Kofi Ahovi

  The State Interests and Governance Authority (SIGA) has commended the Tema Oil Refinery (TOR) for achieving its first profit in a decade and successfully submitting six years of outstanding audited financial statements, describing the development as a major milestone in the refinery’s recovery journey. In a statement issued on June 1, 2026, SIGA praised the Board, Management and Staff of TOR for completing and submitting audited accounts covering the period from 2019 to 2025, ending years of financial reporting arrears and strengthening the refinery’s governance and accountability credentials. According to the audited financial statements presented to SIGA, TOR recorded a Profit Before Tax of GHS 1.24 billion in 2025, representing its first profit in ten years and signaling what the Authority described as a significant institutional turnaround. SIGA noted that the refinery’s performance was supported by strong revenue growth, making 2025 its best financial year since 2019. The re...

  Community banks have been encouraged to strategically align their operations with ongoing regulatory reforms in the microfinance sector to enhance customer service, deepen financial inclusion and support local economic development. The Sunyani Regional Manager of ARB Apex Bank, Susan Boateng, made the call at the 40th Annual General Meeting (AGM) of Kintampo Community Bank PLC held at Kintampo in the Bono East Region. She noted that the Bank of Ghana's ongoing reforms are aimed at strengthening the rural and community banking sector through improved corporate governance, enhanced resilience and long-term sustainability. A key component of the reforms, she explained, is the transition from the traditional “Rural Bank” designation to “Community Bank” under the revised Microfinance Sector Framework. According to her, the transition goes beyond a change in nomenclature and reflects a broader commitment to growth, accountability and deeper community engagement. Boateng commended Kinta...

 MobileMoney Fintech LTD (MMFL) has launched a nationwide initiative to support six hundred (600) micro, small and medium enterprises with practical training in financial literacy, digital payments, credit readiness, and business growth. Through its “Wo Nkɔsoɔ” initiative, MMFL is helping entrepreneurs improve record-keeping, manage cash flow, build savings habits and become better positioned for credit, insurance, and future investment. The programme targets informal sector operators, including women-led businesses, fashion designers (dressmakers and tailors), hairdressers, and farmers, many of whom support households and communities while operating with limited access to formal financial tools. In collaboration with Universal Merchant Bank, Kola Market, and the national associations representing these groups, MMFL is delivering hands-on training in digital banking, fraud prevention, business formalisation, and credit readiness. Speaking at the launch held in Kumasi as part of the...

  MTN Ghana, in partnership with OnePIN, is helping businesses across Ghana connect more effectively with their customers through its MediaX platform. MediaX is a self-service digital advertising solution delivering measurable results across MTN's digital ecosystem. MediaX is showing strong performance, giving brands and content providers the tools to independently create, manage, schedule and optimise campaigns with full transparency and control. The platform's end-to-end self-service model is supported by a robust bidding system that ensures fairness and competitiveness, while real-time performance reporting enables smarter budget decisions and continuous campaign optimisation. Campaigns on MediaX are currently achieving engagement rates of over 80%, delivering profitable returns for content providers and driving consistent subscriber growth for MTN Ghana's digital content partners. These results reflect the platform's ability to connect the right audiences with the r...

  The Ghana Revenue Authority (GRA) has begun expanding the pilot rollout of its Integrated Tax Administration System (ITAS), a major digital platform designed to transform tax administration and improve taxpayer services across the country. Speaking at a media engagement in Accra to create awareness about the system, Commissioner-General Anthony Kwasi Sarpong said the Authority has successfully launched the first phase of ITAS and is gradually onboarding taxpayers ahead of a nationwide rollout expected later this year. According to him, the pilot phase initially covered more than 400 taxpayers under the Accra West Area Office, which spans areas from Cantonments through to Kasoa. The GRA has since moved to onboard large taxpayers and will subsequently extend the system to the rest of Accra before rolling it out nationwide. We launched ITAS earlier this year and have gone live with Phase One, covering taxpayer registration, filing of returns and tax payments. We are now onboarding a...

  Finance Minister Dr. Cassiel Ato Forson has announced the government’s readiness to introduce a new commercial paper programme for the Ghana Cocoa Board (COCOBOD), marking a shift from the longstanding syndicated loan arrangement used to finance cocoa purchases. Speaking at the Ghana-UK Investment Summit 2026, Dr. Forson said transaction advisers engaged to design the new financing structure have completed their work and submitted their report, clearing the way for the issuance of the commercial paper. According to him, the new model will widen investor participation beyond local banks to include pension funds and non-resident investors. He explained that the initiative is aimed at diversifying COCOBOD’s funding sources while reducing reliance on the annual syndicated loan facility. To ensure steady financing throughout the cocoa season, the commercial paper will be issued in three tranches. The first tranche will cover up to two months of cocoa purchases, the second will finance...

  Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps from this morning, June 1, 2026. The increase is in line with the two-week review of fuel prices by the various oil firms in the country, as part of the price deregulation policy. Star Oil took the lead this morning by increasing the price of petrol to GH¢15.20 per litre from GH¢14.60 per litre on May 16, 2025.  It, however, kept the price of diesel at GH¢15.81. Based on the price quote by Star Oil, it has kept its price floor for petrol. However, that cannot be said of diesel. It is also not clear for now how the other major players in the industry, including Goil, Shell, Total and Zen Petroleum will react to this development. The National Petroleum Authority on May 28, 2026, announced the price floor for June 1 to June 16 pricing window, which showed that no oil marketing company should sell a litre of petrol below GH¢15.20. This actually marks an increase from the pri...