Kofi Ahovi

 Ghana is set to receive a $360 million boost from the World Bank to support its efforts in stabilizing the economy and building resilience for long-term growth. The funding, approved by the World Bank Board of Executive Directors, falls under the Second Resilient Recovery Development Policy Financing operation. It forms part of a broader strategy to aid Ghana’s recovery from recent economic shocks and support key reforms aimed at job creation and improved living standards. In a statement issued on Sunday, June 29, Finance Minister Cassiel Ato Forson said, “The successful implementation of reforms under the IMF program and our policy operations have strengthened macroeconomic stability and investor confidence. This new support will help us entrench fiscal discipline and build a more inclusive and shock-resilient economy.” The World Bank says the operation will focus on restoring fiscal sustainability, strengthening financial sector stability, improving energy sector discipline, and...

  The Trade, Industry and Tourism Committee of Parliament has called on the Bank of Ghana (BoG) to intensify its monitoring of foreign exchange inflows and global trade trends to help sustain the recent recovery of the Ghanaian Cedi. The local currency has strengthened significantly, appreciating from around GHS 15.00 to GHS 10.20 per U.S. dollar between January and late May 2025. This rebound has been largely credited to improved performance in traditional exports and a surge in remittance inflows. Speaking to  Citi News on June 29, Chairman of the Committee, Alexander Roosevelt, emphasized the need for sustained vigilance by the central bank. If you look at how the dollar is behaving now compared to the past—when people could easily access it, leading to the dollarisation of our economy—that situation has changed. The Cedi is gaining ground,” he noted. He added, “What the Bank of Ghana must do now is monitor the flow of foreign currency and track both international and loca...

 Shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr. George Elombi as the institution’s next President and Chairman of the Board of Directors, effective September 2025. A seasoned executive and Cameroonian national, Dr. Elombi has been with Afreximbank since 1996, currently serving as Executive Vice President in charge of Governance, Legal and Corporate Services. He will succeed Prof. Benedict Oramah, who has steered the Bank since 2015. With nearly three decades of experience at the institution, Dr. Elombi has been instrumental in shaping Afreximbank’s legal, institutional, and governance frameworks, expanding its capital base, and coordinating strategic responses to economic crises across Africa and the Caribbean. “I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are,” he said in his acceptance remarks.

Prudential Bank Limited (PBL) has been adjudged the Best Bank in Multichannel Banking Experience at the 2nd Premier Retail Banking Leadership Awards ceremony held in Accra. The Bank’s Executive Head, Retail and Commercial Banking, Ebow Quayson also won the Transformational Leader in Integrated Retail and Commercial Banking Award at the ceremony organized by The Corporate and Governance Boardroom, a corporate governance think tank. Speaking after receiving his award, Quayson expressed gratitude to the organisers for the recognition and praised PBL customers for the vote of confidence in the Bank. I am delighted to be recognized as a transformational leader in our industry. I am grateful to the organizers for this recognition. At Prudential Bank we cherish our customers and commit daily to serve them right. We have already started the 24-hour economy policy with our 24/7 banking service on our various multichannel banking platforms. So if you don’t get us in a branch, you can always ...

  Minister for Communication, Digital Technology and Innovations, Samuel Nartey George has started engaging the leadership MultiChoice of the rampant increases and relatively high DSTV and GoTV subscription fees. In a Facebook post on Friday, June 27, 2025, the Minister announced that “I invited the Country Manager and Board Chair of MultiChoice Ghana, operators of DSTV…I have directed them to come back next week Thursday, July 3, 2025 with the Group CEO of MultiChoice Africa.” According to him, the meeting is aimed at ensuring that MultiChoice Ghana aligns its pricing strategy with Ghana’s economic realities, complies with regulatory requirements, and takes immediate steps to curb revenue loss. Ghanaians have, for a long time, had to live with rampant increases in DSTV and GoTV service charges. In order to avoid the relatively high prices in Ghana, some Ghanaians actually acquire DSTV coders from nearby Nigeria and pay far less for packages, for which Ghanaians pay way higher fees...

     Robert Oduro, Founder and CEO, iSmart Leading Ghanaian-based value-added services (VAS) and payment solutions provider, iSmart International Ghana Limited is marking a decade of innovation and connectivity with a series of activities designed to honour its dedicated team and also project its brand success and unique impact in Ghana's telecoms, digital and fintech spaces.  The anniversary will be marked mainly with a series of exciting and carefully planned staff-focused events between now and the month of August, and it will be climaxed with a massive gala and awards night in the final week of August. Founded in 2015 in Accra, Ghana, iSmart , an ISO and PCI-DSS certified firm, has for the past ten years been on a mission to “simplify operations and enhance connectivity,” for its clients, and that is how it has built a strong reputation as a trusted technology partner in Ghana’s telecom and financial sectors. iSmart now serves over 10,000 customers and institut...

