The Ministry of Energy has formally requested that Parliament temporarily suspend the consideration of four key energy sector bills currently under review.
In a letter addressed to the Clerk of Parliament, the Ministry cited the need for further consultations as the reason for the request.
The bills in question include the Ghana Thermal Authority Bill 2024, Ghana Hydro Authority Bill 2024, Ghana Power Distribution Authority Bill 2024, and the Ghana Energy Regulatory Authority Bill 2024.
These legislative proposals aim to introduce new regulatory frameworks and establish specialized authorities within the energy sector.
The Ministry, in its letter dated October 2024, referenced an earlier communication sent to Parliament on September 4, 2024, which had initially submitted the gazetted copies of the bills for parliamentary consideration.
Signed by the Minister of State for Energy,Mr Herbert Krapa, the letter emphasized the importance of holding additional consultations to ensure that the proposed bills are in the best interest of the sector and the nation.
“We appreciate your attention to this matter and count on your continued cooperation,” the letter stated, as the Ministry seeks more time to fine-tune the proposals before parliamentary debate.
The suspension of the bills, if granted, will delay their progress in Parliament, but is expected to allow the Ministry to address any potential concerns and engage with relevant stakeholders in the energy sector.
The Absa Group said it continues to strengthen its commitment to digital innovation and community upliftment through strategic initiatives that deliver tangible, long-term impact.
A key component of this commitment, Absa noted, is its ongoing collaboration with Women in Tech South Africa, through which it proudly sponsors the Philippi Village Learning Centre, empowering women and youth with cutting-edge digital skills.
“We aim to be a catalyst for transformation, empowering Africa’s tomorrow, together… one story at a time. Our goal is to help women thrive in tech and shape a future defined by innovation, inclusivity, and shared success,” said Dr. Philile Mkhize, Chief Operations Officer at Absa.
Located in Cape Town’s Cape Flats, the Philippi Village Learning Centre provided crucial resources to over 9,600 individuals in 2023.
The centre offers free access to computers, digital skills training, and a safe environment for studying and academic support to residents from Philippi, Gugulethu, Nyanga, Crossroads, and Mandalay.
Philippi Village hosted a hands-on robotics workshop for 25 students aged 10 to 13 on 18 October 2024.
This interactive session introduced young learners to the world of programming, robotics, and sensor technology, fostering creativity and critical thinking while inspiring the next generation of technology leaders.
Through Women in Tech, Absa has also extended its partnership with Amazon Web Services (AWS) to increase women’s access to careers in technology.
In 2023, 50 unemployed women achieved AWS Cloud Practitioner certification through this initiative.
For 2024, Absa has more than doubled its efforts, upskilling 130 women across South Africa, Zambia, and Kenya, while offering advanced certifications to past graduates seeking to deepen their expertise.
Commenting on the ongoing partnership with Absa, Melissa Slaymaker, Global Partnership Director for Women in Tech South Africa, said, “By 2030, we aim to empower five million women and girls, and Absa stands shoulder to shoulder with us in this mission, actively collaborating to turn this vision into reality.”
Mr Moses Kwesi Baiden Jnr, the Chief Executive Officer of Margins Group, will be a featured speaker at the Stanford Seed Business Conference 2024, set to take place on Thursday, October 31, in Accra.
Mr Baiden, a prominent figure in Ghana’s business landscape, will share valuable insights on the topic, “Leveraging AI and Digital Transformation for Business.”
The event, which brings together business leaders, entrepreneurs, and industry experts, will explore how cutting-edge technologies like Artificial Intelligence (AI) and digital transformation are shaping the future of industries, including the seed sector.
Mr Baiden’s presentation will focus on the transformative power of these technologies and how they can drive innovation, efficiency, and growth.
Margins Group, under Mr Baiden’s leadership, has been a pioneer in adopting digital solutions across various sectors in Ghana and beyond.
His experience and expertise in integrating AI and digital tools into business processes promise to offer attendees a roadmap for navigating the rapidly evolving technological landscape.
