Kofi Ahovi

  A recent forum organized by Africans Communicating Africa in partnership with TimeKeeping Dialogue Series brought together experts to discuss strategic communications in the context of Ghana's 2024 elections. The panelists shared valuable insights on ethical communications, emotional communications, women representation, issue management, and more. Nil Commey, an International Communications Strategist, highlighted the National Democratic Congress's (NDC) effective use of emotional communications to connect with voters. He noted that presidential candidate John Mahama's branded clothing was a clever tactic to promote his brand and appeal to the emotions of the electorate, particularly the youth. Nii Commey observed that vibrant political parties effectively harness the media to disseminate their messages, ultimately influencing public perception and voter behavior. The strategic deployment of communications by parties like the NDC and NPP has been particularly noteworthy,...

Ghana’s real household expenditure is expected to grow by 2.5% year-on-year in 2025, following a modest 1.1% increase in 2024. According to Fitch Solutions, this rise will push total household spending to GH¢129.7 billion—a 25.4% increase from the GH¢103.4 billion recorded in 2019 before the pandemic. The UK-based research firm attributed the projected expansion to easing inflation and improved cedi stability in 2025, creating room for a more accommodative monetary stance from the Bank of Ghana (BoG). We will see an improvement in Ghanaian household spending over 2025, as households rally from elevated inflation and cedi weakness. Following the presidential elections in December 2024, consumer activity is already beginning to rebound, and with cooler levels of price growth, greater cedi stability, and a dovish approach from the Bank of Ghana, households will see a marked uptick in purchasing power and will support a rebound in both essential and discretionary segments,” Fitch Solutions...

 Dr. Johnson Asiama, the newly sworn-in Governor of the Bank of Ghana (BoG), has outlined plans to reverse the Central Bank’s negative equity position following recent financial losses. Speaking at his swearing-in ceremony on Tuesday, February 25, 2025, Dr. Asiama stressed that restoring the Bank’s financial health is critical to maintaining stability, credibility, and public trust. My sixth and last priority area is the need to reverse the Bank of Ghana’s negative equity position or the losses that have been incurred in recent years all to maintain financial stability, maintain the institution’s credibility, and restore public trust,” Dr. Asiama stated. The Bank of Ghana recorded significant losses in recent years, largely due to debt restructuring measures and broader economic challenges. The Governor underscored the urgency of addressing this situation through a combination of cost-cutting measures and strategic financial policies. In this vein, we will seek to re-examine the Ba...

  Newly sworn-in Governor of the Bank of Ghana, Dr. Johnson Asiama, has vowed to address the persistent challenge of high non-performing loans (NPLs) in the country’s banking sector as part of a broader strategy to enhance financial stability and economic growth. Speaking at his swearing-in ceremony on Tuesday February 25, 2025, Dr. Asiama stressed the need for targeted reforms to strengthen the resilience of banks and improve their ability to support economic activities. While our banking sector remains broadly stable after the recent crises, it requires targeted reforms to address legacy challenges and ensure continued resilience,” he stated. Among the key measures outlined by the Governor is the enforcement of stricter prudential regulations to curb weak risk management practices in the industry. According to him, addressing the high levels of NPLs will be a priority under his leadership. Under my stewardship, we shall enforce strict prudential regulations while fostering an ena...

  BP is expected to announce it will slash its renewable energy investments and instead focus on increasing oil and gas production. The energy giant will outline its strategy later following pressure from some investors unhappy its profits and share price have been much lower than its rivals. Shell and Norwegian company Equinor have already scaled back their plans to invest in green energy. Meanwhile US President Donald Trump’s “drill baby drill” comments have encouraged investment in fossil fuels and a move away from low carbon projects. Some shareholders and environmental groups have voiced concerns over any potential ramping up on production of fossil fuels. Five years ago, BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030, while significantly ramping up investment in renewables. In 2023, the company lowered this oil and gas reduction target to 25%. It is now expected to abandon it altogether while confirming it i...

