News Guide Africa

Category: News

  • Businesses okay Mahama’s National Business Consultative Platform initiative

    Ministry, AGI back Mahama’s business dialogue plan.

     

     

     

    Adnan Adams Mohammed

     

    Government’s plan to establish a National Business Consultative Platform has received a boost from business players

     

    The initiative announced by President John Dramani Mahama, aims to foster engagement between the government and private sector players, provide feedback on policies, and identify solutions to support business development.

     

    The Association of Ghana Industries (AGI) expressed readiness to cooperate with the government to address significant issues within the business community, however raising concerns about heavy taxes and difficulty securing capital which should be addressed during the dialogue.

     

    “We are talking about a lot of taxes, and we are asking the government to take away some of these taxes that are affecting the growth of the sector”. Dean of Regional Chairs of AGI, Tsonam Akpeloo, said in an interview. “We are also talking about access to capital, and the cost associated with accessing this capital.”

     

    He stressed that, “These are issues that the government needs to deal with because we believe that it is only when the president is on this issue that bothers us, that he will be able to take the right decisions and actions.

     

    “So for us, this needs to have a more structured approach to ensuring that we meet the government. We are happy to cooperate to set it up and ensure that it will not just be a launch but rather a meaningful, and productive engagement with the government.”

     

    Akpeloo further urged the government to improve the capacity of local industries, to gain a competitive advantage in the production of essential products on the market, and to help lessen the rate of importation of these products into the country.

     

    “The government needs a certain drastic measure to promote local production because there are products in Ghana that we do have competitive advantages in. There are things that we can produce not only for the Ghanaian market but also to export.

     

    “What we require is for the government to discourage importation of these products that we have and can produce locally. That way, the government will provide the needed capacity for local industry to be able to produce 24 hours.

     

    “Most of our production lines only produce at 50% capacity. We need to make sure that we increase the production to employ people and the only way we do that is when the government discourages the importation of these products that we have local capacity to produce,” he said.

     

     

     

     

     

  • External Debt Restructuring: Gov’t committed to agreement that balances the interests of all stakeholders

    Ministry of Finance affirms fair debt talks under G20 framework.

     

     

     

    Adnan Adams Mohammed

     

     

    The Government of Ghana has assured its outstanding external creditors that it aims to reach an agreement that balances the interests of all stakeholders in its ongoing debt restructuring negotiations
    In a press statement issued by the Ministry of Finance, the government acknowledged  progress in the negotiations, reaffirming its dedication to fair and transparent discussions in line with the G20 Common Framework.

     

    The Ministry further confirmed that the government has strictly followed the terms of its Memorandum of Understanding (MoU) with official creditors, and has maintained arrears with all external creditors included in the debt restructuring scope.

     

    “The Government remains committed to achieving a fair and mutually beneficial resolution with all creditors, and thanks its partners for their forbearance, cooperation, and support,” the statement said.

     

    The Ghanaian government emphasized that no creditor has been given preferential treatment, in keeping with the principle of Comparability of Treatment.

     

    “In line with Ghana’s commitments to the official creditors, under the G20 Common Framework, no creditor has been treated preferentially,” the statement noted.

     

    “This is consistent with the principle of Comparability of Treatment.”

     

    The G20 Common Framework, used for Ghana and Zambia’s restructuring process, brings together all official creditors (Paris Club countries plus China and others) to negotiate in a single official creditor committee (OCC), which is then sequentially followed by negotiating with bondholder groups and commercial creditors.

     

    In January, 2024, the government  announced that it has reached an agreement with some of its Official Creditors under the G20 Common Framework, on a comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative. This followed the successful completion of the Domestic Debt Exchange Programme (DDEP) in 2023, which signaled significant positive steps towards restoring Ghana’s long-term debt sustainability.

     

     

  • Cedi gains slashes Ghana’s external debt stock

     

    Cedi rallies over 40% in 2025, prompting renewed optimism for Ghana’s debt sustainability targets.

     

     

    The Government of Ghana has started hoping that a key macroeconomic target for 2028 – that of reaching a public debt sustainability threshold of between 56% and 58% of Gross Domestic Product, could actually be achieved as early as the end of this year. This is coming on the back of the Cedi’s sharp appreciation against the United States dollar which has seen it appreciate more than 40% against the American green back this year – far outperforming its African and emerging market peers – and thus shrinking the cost of the country’s foreign debt and giving it more fiscal breathing room.

    “We have reduced our total debt over the last five months by almost GHc150-billion, which is very significant” President John Dramani Mahama revealed at a session during the African Development Bank annual meeting in Abidjan last week, citing the cedi strength.

