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.
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.
Stakeholders discuss property tax reforms at the ACRC workshop in Accra.
Adnan Adams Mohammed
Metropolitan and Municipal Assemblies in Ghana have been tasked to assume full scale implementation of property tax collection.
Local governance and tax administration experts have expressed concern that the assemblies have no excuse with regards to financing shortfalls as they sit on ‘financial gold mines’ and need to invest in all necessary infrastructures and processes to enable full collection of property taxes to augment their Internally Generated Funds.
Government, through the Ministry of Local Government, has reiterated its commitment to decentralise the collection of property tax to metropolitan, municipal and district assemblies (MMDAs) before the end of this year. Although acknowledging the existing challenges weakening the full implementation of property tax collection, the experts believe the assemblies need to be very innovative and business minded in their approach.
“The assemblies can start with full scale valuation of the properties within their jurisdictions to aid the smooth administration”, a Lead Researcher at African Cities Research Consortium, Dr Samuel B. Biitir, said in an interview at the sideline of the ACRC Urban Property Tax Workshop in Accra.
The Senior Lecturer at SD Dombo University of Business and Integrated Development Studies believes property taxes, if assessed and collected full scale, can help develop various assemblies into world class cities.
Meanwhile, on his part, William Hagan Amoah, a Development Planning Consultant and a Managing Partner at FD Associates, while addressing concerns of some assembly staff on valuation data retorted, “I do not see why the assemblies are complaining. Everything to enable property tax collection is already existing; the laws, the mapping technology and the administrative capacity.
“The assemblies shouldn’t forget that they are an authority on their own and the law allows them to set the rate within a threshold and various property identifier softwares and maps exist. So what else is the challenge”, he quizzed.
In his opening remarks at the workshop, Ahmed Ibrahim, the Minister of Local Government, Chieftaincy and Religious Affairs, indicated that President John Dramani Mahama is resolved to go by his promise of decentralising property collection.
“The President promised to decentralise the property taxation system and send resources to the grassroots for balanced and equitable development of the country.
“The people of Ghana gave him an overwhelming majority of votes, so we cannot sleep on this reset agenda.”
Expected outcome
The move is expected to ensure that local assemblies are given stronger financial backing to undertake development projects instead of mostly relying on transfers from the central government.
The Minister, who is also the Member of Parliament for Banda, also said that the government would empower local assemblies to resort to municipal bonds to finance capital projects going forward.
The three-day workshop on property tax administration in Accra, organised by African Cities Research Consortium (ACRC), a collaborative research initiative addressing critical urban development in African cities, was on the theme: “Transforming urban property tax administration for improved delivery of valued public goods and services.”
Participants were drawn from ministries, departments and agencies (MDAs) in Ghana, Kenya, Uganda, Nigeria and Zimbabwe to share best practices and case studies from successful reforms across the continent; explore digitisation experiences and identify strategies for implementing sustainable digital reforms, including fostering collaboration among policy makers, tax administrators, researchers and international organisations to advance property tax reforms.
Challenges
While property taxation is a viable source of revenue for African countries, the sector is challenged by inadequate valuation systems, incomplete property registers, and weak enforcement mechanisms.
The property sector remains underdeveloped, causing the countries to wallow in resource constraints to undertake development projects.
Implementation
Consequently, the Greater Accra Regional Minister, Linda Obenewaa Akweley Ocloo; the head of project delivery at ACRC, Irene Vance, and Dr Biitir, have all called for the implementation of a robust property tax regime capable of raking in the needed revenue for sustainable development.
They have said that within the context of dwindling donor support, it was important for local assemblies to adopt innovative reforms backed by digital solutions to unleash the potential of the property tax.
In separate statements, they stressed that the adoption of an ingenious property tax administration module that best suits the country would further help local authorities to deliver on their onerous responsibility of addressing development challenges such as sanitation, health care, and delivery of social interventions.
In a speech delivered on behalf of Ms Ocloo by the Regional Economic Planning Director at the Greater Accra Regional Coordinating Council (GARCC), Jemima Lomotey, said the workshop would bolster ongoing processes by local assemblies to adopt digital solutions for effective property tax collection.