  The Ghana Union of Traders’ Associations (GUTA) has expressed optimism ahead of the 2025 Budget Statement, urging the new government to implement policies that will foster a more conducive business environment. GUTA believes that streamlining the tax system and reducing taxes, duties, and levies will help alleviate the high cost of doing business in the country. In a February 26 press release signed by its President, Dr. Joseph Obeng stated that the government’s assurance of reducing business costs is a step in the right direction. The association outlined key expectations from the upcoming budget to support business growth and economic stability. GUTA is hoping that “all nuisance taxes will be scrapped to considerably prune down the number of numerous taxes that impede the growth of business in the country.” The association is also urging the “government to introduce unconditional tax amnesty programmes as a stop-gap measure in its quest to broaden the tax base and to ensure non...

 The government is set to roll out the Microfinance Policy by the end of the year, a move expected to transform the sector and stimulate economic growth. This was revealed by Andrew Amerckson, Head of Banking and Non-Banking at the Ministry of Finance, during the launch of a five-year strategic plan by the Ghana Association of Savings and Loans Companies (GHASALC). Speaking on behalf of the sector minister, Ato Forson, Amerckson emphasized that the policy will serve as a roadmap for the future of Ghana’s microfinance sector. To streamline the operations of the sector, the Ministry of Finance, in collaboration with the Central Bank and other stakeholders, has been working on the introduction of a new microfinance policy to serve as a blueprint to guide microfinance operations in Ghana. We need it to be passed because the risk there is very high,” he stated.   He further noted: “We are sure that the policy we are working on will get passed this year, but I don’t think it may nee...

 President John Dramani Mahama has appointed a 12-member governing board for the Bank of Ghana, following consultations with the Council of State and in accordance with the Constitution and the Bank of Ghana Act. The appointments were announced on Wednesday, 26 February 2025. The newly appointed board members are: Dr. Johnson Pandit Kwesi Asiama – Governor (Chairman) Dr. Zakari Mumuni – 1st Deputy Governor Thomas Nyarko Ampem – Representative from the Ministry of Finance Augustine Fritz Gockel – Economist Nana Akua Ayivora – Accountant/Audit/Risk/Compliance Emma Akua Bulley – Lawyer Evelyn Naa Checher Kwatia – Finance Markets/Treasury Dr Stephen Senyo Sapati – Finance/Audit Beatrice Feehi Annangfio – Lawyer Kizzita Mensah – Lawyer Joseph W. Asamoah – Fintech Isaac Adongo – Economist The appointments are expected to bring diverse expertise and experience to the Bank of Ghana, ensuring effective governance and oversight of the country’s central banking operations.

The Governor of the Bank of Ghana, Johnson Asiama, has emphasised the necessity of decisive leadership and prudent macroeconomic policies to reset Ghana’s economy. Speaking at his swearing-in ceremony at the Jubilee House in Accra on Tuesday, Asiama underscored the pivotal role of the Bank of Ghana in this ambitious agenda. He highlighted the critical challenges facing the nation, stating that effective leadership and sound economic policies are imperative to steering the economy toward stability and growth. The challenges before us require decisive leadership and prudent macroeconomic policies to reset the economy,” he asserted. He therefore reiterated the Bank of Ghana’s commitment to its mission of maintaining price stability, ensuring a sound financial system, and supporting economic growth. Indeed, the Bank of Ghana is a key institution in this agenda to reset the economy and must remain steadfast in its mission,” he said.

 STAR-Ghana, with support from the UK's Foreign Commonwealth Development Office, has launched the Fulbe Integration Manual as move towards promoting social cohesion and peaceful coexistence. This essential resource aims to foster greater understanding and inclusion of Fulbe (popularly known as Fulani) communities in Ghana. Speaking at the launch event, Ibrahim Tanko Amidu, Executive Director of STAR-Ghana Foundation, emphasized the importance of addressing exclusion and marginalization. The manual starts from the assumption that it's not just enough to recognize that something needs to be done, but we need to push out the issue. How it is done can address the issue or can exacerbate the problem," he noted. Amidu further stressed that, "We need to stimulate conversations around key issues of integration, social cohesion, human rights, and dignity in Ghana. We need to look beyond the stereotypes and recognize the contributions of Fulbe communities to our socioeconomic l...

