Kofi Ahovi

  The UK’s largest celebration of African property and lifestyle is set to return to London this November, offering an unmatched opportunity to explore Ghana's booming real estate market. With Ghana now one of the most sought-after destinations for investment in Africa, the Ghana Property and Lifestyle Expo (GPLE), taking place on Saturday, 9th, and Sunday, 10th November, has become a pivotal platform for diaspora and international investors, driving wealth-building opportunities through property ownership in West Africa. Since its launch in 2017, the GPLE has played a transformative role in shaping Ghana's real estate landscape, bridging the gap between global investors and the country's growing property sector. This year’s Expo promises to be the most dynamic yet, with a theme focused on “Diligently Building Wealth Through Ghana Real Estate: The Future of Property Investment.” Organised by On Point Property Management Ltd founders and sisters Anna and Victoria Agyekum , ...

  Atlantic Lithium has announced the successful completion of its institutional placement (“Equity Placing”). It raised a total of US$6.7 million at a price of 11.73 pence per new share. In a circular to the investing public, the firm said a total of 43,478,261 new fully paid ordinary shares of no-par value each in the company will be issued as new shares. As part of the Equity Placing, Assore International Holdings Limited (“Assore”), the Company’s largest shareholder, conditionally subscribed US$5.0 million through the allotment of 32,775,013 new shares at the issue price. Atlantic Lithium Executive Chairman Neil Herbert; Chief Executive Officer, Keith Muller and Non-executive Director, Edward Koranteng have also conditionally subscribed for 1,260,870 new shares. The Assore Participation and Director Participation are conditional on shareholder approval at the company’s upcoming Annual General Meeting. On the basis that Assore’s participation is approved at the upcoming AGM, Asso...

 The President of the African Refiners and Distributors Association (ARDA) and Chief Executive Officer of the National Petroleum Authority, Dr. Mustapha Abdul-Hamid, has called for urgent action to address Africa's clean cooking crisis. Dr. Abdul-Hamid emphasized the critical need for LPG to replace traditional biomass fuels, such as wood and charcoal, still heavily relied upon by millions of Africans. He warned that the global effort to meet United Nations Sustainable Development Goal 7 (SDG 7)—which focuses on providing affordable, reliable, sustainable, and modern energy for all—is progressing too slowly, with Africa facing the steepest challenges. The NPA Boss who made the remarks at the opening of the 2024 ARDA LPG Forum in Abidjan, Ivory Coast said that “80% of Africans still use polluting fuels for cooking, resulting in nearly half a million premature deaths annually”. This year’s ARDA LPG Forum under the theme “Revolutionizing LPG Adoption and Long-Term Sustainability as a ...

Indigenous upstream petroleum company, Springfield Group, has announced the arrival of the Deep-sea Bollstra rig to commence the appraisal of the Afinex-1x well on the company’s West Cape Three Points offshore block. This was announced by the CEO, Kevin Okyere in a press conference organised in Accra. According to him, the Afina well is expected to add about 50,000 barrels of oil per day (bpd) to Ghana’s production capacity. The announcement to commence the appraisal programme follows a ruling on July 8th, 2024 by the international court of arbitration which gave Springfield the go-ahead to complete the unitization of the Afina/Sankofa fields in line with the tribunal’s recommendation to undertake the action in 6 months. Speaking to the media, Mr. Okyere noted that the appraisal programme, which is scheduled to start soon will take a record time of about 35 days to complete. I am pleased, distinguished media members, to announce that the Mobile Offshore Drilling Unit, the Deepsea Bolls...