She said her outfit would support Metropolitan, Municipal and District Assemblies (MMDAs) within the region to deploy innovative programmes to improve domestic tax mobilisation.
Dr Biitir also said that for property tax collection to be effective, there must be depoliticisation of the process.
“Here in Ghana, it is difficult for the assemblies to collect property tax because of partisan politics. During election years, the assemblies cannot collect the needed property tax because of politics,” he said.
He underscored the need for an enhanced digital addressing system to boost property tax collection.
For her part, Ms Vance said while African cities such as Accra, Ghana; Lagos, Nigeria; Harare, Zimbabwe; Kampala, Uganda and Nairobi, Kenya were fast growing, the lack of an effective property tax system was a hindrance to unlocking their economic potentials.
Samuel Okudzeto Ablakwa, Minister for Foreign Affairs writes…
With the firm support of President Mahama, I have carried out the following drastic and decisive actions following the damming findings of a special audit team i put together a couple of months ago to investigate alleged corrupt practices at Ghana’s embassy in Washington DC:
1) The immediate dismissal of Mr. Fred Kwarteng.
Mr. Kwarteng was a local staff recruited on August 11, 2017 to work in the embassy’s IT department. According to findings and his own admission, he created an unauthorized link on the embassy’s website which diverted visa and passport applicants to his company, Ghana Travel Consultants (GTC) where he charged extra for multiple services on the blind side of the ministry and kept the entire proceeds in his private account. His illegal extra charges which were not approved by the ministry and parliament as required under the Fees and Charges Act ranges from US$29.75 to US$60 per applicant. The Investigations reveal that he and his collaborators operated this illegal scheme for at least 5 years.
This conduct has been reported to the Attorney-General for possible prosecution and retrieval of funds obtained through fraudulent schemes.
2) All Ministry of Foreign Affairs staff posted to the Washington embassy have been recalled home with immediate effect.
3) The embassy’s IT department has been promptly dissolved.
4) All locally recruited staff at the embassy have been suspended.
5) The Auditor-General has been invited to conduct forensic examination of all transactions and to determine the total cost of this elaborate fraudulent scheme.
6) Ghana’s embassy in Washington DC shall be closed for a few days from today as we finalize the ongoing restructuring and systems overhaul.
Any inconvenience these radical measures may cause visa and passport applicants is regretted.
President Mahama’s government will continue to demonstrate zero tolerance for corruption, naked conflict of interest and blatant abuse of office.
Dr Samuel Biitir speaking to participants at the ACRC workshop
Adnan Adams Mohammed
A Lead Researcher at African Cities Research Consortium, Dr Samuel B. Biitir, has indicated that Metropolitan and Municipal Assemblies in Ghana have no excuse to ensure full scale implementation of property rates.
He indicates that those assemblies are sitting on gold and should take up the duty of facilitating the full scale implementation starting with full scale valuation of the properties within the assemblies to aid the smooth administration.
Speaking in an interview at the sideline of the ACRC Urban Property Tax Workshop in Accra, the Senior Lecturer at SD Dombo University of Business and Integrated Development Studies believes property taxes, if implemented on full scale, can help develop various assemblies into world class cities. This comes as the government is committed to decentralise the collection of property tax to metropolitan, municipal and district assemblies (MMDAs) before the end of this year.
Hon Ahmed Ibrahim, Minister for Local Government interacting with participants of the workshop
“The President promised to decentralise the property taxation system and send resources to the grassroots for balanced and equitable development of the country”, the Minister of Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, has said in his opening remarks at the ACRC workshop yesterday. “The people of Ghana gave him an overwhelming majority of votes, so we cannot sleep on this reset agenda.”
Outcome
The move is expected to ensure that local assemblies were given stronger financial backing to undertake development projects instead of mostly relying on transfers from the central government.
The Minister, who is also the Member of Parliament for Banda also said that the government would empower local assemblies to resort to municipal bonds to finance capital projects going forward.
The three-day workshop on property tax administration in Accra yesterday, organised by African Cities Research Consortium (ACRC), a collaborative research initiative addressing critical urban development in African cities is on the theme: “Transforming urban property tax administration for improved delivery of valued public goods and services.”
