The Ghana Gold Board (GoldBod) has officially opened its portal to facilitate online application for gold trading and related services licensing.
In line with earlier announcement of revocation of all previous licenses under the previous gold trading regime pursuant to the GoldBod operationalisation, all gold traders and service providers effective today, Wednesday, 23 April, 2025.
In a press statement signed by the Media Relations Officer, it listed the categories of licenses that can be applied for effective immediately are as follows: Aggregator license; Self-financing Aggregator license; Buyer license (tier 2); and Buyer license (Tier 1).
“Other licenses such as Refining License, Smelting License, Fabrication License, Storage License, Transportation License, Importation License among others, may be applied for effective July 2025”, the statement said.
Read Full Press Statement Below:
PRESS STATEMENT
23 April, 2025
For Immediate Release:
GOLDBOD COMMENCES LICENSING OF SERVICE PROVIDERS
The Ghana Gold Board (GoldBod) wishes to inform the general public, particularly stakeholders in Ghana’s gold trading sector, that we are commencing the licensing of Service Providers effective today, Wednesday, 23 April, 2025.
A Ghanaian, 18 years and above or a fully-owned Ghanaian company may apply to the GoldBod for a license online via the GoldBod’s official website, goldbod.gov.gh or physically, at the license office of the GoldBod located at our main office in Accra.
The categories of licenses that can be applied for effective immediately are as follows:
• Aggregator license
• Self-financing Aggregator license
• Buyer license (tier 2)
• Buyer license (Tier 1)
Other licenses such as Refining License, Smelting License, Fabrication License, Storage License, Transportation License, Importation License among others, may be applied for effective July 2025.
All relevant information about the mandate, policies and operations of the GoldBod can be accessed from our website, goldbod.gov.gh.
A person may send a message to or make inquiries from the GoldBod through our website.
An applicant must carefully read, understand and accept the Terms and Conditions of a license before proceeding to apply for same.
The GoldBod wishes to reiterate its earlier directive to all foreigners to exit the local gold trading market effective April 30, 2025. A breach of this directive shall constitute a punishable offense under the Ghana GoldBod Act, 2025 (ACT 1140). A foreigner may however apply to the GoldBod to off-take gold from the GoldBod.
Additionally, the GoldBod in line with its mandate to oversee and regulate the gold trading sector, reiterates its earlier directive for all gold traders to buy and/or sell gold at the official Bank of Ghana (BoG) Reference Rate published on www.bog.gov.gh.
The GoldBod looks forward to working with all stakeholders to restructure and streamline the gold trading sector to optimize national benefits. We count on the full cooperation of the public and shall continue to prioritize your feedback.
Telecom operators halt E-Levy charges, boosting digital transactions.
Adnan Adams Mohammed
Telecommunication Operators in Ghana have been directed by the Ghana Revenue Authority to cease collection of the Electronic Transfer Levy (E-Levy) effective April 2, 2025.
This comes as President John Dramani Mahama assented to the Electronic Transfer Levy Act, 2022 (Act 1075) and the Electronic Transfer Levy (Amendment) Act, 2022 (Act 1089) bill, which abolishes the 1% E-levy.
However, MTN Ghana, a major player in the industry, initially claimed that it could not stop the E-Levy collection for fear of breaching Bank of Ghana’s regulations explaining, the process must go through regulatory approval. Although, it has since stopped charging the levy having received the requisite regulatory directive and has made the necessary refunds in line with the demands of the Ghana Revenue Authority.
“There is a process that has to be followed. I can’t abolish E-Levy until I’m told to do it. If I do it ahead of time, the Bank of Ghana will catch me,” the CEO, Stephen Blewett said while speaking at MTN House in Accra, on Wednesday, April 2, last week. He emphasized that while the government had signaled its intention to remove the levy, telecom operators like MTN must follow official directives before making changes.
More importantly, Blewett also highlighted the negative impact of the E-Levy on mobile money transactions and expressed optimism that its removal would revitalize the sector.
“The reason for the abolishment of E-Levy is to encourage momentum in mobile money,” he explained.
He acknowledged that the tax removal is expected to boost digital transactions and financial inclusion.
“We will follow the process. And once it’s gone, mobile money will regain its strength.”
