Ghana Rises to Africa’s 8th Largest Economy

0

Ghana has climbed to 8th place among Africa’s largest economies in 2026, with its Gross Domestic Product (GDP) reaching $114.71 billion, driven by strong performances in mining, technology, and financial services.

The country ranked 10th on the continent in 2025, when its economy was valued at $108.1 billion. The latest figures represent a 3.2% increase over that estimate and reflect improved output across several key sectors over the past year.

Ghana’s mining sector led the expansion. Elevated global gold prices pushed up export earnings significantly and lifted overall economic activity. The Information, Communication and Technology (ICT) sector and financial services also recorded strong growth, contributing meaningfully to the headline GDP figure.

Analysts noted that Ghana’s diversified economic structure, spanning natural resources, services, and industry, continues to provide resilience even as the country navigates challenges linked to public debt and external economic pressures.

On the broader continental picture, South Africa retained its position as Africa’s largest economy with a GDP of $479.96 billion. Egypt held second place and Nigeria third. Nigeria’s strong rebound was attributed largely to currency adjustments, while Egypt’s growth was supported by major infrastructure investment, tourism, and energy sector expansion.

Ghana’s two-place rise reflects the positive impact of sustained sectoral output and favourable commodity prices, placing the country among a competitive group of fast-moving African economies heading into the second half of 2026.

GES Denies Authorising Fees Under Free SHS

0

The Ghana Education Service (GES) has rejected claims that schools are permitted to collect fees from students or parents under the Free Senior High School (Free SHS) policy, calling the allegations deliberate misinformation spread to mislead the public.

In a statement issued on May 7, the GES said it has not authorised any school to demand fees, whether described as feeding charges or any other form of payment. Schools making such demands are acting unlawfully and without management approval, the Service confirmed.

The GES urged the public to disregard unsubstantiated claims being circulated by individuals seeking to mislead Ghanaians, stressing that the Free SHS programme remains fully operational and government’s commitment to sustaining it has not changed.

The Service went further, putting schools on notice that violations will not be overlooked. Any attempt to undermine the policy through misinformation or unauthorised fee collection, the GES warned, “will be treated as an act contrary to national interest.”

Schools found charging students in breach of the policy face investigation and possible disciplinary action from the Service.

The GES advised students and parents who receive demands for any form of unauthorised payment to report the matter directly to the Service for prompt investigation.

Ghana Man Time Called Out at Productivity Launch

0

A senior government official criticised Ghana’s entrenched culture of lateness on Thursday at the launch of National Productivity Week 2026 in Accra, warning it carries a measurable economic cost.

Deputy Chief of Staff for Administration Nana Oye Bampoe-Addo, delivering the keynote address on behalf of Chief of Staff Julius Debrah, called for immediate reforms in public sector work ethics and performance monitoring. She argued that sustainable growth would remain out of reach without stronger accountability systems and genuine changes in workplace behaviour.

“The Ghana man time is not a joke. It comes at a cost,” she said.

The launch was organised by the Management Development and Productivity Institute (MDPI) under the theme: Transforming Mindsets, Driving Efficiency: The MDPI Approach to Sustainable Productivity for Ghana’s Economic Growth.

Speaker of Parliament Alban Kingsford Bagbin told the gathering that mindset transformation is foundational to national development. He urged workers across both the public and private sectors to embrace discipline, punctuality, and accountability, stressing that leaders must model those values before expecting them from others.

Minister for Labour, Jobs and Employment Abdul-Rashid Pelpuo described productivity as the cornerstone of economic transformation and job creation. He outlined a government reset agenda covering workplace reorientation, skills development, and institutional reform, and confirmed that the legislative framework governing the MDPI is currently under review to improve its flexibility and operational efficiency.

National Productivity Week 2026 runs from May 18 to 22, with policy dialogues, public education campaigns, capacity-building programmes, and health screenings planned nationwide.