   On November 1, 2024, there was a grand event at the La Palm Royal Beach Hotel, which marked the ceremonial launch of a Ghana's first shared 4G/5G network under an exclusive 10-year license granted to Next Generation Infrastructure Company (NGIC). But it was not yet an operational launch, which would have meant the network was actually live for public consumption from that date. As we speak today, it has been six months since the "launch" but there is still no live public 5G network in Ghana yet. Speaking of live 5G network, the then Minister of Communications and Digitalization, Ursula Owusu-Ekuful, under whose tenure the ceremonial launch was done, gave a December 2024 deadline for all three telcos in Ghana - MTN, Telecel and AT Ghana, to rollout live 5G networks for public consumption. In fact, she said the network was ready and so if by December 2024, any telco was not offering 5G, then customers should question that telco. In spite of that bold statement, six month...

 Management and Staff of Prudential Bank has joined the government’s forest restoration project by acquiring hectors of land at the Achimota Forest in Accra and the Chipa Forest Reserve in the Eastern region to plant trees in support of the programme. A team from the Bank was at the Achimota Forest Reserve last week to plant trees in response to the government’s call under the Tree for Life Restoration Initiative designed to rehabilitate degraded lands, mitigate climate change, and restore polluted water bodies to their natural state. The Team also took the opportunity to maintain the trees planted in the past, pruned them, loosened the soil around the plants to allow water penetration and watered the plants for growth. Speaking to the press, Executive Head, Corporate and Institutional Banking at the Bank, Edward Commey, noted that the Bank has been supporting green Ghana initiatives for the past five years and that the acquisition of the two hector land, one each at Achimota Fores...

  The Bank of Ghana (BoG) has issued a strong caution to the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), advising them to refrain from transacting with ten Money Transfer Organisations (MTOs) operating in the remittance and foreign exchange market without regulatory approval. In a notice dated June 27, the central bank flagged the following entities: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send for operating in Ghana’s remittance and forex markets without authorisation. The Bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits any person from engaging in foreign exchange dealings without a licence. It further referenced Section 15.3 of the same Act, which stipulates that all foreign exchange transfers to or from Ghana must be routed through licensed money transfer businesses or authorised dealers. The BoG has d...

  I write in response to the publication of GTEC dated 17th June 2025, which demanded that I provide evidence confirming my appointment or promotion to the rank of professor. I must state that I have not been served a copy of the said letter. Like everyone else I read it on social media, hence my response via the same media. To give a proper context to my response, permit me to expound on some given meanings of a “Professor”. The Oxford Learner’s Dictionary defines a professor as a university teacher of the highest academic rank. A professor, according to Webster’s Dictionary, is a faculty member holding the highest academic rank at a college or university, or more broadly, a teacher at a university, college, or sometimes a secondary school. It also refers to someone who teaches or professes special knowledge in a particular art, sport, or occupation requiring skill. The title “Professor” is often conferred on individuals who have demonstrated significant expertise and achievement ...

 Efforts to broaden Ghana’s tax base are being hindered by longstanding challenges within the informal economy, according to a new report titled  “Ghana’s Untapped Economy: Analysis of Tax Compliance Behaviour of Informal Sector Workers in the Greater Accra Region” , by BudgIT Ghana, in collaboration with the Society for Women in Taxation Ghana and the International Budget Partnership (IBP). The study reveals that while many informal sector workers are willing to comply with tax obligations, systemic obstacles continue to block voluntary compliance and limit revenue mobilisation. A major underlying issue is the widespread distrust in government institutions. Many informal workers believe tax revenues are either mismanaged or lost to corruption. This perception has eroded confidence in the tax system and weakened the motivation to contribute. The lack of visible benefits—such as improved infrastructure or essential services—only deepens public scepticism. Beyond issues of gover...

  Beginning July 1, the Ghana Revenue Authority (GRA) will introduce a modified tax system aimed at improving tax compliance and revenue collection from the informal sector. Under the new framework, informal sector workers not currently registered with the GRA, but earning annual sales below GHS 20,000, will be required to pay a fixed quarterly tax between GHS 25 and GHS 45. Speaking at the launch of the final report on Informal Sector Tax Compliance Research titled: “Ghana’s Untapped Economy: Analysis of Tax Compliance Behaviour of Informal Sector Workers in the Greater Accra Region” by BudgIT Ghana in partnership with Society for Women in Taxation Ghana and the International Budget Partnership (IBP), the GRA’s Assistant Commissioner for Research and Policy, Dr. Alex Kombat explained that the revised system seeks to broaden Ghana’s tax base and promote fairness in revenue mobilization. We have developed a system called modified taxation. Those with turnover below GHS 20,000 will p...

