Kofi Ahovi

 Dr. Victoria Norgbey, National President of the APES Body of Women in Poultry Value Chain (WIPVaC), led a delegation to visit the egg sellers affected by the recent fire at the Kantamanto Market. The delegation, which included the Greater Accra President and Treasurer, aimed to empathize with the egg sellers, encourage them, and provide support. Dr. Norgbey explained that WIPVaC,, which comprises aggregators, dairy suppliers, input dealers, poultry farmers, and others in the industry, had come together to support the egg sellers, who were part of their network. We are here to encourage them, to empathize with them, and to let them know that we are with them in this difficult time," Dr. Norgbey said. "We want to help them rebuild their structures and get back to business as soon as possible." The group presented a cash donation to help the egg sellers rebuild their structures. Dr. Norgbey noted that the egg sellers had taken loans and borrowed materials to restart their ...

  Smile ID , Africa's leading provider of identity verification solutions, has released its  2025 Digital Identity Fraud in Africa Report , highlighting critical fraud trends across the continent. The report reveals that West Africa recorded the highest number of biometric fraud rates in 2024, driven by a rise in spoof attempts soaring from 15% compared to under 5% in 2023. This significant increase reflects a growing reliance on biometric verification methods and the sophisticated tactics bad actors employ to exploit vulnerabilities. The report offers clear, actionable strategies to help leaders safeguard trust, revenue, and operational stability in 2025. Drawing on anonymised data from over 110 million identity verification checks conducted by Smile ID across Central, East, West, and Southern Africa in 2024, the report highlights ongoing challenges and opportunities. The widespread adoption of biometric verification over traditional textual methods has si...

 Ghana’s $2.8 billion debt relief secured through the G20 Common Framework is a significant step toward fiscal recovery, but Economist Professor Godfred Bokpin is urging the government to adopt a long-term strategy to ensure sustainable economic stability beyond the current $3 billion International Monetary Fund (IMF)-supported program. The agreement, endorsed by all 25 members of Ghana’s Official Creditor Committee, offers fiscal breathing space as the country works to implement recovery measures. However, Professor Bokpin warns that fiscal vulnerabilities could resurface after the IMF program concludes unless proactive measures are taken. “Anytime we are under an IMF-supported program, we tend to achieve macroeconomic stability, but right after the program, vulnerabilities begin to show up,” he said in an interview with  Citi Business News . He noted that nearly 90% of the external debt relief will be utilised during the IMF program, raising concerns about fiscal sustainabil...

  The Minister-designate for Foreign Affairs, Samuel Okudzeto Ablakwa, has called on President John Dramani Mahama to revisit and renegotiate the terms of the District Road Improvement Programme (DRIP) initiative. Ablakwa raised concerns during his vetting by Parliament’s Appointments Committee on Friday, January 31, stating that the project, launched in August 2024, was inflated by more than $100 million. The DRIP initiative was introduced as a key infrastructure programme aimed at enhancing road maintenance and construction across all districts. It also sought to bolster the capacity of Metropolitan, Municipal, and District Assemblies (MMDAs) by equipping them with state-of-the-art machinery and providing essential technical training to local authorities. Despite these noble objectives, Ablakwa argued that the financial execution of the project has been riddled with inefficiencies, potentially costing Ghana much-needed resources. Ablakwa disclosed that only 25 percent of the tota...

Ghana’s overall customer satisfaction score declined slightly to 72% in 2024, down from 73.94% in the previous year. This is according to the latest Ghana Customer Service Index (GCSI). Despite the dip, the country maintained a B grade in customer satisfaction. The report, which evaluated 11 key industries, highlighted the transportation sector as the best performer with an 86% satisfaction rating. Meanwhile, the utilities sector ranked lowest with a score of 55%, underscoring disparities in service delivery across sectors. The 2024 survey, which analyzed feedback from over 2,400 respondents across Accra, Kumasi, and other regions, assessed metrics including trust, brand image, competence, professionalism, and ease of doing business. In the banking sector,  Ecobank  led with a satisfaction score of 76%, followed by  Fidelity Bank  at 74% and  Cal Bank  at 71%. In the hospitality industry,  Aqua Safari  emerged as the leader with an 88% rating, tra...

