News Guide Africa

Category: News

  • About 64.4% of Ghanaians encourage fake news spread – Study reveals

    African Center for Quality Journalism And Research

     

     

    A study has revealed that about 64.4% of Ghanaians “ignore” and do nothing to protest or caution others when they see fake news or false information in the media.

     

    This revelation is contained in the findings of a two-month-long research nonpartisan think tank, the African Center for Quality Journalism and Research, conducted between October and November 2024, dubbed the Disinformation Status Report of Ghana.

     

    Out of 89.2% of respondents who said they had encountered fake news in the media, about 35.6% say they usually “comment” under such false stories, 19.7% say they “report it,” and 7.6% say they “send it to a friend.”

     

    Also, the study disclosed that when asked how they identified fake news in the media, about 68.2% of respondents said they visited “credible websites,” 19.7% said they conducted a “Google search,” 6.8% said they “asked a friend,” and 5.3% were uncertain.

     

     

    The research further showed that of the trusted sources for news or information, about 37.4% of respondents chose television, followed by “online news websites” with 26.7% and social media with 26%.

     

    The report disclosed that newspapers are the other trusted sources of information, with 6.1% and 3.1% saying they trust information from “family and friends.”

     

     

    The study showed that radio is the least trusted source of information for the respondents, with 0.8% of respondents selecting it.

     

    The African Center for Quality Journalism and Research conducted this survey between October and November 2024, and 2,000 people nationwide participated.

     

    “The study aimed to understand the threat of disinformation campaigns to Ghana’s 2024 General Election. It also focused on assessing the Ghanaian electorate’s knowledge of disinformation campaigns, their ability to detect fake news in the media, and ways to combat the spread of false information,” the Disinformation Status Report of Ghana said.

     

    Of the respondents, about 71.2% are males, 28% are females, and 0.8% prefer not to disclose their gender.

     

    Out of the total number of respondents who participated in the survey, about 94.6% are registered voters (with 11.4% being first-time voters), and 5.4% are not registered to vote in the upcoming election.

     

     

    The African Center for Quality Journalism and Research is a non-profit, nonpartisan think tank that leverages data and digital tools to promote quality journalism and public accountability in Africa.

     

  • GCB faces customer backlash over system update amid end-of-month salary payments

    Ghana commercial bank

     

     

    GCB Bank is facing mounting criticism from customers following a system update that has disrupted access to its widely used mobile banking services.

     

    The timing of the update—at the end of the month, when salary payments are typically processed, and just before the holiday season—has added to customers’ frustrations, with many voicing complaints on social media platforms like Facebook.

     

     

    Several customers took to GCB’s social media pages to express their dissatisfaction.

     

    Issaka Abdul Ghaffar Amadu Thunder likened the service disruption to Ghana’s notorious “dumsor” power outages, remarking, “The disappointment is like dumsor.

     

    The time you need this thing badly, it will not be working.

     

    So in Ghana, nothing is reliable except the hardship that we don’t know when it’s going to end.”

     

    Another user, Kofi Yaabi, pointed out issues with the bank’s mobile app, stating, “Using the app is difficult ” Meanwhile, Nelson Die-Iree criticized the timing of the update, saying, “What kind of callous behaviour is this? You know from now people will be paid and they need to use the platform for business transactions. This is the time you are done upgrading. Why?”

     

    Additional comments highlighted customers’ concerns over salary payments and service reliability.

     

     

    Charles Harrison inquired about the timing of government workers’ salary credits, and Ebenezer Mensah added, “When the month is about to end, hmmmm, GCB, concert nkoaa.”

     

    In response, GCB has acknowledged the disruption and apologized for the inconvenience caused.

     

    The bank assured customers that other services, including internet banking, G-Money, and ATMs, remain operational.

     

    However, the ongoing issue with mobile banking has left many customers skeptical about the bank’s ability to address the situation promptly.

     

     

    For now, GCB Bank faces the challenge of quickly restoring full service to its mobile banking platform to alleviate customers’ frustrations and meet their financial needs at this critical time.

     

    Meanwhile, the bank has called to announce that the situation has been rectified and that communication to that effect went up this morning at 7 am .

