News Guide Africa

Category: Technology

  • Govt to host 2nd World Shea Expo 2025 in Tamale …promises to revive shea factory

    The Director of Presidential Initiatives in Agriculture and Agribusiness (PIAA) at the Office of the President, Dr. Peter Boamah Otokunor has announced that the 2nd World Shea Expo 2025, will be hosted at Tamale in the Northern Region.

    The event is being organized in partnership with Savanna Golden Tree Limited, the Ghana Export Promotion Authority and the Northern Regional Coordinating Council.

    He made this announcement during an official visit to Nuts for Growth Ltd, a leading agro-industrial factory that is engaged in the processing of shea and soya, and a major employer of women and youth in northern Ghana.

    “The Shea Expo 2025 will highlight government’s commitment to rural industrialization and showcase the critical role of the shea industry in Ghana’s economic transformation,” Dr. Otokunor stated. “It is a strategic platform to drive value addition in the shea sector, attract investment, create sustainable jobs, especially under the 24-Hour Economy initiative and boost the country’s foreign exchange earnings”

    The expo will focus on advancing the shea value chain, from harvesting and processing to export and innovation. It is expected to feature exhibitions, policy dialogues, investment pitches, and product showcases dedicated to strengthening Ghana’s position in the global shea industry.

    Dr Otokunor, further reaffirmed government’s commitment to rural agribusiness development as a pathway to industrialization and job creation.

    This assurance came during his official visit to Nuts for Growth, a fast-growing agro-processing company based in the Northern Region.

    Nuts for Growth, which focuses on shea and soya processing, currently works with over 81,000 women and youth across its value chains. The company has built capacity in seedling production, quality testing, warehousing, and the transformation of by-products into high-protein livestock feed, contributing to both food security and economic empowerment.

    “This is exactly the kind of enterprise we need to support,” Dr. Otokunor said. “They are creating jobs, building local capacity, and adding real value to our agricultural resources.”

    During the tour, Dr. Otokunor visited the company’s 300-metric-ton processing facility, laboratory, and nursery where thousands of seedlings are produced each season. He also discussed aligning key government initiatives like the DOBIDI Programme to strengthen community-level impact.

    The CEO of Nuts for Growth, Madam Dora Habosutei Torwiseh, raised pressing challenges including access to raw materials, capital delays, and the need for stronger policy protection.

    “We’ve built a strong foundation, but we need support to scale,” she said. “Timely access to funding and raw materials will make all the difference.”

    Dr. Otokunor responded: “We’re not just observing, we’re acting,” he stated.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Customs bolsters border security with arrival of detection dogs

    The Ghana Customs Division of the Ghana Revenue Authority has received two specially trained English Springer Spaniels—Albi and Halter dogs—to enhance border security and improve the detection of illicit goods at entry points across the country.

    The dogs, bred and trained in the United Kingdom, are highly skilled in detecting narcotics, firearms, and concealed currency. Their deployment is expected to significantly boost the Customs Division’s capacity to combat trans-border crime, deter smuggling activities, and improve revenue collection at borders and international ports.

    The initiative is part of a broader international collaboration supported by the German Development Cooperation (GIZ), the European Union, and the Swiss Development Corporation.

    The K9 units were officially handed over during a brief ceremony attended by key stakeholders.

    Brigadier General Glover Ashong Annan, Commissioner of Customs, hailed the arrival of the K9 dogs as a milestone in the Customs Division’s efforts to modernise border security operations.

    He assured stakeholders that the dogs will be deployed effectively and ethically by specially trained handlers to maximise their impact.

    “This handover marks an important step in our long-standing collaboration with international partners aimed at strengthening border security and enhancing revenue collection,” Brigadier General Annan stated.

    Speaking on behalf of the Programme for Accountability, Integrity and Rule of Law and Development (PAIReD), Astrid Kohl, the Programme Manager, emphasised the significance of the support.

    She noted that the arrival of the dogs symbolises the strong partnership between the Ghana Revenue Authority (GRA) and its development partners.

    “These detection dogs will strengthen the Customs Division’s ability to detect and prevent the entry of illicit goods, contributing to national security and economic growth,” Kohl said.

