Kofi Ahovi

  MTN Ghana has rolled out additional1,142 4G sites and modernized the 820 existing 4G sites, increasing its 4G population coverage  by 8.7 percentage points year-on-year (YoY) to 99.3% as at the end of 2022. Speaking at the 2023 MTN Stakeholder forum in Accra on the theme; 'Leveraging Technology to serve customers with excellence', the CEO of MTN, Selorm Adedevoh said the objective is to expand network experience and coverage. To advance network experience and coverage, we rolled out 400 2G, 400 3G and 1,142 4G sites, modernized 820 existing 4G sites, increasing its 4G population coverage by 8.7 percentage points year-on-year (YoY) to 99.3%,” he explained. He added that, “Our areas of focus include improving customer experience across all services and regions to further enhance subscriber growth and usage of our services”. Commenting on 5G, the CEO said, MTN is ready for the challenge and is only waiting on the authorities to put the right framework in place. When they a...

  MTN Ghana posted an impressive total revenue of over GHS9.9 billion in 2022, out of which service revenue alone was more than GHS9.88 billion. This is contained in the 2022 end of year financial report, under Operational and Financial Review, which also indicated that over the same period, MTN Ghana modernized 820 existing 4G sites, increasing its  4G population coverage  by 8.7 percentage points year-on-year (YoY) to  99.3%. Per the report,  service revenue  grew 28.3% YoY in 2022, supported by good subscriber management amidst the national SIM re-registration programme, increased investment in the network and the diligent execution of commercial initiatives in voice, data and mobile money services. In spite of being declared SMP two years prior, and the implementation of measures to curtail its growth, the telecoms market leader added 3.3 million subscribers to its base and invested GHS2.1 billion in total capex to support the modernization of infrastru...

  Chief Technical Officer at the National Information Technology Authority (NITA), Solomon Kofi Richardson, has assured players in the digital space that NITA is working on becoming an enabler-oriented rather than a profit-oriented regulator. He gave the assurance during a panel discussion at the recent MTN Business CTIO Roundtable Africa 2023, where he was one of five panellists who discussed how to leverage digital transformation for development. The forum, organized by MTN Business Ghana, is a thought leadership initiative, for industry experts to discuss key issues around digital transformation and also to create the top of mind awareness that MTN is moving from a telco to a techco and what that means for various stakeholders within the ecosystem. NITA used to be the ICT arm for government and all of its institutions, but that role has since 2021 been passed on Lebara Ghana and NITA has now been transformed into a regulator of the ICT and digital space. The status quo got indus...

Chief Technical Officer at the National Information Technology Authority (NITA), Solomon Kofi Richardson, has disclosed that regulating the digital space has not been an easy task for regulators like  NITA because they are now trying to understand the space well in order to proffer appropriate and effective regulations. When you come to NITA you will find that we are now scratching our heads on how to properly regulate this space,” he said at the recent MTN Business CTIO Roundtable Africa 2023, where he was one of five panellists who discussed how to leverage digital transformation for development. The forum, organized by MTN Business Ghana, is a thought leadership initiative, for industry experts to discuss key issues around digital transformation and also to create the top-of-mind awareness that MTN is moving from a telco to a techco and what that means for various stakeholders within the ecosystem. Solomon Richardson told participants at the forum that on several occasions, peop...

  In June 2022, when Ghana approached the IMF for a $3 billion bailout package, it was because the country’s gross international reserves had begun to deplete so rapidly that it placed enormous pressure on the cedi, making it extremely difficult to meet its import bills. According to the 2023 International Monetary Fund Regional Economic Outlook Report, Ghana’s international reserves will end in 2023 at nearly three weeks of import cover (0.8 months). Zimbabwe (0.2 months), South Sudan (0.5 months) and Ethiopia (0.6 months) are the only countries expected to record import cover lower than Ghana.  Ghana’s reserves have been under extreme pressure from the demand and supply side of the foreign exchange market. On the demand side, Ghana has experienced a surge in imports in recent years, driven by the expansion of public and private investment, particularly in the oil and gas sector. On the supply side, Ghana has faced a decline in export earnings due to lower commodity prices an...