Participants were drawn from ministries, departments and agencies (MDAs) in Ghana, Kenya, Uganda, Nigeria and Zimbabwe.
They are expected to share best practices and case studies from successful reforms across the continent; explore digitisation experiences and identify strategies for implementing sustainable digital reforms, including fostering collaboration among policy makers, tax administrators, researchers and international organisations to advance property tax reforms.
While property taxation is a viable source of revenue for African countries, the sector is challenged by inadequate valuation systems, incomplete property registers, and weak enforcement mechanisms.
The property sector remains underdeveloped, causing the countries to wallow in resource constraints to undertake development projects.
Implementation
Meanwhile, the Greater Accra Regional Minister, Linda Obenewaa Akweley Ocloo; the head of project delivery at ACRC, Irene Vance, and Dr Biitir, all called for the implementation of a robust property tax regime capable of raking in the needed revenue for sustainable development.
They said that within the context of dwindling donor support, it was important for local assemblies to adopt innovative reforms backed by digital solutions to unleash the potential of the property tax.
In separate statements, they stressed that the adoption of an ingenious property tax administration module that best suits the country would further help local authorities to deliver on their onerous responsibility of addressing development challenges such as sanitation, health care, and delivery of social interventions.
In a speech delivered on behalf of Ms Ocloo by the Regional Economic Planning Director at the Greater Accra Regional Coordinating Council (GARCC), Jemima Lomotey, said the workshop would bolster ongoing processes by local assemblies to adopt digital solutions for effective property tax collection.
She said her outfit would support metropolitan, municipal and district assemblies (MMDAs) within the region to deploy innovative programmes to improve domestic tax mobilisation.
Dr Biitir also said that for property tax collection to be effective, there must be depoliticisation of the process.
“Here in Ghana, it is difficult for the assemblies to collect property tax because of partisan politics. During election years, the assemblies cannot collect the needed property tax because of politics,” he said.
He underscored the need for an enhanced digital addressing system to boost property tax collection.
For her part, Ms Vance said while African cities such as Accra, Ghana; Lagos, Nigeria; Harare, Zimbabwe; Kampala, Uganda and Nairobi, Kenya were fast growing, the lack of an effective property tax system was a hindrance to unlocking their economic potentials.
“Eni’s commitment to a Just Transition includes expanding renewable energy capacity and supporting local communities.”
The voluntary sustainability report outlines Eni’s achievements and forward-looking strategies for a safer and more sustainable energy.
Eni, last week, published ‘Eni for 2024 – A Just Transition’, its voluntary sustainability report that illustrates the main results achieved during the year on the path towards a Just Transition. The report, now in its nineteenth edition, provides an overview of Eni’s performance and concrete actions for a Just Transition, capable of combining industrial growth, environmental sustainability and social inclusion, illustrating future strategies and goals.
“We live in times of rapid and complex change’, says Eni CEO Claudio Descalzi in his message to stakeholders introducing the report. ‘Profound geopolitical evolutions, environmental challenges and technological revolutions are reshaping the routes to global growth and energy security. The result is a context of unprecedented fragmentation, uncertainty and volatility, in which the ability to adapt no longer appears to be a sufficient lever: we need to put all our skills into play in order to lead the response to change, anticipating new trends through innovative solutions, carefully assessing risks and courageously seizing opportunities. And it is precisely in this ability to anticipate and transform that lies one of Eni’s distinctive traits. In 2024 we continued on our path of transformation and achieved concrete results, the outcome of an industrial model that aims to embrace environmental, economic and social sustainability.”
This year saw an important discontinuity in sustainability reporting: the entry into force of the European Corporate Sustainability Reporting Directive (CSRD), which regulates mandatory sustainability reporting and introduces new European reporting standards. In addition to publishing its first Sustainability Statement in line with the EU legislation, Eni has decided to continue to prepare its voluntary report Eni For, a complementary and supplementary document to the Sustainability Statement, to make Eni’s sustainability information more accessible to stakeholders, enriching it and providing concrete examples through case studies, in-depth analyses and interviews.