The E-Levy, initially introduced at 1.75% before being reduced to 1%, taxed electronic transactions, including mobile money payments, bank transfers, and inward remittances. Since its introduction in 2022, it has faced widespread criticism, with opponents arguing that it imposed an additional financial burden on citizens and discouraged digital transactions.
GRA, in it directive communicated the following guidelines, thus:
1. The GRA Electronic Transfer Levy Management and Assurance System (ELMAS) will automatically return a “no charge” on all transactions posted to it by entities from midnight.
2. Charging Entities must cease applying the 1% E-Levy from midnight on all their channels.
3. Charging Entities must immediately process refunds for any E-Levy amounts deducted from customers effective today, 2nd April 2025. Entities are to establish an expedited refund process to handle such cases promptly and maintain proper documentation of all refunds processed. Reports of such refunds must be submitted to GRA.
4. Charging Entities are to take the necessary steps to file and pay all outstanding E- Levy charged and collected on all transactions that occurred before 2nd April 2025.
5. For effective reconciliation and in accordance with Section 33A of the Revenue Administration Act, 2016 (Act 915) as amended, entities must continue to post all electronic transfer transactions to ELMAS until further directives are provided.
6. All entities must maintain electronic transfer records for at least six (6) years as stipulated in Section 27(3) of the Revenue Administration Act, 2016 (Act 915).
“Please be informed that failure to comply with the above directives constitutes an offence and sanctions will be imposed as prescribed by law,” GRA admonished, cautioning it “will conduct regular compliance checks to ensure adherence to these directives”, the statement signed by Edward Apenteng Gyamerah, Commissioner, Domestic Tax Revenue Division (GRA), noted.
Consequently, the Association of Ghana Industries (AGI) has welcomed the removal of the 1% E-Levy, stating that it will boost digital financial transactions and reduce the cost of doing business in Ghana.Ghanaian fashion
The CEO of AGI, Seth Twum Akwaboah, commended the government for its decision, highlighting its positive impact on businesses, especially small and medium enterprises (SMEs).
Seventy-five percent of our members are SMEs, and for them, digital transactions are essential. Any additional cost discourages their use. The removal of the levy will not only cut costs but also encourage more businesses to embrace digital financial services and electronic money transfers.
“It’s a commitment the President made, and now that it has been fulfilled, we look forward to seeing its impact on business growth”, the CEO of AGI said.
Also, Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, stressed the broader economic benefits of eliminating the E-Levy.
“With this removal, we expect an increase in both the volume and value of digital transactions. This growth will boost profitability for financial institutions, leading to higher corporate tax revenues for the government, “he noted.
He added: “Additionally, more digital transactions will reduce the cost of printing physical currency, benefiting the Bank of Ghana. It will also generate valuable data for policymakers to enhance fiscal and monetary strategies,”
Ing. Dr. Ashigbey also noted that the removal of the E-Levy aligns with the government’s financial inclusion strategy, fostering a more digitized economy while easing financial burdens on businesses and consumers alike.
“Gov’t to revitalize Accra Marine Drive Project while protecting coastlines.”
Adnan Adams Mohammed
The government has indicated it is committed to revitalising the Accra Marine Drive Project.
The project, which is a significant urban redevelopment initiative, is designed to transform approximately 241 acres of Accra’s coastline into a vibrant tourism and economic hub.
President John Mahama during the presentation of the State of the Nation Address in parliament last week, disclosed that, the government will put measures in place to safe Ghana’s coastlines threatened by tidal waves.
“Mr Speaker, Ghana’s coastline stretches approximately 550 kilometres. Two thirds of it is threatened by tidal wave erosion, which impacts nearly 30% of our population”, he worriedly shared.
“Rising sea levels have exacerbated vulnerabilities in coastal areas, leading to wetland flooding, habitat loss, and community displacement. Consequently, coastal protection has emerged as a national priority.”
Flooding has become an all-too-frequent occurrence in many urban centres across the country, resulting in tragic losses of life, livelihoods, and property. This scenario underscores the urgent need for sustainable solutions to address these pressing developmental challenges.
Further worsening the plight of the southern part of the country is inadequate drainage systems are inadequate, worsened by careless waterway construction and the relentless encroachment on wetlands and floodplains.
“To tackle these issues, we will explore alternative funding sources to support essential drainage, desilting, flood control, and coastal protection initiatives”, the president said.
“Gold-for-Oil policy scrapped; stakeholders push for a better solution.”