The Ghana Standards Authority (GSA) has specified the appropriate type of cement for construction projects to ensure structural integrity and safety. The announcement is part of a public education campaign led by the Cement Manufacturing Development Committee (CMDC) under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (L.I. 2480). According to the GSA, the proper application of cement types enhances durability and efficiency in construction. The authority has thus categorised cement based on grades and specific uses – aiming to guide industry professionals and the public in making informed decisions. Cement Types and Applications Portland Limestone Cement (32.5R)  and  Portland Composite Cement (32.5R): Recommended for general construction tasks, including plastering, masonry work, and screeding. Portland Limestone Cement (42.5R): Suitable for producing concrete products such as building blocks and pavement slabs. Portland Limestone Cement (42.5N): Des...

  Professor of Political Science at the University of Ghana, Ransford Gyampo, has been named Acting Chief Executive Officer of the Ghana Shippers Authority. The appointment, made by President John Dramani Mahama, sees Prof. Gyampo succeeding Kwesi Baffour Sarpong who was appointed by the erstwhile Akufo-Addo government in December 2024. Prof. Gyampo, a respected academic and political analyst is expected to bring his expertise in governance and public administration to the leadership of the Authority, which plays a critical role in regulating Ghana’s shipping and logistics sector. Born on 31 March 1977 in Accra, Prof. Ransford Edward Van Gyampo has carved a distinguished career in academia, governance, and public policy, culminating in his recent appointment as Acting Chief Executive Officer of the Ghana Shippers Authority. Prof. Gyampo is a Professor of Political Science and Founding Director of the Centre for European Studies at the University of Ghana, with two decades of teachi...

  Ghana’s gold reserves have skyrocketed by 56%.   Data released by the Bank of Ghana shows that the country’s gold reserves rose from 19.5 tonnes in 2023 to a robust 30.5 tonnes in 2024 estimated in value at $2.7 billion.   This strategic accumulation of gold follows the Bank of Ghana’s Gold for Oil Policy and Domestic Gold Purchasing Programme. This is part of the Central Bank’s broader efforts to shield the economy from external shocks, enhance the country’s foreign exchange reserve and strengthen Ghana’s position in global markets.   It is also a decisive step toward stabilising Ghana’s financial outlook, especially as global uncertainties weigh heavily on economies worldwide. In terms of impact, the increase in gold reserves is expected to    serve as a hedge against inflation, reduce the country’s vulnerability to currency fluctuations and bolster investor confidence. Market watchers are therefore keenly focused on the implications for Ghana’s fiscal ...

  UT Bank and GN Bank may soon re-enter Ghana’s financial landscape, Senior Partner at AB & David Africa, David Ofosu Dorte has predicted.  This he says marks a potential shake-up in the country’s banking sector. Speaking on the evolving financial market at the 2025 Crystal Ball Event, Ofosu-Dorte predicted that at least, one of the two defunct banks could regain its operating license in the near future. UT Bank and GN Bank—one of them will get their license back,” he stated, adding that this move could signal a broader shift in Ghana’s banking ecosystem. In addition to this anticipated development, Ofosu-Dorte noted that MTN’s planned transition into a fully operational bank could disrupt the market significantly. MTN has already announced becoming a bank. It will look more real soon, and a lot of banks will be scared,” he remarked. Ofosu-Dorte also alluded to expected changes at the Development Bank Ghana (DBG), suggesting a shake-up could be on the horizon for the state...

  The Minister-Designate for Communications, Digital Technology, and Innovations, Sam George, has accused the previous New Patriotic Party (NPP) administration of using the Significant Market Power (SMP) classification of MTN Ghana as a punitive tool rather than a corrective measure. Speaking during his vetting before Parliament’s Appointments Committee on Thursday, January 30, Sam George criticised the NPP government’s approach, arguing that it failed to address market imbalances. The previous administration used the SMP tool as a punitive measure. The SMP tool is meant to be a corrective measure. In fact, since the Minister declared MTN an SMP, their market share has grown, instead of fixing the distortion in the market,” he said. He emphasised that under the Mahama administration, the SMP classification would be used to promote fair competition rather than to punish investors. “We will use the SMP as a corrective tool, not to punish an investor who has made a solid investment in...

