Business – Adomonline.com https://www.adomonline.com Your comprehensive news portal Sat, 05 Jul 2025 09:58:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png Business – Adomonline.com https://www.adomonline.com 32 32 Asunafo cocoa farmers rise up against illegal mining to save their farmlands https://www.adomonline.com/asunafo-cocoa-farmers-rise-up-against-illegal-mining-to-save-their-farmlands/ Sat, 05 Jul 2025 09:58:55 +0000 https://www.adomonline.com/?p=2551734 In a bold move to protect their livelihoods, cocoa farmers operating under the Asunafo Cooperative Cocoa Farmers Union have begun mobilising in groups to actively drive away illegal miners, commonly known as ‘galamseyers’, who are devastating farmlands in the area.

Emmanuel Sarpong, the President of the Union, stated that the escalating threat of illegal mining and lumbering is not only degrading fertile lands but also severely jeopardising the future of cocoa production and the economic well-being of thousands of farmers.

He indicated that they can no longer sit idly by while their farms are destroyed, adding that their members have started forming community action groups to peacefully resist and push out illegal miners from their lands.

Mr. Sarpong made these remarks on Thursday at Goase in the Ahafo Region, during the Union’s 13th Annual General Meeting (AGM). The meeting served as a platform to review past performance, present the previous year’s financial statement, and make strategic decisions for the upcoming year.

The Union President cited a recent success, noting that “illegal miners brought their equipment to cocoa farmlands at Tweapease. Our farmers there mobilised themselves, and with the backing of the Union, drove them away.”

Mr. Sarpong also appealed to government agencies, security services, and environmental groups to intensify efforts in clamping down on illegal logging activities that are rapidly eroding forest reserves and farmlands across the country.

According to him, these destructive practices not only degrade the land but also endanger the livelihoods of thousands of farmers who depend on cocoa farming for survival.

He stressed the urgent need for collective action to safeguard the environment and ensure the sustainability of cocoa production, a vital component of Ghana’s economy.

Mr. Sarpong highlighted that the Union has been at the forefront of empowering its members to resist illegal mining activities within the Asunafo South Municipality.

The Union is not only leading this grassroots defence but also offering critical support to its members. He detailed various initiatives, including educational support, economic empowerment programmes, access to soft loans, and a welfare scheme, all aimed at strengthening the resilience of cocoa farmers.

The union president emphasised that by empowering farmers economically and socially, they are better positioned to reject the temporary allure of quick money offered by illegal mining operators and instead focus on sustaining their cocoa farms for long-term benefit.

The cocoa farmers of Asunafo have sent a clear and strong message: they are prepared to defend their lands, their livelihoods, and the future of Ghana’s cocoa industry.

The Union continues to call on government authorities, environmental agencies, and community leaders to join forces in preserving farmlands and protecting the cocoa industry, an essential pillar of Ghana’s economy.

Source: Myjoyonline

Government issues final ultimatum to NGIC over 5G rollout deadline

Labena unveils new album “Life in Roses” at Bayview Village

]]> Government issues final ultimatum to NGIC over 5G rollout deadline https://www.adomonline.com/government-issues-final-ultimatum-to-ngic-over-5g-rollout-deadline/ Sat, 05 Jul 2025 09:48:02 +0000 https://www.adomonline.com/?p=2551728 The government has issued a stern final ultimatum to Next Generation Infrastructure Company (NGIC), demanding the full rollout of Ghana’s long-awaited 5G network by the fourth quarter of 2025.

Failure to meet this deadline will trigger an immediate review and potential renegotiation of the company’s operating licence—marking a critical moment in Ghana’s digital development.

This decisive warning from the Ministry of Communications, Digital Technology and Innovation follows NGIC’s failure to meet two previous rollout deadlines: November 2024 and June 2025. NGIC was initially awarded the mandate to deliver nationwide high-speed 5G services under a pioneering shared infrastructure model.

Speaking at a press conference in Accra, Minister Samuel Nartey George left no room for ambiguity about the government’s position.

“Let me declare that we have agreed with NGIC that there will be no further extensions to this rollout deadline. If the company fails to meet the Q4 deadline commitment, the ministry will immediately initiate a review and possible renegotiation of the licence term,” Mr George firmly stated.

Despite the delays, the Minister acknowledged some progress. NGIC has reportedly deployed 16 5G-ready sites and secured full regulatory approval from the National Communications Authority (NCA) for its core network infrastructure.

With the clock ticking, the government expects visible results. By the end of Q4 2025, NGIC is mandated to have at least 50 operational 5G sites in Accra and Kumasi, Ghana’s two largest cities.

“We have set a final deadline of Q4 2025, where at least 50 live 5G sites are expected in Accra and Kumasi,” Mr George reiterated. “These milestones reflect meaningful progress following earlier delays in 2024.”

The deployment of 5G is not just a technological upgrade—it is a critical pillar of Ghana’s broader digital transformation agenda. As the fifth generation of wireless technology, 5G promises significantly faster internet speeds (up to 10 Gbps), ultra-low latency (vital for real-time applications), and vastly improved capacity to connect multiple devices simultaneously.

These benefits are poised to transform sectors including education, healthcare, finance, urban planning, and entertainment—serving Ghana’s population of over 34 million.

Minister George highlighted the strategic value of Ghana’s unique 5G deployment model.

“The national rollout model is a deliberate policy shift to reduce infrastructure duplication, lower data costs, and accelerate universal 5G access for all Ghanaians,” he explained.

The shared infrastructure approach seeks to avoid the inefficiencies and high costs of duplicative network builds by competing telecoms, aiming instead for affordability, efficiency, and broader coverage.

The government has pledged to work closely with NGIC to ensure a transparent, efficient, and customer-focused implementation.

As the final deadline approaches, attention now turns to NGIC to deliver on its promise and usher Ghana into a new era of high-speed digital connectivity.

Source: Myjoyonline

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]]> Mpraeso MP pushes for affordable internet data with fixed monthly charge https://www.adomonline.com/mpraeso-mp-pushes-for-affordable-internet-data-with-fixed-monthly-charge/ Sat, 05 Jul 2025 09:43:40 +0000 https://www.adomonline.com/?p=2551726 The Member of Parliament for Mpraeso, Davis Ansah Opoku, is advocating for a transformative shift in Ghana’s telecommunications sector to make internet access more affordable for citizens.

He is proposing the introduction of fixed monthly data packages that offer unlimited access to digital services for all Ghanaians.

Mr Opoku, who serves on Parliament’s Communications Committee, made this call during an interview on Channel One News on Friday, July 4. He described the proposal as essential for achieving true digital inclusion and ensuring long-term price stability in the telecommunications sector.

READ ALSO: 5G or Lose License – Government Issues Final Ultimatum to NGIC as Q4 2025 Looms

His comments follow a recent intervention by the Minister for Communication, Digital Technology, and Innovation, Samuel Nartey George, who on Thursday, July 4, directed MultiChoice Ghana to reduce its DStv subscription fees by 30%.

Earlier, the minister had engaged telecommunications companies to revise internet packages by increasing data volumes without changing the cost to consumers.

These interventions were prompted by the Ghanaian cedi’s significant appreciation—about 30% against major international currencies over the past five months—a period during which public frustration grew over stagnant service prices.

While commending Minister Nartey George’s efforts, MP Davis Ansah Opoku emphasized the need for a more sustainable approach to protect consumers from future economic shocks.

“I think it is very welcoming. When data prices are reduced, it is something that the Ghanaian people will be excited about. As the minister said, the DStv directive is a result of the appreciation of the Ghana cedi, and this is something that we expected the telcos to have done, and so for him to have prompted them is commendable,” Mr Opoku stated.

He added, “We are looking forward to some pragmatic steps, so that even if the dollar depreciates, we will still have reduced prices. I am looking forward to a fixed rate where Ghanaians enjoy unlimited services every month. So this is a good step, and we commend him for that.”

Mr Opoku’s proposal seeks to address the recurring issue of fluctuating data costs, which are often tied to the cedi’s performance against foreign currencies.

In a country with over 40 million mobile subscriptions and a rapidly growing digital economy, reliable and affordable internet access is no longer a luxury—it is a fundamental necessity for education, business, and social engagement.

Currently, many Ghanaians spend a significant portion of their income on data, with most packages offering capped volumes that limit extensive digital participation.

The call for unlimited fixed-rate data packages aligns with similar initiatives in other digitally advanced nations and could significantly boost Ghana’s digital literacy, innovation, and economic productivity.

Such a move would require coordinated efforts between government, regulatory agencies like the National Communications Authority (NCA), and major telecom providers such as MTN Ghana, Vodafone Ghana, and AirtelTigo, which together serve the majority of the mobile market.

Implementing this policy could not only improve consumer welfare but also align with the government’s broader digital transformation and inclusion agenda.

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]]> Oysloe.com: Marketplace.Ghana’s bold step into the future of safer, secured online buying and selling https://www.adomonline.com/oysloe-com-marketplace-ghanas-bold-step-into-the-future-of-safer-secured-online-buying-and-selling/ Fri, 04 Jul 2025 18:15:31 +0000 https://www.adomonline.com/?p=2551662 In a digital age where convenience and speed define the way we live and shop, Oysloe emerges as Ghana’s homegrown answer to a modern online marketplace.

Designed to bridge the gap between buyers and sellers, Oysloe offers a simplified, secure, and scalable platform for buying and selling in Ghana.

What is Oysloe?

Oysloe is an all-in-one online marketplace built specifically for the Ghanaian market.

It allows individuals, entrepreneurs, and businesses to list, discover, and purchase a wide range of products and services — from electronics and fashion to vehicles and property — all through a single mobile app.

Whether you’re a small business owner looking to grow your customer base or a shopper seeking convenience and competitive prices, Oysloe aims to make your experience seamless.

What makes Oysloe different?

Oysloe is built with features tailored to local needs:

Integrated delivery service: Sellers don’t have to worry about logistics — Oysloe handles delivery right to the customer’s doorstep.

Flexible payment options: Users can pay via mobile money, card, or direct transfer.

Buy now, pay later: Oysloe introduces an installment plan system that allows buyers to spread payments over time.

Secure & verified sellers: The platform emphasizes safety, ensuring that users transact with verified and credible sellers.

Service listings: Beyond physical products, sellers can also offer services, making Oysloe a diverse hub for all kinds of commerce.

Who is Oysloe for?

Oysloe is for everyone — sellers who want visibility and reach, buyers who want convenience and trust, and even service providers who want to go digital. It’s a platform designed to empower Ghana’s digital economy.

As of now, Oysloe is gearing up for an official launch. The platform is actively registering sellers and partners ahead of its release, offering early access and training to ensure a smooth start. Businesses are encouraged to onboard early and get listed before the public launch.

Seller registration is now open — and it’s completely FREE. Get your business ready for launch in just three easy steps:

Sign up

Visit www.oysloe.com and register your interest. Fill in your business details and create your seller account.

Training

Once you’ve registered, you’ll receive a short orientation or training session.

This will guide you on how to use the app, manage your listings, and maximize your success on the platform.

Get listed

After your training and verification, your store will be listed on the Oysloe platform — ready to go live as soon as the app officially launches.

Don’t miss the opportunity to be part of Ghana’s most exciting online marketplace platform. Join early. Grow your business smarter and grow it bigger.

OYSLOE – buy, sell, deliver effortlessly.

 

]]> Agric Minister woos Turkish tractor manufacturer to establish assembly plant in Ghana https://www.adomonline.com/agric-minister-woos-turkish-tractor-manufacturer-to-establish-assembly-plant-in-ghana/ Fri, 04 Jul 2025 10:43:49 +0000 https://www.adomonline.com/?p=2551518 Minister for Food and Agriculture, Eric Opoku, has taken a bold step toward transforming Ghana’s agricultural sector by courting Turkish tractor manufacturer Hattat Traktör to establish an assembly plant in the country.

The move forms part of a broader government initiative to mechanize agriculture and make farming equipment more accessible to farmers through a Farmer Service Centre model.

During a working visit to the company’s production facility in Istanbul, Hon. Opoku toured the Hattat Traktör factory to assess its manufacturing capacity and the suitability of its products for Ghana’s agricultural terrain.

Hattat Traktör, a well-established name in the tractor manufacturing industry, has an annual production capacity of 2,500 units and employs 3,097 workers.

Accompanied by his technical adviser, Mr Kwasi Etu-Bonde, the Minister explored how Ghana could benefit from the company’s expertise. He also personally tested some of the tractors to evaluate their performance under conditions similar to Ghanaian soil.

Impressed by the company’s understanding of Africa’s agricultural challenges, Minister Opoku noted that Hattat Traktör produces tractors designed for mechanical rather than electronic operation—a practical approach given the continent’s unique farming needs.

“The company understands the African terrain and produces tractors that are robust, simple to operate, and ideal for small- to medium-scale farmers. This is exactly what Ghana needs,” the Minister said.

A key highlight of the visit was Minister Opoku’s pitch for the establishment of a tractor assembly plant in Ghana. Following successful discussions, Hattat Traktör agreed to provide technical support to its Ghanaian partner, 10G Globaltech Ltd, to set up the plant in collaboration with the Ministry of Food and Agriculture.

This partnership is expected to play a pivotal role in mechanizing Ghana’s agriculture sector, reducing dependence on imported farm machinery, and ensuring sustainable access to affordable, locally-assembled tractors for farmers.

Hattat Traktör expressed satisfaction with the discussions and affirmed its readiness to collaborate with Ghana to boost food production through innovation and localized support.

The initiative aligns with the Ministry’s broader agenda to modernize agriculture, create jobs, and enhance food security through strategic partnerships and investments in agro-industrial infrastructure.

Source: AdomOnline

READ ALSO:

]]> ‘We’re not feeling it’ – Food & Beverage boss says cedi recovery means nothing without tax cuts https://www.adomonline.com/were-not-feeling-it-food-beverage-boss-says-cedi-recovery-means-nothing-without-tax-cuts/ Fri, 04 Jul 2025 10:30:14 +0000 https://www.adomonline.com/?p=2551532 Executive Secretary of the Food and Beverage Association, Sam Aggrey, says the business community is not feeling the effects of the recent appreciation of the cedi, insisting that the dollar gains mean little without corresponding tax relief.

“Dollar depreciation is not being felt at all. We look at it from two angles. Considering the past, when the cedi depreciated from ¢3.80 to about ¢16, you can imagine how much businesses and investors lost—along with the country itself,” he said on JoyNews’ PM Express on Thursday, July 3.

According to him, while the cedi’s appreciation is positive on the surface, many businesses are still recovering from earlier financial shocks.

“So, for the cedi to appreciate again, you have to consider how much was lost during the depreciation. It’s like being hit with one bullet that strikes you twice. It’s complicated. Some may see it as a gain, but for others, it’s a loss,” he noted.

Aggrey said that for businesses to truly benefit from the cedi’s recovery, the government must step in with meaningful tax reforms.

“It’s a good thing that the cedi is gaining strength, but we’re looking to the government to reduce certain taxes so people can feel the real impact,” he explained.

