News Guide Africa

Category: Features

  • Analysis: The David vs. Goliath Struggle in Ghana’s Fuel Market

    Analysis: The David vs. Goliath Struggle in Ghana’s Fuel Market

    By Adnan Adams Mohammed, Financial and Economist Journalist

    As the “Tigers and Lions”, Star Oil and GOIL, engage in a high-stakes price war, the ripples are being felt most acutely by the nearly 200 smaller Oil Marketing Companies (OMCs) that populate the fringes of the Ghanaian market.

    While the headlines focus on the drama at the top, a quiet crisis of sustainability is brewing for the “Davids” of the industry.

    Here is an analysis of how this price war could reshape the landscape for smaller players in the coming months.

    1. The Margin Squeeze: No Room to Breathe

    For large players like Star Oil, scale is a weapon. With an 805% growth rate over the last five years and advanced automation to curb forecourt losses, they can afford to operate on razor-thin margins. Smaller OMCs, however, often face higher overheads per liter sold.

    The Procurement Gap:

    Smaller firms lack the massive credit lines of the giants (often capped below US$3 million), meaning they pay 2% to 4% more to Bulk Distribution Companies (BDCs) for their product.

    The Price Trap:

    When the market leaders drop petrol to GH¢9.97, smaller players are forced to follow suit to keep their pumps running. Without the same efficiency, they aren’t just cutting profit—they are often cutting into the capital needed to buy their next load of fuel.

    2. The Threat of “Station Cannibalization”

    The price war is currently focused on high-traffic urban centers like Accra and Kumasi. In these areas, consumers are incredibly price-sensitive, often switching stations for a difference of just 2 pesewas.

    Short-term:

    Smaller OMCs may see a sharp drop in volume as loyal customers migrate to “discount stations.”

    Long-term:

    Industry analysts predict a wave of acquisitions. If small operators cannot break even over the next three pricing windows (roughly 45 days), many may be forced to lease their prime-location stations to the very giants they are currently fighting.

    3. The Rural Fallout

    While urban consumers benefit from the war, the “last mile” of Ghana’s fuel supply is at risk. Small OMCs are the backbone of rural fuel security, operating where the big brands find it unprofitable to go. “If the price war drives small players out of business, we won’t just see higher prices in the long run we’ll see ‘fuel deserts’ in rural Ghana where no one is left to serve the farmer or the local transport operator,” warns an analyst from the Institute for Energy Security (IES).

    4. Regulatory Tug-of-War: The Price Floor “Shield”

    The National Petroleum Authority (NPA) and COMAC maintain that the price floor is the only thing standing between the current market and total consolidation.

    Outcome Impact on Small OMCs

    Floor Maintained: Provides a “minimum safety net” that prevents giants from selling below cost to intentionally kill competition.

    Floor Scrapped: Could lead to a “race to the bottom” where only the top 5–10 companies survive, leading to an oligopoly.

    The Verdict: A Looming Shake-up

    The coming months will likely be a “survival of the fittest” period. We can expect:

    Consolidation: The number of active OMCs (currently around 210) could drop significantly by the end of 2026 as smaller firms merge to survive.

    Service Diversification: Small OMCs may stop competing on price and pivot to “niche” value, such as better customer service or loyalty programs, to retain local footprints.

    Adnan Adams Mohammed is a Financial and Economist Journalist

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • “Communication Is Policy”: PRINPAG and BoG partner to combat economic misinformation

    Dignitaries at the PRINPAG and BoG training workshop

     

     

     

    By Adnan Adams Mohammed

     

    In a strategic move to safeguard Ghana’s financial stability, the Private Newspaper and Online News Publishers Association of Ghana (PRINPAG) and the Bank of Ghana (BoG) have forged a new partnership to prioritize accuracy and ethical standards in economic reporting.

     

    The initiative was solidified during a specialized training workshop held at the Peace Holiday Resort, Ada, on Saturday, January 24, 2026. The event, themed “Resetting the Economy: The Role of Journalists, News Publishers and Media Owners,” featured high-level contributions from the central bank aimed at aligning media narratives with national economic recovery efforts.

     

    A “Launchpad” for Stability

     

    Delivering an address on behalf of the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, the Advisor to the Governor, Dr. Francis Yao Kumah, underscored the progress made over the past year. He noted that Ghana enters 2026 on a stronger footing, with inflation plummeting from 23.8% in December 2024 to 5.4% in December 2025.

     

    Furthermore, gross international reserves have strengthened to over US$13.9 billion, providing approximately 5.7 months of import cover. However, Dr. Kumah warned that these gains are merely a “launchpad”.

