News Guide Africa

Category: Economy and Finance

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

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

    By Adnan Adams Mohammed

     

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

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

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

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

     

    Capitalizing on Strong Real-Sector Growth

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

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

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

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

    Private Credit Expansion Drives Market Opportunities

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

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

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

     

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

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

    By Adnan Adams Mohammed 

     

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

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

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

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

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

    Expand Net to Informal Workers, Plug Revenue Leakages

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

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

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

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

    Stakeholder Engagement and the Next Phase of Reforms

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

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

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

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

     

  • Cocoa stakeholders back new legal protections …hails COCOBOD Chief’s reformative agenda

    Cocoa stakeholders back new legal protections …hails COCOBOD Chief’s reformative agenda

    By Adnan Adams Mohammed

     

    Key stakeholders across Ghana’s cocoa value chain, including farmer associations and industry advocates, have commended the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, following the passage of the Cocoa Bill 2026.

    The legislation officially classifies cocoa trees as protected crops, shutting down legal loopholes and halting the arbitrary destruction of farms across major cocoa-growing belts.

    Speaking on behalf of industry civil society groups, Alistair Nelson of the Cocoa Network Forum praised the administration for establishing a firm statutory barrier against rapid land conversion, illegal mining, and unregulated commercial development.

    “For far too long, cocoa farmers have felt vulnerable to land speculators and predatory interests who clear farms without regard for the farmer’s livelihood or the country’s economy,” stated Alistair Nelson of the Cocoa Network Forum. “Dr. Randy Abbey and COCOBOD have demonstrated strong leadership by pushing for a modernized legal framework that places national interest and smallholder security at the forefront. Classifying cocoa as a protected crop gives our growers the legal backing they urgently need.”

     

    Farmer representatives across primary production regions also expressed overwhelming support for the new legal protections, noting that outdated statutes previously left their investments exposed.

    “We have watched cocoa farms cleared for timber, galamsey, and housing projects simply because old penalties were too weak to deter offenders,” noted Kwame Mensah, a veteran cocoa farmer and local cooperative leader. “This new law reassures us that our hard work is valued. COCOBOD’s intervention ensures that no one can just walk onto a cocoa farm and destroy trees at will.”

     

    Protecting Sector Capital and Land Security

    The legislation addresses the severe threat posed by aggressive land encroachment, which endangers both national output and the financial stability of agricultural investors.

    Addressing these challenges during a recent media engagement, Dr. Abbey highlighted how unchecked land sales to commercial third parties severely disrupt the sector.

    “The new law makes cocoa trees a protected crop to safeguard national and farmers’ interest,” Dr. Abbey stated. “They are destroying cocoa. Land sellers are giving these cocoa farms to timber companies, to mining companies, and now even to real estate developers across key cocoa-growing areas. They are clearing all the cocoa farms.”

    The COCOBOD chief warned that uncontrolled land clearing compounded by the fact that 40% of national cocoa acreage is affected by swollen shoot disease threatens the long-term viability of the nation’s cocoa footprint.

    “Consider the current situation,” Dr. Abbey noted. “COCOBOD is investing heavily in the cocoa sector, spending tens of millions of cedis and millions of dollars on fertilizers and agrochemicals, while employing more than 3,000 extension officers to support farmers. Yet people openly record themselves cutting down cocoa trees. How can that be acceptable?

    “People should not get the impression that the state is not investing in cocoa. The state is making significant investments and is therefore a stakeholder in the sector.”

    Dr. Abbey reassured landowners that the law focuses on crop preservation rather than property confiscation.

    “At the same time, the government is not saying that cocoa farms belong to the state,” he clarified. “This is different from minerals, where the land may belong to you but the minerals belong to the state, subject to compensation. We are not saying that all cocoa farms now belong to the government. The objective is simply to protect cocoa as an important national crop. Nobody is taking anyone’s land away.”

    Overhauling Penalties and Financial Protections

    Dr. Abbey criticized political commentators and detractors who dismiss the financial consequences of crop destruction, urging critics to recognize the economic strain placed on financial institutions and Licensed Buying Companies (LBCs).