He argued that until government cushions importers through policy adjustments—especially at the ports—businesses will continue to suffer despite the cedi’s improved performance.

“If we say the cedi has gained, and we leave it at that, we risk reversing the gains. Whatever was done to strengthen the cedi must be sustained,” he stressed.

Aggrey also pointed to earlier policy decisions—particularly tax hikes at the ports—that, in his view, contributed to the cedi’s previous depreciation. He called for a complete overhaul of the tax system.

“Let’s not forget what triggered the depreciation of the cedi in the first place. It was the introduction of certain taxes and levies at the ports. That’s where you really see the impact,” he said.

He recalled a meeting with then-Finance Minister Ken Ofori-Atta, where concerns were raised over plans to fully restore benchmark values.

“We told him, ‘This will be a disaster for the country. Take it easy and let the cedi stabilise.’ But he didn’t listen. He went ahead and increased taxes, which raised import duties—and then the cedi started falling again.”

Aggrey concluded with a firm call for policy change.

“We need to take a bold step to reverse some of these policies. There are almost 21 different taxes imposed on a single item. We need an overhaul of the tax system to bring real relief to businesses.”

Source: Myjoyonline

]]> BoG’s gold reserves rise by 8.05% since January 1, reaching 32.99 tonnes in June https://www.adomonline.com/bogs-gold-reserves-rise-by-8-05-since-january-1-reaching-32-99-tonnes-in-june/ Fri, 04 Jul 2025 09:49:38 +0000 https://www.adomonline.com/?p=2551505 The Bank of Ghana’s gold reserves surged to 32.99 tonnes at the end of June 2025, up from 32.16 tonnes in May 2025.

According to data from the Bank of Ghana, the reserves have increased by 8.05% since the beginning of the year. The country started 2025 with 30.53 tonnes, which rose to 30.62 tonnes by January 31 and has continued to rise steadily month-on-month.

From just 8.78 tonnes in May 2023, the Central Bank’s gold reserves have grown significantly, contributing to the stability of the cedi.

The accumulation has been largely driven by the Domestic Gold Purchase Programme—a strategic policy aimed at strengthening foreign exchange reserves, boosting investor confidence, stabilising the currency, and creating a favourable environment for foreign direct investment and economic growth.

In an earlier communique, the Central Bank noted:
“The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.”

The programme also aims to leverage these assets to secure more affordable financing options, thereby improving short-term foreign exchange liquidity without overreliance on external debt markets.

Source: Joy Business

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]]> Banking sector clean-up: Ex-NPP Youth Organiser refutes Frank Adu’s claims, says sector stronger than ever https://www.adomonline.com/banking-sector-clean-up-ex-npp-youth-organiser-refutes-frank-adus-claims-says-sector-stronger-than-ever/ Fri, 04 Jul 2025 09:44:27 +0000 https://www.adomonline.com/?p=2551510 A former Suame Youth Organiser for the New Patriotic Party (NPP) has publicly refuted assertions made by ex-Cal Bank Managing Director Frank Adu, accusing him of “whitewashing” failures by focusing criticism solely on President Akufo‑Addo and former Finance Minister Ken Ofori‑Atta.

He accused Mr Adu of deliberately ignoring evidence that justified the overhaul of the banking sector.

According to the former organiser, the Bank of Ghana and the IMF’s Asset Quality Reviews identified multiple undercapitalised banks in 2014/15, prompting the establishment of statutory reforms through Act 930.

“These institutions… had lost their franchise value,” he stated, and needed resolution before causing a wider systemic collapse.

He praised the NPP’s 2017 financial sector clean-up for preventing a full-blown banking crisis and safeguarding investments, including those in Cal Bank—a move he said also benefitted Mr Adu.

“No one was ready to invest in an entity that had lost its franchise value… The exercise of consolidation was to save deposits and as many jobs as possible,” he explained, noting that Mr Adu’s own investment was protected by government intervention.

He concluded by pointing to the sector’s impressive post-clean-up performance—stating that the financial industry’s total asset base grew by 33.8%, deposits rose by 28.8%, and liquidity ratios improved.

“All the performance indicators show that the sector… returned to profitability at the end of 2024,” he concluded, challenging Mr Adu to revisit the factual record before making further claims.

Source: Myjoyonline

Ghana fully up to date on 2025 Eurobond debt service obligations

15% VAT on Non-Life Insurance Premium is not a new tax…

]]> Ghana fully up to date on 2025 Eurobond debt service obligations https://www.adomonline.com/ghana-fully-up-to-date-on-2025-eurobond-debt-service-obligations/ Thu, 03 Jul 2025 15:27:12 +0000 https://www.adomonline.com/?p=2551282 The Government of Ghana has confirmed that it is fully current on all scheduled Eurobond debt service obligations for the 2025 financial year.
In an official statement issued by the Ministry of Finance on Thursday, it announced that “the Government of Ghana has, through the Bank of Ghana, successfully effected a payment of US$349,523,674.56 in respect of Eurobond debt service obligations today, Thursday , 3rd July 2025.”
The Ministry noted that since concluding Ghana’s Eurobond debt restructuring in October 2024, the government has cumulatively serviced US$1,174.64 million in Eurobond debt payments. The breakdown of these payments is as follows:
•“In October 2024, the government made an initial payment of US$475.60 million, covering obligations due under the restructuring agreement, including the first post-restructuring debt service.”
•“In January 2025, the government paid US$349.52 million.”
•“And now, in July 2025, a further US$349.52 million has been paid.”
The statement confirmed that “this brings Ghana fully up to date on all scheduled Eurobond debt service obligations for 2025.”
Looking ahead, the Ministry disclosed that “a total debt service of US$1,409.06 million is scheduled” for 2026.
The statement further emphasised that “this timely payment reaffirms Ghana’s commitment to macroeconomic stability, prudent debt management, and constructive engagement with external creditors.” It added that the development is expected to:
•“Positively influence Ghana’s credit ratings trajectory in the months ahead, as it demonstrates continued discipline in debt servicing post-restructuring.”
•“Boost investor confidence in Ghana’s sovereign credit profile and economic recovery programme.”
•“Support foreign exchange market stability, as it has been incorporated into the Bank of Ghana’s reserves and liquidity management strategy.”
The Ministry reiterated its assurance to the public and external partners of Ghana’s ongoing commitment to honouring its debt obligations in line with the agreed restructuring terms and its broader macroeconomic recovery agenda.
FOR IMMEDIATE RELEASE
STATEMENT ON THE PAYMENT OF US$349.52 MILLION EUROBOND DEBT SERVICE
Accra, 3rd July 2025 — The Ministry of Finance wishes to officially inform the public that the Government of Ghana has, through the Bank of Ghana, successfully effected a payment of US$349,523,674.56 in respect of Eurobond debt service obligations today, Thursday , 3rd July 2025.
Since the conclusion of Ghana’s Eurobond debt restructuring in October 2024, the Government of Ghana has cumulatively serviced US$1,174.64 million in Eurobond debt payments as follows:
•In October 2024, the government made an initial payment of US$475.60 million, covering obligations due under the restructuring agreement, including the first post-restructuring debt service.
•In January 2025, the government paid US$349.52 million.
•And now, in July 2025, a further US$349.52 million has been paid.
This brings Ghana fully up to date on all scheduled Eurobond debt service obligations for 2025.
Looking ahead to 2026, a total debt service of US$1,409.06 million is scheduled.
This timely payment reaffirms Ghana’s commitment to macroeconomic stability, prudent debt management, and constructive engagement with external creditors.
It is expected to:
•Positively influence Ghana’s credit ratings trajectory in the months ahead, as it demonstrates continued discipline in debt servicing post-restructuring.
•Boost investor confidence in Ghana’s sovereign credit profile and economic recovery programme.
•Support foreign exchange market stability, as it has been incorporated into the Bank of Ghana’s reserves and liquidity management strategy.
— END —

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15% VAT on Non-Life Insurance Premium is not a new tax…

 

]]> 15% VAT on Non-Life Insurance Premium is not a new tax – GRA clarifies https://www.adomonline.com/15-vat-on-non-life-insurance-premium-is-not-a-new-tax-gra-clarifies/ Thu, 03 Jul 2025 13:50:17 +0000 https://www.adomonline.com/?p=2551239 The Ghana Revenue Authority (GRA) has clarified that the 15% Value Added Tax (VAT) on Non-Life Insurance premiums is not a new tax but a reintroduced levy based on existing legislation.

Speaking on JoyNews’ AM Show, David Lartey-Quarcoopome, Chief Revenue Officer and Commissioner at the Domestic Tax Revenue Department Secretariat, explained that the tax was originally included under Act 870, which was passed earlier but later scrapped by the New Patriotic Party government in 2017. It was subsequently reintroduced through amendments in 2023.

“So indeed, it’s not a new tax, and why would I say so? When Act 870 was passed, insurance or taxation of financial services was included, under which insurance falls,” he emphasized.

He added that the GRA is now mandated to fully enforce the tax following the legislative update. The delayed rollout was necessary to develop adequate systems and frameworks for smooth implementation to minimize disruptions for insurance providers and policyholders.

“The GRA had to work on the modalities and various arrangements. We don’t work alone; we collaborate with stakeholders to issue practice notes and allow them to prepare their own systems to capture the tax appropriately,” he said.

Importantly, motor vehicle insurance premiums are exempt from this VAT. Mr Lartey-Quarcoopome confirmed that the government excluded motor insurance from the affected non-life insurance segments.

This move aligns with government efforts to broaden the tax base and enhance domestic revenue collection, particularly within the formal insurance sector.

]]> Volta River central to cutting food costs under ‘Grow 24’ – Goosie Tanoh https://www.adomonline.com/volta-river-central-to-cutting-food-costs-under-grow-24-goosie-tanoh/ Thu, 03 Jul 2025 12:07:33 +0000 https://www.adomonline.com/?p=2551153 The Volta River will play a critical role in Ghana’s Grow 24 strategy under the broader 24-Hour Economy policy, according to Presidential Advisor on the 24-Hour Economy, Mr. Goosie Tanoh.

Speaking on Joy FM’s Super Morning Show on Wednesday, July 3, Mr. Tanoh said the river was deliberately chosen because of its potential to drive agricultural transformation and significantly reduce the high cost of logistics in the country.

“If you look at the end product of most of our food — what you eat at your table, what goes to the factory as raw material or for export — about 60% of the cost is from logistics,” Mr. Tanoh explained. “That’s even more than the cost of the material being transported.”

He noted that globally, the average logistics cost as part of total production is about 15%, meaning Ghana is operating at a 45% disadvantage in terms of efficiency.

“If we are able to improve the supply chain, we’re basically bringing down the cost of food, potentially reducing it by 45% just to reach the global average,” he added.

Mr. Tanoh further explained that using the Volta River for transport is not only environmentally sustainable but also economically smarter.

He pointed out that water transport has historically been the backbone of industrial and agricultural growth in many developed economies.

“Look at the Mississippi River, the Thames, the Danube, the Nile, and even the Congo, with all its challenges. Water transport supports both agriculture and industry because it offers power and connectivity,” he said.

According to Mr. Tanoh, Ghana’s Volta River has a shoreline of about 3,283 miles, offering a vast natural transport corridor that can connect regions from north to south and east to west — at a fraction of the cost of road transport.

“It costs one-eighth of what it takes to transport goods by road. One barge with a tugboat can carry 700 tonnes. To move the same amount from Accra to Tamale by road, you’d need about 15 trucks, all emitting fossil fuels and worsening our carbon footprint as a country,” he explained.

He stressed that tapping into water transport through the Volta River will not only lower logistics costs but also unlock access to large tracts of fertile land, creating opportunities for both commercial and smallholder farmers.

“We are building an organisational framework that supports large-scale farming but also integrates smallholders through a formalised crop system,” Mr. Tanoh concluded.

]]> Goosie Tanoh outlines vision behind ‘Grow 24’ under 24-hour economy policy https://www.adomonline.com/goosie-tanoh-outlines-vision-behind-grow-24-under-24-hour-economy-policy/ Thu, 03 Jul 2025 12:04:03 +0000 https://www.adomonline.com/?p=2551147 Presidential Advisor on the 24-Hour Economy policy, Goosie Tanoh, has outlined a comprehensive vision for Grow 24, a major pillar of Ghana’s 24-Hour Economy strategy aimed at modernising and expanding the agricultural sector.

Speaking on Joy FM’s Super Morning Show on Wednesday, July 3, Mr. Tanoh explained that Grow 24 will transform agriculture through advanced technology, climate-smart practices, and improved infrastructure — enabling continuous production and value addition.

Farmers face numerous challenges — limited access to fertiliser, mechanisation shortfalls, poor farm maintenance, and insufficient extension services, he said. Grow 24 is designed to overcome these barriers.

He added that extensive consultations with farmers, industry players, and state agencies made it clear that some key needs must be addressed first: secure land titles, reliable irrigation for year-round farming, digital connectivity, and good roads to ensure easy access to markets.

He emphasised that better logistics would reduce post-harvest losses and transport costs, helping to attract private investors.

Grow 24 is built around three pillars: modernising production to improve yields; improving supply chains through transport, storage, and logistics; and developing human capital by training skilled, disciplined, and ready farmworkers.

Without discipline and a robust work ethic, we cannot compete with dynamic Asian economies, Mr. Tanoh said. That’s why training and mindset development are essential.

He said tax relief, access to credit and equity, skilled labour, and incentives for targeted value chains would attract young people and industrial farmers alike.

What do I want as a farmer? Lower taxes, access to financing, skilled workers, and dependable infrastructure — water, power, land. That’s what Grow 24 is bringing.

The Volta Lake corridor is a key part of the plan. He noted that around 4 million hectares of arable land exist in the area after subtracting forest reserves — offering vast potential for agricultural development.

The government intends to develop agro-ecological parks along the corridor, working with large-scale “anchor” farmers who will support and integrate smallholders through cooperative models. These anchor farmers will offer machinery, extension support, and access to technology and inputs.

Through this private service centre model, farmers can rent equipment and services, reducing costs and risk. The Ghana Infrastructure Fund (GIF) will oversee land access and provide irrigation and energy in partnership with the Volta River Authority.

Anchor farmers will also serve as conduits for input credit to the smallholders they work with, he explained. Smallholders produce 90 percent of our food. We cannot ignore them. Through anchor partnerships, we will formalise and scale their efforts, provide skills and financing access.

Mr. Tanoh stressed that Grow 24 is not just an agriculture programme — it is an economic transformation tool to create jobs, boost food security, increase exports, and raise incomes.

By aligning infrastructure, finance, and policy, Grow 24 will unlock Ghana’s full agricultural potential and prepare the sector to compete globally.

 

]]> Energy Minister swears in new GNPC Governing Board https://www.adomonline.com/energy-minister-swears-in-new-gnpc-governing-board/ Thu, 03 Jul 2025 12:00:07 +0000 https://www.adomonline.com/?p=2551127

The Minister for Energy and Green Transition, John Jinapor, has sworn in a newly constituted Governing Board for the Ghana National Petroleum Corporation (GNPC).

