Kofi Ahovi

Posts

End of Bank Savings? Ghanaians Hold Record GH¢40 Billion in Mobile Money Wallets

Ghanaians are increasingly treating their mobile money (MoMo) wallets as savings accounts, with balances hitting a record GH¢40 billion in June 2026, signalling a major shift in how individuals and businesses manage their money. Latest payment systems data from the Bank of Ghana shows that mobile money wallet balances—commonly referred to as mobile money float—rose from GH¢28.9 billion in June 2025 to GH¢40 billion in June 2026, representing a year-on-year increase of more than 38 percent. The surge suggests that mobile wallets are no longer being used solely for payments and money transfers. Instead, an increasing number of Ghanaians are keeping funds in their wallets for daily expenses, business transactions and emergency needs, reflecting growing confidence in digital financial services. The trend also highlights changing consumer behaviour, with many users opting to retain money electronically rather than depositing it in traditional bank savings accounts or withdrawing cash ...

Prudential Bank MD Advocates for Relationship-Centred Banking at Banking Council Meeting

Acting Managing Director of Prudential Bank LTD has reinforced the importance of personalized relationship-centred banking in shaping the future of financial services. Speaking as a panelist at the Lafferty Retail Banking Council latest global webinar, Ebow Quayson said the era where bank’s considered operations and transactions as central to banking is over, saying stronger emphasis must be placed on relationship management. Speaking on the theme “Design and the Branch of the future”, Quayson said the role of the traditional bank branch is rapidly evolving from a place primarily associated with transactions to one centred on relationships and customer empowerment. He noted that for decades, branches were designed primarily for processing transactions, deposits, withdrawals and loan applications. Customers visited to complete tasks and the relationship with the Bank often ended when the transaction was finished. That model, he said, is no longer sufficient. He e...

Ghana, India Set Sights on $6bn Trade Target, Deepen Partnership in Agriculture, ICT and Pharmaceuticals

Ghana and India are seeking to significantly expand their economic partnership, with both countries setting an ambitious target of increasing bilateral trade to $6 billion over the medium term through enhanced collaboration in key sectors of the economy. Minister for Foreign Affairs Samuel Okudzeto Ablakwa announced the target while receiving the letters of credence of India's new High Commissioner to Ghana, His Excellency Surinder Bhagat, emphasizing that the two nations are committed to strengthening trade and investment ties. Ablakwa identified agriculture, information and communication technology (ICT), and pharmaceutical manufacturing as priority areas for deeper cooperation, noting that expanded collaboration would create employment opportunities for Ghana's growing youth population while supporting the country's industrialization agenda. He said Ghana intends to leverage India's expertise in agricultural technology and mechanization to advance the government...

Ghana Petroleum Funds Rise to US$1.64bn Despite Stabilisation Fund Withdrawals

Ghana's Petroleum Funds ended the first half of 2026 on a strong footing, with total assets rising to US$1.64 billion, driven by fresh petroleum revenue allocations and investment income despite significant withdrawals from the Ghana Stabilisation Fund. According to the Bank of Ghana's Report on the Ghana Petroleum Funds for the period ending June 30, 2026, the combined balance of the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) increased from an opening balance of US$1.55 billion at the beginning of the year to US$1.64 billion by the end of June. The report shows that the funds received US$197.13 million in petroleum revenue allocations during the first six months of 2026. Of this amount, US$137.99 million was credited to the Ghana Stabilisation Fund, while US$59.14 million was allocated to the Ghana Heritage Fund. In addition to the allocations, the two sovereign wealth funds generated a combined net investment income of US$27.79 million over the six-mon...

LIMS Preparatory School Graduates Urged to Dream Big, Prepare for Leadership and Pursue Success

Students graduating from LIMS Preparatory School in the Shai Osudoku District have been encouraged to cultivate big dreams, prepare themselves for leadership and remain committed to hard work as they advance to the next stage of their academic journey. The call was made by Rita Ofori Twasam , Chairperson of the graduation ceremony and Parent-Teacher Association (PTA) Chairperson, during the school's graduation ceremony held in Dodowa. Addressing graduates, parents and teachers, Twasam said every great achievement begins with a dream, stressing that a clear vision serves as a compass that guides individuals through life's challenges. She urged the pupils not to allow obstacles to discourage them but to see every setback as an opportunity to learn and grow. According to her, success is never accidental but the result of focused effort, consistent practice, determination and a positive mindset. Every great achievement begins with a single bold thought. Dreaming allows us to look b...

Dr Sam Ankrah breaks down the mid year budget.

The noises surrounding the mid-year budget. Primarily, no additional budget has been presented for approval, thus I assume it remains unchanged with negligible effects on households. Cheaper credit clears a blockage. It does not, on its own, build a factory or fill it with workers. Any Ghanaian who lived through the last three years knows the cost of money was never the whole reason firms weren't hiring, and treating a rate cut as a jobs policy will disappoint us. Start with the constraint sitting closest to home: power. A tailor in Kumasi or a food processor in Tema does not add a second shift because average commercial lending rates dropped from 30.2% to 15.6%. She adds it if the lights stay on and a kilowatt is affordable. Reliable, cheap electricity moves the hiring needle far more than the policy rate ever will, which is why the gas-to-power investments in this budget matter more for employment than the rate cuts everyone is celebrating. Then there is access, not price. Our ...