    She added that the initiative forms part of the broader Good Governance Programme, which is implemented in collaboration with Ghanaian institutions, the German government, the European Union, and the Swiss Development Corporation.

    The programme aims to promote integrity, accountability, and the rule of law within Ghana’s democratic and governance structures.

    Kohl concluded by affirming the critical role of the Ghana Revenue Authority and the Customs Division in driving reforms that foster transparency and national development.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Ghana woos Chinese investors … as it launches the 24-Hour Economy policy

     

    Adnan Adams Mohammed

    Along side the just ended Ghana–China Business Summit 2025, the Office of the Chief of Staff at the Presidency hosted a high-powered delegation of Chinese investors, last week.

    The meeting was aimed at boosting Ghana’s international investment drive and appeal to Chinese investors, especially manufacturers, as government is scheduled to unveil the 24-Hour Economy policy this week,

    The summit, organized in collaboration with the Sino-Africa Group, underscores a renewed commitment to economic partnership between the two countries. Representing President John Dramani Mahama, Hon Julius Debrah welcomed the delegation at Jubilee House and called on Chinese manufacturers to seize Ghana’s strategic advantages—its geographic position, political stability, and ambitious 24-Hour Economy Agenda—to make the country a leading hub for African industrialization.

    “This is more than trade; it’s a partnership for shared transformation. Ghana is building a future-ready economy, and China’s industrial leadership can be a cornerstone in that journey,” Debrah told the delegation.

    The Chinese team was led by Mr. Chen Xiaowei, who praised Ghana’s forward-thinking policies and economic climate, calling the country “the China of Africa in the making.” He urged both governments to enhance institutional cooperation to attract and sustain long-term investment confidence.

    The Ghana-China Business Summit 2025 marks a pivotal moment in bilateral relations, positioning Ghana as a gateway to Africa for global investors. The summit attracted a wide range of Chinese business leaders, industrialists, and policy influencers.

    Delivering a keynote at the summit, Minister in Charge of Presidential Special Initiatives, Emmanuel Kwadwo Agyekum, laid out Ghana’s investment roadmap, emphasizing the country’s readiness to support large-scale industrial collaboration.

    “Ghana is not open for charity. Ghana is open for access,” Agyekum declared. “We offer a politically stable, investment-ready climate and access to over 400 million consumers in the ECOWAS region.”

    He also highlighted Ghana’s US$100 billion ‘Big Push’ agenda, which includes investments in manufacturing, logistics, energy, and national infrastructure—all designed to underpin the 24-Hour Economy, launching officially on July 1st.

    According to him, Ghana offers a unique opportunity for Chinese investors, with access to a politically stable, investment-ready environment and a vast market of over 400 million consumers in the ECOWAS region.

    “Ghana is not open for charity. Ghana is open for access,” he declared.

    The minister highlighted several projects under The Big Push initiative, a US$10 billion industrial and infrastructure agenda championed by John Dramani Mahama. These include US$10 million Trade Fair Centres in Volta and Ashanti, US$3 million in assembly plant opportunities, and $2 billion in national road rehabilitation.

    Emmanuel Agyekum extended an invitation to Chinese partners to build boldly in Ghana, citing China’s success in transforming cities like Shenzhen, Hainan, and Chongqing.

    “You built Shenzhen. You transformed Hainan. You redefined Chongqing. Now, we invite you to build boldly—with us—in Ghana,” he said.

    He emphasized that Ghana is ready to lead and China is invited to power the 24-Hour Economy, launching on July 1st.

    “Let us bond beyond protocol. Let us build beyond bureaucracy. Let projects be our shared language. Let results be our signature handshake,” Agyekum urged.

    The Special Initiatives Minister further noted that “Ghana has the land. Ghana has the leadership. Ghana has the leverage. What we need—what we welcome—is YOU. Let us rise together. Let us build boldly. Let us begin—in Ghana.”

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • BoG moves to improve security measures …as cybercrime cost Africa excess of US$4bn annually

    Adnan Adams Mohammed

    The International Police (Interpol) has estimated that, the cost of cybercrime across Africa is in excess of US$4.0 billion annually.

    This is evident locally as the Bank of Ghana reports indicates that, in 2022, Ghana recorded over 21,000 cyber fraud attempts in the financial sector, most targeting digital platforms.