Adnan Adams Mohammed
Stakeholders in the downstream petroleum sector have resolved to abandon the controversial Gold-For-Oil programme on the basis that it has not fulfilled its objectives. The Energy Minister, has therefore confirmed that the current administration would discontinue the Gold-for-Oil programme and replace it with a better system.
Ghana’s gold-for-oil policy, marketed as a daring move to stabilize the cedi, now finds itself ensnared in execution flaws, questionable efficacy, and mounting political discord. As its true impact remains cloudy, the policy may soon join the long list of bold yet faltering attempts to tame exchange rate volatility of Ghana’s turbulent currency.
“There’s a high level of opacity, and the clarity is not there,” John Jinapor said in an interview last week. He referenced the Auditor-General’s report, which had flagged issues with theprogramme, reinforcing claims that it lacked accountability and efficiency. “If it were that clear and transparent, we wouldn’t need the reforms we are pursuing,” he added.
Instructively the International Monetary Fund had earlier expressed reservations over the initiative, making the Bank of Ghana to retreat from its original role in its implementation.
Consequent to such widespread reservations, the Chief Executive of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies, Dr. RiversonOppong, expressed disappointment with the much- touted Gold-for-Oil (G4O) programme. Dr. Oppong argued that the initiative did not meet its intended objectives and disrupted the industry’s supply chain.
“In the long run, we have seen how this was introduced, and the fact is, it absolutely didn’t curb energy pricing in any way,” Dr. Oppong stated.
He noted that towards the end of 2024, Ghana experienced fuel shortages because Bulk Oil Distribution Companies (BDCs) struggled to plan their imports alongside the Gold-for-Oil supply. “As a result, BDCs were reluctant to import fuel, which led to supply challenges,” he explained.
Dr. Oppong further questioned whether the programme had fulfilled its primary goal of reducing fuel prices, stating emphatically, “The answer is a big no.”
He emphasized that industry players were waiting for the government to outline a new framework to replace the existing policy.
“With dialogue, I believe we can come up with a better solution,” he added.
Meanwhile, the energy minister has pleaded for time to phase out the programme. “You need time to put a workable system in place. In the interim, we are making adjustments to reduce losses and enhance transparency, but ultimately, we will replace it,” he stated.
The government’s decision to phase out Gold-for-Oil is expected to pave the way for a new fuel pricing policy, with industry players advocating for a more predictable and transparent framework
Ho water crisis to end.. as GWCL promises new
pumps
The Managing Director of the Ghana Water Company Limited (GWCL), Mutawakilu Adams, has assured residents of Ho and its surrounding communities that steps are being taken to resolve their ongoing water crisis.
According to Adams, the company has ordered two new machines to replace the old and faulty ones at the Kpeveheadworks, which has suffered multiple breakdowns in recent weeks, disrupting water supply across the municipality.
The frequent failure of the Kpeve headworks pumps in January has led to a severe water shortage, forcing residents to travel long distances in search of water. Hospitals, schools, and other institutions have also been severely affected by the crisis.
Volta Regional Minister James Gunu, along with GWCL management and traditional leaders from Ho and Kpeve, toured the Kpeve headworks to assess the situation, last week.
Speaking to the media after the inspection, MutawakiluAdams reaffirmed the company’s commitment to resolving the issue. “We have placed orders for two brand-new machines to replace the faulty ones, ensuring a more effective and reliable water supply,” he assured.
Residents remain hopeful that the arrival of the new equipment will bring lasting relief and end the recurring water shortages in the region
The discussions around the introduction of Islamic financing models to augment Ghana’s access to needed funding to address pressing developmental needs of the country has lingered over decades.
In spite, the financial laws of the country permitting the country to explore the vast market of Islamic finance products which have been touted as the most sustainable and prudent sources of developmental funding, the regulatory framework is not attended to, thereby curtailing all efforts by Ghanaians to exploit the market.
Over the years, many finance industry experts have consistently highlighted Islamic banking as a critical tool for addressing Ghana’s ongoing economic and financial challenges. They emphasize the need for innovative financing options to support Ghana’s development amidst budget constraints and rising debt burdens. However, President John Dramani Mahama recently hinted at the adoption of Islamic banking during the National Thanksgiving Prayers with Muslims at the National Mosque. This came as an assuring moment to the finance industry.