  Profit of the biggest mobile network operator (MNO) in the country, MTN Ghana slowed down in the first quarter of the year. The company’s profit went up marginally by 5.4 per cent in the period under review from GH₵‎707.5 million as at the end of March 2022 to GH₵‎745.4 million. With this development, it is not clear whether the commencement of the implementation of the government’s new tax regime will place extra financial burden on big businesses such MTN to further impact negatively on its profits in the second quarter and beyond. The Excise Duty (Amendment); Income Tax (Amendment): and the Growth and Sustainability (Amendment) Acts, kicked-in early April, and it is meant to shore up domestic revenue. The new tax regime is expected to generate additional GHC4 billion but analysts say it threatens the competitiveness of local businesses, a reason, 12 business associations have raised serious eyebrows over the development. Other figures Total revenue of MTN as reported in its fi...

 The managing director of Bulk Oil Storage and Transportation Company, Edwin Provencal says some private bulk distribution companies (BDCs) have been importing petroleum products at cheaper rates than under the government’s gold-for-oil programme. The programme is a government initiative under which the state, through BOST, is importing petroleum products and paying with gold instead of foreign exchange. It was rolled out in response to the recent depreciation in the value of the cedi against major international trading currencies and government’s inability to raise loans on the international markets, leading to a sharp fall in the country’s foreign exchange reserves. The Chamber of Bulk Oil Distributors (CBOD), the representative body of the BDCs, has however pointed out that the gold for oil programme has produced what might have been an unintended consequence whereby the BDCs are not getting the foreign exchange they need from the central bank to import petroleum products at com...

  The Ghana Association of Banks (GAB) has stated that banks in the country are in good standing with their financial position despite losses incurred by the lenders due to the Domestic Debt Exchange Programme (DDEP). A recent assessment of financial statements of banks by Dr. Richmond Atuahene and K B Frimpong revealed that banks will lose additional ¢6 billion due to reduced coupon rate and the extension of the maturity period from five to 15 years. But speaking on the Super Morning Show today [April 27, 2023], the President of the GAB, John Awuah said the capital position of banks are strong, while there is enough liquidity in the banking system. He stated that even though banks appear to have been negatively impacted, the situation was anticipated, hence adequate measures were put in place to protect banks in the country As we speak, there is strong liquidity in the environment. I have not heard that anybody has gone to a bank and cannot get their money. The banking system has ...

  The Ghana Revenue Authority has set May 1, 2023 as implementation date for the new and revised taxes announced in the 2023 Budget. The implementation date was captured in a notice issued by the authority. The new and revised taxes include three key tax measures – the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023 and the Growth and Sustainability Levy Act, 2023. The GRA noticed indicated that businesses have been given enough time to configure their systems for the taxes to be implemented since the law was passed. Excise Duty Amendment Tax On the Excise Duty Amendment Act, the authority added that the tax has been expanded to cover some items and commodities that was previously not captured. The development may result in the prices of some processed fruit juice, cigar, mineral water, spirits and wines including sparkling wine, going up. However, the Ghana Union of Traders Association, maintains that it will not hesitate to pass on the cost to consumers as it migh...

  INTERNATIONAL ratings agency, Fitch Ratings, has said that it does not expect the country to secure financing assurances from its bilateral creditors before the end of the second quarter. The agency said in a press statement that although discussion among some of Ghana’s official creditors has started, the official creditor committee, which is responsible for providing the financing assurances, has not been created yet. The country needs the financing assurances, which are a mixture of debt cancellation, restructuring and commitments of further strategic lending, to secure final approval for a $3 billion bailout package from the International Monetary Fund (IMF) to stabilise the economy for growth to resume.  However, in a statement announcing the downgrade of the country’s local currency bond to ‘RD’ from ‘CCC,’ Fitch Ratings said the assurances should not be expected before June. The government has been hoping to secure the financing assurance in May to pave the way for a ...