    “If that trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be reached by the end of this year. And that means that it begins to give us fiscal space to begin to invest in the most productive sectors of the economy.”

    The global standard for debt sustainability in emerging market economies, as set by the International Monetary Fund and the World Bank is a public debt to GDP ratio of 60% although some heavily indebted middle income countries outside of an IMF programme tend to regard the threshold as 70% of their GDP.

    Ghana’s debt to GDP ratio had fallen to 70.5% of its GDP by the end of 2024, following fundamental restructuring of its public debt, down from an estimated 79.18% in 2021 which however did not include the country’s legacy energy debt and its debt overhang from the funding of a comprehensive financial services industry reform between 2017 and 2020. Indeed, computations that added on those debts put Ghana’s ratio at closer to 90%, persuading the IMF to insist that the country restructure its public debt towards sustainability before assenting to provide a three year Extended Credit Facility programme inclusive of a front-loaded US$3 billion financial bail out in 2023.

    In all the cedi had gained 42% against the dollar since January, changing hands near GHc10.20 to the dollar as at mid last week before slipping a little towards the end of the week.

    The rally, which has surprised some investors, is another much-needed boost for Ghana as it claws its way back from debt default and a punishing economic crisis.

    While the dollar has also been under pressure this year, the cedi’s performance stands in stark contrast to other African currencies.

    The cedi’s appreciation has been fueled by several factors, both external and internal one of them being the strategic interventions of the country’s central bank. The Bank of Ghana (BoG) has played a pivotal role through aggressive monetary tightening and forex market interventions

    Another pivotal factor has been the commodity revenue windfall arising out of the ongoing price surges in two of Ghana’s main traditional exports, gold and cocoa. Surging gold prices—from US$2,000 per ounce in 2024 to US$3,400/ounce in May 2025— have boosted export revenues with Ghana earning US$2.72 billion from gold exports alone during first four months of 2025 up from US$900 million during the corresponding period of 2024.

    Cocoa prices nearing US$10,000 per ton have further bolstered inflows, combining with gold, oil and non- traditional exports to take Ghana’s trade surplus to a long term high of US$4.3 billion in 2024.

    Yet another factor has been the impacts of the ongoing three year International Monetary Fund programme, which includes an insistence on a return to demand management economic policies to restore macroeconomic stability after the near-chaos that reigned from late 2022 to late 2023.

    Local Ghanaian holders of dollar debt exchanging their money back into cedis are also helping the gains.

    There has been a key external factor too in that the dollar’s depreciation, driven by U.S. tariff wars and a falling Dollar Index (DXY) from 108 to 99 in 2025, have amplified the cedi’s relative strength.

    However while Ghana now looks to reaping the benefits of a stronger cedi with regards to its debt sustainability it is by no means a given yet as potential headwinds still exist.

    Tellimer’s Hasnain Malik, a sovereign country analyst and Lutz Röhmeyer, head of portfolio management at Capitulum Asset Management, have both warned that the cedi’s rally may not last, citing drops in oil and cocoa prices, as well as IMF forecasts that imply a possible coming depreciation.

     

  • Sammy Gyemfi receives President’s pat on the back for stellar performance

    President Mahama commends GoldBoard CEO for impactful leadership in gold trading sector.

     

     

    By Lawrence Odoom

     

    GoldBoard’s Chief Executive Officer, Sammy Gyamfi, has earned high praise from President John Mahama for the institution’s outstanding achievements since its inception.

     

    Launched on April 2, 2025, the Ghana GoldBoard has swiftly established itself as a formidable force in the gold trading sector, with its mandate to oversee and regulate gold trading activities in the country yielding impressive results.

     

    President Mahama, speaking at a recent event in the Ahafo Region as part of his national “Thank You” tour, lavished praise on Gyamfi’s leadership, declaring, “Mr. Sammy Gyamfi is the Chief Executive of the Ghana Goldbod that is doing wonders already.” This glowing endorsement is a Prove to the institution’s remarkable strides, which have garnered widespread public support and admiration.

     

    The GoldBoard’s impressive performance has been accompanied by a significant strengthening of the local currency, with the cedi appreciating substantially against the US dollar. From a high of nearly GH¢16 to the dollar last year, the cedi has now stabilized at around GH¢10 to the dollar, a development that has been met with optimism by citizens and market observers alike.

     

    The Governor of the Bank of Ghana, Dr. Johnson Asiama, has reaffirmed the central bank’s commitment to sustaining the cedi’s rebound, emphasizing ongoing efforts to bolster the local currency and maintain its competitiveness in the global market.