“For some time, Ghana will be working to pay interests, and the budget cannot accommodate significant economic expansion on the front of infrastructure. This is why alternative sources of financing, such as Islamic banking, are crucial”, Renowned economist and Dean of the University of Cape Coast Business School, Professor John Gartchie Gatsi, said in an interview last week.
Prof. Gatsi emphasized that Ghana must explore inclusive and sustainable financing options to navigate its economic challenges. Islamic banking, he argued, provides a viable alternative that aligns with the country’s development goals while easing fiscal pressures.
“By embracing this innovative financing model, Ghana can diversify its funding sources, support critical infrastructure projects, create jobs, and reduce the public debt burden”. “This is the way forward for sustainable economic growth,” Prof. Gatsi noted, highlighting the benefits of adopting Islamic banking, which offers unique financing mechanisms like sukuk (Islamic bonds) and access to the Islamic Development Bank.
Analyzing Ghana’s budget structure, Prof. Gatsi noted that 35.5% is allocated to debt servicing, 24% to compensation, 5.5% to capital expenditure, and 5.4% to goods and services. This leaves minimal room for infrastructure development.
“When structured well, Islamic banking promotes public-private partnerships with a Special Purpose Vehicle (SPV) to ensure that project loans are repaid without burdening the public purse,” Prof. Gatsi elaborated.
Also, a Chartered Accountant and an Islamic finance expert, Yusif Geoffrey, has indicated that, among the innovative financing solutions Ghana can adopt to bridge the financing gap, especially for the country’s infrastructure is Sukuk.
Sukuk is an Islamic financial instrument similar to conventional bonds; this instrument has been used as an avenue for unlocking much-needed funds for infrastructure projects by both developed and developing economies across the globe.
The Infrastructure Challenge in Ghana
Ghana’s infrastructure deficit is a critical barrier to economic growth, affecting transportation, energy, and healthcare sectors. There is a huge infrastructure gap in several sectors of the economy, including energy, education, affordable housing, health, transport, and recreation.
The World Bank estimated that Ghana would require $2.3 billion annually for infrastructure financing. The critical question is how Ghana can sustainably finance this necessary expenditure without worsening its debt burden.
Sukuk, known as Islamic Bonds, is the golden key to Ghana’s infrastructure financing needs. Its asset-backed feature ensures that the financial arrangement does not create an additional debt burden for the country.
It signifies ownership in a tangible asset or its usufruct, which refers to the rights to the earnings or benefits derived from that asset. Essentially, sukuk represents a form of investment that combines the principles of Islamic finance with the tangible qualities of underlying assets. It allows investors to share in the returns generated by the asset while ensuring compliance with Islamic Jurisprudence.
Unlike traditional bonds that incur interest, sukuk involves asset-backed financing, where investors receive returns based on the performance of underlying assets. This structure aligns with ethical finance principles and provides a unique opportunity for governments and businesses to diversify their funding sources.
Global Sukuk Market
The global sukuk market has made notable strides over the past decade, showcasing its strength and resilience despite various global financial challenges, such as the COVID-19 pandemic. As highlighted in the Islamic Financial Services Board (IFSB) Stability Report 2023, the Islamic finance industry is projected to reach a remarkable USD 3.38 trillion this year. This growth underlines the significance of sukuk as a vital capital market instrument within the Islamic Capital Market.
The recent International Islamic Financial Market (IIFM) Sukuk report reveals that global sukuk issuances increased by around 16% p.a., or USD 212 billion, in 2023 compared to USD 182.7 billion in 2022. Such figures reflect the increasing recognition and adoption of sukuk as an innovative financing tool that has gained prominence in financing Infrastructure projects across the globe.
Benefits of Sukuk for Ghana
Alternative Funding Source: Sukuk can provide Ghana access to a broader pool of investors, including those interested in Sharia-compliant investments. This diversification will enhance financial resilience and reduce reliance on traditional debt instruments such as the Euro and other domestic bonds. The absence of interest in the structuring of Sukuk makes it unique and attractive to investors from the Islamic Finance market, which is expected to reach $5.96 trillion by 2026.
Economic Growth: By financing key infrastructure projects through Sukuk, the government can stimulate economic activity, create jobs, and improve public services. Infrastructure development is closely linked to GDP growth and overall national development. Ghana can follow African Countries like Nigeria, South Africa and the United Kingdom that have issued Sukuk to finance various infrastructure projects.
