LATEST ARTICLES

RETRACTION: Apology to Faustina Agyeiwaa Kodua Andoh-Kwofie

Prosper Kay
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RETRACTION: Apology to Faustina Agyeiwaa Kodua Andoh-Kwofie

RETRACTION AND APOLOGY

We wish to unreservedly retract the publication of a story alleging that Faustina Agyeiwaa Kodua Andoh-Kwofie engaged in acts of abuse of office and unlawful acquisition of land.

Upon further review, we acknowledge that the claims may have conveyed an inaccurate and unfair representation of the individual concerned.

We deeply regret any distress, reputational harm, or inconvenience the publication may have caused to COP Faustina Agyeiwaa Kodua Andoh-Kwofie, her family, associates, and the Ghana Police Service.

As a responsible media outlet, we recognise the importance of accuracy, fairness, and due diligence in our reporting. We sincerely apologise for the oversight and any damage caused.

We have since taken steps to remove the story from our platforms and are reviewing our editorial processes to prevent similar occurrences in the future.

We reaffirm our commitment to ethical journalism and to upholding the highest standards of integrity in our work.

Signed,
[Editor/Publisher]

Ecobank Group Profit Climbs 29 Percent to ₦950 Billion in 2025

Roger A. Agana
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Ecobank Group Profit Climbs 29 Percent to ₦950 Billion in 2025

Ecobank Transnational Incorporated (ETI), the Lomé-headquartered pan-African banking group, posted a 29 percent rise in profit after tax to NGN 950 billion for the year ended 31 December 2025, supported by strong income growth across its core lending and non-interest revenue lines, according to condensed consolidated unaudited financial statements filed on the Nigerian Exchange Limited (NGX).

Profit before tax climbed 30 percent to NGN 1.28 trillion, up from NGN 986.7 billion in 2024, while gross earnings rose 14 percent to NGN 4.82 trillion and total revenue increased 18 percent to NGN 3.67 trillion.

Net interest income grew 22 percent year on year to NGN 2.14 trillion, supported by a 15 percent increase in interest income to NGN 3.18 trillion. Interest expense rose modestly by four percent to NGN 1.04 trillion, indicating that the bank kept funding costs relatively contained even as its balance sheet expanded.

Beyond lending, fee and commission income also provided a strong lift. Fees and commission income jumped 17 percent to NGN 1.02 trillion, reinforcing the dual-engine revenue model that has become central to Ecobank’s earnings strategy across its extensive African network.

The balance sheet expanded materially. Total assets grew 14 percent to NGN 49.44 trillion, while deposits from customers rose 15 percent to NGN 36.45 trillion, reinforcing the bank’s funding base. Loans and advances to customers increased 11 percent to NGN 17.09 trillion. Total equity strengthened significantly, rising 50 percent to NGN 4.17 trillion, driven largely by retained earnings growth, with equity attributable to ordinary shareholders rising to NGN 2.91 trillion from NGN 1.75 trillion.

The results were not without pressure points. Impairment charges on financial assets surged 28 percent to NGN 613.2 billion, reflecting heightened credit risk costs across the portfolio, while operating expenses rose eight percent to NGN 1.77 trillion, driven primarily by higher staff costs and other inflationary pressures across the bank’s footprint. Despite these headwinds, operating profit after impairment charges grew 30 percent, demonstrating that revenue expansion substantially outpaced cost growth.

The full-year strength was tempered slightly by a softer fourth quarter, with Q4 2025 pre-tax profit declining to NGN 264.5 billion from NGN 274.3 billion in the corresponding quarter of 2024, signalling some market headwinds as the year closed.

Ecobank operates in 34 African countries and serves more than 32 million customers across consumer, commercial, corporate, and investment banking segments. The group’s full audited results for 2025, which will provide a more complete picture of performance, are expected to be filed by 30 April 2026 following a regulatory extension granted by the Securities and Exchange Commission.

For investors on the Ghana Stock Exchange, where ETI holds a primary listing, the results affirm the group’s position as one of the continent’s most profitable banking institutions, even as questions around credit quality and currency dynamics across its diverse market footprint remain key variables heading into 2026.

Africa’s Startup Capital Is Surging, but Fewer Startups Are Benefiting

Roger A. Agana
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Africa’s Startup Capital Is Surging, but Fewer Startups Are Benefiting

African tech startups raised more money in the first quarter of 2026 than at any point in recent years, but the headline numbers conceal a deeper restructuring of how venture capital flows across the continent, one that is strengthening the ecosystem at the top while slowly starving it at the base.

According to Disrupt Africa, African tech startups raised a total of USD 382 million in the first quarter of 2026, up 35 percent on the USD 284 million raised in the same period of 2025, with 40 startups banking the total across the quarter. However, that figure represents only part of the picture. TechCabal Insights tracked over 80 deals across the African tech ecosystem in Q1 2026, with disclosed transactions adding up to USD 711 million, flowing through a mix of equity, debt and grant funding. A third dataset from Technext places the figure at USD 597 million. The wide variance between trackers reflects differences in deal inclusion, methodology, and how debt financing is counted, a discrepancy that itself reveals how African startup funding is becoming harder to categorise.

What is not in dispute is the directional shift in how that capital is structured. Of the USD 597 million tracked by Technext, USD 304 million came in the form of debt, representing nearly 51 percent of total funding. This contrasts sharply with the first quarter of 2025, when equity represented 89 percent of the total raised. In other words, African startups are increasingly being funded not like speculative ventures but like established businesses expected to service debt and demonstrate financial discipline.

The most striking deals in the quarter reflect this trend. Egypt’s ValU raised USD 63.6 million in debt from the National Bank of Egypt, South Africa’s SolarAfrica closed a USD 94 million project debt round from Rand Merchant Bank and Investec, and Kenya’s Cold Solutions pulled in USD 19 million in debt from Mirova. These represent structural financing choices by mature companies, not last-resort capital.

The geographic concentration of investment has also intensified. Egypt secured USD 154 million, followed by South Africa at USD 134 million, with Kenya and Nigeria rounding out the top four. Nigeria recorded the highest number of individual deals but ranked third in total capital, a reflection of how a high volume of small transactions is being outweighed by a smaller number of very large rounds elsewhere.

Sectorally, fintech retains its leading position but is no longer dominant in isolation. Financial technology drew USD 221 million in Q1 2026, while energy startups followed with USD 141 million and logistics companies secured USD 149 million, underscoring growing investor appetite for sectors tied to physical infrastructure rather than purely digital consumer platforms.

The shift toward maturity, however, comes at a cost to early-stage innovation. In March 2026, only 22 startups announced funding, the lowest monthly count since 2021. Over the past 12 months, only 130 early-stage startups secured equity funding between USD 100,000 and USD 500,000, also the lowest figure in at least five years.

The concentration problem extends beyond geography. The Africa Investment Outlook 2026 report notes that the top ten investments accounted for 51 percent of total deal value in the past year, and that between 2019 and 2024, just 28 startups absorbed nearly half of all venture capital funding on the continent.

The question now facing the ecosystem is whether maturing capital allocation will ultimately strengthen Africa’s tech sector or simply narrow it. The Q1 2026 data suggests the answer may be both. Capital discipline and structured financing are producing more resilient companies. But the pipeline of early-stage innovation is contracting at the same time, which raises legitimate concerns about where the next generation of category-defining African startups will come from.

Dr. Michael K. Obeng receives African Humanitarian Award at the African Heritage Awards

Isaac Kofi Dzokpo
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Dr. Michael K. Obeng receives African Humanitarian Award at the African Heritage Awards

 

Harvard-trained Beverly Hills plastic surgeon, philanthropist, global health strategist, and breast reconstruction advocate,, Dr. Michael K. Obeng, MD, FACS, PhD (Hon), was honored with the prestigious African Humanitarian Award at the 2026 African Heritage Awards in Accra, Ghana.

The high-level ceremony brought together former heads of state, policymakers, and global changemakers. It concluded with remarks from Ghana’s President John D. Mahama, underscoring the significance of the event and its honorees.

Dr. Obeng is the Founder and CEO of RESTORE Worldwide, Inc., a global humanitarian organization that has delivered life-changing reconstructive surgical care to underserved populations across multiple continents.

In his acceptance speech, Dr. Obeng stated: “First, I give all glory to God—for the journey, the calling, and the responsibility to serve. Africa does not need charity—Africa needs systems, vision, and ownership.”

He further emphasized: “True impact is not what we give—it is what we build that outlives us.” Beyond humanitarian surgical work, Dr. Obeng is advancing healthcare innovation and infrastructure through MiKO Pharma Ltd, focused on pharmaceutical manufacturing in Africa.

Dr. Obeng previously served as Health and Social Chair within the African Union Mission to the United States under the leadership of Dr. Arikana Chihombori-Quao.

Known as ‘The Surgeon’s Surgeon,’ Dr. Obeng continues to bridge clinical excellence with long-term global health impact while remaining grounded in faith and family. About the African Heritage Awards & Heritage Times

The African Heritage Awards is a distinguished pan-African recognition platform that celebrates excellence and impact across the continent and diaspora. The awards rotate across host countries, including Rwanda, Nigeria, Morocco, and Ghana, with the next edition scheduled for Cape Town, South Africa.