The board, chaired by Prof. Joseph Oteng-Adjei, was inaugurated on Tuesday, July 1, 2025.

It is tasked with providing strategic leadership and direction as GNPC continues to carry out its mandate in Ghana’s upstream petroleum sector.

In a brief address, Mr. Jinapor said the appointment forms part of the government’s broader agenda to reposition GNPC for improved operational efficiency, enhanced investment potential, and long-term energy security.

He also revealed that the government is currently reviewing the GNPC Act (PNDC Law 64) to align with current industry realities and international best practices.

According to the minister, this reform comes at a crucial time, as the country looks to tackle declining oil production and reposition GNPC to seize emerging opportunities within the petroleum value chain.

Other members of the board include:

  • Kwame Ntow Amoah – Acting Chief Executive Officer

  • Ya Naa Andani Yakubu Abdulai

  • Hajia Zuwera Mohammed Ibrahimah (MP)

  • Seidu Alhassan Alajor (MP)

  • Mawutor Agbavitor

  • Kwame Jantuah, Esq.

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]]> Goosie Tanoh questions farm equipment imports, proposes local solutions under 24-hour policy https://www.adomonline.com/goosie-tanoh-questions-farm-equipment-imports-proposes-local-solutions-under-24-hour-policy/ Thu, 03 Jul 2025 11:54:46 +0000 https://www.adomonline.com/?p=2551140 Ghana’s ambitious 24-Hour Economy policy is set to transform agricultural mechanisation by promoting local production and creating new business opportunities, according to Mr. Goosie Tanoh, Presidential Advisor on the 24-Hour Economy.

Speaking on Joy FM’s Super Morning Show on July 3, Mr. Tanoh questioned the country’s continued reliance on importing basic farming equipment, urging a shift towards domestic manufacturing.

“Why should we import aboboyaa [tricycles] from anywhere? This is basic technology,” Mr. Tanoh asked rhetorically, extending the critique to disc ploughs and other essential agricultural implements.

He stressed that Ghana has the capacity to produce these tools locally, a capability the 24-Hour Economy policy intends to vigorously support.

A core component of the “Grow Ghana” programme—part of the broader 24-hour economy policy—is focused on “machinery and technology.”

Mr. Tanoh outlined plans to establish a cooperative system that would provide a clear business model for individuals and entities interested in agricultural mechanisation. This system, he said, would allow participants to own tractors and equipment and offer services such as ploughing to farmers at competitive but sustainable rates.

“You’re providing a business opportunity for those who want to do mechanisation support—own tractors and make money from tractors by ploughing for you—maybe one acre for GH¢400,” he explained, noting that service costs would be calibrated to ensure profitability.

He also pointed to Ghana’s existing “soft technology” and fabrication capabilities, particularly in informal industrial zones like Suame Magazine.

“What we’re doing in the fabrication component is to create an industry out of what already exists,” he said, citing the ingenuity of artisans in Suame who routinely carry out complex vehicle repairs and re-engineering.

According to Mr. Tanoh, this local expertise could be harnessed to produce implements such as threshers and combine harvesters tailored to Ghanaian farming conditions.

He also emphasised the need for customised equipment, explaining that many imported tools are unsuitable for local crops like Ghana’s shorter soybean varieties, which require specialised harvesting technologies.

Mr. Tanoh’s comments highlight a strategic move toward localising the agricultural supply chain, fostering mechanisation-related entrepreneurship, and cutting Ghana’s import bill.

This vision is central to the broader objectives of the 24-Hour Economy—to boost productivity, create sustainable jobs, and reduce the country’s dependence on imported goods by promoting continuous economic activity across key sectors.

 

]]> Government releases US$300 million for Eurobond coupon payments https://www.adomonline.com/government-releases-us300-million-for-eurobond-coupon-payments/ Thu, 03 Jul 2025 11:11:45 +0000 https://www.adomonline.com/?p=2551071 The government has released US$300 million today, July 3, 2025, to service coupon payments owed to Eurobond holders.

The Ghana cedi portion of the debt was already transferred to the Bank of Ghana to support these payments.

Joy Business understands that the Bank of Ghana will make the payments through its corresponding banks in Europe and the U.S. to bondholders who agreed to the debt restructuring terms.

These payments are being made from Debt Service Accounts established specifically to facilitate coupon payments to Eurobond investors. Another payment is expected in August 2025.

Background

In October 2024, the government began servicing Eurobond debt after reaching an agreement with bondholders to restructure the debt. Last year, a total of US$520 million was disbursed, including a US$120 million consent fee paid to bondholders who agreed to exchange old bonds under certain conditions.

The John Mahama administration continued debt servicing in January 2025. The Eurobond Debt Exchange Programme was successfully concluded last year, with almost 100 percent of bondholders exchanging old bonds for new ones. This restructuring covered about US$13 billion owed to Eurobond investors.

This development allowed the government to resume debt servicing to creditors. However, repayments to bilateral creditors are expected to start in 2026.

Impact

Analysts suggest that this progress could positively influence Ghana’s credit ratings in the coming months, marking the third payment since the debt restructuring agreement.

Financial observers believe this may lower Ghana’s borrowing costs in the near future. This comes alongside ongoing fiscal consolidation and significant progress under the IMF programme, both expected to improve the government’s risk profile.

Source: Joy Business

]]> Government to borrow GH¢3.36 billion on treasury market today https://www.adomonline.com/government-to-borrow-gh%c2%a23-36-billion-on-treasury-market-today/ Thu, 03 Jul 2025 09:30:15 +0000 https://www.adomonline.com/?p=2550966

The government is set to borrow GH¢3.36 billion from the treasury market today, July 3, 2025, through the issuance of 91-day, 182-day, and 364-day Treasury bills.

The funds raised will be used to settle maturing bills totaling GH¢2.24 billion.

Last week’s Treasury auction fell short of its target for the fifth consecutive week, recording total bids of GH¢3.64 billion against a target of GH¢3.38 billion. Actual uptake stood at GH¢3.34 billion—below the GH¢3.72 billion required to refinance maturing obligations.

Yields remained broadly stable, with the 91-day and 182-day bills recording 14.69% and 15.25%, respectively. The 364-day yield dropped slightly by 3 basis points to 15.66% on a week-on-week basis.

“Last week we noticed strong alignment between offers and bids for the 91-day bill, with the upper bound of bids allotted edging up 17 basis points to 15.10%. We believe this signals investors’ strong and sustained preference for the 91-day bill over the 182-day bill,” Databank Research noted.

“In our view, investors are willing to accept a marginal yield trade-off in exchange for shorter-term safety and flexibility, especially amid a narrowed yield spread now below 100 basis points,” the firm added.

With demand tapering and yield compression slowing, analysts expect continued interest in the 91-day bill in the near term, as disinflation prospects and potential bond market reopening continue to shape investor sentiment.

Source: Joy Business

]]> Draft VAT reform to be ready by September 2025 – GRA https://www.adomonline.com/draft-vat-reform-to-be-ready-by-september-2025-gra/ Thu, 03 Jul 2025 09:22:44 +0000 https://www.adomonline.com/?p=2550960 The Ghana Revenue Authority (GRA) has assured that it is on track to complete work on the proposed Value Added Tax (VAT) reforms by September 2025.

The reforms, once finalised, will be implemented in the government’s 2026 economic policy and budget.

Commissioner of Domestic Revenue at the GRA, Edward Apenteng Gyamera, made this known to Joy Business after a stakeholder engagement with traders and business associations in Accra. The engagement forms part of a national consultation process to gather input from key players in the trade and business sectors.

The Ministry of Finance initiated the VAT reform following concerns over distortions in the current payment process, which has been in operation for over a decade.

Mr. Gyamera explained that the GRA is holding a series of consultations across the country to ensure that stakeholder views are captured and reflected in the final draft.

“This is part of the process to get every stakeholder’s input on the upcoming VAT reform by the Ministry of Finance. In all, we have four engagements in Accra and others in Kumasi, Takoradi, and Tamale before releasing the final draft in the next few weeks,” he said. “We should also bear in mind that these are just proposals and not final decisions.”

He assured that most of the contributions from stakeholders will be considered and that explanations will be provided in cases where specific suggestions cannot be incorporated.

The reform aims to broaden the tax base and increase VAT contributions to domestic revenue by over 20%.

Earlier this year, officials from the International Monetary Fund (IMF) met with the government and Finance Ministry to offer technical insights into the reform process.

According to the GRA, those recommendations will be carefully reviewed before any final decisions are made.

Source: Joy Business

]]> Explainer: What’s inside Ghana’s 24-hour economy blueprint? https://www.adomonline.com/explainer-whats-inside-ghanas-24-hour-economy-blueprint/ Thu, 03 Jul 2025 06:42:10 +0000 https://www.adomonline.com/?p=2550864 The NDC government has officially launched its flagship 24-hour economy policy, 176 days into its administration. The 283-page document not only outlines how the initiative will be implemented and funded but also signals a notable shift in focus.

Initially seen as a strategy to extend the working hours of public institutions and businesses, the policy has evolved into a broader economic transformation agenda aimed at addressing structural bottlenecks in Ghana’s economy.

Two-Phase Rollout

The policy will be rolled out in two phases. The first phase focuses on direct incentives to encourage businesses to operate longer hours, while the second addresses the deeper infrastructure and legal reforms needed to sustain a continuous production model.

Tax Breaks for Extended Operations

To encourage participation, the government is offering a comprehensive set of tax and regulatory incentives. Companies that sign up for the programme will enjoy:

  • Zero import duties on manufacturing equipment, renewable energy systems, raw materials, and logistics infrastructure.

  • Corporate tax exemptions for strategic agricultural sectors, including grains, vegetables, oilseeds, tubers, livestock, and sugar.

  • Corporate tax rebates of 25% for two-shift operations and 50% for companies running three shifts.

  • Targeted VAT exemptions to reduce the cost of locally manufactured goods.

  • Discounted electricity tariffs for firms operating between 10 p.m. and 6 a.m.

  • Export rebates ranging from 2% to 6% for exporters of manufactured goods.

  • Fast-tracked utility connections and regulatory clearances.

  • Access to low-interest credit from the Development Bank Ghana.

In the cocoa sector, local processors enrolled in the programme will receive easier access to raw cocoa beans.

While these measures are designed to boost production, create jobs, and grow exports, they will require legal amendments in Parliament related to taxation, trade, investment, and procurement.

Fixing Structural Bottlenecks

The second phase focuses on building large industrial parks—referred to as Wumbei Parks—in each region. Each park will span at least 50 acres and operate independently with renewable energy sources such as solar and biogas. Police and fire services will also be stationed onsite to ensure uninterrupted operations.

These parks will be strategically located near new agroecological zones along the Volta Basin, where integrated farming and agro-processing will be supported by irrigation systems from the Volta Lake.

The policy also outlines plans for urban farming clusters—including greenhouses—near major cities to cut food transport costs. Greenhouse farming will be prioritized in land-scarce communities.

The goal is to integrate production with logistics, reduce supply chain costs, and enable continuous economic activity day and night.

A $4 Billion Ambition

The policy is expected to cost $4 billion in its initial phase. The government has committed $300 million in seed capital, with the remaining 92% to be raised through public-private partnerships, led by the Ghana Infrastructure Investment Fund.

To support funding, a 2.5% import levy will be introduced on selected goods that can be produced locally, including processed foods, cosmetics, pharmaceuticals, cement, plastic household goods, second-hand clothing, sanitary pads, and diapers.

The government expects that increased production will offset revenue losses from tax incentives, although the policy document does not provide specific figures to support this claim. It also projects the creation of over 1.7 million jobs within four years, but lacks detailed projections on export growth, tax revenue, or employment by sector.

Implementation and Oversight

To ensure effective rollout, the government plans to pass legislation establishing a 24-Hour Economy Authority, chaired by the president. A pilot programme involving 50 companies will also be launched.

However, the document offers few details on implementation timelines, project sequencing, or fiscal risks. This raises concerns, especially when viewed against the backdrop of past initiatives like the One District, One Factory (1D1F) programme. Despite spending over GH¢500 million by the end of 2023, only 169 companies had received support, and many structural challenges remained unresolved.

The key distinction with the 24-hour policy is its legislative backing, which could make it more resistant to reversal by future governments.

The Road Ahead

Ghana has unveiled one of its most ambitious industrial reforms in decades. The incentives are bold, and the structural vision is compelling. However, the absence of concrete numbers leaves critical questions unanswered.

How will the government address potential revenue shortfalls? Will it resort to borrowing? What safeguards exist to ensure policy continuity beyond the next election?

The success of the 24-hour economy will depend on private sector buy-in and the government’s ability to honour its promises without creating loopholes.

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]]> Economist advocates for increased taxes on tobacco, alcohol https://www.adomonline.com/economist-advocates-for-increased-taxes-on-tobacco-alcohol/ Wed, 02 Jul 2025 15:20:33 +0000 https://www.adomonline.com/?p=2550721

Development Economist, Dr. George Domfeh, is urging the government to reconsider its tax strategy by shifting focus from essential services to products with adverse health and social impacts, such as alcohol and tobacco.

Speaking to Adom News, Dr. Domfeh criticised the recent introduction of a 15% Value Added Tax (VAT) on non-life insurance premiums, describing it as counterproductive and likely to discourage Ghanaians from purchasing insurance policies.

His concerns come in the wake of the Ghana Revenue Authority’s announcement that the new tax will take effect from July 1, 2025, and will apply to insurance products such as property, health, travel, and auto policies.

“This is not the right direction,” Dr. Domfeh said. “Instead of burdening Ghanaians with taxes on essential services like insurance, the government should raise taxes on products like alcohol and tobacco to reduce their consumption.”

He argued that these items, which have proven health and societal consequences, are more suitable targets for higher taxation, rather than insurance—a tool for risk mitigation and national development.

Dr. Domfeh also criticised the government for scrapping other sources of revenue, including the E-levy and the Betting Tax, which he said could have helped sustain the revenue stream without burdening consumers of necessary services.

“Already, many Ghanaians do not insure their properties. If not for police enforcement, most people wouldn’t even insure their vehicles,” he noted. “Increasing the cost of insurance will only worsen the situation and reduce coverage.”

He warned that the new tax could further erode public interest in insurance, undermining long-term national goals around financial inclusion, risk protection, and disaster preparedness.

“Insurance is about protecting lives and livelihoods. Rather than pushing people away from it, we should be making it more accessible,” Dr. Domfeh added.

He called on the government to revisit its fiscal priorities and adopt a more balanced approach that supports economic growth and public welfare.

Source: Jagri Boaz Binyinjom

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]]> Fuel price adjustment: petrol down, diesel up at GH₵13.25 per litre https://www.adomonline.com/fuel-price-adjustment-petrol-down-diesel-up-at-gh%e2%82%b513-25-per-litre/ Wed, 02 Jul 2025 14:41:44 +0000 https://www.adomonline.com/?p=2550660 Some Oil Marketing Companies (OMCs) have started adjusting petroleum product prices at the pumps, with mixed changes observed.