DVLA Clarifies Legal Steps for Vehicle Ownership Disputes

0

Ghana’s Driver and Vehicle Licensing Authority (DVLA) has outlined how vehicle buyers can legally resolve ownership disputes when sellers or importers are untraceable, stating it cannot alter registration records without court backing.

In a statement issued on May 7, the DVLA said it is legally mandated to maintain an accurate national vehicle register but has no authority to adjudicate ownership disputes or effect transfers unilaterally. The Authority stressed that vehicle registration serves as evidence of ownership but does not by itself create ownership rights.

Where a registered owner has refused to sign transfer documents, or where an importer listed in customs records has not completed lawful registration, the DVLA confirmed it cannot intervene on its own. The legal framework simply does not permit it.

The Authority anchored its position in the Sale of Goods Act, which requires every seller to hold the legal right to sell a vehicle and pass valid title to a buyer. The DVLA also cited the doctrine of nemo dat quod non habet, a Latin legal principle establishing that no person can transfer a title better than what they actually possess.

Buyers who cannot locate their sellers were advised to commence court proceedings seeking either a declaration of ownership or a vesting order. Where sellers remain unreachable after documented efforts, the DVLA noted that courts may authorise substituted service, including public notices or publication in print. Courts will weigh evidence such as proof of purchase, payment records, physical possession of the vehicle, and steps taken to trace the seller before granting any order.

Once a court issues such an order, the DVLA said it would comply fully and process the ownership transfer in accordance with the law.

The Authority also flagged a widespread legal error it says frustrates many buyers. A large number of people involved in ownership disputes sue the DVLA alone, which the Authority described as an insufficient approach. Any future claim by the actual owner or a competing party could overturn an order obtained through that method, leaving the buyer exposed.

The DVLA urged all prospective vehicle buyers to verify ownership documents, confirm the authenticity of registration records, and satisfy all statutory requirements before concluding any transaction.

Wendy Shay Eyes TGMA Win After Personal Growth

Ghanaian singer Wendy Shay has revealed how years of personal struggle shaped her artistry as she pursues Artist of the Year at the 2026 Telecel Ghana Music Awards (TGMAs).

Speaking to broadcaster Kafui Dey in a recent interview, the musician traced her journey from losing her father at age two and relocating alone to Germany at fourteen, to weathering years of public criticism after launching her career in Ghana. She said those experiences pushed her toward deeper clarity about herself and a reduced need for external validation.

Wendy Shay now prioritises personal peace over public approval. She described herself as introspective by nature and increasingly selective about the people she keeps around her, a shift she credits to going through difficult seasons without flinching.

Her TGMA campaign carries strong commercial weight. Her song Too Late has surpassed 32 million views on YouTube, and her Shake Concert drew massive attendance. She received seven nominations at this year’s ceremony, a figure she found meaningful given that last year marked exactly seven years in the industry.

“I am in a better place than I used to be,” she said while reflecting on her career arc.

The singer also argued that a win would carry meaning beyond personal achievement, stating it could encourage more women to commit seriously to music.

Fellow artist Black Sherif publicly questioned why more people were not treating Wendy Shay as a genuine frontrunner for the top prize. She responded with gratitude, describing his comments as thoughtful and well considered.

Before committing fully to music, Wendy Shay trained as a nurse in Germany. She has consistently drawn a link between both careers, framing music as an extension of her desire to help and heal people.

The TGMAs ceremony remains one of the most anticipated events on Ghana’s entertainment calendar this year.

Ghana Demands Nuclear Disarmament Action at UN Arms Treaty Review

0

Ghana has used one of the world’s most important multilateral disarmament forums to call for concrete steps toward eliminating nuclear weapons, warning that the credibility of the global non-proliferation regime is being steadily eroded by inaction and division among member states.

Ambassador Samuel Yao Kumah, Ghana’s Permanent Representative to the United Nations, delivered the country’s position at the Eleventh Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), which is taking place at United Nations Headquarters in New York from April 27 to May 22, 2026.