     

    “Resetting the economy requires resetting expectations from short-termism to patience, and resetting behaviors across the information ecosystem that shapes public understanding,” he stated.

     

    The Media as an Economic Anchor

     

    The workshop highlighted the delicate nature of financial journalism, with the BoG emphasizing that “economic information carries weight”. Dr. Kumah argued that a well-informed media acts as an anchor for confidence by contextualizing data and countering misinformation that can trigger market volatility.

     

    “Our expectation is not compliance but responsibility,” the Governor’s address noted, underscoring the need for accuracy, balance, and appropriateness of context. The Bank cautioned that incomplete or de-contextualized reporting—particularly regarding foreign exchange (FX) markets—can amplify uncertainty.

     

    New Incentives for Excellence

     

    To foster this “New Partnership for a New Phase,” the Bank of Ghana announced several proactive measures to support newsrooms:

     

    Expanded Training: Scaling up specialized sessions on monetary policy, FX operations, and financial stability.

     

    Editors’ & Producers’ Forum: Establishing a regular forum to provide media gatekeepers with the context needed to guide coverage before major policy cycles.

     

    Annual Awards: Launching the Governor’s “Economic and Financial Story of the Year” Award. The winner will receive sponsorship to attend the IMF/World Bank Meetings, a move designed to encourage depth of analysis and clarity in reporting.

     

    Strengthening the Bridge

     

    PRINPAG leadership and workshop participants welcomed the central bank’s commitment to openness. The Bank’s communications team pledged to maintain open lines for timely clarifications and access to subject-matter experts to ensure every story is well-sourced and confidently delivered.

     

    “Communication Is Policy”

     

    Echoing these sentiments, the President of PRINPAG, Mr. David Tamakloe, delivered a powerful message centered on the mantra: “Communication Is Policy.”

     

    He argued that for any economic policy to succeed, it must be communicated effectively and accurately to the citizenry. “The way we report economic issues can either build investor confidence or destroy it. As journalists, we are partners in national development, and our pens must be guided by the national interest,” Mr. Tamakloe said.

     

    He noted that the workshop was part of PRINPAG’s broader agenda to build the capacity of its members, ensuring that private media outlets remain competitive and credible in an increasingly volatile information landscape.

     

    Tackling Misinformation

     

    The training session comes at a time when Ghana’s economic climate is under intense international and local scrutiny. Speakers at the event noted that “fake news” regarding exchange rates, inflation, and the banking sector often spreads faster than official rebuttals, creating a “perception-led” volatility in the markets.

     

    Participants were taken through modules on interpreting financial statements, understanding Central Bank operations, and the ethics of financial gatekeeping.

     

    Speaking to the participants, Dr. Bernard Ato Otabil, Director of Communications at the Bank of Ghana, underscored the delicate nature of financial journalism. He warned that in the modern era of rapid digital dissemination, irresponsible reporting could trigger unnecessary panic and destabilize the national economy.

     

    “Economic reporting is not just about the numbers; it is about the impact those numbers have on lives and markets,” Dr. Otabil stated. He urged media practitioners to move away from sensationalism and instead focus on evidence-based analysis to help the public make informed decisions.

     

    Dr. Otabil further highlighted that rising cases of misinformation—often fueled by social media—pose a significant threat to monetary policy. He challenged journalists to verify complex data with official sources before publication, noting that the BoG remains committed to transparency.

     

    Participants see the workshop as a timely intervention to strengthen the bridge between policy-makers and the Fourth Estate, ensuring that the “Policy of Communication” serves as a tool for economic growth rather than a source of confusion.

     

    As Ghana navigates a period of economic consolidation in 2026, the consensus from Ada was clear: when the media succeeds in its role, the public understands, and the economy functions better.

     

  • The Digital Architect: How Julius Neequaye Kotey is Reimagining Ghana’s DVLA

     

    Julius Neequaye Kotey, DVLA CEO

     

     

    By Adnan Adams Mohammed

    For decades, the mention of the Driver and Vehicle Licensing Authority (DVLA) in Ghana conjured images of endless queues, sweltering heat, and the omnipresent “goro boys” lurking in the shadows of the yard.

    It was a bureaucratic fortress that many citizens approached with a sense of dread.

    Fast forward to 2026, and a quiet but radical revolution has taken hold at the Authority’s Weija headquarters and beyond. At the center of this transformation is Julius Neequaye Kotey, the Chief Executive Officer whose leadership has turned a “bureaucratic dinosaur” into a modern, tech-driven powerhouse.

