Kofi Ahovi

 MTN Ghana has revised its medium-term guidance for service revenue growth from the high twenties to low to mid-thirties in percentage terms, as contained in its 2025 first-quarter financial results. The company also expects margins to be in the mid-fifties range. This revision comes as MTN Ghana navigates prevailing headwinds and implements its Ambition 2025 strategy. Key Strategic Initiatives MTN Ghana further plans to leverage AI to improve customer experience and satisfaction. This includes: - AI-powered Customer Support: Implementing AI-driven chatbots and virtual assistants to provide personalized support and resolve customer queries efficiently. - Personalized Services: Using data analytics and machine learning to offer tailored services and promotions that meet individual customer needs. Platform Strategy The company will continue to enhance its platforms, including myMTN and MoMo applications, to provide superior services. This includes upgrading the myMTN app to offer a s...

 The President of the Ahafo Regional House of Chiefs, Barimah Twereko Ampem II, has lauded Newmont Ahafo Mine for honoring its Corporate Social Responsibility (CSR) commitments to its host communities. Speaking during a working visit by the Parliamentary Select Committee on Lands and Natural Resources to Newmont Ahafo South Mine, Barimah Twereko Ampem II commended the company's efforts in ensuring good community relations and implementing sustainable development projects. Sustainable Development Projects The company has successfully executed several projects, including the Ntotroso Nursing and Midwifery College, the Ntotroso Senior High School, the Police Training Centre at Kenyasi Number One, and a satellite campus of the University of Energy and Natural Resources (UENR) at Kenyasi Number Two. Barimah Twereko Ampem II noted that the Ntotroso Nursing and Midwifery College has produced over 500 nurses serving in various health institutions across the country. We insisted that 50% of...

 Hon. Charles Akwasi Agbeve , Vice Chair of the Parliamentary Select Committee on Local Government and Rural Development and member of the Health Committee, has praised Zoomlion's medical waste facility for its innovative approach to addressing medical waste disposal challenges. Speaking in BusinessWeek Ghana after a tour of the Ho Medical Waste Treatment plant , Hon. Agbeve highlighted the significance of the facility, noting that improper disposal of medical waste poses serious health risks, including the spread of infectious diseases. Before this medical waste facility was built, you can imagine how we were disposing medical waste," he said. "You don't know who that needle was used to prick. Someone with an infectious disease, obviously that child is going to get infected." Challenges and Proposed Solutions While commending Jospong Group for the innovation, Hon. Agbeve acknowledged the challenges faced by the facility, including non-payment for two years. He ...

The Volta Regional Environmental Health Officer, Stella Kumedzro, has commended Zoomlion for its medical waste treatment plant, which has significantly improved the environment by reducing the spread of infectious waste. We want to commend them. They are doing very well. We just want to encourage them to do more," Kumedzro said. "We also want to encourage the government to support the company and support the environmental and sanitation family as well." Challenges Faced by Sanitation Guards However, Kumedzro highlighted the challenges faced by sanitation guards who assist environmental health officers in enforcing compliance and conducting inspections. "For the past three years, 2020 to up to date, sanitation guards that are assisting in enforcing compliance and doing domiciliary and other premises inspections have not been paid any money," she said. Appeal for Government Support Kumedzro appealed to the government to release the outstanding allowances to the s...

  A total of 155 staff of banks and special deposit-taking institutions (SDIs) in the country were fired for their involvement in 365 cases of fraud in 2024 alone.  This is contained in the Bank, SDI and PSP 2024 Fraud Report published by the Bank of Ghana this week. Per the report, the 365 fraud cases involving bank and SDI staff was 91 cases more than the 274 recorded in 2023, which represents a 33% increase in just one year. This indicates that in spite of the regulatory and operational measures put in place to stem financial sector fraud, workers of the sector are still engaged in fraud. The report noted that, of the 365 cases record last year, 274 of them, representing 75% involved direct cash theft and cash suppression, which is basically a practice where staff manipulate documents and or engage in unauthorized transactions which benefits them personally, but do not benefit the bank and the customer. Total number of fraud   But the 365 cases involving bank and SDI w...

