Kofi Ahovi

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Ghana Now 8th Richest in Africa Under Mahama -Rashid Pelpuo

The Minister for Labour, Jobs and Employment, Rashid Pelpuo, says Ghana has recorded significant economic gains under President John Dramani Mahama, with the country’s standing in Africa improving. According to Dr. Pelpuo, Ghana is now ranked as the eighth richest country in Africa, with a Gross Domestic Product (GDP) exceeding GH¢100 billion, up from its previous position as the 10th richest. Speaking in an interview with Citi News on Sunday, February 22, 2026, the minister attributed the improvement to what he called effective leadership and sound economic management within the first year of the Mahama administration. This government is a committed government. The president has shown that leadership can change a lot. With this one year that just passed, Ghana can be different altogether. We were in 10th position when it comes to rich countries. After one year of administration, good governance and committed leadership, we shot up to the 8th position, with a GDP that is ab...

Prudential Bank, MasterCard Collaborate to Support SMEs, Corporates With Innovative Solutions

Prudential Bank Limited, an indigenous Bank and MasterCard, a leading digital payment and collections enabler have renewed their pledge to support Small and Medium Enterprises (SMEs) and Corporates with innovative propositions to support their businesses. This strategic collaboration was revealed when a delegation from Mastercard paid a courtesy call on the management of Prudential Bank at the Bank’s head office in Accra. The engagement provided a platform for both institutions to align on strategic priorities for 2026 and explore deeper collaboration across Corporate Banking, SME, personal banking empowerment, and digital payments solutions. Speaking at the meeting, Mastercard's Country Director, Bossman Kwapong, emphasized the importance of understanding Prudential Bank's vision for the year ahead. Prudential Bank remains a strategic partner to Mastercard. As the year begins, it is important to understand their needs and look at areas we can collaborate. This engagement allo...

Customs Officers linked to GH¢85m goods diversion to be interdicted — Nyarko Ampem

Deputy Minister of Finance, Thomas Nyarko Ampem, has disclosed that formal processes are underway to investigate the alleged diversion of 18 articulated trucks loaded with assorted goods, including cooking oil, spaghetti, and tomato paste, in what is suspected to be a transit fraud scheme. Speaking on the Citi Breakfast Show on Monday, February 23, the Deputy Minister assured the public that authorities are treating the matter with urgency and will impose sanctions on all persons found to have played a role in the operation. He stressed that the government is determined to clamp down on organised customs-related fraud and restore discipline within the system. According to him, the Minister of Finance, Cassiel Ato Forson, has already directed the leadership of the Customs Division of the Ghana Revenue Authority to act swiftly on the matter. He disclosed that preliminary steps, including internal reviews and administrative procedures, have commenced and could soon lead to immediate...

No LPG shortage, stocks sufficient for demand – NPA assures public

The National Petroleum Authority (NPA) has urged the public to disregard media commentary suggesting an imminent shortage of Liquefied Petroleum Gas (LPG), assuring consumers that there is adequate stock to meet demand. In a press release dated Friday, February 20, 2026, the Authority said it had taken note of publications referencing comments by the Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, who reportedly advised the public to fill their cylinders in anticipation of a possible gas shortage. The NPA, however, maintained that there is no basis for panic buying. The NPA wishes to assure the general public that there is enough LPG in stock to meet demand. The country currently has an LPG stock of over a month’s cover, with LPG production by the local refineries at its highest level. “Additionally, as per the national import plan, the country is expected to take delivery of an LPG cargo within the next two weeks to further shore...

Mahama: Domestic steel production key to forex savings

President John Dramani Mahama has said that reducing steel imports by even 20 to 30 percent annually could save Ghana hundreds of millions of dollars, underscoring the importance of industrial self-reliance. Mahama speech transcripts If we reduce steel imports by even 20 to 30% annually, the foreign exchange savings alone could amount to hundreds of millions of dollars. This is what industrial sovereignty is about,” he said. President Mahama made the remarks during the commissioning of the B5 Plus LTD Steel Manufacturing Plant on Friday, February 20, highlighting the plant’s role in strengthening domestic steel production. Steel consumption is a strong indicator of industrial development,” President Mahama said. “Across emerging economies, per capita steel consumption rises in tandem with infrastructural development, urbanisation, and industrial expansion.” Ghana’s annual steel demand is estimated at over 1.2 million metric tonnes, driven prima...

Ghana T-bill yields plunge to 6.45% as government exceeds auction target by 170%

Treasury bill interest rates declined sharply across all tenors in the latest auction, reinforcing expectations of lower borrowing costs for businesses and households, while the government recorded strong investor demand that significantly exceeded its target. Data released by the Bank of Ghana showed that the yield on the 91-day Treasury bill fell by 215 basis points to 6.45 percent , marking one of the steepest recent declines and signaling easing liquidity conditions in the financial market. Similarly, the 182-day bill rate dropped to 8.18 percent , down from 10.67 percent , while the 364-day bill yield declined by 86 basis points to 12.93 percent , continuing the downward trend across the yield curve. The sustained drop in yields is expected to reduce the government’s borrowing costs and potentially translate into lower lending rates by commercial banks, providing support for private sector growth and overall economic expansion. Strong investor demand drives oversubscription ...