    From Debt to Digital Dominance

    When Mr. Kotey took the helm in January 2025, he didn’t inherit a polished machine. Instead, he met a staggering financial crisis—a debt totaling over $200 million in foreign currency and GH¢300 million locally. His first order of business wasn’t just survival; it was a total “review, reset, and restore.”

    Within just one year, the results are undeniable:

    Revenue Growth: A massive 37% increase in revenue by the end of 2025 alone.

    Efficiency: The clearance of a 440,000-backlog of driver’s licenses that had frustrated Ghanaians for years.

    Modernization: The replacement of chaotic aluminum “Drive From Port” (DP) plates with secure, digital DP Stickers featuring embedded QR codes.

     

    Bringing the DVLA to Your Doorstep

    Perhaps the most “compelling” aspect of Kotey’s tenure is the decentralization of services. Under his leadership, the DVLA has moved from the gated offices of Accra to the hearts of local communities.

    The 24-Hour Economy in Action: Aligning with national goals, Kotey launched Ghana’s first 24-hour public service centers, starting in Adenta. Citizens can now renew licenses or register vehicles at 2:00 AM, making the “come tomorrow” excuse a thing of the past.

    Going Global: Recognizing the Ghanaian diaspora, the DVLA has expanded its reach with international offices in London, Hamburg, Dubai, Toronto, and Washington. This ensures that Ghanaians abroad can renew their documentation without the “trauma” of long-distance middlemen.

    Community Outreach: From lorry terminal engagements to new offices in places like Mankessim and Bawjiase, the goal is clear: eliminate the “goro boys” by making the official service more accessible than the illegal alternative.

    The 2026 Vision: Smart Plates and Birthday Licenses

    Never one to rest on past laurels, Kotey recently announced a suite of forward-thinking reforms that are set to redefine road safety and compliance in Ghana.

    “My driving philosophy has always been that the day you recognize there is something wrong is the day of ratification,” Kotey noted during a recent stakeholder engagement.

    In January 2026, the Authority began rolling out RFID-embedded number plates. These “detective” plates are not just for identification; they enable real-time verification, help track stolen vehicles, and support the national toll system. Furthermore, in a move praised for its simplicity, driver’s licenses will now expire on the holder’s birthday, supported by an automated SMS notification system to remind motorists before their credentials lapse.

     

    A Leadership Built on Empathy

    Beyond the software and the security chips, Julius Neequaye Kotey’s leadership is defined by a commitment to the human element. Whether it’s pledging better healthcare and promotion structures for his staff or his “National Service to CEO” journey, he leads with the perspective of someone who has seen the system from every angle.

    As the DVLA continues its evolution into a world-class institution, one thing is certain: under Julius Neequaye Kotey, the “license to believe” in efficient public service has finally been issued to all Ghanaians.

     

     

     

     

     

     

  • Stakeholders clash amid call for review of Gold For Reserves policy

    Stakeholders clash amid call for review of Gold For Reserves policy

    By Adnan Adams Mohammed

    The immediate past Finance Minister, Dr. Mohammed Amin Adam, has questioned the sincerity of the Bank of Ghana’s data provided to the International Monetary Fund (IMF), particularly regarding a reported GH¢3.8 billion loss in 2024 under the Gold for Reserves programme.

    Dr. Adam highlighted the absence of documentation for this loss at a parliamentary hearing and its non-inclusion in the bank’s published financial statements or reports to the IMF, raising concerns about potential misreporting.

    As tensions rise, Bank of Ghana Governor, Dr. Johnson Asiama, has called for a review of the programme, urging the Finance Ministry to consider alternative financing structures to ease the central bank’s financial burden. The programme’s sustainability hangs in the balance as stakeholders demand accountability and transparency.

    The IMF has insisted it stands by its assessment of a US$214 million loss through the Bank of Ghana’s Gold for Reserves programme by September 2025, clarifying that its report aimed to highlight operational and financial risks rather than classify the program as loss-making.

    The Bank of Ghana however, describes the IMF’s assessment as speculative, since it is citing unaudited figures.

    The IMF’s Country Representative for Ghana, Dr Adrian Alter, disclosed this during a conversation on PM Express Business Edition, last week.

    Dr Alter explained that the assessment contained in the staff report was not intended to classify the Domestic Gold Purchase Programme as a loss-making operation, but rather to highlight the operational and financial risks, particularly in relation to Goldbod dealings.

