News Guide Africa

Category: Economy and Finance

  • Gov’t to maintain military presence in forest reserves to deter illegal miners – Mahama declares

    Gov’t to maintain military presence in forest reserves to deter illegal miners – Mahama declares

    President John Dramani Mahama has declared that his administration will continue deploying and maintaining military detachments in cleared forest reserves to prevent illegal gold miners from returning.

    Speaking during his “Resetting Ghana Tour” of the Upper East Region, President Mahama acknowledged that maintaining an active military presence inside protected zones carries significant operational costs.

    However, he emphasized that sustaining military personnel on-site is necessary to break the persistent cycle of re-entry by galamsey operators after initial security clearance sweeps.

    A Shift in Strategy

    The President highlighted that previous enforcement efforts faced setbacks when reclaimed lands were handed over directly to civilian authorities.

    “NAIMOS is working very hard. We have seized excavators, we have seized Changfang machines, and we have driven illegal miners out of this area, and we are making progress,” President Mahama stated. “Out of the almost 49 forest reserves that were invaded [by illegal miners], we have been able to clear as many of them as possible of illegal miners.”

    He explained the tactical shift required to retain control over the reclaimed reserves: “What we initially did was that we handed the places to the Forestry Commission after clearing them, but the illegal miners don’t fear the forest guards, and so we now put a military detachment after we clear a forest reserve.”

    Budgetary Commitments and Anti-Galamsey Operations

    The enforcement campaign relies heavily on the operations of the National Anti-Illegal Mining Operations Secretariat (NAIMOS). Under the Ministry of Lands and Natural Resources, the multi-agency unit coordinates intelligence-led operations targeting illegal mining hubs near major water bodies and ecological sanctuaries.

    President Mahama acknowledged that long-term military stationing requires a continuous flow of public funds, but maintained that the expenditure is justified to safeguard Ghana’s forest cover and water systems.

    “That means we will have to spend more money to feed the soldiers and provide logistics for them to continue to stay in the forest, but we will not give up the fight,” the President added.

    Despite persistent environmental degradation across gold-bearing regions, the government maintains that stationed military units working alongside NAIMOS enforcement teams will remain deployed indefinitely to keep illegal miners out of protected forest reserves.

     

  • Calls Mount for Public Inquiry and Governance Reform Following Berko Conviction

    Calls Mount for Public Inquiry and Governance Reform Following Berko Conviction

    The Ghanaian energy sector faces unprecedented scrutiny as a wave of legal, political, and civil society demands highlights severe institutional oversights and controversies surrounding major power agreements.

    The fallout follows the U.S. conviction of former official Michael Thomas Berko in connection with bribery schemes tied to power generation contracts, exposing what experts call alarming gaps in domestic regulatory enforcement. Legal practitioner Vicky Bright issued a stark warning regarding the inability of local state institutions to detect and prosecute corrupt practices before foreign bodies intervene.

    “The Berko conviction in an international jurisdiction exposes deep-seated institutional failures within our domestic law enforcement and regulatory frameworks,” Bright warned. “When external authorities are the ones uncovering illicit financial practices linked to our energy assets, it signals an urgent need to rebuild national oversight institutions so they can proactively safeguard public resources.”

    In tandem with growing governance concerns, Member of Parliament Ignatius Baffour Awuah formally demanded an independent public inquiry into the AKSA Energy power contract, citing the need for total transparency surrounding financial obligations and contractual terms.

    “Given the persistent questions surrounding major energy agreements, launching a public inquiry into the AKSA deal is imperative,” Baffour Awuah stated. “The public deserves absolute clarity on how these agreements are structured and whether the financial terms genuinely protect the state’s economic interests.”

    Adding urgency to the demand for structural overhaul, the Chamber of Petroleum Consumers (COPEC) cautioned political leaders against using complex energy agreements as political footballs, urging immediate procurement reforms instead.

    “The continuous cycle of shifting political blame between opposing parties fails to protect the public purse,” COPEC emphasized in a statement. “Government must immediately close existing procurement loopholes, enforce strict competitive bidding, and modernize energy contracting processes to prevent costly governance failures from penalizing the Ghanaian public.”

    With pressure mounting across multiple fronts, policy analysts and legal scholars are urging Parliament to take decisive action to fortify statutory oversight and clean up state contracting protocols.