Ghana aligned itself with the African Group and the Non-Aligned Movement, both of which are pressing for balanced progress across the treaty’s three pillars: disarmament, non-proliferation, and the peaceful use of nuclear energy. Ambassador Kumah argued that the absence of consensus during preparatory meetings reflects deepening divisions and signals an urgent need for compromise before the conference concludes.

He described nuclear weapons as an existential threat whose humanitarian consequences cannot be justified under any circumstances, and expressed particular concern over the continued modernisation and expansion of nuclear arsenals by weapon states, which he said directly contradicts the treaty’s objectives. He called on nuclear powers to honour their legal and political commitments by taking concrete, verifiable steps toward elimination rather than issuing commitments without follow-through.

The warning carries additional weight given the conference’s recent track record. Both the 2015 and 2022 Review Conferences failed to reach agreement on a substantive final document, leaving the regime without a renewed consensus mandate for more than a decade.

Ghana’s position was not limited to disarmament. Ambassador Kumah reaffirmed support for the peaceful use of nuclear technology, particularly for developing countries seeking to advance health services, agriculture, and energy security. He called for stronger cooperation through the International Atomic Energy Agency (IAEA) to ensure that access to nuclear technology is equitable and not restricted by geopolitical considerations.

International Atomic Energy Agency Director General Rafael Mariano Grossi, also addressing the conference, described the NPT as a stabilising force in an uncertain global environment while cautioning against narratives in some countries that present nuclear acquisition as a legitimate national security strategy. He highlighted growing demand for nuclear energy among developing nations and noted increasing collaboration between the IAEA and the World Bank to support nuclear energy projects in lower-income economies.

Ghana’s engagement with the conference runs deeper than this year’s address. Ambassador Harold Agyeman, Ghana’s Permanent Representative, chaired the third and final preparatory session for this conference, held in New York in 2025, giving Accra a direct hand in shaping the procedural foundations of the current review.

Ghana’s Health Financing Reforms Win World Bank Regional Endorsement

0

Ghana’s National Health Insurance Scheme (NHIS) and a package of complementary health financing reforms have been singled out by the World Bank as a leading model for the West and Central Africa region, as the institution launched its new regional health strategy in Accra.

The World Bank Group launched its regional health strategy, “Fit to Prosper: Investing in Health for Jobs and Development in Western and Central Africa,” on May 4, 2026 in Accra, bringing together a dozen ministers of health and finance alongside development partners, civil society and regional institutions.

World Bank Group Vice President Mamta Murthi described Ghana’s health financing system as “a model to aspiring reformers in the region,” stating that Ghana’s experience is “proof that the ambitions in this strategy are achievable.”

She pointed specifically to the NHIS, Ghana’s use of technology in health supply chains, and the National Health Compact as examples of how policy innovation can align domestic funding with development partner support to produce measurable results.

Dr. Robert Taliercio, World Bank Division Director for Ghana, Liberia and Sierra Leone, added a concrete metric to the commendation, highlighting that Ghana has nearly halved childhood stunting over the past two decades, placing it among the top performers in the sub-region and demonstrating what sustained investment in primary healthcare can achieve over time.

Ghana’s Health Minister Kwabena Mintah Akandoh said the NHIS remains the centrepiece of the government’s access agenda and is being reinforced through two complementary programmes: the Free Primary Healthcare initiative, which eliminates financial barriers at the first point of care, and the Ghana Medical Trust Fund, known as MahamaCares, which is targeted at covering the high treatment costs of non-communicable diseases.

Chief of Staff Julius Debrah, speaking on behalf of President John Dramani Mahama, framed the domestic financing dimension as the most consequential part of Ghana’s health reform agenda. He highlighted a GH₵11 billion allocation to the NHIS in the 2026 budget and said the uncapping of the National Health Insurance Levy is intended to generate more reliable and sustainable revenue for the system, reducing dependence on external donor support over time.