  The Acting Director-General of the Ghana Maritime Authority (GMA), Captain Dr. Kamal-deen Ali has pledged to build upon the strong foundation established by his predecessor. Captain Ali expressed his commitment to advancing the Authority’s objectives and ensuring continued growth in the maritime sector. Speaking during a brief handover ceremony in Accra, Captain Dr. Ali commended the immediate past Director-General, Thomas Alonsi for his six years of leadership and the significant achievements made during his tenure. Captain Ali emphasised his readiness to work with the GMA team to further revamp the maritime industry. It is an honor to be appointed by His Excellency President Mahama to lead this institution. I intend to continue the important work begun by Alonsi, working together with the team here to further enhance our maritime industry,” Captain Dr. Ali said. In his parting address, Thomas Alonsi reflected on the Authority’s progress during his tenure, noting significant adv...

  The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison will from Monday February 3, 2025 proceed on a terminal leave as he prepares for retirement. Information from the Central Bank confirms that Dr. Addison who has served as Governor since April 2017 is embarking on the leave ahead of his official exit on March 28, 2025, after successfully serving two full terms. This move aligns with the Bank of Ghana Act, 2002 (Act 612), as amended, which stipulates that the Governor’s tenure is a four-year term, renewable only once. The Governor’s leave has received the approval of President John Dramani Mahama. Dr. Ernest Addison was first appointed on April 3, 2017 and was reappointed for a second term on March 29, 2021. The Bank of Ghana thanks the Governor for his meritorious and distinguished service to the Bank and the Republic and wishes Dr. Ernest Addison a restful retirement”, a release issued by the Communications Department of the Bank stated. New Governor nominated Meanwhile,...

 The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities. This directive is in line with internationally accepted financial inclusion principles which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points and interoperability and effective awareness and financial literacy initiatives. It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020, (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 101(2)(f) of the Payment Systems and Services Act 2019 (Act 987). The objective of this directive is to promote access to financial products and services for Persons with Disabilities., promote usage of financial products and services by Persons with Disabilities and establish a framework for Financial Service Providers to create policies, proced...

 Barring any unforeseen circumstances, the price of petrol, diesel and Liquified Petroleum Gas (LPG) will go up marginally from February 1, 2025. According to the Chamber for Petroleum Consumers (COPEC), the retail price of petrol is expected to go by 2.93% to sell at GH¢14.697 per litre. The projected average price of diesel for the next window would be GH¢15.869 per litre. This means the price of diesel will go up by 3.00%. For LPG, the projected average retail price is estimated at GH¢17.224 per litre. COPEC maintained in its statement signed by its Executive Secretary, Duncan Amoah, that the government must reduce taxes on LPG or subsidise the price of LPG to promote and encourage its nationwide accessibility and usage. This, it said, will help save the environment from further degradation by the use of firewood. Currently, the total taxes and levies on retail prices of petrol and diesel are estimated at 21.34%. COPEC is also requesting for the reduction of the tax rates or tak...

 President John Dramani Mahama has nominated Dr. Johnson Asiamah as the next Governor of the Bank of Ghana, pending approval by the Council of State.  His nomination follows the acceptance of a formal request by the current Governor, Dr Ernest Addison, to proceed on leave ahead of his retirement on 31st March 2025. Dr. Asiamah brings a wealth of experience to the role, having previously served as the Second Deputy Governor of the Bank of Ghana between 2016 and 2017. He holds a PhD in Economics from the University of Southampton in the United Kingdom and has extensive expertise in monetary policy formulation, financial stability regulation, and economic research.  According to the press statement from the Presidency, his deep understanding of Ghana’s financial system makes him well-positioned to lead the central bank. With over 23 years of experience at the Bank of Ghana, Dr. Asiamah has played a crucial role in shaping the country’s banking policies.  He has consiste...