    First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni has posited that, cybercrime is not a distant risk; it is a present danger, recalling that, in 2018, the bank issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting.

    “This reality underscores a simple truth: financial inclusion without system integrity is unsustainable. Cybersecurity is no longer an IT issue, it is a strategic imperative at the core of financial governance”, Dr Mumuni, said.

    “Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber risks,” he said at the 14th AFI leaders’ roundtable discussion on the theme “Strengthening cyber resilience in digital financial services in Africa.”

    Dr. Zakari noted that the Central Bank has long recognised this imperative.

    “Today, over 40 financial institutions are integrated into our Financial Industry Security Operations Centre (FINSOC), enabling real-time threat detection and response,” he said.

    The BoG conducts annual cybersecurity maturity assessments, using international frameworks like NIST and COBIT-5, to inform supervisory action and identify systemic gaps. In 2024, over 40% of assessed entities showed critical vulnerabilities particularly in access control and incident response.

    “We are addressing these gaps with targeted interventions. Critically, we are not acting alone. We continue to work closely with Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to bolster expertise and coordinate responses at scale,” he said.

    To demonstrate this commitment, he recalled that in 2023, Ghana joined the African Development Bank’s AFAWA initiative, supporting financial institutions to unlock credit for women entrepreneurs through risk-sharing instruments and technical assistance.

    Even more significantly, he said, under the leadership of President John Dramani Mahama, Ghana is establishing a Women’s Development Bank, with seed capital of GHc 51.3 million allocated in the 2025 budget.

    “This institution will directly address the persistent credit gap faced by women-led businesses particularly in agriculture, trade, and tech,” Dr Mumuni said.

    He added that these initiatives reflect our belief that women’s financial inclusion is not a social obligation, but a smart economic strategy.

    “The digital financial future we envision is rich with promise, but that promise will only be realized if it is anchored in systems that are trusted, inclusive, and secure.

    “The work we’ve done this week, the insights shared, the tools exchanged, the partnerships renewed, are powerful signals of what is possible when we lead together. I am confident that we have the will and the wisdom to build a resilient financial future for all Africans,” he said.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • GRA rolls out reformed informal sector tax system …as new report shows they are willing to tax compliant

    Adnan Adams Mohammed

    As Ghana Revenue Authority (GRA) is preparing to roll out a reformed informal sector tax system aimed at improving tax compliance and revenue collection, the players have shown willingness to be compliant.

    GRA announced last week that, starting July 2025 it will implement a new tax compliant framework targeting informal sector workers not currently registered with the GRA, but earning annual sales below GHc 20,000. Such employees will be required to pay a fixed quarterly tax between GH¢25 and GH¢45.

    This forms part of government efforts to widen Ghana’s tax basket. Tax compliance within the informal economy has long been hindered by failure to apply the right policies and collection systems. According to a new report titled “Ghana’s Untapped Economy: Analysis of Tax Compliance Behaviour of Informal Sector Workers in the Greater Accra Region” published by BudgIT Ghana in collaboration with the Society for Women in Taxation Ghana and the International Budget Partnership (IBP), while many informal sector workers are willing to comply with tax obligations, systemic obstacles continue to block voluntary compliance and limit revenue mobilisation.

    “A major underlying issue is the widespread distrust in government institutions. Many informal workers believe tax revenues are either mismanaged or lost to corruption”, the report captured. “This perception has eroded confidence in the tax system and weakened the motivation to contribute. The lack of visible benefits—such as improved infrastructure or essential services—only deepens public scepticism.”

    Beyond issues of governance, the report also identifies structural and economic factors impeding compliance. Income instability across the sector makes it difficult for many to make regular tax payments. The tax system itself is often seen as complex and opaque, with bureaucratic registration processes that are difficult to navigate, particularly for those with limited formal education.

    Women in the informal sector face additional challenges. The report finds that female entrepreneurs—who make up a significant portion of the workforce—are disproportionately burdened by indirect taxes and more frequent enforcement. Many report experiences of harassment, limited financial flexibility, and the pressure of balancing business operations with caregiving duties.

    Despite these challenges, the study notes a strong willingness among informal workers to pay taxes if the system becomes more transparent, equitable, and attuned to their everyday realities.