Petrol prices have marginally decreased, while diesel prices have increased.

GOIL is now selling a litre of petrol at GH₵12.07, down from the previous price of GH₵12.38 quoted on June 9, 2025. However, diesel prices at GOIL have risen to GH₵13.20 per litre from GH₵12.88.

Shell, on the other hand, has increased the price of petrol to GH₵12.08 per litre from GH₵11.98. Diesel prices at Shell have also risen from GH₵12.85 (quoted on June 16, 2025) to GH₵13.25 per litre.

Another OMC, PETROSOL, is selling petrol at GH₵11.98 per litre, while diesel is priced at GH₵13.98 per litre.

These increases mark the end of a period of consecutive price declines at the pumps since February 2025.

Industry Projections

The Chamber of Oil Marketing Companies projected last week that petrol prices would increase by about 2 percent per litre, while diesel prices would rise by approximately 5 percent per litre.

However, the Chamber of Petroleum Consumers (COPEC) has argued that there is no justification for these hikes and insists that prices should have remained unchanged.

Industry observers are also forecasting a significant spike in prices in the coming weeks, particularly from July 16, 2025. This is due to the requirement for OMCs to begin charging the Energy Sector Recovery Levy of one cedi per litre, which will result in consumers paying an additional GH₵1.93 per litre.

Source: Joy Business

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]]> Mahama launches ‘Grow 24’ to irrigate 2 million hectares under 24-hour economy https://www.adomonline.com/mahama-launches-grow-24-to-irrigate-2-million-hectares-under-24-hour-economy/ Wed, 02 Jul 2025 13:33:39 +0000 https://www.adomonline.com/?p=2550649 President John Dramani Mahama has unveiled plans to irrigate over two million hectares of farmland as part of his government’s ambitious 24-hour economy initiative aimed at transforming Ghana’s agricultural landscape.

Speaking at the official launch of the initiative in Accra, President Mahama said the irrigation project forms the foundation of Grow 24, a key pillar of the 24-hour economy agenda focused on modernising agriculture through technology and sustainable practices.

He explained that Grow 24 will facilitate all-year-round farming and lead to the creation of agro-industrial parks across the country.

These parks will support value addition, agro-processing, packaging, and improved market access—ultimately reducing post-harvest losses.

President Mahama described the programme as a bold step toward achieving food self-sufficiency and increasing agricultural exports. It will also enhance farmer cooperatives, mechanisation, and access to improved seeds and inputs.

The broader 24-hour economy, he said, is designed to boost productivity across agriculture, manufacturing, services, and the creative arts. It will be supported by investments in infrastructure, financing, and digital connectivity to ensure round-the-clock operations and job creation.

Source: Adomonline

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]]> Inflation for June 2025 slows significantly to 13.7% https://www.adomonline.com/inflation-for-june-2025-slows-significantly-to-13-7/ Wed, 02 Jul 2025 11:43:46 +0000 https://www.adomonline.com/?p=2550578

The year-on-year inflation rate for June 2025 slowed significantly to 13.7 percent from 18.4 percent in May 2025, marking the sixth consecutive monthly decline and the lowest rate since December 2021.

According to data released by the Ghana Statistical Service (GSS) on July 2, 2025, the slowdown was largely driven by reduced price increases in foodstuffs and other items.

Government Statistician Dr. Alhassan Iddrisu noted that inflationary pressures seen in previous months are easing. For the first time in a while, the overall price level from May to June recorded a deflation of 1.2 percent, meaning Ghanaians paid less for goods and services in June compared to May.

 

Dr. Iddrisu said, “The downward inflationary trend over the last six months provides some consistency and assurance of a real, sustained shift in prices.”

Regionally, the Upper West recorded the highest inflation at 32.3 percent, mainly due to food and utilities, while the Bono region had the lowest at 8.4 percent. Dr. Iddrisu emphasized the need to use detailed regional data to better understand and reduce inflation disparities across regions.

Food inflation dropped by 6.5 percentage points to 16.3 percent from 22.8 percent in May, while non-food inflation fell by 3 percentage points to 11.4 percent.

]]> SEC warns public against unlicensed investment platforms on News GH, Ghana News https://www.adomonline.com/sec-warns-public-against-unlicensed-investment-platforms-on-news-gh-ghana-news/ Wed, 02 Jul 2025 09:26:41 +0000 https://www.adomonline.com/?p=2550474 The Securities and Exchange Commission (SEC) has issued a strong warning to the public against investing in unlicensed investment products being advertised by News GH and Ghana News on various social media platforms.

In a statement released on July 1, 2025, the SEC urged the general public to exercise vigilance and caution, and to desist from engaging with these unlicensed schemes.

According to the SEC:

  • News GH is promoting an unlicensed investment product named “Gold AI Rise Platform.”

  • Ghana News is advertising an unnamed investment product, promising unrealistic returns with no risk.

The statement clarified that neither News GH nor Ghana News has been licensed by the SEC to carry out capital market activities, as required under Section 3 of the Securities Industry Act, 2016 (Act 929) as amended.

“The SEC is currently collaborating with law enforcement agencies to clamp down on the individuals behind these entities,” the statement added.

SEC’s Role and Public Advisory

The Commission reiterated its commitment to monitoring activities in the securities market and protecting investors. It also pledged to continue publishing relevant information at regular intervals to educate and inform the public.

The SEC advised the public to verify the licensing status of any entity offering investment services or products by contacting the Commission directly through the following channels:

  • Toll-free line: 0800-100065

  • Main lines: 0302-768970 / 0302-768971 / 0302-768972

  • Email: info@sec.gov.gh

The Commission emphasized that any promise of high returns with no risk is a red flag and urged investors to conduct thorough checks before engaging in any capital market activities.

]]> BoG reserve assets jump by $709m in April, boosting cedi stability https://www.adomonline.com/bog-reserve-assets-jump-by-709m-in-april-boosting-cedi-stability/ Wed, 02 Jul 2025 08:59:33 +0000 https://www.adomonline.com/?p=2550457 The Bank of Ghana’s reserve assets saw a significant improvement, rising from US$391.1 million in April 2024 to US$1.1 billion in April 2025, largely due to the central bank’s gold purchase programme.

This, along with other contributing factors, has played a major role in the appreciation of the Ghana cedi against the US dollar, according to the Bank’s Monetary Policy Report.

The report also revealed that the combined surplus in the current and capital accounts amounted to US$2.2 billion, placing Ghana in a net lending position with the rest of the world.

As a result, there was a net acquisition of financial assets in the financial account totalling US$2.1 billion in the first quarter of 2025, a sharp increase from the US$357.7 million recorded in the same period of 2024.

In terms of other investment, the report indicated a figure of US$1.4 billion, driven largely by increased currency and deposits in the nostro accounts of commercial banks.

At the end of April 2025, Ghana’s Gross International Reserves (GIR) stood at US$10.7 billion, equivalent to 4.7 months of import cover. This compares favourably with the US$9.0 billion recorded at the end of December 2024, which covered 4.0 months of imports.

Positive Outlook for External Sector

Despite the resumption of external debt servicing following Ghana’s external debt restructuring, the Bank of Ghana maintains a positive outlook for the external sector.

“Increased production volumes of Ghana’s key export commodities, high commodity prices, and improved remittance flows will drive strong external sector performance,” the report stated.

The Bank also emphasized that continued commitment to policy and reform implementation under the IMF programme will help restore investor confidence and attract more capital inflows.

In addition, the operationalization of the Ghana Gold Board (GoldBod) is expected to further enhance the central bank’s Gold for Reserves programme, supporting efforts to build long-term reserve buffers.

]]> IMF Board to consider Ghana’s 4th programme review on July 7, 2025 https://www.adomonline.com/imf-board-to-consider-ghanas-4th-programme-review-on-july-7-2025/ Wed, 02 Jul 2025 08:50:15 +0000 https://www.adomonline.com/?p=2550447 The Board of the International Monetary Fund (IMF) has scheduled July 7, 2025, to consider Ghana’s fourth programme review in Washington, D.C., USA, according to information obtained by JoyBusiness.

Sources familiar with Ghana’s ongoing programme with the IMF say the government has met almost all the necessary conditions for the Executive Board to proceed with its review.

All required documentation has reportedly been submitted this week, enabling the Board to meet the minimum four-day review window before the scheduled meeting on Monday, July 7.

The review follows a staff-level agreement reached in April 2025 on the fourth assessment of Ghana’s economic programme under the Extended Credit Facility (ECF).

Impact On Ghana’s Economy

According to sources, the IMF Board is expected to approve the fourth review, paving the way for the disbursement of US$370 million, which could reflect in the Bank of Ghana’s account by July 11, 2025.

If disbursed, this amount will bring total IMF disbursements to Ghana under the ECF programme—signed in May 2023—to more than US$2.3 billion.

Some analysts say the inflows will likely boost Ghana’s international reserves by the end of July. The country also expects an additional $360 million from the World Bank within the same period to support economic recovery.

IMF Programme Targets

Ghana’s economic programme under the IMF’s ECF arrangement aims to:

  • Restore macroeconomic stability

  • Ensure debt sustainability

  • Lay the foundation for higher and more inclusive growth

A key target of the programme is to reduce Ghana’s debt-to-GDP ratio to 55% by 2028.

However, recent data from the Bank of Ghana indicates that this goal has already been achieved. As of April 2025, the country’s debt-to-GDP ratio had declined to 55%, aided largely by the cedi’s sharp appreciation against the US dollar.

Commercial bank data shows that the cedi has appreciated by over 40% since the beginning of 2025.

President John Mahama, speaking at a recent engagement with the African Development Bank in Ivory Coast, disclosed that the cedi’s gains had led to a ₵150 billion reduction in Ghana’s total debt stock.

Another key target Ghana has met is foreign reserves. According to the Bank of Ghana’s May Economic Report, the country’s international reserves stood at $10.6 billion as of the end of April 2025. This represents 4.7 months of import cover, a significant improvement compared to previous post-programme levels.

]]> GRA sets date for implementation of fuel levy https://www.adomonline.com/gra-sets-date-for-implementation-of-fuel-levy/ Wed, 02 Jul 2025 06:47:17 +0000 https://www.adomonline.com/?p=2550399 Barring any last-minute changes, the Ghana Revenue Authority (GRA) has announced that the implementation of the GH¢1 energy sector levy on petroleum products will take effect on July 16, 2025.

Originally scheduled for June 9, 2025, the rollout faced strong opposition from the Chamber of Oil Marketing Companies (COMAC), transport operators, and other stakeholders.

Following engagements with key industry players, the implementation was first rescheduled to June 16, then later postponed indefinitely.

In a new statement, GRA’s Acting Commissioner-General, Anthony Akwasi Sarpong, described the levy as a critical revenue measure aimed at sustaining Ghana’s energy sector and supporting broader economic development.

“Following a thorough review of prevailing market indicators and in line with the government’s commitment to ensuring stable economic conditions, the implementation of the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), will now commence, effective 16th July 2025,” the statement read.

The GRA noted that the Integrated Customs Management System (ICUMS) has been updated to reflect the changes under Act 1141. As such, all customs declarations made from July 16 onwards will automatically incorporate the revised levy calculations.

The Authority has called for cooperation from industry players and the general public to ensure a smooth rollout.

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]]> Finance Minister concludes debt restructuring talks in China https://www.adomonline.com/finance-minister-concludes-debt-restructuring-talks-in-china/ Tue, 01 Jul 2025 10:31:47 +0000 https://www.adomonline.com/?p=2549963 Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has concluded a series of engagements in China aimed at advancing the country’s ongoing debt restructuring efforts.

In a post on his social media handles, Dr. Ato Forson disclosed that the mission involved meetings with China’s Ministry of Finance, China Exim Bank, and key financial and contractor creditors.

He noted that the discussions were constructive and represent significant progress toward finalising the debt restructuring process.

The Finance Minister described the engagements as a critical step in the government’s broader efforts to stabilise the economy, address the country’s debt challenges, and protect the wellbeing of citizens.

He indicated that the progress made in China strengthens Ghana’s position as it works to conclude this difficult chapter in the country’s economic history and move toward a more resilient, inclusive, and stable future.

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]]> Abuakwa South MP urges Mahama to halt new 21% non-life insurance tax https://www.adomonline.com/abuakwa-south-mp-urges-mahama-to-halt-new-21-non-life-insurance-tax/ Tue, 01 Jul 2025 10:13:43 +0000 https://www.adomonline.com/?p=2549988 The Member of Parliament for Abuakwa South, Dr. Kingsley Agyemang, has raised serious concerns over the government’s proposed taxation of general insurance services, warning that it could jeopardize the survival of Ghanaian-owned insurance firms and lead to significant job losses within the sector.

The Ghana Revenue Authority (GRA) has announced the introduction of a 15% Value Added Tax (VAT) on non-life insurance premiums, effective July 1, 2025. The new tax will apply to policies covering areas such as property, health, and travel, though motor insurance will remain exempt.

The policy forms part of measures outlined in the 2025 national budget aimed at broadening the tax base and increasing revenue for essential public services. In line with this, Enterprise Insurance has announced that it will implement the 15% VAT along with an additional 6% levy on all non-motor insurance policies, as mandated by the VAT (Amendment) Act, 2023 (Act 1107).

In a media interview, Dr. Agyemang issued an urgent appeal to President John Mahama to halt the rollout of the tax increases, describing them as a combined 21% tax burden on non-life insurance policies. He noted that the measure comes at a time when public interest in insurance remains worryingly low.

He cautioned that imposing such levies would not only discourage current and potential policyholders but could also drive smaller, local insurance providers—many of which already operate on narrow profit margins—into collapse.

“This policy will hit Ghanaian-owned businesses the hardest,” Dr. Agyemang warned. “If these companies fold, we’re not just losing businesses—we’re losing thousands of jobs and displacing skilled professionals.”

He further emphasized the strategic role of the insurance sector in ensuring economic stability and employment, pointing out that many of the most vulnerable companies are indigenous and form the backbone of the industry.

Dr. Agyemang urged President Mahama to suspend the planned tax and instead engage with industry stakeholders in constructive dialogue to explore more sustainable revenue strategies that do not endanger local enterprises or livelihoods.

“This is a time for inclusive policy-making,” he said. “Let us work together to support homegrown businesses—not tax them out of existence.”

His remarks come amid growing unease among players in the insurance industry, who fear the new tax regime could undermine recent efforts to increase insurance penetration and rebuild public trust in the sector.

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Source: myjoyonline

]]> I lost money, I won’t forgive Ofori-Atta and Akufo-Addo – Former CAL Bank CEO https://www.adomonline.com/i-lost-money-i-wont-forgive-ofori-atta-and-akufo-addo-former-cal-bank-ceo/ Tue, 01 Jul 2025 10:07:10 +0000 https://www.adomonline.com/?p=2549997 Former Cal Bank CEO Frank Adu Jnr has declared that he will never forgive former Finance Minister Ken Ofori-Atta and former President Nana Akufo-Addo for the financial loss he suffered during the controversial domestic debt exchange programme.