  • Springfield E&P completes appraisal of Afina well offshore Ghana

     

    Afina discovery

     

    Springfield Exploration and Production (SEP) Limited and its Partners, Ghana National Petroleum Corporation (GNPC) and GNPC EXPLORCO, are proud to announce the successful completion of the appraisal well test activity of the Afina discovery by a re-entry of the well.

     

    Afina-1x drilled in 2019 is located at a water depth of 1030 metres and was drilled to a total depth of 4085 metres. It encountered light oil with a gross thickness of 65 metres, with 50 metres light net oil

     

    pay in good quality Cenomanian sandstones. The secondary target drilled at the edge of the structure and contained in Turonian age sands encountered 10 metres of hydrocarbon-bearing sands consisting of gas/condensate.

     

    The Afina-1x Drill Stem Test (DST) carried out on the Cenomanian sandstone flowed at a maximum rate of 4500 barrels of oil per day confirming good reservoir productivity on the upper end of pre-test expectations. Pressure transient analysis also indicates reservoir pressure depletion at the reservoir level as compared to 2019 pressures indicating depletion through production.

     

     

    A mini-DST conducted on the Turonian sandstone confirmed the presence of gas/condensate and indicated an estimated flow rate potential of up to 12,000 Barrels of oil equivalent per day (boepd).

     

     

    Pressure transient analysis from this reservoir showed the pressures consistent with the pressures collected in 2019.

     

    The Deepsea Bollsta was released on 22nd November 2024 at midday and it set sail from Ghanaian waters the next day at 2.30 pm.

     

    Chief Executive Officer of Springfield, Kevin Okyere said: “We are extremely happy with the results of the appraisal program which has further confirmed our understanding of our geological, geophysical, reservoir models and demonstrated our operational capacity. Afina-1x is a vertical well, we are confident that a horizontal well or other well completion options that maximise reservoir exposure in the fields would deliver much higher production rates.

     

    This provides an incredible platform for reaffirming commercial development options for the Cenomanian and Turonian reservoirs. I would like to take this opportunity to thank the Springfield team and Northern Ocean’s Deepsea Bollsta crew and all service partners for conducting this activity safely and on schedule.”

     

     

    With the successful completion of this appraisal well-test activity, Springfield continues to make history as the first Independent Ghanaian and African Energy Company to operate a deep-water asset and find hydrocarbons.

     

     

     

  • Banks staff to undergo annual Ethics Certification to fight growing threats

    Bank of Ghana

     

    Beyond regulatory measures, a resilient financial system is built on a foundation of ethical conduct, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said.

     

     

    Integrity and professionalism, he noted,  are indispensable pillars of trust, and they underpin the confidence that the public places in our banking sector.

     

    In this regard, he said, “it is gratifying to highlight the Chartered Institute of Bankers’ Ethics Certification Programme which was developed in collaboration with Bank of Ghana and launched last year,” Dr Addison said at the 28th annual banking and ethics conference in Accra recently.

     

    “As I stated last year in my speech, all staff working in the banking industry must complete this Ethics Certification Programme and must be recertified annually.

     

     

    “This is now an essential part of the fit and proper assessment of the Bank of Ghana. I want to take this opportunity to encourage all banks to actively enrol their staff in this programme. Equipping our practitioners with ethical training will empower them to make the right ethical decisions, even in complex situations, and to serve as trustworthy custodians of public funds. At the Bank of Ghana, we believe that ethical certification should not be optional but a standard across the industry. I envision a future where every banking professional, from senior management to entry-level staff, carries the certification as a badge of honour—a reflection of commitment to uphold the values that protect and enhance our financial system.,” he added.

     

    Dr Addison further indicated that weaknesses leading to the collapse of banks are not overnight.

     

     

    He cited unviable and unsustainable business models and strategies as the root causes of banks’ vulnerabilities and failures.

     

    While sudden external shocks such as Covid-19 or the global financial crisis could be greatly impactful and cause the immediate demise of some banks, he said, the root causes are generally more structural.

     

     

    If not identified in time and allowed to fester, these vulnerabilities will make a bank’s activities increasingly unsustainable, to the point where it becomes non-viable, Dr Addison said.

     

    Going forward, he stated, the Bank of Ghana is incorporating Business Model Analysis (BMA) as a key component of its supervisory frameworks to enable supervisors identify banks’ vulnerabilities at an early stage and helps to ensure their safety and soundness.