     

     

     

    The institution’s remarkable achievements under Sammy Gyamfi thus far are a powerful indicator of its potential to drive economic growth and development in Ghana, and its future prospects appear bright.

  • Full Statement: Speaker Of Parliament Speaking Note At Meeting With The Review Mission Team of The African Union Advisory Board Against Corruption

    Rt. Hon A. S. K. Bagbin, Speaker Of Parliament

     

    Full Statement: Speaker Of Parliament Speaking Note At Meeting With The Review Mission Team of The African Union Advisory Board Against Corruption

     

    RT. Hon. ASK’s Speaking Notes

     

  • Prof Gatsi bids farewell to UCC after 19 years …as he assumes Bank of Ghana role 

     

    Prof John Gatsi and Prof Samuel Agyei in a post after the handover

     

     

     

    Adnan Adams Mohammed

     

    Professor John Gartchie Gatsi, Dean of the University of Cape Coast School of Business, has officially said goodbye to the University after almost two decades of dedicated service.

     

    Joining the University in 2007, he rose through the rank of a lecturer to the position of a Dean before parting ways to serve as Advisor to Bank of Ghana.

     

    Professor Samuel Kwaku Agyei takes over from him as the Dean. He will serve as acting Dean to complete Professor Gatsi’s tenure until 31st July, 2025 and assume the role of Dean on 1st August, 2025. During the Dean’s Award, Professor Gatsi informed students and lecturers that although he resumed at the Bank of Ghana in early May 2025, it was the arrangement that he would return at month-end (29th May, 2025) to bid farewell to staff and students, ensuring a seamless transition.

     

    At the ceremony, which took place over the weekend, Prof Gatsi expressed his sincere gratitude to University management, College management, School board, School of Business management, lecturers, administrators, students, and cohorts of national service personnel for their invaluable support over the past six years, resulting in increased visibility, equitable treatment, and substantial growth in the School’s profile and staff development. Whiles, acknowledging staff support in developing postgraduate programs aligned with national human resource development goals, including specialized programs for the military and customs division of Ghana Revenue Authority.

    “The School anticipates receiving a certificate of accreditation from GTEC, to facilitate the launch of the Bachelor of Commerce Financial Engineering program, and has announced that Master of Philosophy and Master of Science in Health Services Administration programs have been advertised, enriching the portfolio of postgraduate programs”, he told the gathering.

     

    Prof Gatsi further noted that the School has received notification from GTEC to send an accreditation panel for the Doctor of Business Administration in June 2025, which may commence before the year’s end. He was delighted to announce the introduction of two new bachelor’s degree programs: (1) entrepreneurship and international business, and (2) entrepreneurship with graphic design.

     

    Also on the table is that, the School is collaborating with the School of Economics to develop a new postgraduate program and with the Institute for Oil and Gas Studies to offer a Bachelor of Science in Energy Studies and Management.

     

    Prof Gatsi highlighted the school’s growth, from having no professors in 2019 to now having nine professors, ten associate professors, and twenty-four senior lecturers. He acknowledged the hard work of the assistant lecturers, whose numbers decreased from fifteen in 2019 to four.

    “For the past four years, we have been a member of AACSB, the prestigious international accrediting body for business schools. I wish to encourage the new administration to pursue full accreditation for the School and its programs, which will yield significant benefits for faculty, alumni and students. He also urged professional bodies , business associations and businesses to continue to partner closely with the School to improve their mutual benefits.”

  • Eni Ghana and Partners launch Sankofa East 1X Side Track 2 activity

    Drilling Rig

     

     

     

    Eni Ghana and its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), has started drilling operations in the Sankofa East 1X Side Track 2.

     

    This mark a significant milestone in the further development of Ghana’s upstream energy sector.

     

    The drilling operations around 60 nautical miles off Ghana’s coast, in close proximity to the John Agyekum Kufour FPSO, as part of the broader Sankofa field’s development plan.

     

    The Deep Value Driller (DVD), a state-of-the-art drillship, started activities offshore Ghana following completion of operations in Côte d’Ivoire. Equipped with advanced automated technology, the rig ranks among the most advanced in the world in terms of operational performance and safety.

     

    After a stakeholder engagement with community ahead of drilling

    This activity reflects the partners’ ongoing commitment to unlocking additional value from the Offshore Cape Three Points (OCTP) block, ensuring long-term production sustainability and contributing to Ghana’s energy security.

     

    Ahead of the campaign, Eni and its OCTP partners, Vitol and GNPC, have carried out comprehensive stakeholder engagement programs along Ghana’s coastline to ensure open communication and promote collaboration with communities. The activity, involving more than 800 fishermen and local leaders, has been conducted in collaboration with the Environmental Protection Agency (EPA), Petroleum Commission (PC), Ghana Maritime Authority (GMA), Ghana Navy, Fisheries Commission, and the Ghana National Canoe Fishermen Council (GNCFC).