    The country representative noted that “we understand that the numbers are still being audited as we speak, and there is the likelihood that numbers could go down marginally or go up.”

    Dr Alter acknowledged that the Bank of Ghana had described the IMF’s assessment as speculative because audited figures are still being prepared.

    He stressed that the Fund stands by its assessment, which was meant to highlight expected challenges and not to cast doubt on the programme.

    Apparently, the Bank of Ghana, in a statement issued on December 25, 2025, maintained that figures reported in relation to losses from gold operations in 2025 should be described as speculative.

    The Bank argued that since its audited financial statements for its 2025 performance, including all relevant disclosures, will be published in 2026 in accordance with statutory requirements, it would not be right to give credence to these reports.

    The Bank of Ghana further noted that although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme, these concerns should be viewed within the broader context of the programme’s significant macroeconomic contribution.

    It stated that the Domestic Gold Purchase Programme has helped to boost Ghana’s international reserves, support currency stability, and enable access to large volumes of foreign exchange without incurring new debt.

    “The operational role of GOLDBOD as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market,” the document from the Bank of Ghana stated.

    Consequently, Dr Asiama, has called for a review of the Gold-for-Reserves programme, urging the Minister for Finance, Dr Cassiel Ato Forson, to consider a more sustainable financing structure for the Ghana Gold Board’s (GoldBod) trading operations.

    He said such a rethink is necessary to ease the financial burden currently borne by the central bank.

    Dr Asiama made the appeal while responding to questions at a sitting of Parliament’s Public Accounts Committee, where concerns were raised about losses incurred by the Bank of Ghana in supporting GoldBod’s gold purchasing activities.

    He explained that the programme plays a key role in building Ghana’s foreign reserves and therefore requires stronger backing from the Ministry of Finance.

    “It’s not a question of shutting it down, but enhancing its efficiency by looking at the inefficiencies and taking them out,” he said.

    According to the BoG Governor, a critical issue is whether the costs associated with the programme should continue to be absorbed by the central bank.

    “The best thing now, in the national interest, is to look again at the trading model and decide whether the Ministry of Finance should make a budgetary allocation to take care of the costs, given that this is supporting our reserves build-up,” Dr Asiama stated.

    He added that these are policy questions that require consensus at the national level.

    Dr Asiama noted that the Bank of Ghana has already taken steps to address some inefficiencies within the programme and stressed the need for a coordinated approach to ensure its long-term success.

    “In the case of the Gold-for-Reserves, as the name suggests, the objective was to help us build reserves, and the evidence is clear,” he said, pointing to improvements made so far.

    “Going forward, let’s look at the aspects we can fix in the interest of the country. It calls for a unified approach.”

    The BoG has come under intense scrutiny following revelations by the International Monetary Fund in its fifth review of Ghana’s ongoing IMF programme that losses from artisanal and small-scale gold transactions under the scheme had reached US$214 million by the end of September 2025.

    While GoldBod itself has reportedly recorded profits, the IMF noted that the central bank absorbed most of the losses arising from the programme.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Sudan’s Path to Peace: Prime Minister Idris Presents a Homegrown Vision for Stability to the UN Security Council

     

    By Adnan Adams Mohammed

    New York, USA — In a powerful address delivered before the United Nations Security Council on December 22, 2025, H.E. Dr. Kamil El-Tayeb Idris, Prime Minister of the Republic ofI the Sudan, presented a decisive, Sudanese-led initiative aimed at ending the nation’s devastating civil war.

    Facing an existential crisis and an “unbearable price in human lives,” Prime Minister Idris called for a global partnership to replace chaos with order and secure a just future for the Sudanese people.

    The Prime Minister framed the “Government of Sudan Peace Initiative” not as an illusion of victory, but as a responsible choice to stop the bloodshed, protect civilians, and restore state authority. This framework, he noted, is designed to complement and build synergy with the existing American-Saudi Initiative.

    “Today, Sudan does not ask for sheer sympathy, it asks for partnership in securing peace, justice and dignity for its people,” H.E. Dr. Idris stated.

    A Roadmap for Recovery

    The initiative, detailed within the address, outlines a pragmatic, phased approach grounded in international principles and national ownership.

    Key components include:

    Immediate Ceasefire and Withdrawal: The plan demands a comprehensive ceasefire, supervised jointly by the United Nations, the African Union, and the League of Arab States. This crucial first step mandates the withdrawal of the rebel militia (formerly the Rapid Support Forces) from all occupied areas, consistent with the May 11, 2023 Jeddah Declaration of Principles signed by both parties.