  The Ghana Venture Capital & Private Equity Association (GVCA), one of Africa’s foremost VC industry associations, has demonstrated its commitment to fostering domestic and regional capital mobilization to enhance economic growth and protect the continent against external shocks. The association’s approach, consistent with national and regional policies to encourage Africans to invest in Africa, was projected at its recently held GVCA Conference in Accra. The decisive demonstration of momentum for domestic capital mobilization and inclusive investing saw key players from Africa’s private equity and pensions industries come together to launch an industry-wide ‘Compact’ championing local institutional asset allocations to venture capital and private equity. The inaugural set of signatories, including gender lens investing and regulatory leaders at the conference, featured advisors, fund managers, and Funds of Funds such as Deloitte, EY, KPMG, Aruwa Capital, Oasis Capital, Savann...

  MTN Ghana has posted total revenue of about GHS5.4 billion (GHS5,362,262,000) and a profit after tax of over GH₵1.7 billion (GHS1,710,580,000) for the first quarter of 2025. The Q1 2025 revenue represents 39.4 per cent increase, while the profit after tax represents 53.7 per cent increase compared to the same period last year. Out of the total revenue, service revenue alone was about GHS5.35 billion, which is 99 per cent of the total. And service revenue for the period under review was 39.6 per cent higher that what it made same period last year. Meanwhile, total profit before tax for period was GHS2.4 billion (GHS2,430,252,000), out of which MTN paid a profit tax of GHS719.7 million, which is about twice what it paid (48% +) for the same period a year ago. The strong performance detailed in the company’s Q1 2025 results was powered by a total capex of about GHS1.17 billion, which was in fact, 3.6 per cent less than what MTN invested in the network in Q1 2024, which stood at a li...

 The Chief Finance Officer of MTN Ghana, Antoinette Kwofie, has challenged women-led businesses in Ghana to enhance their digital skills and actively leverage e-commerce platforms to scale their operations and expand their market reach at the maiden edition of the African Women in Leadership Organisation (AWLO) Ghana Impact Dinner held on 27 th April 2025 at the Fiesta Residences, Cantonments. The event held under the theme “Strutting into Global Markets: Utilising Traditional & Venture Capital Finance for Business Leverage” aims to spark meaningful conversations across finance, regional trade, investor sourcing, and enterprise development, with a strong focus on empowering women with the knowledge, networks, and structures needed to scale their businesses on a global stage. Speaking on a panel discussion, Antoinette highlighted the disparity between women's presence on social media for business and their engagement with e-commerce platforms. Citing studies from across the Afr...

 Ghana’s crude oil production has declined for the fifth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, according to the 2024 Annual Report released by the Public Interest and Accountability Committee (PIAC). The report highlights a marginal year-on-year decline of 0.01 percent and an average annual drop of 7.4 percent over the five-year period. The consistent decline in output raises concerns about the sustainability of Ghana’s upstream petroleum sector and the long-term economic implications, particularly as the country continues to rely on oil revenues to fund key national programs. The report also flags serious concerns regarding petroleum revenue management. It reveals that total proceeds from GNPC Explorco’s liftings in 2024 — amounting to US$145.68 million — were not paid into the Petroleum Holding Fund (PHF), as required by law. This omission brings the cumulative total of unpaid revenues held by JOHL and subsequent...

 Ghana earned over $1.35 billion in petroleum revenues in 2024, representing a 27.8% increase compared to the previous year. The growth was mainly driven by higher income from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties. The Ghana Revenue Authority, mandated by the Petroleum Revenue Management Act, collected revenues from oil companies and paid them into the Petroleum Holding Fund (PHF). Payments included royalties, CAPI, CIT, surface rentals, and other sources. Crude oil liftings contributed $843.5 million to the PHF. This was a 22.2% rise from 2023. The Jubilee Field alone accounted for $475.4 million, with six liftings recorded. CAPI was the largest revenue stream, totaling $603.5 million. CIT followed with $502.9 million. Royalties brought in $239.9 million, while income from PHF investments stood at $10.8 million. Despite the strong performance, issues remain. Proceeds from GNPC Explorco’s liftings, totaling $145.7 million, were not pai...