Financial Inclusion: Issuing Sukuk can foster financial inclusion by engaging a broader population segment in investment opportunities. This approach can empower individuals and businesses that prefer ethical financial products. In 2024, the Ministry of Finance reported in the National Financial Inclusion and Development Strategy that about 60% of Ghanaians are excluded from the formal financial system.
Public-Private Partnerships (PPP): Sukuk can facilitate PPPs by providing a structured financing mechanism that aligns the interests of both public entities and private investors. This collaboration can lead to more efficient project execution and risk-sharing. For example, the Islamic Development Bank financed a Hydro Agricultural Development Project in Cote d’Ivoire and Maternal and neonatal healthcare services in Mauritania using Islamic Financial Instruments. This is mainly because Islamic Finance is with partnership financing models.
What needs to be done
Apparently, Mr Geoffrey has indicated that, despite its potential, several challenges may hinder the successful implementation of Sukuk in Ghana, therefore, he proposes that to facilitate its adoption; policymakers, investors, and the general public need to be more aware and understand Sukuk.
A robust regulatory framework supporting Sukuk issuance is vital. The Banks and Specialised Deposit-taking Act 930 Institutions ACT, 2016, Securities Industry 2016 (ACT 929), and other related laws must be reviewed to create an environment that will attract investors to enter this financial market.
Ghana must apply for membership in the Organization of Islamic Countries (OIC), the mother Institution of the Islamic Development Bank (IsDB). These are multilateral financial institutions like the World Bank and the International Monitoring Fund. It is rife to point out that Ghana will not automatically be classified as an Islamic country if it joins the IsDB. Yet, it can access a large pool of non-interest-bearing financing tools to finance the much-needed infrastructure to fill the deficit.
A financial industry expert, Dr. Edward Ato Sarpong, has been appointed to lead the Agricultural Development Bank (ADB) as the Acting Managing Director.
The business development expert and Chartered Accountant comes to the struggling bank with enormous experience in the finance sector.
Many Ghanaians, especially those within the financial industry and his political allies, acknowledge his appointment as a proof of his exceptional leadership dexterities and dedication to public service. Says a leading financial journalist who is very conversant with the appointee, “Dr. Ato Sarpong’s impressive background in business, finance and governance makes him the ideal candidate for this position. His experience as a former Deputy Minister for Communications add to his advantage to help him better master control over the complex challenges and drive growth. His ability to think strategically and make informed decisions will undoubtedly serve him well in this new role.”
“Dr. Ato Sarpong’s commitment to excellence has earned him recognition and respect from party faithful’s and Ghanaians at large, and this appointment is a well-deserved acknowledgment of his hard work and expertise”, the Central regional branch Organiser of the NDC, Mike Derry extolled.
Dr. Ato Sarpong’s new role at the Agricultural Development Bank presents an exciting opportunity for him to make a meaningful impact on the country’s agricultural sector. Dr Ato Sarpong’s leadership and expertise will undoubtedly contribute to the bank’s success and help drive economic growth in Ghana.
NDC chieftains are confident that Dr. Ato Sarpong will excel in his new position and will make the party and indeed the whole country proud.
Profile of Dr.Edward Ato Sarpong
Born on March 29, 1969, he is a business mogul, chartered accountant, leadership and business consultant, executive coach, speaker, author, and a politician in Ghana.
He started his working life as a messenger in the accounts department of Automotive and Technical Services (ATS).
From there, he did a one year course at the Snaps College of Accountancy and then secured admission to the Institute of Professional Studies, now University of Professional Studies (UPS), where he studied for his Institute of Chartered Accountants certificate.
Dr.Sarpong while at the UPSA, combined work and school in order to make some money to pay his tuition fees.
Dr.Sarpong has worked at Kenbert Mines as their Accountant and during that period, he frequently travelled from Accra to Ntronang, a small village in the Birim North District within the Eastern Region, where he was paying the workers who were doing exploration for the company.
After a short stay, he started his professional practice as an Audit Trainee at Owusu & Fiadjoe, which later became Fiadjoe & Associates and then Ernst & Young as it is known today.
Since then, he had never looked back as he worked with SCOA Ghana Limited, which was then the sole distributor of Peugeot, Opel and Chevrolet vehicles in Ghana, as Chief Accountant from 1999 until it was liquidated in 2002.