     

  • Understanding Ghana’s new Integrated Tax Administration System (ITAS) ….A simple guide to ITAS — what it is, why it matters, and what it means for every Ghanaian taxpayer

    Understanding Ghana’s new Integrated Tax Administration System (ITAS) ….A simple guide to ITAS — what it is, why it matters, and what it means for every Ghanaian taxpayer

    Every day, thousands of Ghanaians benefit from the roads we use, the hospitals we visit, the schools our children attend, and the public services that keep our communities running. Much of this infrastructure and these services are funded through tax revenue. Yet, for many taxpayers, the process of paying taxes has not always matched the smooth, modern services those taxes help provide.

    Consider Akosua, a fabric trader at Makola Market. She wants to do the right thing: register her business, keep accurate records, and set aside money to meet her tax obligations. However, when it is time to file, she finds herself moving between different counters and systems: one process for Value Added Tax (VAT), another for withholding tax obligations. Each process is disconnected from the next, with no single place to view what she owes or what she has already paid.

    Akosua’s experience reflects a wider challenge the Ghana Revenue Authority (GRA) has identified and is addressing through the introduction of a new digital platform: the Integrated Tax Administration System (ITAS).

    What is ITAS?

    In simple terms, ITAS is a single digital platform that brings together the core functions of tax administration, including taxpayer registration, filing of returns, payment processing, compliance management, audit, enforcement, and reporting.

    Think of it like the difference between keeping your money in several different accounts at several different banks, each with its own passbook and its own queue, versus having one account that shows you everything at a glance. That is the shift ITAS represents for tax administration in Ghana.

    Historically, tax administration within GRA’s Domestic Tax Revenue Division (DTRD) relied on manual processes and several standalone legacy systems. Although these systems served their purpose for many years, they also created fragmented taxpayer data, limited integration, duplicated processes, and operational inefficiencies. These challenges affected both GRA’s ability to make timely, informed decisions and taxpayers’ experience in meeting their obligations. ITAS replaces this fragmented domestic tax administration landscape with one modern, scalable platform and gives every taxpayer a single profile for managing their tax affairs.

    A Journey Years in the Making

    ITAS is not a sudden idea. It is the product of a long and deliberate process shaped by GRA’s broader digital transformation agenda and its strategic ambition to become a world-class revenue administration. A key objective of this agenda is to support Ghana’s goal of increasing the tax-to-GDP ratio to 20%.

    The journey began in 2019, when GRA initiated the procurement of two separate systems: one for general tax administration and another dedicated to VAT. Vendors submitted proposals for both systems, and the required approvals were secured from the Public Procurement Authority. However, during the evaluation stage, a recommendation emerged that changed the course of the project: instead of building two separate systems, GRA should adopt the global best practice of implementing a single, comprehensive platform covering all tax types.

    GRA accepted the recommendation. The two original tenders were cancelled, and the Authority partnered with the International Monetary Fund (IMF) to jointly develop the requirements for one unified system. Together, GRA and the IMF produced comprehensive Terms of Reference for a Commercial-Off-The-Shelf ITAS solution, which was reviewed and approved by GRA’s Top Management. The proposed system provided for online filing and payment, paperless and fully automated processes, multi-channel service delivery, real-time data processing, data-driven decision-making, and risk-based compliance management based on taxpayers’ compliance history.

    This approach builds on a model GRA has already proven elsewhere in the Authority. The Customs Division operates the Integrated Customs Management System (ICUMS), which streamlines Customs processes, reduces costs, and improves trade facilitation. In a similar way, ITAS is DTRD’s end-to-end system for domestic tax administration, designed to replace fragmented, manual processes with one integrated platform. As ITAS matures, GRA envisions closer integration between domestic tax and customs operations, bringing the two systems into greater alignment over time.

    Why ITAS Matters

    ITAS matters because an automated, integrated tax system strengthens how a country collects revenue, serves taxpayers, and manages compliance.

    GRA’s broader digitization drive has been building toward this moment. This includes the modernization of its technology infrastructure and data centre, the adoption of Microsoft 365 productivity tools across its workforce, and the move toward a Cashless GRA through Ghana.gov. Cashless goes beyond Ghana.gov. ITAS is the centrepiece of this transformation: a system designed to help GRA support the objective of achieving a 20% tax-to-GDP ratio, a benchmark that reflects a tax administration operating at full strength.