 The Ghana National Chamber of Commerce and Industry (GNCCI) has indicated that the recently announced increase in electricity tariffs is unlikely to affect the prices of goods and services. This comes after the Public Utilities Regulatory Commission (PURC) announced a 2.45% increase in electricity tariffs across all consumer categories, effective July 1, 2025. The adjustment follows the Commission’s routine quarterly review. Meanwhile, water tariffs will remain unchanged for the third quarter of the year. Speaking to Citi Business News, GNCCI CEO, Mark Badu-Aboagye downplayed the impact of the increment, describing it as minimal. What we are looking at is that if there is a further improvement in the key variables, we expect the tariffs for businesses to eventually be reduced,” he said. He added: “Electricity costs per kilowatt hour in Ghana are already quite high, so an additional 2.45% increase will certainly raise production costs. However, I don’t believe this will result in a...

 The Institute of Economic Affairs (IEA) is calling for parliamentary scrutiny of the recent move to extend Tullow Oil’s petroleum licences beyond their current expiration date. According to the IEA, any extension of oil licences, particularly the West Cape Three Points and Deepwater Tano blocks must go through Parliament as required by law. The licences are due to expire in 2036 but under a memorandum of understanding, the government, and Tullow Oil have agreed to extend operations until 2040. Barrister and Solicitor Victor Anku-Tsede, speaking at an IEA roundtable, warned that this extension may alter the original agreement in a way that requires fresh approval under Ghana’s Constitution citing amongst others the Supreme Court’s 2017 ruling in the case of Banful and Another v. Attorney General, where the court held that even an informal agreement referred to as a “note verbal” between Ghana and the U.S. required ratification. On this point, let me also draw our attention to the S...

Ghana and Côte d’Ivoire are set to commence the construction of a 330-kilovolt (kV) double-circuit transmission line as part of the West Africa Power Pool (WAPP) initiative. The 243-kilometre cross-border project is designed to boost electricity exchange between the two countries and enhance grid stability across the wider West African region. Feasibility studies have confirmed the project’s technical and financial viability within Ghana. The total estimated cost of the project is €154.4 million, covering environmental and social impact mitigation, construction supervision, and project management. Speaking at a ministerial committee meeting on Wednesday June 25, 2025, Chief Executive Officer of the Ghana Grid Company Limited (GRIDCo), Engineer Mark Baah, stressed the project’s role in deepening regional energy integration. The project involves the construction of a 330kV double-circuit transmission line, stretching approximately 243 kilometres—about 122 kilometres on each side of the b...

The Implementation Committee for the Second Gas Processing Plant (GPP II) has presented its final report to the Steering Committee at the Ministry of Energy and Green Transition. This submission represents a significant milestone in Ghana’s initiative to enhance domestic gas processing capabilities and strengthen energy security for industrial and power sector development. Key findings of the Committee indicate the project’s potential to: * Save Ghana up to $1 billion annually by reducing reliance on liquid fuel imports. * Recover Natural Gas Liquids (NGLs) valued at approximately $151 million per year. * Generate over 2,500 direct and indirect jobs during both the construction and operational phases. * Establish Ghana as a regional hub for gas processing and energy exports. Upon receiving the report, the Minister for Energy and Green Transition stated, “Today’s submission reflects our commitment to advancing Ghana’s gas future. GPP II is not merely a project; it is a crucial tool for ...

The moment we’ve all been waiting for is here — Ricky, Ghana’s fast-rising music sensation, has officially released his soul-stirring new single titled “Nipa Dua”! The moment we’ve all been waiting for is here — Ricky, Ghana’s fast-rising music sensation, has officially released his soul-stirring new single titled “Nipa Dua”! This heartfelt track dives deep into the raw emotions and vulnerability we feel when a loved one is far away. Whether it's the late-night overthinking or the quiet moments of longing, "Nipa Dua" captures it all with beautiful melodies and touching lyrics. Ricky’s unique voice and relatable storytelling once again prove why he’s one of the most promising acts emerging from Ghana’s vibrant music scene. If you’ve ever missed someone deeply, this song will hit you right in the feels. Now Available on All Streaming Platforms! Don’t miss out — stream or download "Nipa Dua" now and let the music speak for your heart. Click here to stream/download

