Bulk Oil Storage and Transportation Company Limited (BOST), Ghana’s state-owned oil logistics firm, has fully cleared its trade debts and loan obligations, amounting to more than GHC384 million.
The move marks a substantial financial turnaround for BOST, which has embarked on transformative reforms aimed at achieving long-term financial stability.
At a media briefing on November 6, BOST Managing Director Edwin Provencal highlighted the company’s recent strides, citing efforts to address longstanding issues, including tax arrears and audits.
BOST’s financial records are now current from 2015 through 2023.
“Repaying our debts while enhancing operations underscores our commitment to financial transparency and growth,” Mr Provencal said, attributing the recovery to improved governance and disciplined management.
BOST has also completed strategic infrastructure projects to strengthen Ghana’s fuel supply network, including the Tema-Akosombo Petroleum Pipeline (TAPP) and the Bolga-Buipe Pipeline.
Both pipelines are now fitted with advanced leak detection systems to safeguard critical resources.
Provencal noted that revenue-generating assets now make up 98% of BOST’s portfolio, up from just 18% in 2017, positioning the company as a model for state-owned enterprise reform in Ghana.
“BOST is not only securing its financial footing but also advancing energy solutions for Ghana,” he said, underscoring the company’s vision for sustainable growth in the energy sector.
Ghana has emerged as the sixth-most attractive country for investment in Africa in 2024, according to the latest “Where to Invest in Africa” report from Rand Merchant Bank (RMB).
The West African nation secured an overall score of 0.24, with notable marks across several investment metrics, highlighting its appeal to foreign investors.
In the report, Ghana placed 5th in Growth Structure with a score of 0.935 and 6th in Economic Stability and Investment Climate with a score of 0.27.
The country was recognised for its strong performance in innovation, securing the 9th position with a score of 0.549. It ranked 6th in Connectedness (0.850) and 10th in Urbanisation (0.553). However, it scored lower in Complexity, ranking 26th.
“Ghana represents a substantial market and ranks among the top ten in urbanization, connectedness, innovation, political stability, personal freedom, and employment,” the report noted, further citing Ghana’s favourable standings in corruption and import concentration.
Fiscal reforms have also made a mark, with Ghana’s deficit down to 4.6% of GDP in 2023 from 10.7% in 2022. Despite lower oil revenues, government revenues and grants reached 15.7% of GDP in 2023, maintaining the previous year’s levels.
Looking ahead, growth is expected to benefit from increased gold and oil exports, with new projects set to come online by 2027.
At the top of RMB’s 2024 rankings, Seychelles secured first place with a score of 0.72, followed by Mauritius (0.69), Egypt (0.49), South Africa (0.33), and Morocco (0.30).
RMB’s methodology this year is based on four pillars: Economic Performance and Potential, Market Accessibility and Innovation, Economic Stability and Investment Climate, and Social and Human Development, derived from 20 metrics drawn from multi-year data and peer-reviewed research.
Ghana’s cumulative crude oil production has reached 633,300 barrels since the country began extracting oil in 2010, according to the Public Interest and Accountability Committee (PIAC).
This production total spans through July 2024 and represents output from the Jubilee Oil Field, Sankofa/Gye Nyame, and the TEN Fields.
PIAC Coordinator Isaac Dwamena shared the latest production figures, showing variable growth over the years.
Ghana initially produced 10.7 million barrels in 2011, rising to 18.9 million barrels by 2013.
Production peaked in 2019 at 34.3 million barrels before beginning a decline to 22.5 million barrels in 2023.
As of July 2024, Ghana had already produced 24.9 million barrels for the year.
Oil revenues over this period totalled $10.69 billion, with earnings derived from taxes such as Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and other income.
In 2012, Ghana’s first full year of oil production, the country earned $327.2 million, climbing to $596.1 million in 2013.
However, revenue dropped between 2014 and 2016, falling as low as $126.4 million.
A gradual revenue recovery began in 2017, reaching $463.6 million in 2018.
By 2020, annual earnings rose to $638.6 million, with 2022 marking a peak of $731.9 million.
Despite a slight dip in 2023 to $540.5 million, Ghana experienced a notable revenue increase in the first half of 2024, recording $840.8 million—the highest half-year revenue since production began.
Ghanaian cocoa farmers would now receive GHC49,600 ($3,062) per metric ton of cocoa beans with immediate effect for the rest of 2024/25 season.