The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a nine-member board for the Ghana Revenue Authority (GRA), tasking them with the responsibility of driving revenue growth and upholding integrity. The board is chaired by Hon. George Ricketts Hagan, former Deputy Finance Minister and Member of Parliament for Cape Coast South. Other members include the Commissioner of the GRA, Anthony Sarpong. The full list: 1. Hon. George Ricketts Hagan – Chairperson 2. Anthony Sarpong (GRA Commissioner) – Member 3. Patrick Nomo – Member 4. Hon. Elizabeth Ofosu-Adjare – Member 5. Dr. Zakaria Mumuni – Member 6. Madam Faustina Nelson – Member 7. George Ayiretey – Member 8. Hon. Laadi Ayamba – Member 9. Francis-Xavier Sosu – Member Addressing the newly inaugurated board, Dr. Forson emphasized the critical role of the GRA in national development, noting that government policies depend heavily on the revenue it generates. He charged the board to lead with dedication and a strong sense of inte...

  The West African Gas Pipeline Company (WAPCo) is calling for stronger collaboration among Ghana and its neighboring countries to resolve persistent payment challenges that are contributing to a regional gas supply deficit. According to WAPCo, tackling these financial bottlenecks is critical to ensuring a reliable minimum base load to support power generation and industrial activity across West Africa. Speaking at the West African Gas Pipeline Committee of Ministers meeting in Accra, WAPCo Managing Director Michelle Burkett stressed the urgency of coordinated action to stabilize gas flow and drive energy security in the sub-region. While we have seen vast improvement in the gas deliveries from Nigeria, gaps still remain to meet the demand in the region. “We appeal for coordinated efforts to secure a minimum sustained base load and strengthen financial stability through collaboration,” she said.

 A panel of investment experts comprising Barri Youri, Senior Manager, Financial Advisory at professional service advisory firm, Deloitte Ghana; Saqib Nazir, Chief Executive Officer of Mojo Payments and David Tetteh, Senior Consultant at the Ghana Investment Support Programme (GHISP), have urged start-ups and small and medium-sized enterprises (SMEs) seeking to raise funds, to rather prioritise developing the fundamental aspects of building a viable and scalable business. According to the experts, this is because securing funding does not always equate to immediate business success. Speaking during a UK-Ghana Chamber of Commerce (UKGCC) and Deloitte Ghana webinar on ‘Demystifying Investor Expectations: What you need to know before seeking capital’, Mr. Yourri remarked, “What happens is a lot of entrepreneurs focus on the capital raised at the expense of developing and sustaining the fundamentals of the businesses. Securing funding is good for all businesses but it is a means to an ...

 IT Consortium, a leading financial technology company, is using artificial intelligence (AI) to improve operations and develop new products. The company has created AI-powered solutions like Remit Pay, which allows individuals to send money directly to institutions such as utility companies or hospitals without the need for intermediaries. Speaking to members of the Institute of Financial and Economic Journalists (IFEJ) who embarked on a facility visit, the Managing Director of IT Consortium, Romeo Bugyei, noted that the company uses AI to analyze transaction history and behaviour patterns to determine creditworthiness and detect potential fraud in the financial sector. He also noted that the company has also developed intelligent agents that can extract insights from data and provide answers to user queries, making it easier for institutions to access information. IT Consortium also uses AI for data analysis, product development, and recruitment. The AI analyzes large datasets qu...