 Vice President of Ghana, Prof. Naana Jane Opoku-Agyemang, has emphasized the need for the country to rethink its approach to financing development and civic engagement. Speaking at the 3rd Ghana Civil Society Forum in Accra on the theme "Reimagining Development Financing and Civic Action – Challenges, Opportunities, and the Way Forward", she stressed that Ghana must shift from dependency to ownership and mobilize new forms of financing to drive development. The Vice President's call for a change centered on reimagining financing and civic action. She believes that Ghana's development financing should focus on domestic resource mobilization, broadening the tax base, and reforming public financial management systems. This approach, she argues, will enable the country to take ownership of its development agenda and reduce its reliance on external aid. Let Ghana be a place where local initiative meets strategic investment, where accountability meets empowerment, where de...

  The Ministry of Energy and Green Transition, in collaboration with Nuclear Power Ghana (NPG), held a stakeholder engagement on June 24, 2025, in Accra, to discuss the draft Bill for Nuclear Power Ghana Limited (NPGL). The event brought together industry leaders, policymakers, and media practitioners to share their views and input on the draft legal framework. Government's Commitment to Nuclear Power Deputy Minister of Energy and Green Transition, Richard Gyan Mensah, reaffirmed the government's support for renewable energy options, including nuclear power. He cited the benefits of nuclear power plants in operating countries' economies and emphasized the need for Ghana to explore this option to meet its increasing electricity demands, driven by population growth and the government's 24-Hour Economy Policy. Progress Made So Far Mensah highlighted the progress made in Ghana's nuclear power development project, including the completion of Phases One and Two, site sele...

  The Public Utilities Regulatory Commission (PURC) has announced a 2.45% increase in electricity tariffs for all categories of consumers, effective July 1, 2025. The adjustment follows the Commission’s routine quarterly review, conducted every three months. However, water tariffs will remain unchanged for the third quarter of the year. In a statement issued on Wednesday, June 25, the PURC explained that the tariff adjustment is part of its  Quarterly Tariff Review Mechanism , which considers key economic variables including the cedi-to-dollar exchange rate, inflation, natural gas prices, and the electricity generation mix between hydro and thermal sources. According to the Commission, these factors significantly impact the cost of delivering utility services and must be reviewed regularly to sustain the financial health of service providers. For electricity, the Commission has approved a 2.45% upward adjustment,” the statement said. “Water tariffs have been maintained at curr...

  The Ghana Export and Import Bank (Eximbank) has called on Chinese investors to provide financial backing for the country’s small and medium-sized enterprises (SMEs) to help scale up production for export. Speaking on Day 2 of the Ghana-China Business Summit in Accra, Eximbank CEO Sylvester Mensah emphasised the critical financing gap that Ghanaian SMEs face when seeking to expand their operations. He urged Chinese partners to increase their investment in this sector to help SMEs grow and compete on the global stage. “I wish to focus on an area ripe for deepened collaboration,” Mensah said. “We at Eximbank Ghana welcome partnerships with Chinese financial institutions, state-owned enterprises, and private investors in the following areas: co-financing and credit lines for Ghanaian SMEs to scale production and meet export standards, as well as technology transfer and joint ventures to enhance local processing, packaging, and manufacturing capacity.” The call highlights Eximbank’s c...

  The Chamber of Bulk Oil Distributors (CBOD) has expressed deep concern over recurring disruptions to Ghana’s Laycan fuel import schedule, warning that inefficiencies in the system cost Bulk Import, Distribution, and Export Companies (BIDECs) more than $40 million in demurrage and related charges between January and June 2025. CBOD in a statement contends that frequent and uncoordinated revisions to the Laycan import programme have disrupted cargo scheduling and weakened operational predictability across Ghana’s petroleum downstream sector. The schedule intended to streamline the timing and flow of petroleum shipments into the country has been revised at least 11 times in the first half of 2025, with no prior industry consultation, affecting as many as ten cargoes per change and resulting in cumulative delays of up to 30 days per incident. These disruptions have led to significant cost implications, which the Chamber of Bulk Oil Distributors says have filtered directly into retail...

  The Ghana Revenue Authority (GRA) has announced a 15% Value Added Tax (VAT) on non-life insurance premiums, effective July 1, 2025. The new tax will apply to policies covering areas such as property, health, and travel—but notably, motor insurance will remain exempt. The policy, which forms part of measures outlined in the 2025 national budget, is expected to widen the country’s tax net and boost revenue for public services. For businesses and individuals, this means higher premiums on non-life insurance products. Consumers seeking coverage in sectors like property, health, or travel may now pay more, potentially pushing some to reconsider or reduce coverage levels.