     

    “We have recently issued an exposure draft of our methodology for assessing the viability of banks business model to the industry, which we will soon finalise for adoption. Business model analysis has the potential to enhance bank supervision and make it more effective, proactive and forward-looking, and would be our next examination thematic review next year.

     

    Nine local banks collapsed during the financial clean-up exercise.  Through the exercise, the number of banks in Ghana was cut down from 34 to 23. Also, some 347 microfinance institutions, 15 savings and loans and eight finance houses had their licences revoked.

     

     

    The failed banks were UT, Capital, The Beige Bank, The Construction Bank, Sovereign Bank, Unibank; The Royal Bank; Heritage Bank and Premium Bank.

     

     

  • ECG promises uninterrupted power supply after resolving debt dispute with IPPs

    Electricity company of Ghana

     

    The Electricity Company of Ghana (ECG) has assured the public of uninterrupted power supply following successful negotiations with Independent Power Producers (IPPs) to address outstanding arrears.

     

    This assurance comes after the IPPs threatened to shut down multiple power plants due to unpaid debts, sparking fears of a potential return to widespread power outages, locally known as “dumsor.”

     

     

    Speaking to the media, ECG’s External Communications Manager, Nii Ayiku Ayiku, confirmed that recent negotiations had averted the anticipated crisis.

     

    “The Acting Managing Director has assured us that we are fully engaged with the IPPs to prevent any recurrence of the outages experienced over the weekend.

     

     

    We are confident that everything is on track,” he stated.

     

    According to reports, the government has reached a temporary agreement with the IPPs, paying off part of the debt and establishing a payment plan to settle the remaining balance.

     

    This arrangement is expected to stabilize electricity generation and ease tensions within the energy sector.

     

    While ECG has committed to maintaining a consistent power supply, industry stakeholders have called on the government to implement a sustainable financial framework to prevent similar disputes in the future and ensure the long-term reliability of Ghana’s energy supply.

     

    In similar news, Sunon Asogli Power Ghana Limited has indicated it has resumed operation of its 560MW power plant, thanking the Vice President, Dr Mahamudu Bawumia, the Minister of Finance, Dr Mohammed Amin Adam, and the Minister of Energy, Herbert Krapa, for spearheading the release of “an emergency funding to address our critical financial need”.

     

    Ghana’s largest Independent Power Producer (IPP), Sunon Asogli Power Ghana Limited, halted operations for more than a month protesting the national power distributer, Electricity Company of Ghana (ECG), owing it to the tune of USD259 million.

     

    Sunon Asogli’s protest reduced power generation, resulting in load-shedding or dumsor by ECG as several places across the nation experienced power outages between 6 PM and midnight almost every week.

     

    In its November 25 statement, Sunon Asogli said, “We wish to express our sincere appreciation to the Minister for Finance, Hon Mohammed Amin Adam, and the Minister for Energy, Hon Herbert Krapa, for their intervention, to release an emergency funding to address our critical financial need. We have returned to operations today, Monday, November 25, 2024, at 3 PM.”

     

    “We have submitted our final version of the Restructuring Terms Sheet to the Ministry of Finance and Electricity Company of Ghana (ECG) in August, for finalisation and signing soon. We are confident that a win-win solution that will ensure the stability and reliability of Ghana’s energy sector will be achieved.”

     

    The statement said, “We hope the Electricity Company of Ghana (ECG) can adhere to the spirit of the contract and diligently honor their financial obligations in the PPA.

     

    “We would like to commend H.E. the Vice President [Mahamudu Bawumia], for his intervention in ensuring the payment to us for our return to operation.”

     

    “We deeply regret the impact of our shutdown,” the statement signed by Chairman Qun Yang ended.

     

  • Ghost names’ clearance from payroll saves Ghana GHS345mn – FWSC

    Fair wages and salaries commission

     

    The Fair Wages & Salaries Commission (FWSC) has said it saved Ghana “a significant amount of GHS345 million” at a press soiree last week.

     

    According to the FWSC CEO, Ing Benjamin Arthur, the commission achieved the feat via the Nationwide Payroll Monitoring exercise which identified and clean unauthorised names out of the national payroll.