  The International Monetary Fund (IMF) has endorsed the Finance Minister’s assessment that inefficiencies within Ghana’s energy sector pose the greatest threat to the country’s economic stability. IMF Mission Chief for Ghana, Stéphane Roudet, reaffirmed the Fund’s longstanding concerns about the sector’s financial shortcomings, emphasizing that energy sector reforms remain a cornerstone of Ghana’s IMF-supported program. Addressing Ghanaian journalists on the sidelines of the recently concluded IMF Spring Meetings in Washington, D.C., Stéphane Roudet highlighted that challenges in the sector—particularly the shortfall between revenue collected by the Electricity Company of Ghana (ECG) and the true cost of electricity production—have been a major area of focus since the programme began. We knew from the beginning of the program that there were challenges related to the energy sector. The main challenge is that you have a large difference between what ECG can collect in terms of bill...

  To enable African businesses to fully capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) has announced a specialized training program designed to equip enterprises with a deep understanding of the agreement’s commercial implications and transformative potential. Scheduled to take place in Abuja, Nigeria, from June 30 to July 2, 2025, the training program is designed to provide businesses with practical policy-relevant insights into the AfCFTA’s evolving regulatory and institutional landscape. It will help participants interpret key treaty instruments, ensuring compliance with new trade rules while enhancing their knowledge of regional integration and operational mechanisms. Additionally, the program will serve as a crucial platform for guiding both prospective and existing exporters on new trade developments, equipping them with the tools to navigate tariff and non-tariff barriers across the cont...

  THE international Open Dialogue "Future of the World. New Platform for Global Growth" will occur at the National Centre "Russia" on April 28. Experts worldwide will participate in the event, including experts from leading analytical centres, development institutes, higher education, government institutions, business associations, youth organisations, science, and journalism. One of the Open Dialogue tracks is "Investment in People." The pitch session on this topic brought together more than 30 speakers. "The Open Dialogue is an essential platform for bringing people together, and I came here specifically to explore opportunities for implementing joint projects. We assign the main role to the younger generation. Russia and Zambia invest in the education of young people; our country finances the education of almost 150 people studying in Russia. We are doing everything to foster cooperation between Russian and African youth. I believe investing in dev...

The Ghana Chamber of Mines is calling on Parliament to expedite the ratification of Atlantic Lithium Limited’s Ewoyaa mining lease, cautioning that further delays could have serious consequences for the company and its stakeholders. The Chamber also suggested that the terms of the lease may require a review, given the recent slump in global lithium prices. Since 2016, Atlantic Lithium has invested approximately $70 million into the development of what is set to become Ghana’s first lithium mine. The project, located in the Central Region, was expected to position Ghana among the world’s top 10 producers of spodumene concentrate, a key source of lithium. However, a sharp decline in lithium prices—dropping by more than 80 percent from their peak in November 2022—has cast a shadow over the project’s future prospects. In an interview with Citi Business News, the Acting CEO of the Chamber, Ahmed Dasana Nantogmah, stressed the urgent need for ratification to prevent further disruptions. When...

The College of Cardinals has officially set May 7 as the start date for the conclave to elect the 267th pope, following the death and burial of Pope Francis. The announcement came Monday, April 28, after a General Congregation meeting at the Vatican, signalling the beginning of the final phase in choosing his successor. The conclave will take place in the historic Sistine Chapel, where 134 cardinal electors under the age of 80 will cast their votes beneath Michelangelo’s famed frescoes. In line with tradition, the cardinals will first celebrate the Mass for the Election of the Roman Pontiff at St. Peter’s Basilica before solemnly processing into the chapel, chanting Veni Creator Spiritus to invoke the Holy Spirit’s guidance. Once inside, each cardinal will swear an oath of secrecy and vote freely for the man they believe most fit to lead the Church. The chapel doors will then be sealed until a new pope is elected. A two-thirds majority of at least 90 votes is required to declare a winn...

President John Dramani Mahama has officially launched the Adwumawura Programme, a flagship initiative aimed at addressing youth unemployment and fostering entrepreneurship in Ghana. The launch event took place at the Prempeh Assembly Hall in Kumasi on Monday, April 28, 2025, drawing a significant audience of government officials, young entrepreneurs, and community leaders. The Adwumawura Programme is designed to create, mentor, and support at least 10,000 businesses annually, with a strong focus on empowering young people aged 18 to 35. Beneficiaries will receive comprehensive assistance, including skills training, mentorship, access to start-up capital, and equipment. This holistic approach aims to ensure the sustainability and success of new businesses. Speaking at the event, President Mahama emphasised the importance of the programme in tackling youth unemployment, which he described as one of Ghana’s most pressing challenges. He highlighted the government’s commitment to creating d...