The initiative is powered by Heritage Times, a leading African media platform that serves as the publication arm and founding force behind the awards, amplifying African excellence and shaping global narratives.

About RESTORE: The Foundation for Reconstructive Surgery
RESTORE Worldwide, Inc.: The Foundation for Reconstructive Surgery is a global humanitarian organization founded by Dr. Michael K. Obeng. Since 2007, RESTORE has conducted missions in over seven countries across three continents, performing more than 2,000 complex reconstructive surgeries valued at over $100 million.

The organization focuses on restoring function, rebuilding form, and renewing hope, while advancing sustainable healthcare through education, training, and capacity-building initiatives.

About Dr. Michael K. Obeng
Dr. Michael K. Obeng is a Harvard-trained, board-certified plastic surgeon based in Beverly Hills, California. He is the Founder and CEO of RESTORE Worldwide, Inc. and MiKO Pharma Ltd. A philanthropist, global health strategist, and breast reconstruction advocate, he is widely recognized for his humanitarian impact and commitment to advancing healthcare infrastructure across Africa and globally.

NewGold Issuer Posts 52 Percent Profit Jump on Gold Price Surge

Roger A. Agana
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NewGold Issuer Posts 52 Percent Profit Jump on Gold Price Surge

NewGold Issuer (RF) Limited, the gold-backed exchange-traded fund listed on the Ghana Stock Exchange and the Johannesburg Stock Exchange (JSE), has reported a 52.3 percent surge in full-year profit to USD 5.6 million for the period ended 31 March 2026, driven by higher revenue and expanding bullion investment exposure.

The unaudited financial statements, released pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005, show revenue climbing to USD 8.3 million from USD 5.6 million in the prior year, a rise of 48.7 percent. In South African rand (ZAR) terms, revenue reached ZAR 144.1 million against ZAR 101.8 million a year earlier.

Profit before tax rose to USD 7.6 million from USD 5.0 million, while net profit after a tax charge of USD 2.0 million came in at USD 5.6 million, compared with USD 3.7 million in the year ended 31 March 2025.

The company’s balance sheet expanded sharply over the period. Total assets grew to USD 2.81 billion from USD 2.24 billion in March 2025, with bullion investments accounting for the vast majority of that base at USD 2.80 billion. The debenture liability, which mirrors the bullion holding under the company’s pass-through funding structure, stood at USD 2.80 billion at year end.

Operating cash generation improved strongly. Net cash from operating activities rose to USD 5.3 million from USD 4.0 million in the prior year, supported by higher cash generated from operations of USD 7.3 million. Dividends paid to company owners totalled USD 5.6 million in the period, up from USD 4.0 million previously.

Finance income grew to USD 329,139 from USD 297,173, while other operating income increased to USD 345,824 from USD 38,037. Other expenses also rose, reaching USD 1.36 million compared with USD 884,634 in the preceding period.

NewGold Issuer operates as a ring-fenced special purpose vehicle that issues exchange-traded fund (ETF) debentures fully backed by physical gold bullion held in secure custody. Each debenture is equivalent to approximately 1/100th of a fine troy ounce of gold and is managed by NewGold Manager (Pty) Ltd under Absa Capital’s platform. The fund tracks the gold spot price and is Shariah-compliant.

The company’s results reflect the broader rally in gold markets, where prices have risen steadily amid global geopolitical uncertainty and demand for safe-haven assets. For Ghanaian investors, the ETF offers dollar-denominated gold exposure while trading in local currency on the Ghana Stock Exchange (GSE), making it one of the exchange’s most actively traded securities by value.

Total equity at 31 March 2026 stood at USD 401,511, with retained income of USD 1.24 million. Cash and cash equivalents at year end were USD 3.37 million.

Trump and Pope Leo Trade Barbs in Escalating Public Feud

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Trump and Pope Leo Trade Barbs in Escalating Public Feud

United States President Donald Trump has refused to back down from a sharp public confrontation with Pope Leo XIV, telling CBS News that the American-born pontiff is “wrong on the issues” and should stay out of politics, while the Pope has responded that he has “no fear of the Trump administration” and will continue to speak out against war.

Trump confirmed in a phone interview that he had watched a “60 Minutes” segment highlighting Pope Leo’s disapproval of mass deportations and the Iran war before posting an extended attack on the pontiff on his Truth Social platform late Sunday.

In the post, Trump called Leo “WEAK on Crime, and terrible for Foreign Policy,” adding that he did not want “a Pope who thinks it’s OK for Iran to have a Nuclear Weapon.” He also claimed Leo had been made Pope solely because he was American, asserting: “If I wasn’t in the White House, Leo wouldn’t be in the Vatican.”

Trump told CBS News he had no plans to call the Pope and said he had “no idea” whether Leo would visit the United States during his presidency. When asked directly, he gave a firm “no” to apologising.

Pope Leo, speaking to journalists aboard the papal plane as he began an 11-day trip to Africa, pushed back firmly. “I am not a politician,” he said. “I have no fear of the Trump administration, or speaking out loudly of the message of the Gospel, which is what I believe I am here to do.”

Leo’s criticism of Trump is not new. Shortly before a ceasefire in Iran was negotiated on April 8, Trump threatened to destroy Iranian civilisation, a comment Leo called “truly unacceptable.” The Pope also issued a call to action, urging people to contact political leaders and congressmen to demand they work for peace.

The row deepened further after Trump posted an artificial intelligence generated image on Truth Social on Sunday night that depicted him in a white robe appearing to heal a man, in what many viewers immediately compared to depictions of Jesus Christ. The image showed Trump placing a hand on a man’s head in a scene resembling a healing, posted on Orthodox Easter.

By Monday morning, Trump deleted the image. He told reporters he thought it depicted him as a doctor. “I thought it was me as a doctor and had to do with Red Cross,” he said, denying it was a religious depiction. He later told CBS News: “Normally I don’t like doing that, but I didn’t want to have anybody be confused. People were confused.”

The backlash cut across political lines. The Archbishop of Las Vegas praised Leo for speaking truth to power, while the US Conference of Catholic Bishops said the Pope “is not his rival” and is “the Vicar of Christ who speaks from the truth of the Gospel.” Italian Prime Minister Giorgia Meloni, a Trump ally, also described the attack on the Pope as “unacceptable.”

Former Republican congresswoman Marjorie Taylor Greene, a one-time close Trump ally, also condemned him, writing that Trump “posted this picture of himself as if he is replacing Jesus” and that she “completely denounced” it.

Vice President JD Vance, a Catholic, said in a Fox News interview that disagreements between US leaders and the Vatican were “not particularly newsworthy,” but added that in some cases it “would be best for the Vatican to stick to matters of morality.”

Pope Leo is currently on an 11-day tour of four African countries, beginning in Algeria, and has said he will continue to promote peace and dialogue regardless of the political pressure.

Afreximbank, St Kitts and Nevis Formalise Hosting Deal for ACTIF2026

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Afreximbank, St Kitts and Nevis Formalise Hosting Deal for ACTIF2026

The African Export-Import Bank (Afreximbank) has signed a formal hosting agreement with the Government of St Kitts and Nevis to stage the fifth edition of the AfriCaribbean Trade and Investment Forum (ACTIF2026) from July 29 to 31, 2026, at the St Kitts Marriott Beach Resort, Casino and Spa in Basseterre.

The signing underscores a shared commitment to deepening Africa-Caribbean partnerships and advancing trade and economic ties between the two regions.

The forum will be held under the theme “Shared Roots. New Routes: Creating Pathways for Enterprise and Innovation” and is expected to bring together more than 1,000 delegates, including heads of state, government officials, business leaders, investors and innovators from Africa, the Caribbean and the wider diaspora.

Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the forum would serve as a platform for African and Caribbean stakeholders to chart a path forward amid global economic uncertainty, reaffirming collective aspirations for self-reliance and economic integration under the “Global Africa” agenda.

Prime Minister of St Kitts and Nevis, Dr Terrance Drew, described the hosting of the event as a landmark opportunity for the twin-island federation. “We are not just a beautiful destination; we are a gateway for investment, a hub for enterprise and a proud partner in Africa’s Renaissance,” he said.

ACTIF has steadily grown into a major dealmaking platform since its launch in 2022. The fourth edition, held in Grenada in 2025, closed with more than US$300 million in investment and trade deals signed across eight major transactions, spanning infrastructure, tourism, digital transformation and trade finance.

Afreximbank has already approved more than US$700 million in financing across the Caribbean Community (CARICOM) region since opening its Barbados office, with a transaction pipeline exceeding US$2 billion currently under execution. In March 2026, the bank raised its CARICOM financing ceiling from US$3 billion to US$5 billion.

The three-day ACTIF2026 programme will feature high-level plenaries, targeted business-to-business meetings, an investment exhibition and side events focused on key sectors including technology. Deal signings and cultural showcases are also expected.