Other positions he has held include: Finance Manager for Africa Online Ghana Limited and then as the Regional Financial Controller, West Africa, for Africa Online Holdings, before rising to become Managing Director for Africa Online Ghana Limited.
From there, he became the Regional Managing Director – West Africa for Africa Online Holdings Limited, and then the Lead Consultant and Chief Operating Officer for K-Net Limited, a provider of connectivity solutions to banks and corporate institutions in Ghana, He has also worked as the Lead Consultant and Director, Operations and Commercial, for TV3 Network Limited
Dr.Sarpong, who is now a Chartered Accountant, had also worked as a Business Consultant for Multimedia Group Limited, owners of Joy FM, Adom FM, Multi TV and others, as well as a Business Consultant and Trainer for Edge Capital Partners, his own firm, since 2011, and has served as a business and leadership trainer and motivational speaker.
A global fintech leader in mobile money as Africa embraces the digital future
Adnan Adams Mohammed
The Global System for Mobile Communications (GSM) Association in their latest Mobile Money Regulatory Index (MMRI) has adjudged Ghana as having the best mobile money (MoMo) system with regards to driving the Financial Technology (FINTECH) ecosystem.
Ghana placed above countries with remarkable mobile money systems such as Qatar and Brazil. Ghana’s competitive edge above its peers is due to the fact that, the mobile money network of the West African nation is built on a robust national identity system, which has synchronised unique national identities with financial institutions and telecommunication networks.
Ghana operates a unique system with transactions enabled between all mobile money wallets and all bank accounts, making every mobile money wallet function as a bank account, thereby also projecting Ghana’s financial inclusion index.
Ghana’s shine at the global space comes the same week the 2025 World Economic Forum (WEF) resolved after the 4-day summit that, “adopting emerging technologies such as artificial intelligence, the Internet of things and digitising economies, are indispensable to the growth of Africa.”
The General Secretary of African Continental Free Trade Area (AfCFTA), Wamkele Mene, speaking at the forum highlighted the importance and indispensability of digitalisation in Africa’s economy, and the need for digital trading on the continent.
As a step towards attaining this on the continent, he revealed that the Africa Digital Trade Protocol, is ready and will be adopted next month, by the continent’s heads of state.
“We have established the protocol on digital trade. The last instrument of that protocol will be adopted by our heads of state next month in Addis Ababa. The protocol on digital trade responds exactly to what the President has just said,” said the AfCFTA General Secretary, in response to comments by the President of Botswana during a special roundtable.
The AfCFTA General Secretary acknowledged the cutting edge innovation of young Africans, and the ability to create entrepreneurship through Africa’s digital economy.
“By the year 2050, Africa will have the youngest workforce in the world. Those jobs will have to be created intra Africa. We will not be able to import jobs from somewhere else so Africa’s digital economy, we believe, is a very, very important aspect of intra Africa trade. And it actually addresses day-to-day challenges that all of us are battling with.”
Consequently, Botswana’s new President, Duma Boko, acknowledging that young Africans constitute majority of Africa’s population, called for a new approach to development, adding that the adoption of digital technology, which he described as “the language of young people” in every aspect of African economies, is the way forward to addressing “many challenges.”
Apparently, as part of the call for Africa’s adoption of the digital economy, the AfCFTA also raised concerns about the lack of seamless payment systems in Africa, and called for urgent implementation of payment interoperability on the continent.
“The issue of payments for example. I live in Ghana. There is a direct flight to Nigeria. When I travel to Nigeria, I take my direct flight. But when I send money, it goes somewhere else first. It should be the same; that we have a seamless interoperable payment system in Africa to address this challenge of youth unemployment,” said.
“We also, in the same protocol, have far reaching provisions on emerging technologies, on improving SMEs, which will create an environment where we will see more investment in digital public infrastructure.”
“While we have come a long way, we do recognise that we still have much work to be done. But I believe that in any endeavour, the starting point has got to be to write the laws. That is how the investors around will have the confidence to invest in digital technologies in Africa, to invest in youth entrepreneurship and finally to invest in trade finance.”
Linking the successes of Ghana at the global GSMA MMRI to the resolve of the patrons at the 2025 WEF reflects the talents Africa is endowed with when the necessary support is given.