    DDR and Accountability: The initiative emphasizes practical security measures, including gathering, registering, and screening militia fighters in designated camps. This process sets the stage for comprehensive Disarmament, Demobilisation, and Reintegration (DDR) programs for those eligible to return to civilian life or integrate into Sudan’s reformed, regular forces.

    Prime Minister Idris stressed that peace must include accountability. The plan carefully balances transitional justice for perpetrators of war crimes, genocide, and human rights violations with policies to regularize the status and ensure the rights of those not involved in atrocities.

    Humanitarian Access and Reconstruction: Addressing the unprecedented humanitarian disaster, the plan prioritizes the safe return of displaced persons and refugees and guarantees the unhindered flow of aid. Furthermore, it pledges the allocation of national and international resources for reconstruction projects in war-affected states like Darfur and Kordofan, supported by microfinance funds to stimulate economic recovery.

    The Path Forward

    Beyond immediate security concerns, the initiative provides a clear blueprint for Sudan’s political future. It mandates community reconciliation conferences to mend the social fabric, followed by a comprehensive Sudanese-Sudanese dialogue to manage the transitional period.

    The ultimate goal remains free and fair elections under international supervision to complete the democraticu transition.
    “History will not remember how complex this conflict was; it will remember whether the world acted when action was possible,” Prime Minister Idris urged the Council members.

    By seeking the Security Council’s undivided attention and full support, the Government of Sudan has presented a viable pathway for the international community to move from being a witness to the nation’s collapse to an active partner in its recovery.

  • 2025 end with inflation hitting historic low of 5.4% …driven by “Sustained Monetary Discipline”

    2025 end with inflation hitting historic low of 5.4% …driven by “Sustained Monetary Discipline”

    By Adnan Adams Mohammed

    Ghana has achieved a significant economic milestone, closing the year 2025 with the annual inflation rate dropping to a historic 5.4 percent.

    This figure, down from 6.3% in November 2025, marks the twelfth consecutive month of decline and offers substantial relief to households navigating previously elevated price pressures.

    Inflation, which stood at 23.8 percent in 2024, fell significantly to 5.4 percent in December 2025, marking a broad-based disinflation across both food and non-food items.

    According to the Bank of Ghana, the improvement in price stability is the result of deliberate policy actions rather than chance.

    “This trend reflected the broad-based disinflation process across both food and non-food. Certainly, this has not happened by accident but the result of sustained monetary discipline we brought on board, improved food supply and others,” the Governor, Dr Johnson Asiama said.

    He explained that tight monetary policy, supported by improved food supply conditions, has helped ease inflationary pressures across the economy.

    The Numbers: A Year of Progress

    Data released by the Ghana Statistical Service (GSS) for December 2025 confirmed the positive trajectory. On a month-on-month basis, inflation stood at a subdued 0.9%, indicating minimal price increases toward the end of the year.

    The sustained decline was primarily driven by a slowdown in food prices. Food inflation eased significantly to 4.9% in December, down from 6.6% the month prior, reflecting slower price increases for key food items and improved supply conditions.

    This performance stands in stark contrast to the start of the year; 2024 closed with inflation at a towering 23.8%. The dramatic drop to 5.4% by year-end 2025 signifies a broad-based improvement in price stability across both food and non-food items.

    BoG Credits “Sustained Monetary Discipline”

    The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, attributed the successful containment of prices to the central bank’s firm hand and deliberate policy actions.

    Speaking during a courtesy call by the Asantehene, Otumfuo Osei Tutu II, Dr. Asiama stressed that the positive outcome was a result of strategic policy choices.

    “Certainly, this has not happened by accident but the result of sustained monetary discipline we brought on board, improved food supply and others,” the Governor stated.

    He explained that the tight monetary policy implemented by the central bank, supported by improved food supply chains, has effectively eased inflationary pressures across the economy.

    The central bank has reaffirmed its commitment to maintaining this trajectory of price stability, which it views as crucial for supporting sustainable economic growth as the country moves forward into 2026.

    The continued moderation in inflation suggests improving stability conditions, providing a strong foundation for the national economy and enhancing consumer purchasing power in the new year.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • One Year of NDC in Power – A Tribute to Leadership, Discipline, and the Grassroots

    One Year of NDC in Power – A Tribute to Leadership, Discipline, and the Grassroots

    Today marks one solid year of the NDC in government, a year earned through sacrifice, resilience and unwavering commitment from our grassroots across the country, especially here in the Central Region.

    This anniversary is not just a celebration of power attained but of hard work validated.