Ayuk Demands Africa Take Control of Its Refining Future

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Ayuk Demands Africa Take Control of Its Refining Future

Africa must urgently expand its downstream oil and gas sector or risk remaining structurally exposed to the kind of global supply shocks that the Gulf war has laid bare, the African Energy Chamber (AEC) has warned at a high-level industry gathering in Cape Town.

NJ Ayuk, Executive Chairman of the AEC, delivered the message at the 20th annual African Refiners and Distributors Association (ARDA) Week, which opened in Cape Town on Monday and runs through Friday, April 17.

The event is held under the theme “Fuelling Africa’s Industrialisation” and brings together key industry stakeholders to address one of the continent’s most pressing priorities: securing sustainable financing to expand and modernise Africa’s downstream energy infrastructure.

The Scale of the Challenge

The case for urgency is rooted in stark numbers. More than 600 million Africans lack access to electricity and approximately 900 million remain without clean cooking solutions. Africa’s refined product demand is projected to rise from around 4 million barrels per day in 2024 to 6 million barrels per day by 2050, driven by population growth and increased economic activity.

Meeting that demand will require an estimated $20 billion in investment in downstream infrastructure by 2050, according to the AEC’s State of African Energy 2026 Outlook, with additional capital needed across storage, petrochemicals and gas-to-power systems.

Ayuk argued that expanding refining and distribution capacity is no longer a policy debate but an economic necessity, and that African countries must take greater ownership of their energy value chains rather than continuing to export raw crude and reimport it in refined form at significant cost.

Indigenous Leadership

Ayuk acknowledged a meaningful shift in who is driving the sector’s growth. Indigenous firms such as Dangote Group and Sahara Group were cited as examples of African-led enterprises now leading refinery development and energy access initiatives, signalling a gradual move away from historical dependence on external capital and operators.

Ayuk stated that Africa cannot build a secure energy future if it remains dependent on imported fuels, and that investing in the downstream sector is how the continent creates real value, reduces costs, enhances fuel security and supports long-term economic growth.

Policy and Trade Barriers

Beyond financing, Ayuk pointed to the regulatory environment as a persistent brake on progress. Excessive taxation, complex permitting processes and inconsistent enforcement continue to limit private sector participation. Stable and transparent regulatory frameworks are essential to securing long-term investment in refining and processing infrastructure, requiring governments to make regulatory clarity a priority and streamline permitting to attract both domestic and foreign capital.

Regional trade barriers, including tariffs and customs bottlenecks, were also identified as obstacles that prevent African nations from optimising shared infrastructure and deepening intra-continental energy trade.

ARDA Executive Secretary Anibor Kragha echoed the urgency, stating that without a robust and efficient downstream industry, the fuels required to support large-scale industrial development simply cannot be delivered.

Expert Backs IMF Call for Ghana Banking System Overhaul

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Expert Backs IMF Call for Ghana Banking System Overhaul

A banking and financial consultant has endorsed the International Monetary Fund’s (IMF) latest recommendations for the Bank of Ghana (BoG), describing macroprudential policy as an essential complement to existing monetary and supervisory frameworks rather than a replacement for them.

Dr. Richmond Atuahene, responding to an IMF Technical Assistance Report published on April 8, 2026, argued that Ghana’s financial system cannot be fully protected by focusing solely on inflation control and the safety of individual banks. The missing piece, he said, is a dedicated framework for managing risks that threaten the entire financial system at once.

“Bank of Ghana’s macroprudential policy must be recognised as a critical, complementary tool to monetary policy, essential for curbing systemic risk and boosting financial resilience,” Dr. Atuahene said in his assessment.

What the IMF Recommended

The IMF report, which focuses on strengthening the specialised tools central banks use to manage risks that could threaten the stability of the entire financial system rather than individual institutions, was released as Ghana prepares to conclude its three-year Extended Credit Facility (ECF) arrangement with the IMF. Its findings arrive at a sensitive moment, with Ghana’s banking sector still recovering from the 2022 Domestic Debt Exchange Program (DDEP) and continuing to carry elevated non-performing loans (NPLs) and heavy government debt exposure.

A key focus of the report was guiding the BoG on two major protective buffers. The first is the Countercyclical Capital Buffer (CCyB), which requires banks to accumulate additional capital during periods of strong economic growth so they can continue lending without strain during downturns. The second is the Domestic Systemically Important Bank (D-SIB) buffer, targeting institutions large and interconnected enough that their failure would pose risks to the broader economy.

The IMF also recommended that the BoG develop a formal macroprudential strategy, establish a dedicated Financial Stability Committee as a decision-making body, and adopt forward-looking monitoring tools capable of identifying vulnerabilities before they crystallise into crises.

The Case for a Second Pillar

Dr. Atuahene described macroprudential policy as a “second pillar” that allows the central bank to multitask more effectively. Under such a framework, monetary policy can remain focused on price stability while separate macroprudential tools address specific dangers such as credit booms or asset bubbles before they grow dangerous.

He stressed that the approach moves beyond institution-specific oversight to address the structural vulnerabilities and interconnections between banks, particularly the risk posed by “too big to fail” institutions whose collapse could trigger cascading failures across the sector.

Building Buffers in Good Times

The practical value of the CCyB and D-SIB tools, Dr. Atuahene noted, lies in their timing. By compelling banks to build capital cushions during periods of easy credit, the tools ensure those reserves are available to absorb losses during a downturn, reducing the likelihood that banks cut off lending to households and businesses precisely when the economy needs credit most.

The IMF also encouraged the BoG to establish a dedicated communications channel to keep investors, businesses, and the public better informed about systemic risks and the measures being taken to address them.

For the average Ghanaian, a well-implemented macroprudential framework translates into a more stable banking environment, more responsibly managed credit cycles, and a financial system better equipped to absorb future shocks without triggering the kind of contagion that has historically disrupted economic progress.

CSOs Demand GH₵1.65 Fuel Cut Over Two Months

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CSOs Demand GH₵1.65 Fuel Cut Over Two Months

Four civil society organisations (CSOs) have jointly proposed a GH₵1.65 reduction in petroleum pump prices, pushing for deeper and longer relief than the government has so far signalled, as Ghanaians brace for a new pricing window starting Thursday.

The proposal comes from IMANI Africa, the Chamber of Petroleum Consumers (COPEC), the Institute for Transition and Energy Policy Research (INSTEPR), and the Institute for Energy Security (IES), and follows an emergency cabinet meeting held on April 9, 2026. Cabinet directed the Ministers of Finance and Energy to ensure a drop in fuel prices in the next pricing window through the temporary suspension of some taxes and margins on fuel, with the intervention initially set to last four weeks.

The CSOs argue that four weeks is insufficient. Their joint statement proposes the GH₵1.65 reduction be applied to the current petroleum price build-up and maintained for two months, allowing a more meaningful window of relief before any reassessment tied to global oil market movements.

Why Prices Rose

Ghana imports about 70% of its refined fuel and is among many African nations hit by steep pump price increases as the US-Israeli war on Iran sent global crude prices surging. The National Petroleum Authority (NPA) raised mandatory minimum price floors for the April 1 to 15 pricing window, pushing petrol prices up about 15% to GH₵13.30 per litre and diesel up roughly 19% to GH₵17.10. The increases have compounded existing pressures on transport fares, food prices, and general living costs.

COPEC data shows that every GH₵1 difference in pump prices translates to roughly GH₵400 million in total consumer impact across the economy, underscoring why the CSOs are pressing for the full GH₵1.65 cut rather than a marginal adjustment.

The Case for Two Months

The groups argue the timing is favourable for a sustained intervention. Ghana is expected to receive increased revenues from upstream crude production and exports in the coming period, and the CSOs say this windfall can cushion the fiscal impact of the proposed reductions without significantly straining public finances.

The organisations also cautioned that any cuts must avoid disrupting the operational and financial sustainability of the downstream petroleum sector, describing their proposal as a responsible middle ground between meaningful relief and industry stability.

What Consumers Can Expect

COPEC Executive Secretary Duncan Amoah has urged petroleum consumers to expect slight decreases in petrol and diesel prices from the new pricing window, but not a dramatic fall, noting that the tax cuts are a relief measure but not a complete solution to high fuel costs.

The new pricing window opens on Thursday, April 16. Whether government adopts the CSOs’ more ambitious proposal or proceeds with its initial four-week plan will become clear in the hours ahead.

Ghana Pivots from Stabilisation to Growth at Washington Talks

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Ghana Pivots from Stabilisation to Growth at Washington Talks

Ghana’s Finance Minister Dr Cassiel Ato Forson declared on Monday that the country has formally shifted its economic focus from stabilisation to growth, using high-level meetings at the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C., to outline a four-sector blueprint for the next phase of development.

In discussions with Ousmane Diagana, the World Bank’s Regional Vice President for Western and Central Africa, Dr Forson said Ghana has stabilised its economy and is now transitioning from a period of economic stabilisation into a phase centred on growth and expansion.

The Spring Meetings, running from April 13 to 19, 2026, have brought together finance ministers, central bank governors, development partners, and global investors to deliberate on global economic priorities and strategies for sustainable growth. Dr Forson is accompanied by Bank of Ghana (BoG) Governor Dr Johnson Asiama and senior officials from both institutions.

