Kofi Ahovi

 The Asian African Consortium (AAC), a key player in advancing agribusiness across Africa, has officially rebranded as the African Agribusiness Consortium (AAC) Limited. This transformation represents a bold step in the organisation’s ongoing commitment to fostering growth, innovation, and sustainability in the African agribusiness sector. By aligning its name with its core focus, the African Agribusiness Consortium underscores its dedication to creating impactful solutions for farmers, agribusiness stakeholders, and communities across the continent. The rebranding also signals the Consortium’s intent to expand its influence and develop initiatives that directly address the challenges and opportunities within African agriculture. With a renewed focus on building strategic partnerships and delivering sustainable practices, the African Agribusiness Consortium is poised. About African Agribusiness Consortium Limited The African Agribusiness Consortium is dedicated to empowering Africa...

  The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation while doing more to advance the Fund’s advice on safeguards. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures—stemming from the dry spell and the recent cedi depreciation—do not de-anchor inflation expectations while inflation gradually returns within the BoG target band. In its country assessment of Ghana after the third review of the Economic Credit Facility programme, the Bretton Woods institution said continued progress in addressing the Fund’s safeguard assessment recommendations is needed to strengthen central bank independence and operational efficiency. Rebuilding Reserves Key Priorities Under Programme It continued that rebuilding international reserves and accelerating reforms to enhance BoG’s foreign exchange intervention fra...

 Despite facing significant challenges in 2022, Ghana's Liquefied Petroleum Gas (LPG) consumption saw a modest increase of 4% in 2023. According to recent data by the Ghana Chamber of Bulk Oil Distributors’ 2023 Industry Report, LPG consumption rose from 305,076 metric tons in 2022 to 317,465 metric tons in 2023. The surge is attributed to a rebound in economic activities in 2023 after a slow-down in 2022, when the rapid depreciation of the cedi led to negative growth in LPG consumption. The significant 86% hike in LPG pump prices in 2022 forced many Ghanaians to explore alternative energy sources, leading to a decline in LPG demand. In the report, the Ghana Chamber of Bulk Oil Distributor’s explained that “LPG consumption declined significantly in 2022 due to the cedi depreciation in 2022. A cursory analysis of the LPG monthly consumption vis-à-vis average monthly prices indicates that generally the relationship between LPG consumption and prices are inversely related.”   It ...

  Ghana will end the 2024 football calendar year in 77th on the FIFA World Rankings after the latest update. Ghana, however, maintains their 14th position in the African rankings. The Black Stars dropped four places in the November rankings following a disappointing end to their 2025 Africa Cup of Nations (AFCON) qualification campaign. Ghana previously occupied the 73rd position in October and 14th in Africa in the last two months finding themselves behind continental giants such as Morocco, Senegal, and Egypt. The senior national team picked up just three wins from 15 matches across all competitions during 2024 with only two coming in official games. The year under review also saw them fail to qualify for the AFCON for the first time in 20 years after failing to win a game in the qualifiers. Ghana's best FIFA ranking in 2024 was 67th, achieved in February. Since then, the team has experienced a steady decline, culminating in their current 77th position. Despite this, their 14th s...

 Scancom PLC (MTN Ghana) has announced that several non-executive directors of the company have acquired ordinary shares as part of efforts to increase Ghanaian shareholding in the telecom giant. Effective August 16, 2024, Investcom Consortium Holdings SA, the majority shareholder, made the shares available for purchase following an independent due diligence process. The shares were offered at an execution price of GHS 1.77 per share to both directors and independent third parties. MTN Ghana confirmed that the transactions were conducted in compliance with relevant laws, including the Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Securities and Exchange Commission’s Corporate Governance Code, 2020. Additionally, the transactions adhered to MTN Ghana’s Insider Trading Policy and the rules of the Ghana Stock Exchange (GSE). The company emphasized that the shares were acquired under the same terms as those offered to other independent third partie...

 As the festive season approaches, the tourism and hospitality industry is poised to play a pivotal role in driving economic activity. Key players in the sector are ramping up efforts to attract and serve tourists, ensuring a boost to local economies and businesses. The National President of the Ghana Hotels Association, Dr. Edward Ackah Nyameke maintains that anticipated increases in tourist arrivals during this period present a significant opportunity for revenue growth. In an interview with  Citi Business News , he stressed that the industry remains committed to delivering top-notch services to both domestic and international visitors thereby cementing its role as a critical pillar of Ghana’s economic recovery and growth. We have had a peaceful elections but for the pockets of challenges heard. And I am sure Ghanaians are looking forward to a very peaceful and enjoyable Christmas,” he said. He added that: "This means that there’s going to be high patronage of hotel faciliti...