Among the company’s main achievements in 2024, the report includes the reduction of net Scope 1 and 2 emissions by 55% for Upstream and 37% for Eni compared to 2018. A special focus was placed on reducing methane emissions by confirming the target of bringing them close to zero in 2030. Eni for also renewed its commitment to achieve water positivity in at least 30% of sites operated with withdrawals greater than 0.5 Mm3/year of fresh water in water-stressed areas by 2035.
The report also illustrates Eni’s progress in implementing the satellite model, an innovative approach that aims to create integrated businesses capable of generating value for the energy transition. It highlights the achievements of Plenitude, which has exceeded 4 GW of installed capacity from renewable sources and aims to reach up to 15 GW by 2030, integrating production from renewable sources with the sale of energy and energy solutions to households and businesses, and with an extensive network of charging points for electric vehicles (10 million customers and 21k charging points for electric vehicles). On the other hand, Enilive, the company dedicated to mobility products and services, reached a biorefining capacity of 1.65 million tonnes in 2024 and plans to exceed 5 million tonnes/year by 2030, also increasing the optionality of SAF production (Sustainable Aviation Fuel).
Eni continues to invest in innovation and in the development of cutting-edge technologies, as demonstrated by the commissioning of the HPC6 supercomputer and the creation of Eniquantic for quantum computing, and in transformation consistent with the energy transition: from the announcement of the reconversion of the Livorno refinery into a biorefinery, to the start of the relaunch of Versalis towards greater financial sustainability.
Just Transition permeates Eni’s strategy, with a constant commitment to respect for human rights, the safety of people – a founding value of Eni’s activities -, transparency and dialogue with stakeholders. In 2024, the company strengthened actions to prevent and combat violence against women and worked to ensure that the transformation generates concrete benefits for communities in host countries, also in collaboration with international organisations such as the International Labour Organisation (ILO) and the International Finance Corporation (IFC) to promote more inclusive and safer working conditions along the agri-feedstock supply chain.
Finally, the report documents the company’s contribution to the communities in the countries where it operates, with over 100 local development projects active in 21 countries of presence, ranging from access to water, to energy and to health, and the promotion of initiatives consistent with the United Nations Sustainable Development Goals. Eni for 2024 confirms the company’s clear vision, built on the integration between business and sustainability and between growth and responsibility, as well as its role in driving an equitable energy transformation, with the aim of continuing to generate shared and lasting value together with its people and stakeholders.
National DRIP Coordinator engages Obuasi Municipal Assembly staff
The National DRIP Coordinator, Nii Lantey Vanderpuye, has impounded and handed over to the Obuasi police a back- hoe machine belonging to the Obuasi West Municipal assembly which was being used for an unauthorised activity.
The equipment was impounded by the National Coordinator on the Obuasi-Kumasi highway with a broken hydraulic valve. Upon interrogation, the operator of the machine said that he was assigned a task by one of the engineers at the assembly.
The National Coordinator not convinced invited the Obuasi police to effect the arrest of the operator and take possession of the machine for further investigation.
The National Coordinator warned that no one would be allowed to misuse any of the equipment under the management of the Secretariat and any officer who instructs the usage of any of the machines without the permission of the district roads management team and the district coordinator would be surcharged with the cost of servicing and maintenance of the said equipment. He urged the general public to be interested in how these machines are used because they are expensive national assets.
The assemblies have been advised to be patient and wait for the training of their operators before handing over the keys to them. He promised that the training regime would begin soon in all the regional capitals.
Economic institutions revise Ghana’s 2025 growth forecast, with gold exports playing a stabilizing role amid global uncertainty.
Adnan Adams Mohammed
Within the past two-weeks, Fitch Solutions and World Bank, both having globally respected economic views have released separate revised projections of Ghana’s economic growth projection for this year.
Fitch Solutions, last week, reaffirmed its projection that Ghana’s Gross Domestic Product, a measure of Ghana’s total economic output, will grow by 4.2% in 2025. This projection is 0.3% higher than the World Bank’s revised projection of 3.9%.
Ftich’s projection also slightly exceeds the International Monetary Fund’s forecast of 4%, but is far lower than Standard Bank’s projection of 5.4%, the highest growth rate projection so far for Ghana in 2025. The African Development Bank Group meanwhile has projected a 4.3% growth.
The UK-based research and sovereign ratings firm attributes its upbeat outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs.
“Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability”, Fitch said in its latest report.
The report also points out that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration.
Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particularly Switzerland and the Netherlands.
While acknowledging potential risks from broader global economic headwinds, Fitch Solutions believes the anticipated gains from gold exports will likely offset these challenges by bolstering international reserves and supporting exchange rate stability through central bank interventions.
Fitch’s report on Ghana’s economic growth projection comes a week after the World Bank Group revised its projection downwards by 0.4 percent to 3.9% from its earlier projection of 4.3%.
The Bretton Woods institution explained that; persistent inflationary pressures and ongoing external vulnerabilities are key reasons for the downgrade. Highlighting climate-related risks (particularly, unpredictable weather patterns that have disrupted cocoa production in Ghana), it also warned that, climate-induced events such as floods and droughts continue to erode national budgets across Africa by up to 9%, causing economic setbacks of between 2% and 5% as contained in the April 2025 edition of its Africa’s Pulse report.
In the medium-term, the World Bank remains cautiously optimistic about Ghana’s prospects, projecting a rebound to 4.6% growth in 2026 and 4.8% in 2027. It rates Ghana among a few African economies showing early signs of recovery in 2025.
“Business activity in Mozambique and Ghana rebounded in February 2025,” the Group noted in the new report published last week. “The modest uptick in Ghana was driven by increased demand and a resurgence in new business engagements.”
High-frequency indicators, particularly the Purchasing Managers Index (PMI), suggest an uptick in business activity. Ghana’s PMI rose from 47.9 in January to 50.6 in March, indicating improved demand, easing supply bottlenecks, and renewed investor confidence following the December 2024 presidential elections.
Across the region, Sub-Saharan Africa’s economic growth is expected to rise slightly from 3.3% in 2024 to 3.5% in 2025, with further acceleration to 4.3% by 2026–2027.
However, the continent’s overall trajectory remains constrained by weak performances in its three largest economies—Nigeria, South Africa, and Angola. Excluding these, the rest of Sub-Saharan Africa is projected to grow by 4.6% in 2025, rising to 5.7% by 2027.
Still, the World Bank warned that elevated downside risks—including global policy uncertainties, climate shocks, and fiscal constraints—pose ongoing threats to a sustained and inclusive recovery across the continent.
In related news, the International Monetary Fund (IMF) sharply cut its global growth forecast 2.8% in 2025, a significant drop from the 3.3% forecast made in January as contained in the published IMF’s April 2025 World Economic Outlook (WEO), which cites escalating trade tensions with the United States announcing a wave of new tariffs with trading partners responding with their own countermeasures, creating ripple effects across global supply chains and investor sentiment.
It also cites mounting policy uncertainty as the main culprits behind the slowdown.
“Since the release of the January 2025 WEO Update, a series of new tariff measures by the United States and countermeasures by its trading partners have been announced and implemented, ending up in near-universal US tariff hikes on April 2 and bringing effective tariff rates to levels not seen in a century.
“This on its own is a major negative shock to growth. The unpredictability with which these measures have been unfolding also has a negative impact on economic activity and the outlook and, at the same time, makes it more difficult than usual to make assumptions that would constitute a basis for an internally consistent and timely set of projections.
“Given the complexity and fluidity of the current moment, this report presents a “reference forecast” based on information available as of April 4, 2025 (including the April 2 tariffs and initial responses), in lieu of the usual baseline. This is complemented with a range of global growth forecasts, primarily under different trade policy assumptions.
“The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. Under the reference forecast that incorporates information as of April 4, global growth is projected to drop to 2.8 % in 2025 and 3% in 2026—down from 3.3% for both years in the January 2025 WEO Update, corresponding to a cumulative downgrade of 0.8 percentage points, and much below the historical (2000–19) average of 3.7%,” part of the report read.
In advanced economies, growth is now expected to slow to 1.4% in 2025, with the U.S. economy seeing a notable downgrade—now projected at 1.8%, nearly a full percentage point below previous estimates.