The announcement carries weight beyond symbolism. Ghana is on course to exit the IMF programme in August 2026, and Monday’s meeting signals that Accra is moving to define its economic identity after the programme ends, not simply manage it through.

Four Areas of Focus

Dr Forson outlined four priority sectors that will anchor collaboration with the World Bank. These are commercial agriculture, agribusiness and jobs; energy, with emphasis on gas-to-power and gas-to-fertiliser; education and human capital development; and infrastructure to ease the movement of goods.

The agriculture agenda aims to shift Ghana beyond subsistence farming toward a commercially oriented sector capable of generating employment, boosting exports, and cutting food imports. The energy component directly links gas utilisation to both power stability and agricultural productivity through fertiliser production. Education investment targets alignment between skills and modern economic demand, while the infrastructure focus is intended to lower the cost of doing business across key sectors.

Discipline Alongside Ambition

Despite the growth orientation, Dr Forson was explicit that fiscal caution will not be abandoned. World Bank officials described the turnaround in Ghana’s macroeconomic indicators as impressive and signalled the institution’s readiness to deepen its support.

The World Bank’s recent decision to increase its Development Policy Operation funding to Ghana by over $400 million has been cited by the minister as a vote of confidence in the country’s reform trajectory.

The minister’s messages in Washington this week make clear that Ghana intends to use the remaining months of its IMF programme not just to fulfil conditions, but to build the institutional and sectoral groundwork for growth that outlasts the programme itself.

Newmont’s Record Tax Bill Masks a One-Off Windfall Risk

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Newmont’s Record Tax Bill Masks a One-Off Windfall Risk

Ghana’s fiscal planners have reason to celebrate Newmont Corporation’s record GH₵12.822 billion in statutory payments for 2025, but the composition of that figure carries a caution that deserves close attention.

The full-year total dwarfs Newmont’s GH₵3.965 billion contribution for the entire 2023 fiscal year, representing one of the largest single-year corporate payments in Ghana’s extractive history. Yet a significant portion of the 2025 figure is non-recurring.

Capital gains tax of GH₵3.025 billion was triggered by the sale of the Akyem Mine in April 2025. Strip out that one-off transaction and the underlying contribution, while still substantial, looks materially different. That distinction matters enormously for fiscal planning.

What the Numbers Actually Say

The 2025 payments spanned eight categories: corporate tax at GH₵5.382 billion, carried interest at GH₵1.832 billion, mineral royalties at GH₵1.628 billion, capital gains tax at GH₵3.025 billion, Pay As You Earn (PAYE) tax at GH₵514 million, withholding tax at GH₵434 million, a forestry levy at GH₵15 million, and property rates at GH₵2 million. Payments were channelled through the Ghana Revenue Authority (GRA), the Forestry Commission, and the Ministry of Finance.

The recurring components, principally corporate tax, mineral royalties and carried interest, form a more reliable baseline for projecting future inflows. The capital gains element, by contrast, reflects a structural transaction that will not repeat in the same form.

The Policy Challenge

This is precisely the tension at the heart of extractive revenue management. Asset divestments can generate transformative windfalls in a single year, only to leave a significant gap in the revenue profile the year after. Without prudent ring-fencing and deployment of such receipts, governments risk building recurrent expenditure commitments on a foundation that cannot be sustained.

Ghana’s ongoing fiscal consolidation effort makes this discipline especially urgent. As the government works to widen the tax base and reduce dependence on external debt financing, the temptation to treat windfall mining revenues as permanent budget support is a risk that policymakers must consciously resist.

Akyem’s Legacy Beyond the Tax Line

Newmont’s economic footprint in Ghana extends beyond fiscal flows. Infrastructure investment in the Sunyani to Ntotroso to Akyerensua road corridor illustrates how large mining operators can support regional connectivity and economic activity in ways that do not appear in national accounts but are felt acutely at the community level.

These contributions, while harder to quantify, matter for the longer-term argument about whether Ghana’s mining sector delivers genuine economic transformation or merely fiscal extraction.

The Outlook

For investors, Newmont’s disclosure reinforces confidence in Ghana’s fiscal regime and operating environment, reaffirming its position as one of the country’s foremost drivers of domestic revenue mobilisation. Transparent reporting of this kind supports the case for Ghana as a credible mining destination.

For policymakers, the priority is converting the 2025 surge into durable economic foundations, and being clear-eyed about which parts of the windfall are structural and which are simply fortunate timing.

Ghana Faces US$905 Million Mining Claim Ahead of June Hearing

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Ghana Faces US$905 Million Mining Claim Ahead of June Hearing

Ghana is facing a dramatically escalated arbitration claim from Australian gold mining company Cassius Mining Limited, with the dispute now valued at approximately US$905 million as a decisive tribunal hearing approaches in June 2026.

Cassius Mining filed its Reply to Ghana’s Defence Memorial on 31 March 2026, with the updated damages figure reflecting claimed lost profits and the loss of opportunity arising from what the company describes as Ghana’s unlawful refusal to renew its gold prospecting licence in the Talensi District of the Upper East Region.

The claim represents a sharp rise from the US$277 million the company lodged with the London Court of International Arbitration (LCIA) in December 2024. Independent expert firms AMC Consultants in Perth and Secretariat in Washington DC assessed the revised figure, which covers lost profits and damages from Ghana’s alleged breaches of contract and statutory obligations. Rising global gold prices are a central driver of the increase, inflating the projected value of the mining operation Cassius says it was denied the chance to develop.

The Dispute in Brief

The case originates from a Prospecting Licence Agreement (PLA) signed on 28 December 2016, covering a gold exploration area in the Talensi District. Cassius Mining maintains that Ghana’s failure to renew that licence in 2019 deprived the company of the full value and potential profits of its gold project. The Ghanaian government has argued the licence was never valid because it was not ratified by Parliament as required under Article 268 of the 1992 Constitution.

The dispute has wound through multiple legal forums since 2023. In a significant preliminary ruling in February 2024, the international arbitration tribunal determined that the seat of the arbitration is Accra, Ghana, and not London as Cassius had argued, meaning the proceedings fall under the supervisory jurisdiction of Ghana’s High Court and the Alternative Dispute Resolution Act, 2010 (Act 798). The tribunal also rejected Cassius’s reliance on certain statutory arbitration provisions under the Minerals and Mining Act, 2006 (Act 703) and ruled that the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules do not apply.

The June Hearing

The final arbitration hearing is scheduled to take place at the Peace Palace in The Hague in June 2026, representing a critical near-term milestone in the long-running dispute. Ghana’s defence is being handled by State Attorneys working alongside international law firm Foley Hoag, which has expertise in investment arbitration. The State is expected to file a final reply before the hearing, addressing both liability and the substantially increased damages claim.

Conflict of Interest Question

The progression of the case has renewed scrutiny of the position of Attorney General and Minister of Justice Dr Dominic Ayine. During his vetting before Parliament’s Appointments Committee in January 2025, Dr Ayine confirmed he had previously been instructed by Cassius Mining, but assured lawmakers he would not in any manner compromise the interests of the Republic of Ghana. With the claim now tripled in value and the final hearing weeks away, that assurance is once again under public focus.

Legal observers note that the core question is whether adequate institutional safeguards have been put in place, and whether the handling of the defence fully meets the standard of impartiality required of a senior public officer in a dispute of this magnitude.

The outcome of the June hearing will hinge on two central questions: whether Ghana’s conduct regarding the licence amounted to a breach of its legal or contractual obligations, and whether Cassius’s US$905 million valuation can withstand rigorous scrutiny under established investment arbitration principles. For Ghana, the financial and reputational stakes have never been higher in this case.

Burkina Faso Export Ban Floods Ghana’s Egg Market, Traders Demand Action

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Burkina Faso Export Ban Floods Ghana’s Egg Market, Traders Demand Action

Ghana’s poultry industry is under mounting financial strain as a prolonged ban on egg exports to Burkina Faso floods the domestic market with surplus stock, depressing prices and eroding incomes along the supply chain.

The Poultry Farmers, Egg Sellers and Exporters Association has called for urgent government intervention to resolve the trade impasse, which has persisted for more than two months and severed one of the sector’s most important regional export channels.

The export suspension is linked to health concerns arising from Ghana’s previous avian influenza outbreak, with Burkinabè authorities yet to formally lift restrictions through official channels. Stakeholders say the absence of a clear policy resolution has prolonged uncertainty and weakened confidence among exporters.

The consequences are tangible at the market level. Abena Amankwaa, an egg supplier at Koforidua Central Market, said the inability to access external markets has weakened demand and forced sellers to offload perishable stock at reduced margins. A crate of eggs currently trades between GH¢50 and GH¢55, and industry observers warn of further downward pressure if the glut persists. For farmers already contending with high feed and production costs, sustained price declines could prove financially damaging.

The disruption carries mixed effects across the broader economy. Bakers and food processors say lower egg prices are reducing input costs and enabling higher output. Some households are benefiting from improved affordability. However, economists caution that these downstream gains are temporary and do not offset the structural damage accumulating within the poultry sector itself.