    To address these issues, BudgIT Ghana and its partners recommend targeted reforms, including simplified tax registration and payment processes through mobile and decentralised platforms. The report also calls for the expansion of mobile money and USSD-based payment options to make tax compliance more accessible. Additionally, it advocates for gender-sensitive tax policies, such as flexible payment arrangements and anti-harassment enforcement protocols.

    Meanwhile, the Assistant Commissioner for Research and Policy at GRA, Dr. Alex Kombat, while speaking at the launch of the report, explained that the revised system seeks to broaden Ghana’s tax base and promote fairness in revenue mobilization.

    “We have developed a system called modified taxation. Those with turnover below GHc 20,000 will pay a fixed amount—GHc 25, GHc 35, or GHc 45. For those with turnover between GHc 20,000 and GHc 500,000, we’ll apply a 3% tax on their turnover. This marks a shift from the traditional tax collection methods,” he stated.

    Dr. Kombat added that the initiative is expected to launch by July 1 and appealed for public support, especially from the media, to ensure its successful implementation.

    The Country Manager at BudgIT Ghana, Jennifer Moffatt, stressed the importance of collaboration between the GRA and local authorities to enhance tax collection in the informal sector.

    “One of our key recommendations is for the GRA and Metropolitan, Municipal, and District Assemblies (MMDAs) to collaborate on tax collection. Many informal sector workers feel more comfortable paying levies to local authorities than to the GRA,” she noted.

    Chairperson of the Society of Women in Taxation, Esi Sam endorsed the initiative, stating that it will simplify tax compliance for informal sector workers.

    “When you understand something, it becomes easy to do because it’s straightforward. So, if the modified taxation system is being introduced, it’s a good move—it will simplify the process and make it easier for people to understand,” she said.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • World market reacts to Ghana Cocoa production cut …as price jumps

    By Toma Imirhe

    Cocoa prices ended last week’s rally upon news that Ghana’s Cocoa Board had cut its 2024/25 cocoa production forecast to 600,000 metric tonne from a December estimate of 617,500.

    The outlook for smaller cocoa supplies from Ghana, the world’s second-largest cocoa producer, is pushing prices sharply higher.

    The ongoing crop season in Ghana has been affected by several factors. One is adverse weather conditions such as unpredictable rainfall patterns, prolonged dry spells and climate change which have negatively impacted cocoa yields. Another is swollen shoot virus disease which continues to spread in cocoa-growing regions, reducing productivity and forcing the destruction of infected trees.

    Rampant illegal mining activities have destroyed fertile cocoa farmlands, particularly in key regions like Western and Ashanti. Many cocoa trees in Ghana are old and less productive, with insufficient rehabilitation and replanting efforts to offset declining yields. Rising costs of fertilizers, pesticides, and labor have constrained farmers’ ability to maintain optimal production levels.

    Economic challenges particularly inflation, and last year’s currency depreciation as well as financial constraints have affected COCOBOD’s ability to provide adequate support to farmers.

    However, cocoa smuggling to neighboring countries like Côte d’Ivoire and Togo due to price disparities have reduced official production figures.

    Higher prices have been offered in Côte d’Ivoire and Togo for much of the season – prior to the recent sharp appreciation of the cedi – as Ghana’s farm gate price of GH¢33,120 per tonne was lower than prices in Côte d’Ivoire and Togo, where smuggling is rampant. Consequently, farmers and middlemen have illegally diverted cocoa across borders, reducing the volume available for official COCOBOD purchases. As a result, COCOBOD’s declared production figures have dropped, even if actual output is higher.

    COCOBOD itself has been unable to secure its annual syndicated loan for this crop season, the most recent being just US$800 million for the previous crop season down from the usual US$1.2–1.5 billion. With limited funds, COCOBOD cannot purchase the full harvest, forcing farmers to either sell to smugglers who pay upfront in cash, hoard beans, hoping for better prices later, or shift to illegal mining (galamsey) for quicker income

    COCOBOD is implementing measures like disease control, farmer support programs, and replanting initiatives, but these take time to yield results.

    Ghana’s reduced output, combined with similar challenges in Côte d’Ivoire, could tighten global cocoa supplies further.