     

    Apart from emphasising the need for a constitutional review to make FWSC an independent body responsible for government payroll policy which covers emolument and benefits of all public officials including Article 71 office holders, he, also, used the opportunity to share with the media the following significant strides the Commission had made since 2014.

     

    The Commission listed that: it successful Implementation of the Single Spine Salary Structure (SSSS): We have harmonised public service salaries, worked efficiently towards eliminating disparities and ensuring fairness;

     

    Completed Negotiations and Signed Agreements: From the beginning of this year to date, we have completed and signed negotiation agreements with 44 unions and institutions;

     

    Migration to New Grade Structure: The Commission has successfully migrated seven institutions to the new grade structure;

     

    Linking Pay to Performance: We are working with stakeholders to link pay to productivity and have so far sensitised nine (9) institutions; and

     

    Payroll Monitoring: Through the Nationwide Payroll Monitoring exercise we saved the country a significant amount of GHc345 million.

     

    He commended whistle-blowers for their crucial role in uncovering irregularities in the public sector.

     

    Despite the above achievements, the commission faced challenges on the labour front due to the circumstances of 2024 being an election year.

     

    He underlined there had been 14 industrial actions by labour unions within the year yet the commission managed to ensure these were called off.

     

    However, he was quick to add the commission would continue to engage with unions and stakeholders to address concerns and promote peaceful labour relations.

     

  • Macroeconomic stability is fast returning to our country – Finance Minister

     

     

    Minister of Finance

     

    Finance Minister, Dr Mohammed Amin Adam, has reaffirmed that Ghana’s economy has come back to life following the difficulties faced in the last three years.

     

    He said macroeconomic stability is fast returning to our country

     

    The Karaga lawmaker said this while speaking at a rally in Saboba in the Northern Region last week.

     

    “Ghana’s economy has come back to life following the difficulties we faced in the last three years. Macroeconomic stability is fast returning to our country. We all can see the indicators improving by the day.

     

     

    “And now we want to focus on growth, economic growth, which has also already demonstrated that the economy has recovered strongly. Last year, we were supposed to grow at 1.5 percent, but we grew at 2.9 percent. Half this year, we were supposed to grow at 3.1 percent, but we grew at 5.8 percent.”

     

    President Akufo-Addo also made similar comments last week that the economy is recovering.

     

    President Akufo-Addo said on Wednesday, 20th November 2024, when he commissioned The Bank Square, the new headquarters of the Bank of Ghana, located in the heart of Accra that “Recent data from the Bank of Ghana shows that Ghana’s economy is firmly on the path of recovery. Provisional GDP growth of 6.9% in the second quarter of 2024, with a robust non-oil growth of 7.0%, highlights the strength of our agriculture, industry, and services sectors.

     

     

    “Inflation has been sharply reduced from 54.1% in 2022 to 22.1% as of October 2024, bringing relief to households and businesses alike. These achievements are further bolstered by a trade surplus of $2.78 billion and international reserves of $7.5 billion, which provide a strong buffer against external shocks,” he said.

     

    He added “This milestone is a testament to the Bank of Ghana’s commitment to sound monetary policies under the leadership of Governor Ernest Addison and his dedicated team. I applaud their efforts, as well as the creativity and expertise of the architects, engineers, and contractors—especially GoldKey Properties, a wholly Ghanaian entity—that brought this vision to life. Together, we are building a foundation for a resilient economy, inclusive growth, and a brighter future for all Ghanaians.

     

    “As we celebrate this achievement, I call on all of us to continue working together to build an economy that is stable, inclusive, and prosperous. The Bank Square is not just a symbol of what we have accomplished; it is an inspiration for what lies ahead. Let us remain united in our efforts to make Ghana great and strong!”

     

     

     

     

     

     

     

  • Ghanaian enduring expensive economic recovery – Economist

     

    Prof Godfred Bokpin

     

    Adnan Adams Mohammed

     

    An economist and a Professor at the University of Ghana Business School has shared in pains of Ghanaians for going through an expensive economic recovery.

     

    He explains that although the inflation rate has dropped, it does not mean that prices are reducing. Rather, he said,  it means the rate at which prices are increasing has slowed.