 Chairman of Parliament's Select Committee on Environment, Science and Technology, Yaw Frimpong Addo, has called for calm following recent developments surrounding the Youth Employment Agency's (YEA) sanitation module partnership with Zoomlion Ghana Limited. He asserts the controversy will not impact the country's environmental sanitation efforts, contrary to widespread concerns that suggest so. His comments follow remarks by the Chief Executive of the YEA, Malik Basintale, indicating that the agency's contract with Zoomlion for waste management will not be renewed in its current form. According to the Chairman, the information out in the public domain is incongruous with the realities on the ground, emphasising the need for an urgent stakeholder engagement to spell out the facts about the brouhaha surrounding the sector. He was speaking after the Committee completed a tour to the Jospong Group of Company’s waste treatment plants in four regions. Let me also emphasize t...

  President John Dramani Mahama has appointed Matilda Asante-Asiedu as the Second Deputy Governor of the Bank of Ghana (BoG). The appointment, announced in a letter issued on Monday, April 28, and signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister for Government Communications, is under Section 17 of the Bank of Ghana Act, 2002 (Act 612). Asante-Asiedu is a Chartered Banker and an experienced corporate leader who previously served as Group Head of Retail Banking at Access Bank Ghana PLC. She holds an MBA in Marketing from the GIMPA Business School (2021) and an MA in Journalism Studies from Cardiff University (2005). She also holds diplomas in Journalism from the Ghana Institute of Journalism (1997) and in Politics and Public Affairs Reporting from the International Institute of Journalism, Berlin (2000). Additionally, Mrs. Asante-Asiedu is a Chartered Executive Banker (CIB-Ghana, 2024) and has undertaken executive programmes at Said Business School, Oxford Un...

 MTN Group has announced that it has experienced a cybersecurity incident. Despite the breach, the company's platforms remain fully operational, and it continues to closely monitor its environment. We are working closely with leading cybersecurity experts and are conducting a forensic investigation to assess any impact to our environment in line with our established security protocols," MTN stated in a statement. Potential Impact Early indications suggest that about 5,700 MTN Ghana customers' data may have been affected. The company has assured that it will contact the customers involved. Security Measures MTN urges customers to remain vigilant and follow regular security measures, including: - Keeping MTN, MoMo, and banking apps and devices updated - Using strong, unique passwords for accounts and changing them regularly - Being cautious of unexpected messages and not clicking on suspicious links - Not disclosing sensitive information such as passwords, PINs, and OTPs - A...

 Richard Nii Armah Quaye, a prominent business figure, has officially stepped down as Board Chairman of Bills Micro Credit and Quick Angels. In a press conference announcing his retirement from executive roles, Quaye emphasized the need for an economic and financial revolution to tackle Ghana's growing unemployment challenge. My dream is about the young people of Ghana, and it's a call for an economic and financial revolution," Quaye said. "I see a future where young people join forces to turn around our economic fortunes." He stressed the importance of investing in young entrepreneurs and urged investors to support homegrown businesses that can drive job creation and sustainable economic growth. Quaye's departure marks a significant transition for both Bills Micro Credit and Quick Angels. However, his legacy and vision for economic transformation will continue to inspire entrepreneurs and businesses in Ghana. New Leadership at Bills Micro Credit and Quick An...

 The newly appointed CEO of Quick Angels, Emmanuel Lamptey, has called on entrepreneurs and young people with smart business ideas to partner with investors for growth and development. Speaking in an interview, Lamptey emphasized the importance of collaboration between entrepreneurs and investors in driving business growth. For us at Quick Angels, we believe that growing a business is not only about finance. It's about discipline, attitude, and presentation," Lamptey said. "We provide more than just capital; we provide mentorship, guidance, and coaching to help businesses grow and compete globally." Quick Angels has invested in over 21 companies across various sectors, including medicals, resource mining, food, spices, and rice farming. The company is looking to partner with more entrepreneurs and businesses that require scaling and support. We evaluate the economics of each business and sign them up if they meet our requirements," Lamptey explained. "We be...