The episode compounds existing difficulties facing Ghana’s egg and poultry producers. Ghana’s poultry industry is already under pressure from cheap imports, high feed costs, and limited policy support. Last month, Saudi Arabia also imposed a ban on Ghanaian poultry and table egg exports, citing avian influenza concerns, further narrowing the country’s export options.

Industry stakeholders are urging the government to pursue diplomatic engagement with Burkina Faso to restore export flows. They are also calling for stronger sanitary and phytosanitary protocols, improved disease surveillance, and clearer communication frameworks with regional trading partners to prevent similar disruptions from recurring. Analysts warn that if the market imbalance persists, producers may cut output, leading to job losses and reduced investment across the poultry value chain.

OPEC Holds 1.4 mb/d Demand Growth Forecast as Refining Squeeze Lifts Fuel Margins

Roger A. Agana
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OPEC Holds 1.4 mb/d Demand Growth Forecast as Refining Squeeze Lifts Fuel Margins

The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth at 1.4 million barrels per day in 2026, with emerging markets in Asia expected to account for the bulk of incremental consumption, even as a sharp contraction in global refinery output tightens product markets and lifts margins across major fuel categories.

The assessment, contained in OPEC’s April Monthly Oil Market Report (MOMR), projects quarterly demand growth of 1.5 million barrels per day year-on-year in the first quarter of 2026, slowing to 0.9 million barrels per day in the second quarter before recovering to 1.6 million barrels per day in both the third and fourth quarters. The mid-year softening reflects temporary demand disruption linked to geopolitical developments in the Middle East, which OPEC expects to reverse as transport and industrial activity strengthens in the second half of the year.

China remains the single largest contributor to incremental demand, with consumption forecast to rise by approximately 0.2 million barrels per day in each remaining quarter of 2026, supported by mobility and industrial output. India is projected to add 0.2 million barrels per day in the second and third quarters, increasing to 0.3 million barrels per day in the fourth quarter. Other Asia, alongside Africa, Latin America, and the Middle East, is expected to contribute additional volumes, reinforcing broad-based growth across developing markets.

Within advanced economies, the picture is more subdued. The Organisation for Economic Co-operation and Development (OECD) Americas is forecast to grow by around 60,000 barrels per day in the second quarter before accelerating modestly through the rest of the year. OECD Europe is expected to remain broadly flat in the second quarter before posting marginal gains. OECD Asia Pacific is set to soften mid-year before returning to growth in the fourth quarter.

On the fuel side, gasoline demand is forecast to grow by 0.4 million barrels per day for the full year, with the strongest gains concentrated in the third and fourth quarters as summer driving activity peaks. Jet fuel and kerosene demand is projected to rise by 0.3 million barrels per day for the year, with aviation recovery driving an acceleration in the second half. Diesel is expected to add 0.2 million barrels per day across 2026.

The demand outlook sits alongside a significant supply-side development. Global refinery processing rates fell to 77.1 million barrels per day in March, a drop of 5.0 million barrels per day from the previous month and 4.1 million barrels per day below year-earlier levels. The contraction, the steepest monthly decline since April 2020, was driven by deep run cuts in the East of Suez region and a seasonal maintenance peak. Overall crude intake was estimated at 4.8 million barrels per day below normal levels, with roughly two-thirds of the shortfall attributed to geopolitical factors.

The reduced throughput has tightened product availability and supported stronger refining margins, particularly in middle distillates. US refiners bucked the global trend, with crude intake rising by 380,000 barrels per day in March as plants returned from maintenance and responded to improved margins.

Looking ahead, OPEC said the combination of lower refinery runs and stronger seasonal transport fuel demand is likely to sustain elevated product margins through the remainder of the year, with further upside possible if supply constraints persist into peak summer consumption months.

High Accra Fares Push Some Travellers to Reroute Through Neighbouring Countries

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High Accra Fares Push Some Travellers to Reroute Through Neighbouring Countries

Ghana’s rising airfare burden is quietly reshaping how some travellers reach the country, with a growing number opting to fly into neighbouring capitals and complete their journey by land rather than pay the premium attached to direct flights into Accra.

Fare tracking data from platforms including Skyscanner shows return economy fares from major European hubs to Accra frequently exceed £900 to over £1,300 during peak travel periods, with comparable routes to Lagos and Abidjan often recording lower averages within the same booking window. For cost-sensitive travellers, the differential is increasingly worth the added inconvenience of overland transit.

The workaround reflects the broader cost pressure that has built steadily around Ghana’s aviation sector. Travellers landing at Kotoka International Airport currently pay $111.50 in mandatory arrival charges, placing Accra second only to Libreville, Gabon on the continent’s most expensive arrival fee list. A new Airport Infrastructure Development Charge (AIDC), which took effect on April 1, 2026, adds $100 for intercontinental passengers, and industry body the Board of Airline Representatives Ghana warned that if fully implemented as planned, the combined charges would place Ghana among the ten most expensive countries globally in terms of passenger charges.

The tourism implications are significant. Ghana spent considerable political and marketing capital positioning itself as an emotional and cultural home for the African diaspora, a narrative built on the success of the Year of Return and subsequent campaigns. That investment risks being partially offset if the cost of reaching Accra discourages visitors before they book.

The World Tourism Organisation has consistently identified price competitiveness as a key driver in destination choice, particularly for emerging markets, and observers note that potential visitors increasingly weigh total trip cost from the point of departure, not merely in-country spending.

For businesses, the stakes extend beyond tourism. Importers, exporters, and service providers factor travel costs into decisions about where to base operations and host meetings, and Ghana’s ambition to serve as a regional commercial gateway requires that the cost of physical access remains competitive.

Ghana Airports Company Limited is pressing ahead with major infrastructure development, projecting that the new levy will raise approximately $800 million over the next decade to fund a connecting concourse, expanded apron capacity, and a new multi-storey car park at Kotoka International Airport. Authorities argue the investment is necessary to sustain the airport’s long-term capacity and regional standing.

Industry voices, however, caution that the sequencing matters. Some analysts note that even marginal cost differences can influence routing and frequency decisions over time, as Accra competes with hubs in Lagos, Abidjan, and Lomé for passenger traffic and airline routes. Without expanded airline competition and a review of the overall charge structure, the infrastructure investment may struggle to translate into the passenger growth needed to justify it.

The policy question confronting Ghana is whether a high-charge model can coexist with hub ambitions, or whether the country must choose between short-term revenue and long-term connectivity.

Politics and Faith Blur Ghana’s Church Tax Enforcement

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Politics and Faith Blur Ghana’s Church Tax Enforcement

A growing debate over church taxation and political influence is complicating revenue administration in Ghana, with experts warning that blurred boundaries between religious and commercial activity are creating significant gaps in the tax net.

Ghana’s Ghana Revenue Authority (GRA) recognises churches as tax-exempt institutions, but only where their income is applied exclusively to religious or charitable purposes. In practice, however, many churches have expanded well beyond spiritual activities, operating schools, hospitals, media companies, and commercial ventures that generate substantial revenue.

Christopher K. Beyereh, founder of the African Centre for Tax Education and Policy (ACTEP), says such business-related income should legally fall within the tax net, but enforcement remains a persistent challenge. “Many churches in Ghana engage in commercial activities, such as running schools, hospitals, and businesses, which generate significant revenue,” he noted.

The debate sharpens considerably when politics enters the picture. Beyereh points out that a significant number of senior politicians maintain open affiliations with churches, with some holding influential internal roles. Critics argue these connections may be creating an informal protective barrier against regulatory scrutiny. “The involvement of top politicians in churches has also raised questions about the potential for favouritism and corruption,” Beyereh said, adding that some politicians have been accused of using church affiliations to shield business interests from tax examination.

The governance dimension of the debate received renewed attention following remarks by Ahmed Ibrahim, who disclosed that approximately 98% of registered churches in Ghana operate as single-owner institutions. Without a formal separation between personal and institutional finances, regulators face difficulty determining what constitutes charitable income and what amounts to private gain, creating conditions that are easily exploited.

For salaried workers and small business owners subject to routine tax deductions, the perceived imbalance is a source of frustration. The concern, experts say, is not merely about lost revenue but about institutional credibility. If political relationships shape how tax laws are applied, public confidence in the system could erode.

Defenders of the status quo argue that subjecting churches to taxation could undermine religious freedom and disrupt charitable work that often fills gaps the state leaves unaddressed. Beyereh acknowledges both sides of the argument, but insists the distinction between taxing faith and taxing commercial activity conducted under the cover of faith is critical and must not be obscured.

Ghana currently faces the challenge of protecting religious freedom while closing the enforcement gaps that allow commercial church enterprises to operate outside the same scrutiny applied to other businesses.

Ghana and Rwanda Sign Nuclear Safety Regulation Pact

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Ghana and Rwanda Sign Nuclear Safety Regulation Pact

Ghana’s Nuclear Regulatory Authority (NRA) and the Rwanda Utilities Regulatory Authority signed a Memorandum of Understanding (MoU) on Monday in Accra, formalising structured cooperation on the safe and secure regulation of nuclear and radiological facilities for peaceful purposes.

The agreement was signed by Professor Francis Otoo, Director-General of the NRA, and Ambassador Rosemary Mbabazi on behalf of Rwanda.