The Stanford Seed Business Conference 2024 is expected to attract key stakeholders from various industries, providing a platform for knowledge sharing and networking.
Mr Baiden’s address will highlight practical strategies for harnessing AI and digital transformation to gain a competitive edge in today’s dynamic business environment, with a special focus on their impact on the seed industry.
As digital transformation continues to reshape global industries, Mr Baiden’s insights will likely spark discussions on how businesses can adapt to stay ahead in the digital age
Springfield Exploration and Production Limited has denied recent assertions made by Benjamin Boakye, Executive Director of the Africa Centre of Energy Policy (ACEP), regarding an alleged contradiction in the company’s appraisal of the Afina field.
The claims arose during the ongoing International Monetary Fund and World Bank Annual Meetings in October 2024.
Mr. Boakye suggested in a recent interview that Springfield’s latest appraisal report conflicted with the original data presented to justify the unitisation of the Afina field.
However, Mr Kevin Okyere, Chief Executive of Springfield, addressed the media to clarify the company’s position.
Mr Okyere stated that Springfield had only just begun its appraisal programme and had not yet gathered the necessary data to produce an official report.
He dismissed ACEP’s claims as “blatantly false,” and added that no new appraisal report existed at this stage.
“There have been recent media reports implying that Springfield has completed an appraisal of the Afina field and that this report contradicts the original data. This is blatantly false,” Mr Okyere said.
The CEO further revealed that Springfield had formally requested that Mr Boakye retract his comments and issue an apology, warning of potential legal action if he failed to comply.
“We have just commenced implementation of our appraisal programme and are yet to acquire the relevant data, process it, and submit our appraisal report,” Mr Okyere added.
Springfield Exploration and Production Limited and its partners GNPC and EXPLORCO made the Afina field discovery around five years ago. It followed the successful drilling of the Afina-1x Well at the West Cape Three Points Block 2 offshore.
Following the discovery, Springfield became involved in a dispute with Eni over the unitization of the Afina and Sankofa fields.
The appraisal of the Afina discovery was deferred pending the outcome of this unitization dispute.
A subsequent arbitral tribunal ruling directed all parties involved to submit and conduct an appraisal programme by their Petroleum Agreement.
Mr Koranteng expressed confidence in the sector’s future, noting that MIIF’s investments will place Ghana’s mineral industry at the forefront of the country’s development
The future is bright for Ghana’s mining sector, Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), has said at the recently concluded MIIF Stakeholder Conference at the Marriott Bonvoy Hotel in Accra.
The conference focused on the theme “Minerals Value Addition and Value Chain Development – Essential Tools for Ghana’s Development.”
The event attracted a wide array of participants, including government officials, industry experts, civil society representatives, and the media.
Opening the conference, Mr Koranteng outlined the Fund’s mission to make mining the central pillar of Ghana’s economy.
He stressed MIIF’s aim to create long-term generational wealth for Ghanaians through strategic investments, with a particular focus on value addition, equity growth, and fostering localisation within the mining sector.
Mr Koranteng also highlighted MIIF’s role in Environmental, Social, and Governance (ESG) initiatives.
A key project, “Operation Clean the Water Bodies,” is being implemented in collaboration with the University of Mines and Technology (UMAT) to address water pollution caused by illegal mining.
During the conference, Deputy Minister of Lands and Natural Resources, George Mireku Duker, urged MIIF to accelerate development in mining communities and push for the establishment of downstream industries.
He also called for partnerships to ensure mining companies are paying their fair share of royalties to the state.
Mr David Ofosu-Dorte, Senior Partner at AB & David, emphasised the need for African countries to capitalize on mineral value chains to drive long-term economic growth.
He noted that Africa must move from exporting raw minerals to producing value-added products, aligning with the African Union’s Agenda 2063 and the Africa Mining Vision.
Mr Koranteng also announced MIIF’s plans to introduce a dividend payout policy aimed at maintaining financial independence and avoiding government interference.
