Kofi Ahovi

 President John Dramani Mahama has reassured the business community that Ghana is ready to welcome investments, promising to create a business-friendly environment that fosters growth and prosperity while maintaining the country’s position as a key player in the global economy. In his inaugural address, President Mahama emphasized his administration’s commitment to revitalizing the economy through strategic reforms and policies designed to attract both local and foreign investments. He acknowledged the challenges businesses have faced in recent years and assured stakeholders that his government would prioritize stability, predictability, and an investor-friendly environment to drive economic growth. “To the business leaders and entrepreneurs, I invite you to support this new model and join me in shaping a business environment where utility thrives and fruits of your investments contribute to the collective welfare of our nation. Your role in driving our economy forward cannot be ov...

 President John Dramani Mahama has committed to lead Ghana toward economic revitalization after his official swearing-in on January 7, 2025. Not only has he promised that but he has also assured to enhance business prospects and make Ghana an investment destination of choice. During his inaugural speech at the Black Stars Square, President Mahama asserted that restoring economic stability and achieving macroeconomic balance will be the central focus of his administration’s agenda. The circumstances we find ourselves in are indeed dire. But even so, I will be decisive and swift in my actions. We will focus our initial efforts on four critical areas. It is economic restoration and stabilisation of the macroeconomic environment. The second is the improvement of the business and investment environment”, he said. The President, outlining his vision to position Ghana for economic prosperity stressed the need for targeted reforms to attract both domestic and international capital. He has ...

 The government has missed its 2024 end-year inflation target of 15% as inflation for December 2024 rose slightly to 23.8%, up from 23.0% in November, primarily driven by increases in food prices. This marks the fourth consecutive monthly rise after a five-month decline. Food inflation jumped from 25.9% to 27.8%, while non-food inflation saw a slight decrease, from 20.7% to 20.3%. Government Statistician Professor Samuel Kobina Annim explained that “In December 2024, average prices of goods and services went up by 23.8%, indicating that on a year-on-year basis, specifically between December 2023 and December 2024, general price levels of goods and services went up by 23.8%. This is against the backdrop that on a year-on-year basis November 2024 we recorded an overall rate of inflation of 23.0% indicating that on a year-on-year basis between November and December 2024 we saw a marginal increase of 0.8 percentage points for the year-on-year inflation. “Disaggregating year-on-year inf...

  The government urgently needs nearly $90 million to avert a looming power crisis caused by insufficient fuel supplies for thermal plants, according to a report by the Ghana Grid Company (GRIDCo). The GRIDCo report outlines that the funds are required to procure liquid fuel, such as light crude oil, to operate thermal plants in Tema and meet growing electricity demand. The crisis stems from a generation capacity deficit following a pigging exercise conducted by the West African Gas Pipeline Company (WAPCO), which temporarily disrupted natural gas supply. The GRIDCo report details key strategies to mitigate the impact of the fuel shortage and maintain grid stability: Rescheduling Planned Maintenance:  Revising the schedules for generator shutdowns to avoid overlaps with the WAPCO maintenance period. Securing Alternative Fuels:  Procuring sufficient quantities of light crude oil or other liquid fuels to substitute natural gas for thermal power generation. Load Management M...

 Zoomlion Ghana Limited has earned praises for its exceptional efforts in beautifying the Black Star Square and parts of Accra for the inauguration of the Government of President John Dramani Mahama. The event marked the beginning of President’s Mahama's new term in office, following his swearing-in on Tuesday, January 7, 2025. The company's clean-up and beautification work has been lauded as “ par excellence” by many who attended the event, including party faithfuls and citizens who watched from nearby.To prepare the Black Star Square for the ceremony, Zoomlion deployed over 500 personnel to undertake a comprehensive clean-up and beautification exercise across major streets of Accra. Workers of Zoomlion transformed the Black Star Square into a stunning oasis, boasting beautifully landscaped artificial turf that perfectly complemented the majestic architecture of the Ghanaian Parliament. The breathtaking result was truly a sight to behold! The workers also cleaned Accra’s cerem...