  The Chief Executive Officer (CEO) of the Association of Ghana Industries (AGI), Seth Twum-Akwaboah says digital tax stamps are key to improving the industry’s tax compliance. He stated that the industry’s technique of purchasing stamps and fastening them to the goods was time-consuming and expensive to maintain. The CEO said this at the just-ended Annual General Meeting (AGM) of the Tema Regional Branch of the Association of Ghanaian Industry held in Tema. The AGM brought together businesses from the Tema industrial enclave to discuss major issues affecting their operations, as well as a capacity-building session on withholding tax and tax compliance. Key events included the presentation and acceptance of the association’s financial report. Twum-Akwaboah stressed that digital stamps would reduce the tax compliance cost of businesses since businesses would not be required to print the stamps, thus reducing the cost of business. He said the digital tax stamps, although in the pilot...

  Phase 2 of the Domestic Debt Exchange Programme (DDEP) had a relatively low impact on the 2023 audited financial performance of banks, then Bank of Ghana has disclosed in its 2024 Financial Stability Review. This is due to the lower levels of holdings and better restructuring terms. In addition, some impairments had already been booked by banks in 2022 while banks generally reported a strong rebound in financial performance in 2023. The report revealed that in separate arrangements, the Government of Ghana negotiated and restructured bond holdings of pension funds totalling GHS30.01 billion in August 2023. Looking ahead, it said the external debt restructuring, particularly, the Eurobonds, will have implications for further impairments by banks and other participating financial institutions. The regulatory reliefs put in place by financial sector regulators, the implementation of recapitalisation plans and the establishment of the Ghana Financial Stability Fund will help mitigate...

 The government oversubscribed about 11% of its treasury bill sales for the third consecutive week. However, it came at the expense of rising interest rates. According to data from the Bank of Ghana, the government got GH¢4.42 billion from the auction of the short-term instrument as against a target of GH¢3.98 billion. The government accepted all the bids tendered for the auction by investors.  About 72% of the bids came from the 91-day bill. A total of GH¢3.18 billion was offered for the 3-month bill. For the 182-day bill, GH¢ 957.67 million were tendered. A little over GH¢276 million were offered for the 364-day bill. Meanwhile, interest rates continued to surge on the yield curve. The yield on the 91-day bill went up by 25 basis points to 26.19%. That of the 182-day bill was 27.29% as against 27.03% the previous week. The rate on the 364-day bill was however up by 24 basis points to 28.97%. SECURITIES BIDS TENDERED ( GH¢) BIDS ACCEPTED ( GH¢) 91 Day Bill 3.188 billion ...

 Finance Minister Dr. Mohammed Amin Adam has disclosed that the IMF Board is scheduled to meet on December 2, 2024, to discuss Ghana’s Third Programme Review. This review could result in the release of $360 million to the Bank of Ghana to support the Government’s budget and balance of payment needs. The anticipated board meeting follows a staff-level agreement reached with the government earlier this month, after the IMF’s visit to review data up to June 2024. This disbursement by the IMF Board will bring the total funds received since Ghana signed up for the IMF programme to $1.92 billion,” Dr. Amin Adam noted. Dr. Amin Adam announced this at a press briefing in Washington, DC, during the Annual IMF/World Bank Meetings. He stated that Ghana has met all requirements for approvals and disbursements under the IMF programme. The Finance Minister expressed optimism that the anticipated $360 million from the IMF and an additional $300 million from the World Bank would strengthen Ghana’s...

  Finance Minister Dr. Mohammed Amin Adam has criticized the management of Sunon Asogli Power Plant Limited for acting in “bad faith” by shutting down its production plant over the Electricity Company of Ghana’s (ECG) unpaid debt. The plant, a critical 560-megawatt power facility, halted operations due to ECG’s outstanding $259 million debt. The shutdown raises concerns about a potential return to “dumsor”—intermittent power outages—with serious economic impacts on the country. Dr. Amin Adam, speaking to the media at the close of the Annual IMF-World Bank Meetings in Washington, D.C., assured the public that a resolution is underway. He indicated that an agreement to settle the debt is expected to be signed within days, which would prevent further disruptions to Ghana’s power supply. Asogli submitted the final agreement for our review. We reviewed it and are fine with it except for one issue which led to the shutdown. So when the Ministry of Finance made the one-off payment to all ...