The GSMA Mobile Money Regulatory Index which is an interactive tool that measures the effectiveness of mobile money regulatory frameworks of about 90 countries globally, was introduced by the global telecom standard giants GSMA.
The MMRI includes six dimensions covering 26 indicators, and Ghana’s mobile money system emerged the best after all six main dimensions and 26 broad categories were analysed.
The six dimensions and 26 categories are:
Authorisation: eligibility, authorisation instruments, capital requirements, international remittances.
Consumer protection: safeguarding of funds, consumer protection rules, deposit insurance.
Transaction limits: entry-level transaction limits, entry-level monthly limits, entry-level balance limits, maximum transaction limits, maximum monthly limits, maximum balance limits.
Investment and infrastructure environment: financial inclusion strategy, affordability, ID verification infrastructure, interoperability, settlement access, interest payments.
Meanwhile, Ghana’s success could not have been possible without the personal resolve of former Vice President, Dr. Mahamudu Bawumia, who championed the implementation of Ghana’s mobile money interoperability system in the past eight years.
The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation that helps business and society thrive.
The GSM Association (commonly referred to as ‘the GSMA’ or Global System for Mobile Communications, originally Groupe Spécial Mobile) is a non-profit industry organisation that represents the interests of mobile network operators worldwide. More than 750 mobile operators are full GSMA members and a further 400 companies in the broader mobile ecosystem are associate members.
The current NDC-led government has indicated its intention to reintroduce the tollbooth levy collection which was scrapped by the erstwhile NPP government.
The finance minister, Dr Cassiel Ato Forson’s resolve to reintroduce the road toll levy collection this year ignited much interest and massive support from the stakeholders and the general public.
Notable among the stakeholders are the road users and former collectors at the tollbooths as well as the product vendors operating around the tollbooths. On the part of the Ghana Private Road Transport Union (GPRTU), Mr Samuel Amoah, the National Deputy Public Relations Officer okayed the reintroduction of road tolls, emphasizing the need for their effective implementation to enhance the financing of the transport sector. He noted that, the primary objective of road tolls is to fund road maintenance stressing that, revenues collected must be managed transparently and accountably to ensure proper infrastructure development.
As part of proposed reforms, the Minister of Roads, Kwame Governs Agbodza, had indicated the adoption of an electronic toll collection system to manage the biggest challenge of traffic congestion at toll booths across the country. However, he criticised the scrapping of the road tolls as an “illegal” decision that disregarded existing laws.
“The reintroduction of road tolls will not involve building obstructions on the road. Instead, it will be a fair and efficient technological platform designed to simplify collection and accountability,” he explained.
The funds, he said, would be pivotal in tackling the country’s extensive road infrastructure challenges.
Road tolls were first introduced in Ghana in the early 1990s as a means of generating revenue for the construction and maintenance of roads across the country.
They became a common feature on major highways and roads, with vehicles being required to pay a toll for using these routes.
However in 2021, the Akufo-Addo-led administration made the controversial decision to abolish road tolls as part of the budget for that year.
The government justified the decision by stating that the tolls had become inefficient and costly to collect, and that the revenue generated was minimal in comparison to the expenses involved in running the toll system.
The cancellation was then replaced with the controversial Electronic Levy.
Meanwhile, in a U-turn, the former Finance Minister, Dr Mohammed Amin Adam, in July last year announced governments plans to reintroduce the road toll collection after it approved an additional GH¢1.5 billion for settling unresolved claims associated with financial management companies.
“Mr. Speaker, Cabinet has also granted approval for the disbursement of an additional GHc 1.5 billion to settle outstanding claims relating to the financial management companies; the establishment of a framework for the re-introduction of Road and Bridge Tolls in 2025,” Dr Amin Adam told Parliament during the presentation of the mid-year fiscal policy review for 2024.
The reintroduction announcement marks a significant step in addressing Ghana’s infrastructure challenges while leveraging technology to ensure transparency and efficiency in revenue collection.
The proposed system also promises a sustainable approach to road maintenance without disrupting traffic flow.
With plans for re-engaging displaced workers and focusing on strategic interventions, the initiative aims to modernise Ghana’s road management system while addressing long-standing issues in infrastructure development.
Highlighting the growth of Ghana’s road fund revenue, the Roads Minister noted an increase from GH¢250 million annually during former Minister Inusa Fuseni’s tenure to over GH¢2 billion in recent years.