    Cocoa prices have risen also in part due to concerns about tighter cocoa supplies from the Ivory Coast. Government data released last week showed that Ivory Coast farmers shipped 1.679 million metric tonnes of cocoa to ports this crop season from October 1 2024 to June 22 2025, up 6.9% from last year but down from the much larger 35% increase seen in December. There are reports that heavy rain in the Ivory Coast is keeping cocoa growers off their farms and is disrupting the ongoing mid-crop cocoa harvest.

    Cocoa prices had been under pressure over the past couple of weeks, with New York market cocoa posting a two month low a fortnight ago and London cocoa posting a two and a half month low. Recent rain in West Africa is expected to benefit the region’s cocoa crops however and has limited last week’s surge in cocoa prices.

     

     

     

     

  • Julius Debrah implores local businesses to capitalize on trade opportunities availed at Ghana-China Business Summit 2025

    By Lawrence Odoom

    The 2025 Ghana-China Business Summit, a five-day extravaganza held from June 23 to June 27, 2025, in Accra, has drawn to a close, leaving an enduring impact on Ghana’s economic landscape.

    In his valedictory remarks, Chief of Staff Julius Debrah issued a clarion call to Ghanaian businesses, urging them to seize the burgeoning opportunities arising from the deepening partnership between Ghana and China.

    This conclave of business leaders, policymakers, and investors served as a vibrant platform for trade facilitation, investment matchmaking, and cultural exchange, fostering stronger economic ties between the two countries.

    Deliberations centered on pivotal sectors such as agriculture, technology, infrastructure, and manufacturing, with participants exploring avenues to harness China’s vast global trade networks.

    Mr. Debrah commended the Ghanaian business community for their fervent participation, noting that their commitment underscored a collective ambition to excel on the global stage.

    “For business executives to stop all you are doing just to be part of this programme tells us that the Ghanaian business community is also poised to be successful,” he articulated.

    The Chief of Staff underscored the imperative of sustained engagement, exhorting participants to nurture the connections and leads established during the summit to ensure a lasting impact.

    “The partnerships forged here must be nurtured to unlock the full potential of this relationship,” he emphasized, calling for proactive measures to translate discussions into tangible business outcomes.

    Indeed, as Ghana continues to position itself as a hub for investment in West Africa, the summit reinforced the nation’s commitment to fostering an enabling environment for trade and innovation.

    Undoubtedly, with the Ghana-China partnership gathering momentum, the 2025 Business Summit has set the stage for transformative economic growth, offering Ghanaian businesses a unique opportunity to scale globally through strategic collaboration with Chinese counterparts.

    The event culminated in a renewed sense of optimism, as participants expressed confidence in the potential for deepened economic ties to drive prosperity for both nations. Ultimately, as Ghanaian businesses heed Mr. Debrah’s clarion call to action, the summit’s legacy is set to shape the future of Ghana-China relations for years to come.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Industrial fisher proposes 1% Fish Conservation Tax in Ghana

     

     

    By Adnan Adams Mohammed

     

    An industrial fisher pushing for Ghana to consider introducing a one percent (1%) Fish Conservation Tax to help in developing a sustainable blue economy.

     

    Jerome Deamesi, a player among Ghana Industrial Trawlers Association, indicates that the proposed tax should be charged on all fish landed (marine and inland) and all fish imported into the country.

     

    This small tax, if properly collected at ports and landing sites, could generate significant revenue annually, without overburdening fishers or traders that could be used to develop a sustainable fishing industry and marine biodiversity.

     

    “The revenue can be channelled into a dedicated Fisheries Development and Conservation Fund to support: Stock monitoring and management; Enforcement and patrols; Training for fishers and observers; Safety-at-sea and gear support; and Innovation in aquaculture and post-harvest practices”, he intuited in a post he shared while making reference a similar system Missouri, in the United States. “This ensures that all actors — especially importers, who currently do not contribute to local fishery conservation — help fund the sector.

     

    He emphasised that, “As I always say it , artisanal fishing is often spoken or looked at in terms of livelihood support or subsistence, while this is partly true, it is important to recognize the full reality. Fishing is a business, and like all businesses, its end goal is to sell a product and make profit.