This policy is expected to bolster investor confidence and protect the Fund from arbitrary government transfers.
Furthermore, he said MIIF is expanding its reach within the mining sector through a framework agreement with the Ghana Revenue Authority (GRA) to enhance royalty collection from mining companies.
MIIF’s strategic investments include a US$25 million investment in Injaro, a company supporting businesses in the mining supply chain, and ongoing exploration of investments in strategic minerals like graphite and lithium, key components in the renewable energy transition.
Looking ahead, MIIF said it aims to grow its assets to US$6 billion over the next decade through expanded royalties and strategic investments, positioning itself as a cornerstone of Ghana’s economic transformation.
Mr Koranteng expressed confidence in the sector’s future, noting that MIIF’s investments will place Ghana’s mineral industry at the forefront of the country’s development.
Ghana has “sharply declined” in terms of trade attractiveness in Africa, moving from the 3rd position to the 7th spot, underscoring the pressures that the economy continues to endure, Issue 4 of theStandard Bank Africa Trade Barometer(SB ATB) launched recently has revealed.
It said the “sharp decline” in Ghana’s trade attractiveness in Africa “also raises concerns about its ability to maintain trade competitiveness, even as Ghana is one of the most stable and democratic countries in West Africa.”
According to Standard Bank, the decline in the trade ranking of Ghana “is mainly due to a worsening macroeconomic environment and falling trade confidence.”
“As economic volatility intensified in Ghana, its ability to facilitate seamless trade came under strain, making it harder for businesses to access foreign currency, most notably USD, that is required to pay for imports and thus engage in cross-border activities, especially for small and medium-sized enterprises, which this barometer favours,” the barometer noted.
“As Africa moves towards greater integration under the African Continental Free Trade Area (AfCFTA), the Standard Bank Africa Trade Barometer offers critical insights into the opportunities and challenges faced by African businesses and stakeholders in facilitating trade. The shifts detailed in the report further reflect changing macroeconomic conditions, infrastructure challenges and access to finance amongst many others, which are all impacting the trade environments of the 10 countries featured”, said Philip Myburgh, Group Head of Trade at Standard Bank Business and Commercial Banking.
The SB ATB covers seven broad thematic categories of data that impact Africa’s trade, and upon which the barometer scores each country.
These categories are; trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance & economy, as well as traders’ financial behaviour.
The SB ATB serves as Africa’s leading trade index, with the intent of addressing the information vacuum of reliable African trade data that can support and enable the growth of intra-Africa trade.
Overall, the SB ATB trade attractiveness rankings reveal a dynamic shift in trade standings among the 10 African nations it covers, with Tanzania (moving from 8th to 4th ranking), Mozambique (4 to 3), Nigeria (6 to 5) and Zambia (9 to 8) recording improvements in their positions, while declines were recorded for Ghana (3 to 7), Uganda (7 to 9) and Kenya (5 to 6). Meanwhile South Africa, Namibia and Angola retained their rankings, at positions 1, 2 and 10, respectively.
The 10 countries covered by the SB ATB are AfCFTA signatory nations, representing 66% of Africa’s gross domestic product (GDP) and 45% of the continent’s population.
Overall, the macroeconomic conditions across the countries present a mixed outlook, with relatively sustained growth tempered by ongoing challenges.
The estimated real GDP growth rate for 2025 stands at 4.3%, reflecting steady progress despite headwinds.
Positive developments include infrastructure investments, economic diversification efforts, and increased production in sectors like oil, mining, and agriculture.
However, high inflation, forecasted to reach 9.9% in 2024, remains a pressing concern, driven by currency depreciation and worsened by weather events such as severe droughts in Southern Africa and flooding in East Africa.
Amid these complex dynamics, it is evident that the path forward will require a focus on prudent economic management, diversified growth strategies, and bolstering resilience against climate risks.
As a trusted partner for the growth of the businesses that continue to power Africa’s dynamic economies, Standard Bank said Issue 4 of its Africa Trade Barometer serves as a tool for businesses to make strategic decisions that foster sustainable trade and economic development across the continent.