    Every gap an outdated or disconnected system leaves behind is a gap in revenue collection and that gap has real costs. It can mean slower services for taxpayers, missed opportunities to detect fraud or non-compliance, and less money available for the schools, hospitals, and infrastructure projects that depend on government revenue. An integrated system closes that gap. It gives GRA real-time visibility into compliance across the country, supports better risk assessment and more targeted enforcement, and reduces the manual processes that can introduce errors or delayed decisions.

    ITAS is also designed to be taxpayer-centric, giving every business and individual the ability to file, pay, and track their obligations digitally through web portals, mobile applications, and other self-service channels without needing to visit a GRA office in person for every transaction. This reduces the time taxpayers spend complying with their obligations and makes meeting them easier than avoiding them.

    How ITAS Works

    ITAS is built around a set of core features agreed jointly by GRA and the IMF, each addressing a specific weakness in the old way of doing things.

    Taxpayer-centred, self-service design. ITAS enables taxpayers to file returns and make payments electronically, access their tax information through web portals and mobile platforms, and reduce reliance on manual paperwork and in-person visits.

    Paperless and fully automated processes. By removing manual steps wherever possible, ITAS reduces the risk of error, speeds up processing, and gives GRA timely, accurate data to support its decisions.

    Multi-channel service delivery. Taxpayers are not limited to a single way of interacting with GRA. ITAS supports multiple digital channels, so taxpayers can choose what works best for them.

    Real-time data processing. Transactions are processed and analyzed as they happen, rather than in batches after the fact, enabling faster, better-informed decision-making.

    Data-driven decision-making. ITAS allows GRA to analyze patterns across the system and make more informed choices about tax policy, risk, and enforcement priorities.

    Risk-based compliance management. Rather than treating every taxpayer the same, ITAS segments taxpayers according to their risk profile and compliance history, allowing GRA to focus enforcement attention where it is genuinely needed, while reducing disruption for compliant taxpayers.

    Looking ahead, a fully implemented ITAS is expected to integrate with the National Identification Authority for individual registration how? and the Office of the Registrar of Companies (ORC) for the registration of companies and organisations. It will also support core functions such as returns processing, taxpayer accounting, revenue accounting, refunds, case management, audit, objections, and appeals.

    Plans are also in place to eventually connect ITAS with GRA’s other digital initiatives, including E-VAT, E-Commerce, Stamp Duty, and a central data warehouse. Over time, these connections will help bring the different strands of Ghana’s tax administration into a single, coherent picture.

    Where Things Stand

    ITAS is being rolled out in carefully managed phases, beginning with a pilot involving selected taxpayers and GRA offices.

    The pilot phase commenced on 1 April 2026 at the Kaneshie Taxpayer Service Centre. Selected taxpayers from the Large Taxpayer Office were later onboarded onto the system. The current phase covers the filing and payment of four tax types: Pay As You Earn (PAYE), Value Added Tax (VAT), VAT Withholding, and Withholding VAT.

    This phased approach is deliberate. Rather than moving the entire country onto a new system overnight, GRA is testing, learning, and refining ITAS with a defined group of taxpayers and tax types before expanding further. This carefully staged rollout, similar in discipline to the implementation of ICUMS, will help ensure that ITAS remains a stable and effective system for domestic tax administration.

    What This Means for You

    If you are a taxpayer currently within the pilot’s scope for example, at the Kaneshie Taxpayer Service Centre or as part of the Large Taxpayer Office ITAS already means a more modern, self-service way of meeting your tax obligations.

    If you are not yet part of the pilot, ITAS is still relevant to you. As the rollout expands, more tax types and more taxpayers will be brought onto the platform. The system is designed so that every taxpayer in Ghana can eventually manage their tax affairs through one unified system, rather than through the fragmented processes of the past.

    It is worth noting that ITAS is a tool for administering tax more efficiently. It is not a mechanism for introducing new taxes. What it changes is how your existing obligations are filed, paid, and tracked, not what you owe.

    How to Prepare

    You do not need to wait for the full rollout to start preparing. Taxpayers can take the following practical steps now:

    ● Make sure your taxpayer registration details with GRA are accurate and complete.

    ● Familiarise yourself with GRA’s existing digital channels, as these form the foundation on which ITAS builds. – All taxpayers file on GITMIS currently

    ● If you fall within one of the tax types currently covered by the pilot — PAYE, VAT, VAT Withholding, or Withholding VAT — take time to understand the new filing and payment process.

    ● Contact your nearest Taxpayer Service Centre for assistance where needed.