     

    The economist further notes that although Ghana’s economy has witnessed some recovery, it is not yet back to where it was prior to the outbreak of the COVID-19 pandemic. Giving an instance that, the current exchange rate does not align with what existed pre-Covid. The private sector has also not recovered yet, he added.

     

     

    “We have turned one corner but there are several corners to be turned. It is going to take us a little while to do that …we are going through an expensive economic recovery”, Prof Godfred Bokpin shared in an interview last week.

     

    Indicating that, interest rate necessary hasn’t come down, we have seen some recovery but we cannot say the economy has received to pre covid level. We are not there yet, there is still a lot we have to do. Even if you look at the interest rate pre-pandemic and after-pandemic, they don’t align.

     

     

    “Inflation may be coming down but it doesn’t mean prices are coming down. So the fact that the rate of inflation has decelerated from 54.1% in December 2022 to 22.1% in October 2024 necessarily does not mean prices, on average, have come down. What it tells us is that prices are increasing but rather at a slower rate,” he said.

     

    His comments come at a time when President Akufo-Addo had said that the economy is recovering.

     

    President Akufo-Addo said this fortnight ago, when he commissioned The Bank Square, the new headquarters of the Bank of Ghana, located in the heart of Accra that “Recent data from the Bank of Ghana shows that Ghana’s economy is firmly on the path of recovery. Provisional GDP growth of 6.9% in the second quarter of 2024, with a robust non-oil growth of 7.0%, highlights the strength of our agriculture, industry, and services sectors.

     

    “Inflation has been sharply reduced from 54.1% in 2022 to 22.1% as of October 2024, bringing relief to households and businesses alike. These achievements are further bolstered by a trade surplus of $2.78 billion and international reserves of $7.5 billion, which provide a strong buffer against external shocks,” he said.

     

    He added “This milestone is a testament to the Bank of Ghana’s commitment to sound monetary policies under the leadership of Governor Ernest Addison and his dedicated team. I applaud their efforts, as well as the creativity and expertise of the architects, engineers, and contractors—especially GoldKey Properties, a wholly Ghanaian entity—that brought this vision to life. Together, we are building a foundation for a resilient economy, inclusive growth, and a brighter future for all Ghanaians.

     

     

    “As we celebrate this achievement, I call on all of us to continue working together to build an economy that is stable, inclusive, and prosperous. The Bank Square is not just a symbol of what we have accomplished; it is an inspiration for what lies ahead. Let us remain united in our efforts to make Ghana great and strong!”

     

     

  • Cedi value to bolster amidst expected IMF $360mn to hit BoG account within days

    Ghanaian cedi

     

     

    Adnan Adams Mohammed

     

    The Ghanaian local currency is expected to gain in value as Ghana awaits the International Monetary Fund Executive Board’s approval of US$360 million as the fourth tranche of the US$3.0 billion Extended Credit Facility.

     

    The subsequent disbursement of the $360 million is expected to hit Bank of Ghana in early this month.

     

    As it has been the normal cycle of much pressure exerted on the local currency within the last quarter of the year as traders increase imports of goods (foods, clothes etc) for the festive seasons of Christmas and new year. This situation normally causes scarcity of major trading foreign currencies such as the US dollar, Pounds Sterling, Euro, and a Chinese Yuan. Thus, making the forex market resorting to distortions and ‘black marketing’ consequently forcing the banks to also following the prevailing black market prices. However, with the expected $360 million from IMF, the banks could have more dollars to sell to traders for their imports, thereby reducing the over-relayance on the black market.

     

    “The board is set to meet in early December and approve the disbursement of US$360 million to Ghana”, the Director of Communications at the IMF Julie Kozack at a press conference in Washington.

     

    “We are working, our staff are working toward a board meeting in early December and will provide additional details on the precise date when we have them”, she added.

     

    Meanwhile, the Fund has shown confidence in the country’s economy recounting remarkable progress made towards recovery and improvement in the macroeconomic indicators.

     

    “Economic growth in the first half of 2024 exceeded our expectations, exceeded our projections. Inflation has declined and the fiscal and external positions have shown marked improvement”, Ms Kozack said.

     

    “Looking ahead, what will be important for Ghana will be continued implementation of the policy and reform agendas, especially given the difficult situation that many countries in the region and globally face. And it remains essential to fully restore macroeconomic stability and debt sustainability”.