  The Minority in Parliament has voiced concerns over alleged corruption surrounding the government’s decision to engage a private entity for the activation of the newly commissioned E-gate system at Kotoka International Airport (KIA). The $147 million project aims to streamline passenger arrivals and reduce turnaround times, but the Minority claims the agreement lacks transparency and is fraught with irregularities. Addressing journalists in Accra on Wednesday, Minority Chief Whip Governs Agbodza criticized the arrangement, describing it as a blatant case of “create, loot, and share.” He questioned the rationale behind committing $147 million for the E-gate system when the entire airport cost $250 million to construct. Why on earth would the whole airport, which cost $250 million to build? And you will be trying to get into an agreement with an entity to run an e-gate service for almost $147 million. This can be at the peak of create, loot and share…people are at the Bank of Ghana...

 Nigeria’s Ademola Lookman has been crowned the 2024 African Footballer of the Year at the Confederation of African Football (CAF) Awards in Marrakesh. The Atalanta forward saw off competition from Ivory Coast’s Simon Adingra, Guinea’s Serhou Guirassy, Achraf Hakimi of Morocco and South Africa’s Ronwen Williams. Lookman is the second consecutive Nigerian to claim the award after Victor Osimhen in 2023. Orlando Pride striker Barbra Banda made history as the first Zambian to win the women’s prize, finishing ahead of Moroccan Sanaa Mssoudy and Nigeria’s Chiamaka Nnadozie. The winners are voted for by a panel of experts which includes members of Caf’s technical committee plus African media professionals, players and coaches. Lookman’s standout year Lookman, 27, was hot favourite to pick up the award for the first time in his career after an impressive 2023-24 season. He played a key role in helping his Italian club win the first European trophy in their history with a memorable hat-tri...

  Latest data from the Ghana Statistical Service reveals that the Producer Price Inflation rate for November has decreased to 26.9% down from the 33% recorded in October. This rate represents a 6.1 percentage point decrease in producer inflation relative to the rate recorded in October 2024. The month-on-month change in the PPI between October 2024 and November 2024 was -1.9 per cent. The Producer Price Index measures the average change over time in the selling prices of goods and services received by domestic producers. According to the data, the PPI in the industrial sector excluding the construction sector decreased from 48.9% in October 2024 to 41.3% in November 2024. The rate in the construction sector decreased to 31.1 percent in November 2024. In the Services sector, the rate was 12.5 percent in November 2024. Mining and quarrying (41.9%), accommodation and food service activities (32.5%), transportation and storage (31.7%), and construction (31.1%) recorded inflation rates ...

 The United States Embassy in Ghana has assured that it is committed to addressing the concerns of Ghanaian students facing delays in obtaining expedited student visa appointments. Numerous applicants have expressed dissatisfaction with the prolonged delays in the visa application process in recent weeks. The affected students are raising concerns about missing their academic deadlines and the potential impact on their educational opportunities and are therefore calling for swift intervention to address the bottlenecks and expedite the issuance of their visas. Addressing the matter on the Citi Breakfast Show on Thursday, December 19, Stacy Comp, the Visa Chief at the US Embassy in Accra, offered reassurances to the host, Bernard Avle, that she would follow up with the issue and ensure it is resolved. She acknowledged the frustrations of the affected applicants and emphasised the embassy’s commitment to resolving the issue promptly and effectively. Stacy Comp further indicated that ...

  The West African Examinations Council (WAEC) has bemoaned the delay in the release of the West African Senior School Certificate Examination (WASSCE) results, citing financial challenges as the primary cause. In an interview on the Citi Breakfast Show on Thursday, December 19, John Kapi, the Head of Public Affairs at WAEC, explained that the results remain unavailable due to unresolved financial obligations owed to technicians responsible for maintaining critical equipment needed for the examination process. The results are not ready. We issued a statement earlier highlighting some of the challenges we are currently facing. Unfortunately, these challenges persist because we have not been able to secure the necessary funds to address them,” Kapi stated during the interview. Central to the issue, according to Kapi, is the malfunctioning of specialised scanners essential for marking objective questions in the WASSCE. These scanners, which play a vital role in the grading process, re...