    ● Refer to the ITAS User Manual on the Authority’s website and tutorial videos on the GRA YouTube channel for additional guidance.

     

    The success of ITAS will depend on the collective support, adaptability, and commitment of both GRA staff and taxpayers as the Authority transitions into a fully digital tax environment. A system designed to make compliance easier will deliver its full value only when taxpayers actively engage with it.

    Ultimately, taxation is not simply an obligation handed down from above. It is a shared mechanism through which a country builds its future. ITAS represents a significant milestone in GRA’s transformation journey and a meaningful step toward a more efficient, transparent, and taxpayer-centred tax administration system for every Ghanaian.

    By: Public Education & Media Relations Unit

    Ghana Revenue Authority

     

  • Gov’t unlocks Upper East trade corridor with GH¢1bn Bawku investment and infrastructure guarantees

    Gov’t unlocks Upper East trade corridor with GH¢1bn Bawku investment and infrastructure guarantees

    By Adnan Adams Mohammed

     

    Signaling a strong pivot toward commercial stabilization in the Upper East Region, President John Dramani Mahama has unveiled a comprehensive development package designed to de-risk the local economy and stimulate cross-border trade.

    The government’s blueprint centers on a GH¢1 billion Bawku Revitalisation Fund, backed by guaranteed domestic financing for stalled transport and healthcare infrastructure.

    The newly announced revitalization fund serves as seed capital to revive local enterprises and upgrade municipal infrastructure, presenting a renewed opportunity for private sector engagement.

    “The Bawku Revitalisation Fund will focus on driving economic recovery, promoting peace, and empowering communities,” President Mahama stated during his regional tour. “We are committed to addressing the underlying socio-economic challenges in the area and ensuring that Bawku regains its status as a thriving commercial hub.”

    Supply chain logistics and contractor guarantees

    For logistics and construction investors, the immediate resumption of work on the 118-kilometer Bolgatanga-Bawku-Pulmakom highway marks a critical milestone. The route is a vital artery connecting Ghana’s markets to neighboring Burkina Faso and Togo.

    To restore contractor confidence, the government has shifted financing for the highway away from vulnerable external loans, committing direct domestic budgetary resources to ensure uninterrupted progress.

    “Although this project does not fall directly under the Big Push Programme, it is an associated Big Push project, and any certificates raised will be honoured promptly,” President Mahama assured Queiroz Galvão Construction (QGMI). “I assure you that your payments will be made on time so you can complete this project on schedule.”

    Minister for Roads and Highways, Kwame Governs Agbodza, confirmed that initial arrears have already been cleared, enabling the rapid remobilization of heavy equipment to the Zuarungu bridge site. “We have moved away from loan dependency and secured direct funding commitments,” Agbodza noted, emphasizing that the contractor will not abandon the site again.

    Healthcare procurement opportunities

    The region’s infrastructure overhaul also extends to the health sector. President Mahama announced the resumption of the stalled Agenda 111 hospital project, alongside plans to construct an entirely new health facility in Bawku. This dual commitment signals upcoming procurement opportunities for medical equipment suppliers, civil sub-contractors, and facility management firms aiming to operate in the growing northern corridor.

     

  • Ghana’s downstream oil industry targets regional power

    Ghana’s downstream oil industry targets regional power

    By Adnan Adams Mohammed

     

    Ghana’s downstream petroleum industry is facing a critical turning point as surging domestic demand and expanding regional exports clash with persistent domestic refining deficits and tight profit margins.

    With national consumption climbing to 7.45 billion liters, industry leaders and regulators are pushing for comprehensive structural investments, technological upgrades, and regional trade strategies under the African Continental Free Trade Area (AfCFTA).

    Data highlights a clear divide within the market: while overall petroleum product supply and demand surged by 15 percent to hit 8.7 billion liters, local refinery production dipped by over 11 percent, meeting barely 13 percent of national demand. This structural imbalance leaves local supply chains heavily exposed to international price swings.

     

    Downstream Industry Metric Performance Level Strategic Impact

    Total Domestic Consumption 7.45 Billion Liters (+15.3%) Spurred by transport, mining, and thermal power demand.

    Regional Product Exports ~1.0 Billion Liters (+25.0%) Positions Ghana as a distribution hub for Sahelian neighbors.

    Domestic Refinery Output ~500 Million Liters (-11.3%) Heightens vulnerability to international import price shocks.