     

    Eni has been present in Ghana since 2009 with offshore hydrocarbon exploration and production activities, with an equity production of about 34,000 barrels of oil equivalent per day. The company is the operator of the OCTP project with a 44.4% share, in partnership with Vitol (35.6%) and Ghana National Petroleum Corporation (20%). The joint venture’s portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation, and access to energy.

     

     

  • Petroleum Downstream Sector Reforms Committee report submitted to sector minister

    Emma Bulley presents reform report to Energy Minister Jinapor.

     

     

    Adnan Adams Mohammed

     

    Hon. John Abdulai Jinapor, the Minister for Energy and Green Transition, has received the report of the Petroleum Downstream Sector Reforms Committee (PDSRC).

     

    The Committee inaugurated on March 14, 2025, to assess Ghana’s petroleum downstream sector and further tasked to propose measures to enhance the sector’s efficiency, transparency, competitiveness and long-term sustainability concluded and submitted their report yesterday.

     

    The Committee’s Chairperson, Madam Emma Bulley, Esq., during presentation of the report noted that, the Petroleum Downstream Sector has been saddled with many challenges.

     

    “The Petroleum Downstream has been plagued with a myriad of challenges, including infrastructure bottlenecks, regulatory lapses, non-compliance by some Petroleum Service Providers (PSPs), operational inefficiencies, market constraints, illicit activities leading to unhealthy competition, compromised product quality and revenue loss to the state. Fortunately, the Committee has made a number of recommendations.

     

    Implementing these reforms will transform Ghana’s Petroleum downstream sector into a resilient and competitive one. We expect the full commitment of all stakeholders.”

     

    Hon. John Jinapor thanked the committee for their commitment and professionalism.

    “I want to thank the members of the committee and all stakeholders for the commitment and professionalism. I had absolute confidence that the members of the committee would deliver nothing short of excellence.

     

    We pledged to reset Ghana, including the energy sector. The downstream is a crucial part of the sector and we aim to enhance regulation while dealing with operational inefficiencies and infrastructural bottlenecks.”

     

    Members of the committee include Madam Emma Bulley, Esq (Chairperson), Dr. Kwabena Donkor, Ing. James D. Yamoah, Abass Ibrahim Tasunti, Joshua Anaman Sackey, Samuel Mills Anderson, Dr. Patrick Kwaku Ofori, Dr. Riverson Oppong, Gershon Klutse, Isaac Kofi Ampofo (Secretary).

  • BoG posts strong economic outlook

     

    BoG reports economic stability with falling inflation and rising reserves.

     

    By Adnan Adams Mohammed

     

    The current strengthening of Ghana’s economy evident by significant improvements in its key economic performance indicators strongly shows growing confidence in the fortunes of businesses and consumers.

     

    The Bank of Ghana data published last week, after the its Monetary Policy Committee, shows easing inflation, disciplined fiscal management, favourable external sector developments amidst tightening policy rate as key ingredients behind the country’s improving economic performance.

     

    Headline inflation has declined consecutively in the first four months of the year by 2.6 percentage points to 21.2% in April 2025, driven by the lowering of both food and non-food inflation.

     

    “A confluence of factors, including tight monetary policy stance, stepped-up liquidity sterilization efforts, downward revisions in ex-pump petroleum prices, and exchange rate stability have supported the gradual decline in inflation” BoG Governor, Dr Johnson Asiama explained last week when delivering the decision of the Monetary Policy Committee to retain its benchmark Monetary Policy Rate at 28%.

     

    “The Bank’s core inflation measure, which excludes energy and utility prices, as well as inflation expectations of consumers, businesses, and the banking sector point to easing inflationary pressures.”

     

    Similarly, the recently installed President John Dramani Mahama administration has reigned in the fiscal slippages that its predecessor government often fell prey to.

    “Fiscal policy implementation so far has been broadly aligned with the 2025 Budget. In the first quarter of 2025, provisional data on budget execution indicated that although revenues fell below target, some expenditure rationalisation took place to accommodate the revenue shortfall” affirmed Dr Asiama.

     

    “The primary fiscal balance (on commitment basis) has also improved in the first quarter. Continued maintenance of a strict fiscal consolidation for the 2025 Fiscal Year will further strengthen the ongoing recovery process and firm up macroeconomic stability.”

     

    Key to the ongoing turnaround has been the external sector which has continued to improve, with a record provisional current account surplus of US$2.1 billion in the first quarter of 2025, driven mainly by higher prices and increased production volumes of gold and cocoa, and strong remittance inflows.