Speaking on JoyNews’ PM Express, the renowned banker recounted losing money on Eurobonds and sharply criticised the decision to include pensioners in the country’s debt restructuring efforts.

“I lost money,” he said. “Pensioners picketed, and the former Chief Justice, Sophia Akuffo, came to picket with us. I didn’t go to picket, but my fellow pensioners did. Some were working on the technical details behind the scenes, and others were vociferous out there. But I lost money in the Eurobond.”

He described the inclusion of pensioners in the programme not only as a poor policy choice but a moral failure.

“Why would you do that? Why would you go after pensioners’ money? It’s one thing that people can never forgive Akufo-Addo and Ken Ofori-Atta for,” he asserted.

When asked directly by host Evans Mensah whether he had personally forgiven them, Mr. Adu was emphatic:

“No, I will not—because I saw them live large. And so why do you want to live large at the expense of my pension? It’s something that should not be trivialised at all. To have a Cabinet meeting and decide that, in solving the country’s debt problems, we would include pensioners—that’s dark.”

Despite having a close personal relationship with Ofori-Atta, Frank Adu Jnr did not hold back in his assessment of the former minister’s performance.

“We are kind of family with Ofori-Atta. On my first trip to the US, I stayed with Ken. We slept in the same bed. So that’s the relationship.”

But when asked to evaluate Ofori-Atta’s tenure as Finance Minister, the veteran banker didn’t mince words.

“Disaster. Disastrous. Look, if it wasn’t disastrous—between him and the President—the people of Ghana wouldn’t have voted the way they voted in 2024. It’s not me saying it. The verdict is captured in the results of the elections.

“It’s as simple as that. You do not run the economy where almost everybody is suffering and expect that the people will not object. And that’s what the voters of this country did last year.”

Reflecting on the early optimism that accompanied Ofori-Atta’s appointment, Mr. Adu said he, like many others, believed the former minister’s international background would translate into sound economic management.

“I don’t know what happened. I remember when he was appointed—I sent him a message, congratulating him and urging him to do the best he could for this country and leave a legacy.

“And that’s what we all expected. We were all very hopeful. But subsequent events have betrayed that hope.”

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]]> Frank Adu Jnr: Ghanaians May Never Forgive Akufo-Addo and Ofori-Atta for Targeting Pensioners’ Money nonadult How one comment on Delay’s Instagram post helped me build one of Ghana’s top web design agencies https://www.adomonline.com/how-one-comment-on-delays-instagram-post-helped-me-build-one-of-ghanas-top-web-design-agencies/ Tue, 01 Jul 2025 09:47:42 +0000 https://www.adomonline.com/?p=2549596 In 2009, I graduated from Kwame Nkrumah University of Science and Technology (KNUST) as a civil engineer.

While volunteering in my church’s Media Ministry, I immersed myself in designing graphics, editing videos, mixing audio files, and producing church magazines.

It was there that I built my first website using the HTML and CSS I had taught myself.

Admittedly, it was a simple static site, and I wasn’t too impressed with the result. But my bishop loved it, and that was enough motivation to keep going.

I began to study more seriously, borrowing past C++ lecture notes from David, my Computer Science friend, and teaching myself to code during university vacations.

After school, I joined ArcPortfolio, a respected architecture and engineering firm, and they sent me on an internship with a civil engineering consultant: Support Plus.

Sadly, I couldn’t secure national service there and ended up serving at the Community Water and Sanitation Agency (CWSA) in Cape Coast. Soon after, I returned to full-time church work.

I stayed in church employment for nearly a decade. But in 2019, when the COVID-19 pandemic forced churches to shut their doors, I decided it was time to pursue something new. I told my bishop I wanted to start a business. That’s how EnspireFX Websites was born.

But leaving the church employment was not easy. My relationship with my bishop had deteriorated for reasons I’d rather not revisit. By the time I stepped away from full-time, things were so bad I wasn’t sure how I’d survive.

Delay’s “How are you?” post

One lonely night in 2019, scrolling through Instagram, I came across a post by media mogul Deloris Frimpong Manso, widely known as Delay. She had posted a beautiful photo of herself with a short caption: “How are you?”

I clicked on the comments, and I saw a barrage of negativity and irrelevant replies. Saddened that so many people disrespected high achievers like Sister Delay, I decided to leave a sensible comment myself, so I typed;

“I’ve worked in the church since graduation for 10 years, up until this month. I’ve had problems with my bishop, and I’ve just resigned and started a web design agency. To be honest, I don’t know whether I can survive.”

To my surprise, Delay replied.

She wrote:

“Let this song inspire you: ‘What a friend we have in Jesus, all our sins and griefs to bear, what a privilege to carry everything to God in prayer.’”

I thanked her for replying, not knowing what to make of it. Then I went to bed.

Then comes the viral moment

When I woke up the next morning, I had five missed calls from unfamiliar numbers. It turned out that my comment had gone viral in the comment section under Delay’s post. Dozens had replied, mostly ladies, with encouragement. Some had even tracked down my contact.

One of those calls came from a gentleman named Nee Lante Bruce. I couldn’t help noticing his nice voice and accent. He spoke like a TV broadcaster.

He told me his fiancée had seen my comment and sent it to him, saying, “See this guy’s story sounds like yours.”

Nee had also worked in his church for years, only to walk away with nothing. We met in person, and he became my first client.

He asked me to build his website and, generously, bought a shared hosting plan that he let me use to host a few of my other client sites.

That small act of support became the foundation for what would later evolve into StellerHost, our own in-house web hosting service.

Nee introduced me to his lawyer friend, founder of Blackwood Legal, and I built their law firm’s website.

One referral turned into five international clients

Another call came from a woman running an event and catering company in Delaware, USA: RC Events Catering Inc.

She wanted help designing Instagram posts. I think this particular lady was just sorry for me, anyway, I delivered.

She was impressed and asked me to build her website. It so happened that the Indian company building the site had been delayed for several months, so I got the job.

She then referred me to her friend, the CEO of Seasoning Aide, a spices production business also based in Delaware.

Her husband, as it turned out, was a popular senior of mine from Adisadel College. He and I became friends, and I built his company website, AutoDash Supplies, an auto parts company.

Another client from this network was Women’s Faith Circle Legal Services, also in Delaware, whose founder needed a professional legal website. I handled that as well.

In just a few months, I had built five professional websites for high-value international clients, all stemming from a single Instagram comment.

From one comment to a global client base

Today, EnspireFX Websites is one of Ghana’s top-rated web design companies. Our clients include law firms, hospitals, financial institutions, hotels, construction companies, e-commerce stores, news publishers, government institutions, NGOs and more.

We’ve worked with clients across Ghana, the US, the UK, the UAE, Germany, Nigeria, Liberia, and Sweden.

We’ve built high-converting websites, redesigned outdated platforms, and launched performance-driven SEO campaigns.

Many of our clients found us organically through Google searches or referrals from previous projects.

From tech to marketing

I soon realised something critical: clients weren’t just looking for websites. They wanted to market their businesses online, attracting leads and growing their revenue.

That’s what inspired me to pursue an MBA in Marketing at GIMPA in 2023, to better understand the business side of the web and equip my clients to succeed.

One of the most valuable lessons I learned was the difference between customer satisfaction and customer success.

Customer satisfaction is about making the client happy, delivering a beautiful, functional website they’re proud to show off. But customer success goes beyond satisfaction. It’s about helping the client achieve real, measurable growth, getting results.

At EnspireFX Websites, we’ve come to understand that while a visually impressive website is important, it’s rarely enough on its own.

What truly drives business success is a deep understanding of the client’s industry and customer acquisition dynamics; knowing how their customers think, where they are, and how they make purchasing decisions.

And we build that strategy into the websites we create, so our clients don’t just get a pretty online presence, they get a growth-focused digital platform designed to help them make money and scale.

This is what sets EnspireFX Websites apart. We offer more than web design; we offer digital solutions.

What Delay’s reply meant

Looking back, I’m still in awe of what happened. One late-night Instagram scroll, one honest comment, and one kind reply from someone important that makes all the difference.

She gave me a platform I didn’t ask for, and the public responded with love, encouragement, and business opportunities that changed everything.

To anyone reading this, never underestimate the power of telling your story, staying honest, and taking that leap of faith.

And to Sister Delay, June 24th was your birthday; happy belated birthday. May God continue to bless you for the many lives you’ve touched, including mine.

 

The author, Rev Dennis Gyamfi Bediako, is the CEO of EnspireFX Websites, Accra, Ghana. Email: contact@enspirefx.com Phone: 233550919202

 

]]> 55% of Ghanaians support ‘Dumsor Levy’ – Global InfoAnalytics https://www.adomonline.com/55-of-ghanaians-support-dumsor-levy-global-infoanalytics/ Tue, 01 Jul 2025 09:46:10 +0000 https://www.adomonline.com/?p=2549951 A new survey by Global InfoAnalytics has revealed a surprising level of public support for Ghana’s recently suspended Energy Sector Levy, commonly known as the Dumsor Levy.

Contrary to widespread perceptions of opposition, the poll indicates that 55% of Ghanaian voters support the levy, which adds GH₵1 to every litre of fuel. According to the findings, 22% of voters opposed the levy, while a significant 23% remained neutral.

The survey was conducted by Mussa K. Dankwah, Pollster and Head of Research at Global InfoAnalytics, using probability random online sampling from May 10 to May 20, 2025. It involved 1,092 respondents and has a 99% confidence level with a margin of error of ±3.82%.

The Dumsor Levy—officially the Energy Sector Levies (Amendment) Act, 2025—was introduced to tackle Ghana’s mounting energy sector debt, which stood at over US$3.1 billion as of March 2025. It also aimed to secure funds for procuring liquid fuels for thermal power plants, in a bid to ensure a stable electricity supply and prevent a return to the country’s notorious erratic power outages, locally known as dumsor.

Despite these intentions, the levy, which was initially set to take effect on June 9, met immediate resistance from key stakeholders, including transport unions and the Minority in Parliament. Mounting public pressure led the Ghana Revenue Authority (GRA) to first delay and then indefinitely suspend its collection. The government cited global crude oil price volatility as justification—a reason critics widely dismissed.

However, Mussa K. Dankwah’s findings now paint a more nuanced picture of public sentiment.

The strong level of support suggests that many Ghanaians may view the levy as a necessary, albeit difficult, sacrifice to ensure consistent and reliable power supply—a problem that has long plagued the nation and severely impacted businesses and daily life.

The high costs associated with unreliable electricity—such as damaged equipment and dependence on expensive generators—may have shaped this pragmatic perspective among voters.

The release of the survey also comes at a time when Ghanaians are facing additional financial strain from a 2.45% increase in electricity tariffs, effective July 1, 2025, as announced by the Public Utilities Regulatory Commission (PURC).

This added cost underscores the financial burden on consumers, making the apparent support for another levy—even one currently suspended—a notable and unexpected development.

The results from Global InfoAnalytics could reignite policy discussions around the Dumsor Levy and its possible reintroduction. The data suggests that, despite initial resistance from organized groups, a silent majority of Ghanaians may prioritize energy stability, even if it comes with an additional financial burden.

The decision now rests with the government—how it responds to this emerging public sentiment could shape the future of Ghana’s energy sector reform.

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]]> African Lotteries Association calls on member bodies to embrace the use of AI https://www.adomonline.com/african-lotteries-association-calls-on-member-bodies-to-embrace-the-use-of-ai/ Tue, 01 Jul 2025 09:35:29 +0000 https://www.adomonline.com/?p=2549606 The Director General of the National Lottery Authority (NLA), Mohammed Abdul-Salam, has emphasized the urgent need for the NLA to intensify its efforts in integrating artificial intelligence into its systems in response to the alarming global surge in mobile fraud and cybercrime.

He made this statement on the sidelines of a Seminar organized by the African Lotteries Association (ALA) in Abidjan, Côte d’Ivoire.

The ALA Seminar, officially opened by the Vice President of ALA and Director-General of PMU, Mali, Mr. Doumbia Fassery, focused on the role Artificial Intelligence and Cybersecurity play in the gaming sector.

Director General of NLA (middle), Mohammed Abdul-Salam, flanked by some members of ALA
Director General of NLA (middle), Mohammed Abdul-Salam, flanked by some members of ALA

The Seminar featured presentations on understanding Artificial Intelligence and its relevance to security, fraud detection, data analytics, and operational intelligence, as well as cybersecurity challenges for lotteries in the age of AI.

There were also demonstrations by experts using sophisticated AI tools to prevent mobile fraud in the lottery industry, as well as panel discussions featuring Philippe Vlaemminck, European Lotteries’ Legal Advisor, and Dr. Coulibali Ibrahim, an Expert in Digital Law.

WLA Executive Director, Mr. Luca Esposito, urged ALA members to adopt the use of artificial intelligence within the framework of the lottery, along with other technologies, to address challenges.

Director General of NLA, Mohammed Abdul-Salam
Director General of NLA, Mohammed Abdul-Salam

Speaking on the sidelines of the Seminar, the Director-General of NLA, Mr. Mohammed Abdul-Salam, reiterated his commitment to the fight against fraud. He stated that the seminar was insightful and places a burden on the Authority to intensify efforts to combat the activities of fraudsters.

“We have people using our images to woo unsuspecting people to defraud them of vast sums of money, and so this is a wake-up call to employ the use of these technological solutions to address the issues of mobile fraud and cybercrime”, he said.

The ALA Seminar on Artificial Intelligence and Cybersecurity provided a collaborative platform for ALA members, executives, regulators, and industry stakeholders to come together, identify the threats they face, and address them by sharing experiences from their various jurisdictions.

ALA ratifies Mohammed Abdul-Salam as Vice President at its General Assembly

Following the Seminar, ALA executives held their General Assembly on 25th June, where they reviewed and approved their 2024 financial report.  The Assembly also ratified the position of Mr. Mohammed Abdul-Salam.

Upon the resignation of the immediate past Director-General of NLA, Mr. Samuel Awuku, and the subsequent appointment of Mr. Mohammed Abdul-Salm, the African Lotteries Association (ALA) Board of Directors, during its meeting held on February 25, acknowledged the change in the Legal representative of the NLA in the Association. They officially announced the appointment of Mr. Mohammed Abdul-Salam as Vice-President to serve the unexpired term of Mr. Awuku.

At its ALA Executive Meeting on June 25th, the Assembly ratified the co-optation of Mr. Mohammed Abdul-Salam in his capacity as the new Director-General of NLA, Ghana, to the position of 4th Vice-President on the ALA Board of Directors.  His term of office expires in the 2027 financial year.

Mr. Mohammed Abdul-Salam thanked the General Assembly for the opportunity to serve as the 4th Vice President of ALA. He assured the house of his commitment to work diligently with them to achieve the goals and objectives.