 The MTN Ghana Foundation brought joy to over 1000 basic school children in three regions through Christmas parties held during the festive season.   Pupils of Adzintem DA Basic School take turns to receive their refreshment during MTN Ghana Foundation Christmas Party The events which took place at the Aburi Methodist School in the Eastern Region, Adzintem D/A Basic School in the Central Region, and Gethsemane Chorkor Basic School in the Greater Accra Region featured an exciting lineup of activities, including musical chairs, dancing competitions, and poem recitals followed by a sumptuous feast of quality meals and refreshments. The excitement reached its peak as winners of the various activities were awarded prizes, while all participants, including tutors, received souvenirs.   Joyous Celebration at Aburi Methodist School during MTN Ghana Foundation Christmas Party The events highlighted the MTN Foundation's dedication to supporting education and community initiatives a...

  Kwamina Asomaning, Chief Executive, Stanbic Bank Ghana Ltd Stanbic Bank Ghana has been named the Overall Best Bank in Ghana at the 17 th edition of the prestigious EMEA Finance African Banking Awards 2024. The bank was also adjudged the Best Investment Bank for the 4 th year in a row and the Best Debt House for the 5 th time, reaffirming the bank’s leadership in Ghana’s financial sector.  The awards, now in their 17 th year, celebrate excellence, innovation, and leadership in banking across Africa. Organized by EMEA Finance, a leading financial publication covering Europe, the Middle East, and Africa, the African Banking Awards highlight institutions that demonstrate outstanding performance, robust financial growth, and commitment to their customers.  Speaking on the achievement, Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, expressed pride in the recognition and attributed the success to the bank’s exceptional team and collaborative efforts. “This recog...

 In a vibrant celebration of the festive season, Stanbic Bank Ghana transformed key landmarks in Accra and Kumasi with dazzling lights and decorations. The Kotoka International Airport and Danquah Circle Roundabouts in Accra, along with the Prempeh I Airport Roundabout in Kumasi, became radiant symbols of joy and unity, captivating residents and visitors alike. Beyond these luminous displays, the bank actively engaged in events that celebrated Ghana's rich cultural heritage and entrepreneurial spirit, fostering community upliftment and spreading festive cheer. In line with their commitment to supporting Ghana's creative industry as a key driver of entrepreneurial growth, Stanbic partnered with seasoned event organizers during the festive season. These events (GBC Christmas Festival, Christmas with Joe Mettle, Explosion of Joy by Joyful Way Incorporated, Citiuation by Citi FM and Roverman Productions) drew thousands of attendees, delivering unforgettable experiences that resonat...

 Leading microinsurance company, aYo Intermediaries Ghana Limited (aYo Ghana) in collaboration with Lions Club, DrugNet and SoffLife provided food, clothing, medicines and health screening worth thousands of Ghana cedis to residents of Dodowa in the Shai-Osudoku District as part of their CSR activities this Christmas. This was at a ceremony held at the Dodowa Presbyterian School Park, which attracted over 300 aged and young persons who benefitted from the donations and health screening. aYo provided each of the beneficiaries with hot meals and assorted drinks; DrugNet provided medicines worth over GHS40,000; SoftLife took care of the health screening, which include blood pressure, blood sugar and temperature checks with medical advice, and Lions provided used clothes and shoes. Lion Dr. Helena Asamoah-Hassan, District Governor, District 418 - Ghana, Lions Club International District Governor of District 418 - Ghana for Lions Club International, Lion Dr. Helena Asamoah-Hassan, said ...