  A string of fatal accidents on the Accra-Kumasi road has raised grave concerns about the reckless driving habits of drivers employed by 2M Express, a transport company in Ghana. The latest incident, which occurred on Friday, February 21, 2025, resulted in the loss of three family members' lives at Juaso and left others seriously injured and hospitalized, after a 2M Express car, attempting to avoid a head-on collision following a reckless overtaking maneuver, crashed into a private vehicle on the highway. This tragic accident is not an isolated incident. There have been reports of multiple accidents involving 2M Express vehicles on the Accra-Kumasi road, with many resulting in fatalities and injuries. The root cause of these accidents appears to be reckless driving, with drivers speeding and overtaking recklessly. Passengers who use 2M Express services have repeatedly complained about the reckless driving, but their concerns are often disregarded or met with hostility by the drive...

  The West Africa Gas Pipeline Company Limited (WAPCO) has announced plans to conduct feasibility studies this year to explore expanding its gas supply to additional areas. This announcement follows ongoing maintenance work, which has resulted in the temporary suspension of the reverse gas flow from Takoradi to Tema and led to the shutdown of key facilities in Lomé, Togo, and Cotonou, Benin. The maintenance is expected to be completed by March 2, 2025, after which gas flow will resume. During a press briefing, Ing. Benoni Owusu Ayeh, the Operations and Maintenance Superintendent for Western Operations at WAPCO, emphasized that the company is evaluating the financial investment required to achieve this goal. We need standby compressors, so additional investment is necessary, but it depends on demand. This will influence further investment in these facilities, which require upgrades to meet full capacity. We will begin the study this year, “he noted. Meanwhile, the company has announ...

 Deputy Finance Minister-designate Thomas Nyarko Ampem has ruled out using public funds to recapitalize the Bank of Ghana following the significant losses recorded in recent years. Speaking before Parliament’s Appointments Committee, he expressed confidence that the central bank will return to profitability, enabling it to absorb the losses without direct fiscal intervention. The Deputy Finance Minister-designate assured that the government would not use public funds to restore the central bank’s capital position. The BoG has gone through some challenges. I think for the past two years they have been recording losses. In 2022 they posted losses of about 60.8 billion and that was mainly because of their exposure to the DDEP. It affected the Bank of Ghana. The following year they posted losses again to the tune of about 10 billion or so. Currently, their negative equity is around 66 billion. “I have heard people suggesting that we should use public funds to recapitalize the Bank of G...

 Ghana’s informal sector employs nearly 80% of the workforce but contributes only 27% of GDP, highlighting a major productivity gap, according to the first edition of the National Report on Productivity, Employment, and Growth, released by the Ghana Statistical Service (GSS). The report warns that despite providing livelihoods for the majority of workers, the informal sector remains plagued by low productivity, underemployment, and stagnant wages, posing a significant challenge to economic growth. According to the report, labour productivity grew by an average of 3.2% annually between 1991 and 2019, with key gains concentrated in capital-intensive sectors such as mining and finance. The manufacturing sector recorded a 14% productivity increase between 2013 and 2022, yet employment grew by only 2.5% in the same period, reflecting slow industrial expansion. Similarly, the mining sector saw high productivity growth but little job creation, highlighting Ghana’s reliance on industries t...