     

    “Whether it’s a canoe owner selling to a market woman or an industrial trawler exporting to Asia or selling to the women at the cold stores the activity is commercial, and must therefore be managed, taxed, and supported with that understanding. It takes people who understand business and the economics around it.”

     

     

    Business Development Unit or Division at Fisheries Commission

     

    Mr Deamesi further indicated that, “We have been advocating for a business development unit or division for some years now but it has never materialized. The idea that our current staffs at the commission and ministry can understand the economics around our trade is untenable and misleading.

     

    “The Fisheries Commission has a duty to protect the interests and sustain the livelihoods of its key constituents — the fishers. Unfortunately, this core responsibility appears increasingly neglected. Rather than supporting the actual practitioners on the ground, resources are being funneled into activities that offer little or no direct value to the sector (I stand to be corrected please).

     

    “In my own opinion, I find it hogwash or should i say, It is deeply disappointing and frankly, indefensible to witness Fisheries Commission staff ( with no malice intended) sent abroad for training in commercial ventures like aquaculture, only for that knowledge to retire with them or gather dust in reports. Meanwhile, there are real fishers and entrepreneurs within Ghana who, if given the same opportunity, could implement, innovate, create jobs, and even generate foreign exchange for the country.

     

    “Such actions under the guise of “capacity building” often become exercises in tokenism, offering no tangible return to the sector or the economy. If capacity building is truly the goal, then:

     

    Let it focus on practitioners who are active in the business;

     

    Let it result in implementation, not just certificates;

     

    Let it be tied to performance and accountability.”

     

    A Shift from Bureaucracy to Impact

     

    Some other industry players have indicated that, Ghana’s fisheries sector is a business sector, for that matter, the focus must shift from bureaucracy to impact, from internal capacity to industry-wide capacity, and from box-ticking to real, measurable change.

     

    They believe it is time to redirect training, funding, and policy focus toward the actual players the canoe owners, aquaculture entrepreneurs, processors, and vessel operators who have the capacity and motivation to transform the sector.

    Anything less is not just a missed opportunity, but it is a disservice to the very people the Commission exists to serve.

     

    Ghana’s fisheries sector cannot grow if we continue to treat it with a subsistence mindset.

     

    Resetting Fishing Industry

     

    “Let’s reset our fisheries, our minds and our commitments toward a better financial viable industry.

     

    “Fishing, whether artisanal or industrial, aquaculture or wild catch is a business, and those engaged in it are entrepreneurs. Yet, the financial system and regulatory structures in Ghana still treat fishers and fish farmers as beneficiaries of charity, not as active players in the economy”, Mr Deamesi noted.

     

    “As a young Ghanaian with a bold vision to build a high-end, high-value aquaculture business as well as a trawl business, I have explored funding opportunities from international partners ready to support innovation. The problem is not interest from abroad *the problem is the guarantee required from Ghana*. And like many young people in this space, I face the same harsh reality:

     

    No collateral of that value;

     

    No landed property to pledge;

     

    No institutional support from the state to help de-risk the investment.

     

    “Meanwhile, the Fisheries Commission, which should be leading efforts to empower practitioners, remains focused on workshops and capacity-building programs that do not result in implementation, or job creation and the prosperity of the fishers. This must change.”

     

    What Needs to Be Done

     

    Mr Deamesi listed some initiatives that could help develop the industry:

    1.Create a National Fisheries Credit Guarantee Scheme.

    The Fisheries Commission, working with the Ministry of Finance and Bank of Ghana, should establish a credit guarantee facility that helps de-risk loans taken by fishers and aquaculture entrepreneurs. This will give banks the confidence to lend without demanding excessive collateral from youth who have strong ideas but limited assets.

     

    2. Partner with Financial Institutions to Develop Sector-Specific Loans.

    Fisheries and aquaculture have their own risks and cash flow cycles. Standard loan products don’t work. We need tailored financial services, including:

     

    Flexible repayment structures

     

    Low-interest, medium-term loans or long term loans

     

    Grace periods aligned with production cycles

     

    3. Train and Certify Youth Practitioners for Credit Access.

    Instead of sending staff abroad for training, let’s invest in building a national pool of certified youth practitioners in fisheries and aquaculture who are ready to receive and utilize funding responsibly.