Ghana has signed a US$260 million deal with the World Bank to help solve the US$1.2 billion energy sector losses and other inefficiencies in the sector. The deal, under the Energy Sector Recovery Programme, comprises a US250m credit metering procurement package and a US$10m clean cooking grant component in line with the Bank’s Programme for Results (PforR) initiative. Per the agreement, the World Bank would be facilitating the procurement of the one million metres through competitive bidding, with the clean cooking component seeing an advance of 20 per cent financing requirement initially. All these are tied to targets, including a transmission of energy generation in the most cost-efficient way, transparency in the Cash Waterfall Mechanism, and optimal reduction in losses in ECG revenue collection. It is also expected that there would be a drastic reduction in the country’s metering gap, and the integration of the new metres into the billing system to improve commercial loss. Speaking...

  The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, in collaboration with the Association of Ghana Industries (AGI) and the Ghana Enterprises Agency (GEA), successfully hosted Ghana's first Inclusive Business and Inclusive Green Business (IB/IGB) Forum on October 22, 2024, in Accra. Funded by the German Cooperation through GIZ’s Support to the Private and Financial Sector Programme, this milestone event marks a critical step in promoting sustainable business models that address economic, social, and environmental challenges in Ghana. The IB/IGB landscape study , which culminated in this event, screened more than 300 companies and identified 15 companies that fulfill the criteria of inclusive and inclusive green business. More than 1,8 million low-income population are being reached by this companies and directly contribute to a better livelihood. The study aims to foster commercially viable business lines that not only enhance income and living standards fo...

MTN Ghana recently celebrated Global Ethics Day with an insightful podcast conversation centered on anti-bribery and corruption. Aligning with the global theme "Ethics Empowered" MTN Ghana's local theme, "Heightening Anti-Bribery and Corruption Practices", underscored its commitment to ethical business practices. The Ethics Podcast showcased MTN's comprehensive training and awareness programs focused on anti-bribery and corruption, emphasizing prevention and a steadfast zero-tolerance policy. The podcast complements MTN’s ongoing training and awareness initiatives on the company’s anti-bribery and corruption policy. Commenting on the celebration, Joseph Dogbe, Chief Risk and Compliance Officer for MTN Ghana, stated, “This year, we focused on anti-bribery and corruption, which is a critical risk area. We are committed to promoting business ethics to ensure MTN's sustainability and growth. This celebration reaffirms MTN’s dedication to ethics and integrity...

 MTN Ghana Foundation, in collaboration with the Martha Inspires Foundation, marked this year’s International Day of the Girl Child with an event that aimed at empowering young girls to envision and build a brighter future. The event, which was held in the Northern regional capital, Tamale, brought together young girls from the community to explore themes of leadership, creativity, and online safety.   A cross section of students at the event in Accra Georgina Asare Fiagbenu, Senior Manager for Corporate Communications at MTN Ghana, led a session where she engaged the young girls in discussions about their goals and aspirations. She encouraged the young girls to dream big in their aspirations saying “You have the power to become anything you aspire to in life. When you dream big and commit wholeheartedly to your goals, nothing and no one can stand in your way.” The event also touched on safe online practices in an increasingly digital environment. Georgina Asare Fiagbenu took ...

 The government recorded a marginal oversubscription of treasury bills auction. However, this came at the expense of a rising interest rate According to the auction results by the Bank of Ghana, the government got GH¢4.195 billion from the sale of the short-term instruments as against a target of GH¢4.035 billion. All the bids tendered were accepted. About 83% of the bids, approximately GH¢3.52 billion came from the 91-day bill. GH¢545.83 million were tendered for the 182-day bill. However, GH¢128.52 million were offered for the 364-day bill. Meanwhile, interest rates surged on the yield curve for the second consecutive week. The yield on the 91-day bill went up by 33 basis points to 25.94%. The rate on the 182-day bill also increased to 27.03% as compared to 26.90% the previous week. That of the 364-day bill also shot up by 15 basis points to 28.73%. SECURITIES BIDS TENDERED (GH¢) BIDS ACCEPTED (GH¢) 91 Day Bill   3.520 billion 3.520 billion 182 Day Bill 545.83 million 545.83...