    At the heart of this journey stands a leader whose style is decisive-driven, bold, firm and uncompromising when it comes to protecting grassroots interest –

    Joseph Abakah Mensah, Deputy Central Regional Organiser. Popularly known as “Commander 1”, his name alone reflects operational strength, discipline and results.

    Under his command, the Central Region witnessed strategic organisation at its best. His full responsibility in setting up the Regional Collation Centre played a critical role in delivering the massive one-touch victory in 2024, a victory that will remain a reference point in our political history. That success was not accidental; it was the product of tough decisions, sleepless nights and fearless leadership.

    Beyond party work, his role as Coordinator in charge of MSMEs at ADB PLC further reflects a leader committed to empowerment, development and practical solutions for ordinary people.

     

    To the countless grassroots comrades, polling station agents, foot soldiers and loyal supporters who stood firm under his leadership, this celebration is yours.

    Your dedication was not in vain. Today, the party is in power and the future is full of promise.

    As we mark this one year milestone, we renew our hope and confidence.

     

    The NDC is in power, the grassroots remain the backbone and leaders like Commander 1 continue to prove that bold leadership and love for the base deliver victory.

    Congratulations to the NDC family.

    Congratulations to the Central Region. 🇦🇪🇬🇭💪🏾🙏🏾

  • Being A Former Executive Is Like Death, Everyone Will Taste It

    Being A Former Executive Is Like Death, Everyone Will Taste It

    Being appointed or winning an election has a joyous moment we all celebrate. It makes one momentarily feel on top of the world that sometimes we forget it’s for a period.

     

     

     

     

    In my work as a party executive, I have met former executives who feel neglected and complain bitterly. They feel dumped and forgotten!!! Very sad, but it is what it is, a reality of the game.

     

     

     

     

    Comrades, we must find ways of reversing the trend. How would you want to be treated when you leave office? This moment will surely come either through resignations, old age, elections, fatigue, or a reshuffle.

     

     

     

     

    We can right the wrongs. People who have laboured before us deserve some recognition. An invitation to events, reserved seats if possible, a mention of their presence, etc, can bring some healing to the rank and file.

     

     

     

     

    Anytime we go for a by-election or going to solve critical issues in constituencies, we engage former executives, former appointtees, etc. We can make this a periodic thing to recognise ourselves and let everyone feel a part of the umbrella.

     

     

     

     

    The tortoise is not slow as we may see it, but rather gentle and meticulous when it steps on the ground because it acknowledges the little things the earth feeds it with. If indeed we want to be in power for a long time, let’s build bridges, lets create space, let’s be kind to each other, and let’s reduce pain in the hearts of others who have contributed to where we are now. With this, I am not just talking of only elected and appointed officers, but all who, over the years, have also contributed in cash and in kind in our various branches and constituencies. A lot depends on us who are in power and in office today. Be sure that people watch how hunchbacks are buried. A word to the wise…

     

     

     

     

    I see the NDC breaking records, I see us breaking limits, and I see us setting new standards. We can only achieve this when we close our ranks and bring everyone on board. Let’s keep hope alive. There are better days ahead.

     

    By: Godwin Ako Gunn

  • IMF ECF-Review: mixed outcome with recommendation for extension

    IMF ECF-Review: mixed outcome with recommendation for extension

    The International Monetary Fund (IMF) is seeking a three-month extension of Ghana’s Extended Credit Facility (ECF) programme, which is set to expire in May 2026, amid ‘broadly satisfactory’ review outcome with all performance criteria and indicative targets met.

    The proposed extension would push the programme’s end date to August 2026, allowing for the implementation of reforms required for the sixth and final review.

    IMF’s Executive Board approved Ghana’s fifth programme review, with the country having secured about US$2.8 billion in funding so far. However, the IMF is also proposing modifications to Ghana’s programme, including changes to Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC). These changes aim to accommodate macroeconomic developments while maintaining fiscal effort relative to GDP.

    Despite progress, the IMF expressed concerns about Ghana’s economic outlook, citing risks from commodity price volatility, policy slippages, and delays in debt restructuring. Ghana remains at high risk of debt distress, with significant uncertainties around commodity prices and exchange rate movements.

    Ghana currently ranks 4th in Africa with regards to the rankings of countries with the highest debt to the IMF, standing at Special Drawing Rights 2.85 billion ($4.13 billion) as of December 22, 2025.

    Proposed programme modifications

    The IMF is also proposing modifications to Ghana’s programme, including changes to the Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC).