This is second time of increasing cocoa price in the same season with the the initial increase pegging the price at GHC48,000 as announced on September 1, 2024.
The increase as announced by President Nana Akufo-Addo, last week at the Farmer’s Day celebration is to help boost farmers’ incomes and also curtail smuggling.
A Reuters’s report indicates that, rumors of a possible price hike led to farmers’ hoarding beans in October, potentially squeezing global supplies.
The authorities have been seeking to increase farmers’ incomes and deter smuggling, which led to Ghana losing more than a third of its cocoa output for 2023/24, according to Cocobod officials.
This compounded sectoral woes that brought Ghana’s production to a more than two-decade low, helping send global cocoa prices to record highs.
Mr Akufo-Addo also said he had directed Cocobod to provide scholarships to cocoa farmers’ children in tertiary education.
However, Mr Bright Simons, a vice president at Accra-based think tank IMANI Africa, said the motivation for the policies “appears to be strictly about votes in the impending elections”, noting that the price hike was significantly below the cumulative effects of inflation and currency depreciation, muting the potential impact.
Ghana, one of Africa’s most stable democracies, heads to the polls on Dec. 7 to elect a replacement for Akufo-Addo, who first came to office in 2017. Vice President Muhamudu Bawumia of the ruling New Patriotic Party, and former president John Mahama of the main opposition National Democratic Congress party, are the main contenders.
Polls from Accra-based research group Global InfoAnalytics tip Mahama to win as Ghana’s worst economic crisis in a generation weighs against the ruling party. Dr Bawumia, an economist and former central banker, is seen as the face of the government’s economic policies.
Ghana’s cocoa production is second only to neighbouring Ivory Coast.
In line with the Minerals Income Investment Fund Act, 2018 (Act 978), Ghana’s Minerals Income Investment Fund (MIIF) has notify all licensed mining companies to clear outstanding mineral royalties latest by December 1, 2024.
The public notice warned of potential sanctions for those failing to comply.
Mining companies are obligated to pay royalty from mining proceeds to support Ghana’s mineral revenue development.
The notice requires that gold mining firms, quarry operators, salt mining businesses, limestone producers, and sand extraction companies submit outstanding royalties either through direct deposits to MIIF’s account at the Bank of Ghana or via the national digital payment portal, www.Ghana.gov.gh.
MIIF further stipulated that companies must submit production and sales returns to the Ghana Revenue Authority (GRA) and MIIF’s Finance Department, reinforcing compliance efforts in line with Ghana’s broader campaign to ensure mining firms meet regulatory and fiscal responsibilities.
Mining royalties are a key revenue stream for Ghana, funding critical infrastructure, social projects, and government initiatives aimed at economic development.
As part of efforts to tighten governance and risk management in the finance industry, Bank of Ghana has issued an extensive outsourcing directive to enhance regulatory compliance.
Affected entities includes; banks, Specialised Deposit-taking Institutions (SDIs), financial holding companies, and development finance institutions.
The new directives is to take effect by July 1, 2025. Failure to comply will incur an administrative penalty of 1,000 penalty units or GH₵12,000.
The directive underscores the Bank of Ghana’s commitment to preserving the integrity of the country’s financial system by prohibiting the outsourcing of strategic functions.
Among these are high-level decision-making roles, including the board and senior management functions, credit decisions, anti-money laundering and customer identification responsibilities, as well as critical risk management and cybersecurity roles.
Functions considered essential to a regulated financial institution (RFI) must be retained in-house to avoid conflicts of interest and potential risks associated with losing control over sensitive operations.
The central bank’s directive allows some flexibility, stating that outsourcing arrangements involving non-core functions that do not require prior approval under other provisions of Ghana’s banking laws can proceed without the Bank of Ghana’s approval, provided the bank notifies the central bank 10 days before engaging the service provider.
Financial institutions are directed to conduct materiality assessments of functions they plan to outsource to determine if they are core or non-core, a requirement due to the need for central oversight of critical functions.
Institutions are expected to submit these assessments to the Bank of Ghana by June 2, 2025, and complete any necessary adjustments before the deadline or at contract renewal, whichever is earlier.
The directive also clarifies that certain collaborations—such as arrangements with payment card networks like Visa and Mastercard, and clearing and settlement partnerships—do not fall under outsourcing regulations.