 Businesswoman and mining colossus Angela List has reaffirmed her rightful position as a shareholder and director of BCM, a mining services company that operates across sub-saharan Africa and Jordan. Angela has been an integral part of BCM International's growth and success, playing a crucial role in shaping the company's vision and strategy. Her contributions were instrumental in driving the company's expansion and establishing its reputation as a leader in the mining industry from the year 2001 to 2020. I am proud to confirm my position as a shareholder and director of BCM International," said Angela List. "I have always been committed to the company's mission and values, which were shaped under my leadership and I am excited to continue working with our team to drive growth and innovation." A recent court ruling has unequivocally confirmed Angela List's position as a shareholder and director of BCM. The ruling brings an end to the lengthy dispute a...

  The board of directors of Guinness Ghana Breweries PLC has announced that Diageo Holdings Netherlands BV has agreed to sell its entire 80.4% shareholding in the Company to Castel group, in return for cash consideration equal to GH₵5.15 per share in the Company. The purchase price in cedis is to be converted into U.S dollars at a rate agreed between Diageo and Castel and will be paid to Diageo in US dollar at completion of the Transaction. In connection with the Transaction, the Company and Castel will enter into new licence and royalty agreements to allow the Company to continue to brew, produce and distribute Guinness and the other Diageo brands which are currently produced by the Company in Ghana", a statement from Guinness Ghana said. Since the 1960s, Castel has been one of the leading beverage companies on the continent and has forged partnerships with several leading consumer multinational companies. Diageo remains deeply committed to Ghana and in partnership with Castel, D...

 Access to clean and efficient cooking fuel is essential for promoting good health, safeguarding the environment, and driving economic growth. However, traditional solid fuels like charcoal and firewood remain widely used in Ghana, despite efforts to promote cleaner alternatives such as liquefied petroleum gas (LPG). A  recent joint study  by the Kwame Nkrumah University of Science and Technology and the University and Energy and Natural Resources, analyzed the socio-economic factors influencing cooking fuel choices among 2,942 women of reproductive age. This was based on data from the 2019 Ghana Malaria Indicator Survey (GMIS). The research published in the 2025 edition of PLOS One explored the relationship between factors such as educational attainment, wealth status, place of residence, and cooking fuel preferences. The study revealed that only 13.77% of participants used LPG for cooking, while 86.23% relied on non-LPG fuels, such as firewood and charcoal. Again, the s...

 The Chief Sustainability Officer for Deloitte West Africa and Audit Partner at Deloitte Ghana, Abena Biney, is advising Micro Small and Medium Scale Enterprises (MSMEs) to set up strong management to drive the business of their respective entities. According to her, having the right professionals with managerial skills and a proven track record is critical in building a business with a solid foundation that would stand the test of time. Biney disclosed this at the 2025 Crystal Ball Africa Forum on the topic: “Cracking the Code – Hidden Wealth and the Solutions in Search for Problems” with emphasis on MSMEs. The event which attracted over 500 business leaders, policymakers and professionals across the African continent was organised by AB & David with support from Deloitte, Absa Bank and Joy FM. In offering solutions for MSMEs to navigate the challenges facing them, the Deloitte Audit Partner whose session was one of the most exciting urged businesses to develop a well-defined ...

 The Government of Ghana has formalized a crucial debt treatment agreement with its Official Creditors Committee (OCC) by signing a Memorandum of Understanding (MoU), a significant step towards restoring long-term debt sustainability. The agreement, co-chaired by China and France, was disclosed in a statement from the Ministry of Finance dated January 29, 2025. This milestone comes after Ghana, in December 2022, suspended portions of its external debt servicing to commercial and bilateral lenders amid a deep economic crisis. At the time, inflation had soared to a staggering 54%, while international reserves had plunged to less than two months of import cover. The nation embarked on a comprehensive debt restructuring journey, including the successful completion of its Domestic Debt Exchange Programme (DDEP) in 2023. A year ago, on January 12, 2024, Ghana reached an agreement with its Official Creditors under the G20 Common Framework for Debt Treatments, going beyond the Debt Service...