    The Fund explained that at the end of March 2026, the primary balance and non-oil revenue ITs will be modified to accommodate macroeconomic developments, while maintaining the fiscal effort relative to GDP.

    In addition, the MPCC bands for December 2025 and March 2026 are expected to be adjusted downward to better reflect the impact of recent macroeconomic developments on expected disinflation trends.

    Progress report

    The Fund disclosed that three prior actions were completed for the fifth review. These include the audit of 2024 payables, the cleansing of the taxpayer registry and ledger data, and the submission of the 2026 budget to Parliament in line with programme objectives.

    There has also been progress on previously missed structural benchmarks from the fourth review. The IMF said the strategy for state-owned banks, which was initially due in April 2024, was implemented in September 2025.

    The Fund further praised the authorities for progress in operationalising indicative targets, which have been rephased in three stages. The first stage covers key aspects of the missed structural benchmarks and has been reset as a new end-March 2026 structural benchmark.

    Out of the eleven structural benchmarks for the current ECF review, the IMF said four were met, two were implemented with delays, one was implemented as a prior action, one is expected to be implemented in December 2025, and three were missed.

    The IMF noted that the end-June 2025 structural benchmark on merging certain statutory funds with their line ministries was not met, as the authorities opted for an alternative approach to achieve the programme’s objective of reforming earmarked funds.

    Debt classification

    While acknowledging Ghana’s progress in reducing total debt and securing restructuring agreements with some bilateral creditors, the IMF said it still considers the country to be at high risk of debt distress.

    Although all debt sustainability indicators remain below their respective thresholds under the baseline scenario, the Fund said it applied judgment to maintain the high-risk classification.

    According to the IMF, this reflects significant uncertainties around commodity prices and exchange rate movements, as well as elevated rollover risks and independent power producer payment obligations.

    Key structural reforms, including overdue measures from previous reviews.

    “The Ghanaian authorities have continued to make significant headways on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalized several Agreements in Principle with other external commercial creditors”, it said.

    “The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring consistent with program parameters and comparability of treatment”, it added.

    “Growth through September 2025 exceeded expectations, driven by strong services and agriculture. Inflation is now within the Bank of Ghana’s target range, and the external sector strengthened on robust gold and cocoa exports. Reserves accumulation surpassed ECF targets, the cedi appreciated, and Ghana’s debt trajectory improved significantly”, it further stated.

    It also alluded that Ghana is on track to achieve a primary surplus of 1.5% of GDP by year-end, stressing that the 2026 budget, submitted to Parliament, aligns with fiscal programme objectives and the new fiscal responsibility framework, while accommodating developmental and security needs.

    According to the Fund, this will be driven by revenue mobilization and expenditure rationalisation, with safeguards for vulnerable groups.

    However, sustaining fiscal discipline requires stronger revenue administration, improved public financial management, and better oversight of State-Owned Enterprises, which pose significant fiscal risks.

    Outlook and Risks

    Despite the improvement in Ghana’s macroeconomic outlook, the IMF warned that it faces significant downside risks.

    These mainly stem from a deterioration of the external environment (especially related to commodity price volatility) and confidence effects from policy and reform slippages.

    It concluded that delays in completing Ghana’s comprehensive debt restructuring also entails some risks.

     

    By Adnan Adams Mohammed

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Bokpin’s Advocate for Christ Ghana group pitches religious-biasness against Non-Interest Banking implementation

     

     

    By Adnan Adams, Financial Journalist

    In one of readings of news item, I came across a news publication attributed to a Christian faith group named Advocate for Christ Ghana.

    My initial investigations revealed that the group is led by one Godfred Bokpin, who had met with officials of the Bank of Ghana on Zoom to say they do not agree with the introduction of Non-Interest banking in Ghana.

    My intelligence revealed that they were asked to indicate their reasons. Pitifully, all they could say was that ‘Ghana is a Christian country, so they want nothing to do with Islam’, claiming Shariah principles are being introduced.

    The Bank of Ghana advised them against these expressions, stating they have a heavy dose of religious intolerance and are arrogating to themselves the role of regulator of other religions. They were told that even though the Bank doesn’t meddle in religious matters, it was important to let them know that Ghana is a Christian-majority country but it is a secular country, which implies no religion is superior to the other in the eyes of the law. They should be guided by the dangers of religious intolerance.

    They say a lot of lies about non-interest banking without showing any evidence. Intelligence shows that they are the first group of engagements by the Bank of Ghana, primarily led by Professor Godfred Gbokpin of the University of Ghana. At the engagement, the group was advised to stop using derogatory words against other religions, as there is freedom of religion that must be practiced without being a regulator of other religions.