    GDP Contribution ~10.0% of National Output Underlines the sector’s centrality to broader macroeconomic health.

     

    Stakeholder Perspectives on Infrastructure, Pricing, and Growth

    The gap between domestic refining output and surging fuel usage has prompted calls for structural reform across the distribution chain:

    “The downstream sector recorded a 15 percent increase in product supply and demand… However, domestic production from refineries was half a billion liters, which saw a decrease year-on-year. This imbalance exposes the sector to external shocks and global market volatility, reinforcing the urgency of strengthening our internal capacity.”— Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC)

    “This year is crucial in our drive to fashion out more innovative solutions to attract investments and create the needed buffers against external shocks in the fuel supply chain. Without sustained public and private investment, it will be difficult to build the infrastructure, technology, and human capital necessary to support Ghana’s long-term energy aspirations.”— Godwin Edudzi Tameklo, Esq., Chief Executive of the National Petroleum Authority (NPA)

     

    “Where the core product is a commodity and price competition is a race to the bottom, the most durable source of advantage left is the brand… We must move away from an unstable foundation where discounting erodes profit margins for everyone without buying genuine loyalty.”— Mohammed Issah, Petroleum Market Analyst

     

    Primary Market Drivers vs. Operational Bottlenecks

    ● Thermal Power and Transport Demand: A significant surge in fuel oil and gas oil utilization for thermal electricity generation, combined with robust commercial transport, drove the overall consumption increase.

    ● Regional Export Opportunities: Cross-border sales to landlocked neighbors such as Burkina Faso and Mali rose by 25 percent, offering a major foreign exchange revenue stream.

    ● Retail Forecourt Competition: Price deregulation and intense discounting between market leaders have compressed operator margins, forcing oil marketing companies to pivot toward digital loyalty schemes, non-fuel retail offerings, and service differentiation.

    ● Regulatory Modernization: Regulators are currently rolling out 24-hour depot operations, automated monitoring systems, and EV charging guidelines to future-proof distribution networks.

    While expanding trade volumes highlight Ghana’s growing role in regional energy logistics, achieving market stability will require closing the gap between raw import dependence and local processing infrastructure.

     

  • Ghana’s economy navigates inflation easing and structural debt

    Ghana’s economy navigates inflation easing and structural debt

    By Adnan Adams Mohammed

     

    Ghana’s macroeconomic landscape reflects a delicate transition from emergency fiscal stabilization to long-term structural recalibration.

    Following a turbulent period marked by comprehensive sovereign debt restructurings, rapid currency depreciation, and double-digit price increases, key performance indicators suggest an economy finding its footing. However, underlying structural vulnerabilities, ranging from elevated borrowing costs to persistent energy sector liabilities, continue to temper broader growth expectations.

    Data from the Bank of Ghana and the Ghana Statistical Service highlights a notable deceleration in headline inflation from historic highs. This disinflationary trend has allowed monetary authorities to transition away from aggressive monetary tightening, stabilizing the benchmark policy rate at 14.0%. Backed by strong international prices for gold, resilient cocoa receipts, and steady donor inflows under ongoing multilateral support programs, the Cedi has experienced reduced volatility compared to previous adjustment cycles, bolstering foreign exchange reserves and consumer sentiment.

     

    Macroeconomic Indicator Previous Peak / Level Current Estimate Policy Implications

    Real GDP Growth 0.5% (2020) ~4.8% – 5.0% Driven primarily by non-oil services and industrial extraction.

    Monetary Policy Rate 30.0% (July 2023) 14.0% Easing liquidity constraints while maintaining an anti-inflationary bias.

    Public Debt-to-GDP ~61.0% ~45.5% Reflects restructurings, though debt-service ratios remain elevated.

    Current Account Deficit Surplus (~4.4% of GDP) Supported by trade surpluses in the extractive export sectors.

     

    Expert Perspectives on the Recovery

    The ongoing trajectory of the domestic economy remains a subject of active debate among monetary authorities, international development partners, and private enterprise operators:

    “The current policy stance is intended to steer inflation toward the central bank’s medium-term target while allowing policymakers more time to assess incoming data and its implications for the domestic economy”, Dr. Johnson Asiama, Governor of the Bank of Ghana.

     

    “We are moving into a phase of measured recovery, where fiscal stability and disciplined debt management take priority over rapid, unchecked expansion”, World Bank Regional Lead, Africa Economic Update.