 The Ghana Investment Promotion Centre (GIPC) has announced the appointment of Dr. Bernice Makafui Brempong as its new Chief Executive Officer. She succeeds Yofi Grant, who served in the role until December 30, 2024. Dr. Brempong is a results-driven professional, with a distinguished track record in business development, healthcare, and strategic partnerships. She holds a Bachelor of Pharmacy from the University of Ghana’s School of Pharmacy, a Master of Science in Entrepreneurship from the University College of London, and a Doctor of Pharmacy from the Kwame Nkrumah University of Science and Technology. Though trained as a pharmacist, Dr. Brempong has established herself as an innovative business leader, founding and leading a portfolio of thriving companies across the pharmaceutical, healthcare, and commodity sectors, contributing significantly to Ghana’s socio-economic development. Before her appointment, Dr. Brempong served as the Chief Executive Officer of Makhealth Pharmaceut...

 The Importers and Exporters Association of Ghana (IEAG) has commended Dr. Cassiel Ato Baah Forson on his appointment and swearing-in as the Minister for Finance, and Elizabeth Ofosu-Adjare on her assumption of office as the Minister for Trade, Agribusiness, and Industry. In a statement signed by its Executive Secretary, Samson Asaki Awingobit, it expressed confidence in the competence and zeal of Dr. Forson and Ofosu-Adjare to drive Ghana’s trade and maritime industry to greater heights. Dr. Forson’s extensive experience in fiscal policy and economic management, coupled with Mrs. Ofosu-Adjare’s dedication to empowering businesses, particularly women-led enterprises, it said, position them as exemplary leaders for their respective ministries. The IEAG is fully prepared to collaborate with both ministers to achieve their goals and targets for the trade and maritime sectors. We believe that through effective partnership, we can enhance the efficiency and competitiveness of Ghana’s im...

  The Institute for Economic Affairs (IEA) is warning that the Bank of Ghana’s intervention alone in the forex market cannot ensure lasting exchange rate stability without far-reaching reform measures. After peaking at GH¢16.30 in October, the cedi declined to   GH¢15.37 in November and further to GH¢14.70 in December. The GHS/GBP and GHS/EUR rates followed similar patterns. IEA said the rate decline was presumably due to stepped-up intervention by the Bank of Ghana before the 2024 election. “In fact, by October, before the intervention, the GHS/USD had risen to GH¢16.30”, it mentioned. The question is whether the appreciation in the rate in November and December could be sustained. The fact is that, as indicated below, Bank of Ghana’s intervention alone cannot ensure a lasting exchange rate stability without far-reaching reform measures”, it added. The year-to-date depreciation of the cedi against the dollar peaked at -27.1 in October 2024 before declining to -22.7% in Novemb...

 Data from the Bank of Ghana has revealed that the total value of mobile money transactions for 2024 stood at a record GH¢3.0192 trillion, about 57.90% growth year-on-year. In 2023, the total value of mobile money transactions was GH¢1.912 trillion. The significant growth in mobile money transactions is still astonishing and provides an opportunity for the country to further deepen its financial inclusion. However, it is shocking why the nation cannot make much revenue from the Electronic Transaction Levy (E-levy). The data from the Bank of Ghana indicates that in the first eight months of 2024, the total value of mobile money transactions stood at GH¢1.775 trillion. It then shot up to GH¢2.368 trillion in October 2024. According to the September 2024 Summary of Economic and Financial Data by the Bank of Ghana, the value of mobile money transactions in January 2024 stood at GH¢198.4 billion but dropped to GH¢195.8 in February 2024. It again fell slightly to GH¢181.9 billion in Marc...

 The Lands and Natural Resources Minister nominee, Emmanuel Armah-Kofi Buah, has assured Ghanaians that there will be no new mining activities in forest reserves if his appointment is approved.  He made this strong commitment during his vetting before the Appointments Committee of Parliament on Monday, January 27, 2025.  According to him, his stance reflects the government’s commitment to environmental conservation and sustainable natural resource management. In response to a question, Buah emphasised the need for decisive action to protect forest reserves from mining activities.  He stated, “We have said that there will be no new mining activities in forest reserves, and the intention is to make sure that L.I. 2462 is amended to ensure that the provision allowing for mining in reserves is not in place.”  He added that the declaration signals the government’s determination to prioritise environmental preservation as a key aspect of its agenda. The minister nomin...