MTN Group Limited has announced the conclusion of the sale of its operations in Guinea (MTN Guinea-Conakry), to the State of Guinea, on 30 December 2024. This transaction aligns with MTN's focus on portfolio optimization and simplification, as part of the Ambition 2025 strategy. MTN Group President and CEO, Ralph Mupita, stated: “This milestone marks a new phase for MTN Guinea-Conakry under local ownership. We thank the staff, customers, regulators, and broader stakeholders in Guinea for their support during our time in the country. Concluding this transaction is in line with our strategy to simplify our portfolio and allocate capital to markets where we can make a meaningful impact, ensuring long-term growth and returns.”

 In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...

 President Nana Addo Dankwa Akufo-Addo has announced that the government will pay $346 million to Eurobond holders, effective January 3, 2025. In his statement, the President emphasized the government’s commitment to honoring its financial obligations and avoiding any defaults on debt repayments. He stressed the significance of maintaining the country’s credibility and financial stability through these timely payments. Delivering his final State of the Nation Address (SONA), on January 3, President Akufo-Addo said, “I am happy to inform the House that today, 3 rd  January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million). We cannot afford to default on our debt repayments.” The government of Ghana on June 24, 2024, reached an agreement in principle with the Committee of holders of its Eurobonds on a restructuring of its debt in a step towards the country’s economic recovery. The agreem...

  The President, Nana Addo Dankwa Akufo-Addo, has reiterated that the banking sector cleanup initiated by his administration in 2017 was a critical and necessary decision to safeguard Ghana’s financial stability, rather than an act of personal vendetta. Speaking during his final State of the Nation Address (SONA) to Parliament on January 3, 2025, the President explained that the reform process was undertaken to address deep-rooted challenges within the banking sector that threatened its stability. The cleanup, which involved the revocation of licenses for underperforming banks, mergers, and the cessation of operations for others, was aimed at restoring confidence in the financial system and protecting depositors’ funds. President Akufo-Addo described the reform as a courageous and decisive intervention that ensured the long-term integrity and resilience of the country’s banking sector. He acknowledged the challenges faced during the process but stressed that it was a necessary step...

 President Nana Addo Dankwa Akufo-Addo has emphasised the importance of maintaining Ghana’s financial commitments. He advised the incoming finance minister to ensure that the country never defaults on its debt repayments. He said this when he announced that the government will pay Eurobond holders $346 million today during his final State of the Nation Address in parliament in Accra, Friday, January 3, 2025. I am happy to inform the House that today, 3rd January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million). “We cannot afford to default on our debt repayments. That’s the advice I want to give to the incoming finance minister.” President Akufo-Addo also urged President-elect John Dramani Mahama to prioritize the completion of the Agenda 111 hospital projects as he assumes office. The Agenda 111 initiative, launched under Akufo-Addo’s administration during the peak of the COVID-19 pandemi...

 President Nana Addo Dankwa Akufo-Addo has hailed the country’s ongoing programme with the International Monetary Fund (IMF), describing its progress as highly successful. The President also points out that, the economy has performed better than initially projected under the programme –  which is indicative of a stronger recovery trajectory. Speaking in his last State of the Nation’s Address in Parliament on Friday, President Akufo-Addo cited key improvements in macroeconomic stability, fiscal discipline and investor confidence as evidence of the success of the IMF bailout package. The Implementation of the Programme so far has gone well even as it has been challenging. We have passed successfully through three successive reviews of programme implementation by the IMF Board, with the most recent review approved on 2nd December, 2024 leading to the disbursement of $360 million. The Fund has, therefore, disbursed a cumulative one-point-nine-two billion United States dollars (US$...