]]> We slept in the same bed, but Ofori-Atta’s legacy betrayed our hope – Frank Adu Jnr https://www.adomonline.com/we-slept-in-the-same-bed-but-ofori-attas-legacy-betrayed-our-hope-frank-adu-jnr/ Tue, 01 Jul 2025 09:13:07 +0000 https://www.adomonline.com/?p=2549928 Former Cal Bank CEO, Frank Adu Jnr, has delivered a damning verdict on the tenure of former Finance Minister Ken Ofori-Atta, describing it as a betrayal of the hope many Ghanaians, including himself, once held for his leadership.

Speaking on JoyNews’ PM Express, the renowned banker revealed the depth of his personal relationship with Ofori-Atta.

“We are kind of family with Ken Ofori-Atta, and on my first trip to the US, I stayed with Ken. We slept in the same bed. So that’s the relationship,” he shared.

Despite this closeness, Mr. Adu Jnr did not mince words when asked to assess Ofori-Atta’s legacy.

“Disaster! Disastrous,” he declared.

“Look, if it wasn’t disastrous between him and the President, the people of Ghana wouldn’t have voted the way they voted in 2024. It’s not me saying it; the verdict is captured in the results of the elections.

“It’s as simple as that. You do not run the economy where almost everybody is suffering and expect that the people will not object. And that’s what the voters of this country did last year.”

Pressed further on the contradiction between early optimism and eventual disillusionment, Mr. Adu Jnr expressed confusion and disappointment.

“I don’t know what happened. I remember when he was appointed—I sent him a message, congratulating him and urging him to do the best he could for this country, and leave a legacy. That’s what we all expected.

“We were all very hopeful, but subsequent events have betrayed that hope.”

ALSO READ:

]]> Former CalBank CEO describes Akufo-Addo and Ken Ofori-Atta's economic management as a disaster. nonadult I was forced out, but I hold no grudge – Frank Adu Jnr opens up on Cal Bank exit https://www.adomonline.com/i-was-forced-out-but-i-hold-no-grudge-frank-adu-jnr-opens-up-on-cal-bank-exit/ Tue, 01 Jul 2025 08:31:07 +0000 https://www.adomonline.com/?p=2549886 Former Cal Bank CEO Frank Adu Jnr has revealed that he was forced into early retirement by the Bank of Ghana, but says he holds no bitterness over how his nearly two-decade leadership at the bank came to an end.

Speaking on JoyNews’ PM Express, the renowned banker responded candidly when asked about the circumstances surrounding his exit.

“You mean my forced retirement from Cal Bank?” he asked, before confirming: “Well, I say forced because I had a contract which hadn’t expired, and the Bank of Ghana Governor thought he would use this administrative decision to cause me to take early retirement—and I bless him for it, because I think I’ve profited from that.”

He clarified that his grievance was with the administrative process, not with individuals often blamed for changes in the financial sector.

“I did not blame anything on Ken Ofori-Atta,” he stated.

Mr. Adu explained that he could have challenged the legality of the Bank of Ghana’s decision.

“I made him (Dr. Ernest Addison) aware of the fact that it is not right for him to do what he’s doing. Because you cannot use an administrative fiat to frustrate an existing contract—that’s what the lawyers say.”

Despite receiving strong advice to take legal action, Adu opted against it.

“There were very powerful people who suggested that I should take the issue up in court. But for me, it wasn’t necessary. What do I go to court for?”

He also noted that his personal retirement plans were always flexible.

“I started work with the intention of retiring at 55, and I retired at 57, so it was never my intention to get to 60 years.”

Reflecting on life after banking, Frank Adu Jnr expressed peace and contentment.

“Today, when I go to bed, I sleep. I don’t have to worry about bad loans and capital adequacy ratios and all these things. So I think he did me a favour.”

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]]> Frank Adu Jnr. says he was forced into early retirement but holds no grudge. nonadult Frank Adu Jnr warns Mahama against loyalty-over-performance culture https://www.adomonline.com/frank-adu-jnr-warns-mahama-against-loyalty-over-performance-culture/ Tue, 01 Jul 2025 06:53:22 +0000 https://www.adomonline.com/?p=2549882 Former CEO of Cal Bank, Frank Adu Jnr, has cautioned President John Mahama to ensure that political appointees in his administration deliver on their mandates—or be swiftly removed from office.

Speaking on JoyNews’ PM Express on Monday, June 30, Adu Jnr said persistent underperformance in key sectors stems from a dangerous culture in which political appointees are shielded from accountability due to their affiliations.

“It is early days yet,” the renowned banker stated, “but President Mahama has to be mindful of how his appointees deliver.”

He acknowledged recent signs of economic stability, particularly in the performance of the cedi, which he said “allows for planning.” However, he warned that the bigger challenge lies in fulfilling political promises—something often hampered by how appointees are selected and managed.

“So far so good,” Mr. Adu Jnr noted. “But the difficulty is in keeping those promises. And the kind of political system we operate in this country basically forces contestants to make promises they later struggle to fulfil.”

He expressed concern over the entrenched culture of impunity among political appointees, describing it as a systemic flaw that undermines performance-based governance.

“I have not seen or heard, in probably the past 18 years, any sector minister or president criticise or question an appointee for non-performance,” he said. “And you know why? It’s because all these appointees are political affiliates.”

According to Adu Jnr, political loyalty often outweighs competence. Those who support election campaigns are rewarded with positions, but when they fail to deliver, their connections protect them from dismissal.

“For example, in any of the parastatals—say VRA or ECG—if the CEO, being a political appointee, is underperforming, it becomes very difficult for the sector minister to take them on,” he explained.

He added that this approach weakens the effectiveness of governance and fosters a culture where defending incompetence becomes the norm.

“Anytime there’s a problem in any sector or ministry, you find the party or minister defending the mismanagement instead of confronting it.”

Describing the system as fundamentally anti-meritocratic, he said: “The more noise you make while in a position, the more likely you are to become a CEO, ambassador, or minister. That is not meritocracy.”

He cited the Akufo-Addo administration as a prime example of what happens when appointees are not held accountable.

“That happened under Akufo-Addo. You take the SIGA companies and all these parastatals—how many of them performed? Maybe SIC, which paid dividends and so on.”

Mr. Adu Jnr concluded by stressing that unless Ghana shifts toward a performance-driven system, President Mahama and future governments risk repeating a cycle of unfulfilled promises and poor delivery.

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]]> Clozar Group marks first anniversary with bold vision to redefine logistics industry https://www.adomonline.com/clozar-group-marks-first-anniversary-with-bold-vision-to-redefine-logistics-industry/ Mon, 30 Jun 2025 12:22:29 +0000 https://www.adomonline.com/?p=2549355 Clozar Group, a fast-growing logistics company transforming cross-border commerce in Africa and beyond, has marked its first anniversary by outlining a bold vision for the future.

The anniversary celebration, which featured a dinner and awards ceremony to recognise and honour staff, took place at Clozar’s office at Spintex in Accra.

Speaking at the event, CEO Tunji Abioye highlighted Clozar’s growth, its impact, and its ambitious aspirations.

Clozar CEO, Tunji Abioye

“Over the past 12 months, we’ve built more than a logistics company. We’ve built a culture—a drive for businesses to go bigger. Most importantly, we’ve built a bridge connecting local businesses and international clients by handling local and cross-border payments, shipment, customs clearance assistance, and order fulfilment, while also bridging language barriers,” he stated.

Clozar CEO Tunji Abioye

Reflecting on the company’s journey, Mr. Abioye expressed pride that what began as a mere vision has become a dynamic force reshaping business operations across Africa.

“Clozar has grown to become one of the biggest, most affordable, and most reliable logistics companies serving both local and cross-border deliveries. That didn’t happen by luck, and it didn’t happen because one young man decided to pursue his dreams and find investors,” he said.

He emphasized that Clozar’s success came from daring to defy the odds and ask bold, unconventional questions in its mission to transform the logistics industry.

“What if Africa didn’t have to wait? What if moving products from Ghana to Nigeria, or from Lagos to Nairobi, could be as seamless as moving them within your own city?

“And most importantly, we built a strong foundation—a family of like-minded and innovative individuals who understand that we’re not just running a business for monthly salaries, but delivering happiness to doorsteps and playing a key role in ensuring the world sees Africa as the self-sufficient continent she truly is,” he noted.

Mr. Abioye expressed heartfelt gratitude to staff, customers, and all other parties who have helped bring the Clozar dream to life.

He shared his optimism that by 2030, Clozar will be one of the most exciting and fulfilling places to work.

“A hub where creativity, innovation, and community thrive, and we wake up each day not to go to a regular job, but to create a legacy of impact.

“To our customers—we see you, we hear you. We’re building Clozar because we want to be closer to you. Not just physically, but in every way that matters. We don’t want to just deliver packages; we want to deliver happiness—on time, every time,” he pledged.

The CEO added, “We’re not stopping at logistics. We’re not limiting ourselves to e-commerce. We are growing beyond. Because at Clozar, we believe the only direction is forward—and the only limit is the one we break next.”

Director of Innovation Commends Clozar

The Director of Digital Innovation at the Ministry of Communication, Emmanuel Ofori, speaking on behalf of the Minister, Sam George, commended Clozar for its ground-breaking initiative.

Mr. Ofori emphasized how Ghana can leverage the global logistics revolution, citing existing systems such as GCNet and UniPass.

Director of Innovation at Communications Ministry

“The logistics landscape is rapidly evolving, powered by smart technology and digital infrastructure in advanced economies. But as global giants surge ahead, many African countries—Ghana included—are still finding their footing in a fragmented system.

“Yes, we can track cargo, but unfortunately, we do these things in silos. There is no harmonization. And once you get things done in silos, you are unable to achieve the full outcomes you want,” he stated.

Director of Innovation at Communications Ministry

He noted that the call is not just for innovation, but for integration, and urged African countries to move beyond paper treaties and start building real, practical solutions.

He asserted that for Africa to become a serious player in the global supply chain, the continent must tear down both physical and digital barriers.

“The vision is clear: a continent where businesses, big or small, can compete on a global scale through innovation, harmonisation, and investment in infrastructure. Let’s stop working in silos. Let’s build something bigger—together,” he charged.

ALSO READ:

]]> T-Bills Auction: Gov’t misses target again; investors still prefer BoG bills https://www.adomonline.com/t-bills-auction-govt-misses-target-again-investors-still-prefer-bog-bills/ Mon, 30 Jun 2025 12:13:11 +0000 https://www.adomonline.com/?p=2549650 The government failed to meet its treasury bills target for the fifth consecutive week as investors continue to prefer Bank of Ghana bills, which offer higher returns.

According to the auction results published by the Bank of Ghana, the government narrowly missed the target by 5.61%.

The Treasury raised GH¢3.64 billion against a target of GH¢3.86 billion.

The majority of the bids came from the 91-day bill, with investors offering GH¢2.869 billion. This represented 75.04% of the total bids.

For the 182-day bill, investors tendered GH¢616.79 million, of which the Treasury accepted GH¢385.82 million.

A little over GH¢129 million of the bids came from the 364-day bill, but the Treasury accepted only GH¢60.81 million.

Meanwhile, interest rates continued to dip—albeit marginally—along the yield curve.

The yield on the 91-day bill went down by one basis point to 14.69%.

That of the 182-day bill also declined, falling to 15.25% from the previous week’s 15.45%.

However, the yield on the 364-day bill rose by 9 basis points to 15.65%.

SECURITIES BIDS TENDERED (GH¢) BIDS ACCEPTED (GH¢)
91 Day Bill 2.896bn 2.896bn
182 Day Bill 616.79m 616.79m
364 Day Bill 129.60m 60.81m
Total 3.64bn 3.34bn
Target 3.86bn

 

]]> The cedi must be respected – Coconut Grove Regency CEO tells Ghanaians https://www.adomonline.com/the-cedi-must-be-respected-coconut-grove-regency-ceo-tells-ghanaians/ Mon, 30 Jun 2025 11:38:39 +0000 https://www.adomonline.com/?p=2549652 As Ghana prepares to commemorate Republic Day on Tuesday, July 1, the National Treasurer of the Association of Ghana Industries (AGI), Ralph Ayitey, has made a passionate appeal to Ghanaians to show renewed respect and pride in the Ghanaian Cedi as a national symbol of economic sovereignty and identity.

In a wide-ranging interview with Myjoyonline, the Chief Executive Officer(CEO) of Coconut Grove Regency Hotel underscored the importance of viewing the Cedi not just as a currency, but as a unifying symbol of ‘Ghanaianness’, a representation of the country’s independence, resilience, and collective aspiration for growth.

“Even after independence, we were still using the British pound. So, as part of the process of achieving total independence and republican status, the Cedi was introduced. It is what identifies us as a nation. Every facet of life, be it medicals, transport, school fees, is governed by economics and determined by how much Cedi you have or are supposed to have,” he said.

Mr Ayitey stressed that respecting the Cedi is foundational to Ghana’s economic development and called for a cultural shift that starts with education and awareness.

“When we were in primary school, we were taught to take good care of the Cedi. We were made to understand its value, even the coins. That discipline must be reintroduced,” he noted. “Let’s protect this, whether it’s five, ten, twenty or two hundred Cedis. Let’s defend it to the hilt.”

Pride in the Cedi Must Be National Behaviour

According to the National AGI Treasurer, deliberate policies and cultural attitudes must be developed to reinforce respect for the currency. He called on Ghanaians to consistently transact and price in Cedis, particularly in local settings, to reinforce confidence and national pride in the currency.

“The more we transact in Cedis, the more we respect the Cedi, and the more we develop a sense of positive entitlement, dignity and national pride,” he said. “People joke about the ‘Ghanaian Cedi’, but there’s no other Cedi anywhere else in the world. It’s ours. Let’s own it.”

He cautioned that Ghana’s journey to full economic independence would remain incomplete if citizens continued to devalue their own currency, either culturally or commercially.
“It starts with the citizenry. We must feel comfortable transacting in Cedis. It’s not just about the Bank of Ghana and inflation, it’s about national pride. That sense of ownership must be ingrained in us.”

Civic Education and Deliberate Policy Key to Currency Respect

He further called for enhanced civic education, suggesting that national identity, pride in local institutions, and financial discipline must be instilled early in schools and reinforced through national policy.

“If we’re not teaching our children to value what is Ghanaian, like the Cedi, then it becomes difficult for them to appreciate things like inflation or exchange rates later. Civil education must play a key role in shaping our national consciousness.”

Be Deliberate: A Call to Leaders and Business Stakeholders

The hospitality industry player also challenged both policymakers and private sector players to adopt a deliberate and coordinated approach to strengthening the economy, highlighting the role of business in driving currency stability.

“Let’s be deliberate about the businessman being comfortable holding on to his Cedi. Let’s engage businesses in shaping the exchange rate, inflation, and investment environments. Solutions often lie with the business community, not just government.”

He cited the Coconut Grove in Elmina as a success story of deliberate Ghanaian management in a hospitality industry often dominated by foreign heads.