 The Minister-Designate for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has announced a comprehensive plan to address the alarming degradation of Ghana’s water bodies caused by illegal mining activities. Dubbed the Blue Water Initiative, this project aims to rehabilitate polluted water sources and transform affected areas into hubs of ecological and economic recovery. Speaking during his vetting by Parliament’s Appointments Committee on Monday, January 27, Armah-Kofi Buah highlighted the devastating impact of illegal mining, commonly referred to as galamsey, on Ghana’s environment. He stressed the urgency of implementing sustainable initiatives to reverse the damage and safeguard Ghana’s natural resources. We have some initiatives that will help us heal the wounds of our country,” Buah stated. “Our forest, which is the heart of our survival, has been completely damaged and devastated. The Blue Water Initiative seeks to heal and harness the areas degraded by illegal minin...

 Emmanuel Armah-Kofi Buah, the Minister-Designate for Lands and Natural Resources, has stressed the urgent need to reform Ghana’s mining licensing regime to eliminate inefficiencies, duplication, and regulatory gaps that have hampered its effectiveness. The mining sector remains a cornerstone of Ghana’s economy, contributing significantly to employment, foreign exchange, and national revenue. However, the existing licensing framework has been criticized for inconsistencies, loopholes, and its susceptibility to abuse, which undermine the sector’s potential for sustainable growth. Speaking during his vetting on Monday, January 27, Armah-Kofi Buah pointed out the fragmented nature of the current licensing process, which he argued creates opportunities for exploitation and regulatory non-compliance. He highlighted a key loophole where individuals hold multiple licenses for adjacent areas without being classified as large-scale miners. The Minister-Designate outlined plans to address th...

 The Bank of Ghana (BoG) has kept its monetary policy rate unchanged at 27%. The decision to hold the rate steady is to counter elevated inflation risks and support the country’s ongoing economic recovery efforts. It also comes after Ghana failed to meet its 2024 end-year inflation target of 15% as the rate inched up to 23.8% in December last year. Addressing the first Monetary Policy Committee press briefing for 2025, at its new headquarters—Bank Square—Governor, Dr. Ernest Addison said, the Central Bank will continue with its cautious stance in the face of underlying inflationary pressures and global economic uncertainties. The inflation profile remains elevated largely driven by food price movement, especially, in the last quarter of the year. The climate factors including dry spells in some parts of the food-growing communities of the country and the last onset of rains negatively affected production. “While the supply chain weakens generally affected food prices. While the inf...

  Michael Abbiw, the Chief Executive Officer (CEO) of MGA Consulting Ghana Limited, one of the fastest-growing indigenous management consultancy firms in the country, is optimistic that the new government will create new opportunity for businesses to grow and create jobs for the youth. For us, we see a new government as a new opportunity because all businesses and organisations are trying to see what this new government hold for us to grow and create employment for our young people”, he said during an interview at the company’s end of year get-together party held in Accra. Abbiw said his outfit is expecting a lot of work this year to contribute to businesses in navigating their way around this new government and also being successful. He added that they would also be looking at re-strategising and finding new solutions to support their existing and new clients. 2025 is going to be better  Innosol Innovative Solutions subsidiary of MGA Consulting, is hoping to launch its first ...

  The Africa Prosperity Dialogues (APD) 2025, a flagship event organised by the Africa Prosperity Network (APN) in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, will convene from January 30 to February 1, 2025, at the Accra International Conference Centre in Accra, Ghana. The event will focus on the theme: “Delivering Africa’s Single Market through Infrastructure: Invest. Connect. Integrate.” The APD 2025 has already drawn over 3,000 participants from 46 countries, including African heads of state, institutional heads, industry leaders, chief executives, entrepreneurs, ministers, policymakers, thought leaders, and development partners. The dialogues will begin with a series of breakfast meetings on January 30 at 8:30 am, tackling critical areas to accelerate Africa’s economic integration and prosperity agenda. According to Sidig El Toum, Chief Executive Officer of APN, the structure of the breakfast meetings highlights the pivotal role of the priv...