Prof. Otoo described the pact as “the beginning of structured cooperation between two African countries in the critical area of nuclear and radiological regulation,” adding that Rwanda would benefit from Ghana’s experience in building a national regulatory framework for the safe and secure use of nuclear and radiological technologies.

Under the MoU, the two regulators will collaborate on oversight of nuclear installations, safety and security of radiological facilities, radioactive waste and spent fuel management, emergency preparedness and response, and the peaceful application of nuclear science in health, agriculture, mining, education, industry, and research.

The agreement also covers training, capacity building, dosimetry, calibration services, and the exchange of experts, fellows, and consultants. Both parties are required to establish expert exchanges, joint working groups, bilateral consultations, and technical workshops to give effect to the deal.

Ambassador Mbabazi noted that the MoU permits the exchange of unclassified information only, including laws, regulations, safety reports, and research materials, with strict confidentiality provisions that survive the expiry or termination of the agreement. Each institution will designate a coordinator to oversee implementation, maintain communication, and develop action plans with specific timelines and resource commitments.

The signing comes as both countries advance active nuclear programmes. Ghana has completed Phase 2 of its nuclear power infrastructure development and is progressing toward vendor selection for its first plant. Rwanda, which completed an International Atomic Energy Agency (IAEA) Phase 1 Integrated Nuclear Infrastructure Review (INIR) in March 2026, is targeting its first Small Modular Reactor (SMR) in the early 2030s.

Ghana’s Fuel Import Bill Climbs to US$4.95bn as Local Refining Shrinks to 6%

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Ghana’s Fuel Import Bill Climbs to US$4.95bn as Local Refining Shrinks to 6%

Ghana’s dependence on imported petroleum deepened sharply in 2025, with fuel imports surging 36.7 percent to 8.71 billion litres and the import bill reaching an estimated US$4.95 billion, according to the Chamber of Oil Marketing Companies (COMAC) full-year analysis.

The report, referencing data from the Bank of Ghana (BoG), shows refined petroleum product imports rose from 5.06 million metric tonnes in 2024 to 6.92 million metric tonnes in 2025, adding 1.86 million metric tonnes of additional foreign supply into the country within a single year. Petroleum products now represent 30 to 32 percent of total national import expenditure, making fuel the single largest import category in the economy.

Domestic consumption also climbed, reaching 7.45 billion litres in 2025, a 15.29 percent increase from 2024, with petrol and diesel together accounting for nearly one billion litres of additional demand. Petrol consumption rose to 3.10 billion litres while diesel reached 2.76 billion litres, recording the largest absolute volume gains among tracked products.

Against this backdrop, local refining contracted. Domestic refinery output fell 11.3 percent from 500,612 metric tonnes in 2024 to 444,264 metric tonnes in 2025, with the Sentuo Oil Refinery offline in the first and second quarters and the Tema Oil Refinery (TOR) operating below capacity. Local production accounted for only six percent of total petroleum product supply in 2025, down from nine percent the previous year.

Adding to fiscal concerns, the report identified 199 million litres of unaccounted petroleum products in 2025, representing about 2.1 percent of total national supply and translating into an estimated GH¢600 million in lost tax, levy, and regulatory revenue that was not captured within the national petroleum accounting system.

Production recovered in the third quarter, exceeding 255,000 metric tonnes. The report noted that with TOR working toward increasing throughput from 28,000 to 45,000 barrels per stream day and Sentuo resuming operations, local refining could meet between 18 and 25 percent of national fuel consumption in the coming year, provided operations remain stable and are supported by reliable crude supply and financial investment.

A structural anomaly highlighted in the report is that 100 percent of Ghana’s domestically produced crude — which is light and sweet — is exported at premium international prices, while heavier and cheaper crude is imported for domestic refining.

COMAC warned that the country’s strategic petroleum storage cover of three to six weeks is below international resilience standards and significantly inadequate to absorb a major supply disruption. The chamber called for domestic refining capacity to be expanded through deliberate investment and for storage infrastructure to be doubled to provide at least a one-month supply buffer.

“Imports accounted for over 90 percent of total petroleum supply in 2025,” the report stated, warning that this level of dependence exposes the country to international oil price volatility, foreign exchange risks and global supply chain disruptions.

Tema Shipyard Posts 55% Revenue Surge as Regional Vessels Return

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Tema Shipyard Posts 55% Revenue Surge as Regional Vessels Return

Tema Shipyard and Drydock Limited (TSY) has recorded revenue growth exceeding 55 percent within a single year, as vessels that had long diverted to competing facilities in the sub-region return to Tema on the back of faster turnaround times and a visible improvement in operational standards.

The turnaround at the state-owned facility, one of the largest drydock complexes between Southern Europe and Southern Africa, marks a significant reversal for an industrial asset that had been largely idle and commercially marginalised for years. When current management took over, the yard had only 22 permanent staff. That number has since grown to 85 direct employees, with more than 450 indirect jobs generated through active projects.

Chief Executive Officer Alhaji Osman Sulemana has led the recovery since his appointment, supported by a reconstituted Board of Directors chaired by Dr. George Sipa Adjah Yankey. The board was inaugurated in February 2026, with the Transport Minister charging members to modernise infrastructure, explore public-private partnerships, and address the bottlenecks that had undermined the yard’s regional competitiveness.

TSY is now actively expanding beyond its traditional ship repair mandate into fabrication, offshore services, and shipbuilding, creating new revenue streams intended to sustain the facility’s growth beyond the current recovery cycle. The facility operates two drydocks — the larger measuring 277 metres in length and 46 metres in width, and a smaller dock measuring 106 by 12.6 metres — with vessels from Nigeria and other African countries regularly using the facility for repairs that can run from two weeks to more than six months.

Sulemana has noted that the shipyard will require over US$50 million to fully restore age-old infrastructure that has seen little investment since the facility was built, and has said President Mahama is working to secure financing, describing it as a topic raised with investors during the President’s visit to Singapore.

Separately, management firmly dismissed recent claims that the shipyard was involved in fish farming or fish sales, describing the reports as entirely false. The controversy arose on April 6, 2026, when a large number of dead fish were discovered floating near the shipyard’s slipway during a routine disinfestation exercise. The shipyard maintains the fish had died elsewhere and drifted into its vicinity. Four government agencies, including the Food and Drugs Authority (FDA) and the Fisheries Commission, are conducting an investigation into the incident.

OPDAG Puts $400m Smuggling Loss on Record, Demands Clarity on Red-Gold Initiative

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OPDAG Puts $400m Smuggling Loss on Record, Demands Clarity on Red-Gold Initiative

Ghana’s oil palm industry body has put a concrete dollar figure on the damage from vegetable oil smuggling and is pressing government for transparent implementation of a US$500 million financing scheme it says could reverse years of sector decline, if designed with direct input from producers.

The Oil Palm Development Association of Ghana (OPDAG) told stakeholders at a Development Bank Ghana (DBG) oil palm financing roundtable in Accra that the country loses approximately US$400 million annually to smuggled vegetable oil, with contraband products entering through land borders and undercutting locally produced alternatives on price.

OPDAG President Paul Amaning said Ghana’s productive capacity was being eroded by ageing plantations, land tenure complications and smuggled substitutes undermining domestic pricing, and called for implementation structures under the financing initiative to be in place within six months, with measurable results demonstrated within three to five years.

The association described the oil palm sector as supporting over one million livelihoods and said the country imports around 150,000 tonnes of palm oil annually against a domestic production capacity of roughly 100,000 metric tonnes, making it a net importer of a commodity it has the land and climate to produce at scale.

On the US$500 million Red-Gold Oil Palm Initiative, unveiled by Finance Minister Dr. Cassiel Ato Forson in the 2026 Budget, Amaning described the package as welcome but said its value depended entirely on execution. He warned that failure to involve relevant stakeholders in designing the scheme’s modalities could undermine the entire initiative before it delivers results.

The government’s National Policy on Integrated Oil Palm Development, running from 2026 to 2032, targets self-sufficiency by 2032 through expansion of plantations by 100,000 hectares, with about 250,000 jobs projected. Authorities are also planning a tax stamp regime for refined edible oils to address under-declaration and illicit imports, while stakeholders have proposed blockchain-based traceability systems to strengthen supply chain oversight.

DBG Chief Executive Officer Prof. Randolph Nsor-Ambala, who hosted the roundtable, said the sector’s total financing needs exceeded US$1 billion, making private sector participation essential. He described the government’s commitment as a signal to private investors and said tangible progress on the World Bank-backed facility was expected by mid-year.

OPDAG said it was ready to collaborate with government and regulatory agencies to clamp down on smuggling, but stressed that anti-smuggling enforcement and the financing initiative must move in parallel. Without addressing illegal imports, it argued, increasing domestic production capacity alone would not restore the sector’s competitiveness.

GCB Bank Calls 32nd AGM as Shareholders Set to Vote on GH¢1.00 Dividend

Roger A. Agana
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GCB Bank Calls 32nd AGM as Shareholders Set to Vote on GH¢1.00 Dividend

GCB Bank PLC (Ghana Stock Exchange: GCB) will convene its 32nd Annual General Meeting (AGM) on Friday, April 17, 2026, at the University of Professional Studies, Accra (UPSA) Auditorium at 11:00 a.m., with shareholders also able to participate through a live virtual stream.