 The Ghana Statistical Service (GSS) has released the first edition of the National Report on Productivity, Employment, and Growth. The report presents statistics on labour and total productivity trends from 1991 to 2022. It highlights how available statistics can be used to measure productivity and guide economic development in Ghana. Speaking at the launch, the Government Statistician, Professor. Samuel Kobina Annim stated “We are gathered here in pursuance of the new focus that we have adopted as a Service. And this new focus has to do with not presenting statistical outputs but presenting statistics in a manner that is policy relevant. What we are doing today is focusing on three key areas: productivity, employment, and economic growth.” He further explained, “Labour productivity measures how efficiently workers produce goods and services over a specific period. Total productivity measures how efficiently multiple inputs, like labour, capital, and materials, are used together t...

 Deputy Minister for Finance-designate, Thomas Nyarko Ampem has stressed the need for Ghana to start planning for a future without aid, following the decision by the United States Agency for International Development (USAID) to withhold funding. The move by USAID has already prompted President John Mahama to direct Finance Minister Dr. Cassiel Ato Forson to seek alternative sources of funding to bridge the estimated financial gap of $156 million. Deputy Minister for Finance-designate, Thomas Nyarko Ampem during his vetting on Monday, February 24, 2025, observed that Ghana over the years has relied on donor support for various development initiatives, but there has been a consistent decline in aid inflows. This happened at a time that fortunately we are in the process of preparing the 2025 budget so I am sure the Minister will be able to make provisions to bridge the gap. This should bring us to the larger conversation about aid. We know that aid to our country has been dwindling ov...

The Ghana Cocoa Board (COCOBOD) has stated that it is working to address price disparities in the cocoa sector as part of efforts to curb smuggling. This follows the interception of 1115 gallons of cocoa beans at the Ave-Havi border en route to Togo. The seized beans have been handed over to COCOBOD while investigations continue. Speaking to Citi News, Director of Special Services, Charles Amenyaglo, said COCOBOD is implementing measures to track and counter the activities of cocoa smugglers. COCOBOD is finding innovative ways of fighting the smuggling menace. As we speak, we want to identify all the routes so that we can block all those routes and all the strategies that they use. “So the management of COCOBOD is deliberating on how to, when it comes to price disparity, we are looking at various ways of bridging that and there is a committee working on that. In the interim, we are manning the access routes and then we do spot checks and thorough searches to identify people who are car...

  Johnson Asiama, Governor of the Bank of Ghana, has vowed to restore public trust and confidence in the financial sector. At his swearing-in ceremony on Tuesday, February 25, Asiama articulated his vision for a stable, innovative, and future-ready economy through responsible financial governance, digital transformation, and sound economic policies. In a passionate speech, Asiama declared that the “reset path” the Bank has embarked on goes beyond rhetoric. It is about rebuilding trust and confidence in the economy. We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” he said. He committed to serve with diligence, impartiality, and unwavering dedication to the mandate of the Bank of Ghana. As I take this oath of office, I do so with a solemn promise to the people of Ghana. That is to serve with dilig...

 President John Dramani Mahama has reaffirmed his commitment to fiscal discipline, assuring the newly sworn-in Governor and Deputy Governor of the Bank of Ghana (BoG) that his administration will not resort to reckless money printing to finance government expenditure. Speaking at the swearing-in ceremony of Dr. Johnson Asiama and deputy, Dr. Zakaria Mumuni at the Jubilee House, President Mahama warned against the dangers of excessive and unregulated Central Bank financing, which he said has had devastating consequences on Ghana’s economy in recent years. When government resorts to unsustainable consumption, expenditure, finance by excessive and unregulated printing of money the consequences can be severe. From spiraling inflation, erosion of incomes to driving millions into poverty, such actions not only weaken public confidence in financial institutions but also threaten long-term stability, ” he cautioned. “One thing for sure, I’m not going to come and ask you to print more money...