    “When politicians were criticizing the law, I asked them whether they had gone to the banks to understand how the indebtedness in the cocoa sector was affecting their operations,” Dr. Abbey revealed. “I also asked whether they had visited the Licensed Buying Companies to see how the same indebtedness was affecting their businesses. The answer was no. Instead, they went straight to the farmers because that was the easier and more emotional approach.”

    He emphasized that modernizing the legal framework replaces obsolete statutes that failed to act as effective deterrents.

    “The issue raised about the courts relates to the 1979 decree,” Dr. Abbey pointed out. “The reason some people go ahead to destroy cocoa farms is because they have studied the decree and know the punishment stated in it. When you examine the 1979 decree, you realize that it is not adequate. The weakness of the law is one of the reasons why people continue to destroy cocoa farms.”

    Regulatory Support for Smallholders

    Defending the bill’s design, Dr. Abbey explained that Ghana requires statutory solutions aligned with domestic legal standards and human rights principles.

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

    The COCOBOD boss reiterated that the legislation offers comprehensive backing across all farm sizes.

    “Regardless of whether a cocoa farm is 0.5 hectares or several thousand hectares, it is still recognized as a farm and is entitled to support,” Dr. Abbey stated, adding that administrative regulations governing authorizations will be laid before Parliament shortly.

    Preserving Industry Growth and Constitutional Order

    Responding to concerns raised during consultations with farmer groups, Dr. Abbey clarified that the law introduces regulatory oversight rather than outright prohibitions on farm management.

    “When we met with the farmer groups, the main concern they raised was about restrictions on cutting or destroying cocoa trees,” Dr. Abbey said. “However, the version they referred to did not even include the words ‘without authorization’. What the law is saying is simply that there cannot be a free-for-all where anyone cuts down cocoa trees at will.”

    He concluded by emphasizing COCOBOD’s commitment to safeguarding the long-term survival of Ghana’s primary cash crop.

    “We made the decision because we believe this is the best way to protect cocoa farms,” Dr. Abbey asserted. “If any Ghanaian believes there is a better way, they should present it to us, and we will consider it. In any case, once the President assents to the bill and it becomes law, any lawyer in this country is free to challenge its constitutionality in the Supreme Court.

    “At the end of the day, when my name is mentioned, it will be on record that we took the necessary steps to protect cocoa. If the courts decide those steps are unconstitutional, then we must respect that decision. So, if tomorrow cocoa becomes extinct, it should not be said that no one tried to protect it.”

     

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

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

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

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

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

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

    Theme: Recharge, Reconnect, and Reinvent

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

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

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

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

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

    ADB PLC Investing in the Future of Its People

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

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

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

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

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

    Robert Dzato Challenges Bankers to Prepare for the Future

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

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

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

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

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

    From Professional Development to Stronger Human Connections

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

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

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

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

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

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

    A New Chapter for Professional Banking at ADB

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

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

     

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

     

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

    By Adnan Adams Mohammed

     

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

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

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

    ​Accelerating Monthly Yields

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

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

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

     

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

    ​Strong Fiscal Fundamentals and Tech Expansion

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

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

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

     

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

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

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

    By Adnan Adams Mohammed

     

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

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

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

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

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

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

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

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

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

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

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

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

     

  • Two economies, one country

    Two economies, one country

    Ghana’s growth rate depends on who you ask. That should worry the people who ask.

    BY THE KASOA ECONOMIST | ACCRA | AUGUST 3RD 2026

    Ask the African Development Bank how fast Ghana’s economy grew last year and the answer is 5.8%, with inflation down to 14.6% and the central bank’s policy rate cut by 350 basis points to 18%. Ask the World Bank and a rather different country appears with headline inflation of just 3.3% in February, a milder 5.1% growth forecast for 2026, and a story built less around monetary tightening than around a new offshore oilfield coming on stream. Both institutions are looking at the same economy. Neither is lying. That is the more unsettling possibility.

    Statistical disagreement between multilateral lenders is not new, and a gap of a percentage point or two in a growth forecast is the ordinary noise of economic modelling. What is harder to wave away is the inflation figure, where the AfDB’s 14.6% and the World Bank’s 3.3% are not measuring slightly different things. They appear to be measuring different months, different baskets, or different vintages of an economy that has been moving unusually fast. Ghana’s disinflation over the past two years has indeed been dramatic, but a nine-fold difference between two reputable sources is not a rounding error. It is a sign that Ghana’s statistical infrastructure is being asked to keep pace with a recovery that outran it.