The bank has proposed a final dividend of GH¢1.00 per share for the 2025 financial year, a recommendation already approved by the Bank of Ghana (BoG) that will be put to shareholders for final authorisation at the meeting. Shareholders will first be asked to waive the statutory 21-day notice period required before a dividend resolution can be tabled.

The AGM agenda includes receipt of the bank’s audited financial statements for the year ended December 31, 2025, together with the reports of the directors and external auditors PricewaterhouseCoopers (PwC). Three directors retiring by rotation will stand for re-election: Prof. Joshua A. Alabi, who serves as Board Chairman and Independent Non-Executive Director, Dr. Alhaji Yahaya Abdul-Rahman, and Ms. Pamela Seyram Addo, both Non-Executive Directors.

A significant governance item on the agenda is the ratification of Mr. Abdulsalam Alhassan as Executive Director in charge of Wholesale and Investment Banking, formalising a leadership appointment that reflects the bank’s push to deepen its corporate and investment banking operations.

Shareholders will also be asked to ratify excess remuneration paid to Non-Executive Directors in 2025, after fees exceeded the budgeted GH¢3.85 million by 17.5 percent due to additional and emergency board committee meetings during the year. For 2026, the board is seeking approval for a Non-Executive Directors’ remuneration budget of GH¢12 million.

GCB Bank posted a net profit of GH¢2.06 billion for 2025, with total assets reaching GH¢52.6 billion and customer deposits growing to GH¢41.3 billion. The proposed dividend follows what the bank described as a record year of financial performance.

All voting on resolutions will be conducted strictly online on the day of the meeting. Shareholders unable to attend in person may submit proxy forms to the registrar at GCB Bank’s High Street, Accra head office no later than 11:00 a.m. on April 15, 2026.

World Bank Backs Ghana’s Reform Path at Washington Spring Meetings

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World Bank Backs Ghana’s Reform Path at Washington Spring Meetings

The World Bank has moved beyond routine encouragement to offer its clearest institutional endorsement yet of Ghana’s economic recovery, telling senior government officials at the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C. this week that the country’s reform programme is gaining durable traction.

The meetings, running from April 13 to 19, 2026, brought together finance ministers, central bank governors, development partners, and global investors to deliberate on economic priorities and strategies for sustainable growth. Finance Minister Dr. Cassiel Ato Forson led a high-level Ghanaian delegation that included Bank of Ghana (BoG) Governor Dr. Johnson Asiama and senior officials from both institutions.

At bilateral discussions with World Bank Regional Vice President for Western and Central Africa, Ousmane Diagana, Dr. Forson stated that Ghana has stabilised its economy and is firmly on the path to debt sustainability, with a deliberate shift in focus from stabilisation to growth. The two sides agreed to deepen collaboration across commercial agriculture and agribusiness, energy, particularly gas-to-power and gas-to-fertiliser projects, education and human capital development, and infrastructure to ease the movement of goods.

World Bank officials characterised Ghana’s performance as more than a cyclical rebound. Seynabou Sakho, Regional Practice Director for Prosperity covering Macroeconomics, Trade and Investment, said the country’s fiscal reforms, particularly in debt restructuring and macroeconomic management, are drawing attention across the region as a potential reference point for other economies navigating similar pressures.

Trina Hague, Regional Practice Director for People covering Education, Health and Social Protection, pointed to the government’s decision to maintain social protection spending through a period of fiscal tightening as central to preserving stability during the adjustment process.

Dr. Forson cited a decline in inflation from around 23 percent to 3.2 percent, alongside improved exchange rate stability, as the clearest markers of the turnaround. He also highlighted the World Bank’s recent decision to increase its Development Policy Operation (DPO) funding to Ghana by over $400 million as a further vote of confidence in the country’s reform trajectory, and signalled a strategic shift in how borrowed resources are deployed, with emphasis on measurable public impact over volume.

Ghana is on course to exit its International Monetary Fund (IMF) Extended Credit Facility programme in August 2026, making this week’s meetings a critical opportunity to consolidate momentum and secure new partnerships ahead of that transition.

The government has outlined a next-phase agenda targeting agriculture, energy, education, and infrastructure as the sectors most likely to convert macroeconomic stability into job creation and inclusive growth.

Ghana Certifies 30 Energy Auditors as Commission Warns Efficiency Still Underused

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Ghana Certifies 30 Energy Auditors as Commission Warns Efficiency Still Underused

Ghana has certified 30 energy audit professionals in what the Energy Commission has described as a critical step toward closing the gap between the country’s rising energy consumption and its underutilised efficiency potential.

The certifications were presented at the Second Energy Audit Certification and Awards ceremony held at the Ghana Institution of Engineering in Accra on April 10, 2026. The event was organised by the Energy Commission in collaboration with the Ghana Institution of Engineering under the theme “A Greener Ghana: The Role of the Energy Audit Professional.”

Acting Executive Secretary of the Energy Commission, Adwoa Serwaa Bondzie, told participants that energy efficiency remains the most cost-effective and cleanest tool available to meet growing national energy needs, yet it continues to be significantly underused. “As our economy grows, so does our demand for energy and with it the responsibility to use that energy wisely and efficiently,” she said. “Yet it remains one of the most underutilised resources.”

She urged the newly certified professionals, trained under the Sustainable Energy Service Centres (SESCs) initiative — to see themselves as frontline change agents. “You are problem solvers, advisors and change agents,” she told them, adding that their work in identifying inefficiencies in buildings and facilities would ease pressure on the national grid and advance Ghana’s climate commitments.

Bondzie also connected the certification programme to the government’s broader economic reset agenda, noting that energy efficiency and the clean energy transition are central to achieving fiscal sustainability and inclusive growth.

Board Chairman of the Energy Commission, Professor John Gatsi, went further, announcing plans to make energy audits mandatory for facilities nationwide. He said auditors would play a key role in helping businesses and households plan and manage their energy budgets, and that efficient energy systems could lower financing costs for businesses undertaking upgrades.

Chairperson of the occasion, former President of the Ghana Institution of Engineering, Ing. Kwabena Bempong, cautioned the new professionals against compromising their integrity, warning that false reporting would undermine the very purpose of the profession. “A greener Ghana cannot be built on false reports,” he said. “Every kilowatt-hour you save is a gift to future generations.”

Among the award winners recognised at the ceremony, Daniel Kudjo Junior Dogbey emerged top in the Sustainable Energy Management Professional category, with Mavis Anim Adjei named the best female performer. Peter Boafor and Reina Kutriye Bagina were honoured in the Sustainable Energy Audit Professional category, while Mireku Kumah Kwame placed first in the Energy Audit Practical category.

Agrihouse Chair Tells Agrifood Actors: People Must Come Before Profits

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Agrihouse Chair Tells Agrifood Actors: People Must Come Before Profits

The Executive Chair of Agrihouse Foundation, Alberta Nana Akyaa Akosa, has called on stakeholders in Ghana’s agrifood industry to place the well-being of people at the centre of their operations rather than chasing profits, describing human capital as the most critical asset in the agricultural value chain.

Ms. Akosa delivered the message in a keynote address at the 8th edition of the annual Gathering of the Royals, held on Tuesday, March 31, 2026, at the Ghana National Association of Teachers (GNAT) Hall in Accra. The event was held under the theme: “Seeds of Change: From Leadership to Legacy, Women Transforming the Agrifood System.”

“Today, we must all leave here knowing that we are changemakers and as changemakers, let’s value people over profits, very important; let’s make good use of the resources that we have,” she told participants gathered from across Ghana’s sixteen regions.

Her remarks framed people not as a cost to be managed but as assets that, when properly invested in, become the engine of transformation in the sector.

Ms. Akosa gave particular emphasis to the role of women, describing them as the architects of change within agricultural communities. “It takes a woman to transform our communities, our regions and our nations,” she said, adding that women are the seeds of change whose contributions to the agrifood value chain cannot be reduced to a financial calculation.

She also marked the eight-year journey of the Gathering of the Royals, tracing its growth from its origins in the Volta Region through the Ashanti, Upper East, Upper West and Eastern regions before evolving into the centralised national platform it is today. To date, the initiative has reached over 3,700 women, including queen mothers from communities across the country.

The 2026 edition moved beyond dialogue toward direct intervention, with selected queen mothers from all sixteen regions receiving day-old chicks and associated inputs as part of a community-level poultry agribusiness initiative fulfilling the 2025 Call to Action commitment.

The event was attended by over 650 queen mothers, policymakers, agribusiness leaders, and development partners. Chief Patron Hon. Dr. Zanetor Agyeman-Rawlings led the Call to Action session, which also featured the launch of a Tomato Production Initiative aimed at reducing dependence on produce traded through dangerous cross-border routes.

K. Michelle: Illegal Silicone Injections Will Stay in My Body Forever

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K. Michelle: Illegal Silicone Injections Will Stay in My Body Forever

American singer and television personality K. Michelle has opened up about the permanent health toll of illegal silicone injections she received over a decade ago, saying she now knows she will never fully recover from the damage done to her body.