  President John Dramani Mahama has expressed confidence in Dr. Johnson Asiama’s leadership as the Governor of the Bank of Ghana (BoG), despite concerns raised by the opposition New Patriotic Party (NPP) regarding the legality and suitability of his appointment. The President’s endorsement comes amid a heated debate over Dr. Asiama’s past legal challenges and his ability to steer Ghana’s financial sector through its current crisis. The Minority in Parliament has been vocal in its criticism of Dr. Asiama’s appointment, citing his previous involvement in the collapse of UniBank and UT Bank, for which he was facing trial before the government withdrew all charges. The NPP argued that Dr. Asiama’s legal history makes him unfit for the role of BoG Governor, a position that demands impeccable integrity and trustworthiness. However, during the swearing-in ceremony of Dr. Johnson Asiama as Governor and Dr. Zakari Mumuni as First Deputy Governor of the Bank of Ghana, President Mahama defend...

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has announced that a new foreign exchange law will be enacted as part of efforts to strengthen the country’s banking sector. According to Dr. Asiama, this initiative is one of six key interventions he plans to implement during his tenure as governor, all aimed at transforming the banking sector. We will implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723),” he revealed at the Jubilee House on Tuesday, February 25 after the President, John Mahama swore him into office alongside the First Deputy Governor. The Foreign Exchange Act 2006 (Act 723) is the primary legislation that regulates foreign exchange transactions in Ghana. It outlines the rules for buying, selling, and transferring foreign currencies within the country, as well as for international payments. It also provides guidelines for controlling the movement of foreign excha...

  Tullow Plc Board Chairman, Phuthuma Nhleko has reaffirmed the company’s strong commitment to the growth of Ghana’s energy sector, highlighting its long-term partnership with the country for close to two decades. In a recent meeting with Ghana’s President John Mahama, Phuthuma Nhleko reiterated the company’s commitment to strengthening its partnership with Ghana. He emphasised the importance of harnessing the country’s vast oil and gas resources efficiently, sustainably, and with environmental responsibility. As the lead operator of Ghana’s key oil fields—Jubilee and TEN —Tullow and its partners have invested over $19 billion in the sector since inception, contributing more than $6 billion in revenue to the Ghanaian government. During the meeting, the Chairman also introduced Richard Miller, Tullow’s interim Group CEO, to the President, following the recent announcement by the company of the exit of former CEO, Rahul Dhir, after four years. Phuthuma assured the President of Tullow...

 The Ghana cedi continued its fine performance in the retail market last week clawing back some gains against the US dollar amid improved market liquidity. This narrowed its year-to-date loss to 0.96%, making it one of the best performing currencies in Africa so far this year. It started the last week of February 24, 2025, on a stable note against the American greenback. It is presently going for GH¢15.72 against one US dollar in the retail market. Last week, the Bank of Ghana (BoG) injected liquidity, selling US$155.53 million through the daily foreign exchange auctions and the interbank markets. As a result, the cedi gained 0.32% week-on-week versus the US dollar to close at a mid-rate of GH¢15.68. This took the year-to-date loss to 0.96% as against 1.27% the previous week. However, the local unit depreciated by 0.77% against the pound, as positive sentiment around the British currency remained strong. This follows US President Trump’s comments, which suggested that the UK may av...

Deloitte West Africa has indicated that the high cost of funds in Ghana will persist due to the high-interest rate environment. In its February 2025 Monetary Policy Update, the professional services firm said the high non-performing loans pose risks to banking sector stability. It also expressed concerns about that elevated inflation rate of 23.5% in January 2025 and global economic uncertainties, saying they are threat to economic growth. “Persistent rise in food inflation, largely driven by climate-related factors and supply chain disruption is also a concern”, it added.   The Bank of Ghana maintained its monetary policy rate at 27% in January 2025 to counter inflation risks and boost economic growth. The rationale was due to heightened inflation environment, with upside risks stemming from the food sub index. Again, tight monetary conditions continue to anchor inflation expectations and reduce core inflation. Implications of Monetary Policy Rate The implications of the 27% polic...