    This matters more than it might seem. Investors, credit-rating agencies and Ghana’s own finance ministry all draw on these numbers to set expectations, price bonds and calibrate budgets. A pension fund manager in London deciding whether to buy Ghanaian eurobonds does not average the AfDB and World Bank figures. She picks whichever number suits her risk appetite, and worries about the other. A finance minister presenting a mid-year budget review, as Dr Cassiel Ato Forson did on July 23rd, must choose a single inflation assumption to build his numbers around, knowing that whichever he picks will be cited by critics as either too rosy or too gloomy. Divergent data does not average out into a sensible middle. It hands ammunition to whoever wants to make an argument.

    Some of the gap is methodological and defensible. The AfDB’s 14.6% plausibly reflects a year-on-year headline rate drawn from an earlier reading, capturing the tail end of Ghana’s post-crisis disinflation. The World Bank’s 3.3% looks more like a recent monthly print, taken after food and fuel prices had continued falling through the first quarter of 2026. Both can be true without contradicting each other, in the way that “it rained heavily this year” and “it is not raining right now” can both be accurate descriptions of the same country. The trouble is that neither institution’s report, in its public-facing summary at least, makes this clear enough for a non-specialist reader and precious few of the officials, journalists and traders who repeat these numbers are specialists in vintage-adjustment.

    There is a second, less charitable explanation, and it deserves airing rather than suppression, in the spirit of taking one’s own side’s argument seriously enough to test it. Multilateral development banks are not neutral computers. They are institutions with mandates, and mandates shape emphasis. The World Bank’s mission leans toward showcasing the success of the reforms it has helped finance the energy-sector clean-up, the cocoa restructuring, the new PECAN oilfield are all, in some sense, its own investment thesis vindicated. A lower inflation figure and a growth story anchored in new oil production reads as an institution pleased with its portfolio. None of this need be conscious cherry-picking. Institutions, like people, notice the data that confirms the story they are already telling.

    Ghana’s own statistical service is, in principle, the arbiter that should settle this. The Ghana Statistical Service publishes its own monthly consumer price index, and any credible number should ultimately be reconciled against it rather than triangulated from two foreign lenders with different reporting cycles. That the AfDB and World Bank figures diverge this sharply, rather than converging on the GSS’s own print, suggests both institutions are working from data with meaningfully different cut-off dates. This is an unglamorous explanation, but the likeliest one, and a reminder that “as of when” is doing more analytical work in African macroeconomic reporting than most headlines admit.

    The deeper lesson is not really about Ghana. Statistical capacity across much of sub-Saharan Africa remains thin, price surveys are conducted less frequently than in rich countries, and GDP rebasing exercises can move growth estimates by several percentage points overnight without the underlying economy having changed at all. When the underlying data infrastructure is this fragile, every multilateral report becomes less a measurement than an estimate wearing measurement’s clothing, and readers who treat these numbers with false precision are building conclusions on sand.

    None of this should curdle into blanket cynicism about African economic data, which is a lazier failure mode than the naive credulity it replaces. Ghana’s broad direction of travel such as falling inflation, a shrinking fiscal deficit, an oil sector adding new production, a currency under strain but not collapse, is consistent across every source, AfDB and World Bank alike, even where the decimal points disagree. The disagreement is real, but it is a disagreement about degree, not about direction. That is a meaningfully different, and less alarming, kind of uncertainty than it first appears.

    What Ghana needs, and what its statistical service, its finance ministry and its development partners could usefully coordinate on, is a single published reconciliation each quarter one table, one set of dated figures, footnoted by source and vintage, that journalists and analysts can cite without having to guess which institution’s number to trust this month. It is a modest, unglamorous fix for an unglamorous problem. But a country trying to convince bond markets it has left crisis management behind cannot afford to let its own success story be told in two contradictory voices at once.

     

  • ADB Supports Ga Mantse Ahead of 2026 Homowo Climax

    ADB Supports Ga Mantse Ahead of 2026 Homowo Climax

    The Agricultural Development Bank (ADB) PLC has reaffirmed its commitment to preserving Ghana’s rich cultural heritage and strengthening relationships with traditional authorities by supporting the Ga State ahead of the climax of the 2026 Homowo Festival.

