-level delegation includes senior technical stakeholders from the Ministry of Food and Agriculture, the Volta Aluminium Company (VALCO), the Ghana Free Zones Authority, the Ghana Investment Promotion Centre (GIPC), and local private-sector conglomerate the Sentuo Group.

    Courting Beijing: The agribusiness transformation

    While addressing a forum of elite Chinese state corporations and private investors, Hon. Ofosu-Adjare made a compelling case for Ghana’s unique geostrategic advantage. She emphasized that investing in Ghanaian manufacturing guarantees unrestricted, duty-free tariff access to the entire African continent.

    “Ghana is not just an isolated market of over 30 million people; we are the commercial capital of Africa and the literal gateway to a 1.4 billion-consumer market valued at over 3.4 trillion dollars under AfCFTA,” the Trade Minister declared. “We are inviting Chinese manufacturers to move beyond merely trading with us. Come and establish your production bases in Ghana, tap into our stable political climate, use our rich resources, and export to the rest of Africa.”

    The delegation toured expansive industrial hubs in China’s Hubei Province, specifically inspecting advanced maize milling facilities, silo manufacturing plants, fertilizer production complexes, and chemical industrial parks. The focus on storage and milling infrastructure directly supports state ambitions to construct a self-sustaining domestic “maize economy.”

    “Through strategic partnerships and industrial cooperation, Ghana will establish modern maize milling and silo infrastructure to buy, process, store, and export value-added products to the world,” President Mahama noted in an brief issued from Accra, reinforcing the mission’s scope. “We are laying the foundations for absolute food security and industrial input self-reliance.”

    Deepening Gulf ties: Dubai Chamber touches down in Accra

    Simultaneously, Ghana’s trade infrastructure is receiving a massive boost from the Middle East. The Dubai Chamber of Commerce recently dispatched a trade mission to Accra to engage key local trade institutions—including the Ghana National Chamber of Commerce and Industry (GNCCI), GIPC, and the Importers and Exporters Association of Ghana—to deepen investment cooperation.

    Led by Salem Al Shamsi, the Executive Vice President of International Relations at Dubai Chambers, the bilateral talks centered on carving out direct communication lines between Emirati businesses and Ghanaian enterprises, with a strong focus on logistics, tech, and sustainable trade flows.

    Stéphane Miezan, President of the GNCCI, expressed great optimism about what a structured relationship with the Gulf hub means for the local private sector.

    “Our discussions focused entirely on building sustainable economic partnerships capable of supporting stronger trade flows between both markets,” Miezan stated following the closed-door sessions. “We want to see our local small and medium enterprises scaling up by forging direct joint ventures with Dubai-based companies.”

    Translating diplomacy into tangible inflows

    To ensure these international overtures yield actual economic dividends rather than remaining polite diplomatic gestures, the GIPC is moving swiftly to lower bureaucratic bottlenecks.

    Commenting on the dual economic engagements with China and the UAE, the Chief Executive Officer of GIPC, Simon Madjie, underlined that the domestic private sector must prepare itself to absorb these coming capital injections.

    “The engagement with Dubai Chambers and our ongoing mission in China are targeted at boosting private-sector participation,” Madjie explained. “GIPC is highlighting the concrete investment advantages, tax holidays, and free zone incentives available in Ghana. The key test now is ensuring these institutional engagements translate smoothly into concrete factory floors, export channels, and jobs.”

    With the Trade Ministry actively coordinating these investment pipelines, analysts view this coordinated global outreach as a timely maneuver to stabilize the local currency, build domestic agricultural resilience, and establish Accra as the undisputed industrial heartbeat of West Africa.