    The group was told how the Bank of Ghana engaged representatives of Christian leaders and that what they were saying was only fear-mongering without any proof or evidence. The group claimed those Christian leaders who were engaged in discussions with the Bank of Ghana were not qualified since they were experts. The group was told of the quality of the people brought by the Christian leaders, including former treasury managers, bankers, Rev. Fathers, former Vice Chancellors, Council Members, Apostles, and Church Administrators.

    The group was further advised that the Bank will not engage with individual groups apart from representatives of the Christian leadership as is known in Ghana. They were advised not to elevate themselves above their leaders, since that would mean disobedience and disrespect for leadership. The engagement with them ended with a request that if they know any country where the introduction of this model of banking has destroyed, destabilized the financial system, and discriminated against people, they should present such a report. To date, our intelligence shows the Bank of Ghana has not received anything from this group.

    The group indicated their aim is to ensure that this banking model is not established, so they are not interested in any engagement results. Reports received show that Prof. Bopkin, who is a former Muslim, is noted for discrimination against Muslims and shows a negative attack on anything Muslim. Recently, his comments on the Mfatsipim religious differences are clear for all to see. Our intelligence also revealed that two weeks ago, he was knocking on the doors of radio stations for him to condemn non-interest banking and called on the Governor to resign. When that opportunity was denied because of the intolerant posture, he then resorted to this article.

    Ghanaians should ignore him and this Advocate for Christ Ghana, since the Bank of Ghana engaged with representatives of Christian Leaders and assurances and understanding were reached, for which the guidelines reflected. If there is an aspect they want an explanation, we are told the Bank will provide an explanation.

    Intelligence from BoG further revealed that when representatives of both Christian and Muslim leaders met for the final session, assurances were given on the name, governance structure, and global setting of Non-Interest banking. The Bank of Ghana has lived up to that promise. The bank is not dealing with any religious bodies to guide its operations. All the bodies mentioned in the guideline are international standards-setting bodies recognized in the global banking ecosystem.

    The interesting thing is that members of Advocate for Christ Ghana are members of churches whose leaders were at the various engagement sessions. Another intelligence has it that the Church leaders provided advice on the deployment and promise any further assistance.

    Another development is that some members of the group who are chief executives in the energy sector revealed they were behind this group, together with just a few leaders of one of the groups of leaders who participated in the engagement.

    I am told one of the Christians at the meeting with Advocate for Christ Ghana advised them to “focus on the real advocacy for Christ found in Matthew 28:18-20 to win souls for Christ instead of spreading propaganda.” He said “soul-winning and evangelism are the real advocacy for Christ. This radio station Christianity should give way to real soul-winning.”

    Now, there is a misconception that there is going to be an introduction of Shariah in Ghana. The Bank of Ghana will never do that in a banking environment. That is never going to happen. It is sad when those expected to know rather disappoint the public. Shariah is simply the set of rules from the Quran which guide the social life, worship, and communal life of Muslims. The Islamic religion has been with us since independence and is considered by our constitution as one of the religions to be practiced in Ghana.

    In the courts, parliament, and ceremonies, the use of the Quran or the Bible is allowed. Christian marriages are conducted based on the Bible, while Muslim ones are based on the Quran. This should tell our intellectuals that Shariah is being practiced in Ghana, at least since independence; it is therefore difficult to understand why the propaganda.

    We are confidently told by the Bank of Ghana that the development of the guideline is to provide a choice of banking products for all. It is a fact that extreme aspects of pronouncements regarding Shariah are not countenanced in Ghana, let alone being a problem. All commercial disputes regarding non-interest banking which are not resolved through dispute resolution in the guideline will be resolved by our normal courts.

    If you are picking to do propaganda, you will not see these provisions in there. For the avoidance of doubt, there is no proposition and there will not be any court system for non-interest banking apart from the existing commercial courts. I am told the Bank of Ghana has all the engagement reports, including the fact that Non-Interest bank is global and therefore has global financial standard-setting bodies which are not religious bodies.

    “I am a Christian” said one of our sources, “I do not support the behavior of Professor Godfred Bokpin, who wanted to be a member of appointees of this Government after dropping from NPP. I also encourage the Bank of Ghana to speed up, work to start the license process from January 2026.”

    All banks interested in the window should apply for the process to start, together with FinTech firms interested in Non-Interest banking products, to expand and deepen financial inclusion and business development for all.