 Fan Milk PLC has apologised to motorists and the public for the inconvenience caused by a truck accident involving one of its third-party logistics partners.   The incident occurred on the Achimota-Tesano overhead bridge on Saturday evening, January 25, 2025. In a statement, the company expressed regret over the incident, which resulted in significant traffic congestion in the area.   The truck, operated by Adwenpa Transport Services Limited, was not carrying any products at the time of the accident. Fortunately, no injuries, fatalities, or damage to other vehicles were reported. Fan Milk assured the public that its logistics partner is actively collaborating with authorities to investigate the cause of the accident and expedite the removal of the truck to restore normal traffic flow. “Adwenpa is collaborating with the authorities to review this unfortunate incident. We apologise for any inconvenience this may have caused roads users, the community and motorists using th...

  Ghana achieved a remarkable trade surplus of $4.98 billion in December 2024, nearly doubling the $2.69 billion surplus recorded in the same period in 2023. This strong performance was detailed in the Bank of Ghana’s January 2025 Summary of Economic and Financial Data. The impressive surplus was largely driven by a sharp 53.2% year-on-year increase in gold exports, which reached $11.64 billion. Overall, total exports grew by 21.06%, hitting $20.22 billion. However, the performance of other export sectors was mixed. While gold exports soared, oil exports saw a marginal decline of 0.7% to $3.68 billion. Cocoa exports experienced a significant drop, falling from $2.15 billion in December 2023 to $1.7 billion in 2024. Analysts attribute the cocoa sector’s challenges to adverse weather conditions and the impact of illegal mining on production. On the import side, Ghana’s total import bill rose to $15.24 billion, up from $14 billion in December 2023. Despite the increase in imports, the...

  Atlantic Lithium Limited has announced the resignation of Edward Nana Yaw Koranteng as Non-Executive Director and Chairman of the Board’s Remuneration and Nomination Committee, effective immediately. The resignation comes shortly after Koranteng’s removal as Chief Executive Officer of the Minerals Income and Investment Fund (MIIF). His appointment was revoked by President John Dramani Mahama in a letter dated January 13, 2025, signed by Callistus Mahama, Secretary to the President. Koranteng served on Atlantic Lithium’s Board as MIIF’s nominee director, a role established under the terms of a US$5 million subscription agreement between MIIF and the company. Despite his departure, MIIF retains the right to nominate a replacement director for the Board. Neil Herbert, Executive Chairman of Atlantic Lithium, commented: “On behalf of the Atlantic Lithium Board and management team, I would like to extend my gratitude to Edward for his valued contributions to the company during his tenu...

  The Office of the Registrar of Companies (ORC) has announced an exemption for small businesses from the financial statement audit mandate outlined in Section 137 of the Companies Act, 2019 (Act 992). This waiver also includes relief from the obligation to publish an auditor’s report – a requirement stipulated under the same section of the Act. According to a press statement issued by the ORC, small businesses will instead undergo a financial review conducted by the auditors of their companies The review will align with international standards on review engagements and guidelines issued by the International Audit and Assurance Standards Board (IAASB), as adopted by the Institute of Chartered Accountants Ghana (ICAG). The ORC clarified: “A report of auditors required under Section 137 of the Companies Act in respect of a company classified as a small company shall only contain a brief report on the financial statement of the company prepared by the internal auditor.” The ORC catego...

 The Ghanaian business community is ramping up advocacy efforts to protect local and foreign businesses from increasing acts of vandalism in order to maintain a secure environment and bolster investor confidence. Recent attacks on some companies, including Electrochem Ghana, Volta Aluminium Company (VALCO), and Ghana Gas, have raised alarm within the investment landscape. These incidents, reportedly instigated by youth groups, threaten to erode Ghana’s reputation as a safe and attractive destination for investment. Data from the Ghana Investment Promotion Centre (GIPC) reveals that the country secured $316 million in Foreign Direct Investment (FDI) during the first three quarters of 2024, reinforcing its position as a leading investment hub in West Africa. Additionally, domestic investments totalled $9.88 million, showcasing a balanced contribution from both foreign and local investors. However, the growing concerns over vandalism have prompted swift action. The Ghana Chamber of Co...