  Ghana attracted Foreign Direct Investment (FDI) worth US$316 million during the first three quarters of 2024, reaffirming the country’s growing appeal as a prime investment destination in the sub-region. This was disclosed in the Ghana Investment Promotion Centre (GIPC) Third Quarter Report, which revealed the registration of 108 projects within the period, with a total estimated investment cost of US$325.88 million. Of the total US$325.88 million, the local investment component contributed US$9.88 million, underscoring strong foreign interest alongside domestic participation. Out of the 108 registered projects, 85 were wholly foreign-owned, representing 78.7% of all projects with a cumulative estimated investment of US$303.49 million. Joint Venture partnerships between Ghanaian and foreign entities accounted for 23 projects, representing 21.3% of the total, with an estimated investment value of US$22.39 million. Initial capital transfers into the country during this period amoun...

 MTN Ghana's Project Management Office (PMO) has been honoured with the Excellence Distinction Award in Diversity and Inclusion at the 2024 PMO Global Awards. This prestigious recognition was presented by the PMO Global Alliance during a special ceremony at the PMO Global Alliance (PMOGA) UnCon event in Istanbul, Turkey. The award acknowledges MTN Ghana's PMO for its exceptional performance in aligning strategies with organizational goals, demonstrating innovation, efficiency and effectiveness in its practices. This achievement underscores MTN's commitment to advancing diversity and inclusion in its project management practices, a core value that empowers its people to "Act with Inclusion."   The Global PMO Award on Diversity and Inclusion presented to MTN Ghana   Receiving the award, William Tetteh, Chief Capital Projects Officer for MTN Ghana, expressed his excitement, stating, "This global recognition reflects MTN’s dedication to excellence, innovation, an...

Newmont has handed over two newly constructed and furnished military Forward Operating Bases (FOBs) in Sankore and Kenyase in the Ahafo Region. The bases, funded by Newmont at a cost of GHS 10.7 million, were built to improve emergency response times and combat rising security challenges in the region, which was previously part of the erstwhile Brong Ahafo region. Members of the Ghana Armed Forces, the Ahafo Regional Coordinating Council, and Newmont employees at the commissioning of the Sankore military Forward Operating Base Until now, the security services and residents relied on military support from Sunyani in the neighbouring Bono Region, which often increased the response time during crises. The new bases are strategically located to allow for quicker deployments, ensuring better protection for communities and businesses within the Ahafo region. The project involved collaboration between Newmont, the Ghana Armed Forces, the Ahafo Regional Coordinating Council, and other stakehol...

Collective Investment Schemes (CISs): mutual funds and unit trusts are a lure over many investors because of low barriers to entry, easy exit, diversification and efficiency considerations. An investor stands to gain many benefits and the risks are comparatively lower, for the simple reason that there is more diversification. Every investor should play an active role in overseeing his or her investments but how do they do so? There are a few checks that investors can conduct quite easily without having to be savvy. It may not be enough to just cast your bread upon the waters. It may be helpful or crucial to be mindful, deliberate, tactful and responsive and it could save any investor regrets. Factors to consider when investing in a CIS Courtesy: OctaneDC Research Legal Structure and Licensing A fund must be duly registered to conduct its business as a mutual fund or a unit trust. It would be good to ask what kind of CIS the fund is. If it is a mutual fund, find out whether it is a regi...

  African banks will remain exposed to domestic and global operating environment risks in 2025, Fitch Ratings has disclosed. It pointed out in its African Banks Outlook 2025 report that while most countries are showing a good degree of resilience, a fall in commodity prices cannot be ruled out. It added that reduced interest rates will likely underpin demand for credit and, combined with less volatile exchange rates, support confidence and investments. Again, asset quality risks will also remain prominent, with households and businesses continuing to be hit by high inflation and interest rates. Nevertheless, we assume a small reduction in impaired loans ratios due to loan growth, declining interest rates and lower inflation”, it alluded. Continuing, the UK-based firm said most banks will be able to address asset quality risks through strong pre-impairment profits stemming from high interest rates, satisfactory loan growth, solid non-interest income – notably trading gains – and str...