     

    “While easing inflation helps bring down operational input costs, high interest rates and cautious consumer spending mean small businesses still face tight liquidity”, Kwame Addo, Private Sector Analyst & Trade Consultant

     

    “Ensuring that the macroeconomic gains filter down to the real economy requires sustained investment in domestic value-addition, particularly in agribusiness and light manufacturing”, Abena Mensah, Senior Fellow at the Center for Economic Policy

     

    Key Growth Drivers vs. Downside Risks

    ● Primary Growth Drivers: The non-oil services sector led by telecommunications, financial services, and digital trade continues to serve as the chief engine of domestic output. This is complemented by strong extractive yields from high gold production and an improved balance-of-payments position that provides crucial import cover.

    ● Fiscal and Structural Challenges: Although the primary budget deficit has narrowed under strict expenditure controls, high legacy debt-service obligations, tight domestic credit conditions, and elevated youth unemployment continue to restrict private sector capital investment.

    ● Energy Sector Liabilities: Accumulating arrears within the domestic power supply chain remain a notable implicit fiscal liability, requiring continued sector reform to prevent fiscal slip-ups.

    ● External Volatility: External commodity price fluctuations, particularly shifting global oil and cocoa prices, continue to present vulnerability to state revenue projections and foreign exchange supply.

    While macroeconomic stabilization initiatives have successfully curbed runaway inflation and reduced currency volatility, translating these top-line figures into widespread employment creation and improved living standards remains the chief hurdle for economic managers over the medium term.

     

  • Ghana’s $10bn agri-bet is de-risking the market for global capital

    Ghana’s $10bn agri-bet is de-risking the market for global capital

    By Adnan Adams Mohammed

     

    Global venture capital firms, private equity managers, and institutional investors are turning their attention to West Africa following President John Dramani Mahama’s unveiling of a US$10 billion “Big Push” infrastructure initiative.

    Positioned to de-risk the agriculture and agro-processing sectors, the state-backed master plan offers private sector stakeholders an unprecedented entry point into Ghana’s rapidly modernizing agribusiness ecosystem.

    The capital deployment blueprint commits US$2 billion annually over five years, allocating public resources to critical foundational infrastructure, such as irrigation schemes, cold-chain logistics, and processing zones, specifically designed to yield high risk-adjusted returns for commercial investors.

    Speaking to international business executives and domestic industry leaders at the National Agribusiness Dialogue at the Kempinski Gold Coast Hotel, President Mahama emphasized that the government is laying down capital infrastructure to catalyze commercial co-investment.

    “We will not concentrate on agriculture only, but also focus on agro-processing to process the raw materials into finished products,” President Mahama announced. “These investments will be financially structured to ensure that there will be no additional burden on the public debt.”

     

    Capital-Efficient Model: De-Risking the Supply Chain

    To reassure risk-conscious investors, the Ministry of Finance approved the procurement of over 600 heavy agricultural machines to launch 50 Farmers’ Service Centres in high-yield agricultural corridors. Rather than distributing asset-heavy equipment to individual producers, the government is introducing an asset-light “Equipment-as-a-Service” model.

    “These tractors and equipment will not be sold to farmers as was the practice in the past,” President Mahama highlighted. “Instead, they will be stationed at strategically located farmers’ service centres to provide essential mechanisation support. Farmers will have the opportunity to register with their local centre and request services as needed.”

    By solving the primary operational bottleneck for smallholders, capital expenditure on machinery, the policy creates consistent, reliable outgrower networks for private processors.

    “What farmers need is not to own tractors and combine harvesters. What they need is the service of tractors and combine harvesters,” Mahama noted, emphasizing that the reduction in operational overheads will lead to higher crop yields and stable supply chains required by industrial buyers.

     

    Fiscal Discipline and Transparency Standards

    A key highlight for foreign direct investment (FDI) partners is the fiscal transparency surrounding the project’s capitalization. Primary funding will be derived from structured petroleum revenues and mineral royalties rather than high-yield commercial borrowing.

    In a consultative meeting with the Public Interest and Accountability Committee (PIAC), President Mahama underscored the administration’s focus on governance and fiscal accountability.

    “Oil revenues earmarked for the ‘Big Push’ infrastructure initiative will be efficiently disbursed and managed,” the President assured the oversight body, pointing to strong oversight mechanisms as a safeguard against capital misallocation.