In emerging markets and developing economies, growth is expected to slow down to 3.7% in 2025 and 3.9% in 2026, with significant downgrades for countries affected most by recent trade measures, such as China. Global headline inflation is expected to decline at a pace that is slightly slower than what was expected in January, reaching 4.3% in 2025 and 3.6% in 2026, with notable upward revisions for advanced economies and slight downward revisions for emerging market and developing economies in 2025.
The IMF flagged intensifying downside risks, warning that a deeper trade war, rising financial instability, and fragile policy buffers could worsen the economic landscape. Vulnerable emerging markets could face capital flight, currency pressures, and increasing debt burdens.
The Fund also noted that a reversal or de-escalation of current trade policies could offer a reprieve and potentially revive global growth.
“Intensifying downside risks dominate the outlook. Ratcheting up a trade war, along with even more elevated trade policy uncertainty, could further reduce near- and long-term growth, while eroded policy buffers weaken resilience to future shocks. Divergent and rapidly shifting policy stances or deteriorating sentiment could trigger additional repricing of assets beyond what took place after the announcement of sweeping US tariffs on April 2 and sharp adjustments in foreign exchange rates and capital flows, especially for economies already facing debt distress.
“Broader financial instability may ensue, including damage to the international monetary system. Demographic shifts and a shrinking foreign labor force may curb potential growth and threaten fiscal sustainability. The lingering effects of the recent cost-of-living crisis, coupled with depleted policy space and dim medium-term growth prospects, could reignite social unrest. The resilience shown by many large emerging market economies may be tested as servicing high debt levels becomes more challenging in unfavorable global financial conditions.
“More limited international development assistance may increase the pressure on low-income countries, pushing them deeper into debt or necessitating significant fiscal adjustments, with immediate consequences for growth and living standards. On the upside, a de-escalation from current tariff rates and new agreements providing clarity and stability in trade policies could lift global growth,” it added.
The report calls for coordinated policy action, urging nations to work together to restore predictability in trade, strengthen debt sustainability, and address long-term structural challenges like demographic shifts and migration.
President John Mahama’s Adwumawura Initiative targets 2000 businesses to receive comprehensive support in the phase one of its implementation.
With about 10,000 youth businesses receiving free business advisory supports yearly.
President Mahama yesterday launched the Adwumawura Programme Initiative, a flagship programme designed to create jobs and empower youth across the country.
The Adwumawura Programme aims to create, track, and monitor young businesses annually, with a special focus on the youth. This program is a fulfillment of his campaign promise to prioritize youth empowerment and job creation.
President John Mahama at the launch of Adwumawura Initiative
Speaking at the launch of the program at Prempeh Assembly Hall in Kumasi, President Mahama emphasized that the Adwumawura Programme would not be a mere fanfare, but a fully funded initiative with adequate allocation by the Ministry of Finance in the 2025 budget.
President Mahama said that the program is committed to stimulating youth employment through a nationwide selection to empower youth employment initiative programs. The program aims to provide access to funding, coaching, and mentorship to young entrepreneurs, enabling them to grow their businesses and create jobs.
“The Adwumawura Programme is not a mere policy initiative but a declaration of faith in the extraordinary potential in the Ghanaian youth. It is our commitment to nurturing the ambitions and translating their ideas into thriving enterprises that will drive our nation’s progress.
Adwumawura Programme seeks to stimulate youth employment entrepreneurship and innovation across key strategic sectors of our economy. Through a nationwide selection process, we will incubate its new businesses and accelerate existing ones,” he added.
According to him, about 10,000 youth are targeted every year for four years, with a focus on providing comprehensive business advisory services to support them.
The Adwumawura Programme is being implemented in partnership with the National Entrepreneurship and Innovation Programme (NEIP), which would provide machines and equipment for businesses, market access facilitation, and other forms of support.
He President noted that a neutral body would be used to select businesses, with some starting this year and others in the following year, based on their potential for creation.
He disclosed, “the selection process for the program would be inclusive, with opportunities for youth in vocational schools, tertiary institutions, and senior high schools,” stressing that about 60% of the beneficiaries would be drawn from unemployed youth, women, the disabled, and youth from rural areas, to help contribute meaningfully to global youth employment indicators.
The President urged interested youth to log onto the program’s platform to apply and create jobs, ensuring that their businesses would be supported. He also announced that there would be trade expeditions for all companies supported by the program to showcase their products, as part of efforts to address inclusivity, facilitate access to funding, and partner with markets.