  The Conference of Heads of Assisted Secondary Schools (CHASS) has expressed frustration over the challenges faced in securing electricity for schools across the country. During their 62nd Annual Conference, held in Tamale from October 7 to 11, CHASS voiced concerns about the impact of prepaid electricity meters on their operations. In a statement, CHASS highlighted that the use of Electricity Company of Ghana (ECG) prepaid meters in schools is worsening the financial strain on headteachers. CHASS is extremely surprised as to why its members should be burdened with the responsibility of pre-financing the supply of electricity for classrooms, libraries, dormitories, dining halls, laboratories, and other academic purposes," the statement read. CHASS called for the government's immediate intervention, urging the shift from prepaid to postpaid meters to ensure uninterrupted electricity supply. They emphasized the need for continuous power to support effective academic work and to...

 In a bold milestone, Rana   Motors , a leading player in the automobile industry, is marking 30 years of its flagship compact   SUV , the Kia Sportage presence on the Ghanaian market with the launch of the limited special edition of the 5th Generation model. This latest edition, proudly assembled in Ghana, reflects the brand’s commitment to combining local craftsmanship with cutting-edge technology with key upgrades including acoustic laminated glass for a quieter interior and reinforced safety features like eight airbags, including rear side airbags. Speaking during a brief ceremony to unveil the 30th Anniversary of Kia Sportage in Ghana, Chief Operating Officer of Rana Motors Kassem Odaymat, described the positioning of the company as a game-changer in the automotive landscape.   To mark three decades of outstanding success, Kia has equipped a new special edition of the 2024 Sportage with enhanced specification, focusing on convenience and safety while f...

  The Ghana Association of Banks (GAB) has unveiled a series of initiatives aimed at strengthening the banking sector’s defences against increasingly sophisticated fraud schemes. This follows the release of the Bank of Ghana’s (BoG) Fraud Report, which analyzed fraud trends from 2019 to 2023, revealing vulnerabilities that require urgent attention. A key component of GAB’s recommendations is the investment in advanced technologies such as artificial intelligence (AI) and machine learning for fraud detection. These tools can analyze vast amounts of data in real-time, identifying suspicious patterns and transactions before fraud is executed. Additionally, GAB advocates for the adoption of a “zero-trust” security framework. This approach involves continuously verifying the identity of users and devices, minimizing the risk of insider threats by ensuring that no one is automatically trusted within the system. Another significant recommendation is the implementation of blockchain techno...

  The Director of the African Coconut Group (ACG), Kwaku Boateng, has advised young people to venture into the coconut industry due to the availability of structures aimed at supporting the growth of new businesses. Boateng was speaking to journalists ahead of the official opening of the 4th International Coconut Festival, taking place at the Accra International Conference Centre (AICC) from the 21st to the 23rd of October 2024. According to him, interventions such as the Coconut Revitalization Programme and Planting for Export and Rural Development (PERD) are evidence of the government’s commitment to supporting Ghanaian businesses within the coconut value chain to increase production and profit. He said Ghana’s problem of unemployment can be a thing of the past if the coconut sector is well-harnessed as there is a ready market for the country’s coconut products both locally and internationally. “Coconut is a game changer; and our main aim as organizers of the Coconut Festival is ...

  The Institute of Economic Affairs (IEA) has expressed dismay about the sale of Newmont’s Akyem Gold Mine Project in Ghana to China’s Zijin Mining Group for $1.0 billion, describing the deal as flawed in several respects, inimical to Ghana’s interest and unacceptable.  According to the institute, Ghana needs a complete paradigm shift in its mineral contracts by taking ownership of the minerals to create job opportunities, wealth, and technical capacity development for Ghanaians. The IEA notes that the project lease was signed between the Ghana Government and Newmont on 19th January 2010 and has an expiry period of 15 years, that is valid until 19th January 2025. According to the terms, the lease is transferable within the duration period, subject to mutual agreement between the Government and Newmont. The lease is also subject to extension after its expiry date by mutual agreement. The lease has not yet expired and therefore, any decision by Newmont to sell the mine must be o...