    For impact investors and venture funds looking at environmental, social, and governance (ESG) metrics, the initiative’s focus on expanding irrigation schemes, storage warehousing, and rural road networks presents bankable infrastructure assets that guarantee long-term value creation.

     

    Market Opportunities for Commercial Agribusiness

    Focusing on human capital development and value addition, Minister of Food and Agriculture Eric Opoku underscored the commercial synergy between public infrastructure investment and private enterprise growth.

    “Sustainable agricultural transformation depends on skilled engineers, extension officers, researchers, technicians, entrepreneurs, and agribusiness professionals,” Minister Opoku declared. “By integrating modern machinery, research, and agro-processing facilities, we are building a foundation that directly links local production to industrial growth.”

    With local processing capabilities ramping up, institutional investors are eyeing export-driven markets across the ECOWAS sub-region. By bridging the gap between farm-gate productivity and factory processing, Ghana’s US$10 billion “Big Push” presents an attractive, de-risked destination for global agribusiness capital.

     

  • Beyond the Counter: Ghana’s new digital system is reshaping the taxpayer experience

    Beyond the Counter: Ghana’s new digital system is reshaping the taxpayer experience

    By Adnan Adams Mohammed

     

    Every morning at Makola Market, trader Akosua Mensah opens her fabric stall surrounded by the vibrant buzz of Accra’s commercial heart.

    She takes pride in doing business the right way, paying her suppliers, keeping manual ledgers, and striving to meet her national obligations. Yet, until recently, fulfilling those obligations meant stepping into a maze of fragmented bureaucracy.

    “In the past, ensuring full tax compliance meant hours spent traveling between different offices and managing stacks of paper files,” Mensah recalls. “One process for VAT, another for withholding tax each handled at different counters with no single place to see what you owed or what you had paid. It took critical time away from running the stall.”

    Mensah’s long-standing frustration points to a systemic challenge the Ghana Revenue Authority (GRA) is now actively dismantling. Through the introduction of its Integrated Tax Administration System (ITAS), the GRA is executing a fundamental shift: moving away from decades of disconnected legacy processes and toward a unified, taxpayer-centric digital portal.

    The multi-year journey to ITAS reflects a deliberate drive toward modernizing Ghana’s domestic tax landscape, supporting the national ambition to raise the tax-to-GDP ratio to 20%. Rather than building separate systems for different tax types, the GRA partnered with the International Monetary Fund (IMF) to procure a single, commercial-off-the-shelf platform capable of managing the full taxpayer lifecycle from registration and filing to auditing and refunds.

    “It is the digital equivalent of consolidating multiple bank accounts across different branches into a single online view,” explains a spokesperson for the GRA’s Public Education & Media Relations Unit. “ITAS replaces a fragmented landscape with one secure profile for every taxpayer, bringing real-time transparency to domestic tax administration.”

    The platform is currently undergoing a phased rollout. Following an initial launch at the Kaneshie Taxpayer Service Centre on 1 April 2026, the pilot was expanded to include selected entities within the Large Taxpayer Office, initially focusing on four key tax types: Pay As You Earn (PAYE), Value Added Tax (VAT), VAT Withholding, and Withholding VAT.

    For tax administrators, the upgrade provides critical visibility into compliance trends and risk management, allowing enforcement teams to operate with data-driven precision rather than broad administrative sweeps.

    “By adopting risk-based compliance and real-time data processing, ITAS allows us to focus our resources where risk is genuinely high, while providing a seamless, paperless experience for compliant citizens,” says a senior official with the GRA’s Domestic Tax Revenue Division.

    Crucially, tax authorities are emphasizing that this technological evolution alters the delivery mechanism of public finance, not the underlying fiscal policy.

    “It is critical for the public to understand that ITAS does not introduce new taxes or increase existing rates,” clarifies a Lead Project Coordinator for the ITAS Implementation Team. “It simply modernises how existing taxes are filed, paid, and tracked. As we gradually expand the pilot to integrate with the National Identification Authority and the Office of the Registrar of Companies, ITAS will set a new benchmark for public sector efficiency.”

    Back at Makola Market, the human impact of that efficiency is clear. For taxpayers like Mensah, the transition to self-service digital channels means fewer hours lost to queues and more time spent contributing to the local economy.

    “A simplified platform where we can check balances and file returns online gives small business owners clarity,” Mensah says. “When the process is straightforward, doing your part for the country feels less like a burden and more like a shared investment.”