  Adelaide Siaw-Agyepong- CEO AAC (middle) exchanging  copies of the MoU with Prof. Paul Bosu, DG-CSIR after the signing ceremony in Accra The Council for Scientific and Industrial Research (CSIR) has agreed to provide the Asian African Consortium (AAC) with scientific research to boost AAC's rice project in Ghana. At the MoU signing ceremony in Accra on Thursday April 27, 2023, the Chief Executive Officer of the AAC, Adelaide Siaw-Agyepong expressed optimism of the collaboration of the two institutions stating that CSIR has an immense value to contribute in fulfilling the ACC's objectives. AAC is excited with CSIR's partnership which will help to boost the whole value chain in Ghana's commercial rice production," she emphasized. "We are also aware of CSIR's reputation for its unrivalled dedication to expanding global research and development reach," she noted. She stated that the Jospong Group of Companies is also dedicated to generating solutions an...

The U.S. Government today hosted its first-ever “Women in Agribusiness” Summit. The event showcased investment opportunities in Ghanaian agribusinesses led by women and connected women entrepreneurs to investors for financing. The event, hosted by the USAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity, focused on empowering women in agriculture through enhanced access to finance. It brought together agribusinesses, transaction advisors, investors, financial institutions, U.S. and Ghana government representatives, non-governmental organizations, trade associations, research institutions, civil society groups and the media. In her remarks, Kimberly Rosen, Mission director for USAID Ghana, said, “We know that empowering women in agribusiness is the key to unlocking their full potential. That's why the U.S. Government has supported Ghanaian agribusinesses through USAID and Feed the Future with over $204.47 million in financing for more than 33,000 ag...

 The National Communications Authority (NCA) has announced that Scancom PLC operators of MTN Ghana will soon restore its Data Zone bundle with revised charges to its customer. According to the NCA CEO, Joseph Anokye, the service was due to be restored after MTN Ghana submitted a revised data zone bundle which met their regulatory requirement. Data Zone bundle is an innovation by MTN Ghana that gives customers a 1-day validity bundle at discounted rates at the point of purchase. MTN Ghana in a press release on Wednesday, April 12 announced the suspension of its innovative data bundle to its customers which took effect on April 5. The mobile network in the statement said, “The suspension of the innovative Data Zone bundle is due to a review of the bundle offer in line with the Significant Market Power (SMP) directives applied to MTN Ghana in June 2020, not to be the lowest priced on any offer in the industry.” It, however, apologised to its “cherished customers for limiting our commu...

  Out of a total of GH¢4.41 billion of the country’s petroleum revenues earmarked for priority areas under the Annual Budget Fund Amount (ABFA) last year, only a paltry GH¢9.29 million was allocated to the industrial sector. That represents 0.20 per cent of the total amount disbursed under the ABFA and just 4.29 per cent of the GH¢216.3 million otherwise budgeted for the sector last year.  The remaining amount was disbursed to the agriculture sector; road, rail and other critical infrastructure development; and physical infrastructure and service delivery in education and health. The development raises questions as to whether the government was serious about its commitment to accelerate the development of the industrial sector as one of the key pillars of growth. According to the 2022 Annual Report released by the Public Interest and Accountability Committee (PIAC), over 24.22 per cent of this disbursement meant for industrial development was used for public investment expendi...

  INTERNATIONAL ratings agency, Fitch Ratings, says Ghana has defaulted in servicing its local debt but has the prospect of recovery. The agency downgraded the country’s local currency rating to ‘RD’ from ‘CCC’ this week in the latest misfortunes to have hit the troubled economy. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below,” the agency said in a statement. It blamed the downgrade mainly on the government’s inability to make payments on some of the local-currency bonds issued prior to the domestic debt exchange and the lack of certainty on when the payments would resume. Standards and Poor’s (S&P), another ratings agency had earlier downgraded the local debt to the same status while Moody’s is yet to issue its ratings. The latest development now makes Ghana second only to Zambia in Africa and fourth in the world with a default creditworthiness. Fitch said in a statement that it has also downgraded to 'CC' from 'CCC'...

  The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, is set to visit Ghana today (Tuesday, April 25), as part of her efforts to reinforce support for Sub-Saharan Africa. During her two-day visit, she will meet with policymakers, business leaders, and civil society representatives to discuss making globalisation work for Africa.  The visit will also include an interaction with female entrepreneurs and discussions with Ghana's President, Nana Addo Dankwa Akufo-Addo, and the Minister of Trade and Industry. Dr Okonjo-Iweala expressed her excitement about the trip, stating that Africa is a crucial part of the WTO's membership.  She also acknowledged that African economies have made significant strides in economic integration in recent years, amid a rapidly changing global trade landscape.  As the first woman and African to serve as Director-General of the WTO, Dr Okonjo-Iweala is a renowned global finance expert, economist, and internation...