The R&B artist, who joined the cast of The Real Housewives of Atlanta (RHOA) for its seventeenth season, broke down in tears during the show’s April 13 episode while recounting the physical and emotional consequences of the black market cosmetic procedure she underwent in Atlanta in 2012.

K. Michelle, 44, revealed that a man who was not a licensed medical professional administered what were marketed as hydrogel injections into her buttocks, a decision she made after learning that one of her favourite rappers had used the same individual. “He wasn’t a doctor. It was black market, it was these ‘hydrogel’ injections, that’s what they were being called,” she said.

The situation came to a head just before she took the stage at the 2025 Academy of Country Music Honors, where she was set to pay tribute to country music trailblazer Rissi Palmer. Backstage, her team discovered that the injections were leaking, forcing a frantic effort to manage the situation before she performed. “I was standing there in a bathrobe. Everyone was blow-drying me down, just to get me on stage to sing,” she recalled. After returning from Nashville, she was hospitalised and underwent a two-hour reconstructive surgery to remove infected tissue linked to a previous corrective procedure.

The singer was visibly overcome on camera as she processed the reality of her condition. “I just hate that I did this to myself. It’s the worst thing I ever did to myself, and I’ve paid for it for years,” she said through tears.

A physician told her that no number of surgeries will ever fully eliminate the silicone from her body. “The actual thing that has made me sick isn’t the Brazilian Butt Lift (BBL). It’s the injections I got involving silicone,” she explained. “The hardest thing for me was learning that no matter what I do and how many surgeries, I will never get that silicone out of my body. It will be forever in me. I will never be fully healed.”

K. Michelle has now undergone over a dozen procedures across several years in an attempt to reverse the damage. At one stage in her recovery, she required two blood transfusions. The silicone spread beyond the injection site and migrated down her legs years after the original procedure, compounding her health challenges. Prior to the original injections, she had also undergone fat transfers from her stomach to her hips and rear, alongside breast augmentation and rhinoplasty.

Despite the ordeal, she has signalled her determination to keep moving forward, telling producers that she cannot allow the health struggles to hold her back.

Mahama: A Stable Nigeria Keeps West Africa’s Balance

News Ghana
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Mahama: A Stable Nigeria Keeps West Africa’s Balance

Ghanaian President John Dramani Mahama has offered a candid reflection on Nigeria’s critical importance to the region’s security and stability, saying he prays daily for Nigeria to prosper so that large-scale economic migration toward Ghana does not become a burden the smaller country must absorb.

Mahama made the remarks at the 4th Edition of the African Heritage Awards held in Accra on Saturday, April 11, where he served as Special Guest of Honour and Chief Host. The ceremony, organised by AfriHeritage, saw former African Development Bank (AfDB) President Akinwumi Adesina receive the African Lifetime Achievement Award, among other honourees.

In his address, Mahama framed Nigeria not merely as a neighbour but as a matter of direct security interest for Ghana.

“Nigeria is of keen security interest to us. If Nigeria does well, Ghana does well. I mean, when you have cousins, 250 million of them, you want them to do well so that one million of them don’t come drifting towards a small country like Ghana. So everyday when I wake up, I pray for Nigeria, God let Nigeria get their acts together,” he said.

The remarks draw attention to the structural pressures that economic instability in larger West African nations can place on smaller ones, and reflect a consistent position Mahama has held on regional interdependence. Earlier in December 2025, after receiving a chieftaincy title in Ile-Ife, Mahama described the two nations as sharing a common destiny, saying: “When Nigeria prospers, Ghana prospers.”

Nigeria, with a population exceeding 220 million, has grappled with inflation, currency pressure, and a cost-of-living crisis since 2023, prompting significant internal displacement and emigration. Ghana and Nigeria are both members of the Economic Community of West African States (ECOWAS), which guarantees freedom of movement across member states.

ElmoReal Speaks Reality In New Album “The Gifted”

Osafo Daniel
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ElmoReal Speaks Reality In New Album “The Gifted”

ElmoReal, a Ghanaian-Tema recording artist whose tunes are firmly steeped in love and life inspiration, is officially out with his new album.

Titled “The Gifted Album”, it’s a deeply personal 6-track studio album that captures his journey through pain, growth, faith, and resilience. Each track serves as a reflection of lived experiences, moments of struggle, survival, and spiritual awakening.

Listen And Stream here: https://music.apple.com/gh/album/the-gifted-ep/1888866643

The Gifted Album carries a message that speaks to anyone navigating life’s uncertainties while holding on to hope. The Gifted is inspired by a deep sense of gratitude to God for the gift of life, even in the quiet battles that often go unseen. It reflects on finding strength in difficult moments, times when survival wasn’t guaranteed, but faith remained the anchor.

The album explores the weight of hardship and the resilience required to push through it. It touches on personal struggles with relationships, the emotional toll they bring, and the lessons learned along the way. It also draws from the wisdom and guidance of parents, voices that shape direction even in moments of doubt.

Above all, The Gifted is about perseverance. It’s about choosing to keep going regardless of circumstances (“Make that move” a song title out of the Album), rising above pain, and embracing every scar as part of the journey. It stands as a reminder that even in broken moments, there is purpose and in survival, there is power.

ElmoReal’s “Gifted Album” is available below

MMFL Targets Credit Economy Shift as Mobile Loan Defaults Bite

Roger A. Agana
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MMFL Targets Credit Economy Shift as Mobile Loan Defaults Bite

Mobile Money Fintech Limited (MMFL) is working with banks, fintech partners, and regulators to build the infrastructure needed to transition Ghana from a prepaid economy into a responsible credit economy, Chief Executive Officer Shaibu Haruna has revealed.

Speaking in an exclusive interview on Joy FM, Haruna said African economies generally lack the financial depth to allow citizens to consistently acquire goods and services with ready cash, making accessible credit a development imperative rather than a luxury.

“We are working with our stakeholders including the financial institutions, the fintechs who are our innovation partners and the regulators to build the rails that will ensure easy access to credit within the context of responsible borrowing,” he said.

Haruna pointed to developed economies as models where the majority of citizens live on credit within systems built for accountability and responsibility, adding that Ghana must establish similar frameworks to empower its citizens.

The MMFL boss acknowledged, however, that loan defaults remain a significant challenge. Ecobank, one of MMFL’s digital loan partners, reported a four percent default rate on its US$600 million in loans disbursed through its Xpress Loan product on the MMFL platform in 2023, translating to approximately US$23 million in unpaid digital loans. Other loan products including QuickLoan, Ahomkah Loan, and Fast Cash have reported comparable challenges, though without attaching specific figures.

Haruna said some defaulters exploit multiple fraudulently registered or stolen wallets to borrow repeatedly without repaying, a pattern MMFL and its partners are actively working to curtail alongside the Bank of Ghana (BoG).

On savings, he said MMFL will roll out additional investment products to complement existing options such as treasury bills and listed equities already accessible via the MoMo App and the Unstructured Supplementary Service Data (USSD) channel.

Truecaller Opens Business Chat to Global Partners, Including Africa

News Ghana
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Truecaller Opens Business Chat to Global Partners, Including Africa

Truecaller has opened its Business Chat platform to global channel partners and enterprise solution providers, enabling businesses to move away from conventional short message service (SMS) toward a verified, media-rich, and conversational messaging experience.

The expansion empowers partners to transition their enterprise clients from legacy, low-trust SMS to a verified, smart, and conversational communication channel. Through this partner-led model, Truecaller is positioning businesses to reclaim customer attention and build trust more quickly.

Priyam Bose, Global Head of Go-to-Market at Truecaller, said the definition of success for modern enterprises had fundamentally changed. Rather than simply ensuring message delivery, he said the focus had shifted to earning attention and driving meaningful conversion. He added that the platform creates a gateway for brands to connect with Truecaller’s more than 500 million active users through communication that is contextual, trusted, and designed to prompt action.

The Business Chat platform equips partners with actionable insights, including real-time data and rich engagement metrics, enabling a more sophisticated, data-driven communication strategy that adapts at every stage of the customer journey.

Partners including Gupshup and OneXtel are already live in India, while Globe Teleservices, Cloudcom, and Sling Africa are rapidly scaling the product across other global markets.

The inclusion of Sling Africa carries particular relevance for the African market, where Truecaller has established a strong foothold. Truecaller reached 100 million monthly active users in the Middle East and Africa region as of August 2025, representing 19 percent year-on-year growth, with Ghana among its largest African markets, where the app is used on between 20 and 45 percent of connected smartphones.

SMS remains the default business communication channel across much of Africa, but consumer trust has eroded as spam and fraud volumes have grown. Business Chat is designed as a verified alternative, with messages appearing within the Truecaller application alongside the sender’s confirmed identity, interactive elements, and real-time engagement tracking.

Truecaller has recorded more than one billion downloads since its launch and identified 68 billion spam and fraud calls in 2025 alone. The company is headquartered in Stockholm and has been listed on Nasdaq Stockholm since October 2021.

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