     

  • West African cocoa deficit drives futures to $5,925 as supply shocks reshape agri-investment strategy

    West African cocoa deficit drives futures to $5,925 as supply shocks reshape agri-investment strategy

    By Adnan Adams Mohammed

     

    Institutional investors, commodity trading desks, and global food conglomerates are recalibrating risk models as a widening structural supply deficit in West Africa propels cocoa benchmark futures to US$5,925 per tonne.

    The market move reflects growing realization that declining harvest volumes across the region represent a long-term structural realignment rather than a brief seasonal bump, creating cost pressures for buyers while opening new entry points for agricultural private equity.

    The market situation follows official confirmation from Ghana’s cocoa regulator, COCOBOD, that national output for the 2026/27 season starting in September will drop by at least 16%. COCOBOD attributes the decline to severe weather linked to El Niño patterns, swollen shoot virus, aging plantations, and farm loss from illegal gold mining (galamsey) across key growing belts in the Western and Western North regions.

    Coupled with neighboring Côte d’Ivoire’s projected production drop of over 10%, approximately 60% of total global bean supply now faces severe output constraints.

    “For FMCG conglomerates and confectionery operators, rising input costs are shifting from a temporary cyclical headwind to a multi-year structural reality,” said a senior agri-food strategist at an institutional private equity firm. “The next 90 days represent a critical hedging window that will dictate corporate margins through 2027 as procurement teams work to lock in prices before tight inventories extend cost spikes.”

    Beyond raw material inflation, regional policy changes are actively driving capital realignment. In-country processing mandates highlighted by Nigeria’s export ban on raw cocoa beans aimed at doubling domestic processing revenues by 2030 are driving new capital deployments toward local cocoa butter, powder, and chocolate manufacturing facilities.

    “Regional policy shifts are accelerating downstream value-addition opportunities across West Africa,” noted a midstream commodity infrastructure analyst. “The transition from raw bean exportation to in-country grinding and refining is unlocking major infrastructure opportunities for private capital, helping governments capture significantly more value locally.”

    Despite reduced yields, elevated benchmark prices and the Ghana-Côte d’Ivoire price harmonisation agreement signed in June are helping insulate farmgate economics.

    “Elevated global prices offer a vital buffer to local farmgate revenue streams, altering credit risk profiles and supporting rural liquidity across farming communities,” explained a regional agricultural lending coordinator. “While COCOBOD has reintroduced nationwide free fertiliser schemes and plantation rehabilitation programs, restoring aging trees and degraded soil remains a multi-year effort. Capital is increasingly moving toward yield-remediation technologies, soil restoration, and disease-resistant plant breeding to offset land loss over the long term.”

     

  • GCB Bank dismisses Labone robbery rumors, assures public of safety

    GCB Bank dismisses Labone robbery rumors, assures public of safety

    By News Desk

     

    Management of GCB Bank PLC has debunked reports circulating about an alleged attempted robbery at its Labone branch, reassuring the public and its customers that its operations remain secure and completely unaffected.

    The official statement follows viral reports concerning an attempted robbery incident in the broader Labone vicinity, which erroneously linked the financial institution to the event.

    In a press release issued on Thursday, August 13, 2026, the Corporate Affairs Department of GCB Bank clarified that neither its facility nor its personnel were involved in or compromised by the reported incident.

    “GCB Bank wishes to clarify that no robbery or attempted robbery took place at our Labone Branch or on the Bank’s premises,” the bank stated. “At no point was the branch breached, and no customer, member of staff, funds or property of the Bank was affected.”

     

    Operations Continue Unhindered

    Addressing the anxiety created by the rumors, the banking institution encouraged clients to go about their normal business without fear, emphasizing that normal banking activities have not been disrupted.

    “The Labone Branch remains secure, and customers can continue to conduct their banking transactions with confidence,” the statement noted.

     

    Robust Security and Collaboration

    Reiterating its focus on asset protection and personnel welfare, the bank highlighted its ongoing commitment to maintaining high-level security standards across all branch networks in the country.

    “GCB Bank takes the safety and security of its customers, employees and facilities very seriously and continues to maintain robust security measures across its network,” the statement read.

     

    The financial institution added that it is actively collaborating with law enforcement officials to stay updated on security developments in the area.

    “We remain in contact with the relevant authorities and will continue to monitor developments regarding the incident,” Corporate Affairs assured. “We wish to reassure all our customers and stakeholders that GCB Bank remains safe, secure and fully committed to serving them.”