 World Bank Vice President for Africa West and Central, Ousmane Diagana will visit Ghana from January 6 to 11, 2025. Whilst in Ghana, Ousmane Diagana will attend the inaugural ceremony of the swearing-in of H.E. President-Elect John Dramani Mahama. Ousmane Diagana will also meet with H.E. President Mahama to discuss the vision of his incoming government and how the World Bank Group can support Ghana’s prosperity and sustainability goals. While in Accra, Ousmane Diagana will also visit the Kwame Nkrumah Memorial Park and Mausoleum, the renovation of which was supported by the World Bank. Among other site visits, Ousmane Diagana will travel to Kumasi to pay a courtesy call on His Majesty Otumfuo Osei Tutu II, discuss the advancement of the Kumasi Urban Mobility Accessibility Project (KUMAP) currently under preparation, and visit the KUMAP site. The World Bank has been in Ghana since 1957. The current active portfolio is worth US$4.84 billion across 25 active projects. The portfo...

 The Bank of Ghana (BoG) has cautioned authorized foreign exchange (FX) brokers against breaching the Ghana Interbank FX Market Conduct Rules. It warns that violations will attract severe penalties, including potential revocation of authorisation. This comes as the central bank authorizes 15 brokers to operate in the interbank forex market from January 1 to December 31 2025. The authorization process, which is in accordance with Section 3.13.1 of the Interbank Forex Market Conduct Rules, mandates brokers to secure approval annually. The Bank of Ghana highlighted its regulatory oversight under the Foreign Exchange Act 2006 (Act 723) and accompanying market conduct rules, emphasizing that non-compliance or underperformance could lead to delisting. Post-authorization guidelines require FX brokers to report regularly on their operations, avoid direct foreign exchange trading or lending, and act solely as intermediaries between banks. The central bank also stressed the need for robust c...

 The government has achieved another oversubscription in its latest short-term debt issuance, reflecting strong investor confidence. According to the Bank of Ghana’s auction results, the government mobilized GHS 5.4 billion from its recent Treasury bill issuance, exceeding its target of GHS 4.3 billion by GHS 1.04 billion, representing a 25.58% oversubscription. Investor interest was highest in the 91-day Treasury bill, which accounted for GHS 3.5 billion in bids. The government also accepted GHS 604 million from the 182-day bill and GHS 1.2 billion from the 364-day bill. Yields across all tenors remain high, with rates averaging between 28% and 30%. The 91-day bill’s yield increased by 15 basis points to 28.19%, while the 182-day bill rose by 23 basis points to 28.91%. The 364-day bill recorded a yield of 30.15%, up by 8 basis points. Analysts note a growing appetite for long-term instruments, as evidenced by the GHS 1.2 billion attracted by the 364-day bill. This shift signals re...

President Nana Addo Dankwa Akufo-Addo has exercised his constitutional prerogative of mercy to grant pardons to several convicts, including Ato Essien, the former Chief Executive Officer of the now-defunct Capital Bank. This pardon, which comes as part of a broader clemency initiative, was communicated in a letter dated December 31, 2024, marking the end of the year with a gesture of leniency and reconciliation. Ato Essien’s legal challenges began following the collapse of Capital Bank, which was one of the banks implicated in Ghana’s financial sector cleanup between 2017 and 2019. He was found guilty of financial crimes relating to the mismanagement of funds, including the embezzlement of GH¢620 million in liquidity support provided by the Bank of Ghana to Capital Bank. This led to widespread financial instability and contributed to the loss of trust in the banking sector. Ato Essien was sentenced in October 2023 to 15 years imprisonment after failing to fully comply with the terms of...

  The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by 12% in line with its annual indexation processes. This increment which is effective January 2025 is in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act, 2008, (Act 766). To this end, all valid pensioners on the SSNIT pension payroll as of the end of December 2024 will have their monthly pensions go up by an average of 12%. This will be made up by a fixed rate of 8% plus a flat amount of GHS 72.58, which is the balance of 4% that is to be redistributed. The lowest-wage pensioner would receive GHC396.58 as a result of the increase. This represents a 32.19% increase above the 2024 minimum pension payment. The highest-earning pensioner under PNDCL 247 and Act 766 will now receive GH¢201,792.37 and GHS 28,703.01 per month respectively. SSNIT undertakes this upward adjustment to maintain the real value of pensions...