 A joint statement from WACAM, the Centre for Public Interest Law (CEPIL), and the Centre for Environmental Impact Analysis (CEIA) has shed light on the devastating effects of surface mining operations in Ghana. To address these issues, the groups propose a non-partisan approach, uniting stakeholders to tackle critical concerns. The non-partisan strategy includes a moratorium on new mining licenses to prevent further environmental degradation and social displacement, a joint citizens' mass actions to mobilize communities, civil society, and government agencies and reviewing and strengthening laws to incorporate robust environmental safeguards and hold mining companies accountable. According to the groups, the consequences of inaction are dire, with mining operations displacing indigenous communities and contaminating drinking water sources. The group also blamed the Minerals and Mining Act (2006) for failing to hold mining companies accountable for environmental violations. The joi...

  Dr. Matthew Opoku Prempeh, the Vice-Presidential Candidate for the New Patriotic Party (NPP), has reaffirmed the government’s commitment to safeguarding water bodies and forest reserves while allowing for responsible mining practices in Ghana. However, he was quick to clarify that while mining activities will continue, they will not occur in sensitive areas such as water bodies or forest reserves. His comments come in response to ongoing concerns regarding illegal mining activities, commonly known as galamsey, which have significantly harmed the country’s natural resources. Speaking on Accra-based Peace FM on Wednesday, October 16, Dr. Prempeh emphasized that mining is a vital contributor to the nation’s economy and will not be halted. We will never stop mining. Mining has given the country a lot of benefits; how else would we be able to implement the Gold-for-oil Policy? But we will not mine in water bodies and forest reserves. “We will implement policies that will equip miners,...

  The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, has revealed that Ghana lost an alarming 120,000 metric tons of   cocoa beans  to smuggling between 2022 and 2023. This significant loss poses a major threat to Ghana’s   cocoa  industry, a vital sector of the national economy. The smuggling of cocoa beans, a long-standing issue in Ghana, appears to have worsened in recent years, driven largely by the allure of favourable prices in neighbouring countries. Speaking at a press conference held in Accra on Monday, October 14, Mr Aidoo expressed deep concern over the growing trend of cocoa smuggling, lamenting that despite concerted efforts by COCOBOD and other governmental agencies, little progress has been made in curbing the illicit trade. Aidoo provided a detailed explanation of the situation, noting that an estimated 100,000 to 120,000 metric tons of cocoa were illegally transported out of Ghana during the two years...

The Institute of Energy Security (IES) has thrown its support behind growing calls for the merger of the Public Utilities Regulatory Commission (PURC) and the Energy Commission of Ghana. This proposal, which has been gaining traction among industry experts and policymakers, is seen as a way to streamline regulatory functions, reduce operational costs, and eliminate potential overlaps in the oversight of Ghana’s energy sector. IES argues that combining the two regulatory bodies into a single entity will not only lead to cost savings but also enhance the overall efficiency and effectiveness of energy regulation in Ghana. Executive Director of IES, Nana Amoasi IV, believes that a unified regulatory authority would significantly improve policy formulation and implementation within the sector, which he said is critical given the current challenges facing Ghana’s energy landscape. Nana Amoasi IV stressed that merging the PURC and the Energy Commission would address some of the energy challen...