However, for all outsourcing agreements involving core functions, prior written approval is mandatory as per section 60 (12) of Ghana’s Act 930, which governs banks and SDIs.
The Bank of Ghana has also emphasised data protection, mandating that customer information cannot be disclosed to third-party service providers without prior customer consent.
By addressing strategic, reputational, and operational risks, the new regulations aim to prevent outsourced arrangements from undermining RFIs’ stability.
The central bank has directed institutions to begin reviewing existing contracts in preparation for the July 2025 deadline to meet compliance standards.
Mining Indaba – the premier platform for deal-making, investment, and corporate networking for African mining for over 30 years – has announced a 2025 agenda that emphasises the voices of indigenous people and communities in the mainstream of the conference.
The new focus for next year’s event – Investing In Mining Indaba 2025 – reinforces the Mining Indaba commitment to future-proofing African communities, by foregrounding the experiences of those directly affected by mining.
“The meaningful integration and collaboration with mining communities and indigenous people are essential to shaping the future of mining,” says Laura Nicholson, Head of Content & Strategic Partnerships for Mining Indaba. “Those living closest to mining projects are vitally important stakeholders, and essential partners in building a sustainable, equitable mining industry. . This year, for the first time at Mining Indaba, we will see representatives of mining communities and indigenous groups taking part in key sessions right across the four-day event, providing their own perspectives on main event themes.”
While the interests of mining communities and indigenous groups intersect, the two groups do have distinct characteristics. Indigenous people have historical and ancestral connections to the land they live on. They have an inherent, pre-existing tie to the land. Mining communities are formed as a result of the mining activity, and are made up of people who work and live on and around the mine, this could include migrant labourers and people who move to the area to find opportunities around the mine.
As an industry-leading event, Mining Indaba 2025 will build meaningful community engagement between organisers, strategic stakeholders and mining community representatives, facilitating constructive dialogue and problem-solving around community-related issues.
“We look forward to direct engagement through Mining Indaba sessions and networking opportunities between mining communities, indigenous peoples, industry and government,” says Nicholson.
To build momentum ahead of the event, Mining Indaba 2025 is running a video competition in partnership with The Impact Facility, social enterprise actively supporting artisanal mining communities in the East African gold sector and Congolese Copper-Cobalt belt. “Together we are inviting mining community members, representatives of indigenous peoples in mining areas, civil society organisations, activists and visionaries to share their perspectives on building an equitable, inclusive and responsible mining sector that can transform mineral wealth into lasting, multi-generational prosperity,” says David Sturmes-Verbeek, co-founder and director of partnerships and innovation at The Impact Facility.
“We are inviting video submissions from mining community representatives and indigenous people, outlining what it means to them to future-proof mining operations where they live,” Sturmes-Verbeek continues. “The competition is a tangible example of Mining Indaba’s commitment to inclusion, and will help stakeholders understand what needs to change to ensure mining communities thrive and co-exist with local mining operations.”
Videos entered in the competition will be featured at the Cape Town event, and the creators of the most compelling submissions will be offered free access to Mining Indaba. The producers of the best videos will also be considered for speaking engagements at the event.
The theme for the video competition is “What does Futureproofing African Mining mean for your community?” More information can be found here.
“We’re excited to be integrating indigenous people and mining communities directly into the main programme of Mining Indaba 2025,” says Nicholson. “As major stakeholders, they have a massive role to play in shaping the mining ecosystem, its infrastructure and its relationships, They’re also key to future-proofing the sector as a whole.”
• Investing in African Mining Indaba 2025 runs from 3 – 6 February 2025, at the Cape Town International Conference Centre (CTICC 1 & 2). The event remains the most comprehensive platform for mining investment, finance, and innovation in Africa.
Former President and National Democratic Congress (NDC) flagbearer John Dramani Mahama has promised to bring solar power to the island communities in the Oti Region, aiming to improve electricity access for residents.
Addressing the Ehiamankyene community in the Krachi West Constituency, Mr Mahama criticized the current New Patriotic Party (NPP) administration, claiming that despite initial plans to develop the country, the government has failed to deliver meaningful progress for Ghanaians.
He assured the community that if elected in the upcoming December 7 general election, his administration would prioritize addressing the nation’s most pressing needs to raise the standard of living.
Acknowledging the country’s economic struggles, Mr Mahama argued that, contrary to the NPP’s assertions, he is well-positioned to restore Ghana’s economic growth and ensure a fair distribution of resources across the nation.