 The government has exceeded its Treasury bill target by GHS 550 million, according to the latest auction results from the Bank of Ghana. While the target was set at GHS 6.14 billion, total bids reached GHS 7.26 billion. Despite the oversubscription, the government rejected GHS 570.64 million in bids. Data shows that for the 91-day bill, GHS 5.32 billion in bids were tendered, with GHS 5.21 billion accepted. The 182-day bill attracted GHS 1.56 billion in bids, out of which GHS 1.29 billion was accepted. For the 364-day bill, GHS 381 million was tendered, with GHS 192 million accepted. Interest rates across the yield curve remained relatively stable, averaging between 15% and 18%. The yield on the 91-day bill edged down to 15.32% from 15.45% the previous week. The 182-day bill dropped to 16.03% from 16.18%. The 364-day bill fell to 18.37% from 18.62%. The continued decline in rates reflects government efforts to lower borrowing costs. In the next auction, the Treasury plans to raise...

The Bank of Ghana’s gold reserves climbed to a total of 31.01 tonnes as of March 31, 2025. This reflects a steady build-up strategy aimed at strengthening the country’s foreign reserves and monetary stability framework. This marks a notable increase from 30.81 tonnes recorded at the end of February 2025, and continues a sustained growth trend that has been observed over the past two years. Starting from 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, underscoring a strategic pivot toward leveraging Ghana’s position as a major gold producer. The domestic gold purchase programme is seen as playing a key role in build up with the Central Banking noting at the time of the launch of the programme that it will pave the way to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth.   The programme it noted will also enable the Bank lever...

Market analysts are forecasting a further slowdown in Ghana’s inflation for April, projecting it to ease to 21.8 percent year-on-year, driven by relatively stable pump prices and a steadier cedi. This follows the moderation in March’s inflation to 22.4 percent. A report by Databank Research anticipates that the disinflation trend will persist, supported largely by improved food supply dynamics. However, on the broader outlook, the report warns that sustaining this downward momentum will hinge on monetary policy decisions. It cautions that any premature interest rate cut—particularly at the upcoming May 2025 meeting—could reverse the gains, despite the policy rate having been raised to 28 percent in Marc…

  The Ministry of Foreign Affairs and Regional Integration has announced a mass roll-out of passport reforms, effective today, Monday, April 28. These reforms include a transition from biometric to chip-embedded passports, Introduction of a 24-hour passport processing service, Courier delivery of passports to applicants’ doorsteps, an electronic tracking (e-tracking) system, and a 30% reduction in passport application fees. A passport acquisition period will not be more than 15 working days or five working days under expedited service after completion of the application process. All new passports will be integrated with the National Identification Authority’s database to streamline applicant verification. The new chip-embedded passport has 175 security features compared to the old one, which has only 32 security features. The Minister indicated that this move is part of the government’s broader agenda to boost passport security, eliminate intermediaries, and promote greater transpa...

 Members of the Parliamentary Select Committee on Sanitation and Water Resources have expressed admiration for Zoomlion Ghana Limited, a subsidiary of the Jospong Group of Companies, significant investment in the country's sanitation sector. During a tour of the company's state-of-the-art Accra Compost and Recycling Plant (ACARP) at Adjen-Kotoku in Accra on April 23, 2025, the members of the committee praised Zoomlion’s commitment to improving sanitation in Ghana. The tour formed part of the committee's mandate, aimed to explore ways the country can effectively address its sanitation problems. Speaking to the media on the sidelines of the tour, the Chairman of the Committee, Mr. John Oti Bless, said: "I am truly impressed by the level of investment that has gone into these major companies." He noted that Zoomlion's huge investment in sanitation management has been commendable, adding that its facilities and plants were functioning effectively. We've seen s...