     

    4. Recognize Fishers as Entrepreneurs, Not Beneficiaries.

    As long as the system treats fishers as poor people to be supported rather than entrepreneurs to be invested in, real transformation will never happen. Ghana must shift its policy and financial focus to support those who are ready to build.

     

    In concluding, he posited that, “Ghana’s youth are ready to take bold steps in fisheries and aquaculture — not just to feed the nation, but to build businesses, export premium-quality products, and create sustainable jobs. We are not short on ideas, drive, or vision. What we lack is a system that meets us halfway.

     

    “The Fisheries Commission must evolve beyond its administrative role. It must become an enabler — actively facilitating access to finance, credit guarantees, and investment partnerships for real practitioners, especially young people with the ambition and capacity to transform the sector.”

     

     

  • Private Sector to Drive 24-Hour Economy Growth

    By Iman Abdulai

    The 24-Hour Economy Secretariat is gearing up to launch a groundbreaking6 initiative on July 2, 2025, aimed at transforming Ghana’s economic landscape. According to Abdul Nasser Alidu, Head of Strategy and Programmes at the Secretariat, the private sector will play a pivotal role in driving the growth of this economy.

    Key Components of the 24-Hour Economy

    – Private Sector Participation: The programme is designed to enable businesses to tap into a more vibrant and responsive economic environment, with financing being a crucial component to ensure success.
    – Financial Strategy: The Secretariat is exploring ways to attract funding without overburdening the government’s fiscal resources, deliberately designed to avoid adding pressure to the national budget.
    – Growth Potential: The initiative aims to tackle unemployment and boost productivity by promoting continuous, round-the-clock economic activity.

    Investment and Funding

    The government plans to invest $300-400 million as seed funding to attract private sector investment, with a projected total cost of $4 billion. Potential pledges have already reached $2 billion, with key components including eight integrated sub-programmes ¹.

    Implementation and Impact

    The programme will focus on strategic value chains such as agro-processing, textiles, pharmaceuticals, and logistics, with incentives like tax rebates and import duty waivers to encourage businesses to operate round-the-clock. This initiative is expected to create 1.7 million jobs within four years and enhance Ghana’s regional trade competitiveness.

  • Non-interest banking is not a competitor to conventional banking – Prof Gatsi 

    Prof. John Gatsi

     

     

     

    By Adnan Adams Mohammed

     

    A finance expert and an Advisor to the Bank of Ghana has jolted a misconception and misinformation spreading across the country that non-interest banking, or as others call it Islamic banking, if introduced in Ghana will collapse the conventional banks.

     

    The expert emphasised that, rather non-interest banking will achieve economies of scope, financial inclusion, diversification in financing trade and commerce, as well as project finance for government and the private sectors of the economy.

     

    Currently, among the West African countries, only Ghana is not implementing the non-interest banking and finance systems, which has really hurt Ghana’s economy in many ways. According to the World Bank, the Islamic finance industry has expanded rapidly over the past decade, growing at 10-12% annually. Today, Sharia-compliant financial assets are estimated at roughly US$2 trillion, covering bank and non-bank financial institutions, capital markets, money markets and insurance (“Takaful”). It is in line of these development that, the current government has shown commitment to rollout Islamic finance in Ghana.

     

    “The apprehension that Islamic finance and banking will negatively affect conventional banks in the country is not rooted in progressive information widely available to regulators globally”, Professor John Gatsi has said in an interview last week.

     

    “Furthermore, non-interest banking and finance will provide unique support to women entrepreneurs and contribute to achieving the Sustainable Development Goals.”

     

    Many experts have asserted that, non-interest banking and finance will enhance Ghana’s market economic structure.

     

    The non-interest finance system is not designed to outperform conventional structures because it is not a competitor but plays crucial complementary roles in municipal, central government, and private sectors’ infrastructure and enterprise funding.

     

    “We have non-interest banking (Islamic banks )and capital markets institutions, including fintech companies in the UK, Saudi Arabia, Dubai, Turkey, Japan, Canada, France, Netherlands, Nigeria, Uganda, Hong Kong, Singapore, Luxembourg, America, Malaysia, to name a few. However, these institutions have not even competed with conventional banks, let alone dismantled them.”