“Elmina is a three-star hotel, but it’s been run by Ghanaians for years. Being deliberate about training and promoting Ghanaians in key sectors is critical for national development,” he said.

Ghana Cannot Operate in Silos

While acknowledging the realities of global trade, he warned that Ghana must build internal systems and policies that work in the national interest, even within a global context.

“We cannot encapsulate ourselves from global trade, but we can consolidate ourselves to determine what we use, at what cost, and with what benefit. Let’s stop operating in silos and work together, government, private sector, and civil society, to shape a Ghana we can all be proud of.”

He ended with a strong patriotic call: “Every Republic Day, we must ask ourselves what symbols of our nationhood we are defending. The Cedi is one of them. Let’s protect it like we protect our flag or rally behind our football team. Let’s be deliberate, be communal, and be proud.”

As Ghana marks another Republic Day, his message is clear: national development begins with respecting what is ours, and the Ghana Cedi must be at the centre of that conversation.

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]]> Banks wrote-off GH¢654.2m as bad debt in first four months of 2025 https://www.adomonline.com/banks-wrote-off-gh%c2%a2654-2m-as-bad-debt-in-first-four-months-of-2025/ Mon, 30 Jun 2025 11:19:57 +0000 https://www.adomonline.com/?p=2549646 Banks in Ghana wrote off GH¢654.2 million as bad debt in the first four months of 2025.

According to the Domestic Money Bank Report by the Bank of Ghana, this is lower than the GH¢863.4 million recorded in April 2024 and GH¢1.087 billion in April 2022, respectively.

The provision for bad debt was classified as loan losses, depreciation & others.

The report pointed out that the industry’s exposure to credit risk, however, improved between April 2024 and April 2025, as indicated by a decline in the non-performing loan (NPL) ratio during the review period, but remained elevated in April 2025.

Similarly, the banking industry’s asset quality improved during the period under review. The NPL ratio reduced to 23.6% in April 2025, from 25.7% in April 2024.

When adjusted for the fully provisioned loan loss category, it declined to 9.0% in April 2025 from 11.1% in April 2024.

The decrease in the NPL ratio was attributable to the higher growth in total loans relative to the growth in NPL stock.

The industry’s NPL stock grew by 8.7% to GH¢21.7 billion in April 2025, up from GH¢20.0 billion in April 2024.

The decomposition of the NPL stock indicated that the private sector accounted for the larger share of non-performing loans, in line with its larger share of industry credit.

The proportion of NPLs attributable to the private sector picked up to 93.4% in April 2025, from 91.0% in April 2024, while that of the public sector decreased to 6.6% in April 2025, from 9.0% in a similar period 2024.

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]]> World Bank backs Ghana with $360m to strengthen macroeconomic stability https://www.adomonline.com/world-bank-backs-ghana-with-360m-to-strengthen-macroeconomic-stability/ Mon, 30 Jun 2025 06:52:02 +0000 https://www.adomonline.com/?p=2549510 The World Bank has approved a $360 million financing package to support Ghana’s economic rebound, a move that signals renewed confidence in the country’s path to recovery and reform.

The funding, under the Second Resilient Recovery Development Policy Operation (DPO), aims to restore macroeconomic stability, revive investor confidence, and reinforce structural reforms to future-proof the economy.

Announced today, the approval by the World Bank Board of Executive Directors marks a significant boost to Ghana’s ongoing efforts to rebuild from its fiscal crisis.

The funds, provided through the International Development Association (IDA), target urgent reform areas including fiscal sustainability, financial sector stability, energy sector discipline, and climate and social resilience.

Finance Minister Dr. Cassiel Ato Forson welcomed the support, describing it as a major vote of confidence in Ghana’s reform journey under the IMF-supported programme.

“The successful implementation of the IMF reforms and the DPO series has laid a solid foundation for economic recovery. This additional support will help us deepen fiscal discipline, restore investor trust, and build a more inclusive and shock-resistant economy,” he said.

The operation is a key part of the World Bank’s broader crisis response framework for Ghana and includes sweeping targets: restoring fiscal sustainability, supporting private-sector-led growth, stabilising the financial sector, fixing long-standing inefficiencies in the energy sector, and boosting climate and social resilience.

Robert Taliercio, the World Bank’s Director for Ghana, Liberia, and Sierra Leone, emphasised the urgency of the reforms.

“Entrenching fiscal and debt sustainability, creating jobs through private investment, and protecting the most vulnerable remain urgent priorities. These are essential steps to revitalise Ghana’s domestic private sector, strengthen resilience to climate change, and improve the lives of ordinary Ghanaians,” Taliercio stated.

The approved reforms also aim to boost domestic revenue generation, streamline energy sector operations for greater efficiency, and embed climate considerations into national policymaking.

The initiative underscores the growing shift from crisis management to building long-term resilience and sustainability in Ghana’s economic architecture.

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]]> Ideal Air Services Ghana Limited unveils new showroom in Accra https://www.adomonline.com/ideal-air-services-ghana-limited-unveils-new-showroom-in-accra/ Mon, 30 Jun 2025 06:06:14 +0000 https://www.adomonline.com/?p=2549830 Ideal Air Services Ghana Limited has officially opened a state-of-the-art showroom in Accra as part of its commitment to delivering top-tier air conditioning and HVAC services in Ghana.

The launch event took place on June 6 at the company’s Corporate Office located at East Legon Hills.

It was attended by several distinguished guests, including H.E. Sylvanus Tamakloe (former Chief of Staff), Rev. Edward Agyekum Kufuor (son of former President John Agyekum Kufuor), Mr Nathaniel Rudolph, and Mr. Samuel Berko, along with other dignitaries and operational managers from key client firms.

The new showroom goes beyond a traditional display space—it represents Ideal Air’s ambition to set new standards in the country’s cooling and ventilation industry.

Visitors to the showroom can explore a wide range of products, including diffusers, grills, disc valves, inline fans, copper pipes, compressors, wall-mounted split units, pre-insulated panels, sheet ducts, spiral ducts, galvanised ducts, and ducted/concealed hideaway units.

Why Choose Ideal Air Services?

Amid a competitive HVAC market, Ideal Air Services Ghana Limited stands out with its exceptional blend of technical expertise, customer-centric approach, and cutting-edge technology.

From fabrications, installations and routine maintenance to emergency repairs, the company offers comprehensive solutions tailored to meet every client’s specific needs.

With a strong focus on quality, dependability, and client satisfaction, Ideal Air continues to be the preferred choice for HVAC services across Ghana and beyond.

Ideal Air isn’t just about cooling—it’s about comfort, reliability, and a promise to serve with professionalism and integrity.

Contact Information:

📧 Email: info@idealairservicesgh.com
🌐 Website: www.idealairservicesgh.com
📞 Phone: +233 50 358 9370

Experience the Ideal Air difference—where your comfort is our priority.

]]> Afreximbank appoints Dr George Elombi as next president https://www.adomonline.com/afreximbank-appoints-dr-george-elombi-as-next-president/ Sat, 28 Jun 2025 17:41:32 +0000 https://www.adomonline.com/?p=2549388 The shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr. George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.

He becomes the fourth President to lead the Bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025.

He succeeds Professor Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September 2025.

A Cameroonian national, George Elombi, has been with Afreximbank since 1996, joining as a Legal Officer. He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

Over his nearly three decades at the Bank, he has served as Director and Executive Secretary (2010–2015); Deputy Director, Legal Services / Executive Secretary (2008–2010); Chief Legal Officer (2003–2008); and Senior Legal Officer (2001–2003).

Before joining Afreximbank, he taught law at the University of Hull, United Kingdom.

Dr. Elombi played a pivotal role in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the Bank’s capacity to deliver on its mandate.

As Chair of the Emergency Response Committee, he led the Bank’s response to the COVID-19 crisis, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations.

Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank’s total ordinary equity mobilised amounted to USD 3.6 billion as at April 2025.

In his acceptance speech, Dr. Elombi expressed a deep commitment to the Bank’s mission and future, stating:

“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate, as well as its growth.

“As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are.  I will work to preserve this important asset.”

He accepted the shareholders’ desire as expressed by his predecessor, to make the institution a US$250 billion bank in ten years.

Dr. George Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in commercial arbitration from the same university.

He obtained a ‘Maitrise-en-Droit’ from the University of Yaoundé in 1989.

His appointment followed a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website.

Shortlisted candidates were interviewed by an international human resource executive search firm.

The top candidates were presented to the Board of Directors, which recommended Dr. Elombi to the General Meeting of Shareholders for final approval.

Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once.

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]]> Akufo-Addo pushes for 30% sovereign reserves in African banks https://www.adomonline.com/akufo-addo-pushes-for-30-sovereign-reserves-in-african-banks/ Sat, 28 Jun 2025 17:26:07 +0000 https://www.adomonline.com/?p=2549384 Former President Nana Akufo-Addo has proposed that African countries deposit 30 per cent of their sovereign reserves with multilateral institutions on the continent.

The proposal, he said, was to better position development finance institutions like the African Export-Import Bank (Afreximbank) and the African Development Bank (AfDB) to meet the development financing needs of the continent.

This is a reechoing of a proposal he made to the African Union (AU) in his previous position as the President of Ghana and champion of the Africa Continental Free Trade Area (AfCFTA), which Secretariat is hosted by Ghana.

Speaking during a conversation among some former Heads of States of Africa at the 2025 Afreximbank Annual Meetings in Nigeria on Friday, June 27, he noted that such a move would significantly transform Africa’s financial landscape.

He argued that African nations were currently keeping their reserves in foreign banks, sometimes earning negative interest rates at a time that they were struggling to fund their development projects.

“The institutions that we need to prepare our development are not in our hands.” Nana Akufo-Addo said, emphasising that without the continent controlling its financial institutions, it could not effectively finance its development sustainably.

He called for collaborative efforts to strengthen Afreximbank and AfDB, saying, “we have to put our mouth where our thoughts are. Let’s make the decisions that will enable us to resolve our problems. We can’t do it just by talking.”

He bemoaned the non-operationalisation of the proposed African Central Bank, which has been on the table last 20 years, despite its potential to fund Africa’s development by synchronizing regional banking industries and unions.

He called for renewed effort to making African Central Bank, African Investment Bank and African Monetary Fund effective to contribute to the financial independence and acceleration of the continent’s development.

On lending credit to African financial institutions, he cited Afreximbank’s support for Ghana, noting how the institution provided US$750 million when the country could not access global capital markets.

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]]> ‘Foreign investors won’t save Africa; we will’ – Dangote rallies support for local businesses https://www.adomonline.com/foreign-investors-wont-save-africa-we-will-dangote-rallies-support-for-local-businesses/ Sat, 28 Jun 2025 10:20:58 +0000 https://www.adomonline.com/?p=2549279 Africa’s richest man and President of the Dangote Group, Aliko Dangote, has made a bold call to action for African governments and citizens.

He said Africa should stop waiting for foreign investors and start backing local businesses as the true engine of development.

Speaking during a Fireside Chat at the Afreximbank Annual Meetings in Abuja, Aliko Dangote declared that no meaningful development will happen in Africa without empowering indigenous businesses.

“If local businesses don’t believe in their country—with all the information and exposure they have to turn things around—how can you convince foreign investors that things are better?” he asked pointedly.

Aliko Dangote argued that African countries must prioritise local industry over external capital, insisting that sustainable economic transformation must come from within.

“It is local businesses that will bring the real development, not foreign investors,” he emphasized.

He added that just as American leaders advocate “America First,” it is time for Africa to embrace an ‘Africa First’ philosophy, leveraging the continent’s vast natural and human resources to fuel homegrown prosperity.

President and Chief Executive of the Dangote Group, Aliko Dangote

Aliko Dangote also acknowledged the harsh realities of doing business across the continent. He pointed to regulatory instability, policy inconsistency, and hostile business environments as key challenges stifling local enterprise.

“Each time there’s a change in political leadership, new governments often reverse the gains of the previous ones,” he lamented. “That hurts businesses and makes it hard for them to grow.”

Despite these hurdles, Aliko Dangote believes African governments can raise the needed capital for infrastructure and development from within the continent, especially if they build alliances and support policies that favour indigenous firms.

The CEO of Dangote Group sent a clear and urgent message: “Africa’s transformation won’t be imported. It must be built by Africans, for Africans, starting with bold investment in local business”.

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]]> Trades Minister declares gov’t’s bold agenda to empower MSME; targets GH¢6bn financing by 2027 https://www.adomonline.com/trades-minister-declares-govts-bold-agenda-to-empower-msme-targets-gh%c2%a26bn-financing-by-2027/ Fri, 27 Jun 2025 21:22:20 +0000 https://www.adomonline.com/?p=2549255 Ghana has marked its first official celebration of International MSME Day with a bold commitment to reposition the Micro, Small and Medium Enterprises (MSME) sector at the heart of national transformation, digital inclusion, and sustainable economic growth.

Delivering the keynote address at the maiden national MSME Day celebration held in Accra on Friday, 27th June, 2025, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare (MP), outlined government’s strategic agenda to energize the MSME sector under the theme “Empowering MSMEs, Connecting Entrepreneurs for a Digital and Sustainable Future.”

“We are gathered as a full spectrum of Ghana’s enterprise ecosystem, from government and development partners to financiers and technology enablers, to connect, collaborate and chart a bold new path,” the Minister declared.

In her address, Madam Ofosu-Adjare described Ghana’s MSMEs as “bold, creative and resilient,” but often “malnourished” due to limited access to finance, digital tools, and supportive policy frameworks. She likened their struggle to watching a movie from outside the cinema, seeing the action but unable to participate fully.

Citing findings from a 2022 study on MSME digital transformation, the Minister pointed to key obstacles, including informality, poor digital literacy, and underutilisation of mobile and social platforms for business growth. Despite these challenges, she praised the ingenuity of young entrepreneurs using WhatsApp, Instagram, and mobile money to sustain their businesses, a phenomenon the study termed “digital bricolage.”

Reaffirming government’s commitment to the MSME sector, Madam. Ofosu-Adjare announced an ambitious four-pronged target for delivery by 2027:

  • Unlock GHS 6 Billion in Affordable Lending – Targeting at least 100,000 MSMEs, with 60% of beneficiaries being women and youth-led enterprises.
  • Operationalise Three Industrial and Agroecological Parks – Shared facilities providing energy, logistics and infrastructure to enable MSMEs to scale and generate formal jobs.
  • Cut Certification Time and Costs by 40% – Supporting 5,000 MSMEs to achieve regulatory compliance with agencies such as the FDA, GSA and ORC.
  • Digitally Onboard 250,000 MSMEs – Enhancing formality, access to finance, and visibility through e-commerce, payments, and business management platforms.

These goals she noted are ambitious, but ambition is what this moment demands,” she stated, adding that a collective review of progress would be conducted a year from now.

Touting a Comprehensive Policy and Institutional Reforms, The Minister revealed that the National MSME and Entrepreneurship Policy is being revised to reflect current sector realities, with a costed implementation strategy to ensure measurable results.