To utilise space technology for national advancement, Ghana has launched a landmark Space Science Policy.
The Minister of Environment, Science, Technology and Innovation (MESTI), Mrs Ophelia Hayford, led the launch in Accra, noting the significance and the promise space technology held for various sectors when adopted and regulated.
“Let us leverage this policy to promote sustainable practices, drive technological advancement, foster international cooperation, and contribute significantly to the growth of space science in Ghana and across Africa,” she urged.
The Manager of Remote Sensing and Climate at MESTI,Dr Kofi Asare said:“Satellite technology allows us to track crop health, soil conditions, and weather patterns, making it a vital tool for agriculture and environmental management.”
“Space technology can help us manage resources, track agricultural health, and mitigate climate change,” the Director of the Ghana Space Science and Technology Institute, Dr Joseph Bremang Tandoh, remarked.
He added the policy would boost job creation and impact infrastructural development.
The Vice-Chancellor of the University of Energy and Natural Resources, Professor Elvis Asare-Bediako, revealed the university was soon going to introduce undergraduate and postgraduate programmes in space technology.
“We are ready and equipped with expertise to partner with the government to push the exploration of space technology to its appropriate height,” he noted.
The Space Science Policy was approved by Cabinet in March 2022 but was launched today, Thursday, November 7, 2024. Itis aimed at coordinating Ghana’s space activities and facilitating the establishment of the Ghana Space Agency.
In 2011 Ghana joined eight African countries, including South Africa, for the Square Kilometre Array (SKA) project, with the aim of building the world’s largest radio telescope network.
NASA launched Ghana’s first-ever satellite, the GhanaSat-1, into orbit from the International Space Station on July 7, 2017. The creation of a group of engineering students at theAll Nations University College (ANUC), Koforidua, Eastern Region, the GhanaSat-1 being the first private universitysatellite developed in Sub-Saharan Africa.
Bearing low and high-resolution cameras, among other technology, theGhanaSat-1, a CubeSat satellite, was launched into spacefor exploration and research purposes, measuring atmospheric density and aiding mapping by monitoring the country’s coastline.
The National HIV and AIDS Control Programme of the Ghana Health Service has reported a concerning 34,000 new HIV infections detected between January and the third quarter of 2024.
This figure highlights the urgent need for intensified public health efforts as the country strives toward its goal of eliminating the HIV epidemic by 2030.
Dr. Stephen Ayisi Addo, Programme Manager for the National HIV and AIDS Control Programme, revealed the statistics during the launch of the 2024 World AIDS Day, organised by the Ghana AIDS Commission.
He emphasised the vital role of public testing and screening, which saw approximately 1.3 million people screened during this period.
“Between January and the third quarter alone, the number of people we identified as positives through our testing activities was 34,000,” Dr. Addo shared, stressing the importance of continuous vigilance in combating the spread of the virus.
World AIDS Day, observed annually on December 1, provides a global platform for countries to renew their commitment to preventing new HIV infections and offering essential services to people living with HIV.
The theme for the 2024 World AIDS Day is “Take the Rights Path,” a call for increased awareness and action.
Dr. Ayisi expressed concern over the rising number of infections, warning that it posed a significant challenge to Ghana’s ambition of ending the epidemic by 2030.
He called on sexually active individuals to take responsibility for their health, emphasising the use of condoms as a critical protective measure.
“The safest way to protect each other is to be faithful to your partner. Reduce new infections by behaving well or abstaining from sexual activities,” Dr. Ayisi advised.
He also urged persons living with HIV to adhere to their treatment regimens to prevent further transmission.
Dr. Atuahene Kyeremeh, Director-General of the Ghana AIDS Commission, reaffirmed the Commission’s commitment to working with all stakeholders to reach the 2030 target.
He underscored the importance of regular screenings and the availability of free treatment options that are proven effective in controlling the virus.
“We are committed to working with all stakeholders to eliminate HIV by 2030. The treatment options available today are highly effective in suppressing the virus,” Dr. Kyeremeh added.
As part of the World AIDS Day observance, the Ghana AIDS Commission announced plans for a grand durbar in Accra on December 2, 2024.
The event will bring together representatives from the Ghana Health Service, the Ministry of Health, UNAIDS, and the National Association of Persons Living with HIV (NAP+), among other partners.