 Ghana spent 42% of its revenue to servicing debt between 2017 and 2022, according to the 2024 United Nations report on  Unpacking Africa’s Debt . This marks a significant increase compared to the 2010–2016 period, during which 27% of Ghana’s revenue was used to service debt. The 15-percentage-point rise in debt servicing from the 2010 – 2016 to the 2017 – 2022 period underscored the increased fiscal pressures the country faced. Data from the Ministry of Finance reveals a sharp escalation in interest payments over the years. While GH¢36 billion was spent on debt servicing between 2010 and 2016, the amount soared to GH¢152 billion during the 2017–2022 period. In total, Ghana’s debt servicing between 2010 and 2022 amounted to GH¢189 billion, with a staggering 81% of that paid in the latter five years. Also, within 2010 and 2022, the nation’s lowest interest payment was recorded in 2010 which is GH¢1.44 billion and recorded its highest interest payment in 2022 which is GH¢45.69 b...

MGA Foundation, the corporate social responsibility arm of MGA Consulting Ghana Limited, one of the fastest-growing management consultancy firms in the county, has deepened its support for Potter’s Village, a children's orphanage and home for abused and vulnerable women in Ghana. To this end, the Foundation, according to its executives, has supported the Potter’s Village three consecutive years providing essential supplies to the orphanage, reaffirming its commitment to transforming lives and uplifting the underprivileged.                                                Making a similar huge donation on Saturday, 14 December 2024, where 37 boxes of male and female clothes, 12 male and female shoes, 170 sachets of water, 49 boxes of soft drinks, gallons of cooking oils, and several detergents, toiletries, and among others worth thousands of Ghana cedis were presented to ...

 Sino Africa, a subsidiary of Jospong Group, has accused Kwame Blay, son of former NPP National Chairman, Freddie Blay, of seizing 29 acres of their 328-acre land in Borteyman, Nungua. According to the company, Kwame Blay has claimed 29 acres of their land through Royal Bell Investments Limited and Terraform Development Limited, companies believed to be owned by him, adding that his father was also using his influence as a member of the ruling NPP government to back his son’s actions. Sino Africa said Freddie Blay's son was not only using armed land-guards but police officers to protect his illegal activities on the land. Further, it said these armed personnel were constantly intimidating and harassing anyone who approaches the land, while the two companies, Royal Bell Investments Limited and Terraform Development Limited, carry out development on the land. At a press conference held at their head office in Nungua, Accra, on Wednesday, December 18, 2024, the Director of Operations ...

  George Bright, a prominent Ghanaian journalist and staff member at the Ghana Embassy in Washington D.C., recently returned to Ghana and was captivated by a world-class experience during his stay at 'The Signature,' a luxurious residence in East Legon, in Ghana’s capital, Accra. Bright, known for his insightful reporting on international affairs, expressed his admiration for the impeccable service and attention to detail he encountered during his stay. From the moment I arrived, I was greeted with a warm welcome and a level of hospitality that truly exceeded my expectations," he shared. 'The Signature,' renowned for its luxurious amenities and serene ambiance, offered Bright a tranquil retreat after his busy schedule. He particularly enjoyed the serene pool area, the exquisite cuisines prepared by the in-house chef, and the relaxing spa treatments available. The staff were incredibly attentive and went above and beyond to ensure my comfort. Their professionalism a...

 Ghana’s energy sector continues to face significant challenges, with the International Monetary Fund (IMF) urging strict compliance with the Energy Sector Recovery Programme (ESRP) to restore stability and ensure fiscal sustainability. In its latest staff report, the IMF revealed a larger-than-expected energy sector deficit in 2024, further straining public finances as shortfalls exceeded projections by 0.6 percentage points of GDP. Persistent inefficiencies, including the Electricity Company of Ghana’s (ECG) poor implementation of the Cash Waterfall Mechanism, have exacerbated arrears owed to Independent Power Producers (IPPs) and fuel suppliers. Despite these setbacks, the IMF expressed optimism about upcoming reforms. A draft energy sector strategy aimed at reducing operational costs and enhancing revenue collection is expected to be finalized by June 2025 and adopted by the Cabinet by September 2025. To tackle the mounting challenges, the IMF has outlined several medium-term m...

 Removing the E-Levy and COVID-19 tax is projected to result in a GHS 6.4 billion revenue loss in 2025 alone. The ambitious proposal by the President-elect, John Dramani Mahama to have these tax lines scrapped has sparked concerns about its feasibility, particularly under Ghana’s ongoing IMF-supported programme. The cancellation of these two tax handles as announced by the incoming National Democratic Congress (NDC) government could create a significant revenue shortfall in Ghana’s budget next year. This development poses serious threats to fiscal sustainability as the levies are projected to peak in 2025 to stabilize government finances amidst economic pressures. Government estimates show that E-Levy is expected to generate GHS 2.4 billion in 2025, an increase from GHS 2.1 billion budgeted for this year. Similarly, the COVID-19 Levy is projected to bring in GHS 3.97 billion next year, up from GHS 3.1 billion in 2024. Based on these calculations, the two tax streams are anticipated...