     

    The current account surplus, together with net outflows in the capital and financial account, resulted in an overall Balance of Payments surplus of US$1.1 billion. The strong external performance resulted in significant reserve accumulation. Gross International Reserves (GIR) amounted to US$10.7 billion in April 2025, equivalent to 4.7 months of import of goods and services.

     

    “Broadly, the external sector outlook remains favourable, largely anchored on expectations of increased gold and cocoa export receipts, as well as inflows from remittances” enthused Dr Asiama last week.

     

    “The cedi has rebounded strongly against the major trading currencies driven by a combination of factors, including tight monetary policy stance, ongoing fiscal consolidation, record reserve accumulation, strict enforcement of foreign exchange market rules, and improved market sentiment.”

     

    Indeed in the year to May 21, 2025, the cedi had appreciated against all the major currencies – 24.1 percent against the US dollar, 16.2 percent against the British pound, and 14.1 percent against the euro.

     

    “The latest forecast points to continued easing of inflationary pressures on the back of tight monetary policy stance, exchange rate stability, and fiscal consolidation” the BoG Governor enthused.

     

    “Inflation is expected to ease faster towards the medium-term target in the first quarter of 2026 as opposed to the second quarter as earlier envisaged, barring unanticipated shocks.”

     

    This looks set to deliver palpable rewards. The BoG’s high frequency real sector indicators point to a sustained pickup in economic activity. The updated Composite Index of Economic Activity increased by 2.3 % year-on-year in March 2025, compared with 1.0% over the same period last year, mainly driven by exports, credit to the private sector, and construction activities.

     

    In addition, the Ghana Purchasing Managers’ Index rose above the 50-benchmark as output and new orders increased, signaling improved growth prospects. Based on easing inflationary pressures and optimism about macroeconomic conditions, the latest confidence surveys conducted by the BoG showed significant improvement in consumer and business expectations going forwards, the highest in the last seven years.

     

  • Kofi Adams advocates for climate-resilient sports infrastructure at global forum in Cape Town

    Kofi Iddi Adams, Sports Minister

     

    Kofi Iddi Adams, Minister of Sports and Recreation, is advocating for climate leadership in the world of sport after he  unveiled a series of green initiatives at the Global Sports and Sustainability Forum 2025 held in Cape Town.

     

    Speaking at the event which brought together international audience of policymakers, sports executives, and climate advocates, the Minister urged countries to reimagine sports infrastructure as a catalyst for environmental resilience and community development.

     

    The SPORTS20 event organised under the theme ‘Another World Is Possible’, the event featured voices from around the world exploring how sport can confront global crises like climate change and biodiversity loss.

     

    “Flooded pitches, rising temperatures, and unpredictable weather are disrupting competitions and training schedules,” Ghana’s Sport minister said in his opening address. 

     

    “At the same time, the carbon footprint of mega sporting events rivals the electricity consumption of millions of households. We must act boldly.”

     

    Kofi Adams hinted that the John Mahama-led administration will soon launch a new National Recreation Agency, tasked with leading a climate-conscious wellness movement.

     

    Among its flagship programs will be National Recreation Day and National Aerobics Day, both designed to engage citizens in tree planting, clean-up campaigns, and climate-friendly sporting events.

     

    The Minister also spoke passionately about addressing the environmental devastation caused by illegal small-scale mining, or galamsey.

     

    In response, Ghana will develop community sports academies and green parks on degraded lands in collaboration with mining companies, offering young people alternative livelihoods through sport.

     

    The Minister praised SUCCA Africa, GHALCA, and SPORTS20 for their role in advancing the Green Futball Initiative, which has brought climate issues into the heart of Ghana’s sports culture — from boardrooms to locker rooms.

     

    “Through SUCCA Africa’s ESG frameworks, Ghana is positioning itself as a continental case study in sustainable football development,” he stated.

     

    The forum also featured a compelling presentation by Prince Osisiadan, CEO of SUCCA Africa, who linked climate and biodiversity loss to the sustainability of sport itself.

     

    He warned that without urgent action, sports would increasingly suffer from extreme weather cancellations to lost natural venues and declining public health.

     

    GHALCA President John Ansah echoed these sentiments, stating, “The time for talk has passed; we must act decisively. African football has a unique opportunity to lead by example in sustainability. Our commitment to green practices will not only protect our environment but also inspire future generations to embrace eco-friendly sportsmanship.”

     

    Stefan Wagner of Sports20, Germany opined that the forum marks a turning point not just in conversation, but in collective commitment to climate action through sport.