The economy is set for a slowdown again this year after failing to grow as expected in 2022. Growth slowed down to 3.1 per cent last year, below the target of 3.7 per cent, and is now set to dip further to below two per cent this year. Experts have agreed that the government’s target of 2.8 per cent growth is now elusive as debt pressures and funding constraints threaten the rate at which the economy can expand. Indeed, the International Monetary Fund (IMF) has said that it expects the economy to grow at 1.6 per cent this year with dire implications on jobs and revenues to the public purse. Revision Economist and Lecturer at the Academic City University, Eugene Bawelle, said government would have to lower its 2023 gross domestic product (GDP) target of 2.8 per cent in the mid-year budget review after missing out on the 2022 target. Mr Bawelle said the 2023 budget was also out of gear as most of the revenue measures and external funding sources had not yet materialised due to the delaye...

The Vice President, H.E. Dr. Mahamudu Bawumia has implored investors from Austria to take advantage of Ghana's economic and political stability to invest in the country. Speaking at B2B session with the Austrian delegation led by the Federal Chancellor, H.E. Karl Nehammer, in Accra under the auspices of the Foreign Affairs Ministry and the Ghana Investment Promotion Centre, the Vice President reiterated Ghana commitment to strategic partnership with the private sector and enhanced efforts for industrialization and productive transformation to achieve sustainable economic growth. He said Ghana is open for business and is eager to forge mutual beneficial rewarding relationships with Austria. As Ghana and Austria seem to forge stronger bonds, we have to sustain such relationship through improved technical and science-based education, technology and also address unfair trade relations among others," he stressed. He noted that the Austrian Federal Chancellor's participation at ...

  Hollard Insurance emerged as the 2nd Most Broker Friendly and Supportive Insurer at the Insurance Brokers Association of Ghana (IBAG) Awards recently held in Sunyani.  The Most Broker Friendly and Supportive Insurer Awards was the highlight of the 2023 IBAG Annual Conference & Exhibition held at Eusbett Hotel, Sunyani. Winners were recognised based on criteria such as turn-around time in reasonable quotes and terms; adequacy of commission paid; quality of underwriting and coverage granted; willingness to make concessions in claims settlement and how corporative they are with brokers. Speaking on the recognition, Managing Director of Hollard Insurance, a subsidiary of Hollard Ghana, Daniel Boi Addo, expressed his appreciation to all brokers for the honour done to Hollard. He also thanked the Broker Team, headed by Maame Efua Sackitey-Williams, and all supporting teams for helping to build impactful relationships with brokers. At Hollard, we say ‘Long Live the Broker’ beca...

  Ghana earned in excess of $1.42 billion from the production of crude oil in 2022, despite a marginal decline of production for the year, the 2022 Public Interest and Accountability Committee (PIAC) Annual Report has revealed. This is the highest annual revenue recorded since it begun production of oil in 2011. In 2021, the country earned 783.3 million. According to the data from PIAC, the nation cumulatively bagged $8.79 billion from production of oil including taxes and other interest payments from the three major oil fields, namely Jubilee, Sankofa as well as Tweneboa, Enyenra and Ntomme field. Crude oil production fell marginally to 51,756, 481 barrels in 2022, from 55,050,391 barrels in 2021. The drop in crude oil production, the report, attributed to some technical challenges encountered on the field reported by the partners. Oil production decreases by 10% in last 3 years The report also indicated that there has been an average decline of about 10% in the production since t...

 The 2022 Public Interest and Accountability Committee (PIAC) Annual Report has revealed that crude oil production in Ghana has been declining for three consecutive years. According to the report, a volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32%. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period is 10%. The report therefore recommended for Ghana to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects. The 2022 Annual Report is based on the collection, collation, reconciliation, and analysis of production and revenue data from relevant stakeholder institutions. The methods employed were analysis and reconciliation of data collected from relevant stakeholder institutions; ...