  Barring any last-minute changes, Parliament is expected to receive the Appropriation Bill for the first quarter of 2025 from the Finance Minister, Dr. Mohammed Amin Adam, later this week. The submission comes after Parliament resumed sittings, following earlier delays caused by prolonged stalemates. The Appropriation Bill, which outlines planned government expenditures for January to March 2025, will be referred to the Finance Committee for review before moving to the House for debate and approval. The delay in presenting the Bill during Parliament’s initial sitting on Monday, December 16, 2024, was attributed to the Finance Minister’s ongoing engagements with the transition team following the recently concluded general elections. Minister for Parliamentary Affairs and Suame MP, Osei Kyei-Mensah-Bonsu, confirmed the delay, citing the need to facilitate a smooth handover process. I think the Minister himself will be in charge. But as you know, there’s a role for him to play at the...

  Kosmos Energy has announced it is no longer interested in acquiring Tullow Oil. This brings to an end the speculation of a possible merger following media leaks earlier this month. The planned all-share merger – first confirmed on December 12, 2024 was in its preliminary stages before due diligence began. The deal between the two oil and gas firms was expected to significantly boost Africa’s oil production landscape had it materialised. In a statement dated December 17, 2024, the Board of Tullow Oil expressed confidence in the company’s standalone prospects. “The Board of Tullow notes the announcement from Kosmos Energy Ltd confirming that it does not intend to make an offer for the Company following an announcement on 12 December 2024 regarding a possible all-share offer by Kosmos for the Company”, the release mentioned. It noted that ongoing efforts to optimize its capital structure and address outstanding debt maturities. This follows progress on the Branch Profits Remittance ...

 Zenith Bank Ghana ushered in the festive season with its highly anticipated 2024 Christmas Light-Up Ceremony and Carols Night. The annual event, held at Zenith Heights, the bank’s headquarters at No. 37 Independence Avenue, Ridge, brought together staff, management, and stakeholders for an evening filled with joy and excitement. The event held last Friday December 13, 2024 kicked off with staff and management serenaded with enchanting Christmas carols and tunes performed by the Bank’s talented choir, creating a warm and celebratory atmosphere. From “O Holy Night” to other Christmas carols, the performances resonated with the audience, fostering a sense of unity and celebration as staff members joined in with cheerful voices, adding to the atmosphere of joy and togetherness. The Bank’s building, frontage and walls were lit with beautiful colours illuminating the bank’s premises in a dazzling array of festive colors as the MD/CEO turned on the lights to usher in the festive celebrat...

 The Food and Drugs Authority (FDA) has issued a public alert regarding recent fake recruitment scams targeting job seekers. These scams typically involve fraudulent messages or emails that request personal information or payment in exchange for a job opportunity at the FDA. The FDA has cautioned the public to remain vigilant and avoid responding to unsolicited communications asking for sensitive data or money. The Authority emphasized that such messages are not legitimate and should be treated with suspicion. To protect themselves, individuals are advised to report any suspicious messages to the FDA’s Head Office or its Regional Offices nationwide. The FDA reassured the public of its commitment to safeguarding their interests by preventing such scams and maintaining the integrity of its recruitment processes.

 Fidelity Bank, Ghana’s largest privately owned indigenous bank, recently hosted a dinner and awards ceremony to recognise the exceptional contributions of its agency banking network. The event, held at Wesley Towers in Accra, served as the culmination of regional award ceremonies in Tamale, Kumasi, and Takoradi, celebrating the agents’ pivotal role in expanding Agency Banking, a cornerstone of Fidelity Bank’s mission to provide banking services to the unbanked and under-banked. Starting with just 24 agents in 2014, the first of its kind in Ghana, the network has grown exponentially, expanding to over 9,000 agents across every corner of the country. In October alone, the bank saw over GH¢ 2 billion in deposits through its agent network and transactions valued at over GH¢20 billion since the start of 2024. In terms of transaction counts, the agents have also contributed over 2 million during the same period. This remarkable growth affirms Fidelity Bank’s position as the market leade...