Borno State Governor, Babagana Umara Zulum, is set to construct an intra-city rail network to connect Maiduguri and its environs. This is the first of such project by any of Nigeria’s 19 northern state governments.
The first phase of the project will commence with 12 designated terminals within Maiduguri, to connect major markets, schools, other public places and economically viable locations.
The project, which could be expanded to cover local government areas in the future, will facilitate the seamless movement of passengers and goods, and open up economic activities and corridors across the state.
Inspecting the proposed take-off rail terminals and routes with the implementation partner, Eighteenth Engineering Company (EEC), Borno’s Commissioner for Transport and Energy, Aliyu Mohammed Bamanga, noted that feasibility studies, environmental risk assessment (ERA) and community consultations are underway to ensure the successful implementation of the novel project.
The commissioner further stated that when completed, the project will ease transportation, revitalise the economy, create jobs and re-engineer the city’s transportation network.
Zulum’s innovative intra-city rail project will not only be an alternative cost-effective means of transport for the people, it will be energy efficient and environmentally friendly and will support other ongoing transport infrastructural projects, including the 113-kilometre Maiduguri East, West and South ring roads expansion, which will link Auno, Molai, Polo and Shagari low-cost communities.
Zulum’s administration has previously commissioned electric and gas powered taxis and buses, at subsidised rates for residents of Maiduguri to cushion the ripple effects from the rise in transportation and living costs, following the fuel subsidy removal.
He has also embarked on various urban and rural infrastructure projects across the state. Zulum’s commitment to infrastructural development in Borno is part of a larger strategy to restore peace and prosperity to the state after the effects of the over one decade long Boko Haram insurgency.@BornoGovt @ProfZulum
The Chief Investment Officer of Jospong Group of Companies (JGC), Mr. Noah Gyimah, has emphasised the need for capacity building in carbon financing.
At a 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate (UNFCCC) side event panel discussion on November 14, 2024, he highlighted capacity building’s crucial role in carbon financing for developmental projects, during the session “New World of Carbon Markets: The Potential of Existing Infrastructure and Impact of Investments in the Green Economy.”
“Developing capacities in both the private and public sectors is essential for understanding which projects attract carbon financing,” he noted.
He cautioned that “if that is not done, it becomes a matter of just talking about climate change without knowing what it takes to commercialise these activities to attract capital.”
The COP29 opened in Baku, Azerbaijan, on Monday, November 11, 2024, with a pressing call for world leaders to agree on an ambitious new global climate finance goal.
The two-week COP29 conference (11-22 November, 2024,) will focus on several key thematic areas, including the World Leaders Climate Action Summit, finance, investment and trade, energy and peace, relief and recovery, and science, technology and innovation.
Mr. Gyimah used the opportunity to share Jospong Group’s success story, securing $20 million from the Swiss Government through the support of the Ghanaian Government.
“This was made possible through a combination of technical expertise from scientists together with sustainable finance experts to do the calculation from carbon emission sums and then to convert it into a financial model to say that if I am able to remediate this number of CO2, it corresponds to this sum of dollars,” he explained.
He also highlighted the importance of capacity building in project finance, data collection, and technology integration.
“These capacities are yet to be built, so for Ghana to really reach that apex to attract capital, it is very important that we build the capacities of people to understand project finance, actual documentation, and the data houses that we need to build to have data sources to prove this work we are doing is very important,” he said.
Mr. Gyimah underscored the role of technology, such as AI, in simulating data and optimising waste management.
“All of these are data-driven; if you mention that you are going to remediate 1.5 metric tons of CO2 and this amount of tons of waste, I need to have data to prove it.”
On waste segregation, he noted, “Waste segregation starts at the source, and there is a need for separate bins.”
He suggested policy initiatives, such as subsidised bins or buyback programmes, to encourage proper segregation.
Jospong’s innovative approaches, he said, included waste segregation, recycling, organic fertiliser production, and transfer loading stations.
“Those investments that we made closer to the people help us to be able to aggregate the waste and with that, we are able to have a first line of treatment which helps in the type of waste that goes to the recovery plant for recycling.”
Mr. Gyimah concluded, “Individuals, governments, and private sectors must work together to reduce carbon emissions. By building capacities and leveraging technology, we can unlock capital and create a sustainable future.”