“Given our position as Africa’s largest bank, we understand that reliable trade data is essential for making informed business decisions, particularly in the context of a dynamic and evolving trade environment. This Issue 4 of the Standard Bank Africa Trade Barometer provides businesses, governments and investors, with the insights they need to navigate challenges and seize new opportunities on the continent”, advanced Myburgh.
A coalition of fourteen Civil Society Organisations (CSOs) concerned with the governance of Ghana’s energy sector filed a civil suit against the Electricity Company of Ghana (ECG) and Fidelity Bank Ghana Limited.
The legal action, spearheaded by a team of lawyers from AudreyGrey, an Accra-based law firm, seeks to compel ECG to comply with the Public Procurement Act (2003), as amended.
The coalition argues that ECG’s recent engagement of Fidelity Bank as the “single account” custodian, alongside its large-scale foreign exchange transactions with the bank involving millions of dollars, should have been subjected to public procurement procedures.
Failure to do so, they assert, breaches the Public Procurement Act.
Moreover, the CSOs have raised concerns over potential conflicts of interest, noting that some politically exposed executives from Fidelity Bank serve on ECG’s board.
The lawsuit comes against the backdrop of Ghana’s deepening fiscal crisis, exacerbated by issues in the energy sector.
ECG has frequently been flagged for procurement violations by the Auditor General, including recent allegations concerning its procurement of smart meters and a mobile app under scrutiny by the Africa Centre for Energy Policy (ACEP), one of the coalition’s members.
The coalition argues that poor procurement practices are a major contributor to ECG’s financial woes, a situation they believe is leading the country towards another energy crisis.
According to the CSOs, much of the country’s fiscal challenges, including high inflation, exchange rate depreciation, and the controversial “haircuts” on investments, can be traced back to the unproductive debt accumulated within the energy sector.
The coalition also questioned ECG’s reliance on forex exchange losses, amounting to tens of millions of dollars, and the transparency of its dealings with Fidelity Bank.
They are calling for stricter scrutiny of these transactions, something they believe can only be ensured through the Public Procurement Act’s oversight.
The case has further been complicated by the involvement of Dr. Dominic Ayine, the Member of Parliament for Bolgatanga East and Chair of Parliament’s Subsidiary Legislation Committee.
Dr. Ayine, identified as Fidelity Bank’s legal counsel, has been linked to efforts to exclude ECG from the Public Procurement Act, raising concerns of a conflict of interest.
Given his influential role in Parliament, the coalition has called on the Speaker of Parliament to address this potential ethical dilemma.
The CSOs are urging the media to closely monitor ECG’s procurement issues and their connection to Ghana’s ongoing financial challenges.
More civil society organizations are expected to join this lawsuit or initiate new legal actions in the near future.
The coalition includes: Africa Centre for Energy Policy (ACEP) Democratic Credentials Network (DCN) Institute for Liberty and Policy Innovation (ILAPI) Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE) Renel Ghana Foundation (RENEL) Grassroot Mobilizers Foundation (GMF) Centre for Democratic Development (CDD) IMANI Centre for Policy and Education (IMANI) Institute of Energy Studies (IES) Community Focus Foundation Ghana (CFF-Ghana) ODEKRO PMO Foundation (ODEKRO) iWatch Africa (iWatch) Centre for Extractives & Development Africa (CEDA)
The Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi, has called for greater efforts to promote gender-inclusive finance, urging more women to actively participate in Ghana’s financial system.
Ms Awadzi emphasised that beyond encouraging women to open bank accounts, there should be incentives for them to use these accounts to grow their businesses.
Speaking as Chair of the Alliance for Financial Inclusion’s (AFI) Gender Inclusive Finance Committee, she highlighted the need for more targeted financial policies that enable women to access affordable loans and other financial services.
“A lot of progress has been made in getting women to open accounts,” she noted.