    A high-powered delegation from the Bank, led by the Deputy Managing Director in charge of Operations, Mrs. Sylvia Naa Kwakai Nyante, paid a courtesy call on the Ga Mantse and presented a donation comprising an undisclosed amount of cash, assorted drinks, bottled water, and schnapps to support this year’s Homowo celebrations.

    The donation formed part of ADB’s longstanding commitment to promoting national unity, preserving Ghana’s cultural traditions, and partnering with communities in celebrating important festivals that define the country’s rich identity.

    Presenting the items on behalf of the Bank, Mrs. Nyante conveyed warm greetings from the Board; Managing Director, Edward Ato Sarpong; Executive Management; and Staff of ADB to the Ga Mantse and the people of the Ga State. She noted that Homowo is more than a festival, it is a celebration of resilience, gratitude, unity, hope, and values that resonate strongly with ADB’s corporate philosophy.

    She stated that ADB remains proud to identify with Ghana’s traditional institutions and believes they play an indispensable role in promoting peace, social cohesion, and national development.

    “At ADB, we recognise that our success is deeply rooted in the communities we serve. Supporting the Homowo Festival reflects our respect for Ghana’s rich cultural heritage and our commitment to strengthening partnerships with traditional authorities and the people of the Ga State,” Mrs. Nyante stated. “As a proudly Ghanaian bank, we remain dedicated to initiatives that unite our people and preserve the values that define us as a nation,” she added.

    The DMD Operations further reaffirmed the Bank’s commitment to supporting initiatives that contribute to community development while creating lasting value for customers and stakeholders across the country.

    Receiving the donation, the Ga Mantse expressed appreciation to ADB for its thoughtful gesture and continued support for the Homowo Festival. He commended the Bank for recognising the significance of Ghana’s traditional institutions and for consistently demonstrating its commitment to community development and national progress.

    The Ga Mantse also invoked blessings upon the Board, Management, Staff, and customers of ADB, praying for continued growth, prosperity, and success for the Bank and its customers.

    Homowo, one of Ghana’s most celebrated traditional festivals, commemorates the triumph of the Ga people over famine and serves as a powerful reminder of resilience, thanksgiving, unity, and shared prosperity. The annual celebration brings together chiefs, elders, families, residents, and visitors from across the country and beyond to honour the customs and traditions of the Ga State.

     

    ADB’s support for this year’s celebration underscores the Bank’s enduring commitment to corporate citizenship and its belief that sustainable development is achieved by working closely with communities and preserving the cultural heritage that binds the nation together.

    As one of Ghana’s leading indigenous banks, ADB continues to champion initiatives that promote economic empowerment, social inclusion, and cultural preservation, remaining true to its promise of delivering value that goes beyond banking.

    Other members of the ADB delegation included: Leon Bannerman Williams, Chief Risk Officer; Enoch Benjamin Donkoh, General Manager in charge of Business Banking; Kwame Asiedu Attrams, General Manager in charge of Agribusiness; Mohammed Ali, Head of Marketing and Communications; and Mrs. Obaapa Yeboah Addo, Head of Customer Care.

     

  • BoG, CIB join forces to guard Ghana’s financial ecosystem

    BoG, CIB join forces to guard Ghana’s financial ecosystem

    Ghana’s central bank and its premier professional banking body have pledged a renewed, united front to fortify the nation’s financial sector against emerging risks, fraudulent practices, and shifting technological disruptions.

    The renewed alliance between the Bank of Ghana (BoG) and the Chartered Institute of Bankers (CIB Ghana) was finalized during a high-level strategic visit by CIB Ghana’s newly appointed Governing Council to the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, at Bank Square in Accra.

    The dialogue focused on embedding strict ethical standards, elevating professional capacity, and preparing the industry for complex challenges ranging from cybersecurity and digital assets to artificial intelligence and quantum computing.

    Elevating Standards Across the Financial Spectrum

    During the engagement, the incoming President of CIB Ghana, Dr. Ellen Ohene-Afoakwa, presented the Institute’s strategic roadmap aimed at fostering competent, future-ready banking professionals. She highlighted flagship initiatives such as the Branch CEO Programme, the Chartered Banker for Executive Leadership (CBEL) Programme, and nationwide ethics and fraud awareness certification campaigns.