  The government of Ghana has officially resumed payments on its Eurobond debts after successfully completing a debt exchange programme with bondholders. The Ministry of Finance has made a total payment of $520 million, which includes a $120 million consent fee paid to bondholders who agreed to the terms of the exchange. The debt service, which began last Friday, includes $320 million in coupon payments that were frozen due to the government’s debt service suspension in 2022. Ghana managed to restructure $13 billion in Eurobond debt with a 98% participation rate from bondholders, allowing the resumption of payments. Regular coupon payments will be made starting in January 2025, with the next one scheduled for July 2025. The Bank of Ghana has assured that sufficient dollar reserves are in place to support these payments. Additionally, Finance Minister Dr. Mohammed Amin Adam announced that a Sinking Fund is being established to manage the fiscal pressures of the repayments. Meanwhile...

Ahmed Nangtomah, Director of External Relations and Communications-GCM  The Ghana Chamber of Mines (GCM) has called for rigorous enforcement of mining regulations to specifically address individuals violating Ghana's mineral laws, rather than employing broad and generalized approaches. Speaking during a mining tour organized by the Chamber for the Journalists for Business Advocacy (JBA) at selected mining sites in the Tarkwa area of the Western Region, Ahmed Nangtomah, Director of External Relations and Communications, emphasized the need for distinction between responsible and illegal mining. There is a clear distinction between responsible mining and illegal mining. It is counterproductive to impose a ban on activities that are already illegal. What is required is effective enforcement to prevent these illegal actions," Nangtomah noted. He proposed that the focus should be on identifying and penalizing those engaged in illegal mining, particularly those operating in water bo...

 Yara Ghana Limited, a leading fertilizer company dedicated to promoting sustainable agriculture in Ghana, has partnered with Agrihouse Foundation for the 14th Annual Pre-Harvest Agribusiness Conference and Exhibition, as part of its mission to “Responsibly Feed the World and Protect the Planet.” This collaboration is aimed at supporting smallholder farmers by enhancing yields and boosting food security through innovative technological solutions. Scheduled for October 29th and 30th, 2024, at the Alhaji Aliu Mahama Sports Stadium in Tamale, under the theme “Connecting the Unconnected – Feeding the Future through Innovative and Technological Approaches.” This year’s conference will focus on strengthening market linkages, promoting technological innovations, and increasing productivity within Ghana’s agricultural sector. Yara Ghana’s steadfast partnership with Agrihouse Foundation spanning over 14 years for the Annual Pre-Harvest Agribusiness Conference and Exhibition, underscores its...

  Ghana’s rapidly expanding digital economy is set to drive future economic growth, according to business and trade experts who gathered for a roundtable discussion in Accra on October 8. The event, organized by the International Perspective for Policy and Governance (IPPG), was held under the theme, ‘Navigating the Current Business Environment in Ghana: Impacts on Foreign Trade and Opportunities for International Collaboration.’ The discussion brought together experts from foreign missions, chambers of commerce and industries, and state agencies to examine the effects of the evolving business landscape in Ghana and discuss ways to enhance cross-border trade and partnerships. Digital Economy: Ghana’s Next Frontier for Growth While recognizing the importance of traditional sectors like agriculture, mining, and manufacturing to Ghana’s economy and trade revenues, participants at the roundtable acknowledged the growing impact of the services sector. ICT, e-commerce, and fintech have b...

  The Agricultural Development Bank (ADB) PLC, as part of its two-year corporate strategy, embarked on an aggressive recovery exercise, leading to the successful recovery of over 500 million Ghana cedis non-performing loans (NPLs) in just nine (9) months. The actual total amount recovered from January to September 2024 stands at Five Hundred and Fourteen Million, Nine Hundred and Ninety-Nine Thousand Ghana Cedis (GHS514.99 Million). The Bank’s NPL’s portfolio is largely made up of years of bad legacy loans. In a bold step to address this, management took measures to resource the Bank’s Recovery Department to ensure aggressive recovery of all non-performing loans as part of its 360-degree recapitalization agenda. The achievement, by the Management and Staff, is a testament to the Bank’s unwavering commitment to cleaning its books, fostering prudent lending practices and robust risk management, whilst also protecting its customers and upholding best practices. According to the Managi...