“Now, we need more action in promoting women’s effective usage of these accounts—whether traditional bank accounts, electronic wallets, or mobile wallets. We want to see more women saving, building financial histories, and accessing credit to expand their businesses, so they can play an active role in our economies.”
Ms Awadzi stressed the importance of ensuring that women understand the benefits of these financial services, adding that their use could make them more resilient to economic shocks, including those caused by climate change and pandemics.
She expressed optimism that the recent launch of the Alliance for Financial Inclusion’s Gender Inclusive Policy Model would accelerate progress.
“This policy model provides a useful framework to guide regulators and policymakers in advancing women’s financial inclusion and narrowing the gender gap,” she said.
While significant strides have been made in empowering women economically, challenges remain.
The gender gap in access to financial services has shrunk, standing at 6% compared to 9% in 2011.
However, despite this progress, the full potential of women’s participation in the financial sector remains untapped.
Ms Awadzi concluded by urging continued efforts to ensure that women not only open accounts but also make full use of the financial opportunities available to them, enabling greater economic resilience and empowerment.
The International Monetary Fund (IMF) has declared that the global battle against inflation is nearing victory, with inflation projected to fall significantly by 2025.
Mr Pierre-Olivier Gourinchas, the IMF’s Chief Economist, said global headline inflation, which peaked at 9.4% in the third quarter of 2022, is expected to drop to 3.5% by the end of next year.
Speaking at the release of the World Economic Outlook during the 2024 IMF and World Bank Annual Meetings in Washington, DC, Mr. Gourinchas noted that most countries were now seeing inflation within their central banks’ targets.
For 2024, the IMF has forecasted a global inflation rate of 5.8%, which is set to decline further to 3.5% in 2025.
“The decline in inflation without a significant recession is a major achievement,” he remarked, crediting the global economy’s resilience, which is expected to maintain steady growth at 3.2% for both 2024 and 2025.
Mr. Gourinchas attributed the disinflation to the easing of supply and demand shocks that had previously driven inflation, along with improvements in labour supply, particularly in advanced economies, where immigration played a key role.
He also pointed to the decisive impact of monetary policy in managing inflation expectations.
However, the IMF’s chief economist warned that risks remain.
He highlighted the potential for regional conflicts to disrupt commodity markets, and expressed concerns over shifts in trade and industrial policies that could negatively impact economic output.
Such risks, he noted, could tighten global financial conditions and derail the progress made in combating inflation.
To mitigate these risks and strengthen global growth, Mr. Gourinchas proposed a “policy-triple-pivot.”
This would involve a cautious easing of monetary policy rates, stabilisation of debt through fiscal policies, and the implementation of growth-enhancing reforms.
He also stressed the importance of fostering trust between governments, citizens, and corporations, as well as enhancing international cooperation to maintain momentum in reducing inflation and sustaining economic growth.
The Government of Ghana says successful implementation of the Domestic Debt Exchange Programme (DDEP) has saved the country a remarkable $12 billion.
Highlighting that, the DDEP played a crucial role in alleviating Ghana’s financial difficulties and reducing its debt burden, creating a more sustainable fiscal environment.
The DDEP, launched in December 2022, was a key element of Ghana’s broader debt restructuring efforts. The programme required domestic bondholders to exchange their existing bonds for new ones under different terms, reducing the government’s debt servicing obligations.
“The DDEP was a great success, and it paved the way for the restructuring of our bilateral debt, which also saw significant success,” Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has revealed during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, last week.
“… government saved $2.8 billion from bilateral debt restructuring.”
According to government data, Ghana has successfully restructured $13 billion in Eurobonds, concluding the process in early October. This resulted in an outright debt cancellation of about $5 billion and debt service relief of $4.3 billion, bringing total savings to approximately $12 billion.
“We still have an ongoing restructuring process with our commercial creditors involving about $2.7 billion, and we are working hard to conclude that,” he added.
Dr. Adam emphasised that the DDEP was an essential policy measure, laying the foundation for these wider debt relief efforts, which have significantly improved Ghana’s fiscal health.