    Dr. Ohene-Afoakwa emphasized that the leadership team is focused on upholding integrity and building institutional capacity ahead of major global events.

    “Our vision is centered on dialing up ethics and professionalism across all tiers of the banking sector, rebuilding the Bankers’ House, and successfully hosting a truly World Conference of Banking Institutes (WCBI),” Dr. Ohene-Afoakwa stated.

     

    Ghana is scheduled to host the international WCBI conference in Accra in 2028, offering a global platform to highlight the nation’s financial education ecosystem and showcase Africa’s contributions to modern banking development.

    Focus on Fraud Prevention and Community Banking

    Welcoming the delegation, Governor Dr. Johnson Pandit Asiama commended CIB Ghana’s proactive stance in supporting regulatory bodies and stakeholders, including the Ghana Association of Banks (GAB), to combat fraudulent activities and emerging operational risks.

    Dr. Asiama stressed that high ethical standards are non-negotiable for maintaining public trust in financial institutions, comparing the sector’s duty of care to that of essential public services.

    “Just as society expects unwavering competence and moral responsibility in the health sector, those working in the banking sector must consistently demonstrate high levels of professional skill, ethical conduct, and accountability,” Dr. Asiama remarked.

     

    The Governor outlined ongoing central bank efforts to enforce rigorous background verifications and drive reforms within community banking. He challenged CIB Ghana to expand its training and certification programs beyond mainstream commercial banks.

    “I encourage the Institute to extend its ethics and capacity-building frameworks to encompass community banks and the broader financial ecosystem to ensure holistic protection for depositors,” he added.

     

    The meeting concluded with both entities expressing confidence that deepened institutional collaboration will foster a secure, trusted, and ethically sound banking industry capable of driving sustainable economic growth across Ghana.

     

  • Cut bad loans to spur private sector credit – BoG to commercial lenders

    Cut bad loans to spur private sector credit – BoG to commercial lenders

    By Adnan Adams Mohammed

     

    Commercial banks operating in Ghana must step up credit extension to the private sector while aggressively cleaning up their balance sheets, the Bank of Ghana (BoG) declared in a broad policy enforcement drive aimed at spurring national economic recovery.

    Addressing financial sector leaders, the BoG Governor emphasized that avoiding lending under the guise of risk aversion undermines economic growth and hinders business development across the country.

    “Banks must learn to manage risk, not avoid lending,” the Governor stated, urging financial institutions to adopt robust risk-assessment frameworks that allow them to extend credit responsibly to key sectors of the economy.

    The central bank chief noted that while maintaining asset quality is critical, a complete freeze or excessive restriction on credit facilities deprives viable businesses of the capital needed to expand and drive national recovery.

     

    Warning Over Post-Commencement Financing

    In a related directive, the central bank issued a stern warning to financial institutions regarding financial engineering practices that obscure the true health of their loan books. Specifically, banks were cautioned against misusing post-commencement financing mechanisms to mask underperforming assets.

    “BoG warns banks against using post-commencement financing to conceal bad loans,” the Governor cautioned, highlighting that transparency in financial reporting remains non-negotiable.

    The central bank expressed concern that some institutions might be leveraging restructuring mechanisms and distress financing tools inappropriately to avoid provisioning for impaired assets, thereby presenting a misleading picture of their balance sheets.

    Target Set: 10% NPL Ratio by End of 2026

    To ensure stability and enforce discipline within the banking industry, the central bank has established a firm target for balance sheet cleanup over the next two years.

    The BoG Governor officially directed all commercial banks to reduce their Non-Performing Loan (NPL) ratios to a maximum of 10% by the end of 2026.

    “The Bank of Ghana has directed banks to reduce their Non-Performing Loan ratio to 10% by the end of 2026,” the Governor stated, underscoring that achieving this benchmark is vital for safeguarding depositors’ funds and restoring confidence in the banking sector.

    Financial analysts have welcomed the central bank’s firm stance, noting that bringing NPL levels down to targeted thresholds will lower the cost of credit, boost profitability, and ultimately allow banks to perform their core role of intermediation more efficiently.

    Banks are expected to submit detailed action plans outlining their strategies for loan recovery, write-offs, and risk mitigation to meet the mandatory deadline.