President Mahama called on traditional leaders and civil society organizations (CSOs) to partner with the government to invest in the young people through the Adwumawura Programme. He expressed his expectation that the program would lead to an increase in job creation, employment, and economic growth, ultimately building a better Ghana.
The launch of the Adwumawura Programme Initiative marks a significant step towards addressing youth unemployment and promoting entrepreneurship in Ghana. With its focus on inclusivity, access to funding, and comprehensive business advisory services, the program has the potential to make a meaningful impact on the lives of young people across the country.
As the President , noted, the program is not just an initiative, but a commitment to stimulating youth employment and building a better Ghana.
In its first phase, the top 2,000 implementable business proposals will receive comprehensive support, including:
Business Development Training: Equipping young entrepreneurs with the skills and knowledge needed to succeed in business.
Mentorship: Pairing young entrepreneurs with experienced business leaders and mentors.
Access to Start-up Capital: Providing financial support to help young entrepreneurs turn their business ideas into reality.
Marketing and Networking: Offering platforms for young entrepreneurs to showcase their products and services, and connect with potential customers and partners.
“Ghana prepares to regulate cryptocurrency trading with the introduction of the VASP Act.”
By Toma Imirhe
Following the announcement by the Bank of Ghana Governor, Dr Johnson Asiama that the central bank will commence regulating the issuance, trading in and use of cryptocurrencies by September this year, the financial services industry and digital currency dealers and users have started warming up for what they see as a new era of financial trading opportunity.
The impending Virtual Assets Service Providers (VASP) Act will grant the BoG authority to license and supervise cryptocurrency exchanges, wallet providers, and other virtual asset services. This aligns Ghana with regional peers like Nigeria, Kenya, and South Africa, which have already introduced crypto regulations.
While the final text of Ghana’s VASP law is pending, details of the impending regulatory framework have begun to be gleaned from official statements.
One relates to licensing and oversight. Under this component the BoG will mandate licensing for all virtual asset service providers, including exchanges, brokers, and wallet operators. Unlicensed entities face severe penalties, mirroring Kenya’s model, where unlicensed operators risk fines up to 20 million shillings (about. US$150,000) or imprisonment. A dedicated Digital Assets Unit within the BoG will oversee compliance, echoing similar structures in Nigeria and South Africa.
Anti-Money Laundering (AML) and consumer safeguards will also be provided under the law. Providers must implement AML/CFT (Combating Financing of Terrorism) measures, including customer due diligence and transaction monitoring, in line with the Financial Action Task Force (FATF) standards. Data protection and cybersecurity protocols will be enforced, requiring adherence to frameworks like Ghana’s Data Protection Act (2012) and Cybersecurity Act (2020).
With regards to financial stability and market integrity, the BoG will emphasize capital adequacy, solvency requirements, and risk management for licensed firms to prevent systemic shocks. Initial Virtual Asset Offerings (IVAs, akin to Initial Capital Offerings) will require regulatory approval to curb fraudulent schemes.
Foreign-owned crypto businesses must cede 30% equity to Ghanaian investors, a rule already applied to fintech firms under existing laws. Licensed entities must maintain a registered office in Ghana, ensuring accountability and easier enforcement
The BoG Governor’s announcement, made in Washington in the United States against the back drop of the Spring meetings of the International Monetary Fund and the World Bank, marks a pivotal shift in the country’s financial regulatory landscape. Over the past seven years the BoG and the Securities and Exchange Commission (SEC) had maintained a cautious stance, issuing warnings about the unregulated nature of digital assets like Bitcoin and Ethereum. In 2018, the BoG explicitly cautioned financial institutions against facilitating crypto transactions, citing volatility and fraud risks. Rather the central bank had focused its efforts on launching its own national digital currency to be known as the e-cedi, in line with similar efforts being pursued by several central banks around the world.
However, the rapid adoption of cryptocurrencies for cross-border payments, remittances, and investments coupled with the rise of virtual asset platforms has necessitated a structured regulatory approach a stance which has been made even more imperative by the strong support for cryptocurrencies expressed by America’s President Donald Trump .