She also disclosed that the Ghana Enterprises Agency has been tasked to develop a new strategic plan focused on youth, women, persons with disabilities, and the informal sector.

Among the ongoing government interventions she highlighted were:

  • The Business Regulatory Reform (BRR) Unit to simplify certification and registration.
  • The Apprenticeship-to-Entrepreneurship Programme, which is investing in digital skills training.
  • Access to innovative financial products like zero-fee mobile credit and merchant-friendly platforms.
  • The creation of a Women’s Bank to ease access to capital for female entrepreneurs.
  • Flagship programmes such as the Accelerated Export Development Programme (AEDP), Feed the Industry Initiative, Made-in-Ghana Promotion, and Rapid Industrialisation for Jobs Strategy.

“These initiatives are structured to integrate MSMEs as suppliers, processors, and innovators across value chains in agriculture, pharmaceuticals, textiles, garments, and the automotive sectors,” she emphasized.

Taking a personal tone, Madam. Ofosu-Adjare pledged her unwavering support for Ghanaian women entrepreneurs, from Makola market women to East Legon tech innovators, to transition from informal to formal, manual to digital, and local to global. “That is not just good policy; it is the foundation for a stronger, fairer, and more competitive economy,” she affirmed.

In her welcome address, Chief Executive Officer of the Ghana Enterprises Agency (GEA), Madam Margaret Ansei, described the 2025 MSME Day as a purposeful convergence of key actors across Ghana’s enterprise landscape, coming together to reaffirm their shared commitment to the transformation of the MSME sector.

She noted that with 92% of all registered businesses in Ghana classified as MSMEs, contributing about 70% to national GDP and employing 85% of the country’s manufacturing workforce, their importance to Ghana’s economic future cannot be overstated.

Madam Ansei outlined GEA’s strategy to drive inclusion and resilience in the sector through improved access to affordable financing, capacity building, market access, digital empowerment, and formalisation support, with a keen focus on women, youth, and persons with disabilities.

She also highlighted the planned launch of the MSME Gateway Portal, developed in partnership with the UNDP, as a major digital leap forward, serving as a one-stop platform to deliver timely access to business resources, tools, and support services. “Let today be a celebration of how far we have come, and a reaffirmation of how much further we will go together,” she concluded.

This year’s celebration, spearheaded by the Ministry of Trade, Agribusiness and Industry in partnership with the Ghana Enterprises Agency (GEA), GIZ Ghana, UNDP, UNCDF, the European Union, MTN, and Stanbic Bank, marks the first time Ghana has officially observed International MSME Day at the national level.

Participants included policymakers, private sector actors, financial institutions, development partners, entrepreneurs, and representatives from academia, all gathered to explore new solutions through exhibitions, business clinics, and panel sessions.

]]> Ayariga defends 2.45% electricity tariff hike as necessary to save ECG https://www.adomonline.com/ayariga-defends-2-45-electricity-tariff-hike-as-necessary-to-save-ecg/ Fri, 27 Jun 2025 20:58:22 +0000 https://www.adomonline.com/?p=2549163 Majority Leader Mahama Ayariga has defended the Public Utilities Regulatory Commission’s (PURC) approval of a 2.45% increase in electricity tariffs, calling it a critical measure to address the rising debt of the Electricity Company of Ghana (ECG).

Speaking in Parliament on Friday, June 27, Mahama Ayariga explained that although economic indicators such as inflation, fuel prices, and exchange rate levels have remained relatively stable, ECG’s growing financial challenges make the tariff adjustment unavoidable.

“Last year, there was an attempt to block the PURC from adjusting tariffs, so no adjustments were made during that period. Now, ECG is burdened with significant debt. If we don’t act by adjusting tariffs, ECG will collapse. They won’t have the funds to procure inputs needed to keep generators running, and this will lead to power outages,” he cautioned.

His remarks were in response to concerns from the Minority Caucus, who questioned the justification for the tariff hike amidst perceived economic improvements.

Mahama Ayariga emphasized that consumers must bear part of the cost of electricity production.

“The bills must be paid. Improved macroeconomic indicators don’t erase ECG’s debt. The PURC is only doing its job, and part of the burden must be shouldered by consumers,” he stated.

He also announced that the Minister for Energy and Green Transition will appear before Parliament next week to provide further explanation on the tariff review and its implications.

The new tariff is set to take effect on July 1, 2025.

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]]> BoG urges journalists to deepen knowledge to curb misinformation https://www.adomonline.com/bog-urges-journalists-to-deepen-knowledge-to-curb-misinformation/ Fri, 27 Jun 2025 14:15:28 +0000 https://www.adomonline.com/?p=2549132 The Bank of Ghana (BoG) has emphasized the importance of journalists—particularly reporters, morning show hosts, and radio presenters—being well-versed in financial and economic issues to enhance accurate reporting.

According to the Central Bank, a well-informed media landscape plays a vital role in building a well-informed society.

The Director of Communications at BoG, Bernard Otabil, made this call during the opening of a three-day media capacity-building workshop in Koforidua, the Eastern Regional capital.

The workshop, organised by the BoG for journalists in the Eastern Region, aimed to equip 25 selected participants from various media houses with a deeper understanding of economic and financial reporting.

Participants were taken through critical topics including: accurate reporting, monetary policy practice in Ghana, inflation dynamics, recent developments in the foreign exchange market, responsible borrowing, understanding the central bank’s balance sheet, macroeconomic analysis, and the significance of microeconomic indicators.

Mr. Otabil stated that misinformation and disinformation in the media space often stem from the limited number of journalists who are well-versed in financial and economic matters.

To address this challenge, the Bank of Ghana has embarked on a series of regional media engagements aimed at strengthening its relationship with journalists across the country and improving public access to reliable information.

So far, the Central Bank has trained journalists from the Volta, Western, and Ashanti Regions, reaching a total of 75 participants.

Mr. Otabil encouraged reporters to develop a stronger interest in financial and economic matters. He also highlighted international best practices, noting that in countries such as the United Kingdom, media houses often prefer subject-matter specialists in financial journalism rather than generalist reporters.

He added that the Central Bank has become more transparent in its operations than ever before.

“Governor Asiama, at the start of every MPC meeting, engages the media in a kick-off session, explaining his expectations in the context of global and domestic economic developments,” Otabil said.

He further noted: “Another significant innovation by Governor Asiama is the publication of the submissions of the Monetary Policy Committee (MPC) members. Since the Bank adopted the inflation-targeting monetary policy framework in 2007, this is the first time such submissions are being published, bringing Ghana at par with other central banks using similar frameworks.”

For his part, the Eastern Regional Chairman of the Ghana Journalists Association (GJA), Maxwell Kudekor, noted that the GJA has over the years collaborated with several institutions to train journalists in specialized fields to foster a well-informed society.

He emphasized that capacity building empowers journalists to improve their skills, acquire new knowledge, and remain competitive in their careers.

Mr. Kudekor commended the Bank of Ghana for organising the seminar, describing it as a valuable effort to enhance the knowledge of journalists in economic and financial reporting to promote accuracy in such coverage.

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]]> Tax expert questions untaxed gifts to religious leaders at anti-corruption forum https://www.adomonline.com/tax-expert-questions-untaxed-gifts-to-religious-leaders-at-anti-corruption-forum/ Fri, 27 Jun 2025 10:53:55 +0000 https://www.adomonline.com/?p=2549034 Tax expert Professor Abdallah Ali-Nakyea has cast a spotlight on the controversial practice of religious leaders receiving lavish, untaxed gifts.

Professor Ali-Nakyea, an Associate Professor at the University of Ghana School of Law, urged greater scrutiny over the source and tax implications of such offerings, linking them to broader issues of illicit financial flows and accountability.

Speaking at an anti-corruption forum organised by the Media Foundation for West Africa (MFWA) on Thursday, June 26, at the Alisa Hotel, the session was aptly themed: “Hidden Riches, Hollow Laws: Dissecting the Loopholes That Fuel Corruption and Illicit Financial Flows.”

Prof. Ali-Nakyea’s comments resonated deeply with the event’s core objective, pushing the boundaries of the corruption discourse to include less-scrutinised areas.

Addressing the audience, which included religious leaders, he posed a series of provocative questions, highlighting a common scenario:

“You see a reverend, a pastor, well-dressed in a suit and a sleek car,” he said. “The pastor justifies it by saying, ‘I prayed for a member of my church, and he came to thank me with this [car].’”

He then challenged the transparency of such transactions: “Osofo, have you paid gift tax? Have you found out where the money is coming from? If tomorrow you hear he stole, what would you do?”

His interrogation zeroed in on a significant loophole in financial oversight.

While Ghana’s tax laws—such as the Income Tax Act, 2015 (Act 896)—generally focus on taxing income derived from employment or business, the taxation of gifts, particularly large cash or asset donations to individuals or religious bodies, can be ambiguous and often goes untracked.

This lack of clear taxation or rigorous source verification raises serious questions about transparency and potential avenues for illicit financial flows.

Global Financial Integrity estimates that Africa loses between $50 billion and $80 billion annually through illicit financial flows—a significant portion of which goes undetected.

Prof. Ali-Nakyea’s concerns extend beyond tax evasion to the broader fight against corruption.

He urged vigilance within religious communities themselves, stating, “So when we do harvest and people are doling out, let’s shine our eyes.”

This implies that religious bodies, which hold immense influence over Ghana’s population—with over 70% identifying as Christian—have a role to play in ensuring financial probity among their leaders and members.

He also drew a stark parallel to Ghana’s long and often frustrating history with corruption, suggesting the problem has only intensified.

“We have executed corrupt people; it didn’t end. I’m sure today’s corruption is bigger than that,” he lamented.

This historical context underscores the depth of the corruption challenge and the need for fresh approaches to identify and tackle its manifestations, even within areas traditionally considered beyond reproach.

Prof. Ali-Nakyea’s intervention at the MFWA forum serves as a critical call for religious institutions and the public to reconsider the ethical and legal implications of untaxed, unaudited gifts to spiritual leaders.

It challenges the conventional reluctance to scrutinise the finances of religious bodies, advocating for greater transparency as an essential component of Ghana’s broader anti-corruption agenda.

His insights suggest that dissecting “hidden riches” requires looking beyond obvious financial crimes to the often-overlooked channels that may fuel illicit financial flows and undermine national development.

]]> MOTI to mark 2025 MSME Day with focus on digital growth https://www.adomonline.com/moti-to-mark-2025-msme-day-with-focus-on-digital-growth/ Fri, 27 Jun 2025 10:31:27 +0000 https://www.adomonline.com/?p=2549017 The Ministry of Trade, Agribusiness and Industry (MOTAI), in collaboration with the Ghana Enterprises Agency (GEA) and a host of development and private sector partners, will commemorate the 2025 International Micro, Small and Medium Enterprises (MSME) Day with a national celebration in Accra.

Held under the theme “Empowering MSMEs, Connecting Entrepreneurs for a Digital and Sustainable Future,” this year’s observance highlights the government’s renewed drive toward digital innovation, inclusive economic growth, and enhanced institutional support for MSMEs—widely recognised as the engine of Ghana’s economic transformation.

Speaking ahead of the event, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, reaffirmed the government’s strong commitment to creating a vibrant entrepreneurial landscape where Ghanaian MSMEs can grow, innovate, and compete globally.

“MSMEs are the backbone of our national transformation, and we are positioning Ghanaian MSMEs to not only thrive locally but to become active players in global supply chains,” the Minister stated.

“By embracing digital tools and platforms, our entrepreneurs can break traditional barriers, expand their market reach, and compete confidently on the international stage.”

She also called on development partners, financial institutions, and private sector leaders to support the government’s vision of building a resilient MSME ecosystem that delivers inclusive growth and sustainable prosperity.

Ms. Margaret Ansei, CEO of the Ghana Enterprises Agency, emphasised that the 2025 MSME Day will spotlight the crucial role MSMEs play in job creation, innovation, and national development.

She revealed that the celebration will aim to promote the adoption of digital tools by at least 70% of participating MSMEs and connect 200 enterprises to essential digital and mobile banking infrastructure.

“This year’s MSME Day is a call to action—empowering MSMEs through digital transformation and building long-term resilience,” she said.

Representing the United Nations in Ghana, Arianna Gasparri of UNCDF highlighted the importance of the day within the framework of the UN Joint Programme on Leveraging Digital Ecosystems for Increased MSME Productivity, funded by the European Union through the UN Joint SDG Fund.

“This initiative is about more than funding; it’s about building resilient systems and unlocking private sector investment in underserved markets,” Ms. Gasparri noted.

Angela Mensah Poku, Chief Enterprise Business Officer for MTN Ghana, commended the GEA for bringing stakeholders together in support of MSME growth.

“At MTN Ghana, we’re proud to support MSMEs with smart digital tools and MoMo solutions that help them do business smarter, faster, and better,” she said.

The 2025 MSME Day will bring together over 250 in-person participants from government, private sector, development partners, financial institutions, and academia, with more than 1,000 virtual attendees expected to join via livestream.

Activities on the day will include a high-level policy dialogue, MSME business clinics, a digital innovation showcase, capacity-building workshops, and a Made-in-Ghana exhibition to promote locally produced goods and services.

Entrepreneurs will also have the opportunity to share success stories and receive real-time support on business compliance, financing, and growth strategies.

The celebration reaffirms Ghana’s national commitment to fostering a resilient, digitally empowered MSME sector capable of driving the country’s sustainable development goals.

 

]]> Recalled BoG staff to be put on extended probation https://www.adomonline.com/recalled-bog-staff-to-be-put-on-extended-probation/ Fri, 27 Jun 2025 09:22:05 +0000 https://www.adomonline.com/?p=2548962 The Bank of Ghana (BoG) has placed all recently recalled staff—whose appointments were earlier terminated—on an extended probation, sources have told JoyBusiness.

The recall marks a shift from the Central Bank’s earlier plan to reinstate only a few employees based on operational needs and skill requirements. Instead, all affected individuals are being given a second chance under close evaluation.

“This is well within the Bank’s authority,” a source said in defence of the move. “The Central Bank can re-engage terminated staff if their skills are deemed essential or if special circumstances warrant it.”

According to insiders, the recalled individuals possess skill sets currently required by the Bank, which influenced the broader reinstatement.

JoyBusiness understands the affected staff were engaged on Wednesday, June 26, 2025, and are expected to resume duties next week.

The Bank of Ghana also noted that such decisions are typically made on a case-by-case basis, depending on the specific circumstances surrounding the termination and the Bank’s internal workforce needs.

Background

On June 19, 2025, the Bank of Ghana terminated the employment of 97 staff members who were hired after December 7, 2024, citing unsatisfactory performance during their probation period.

The affected employees were formally informed that their appointments would not be confirmed.

The Central Bank explained that the decision followed an internal probation review, which revealed procedural irregularities in some recruitment processes.

However, the Bank clarified that more than half of those recruited had their appointments confirmed after successfully meeting performance expectations.

Officials have described the move as a routine human resource exercise, not targeted at any individual or group within the institution.

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