     

    “We will, of course, have further updates on Ghana when we release the staff report, when we publish the staff report after the board meeting”, she added.

     

    On October 4th, the IMF staff and government reached a staff level agreement on economic policies and reforms for the third review of the ECF arrangement.

     

    The disbursement by the IMF Board in December 2024 will bring the total funds received since Ghana signed up for the IMF programme to $1.92 billion.

     

    The board meeting in December is coming after Ghana passed most of the benchmarks set under the third review by the IMF programme.

     

    The IMF staff at the end of the third review assessment indicated that all the end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas

     

    “The economic growth in the first half of 2024 was much higher than initially envisaged primarily fueled by mining, construction, and information and communication activity, with a broadening of the sources of growth across sectors during the second quarter as inflation continued to decline” The IMF Staff said.

     

     

  • Ghana’s Crude Oil and Gas Production Increases in H1 2024: Jubilee Field Leads Growth

    Oil and gas  production

    Stephanie Nkrumah

    Ghana’s oil and gas industry has shown significant growth in the first half of 2024, with total crude oil production rising by 10.7% compared to the same period last year. The country’s three offshore oil fields—Jubilee, TEN, and SGN—produced a total of 24,857,477.52 barrels (bbls) of crude oil between January and June 2024, up from 22,452,078.81 barrels in H1 2023.

     

    The Jubilee Field, which continues to be Ghana’s largest oil producer, saw a remarkable 25.1% year-on-year increase in production. In H1 2024, it produced 16,405,020 barrels, compared to 13,113,193 barrels in the first half of 2023. This surge is attributed to the successful ramping up of production from the J03-P and J69-P wells. However, June’s production dipped due to technical issues, including low-pressure gas compressor failures that affected operations.

    While Jubilee showed growth, the TEN and SGN fields faced declines in production. TEN’s output dropped by 4.8%, with 3,450,445 barrels produced in H1 2024, down from 3,625,995 barrels last year. SGN’s production decreased by 12.4%, from 5,712,891 barrels in H1 2023 to 5,002,012.52 barrels in H1 2024. The declines were primarily caused by operational challenges such as flow assurance issues and equipment failures.

    Ghana’s natural gas production saw a boost in the first half of 2024. Total raw gas production, including both associated and non-associated gas, reached 139,866.92 million standard cubic feet (MMSCF), up 7.5% from last year. Gas production from the Jubilee, TEN, and SGN fields increased by 19.6%, 2.7%, and 3.2% respectively.

    The Greater Jubilee Field accounted for a substantial share of this increase, with gas exports rising by 4.6% to 18,043.31 MMSCF in H1 2024. However, exports from the TEN Field saw a sharp decline of 78.3%, primarily due to operational challenges. Overall, gas exports from the Jubilee and TEN fields together saw a modest 2.3% increase, totaling 18,147.74 MMSCF.

    In terms of crude oil liftings, the Jubilee Partners completed 17 liftings in H1 2024, up from 14 liftings in H1 2023. The Ghana Group lifted a total of 2,861,942 barrels, a significant increase from the 1,902,136 barrels lifted last year. Other partners, including Tullow Ghana and Kosmos Energy, lifted 13,321,134 barrels.

    For the TEN Field, three liftings totaling 2,982,272 barrels were made, showing a slight increase over last year’s 2,941,836 barrels from the same number of liftings

    Despite the increase in gas production, flaring levels remained a concern. Total gas flaring across the three fields rose slightly from 15,483.91 MMSCF in H1 2023 to 16,069.40 MMSCF in H1 2024. However, the Environmental Protection Agency (EPA) confirmed that the levels of flaring remain within acceptable limits.

    With crude oil production reaching a cumulative total of 633.3 million barrels since 2010, Ghana’s oil and gas sector continues to play a crucial role in the country’s economic development. However, technical and operational challenges at fields like TEN and SGN highlight the need for ongoing investment in infrastructure and maintenance to ensure stable production moving forward.

    Citizens can expect to see more detailed reports on gas and oil production trends in the coming months, as the government and industry stakeholders work to optimize Ghana’s resource utilization and improve the local energy sector.