The Supreme Court has today [February 25, 2025] adjourned indefinitely a case filed by a private legal practitioner Jonathan Amable seeking to stop government from issuing Treasury Bills. The Attorney General’s Department told the court it will need more time to file a response to the issue. Amable in the application is arguing that government can only go ahead to issue Treasury Bills if it secures prior approval from Parliament.  The arguments were captured in the application filed at the Registry of the Supreme Court on November 11, 2024. The Motion for Interlocutory Injunction is seeking to stop government and its agents like the Finance Ministry and the Bank Ghana from borrowing through Treasury Bills.  Details of the application The application cite the Attorney General as the Defendant. Legal Arguments The Motion for Interlocutory Injunction is seeking to restrain government from undertaking any activity which constitutes borrowing or debt financing, until the final dete...

 The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has announced six priority areas to help reform Ghana’s financial sector and stabilise the cedi against the dollar. Speaking at the Jubilee House after a swearing in ceremony of the Governor and his deputy Dr. Zakari Mumuni, Dr. Asiama said it is important to recalibrate the monetary policy strategy and enhance the policy framework to achieve the BoG’s mandate more efficiently. Under my leadership, our policies will be clear, predictable, and responsive to emerging threats. We shall adopt a more proactive and precise approach to managing inflation, leveraging on advanced data analytics and artificial intelligence”, he assured.  Dr. Asiama promised to coordinate policy efforts with other government agencies for example to manage food prices. We shall be consistent in our policy actions to avoid sending conflicting signals as happened in the recent past, and we shall work to enhance monetary policy implementation”, he s...

 I have become aware of calls from the Food and Beverages Association of Ghana (FABAG) for the removal of Ghana´s excise taxes on health-harming products such as tobacco, alcohol, and sugar sweetened beverages (SSBs). The FABAG referred to them as “nuisance taxes" (the  Onua FM, 2025, story by Laud Nartey - February 17, 2025 9:28 am, and Ghana Web - Business News of Monday, 17 February 2025, refer). I am compelled to state that FABAG’s characterization of excise taxes on harmful products as “nuisance taxes” is incorrect and misleading. Such a misrepresentation - coming from an entity with clear financial interests - appears driven more by profit motives than by factual or public health concerns. Not only is this mischaracterization deceptive, but it is also historically and conceptually flawed. The term "nuisance tax" originated in early 20th-century U.S. tax discourse to describe minor, petty, or bureaucratically burdensome taxes - typically levies on low-value transact...

The MTN Ghana Foundation expresses its gratitude to MTN employees, voluntary donors, partners, the media, and all stakeholders for their support during this year’s "Save a Life" blood donation exercise, which took place in 42 locations across all 16 regions of Ghana. This initiative targeted MTN employees, students in selected communities where MTN operates and media houses. With the support of voluntary donors, students and partners, this year's campaign successfully collected 6,620 units of blood, surpassing the set target of 6,110.   Peter Bimpeh, Senior Manager Sales and Distribution and some staff donating blood during the Save a Life The annual "Save a Life" blood donation campaign was organized to address the critical shortage of blood supplies in the country. The blood collected was for the benefit of the National Blood Service and regional hospitals across all 16 regions. The MTN Ghana Foundation remains committed to supporting health initiatives and lo...

  For Brian Kreher, a fourth-generation farmer in the small town of Clarence, New York, the latest outbreak of bird flu has meant many sleepless nights. He considers his 18-acre farm one of the lucky ones. With extensive safety precautions, he hasn't lost any birds to the virus, which has ravaged   poultry  farms across the US. But the outbreak forced him to make tough calls, like deciding whether to accept a new batch of baby chicks from a hatchery near a virus hotspot in Pennsylvania. If he didn't, he would have no chickens to replace those that die or get sick. "I had no choice," Kreher told the BBC. "It was either accept those baby chicks, or over the next year, we slowly exit farming." "  Egg farmers are in the fight of our lives and we are losing," he said. Though the avian flu, or H5N1, has circulated among American poultry flocks for years, an outbreak starting in 2022 has wreaked havoc on farms, killing over 156 million birds and sending ...