The Fit to Prosper strategy is aligned with the Accra Reset, the Lusaka Agenda, and the World Bank Group’s commitment to Universal Health Coverage, and advances the Africa Initiative for Medical Access and Manufacturing (AIM2030) to support local production of essential health products, strengthen health security, and create jobs across the region.

Court Lifts Travel Restrictions on MP in Ofori-Atta Trial

An Accra High Court has temporarily lifted bail conditions imposed on a sitting Member of Parliament (MP) facing criminal charges alongside former Finance Minister Ken Ofori-Atta, granting him permission to travel to London for a parliamentary training programme despite objections from the Office of the Special Prosecutor (OSP).

The ruling was delivered on Thursday, May 7, 2026, following an application by Col. (Rtd.) Kwadwo Damoah, MP for Jaman South and the sixth accused in the case, seeking leave to travel between May 11 and 15, 2026. The Court ordered him to depart Ghana on May 9 and return no later than May 17, 2026.

The decision required the Court to suspend, at least temporarily, bail conditions that had been explicitly designed to prevent Damoah from leaving the country. Those conditions, imposed at the time of his arraignment in December 2025, included the deposit of his passport and all travel documents at the court registry, placement on the Ghana Immigration Service stop list at all ports of entry, and a weekly reporting obligation to the lead investigator.

The OSP resisted the application on two grounds. First, it argued that the letter supporting the travel request had come from the Minority Caucus in Parliament rather than from Parliament as an institution, and that a communication from the Speaker of Parliament would have carried the appropriate institutional authority to validate the official nature of the trip. Second, the prosecution questioned why Damoah, who is on trial, was selected for the programme when another member of the Minority Caucus not facing criminal proceedings could have attended in his place.

The Court acknowledged those concerns were not without merit but found them insufficient to override the applicant’s right to travel. The decisive threshold, the Court held, was whether there was evidence that Damoah would abscond if permitted to leave. Finding none, the Court exercised its discretion in his favour.

The eight accused in the case are Ken Ofori-Atta, Ernest Darko Akore, Emmanuel Kofi Nti, Ammishaddai Owusu-Amoah, Isaac Crentsil, Kwadwo Damoah, Evans Adusei, and Strategic Mobilisation Ghana Limited (SML). The prosecution alleges the group caused the Ghanaian state a loss exceeding GH₵1.4 billion through an unlawful revenue assurance contract between the Ghana Revenue Authority (GRA) and SML.

The broader case has been adjourned to May 26, 2026, following fresh legal developments at the High Court’s General Jurisdiction Division and the Supreme Court of Ghana, relating to the prosecutorial powers of the OSP. Ofori-Atta himself remains outside Ghana, with extradition proceedings ongoing in the United States.

Hidden Trade Rules Now Cost More Than Tariffs, UNCTAD Warns

Non-tariff measures have quietly overtaken traditional tariffs as the primary cost burden facing exporters in most of the world, with developing and least-developed countries bearing the heaviest load, according to a new report by the United Nations Conference on Trade and Development (UNCTAD).

The May 2026 Global Trade Update, titled “Invisible Barriers: The Costs of Non-Tariff Measures,” finds that non-tariff measures (NTMs), including regulations, mandatory standards and product requirements, now impose higher export costs than tariffs for 88 percent of countries.

Tariffs rose sharply in 2025, climbing 10 percent for developed countries, 16 percent for developing nations and 18 percent for least-developed countries. Even so, NTMs remained the dominant cost driver across most markets.

“Trade-related regulations and non-tariff barriers are on the rise and impose greater costs on trade than tariffs,” UNCTAD said.

Least-developed countries lose approximately 10 percent of their exports to Group of 20 (G20) markets because they cannot meet NTM requirements. Smaller exporters face greater difficulties due to limited technical and financial capacity, and when testing or certification is unavailable locally, exporters are forced to route products through third countries for compliance checks.

The findings carry direct relevance for Africa. A survey of 960 traders found that almost half of exporters in Ghana encounter NTM-related obstacles, with conformity assessment requirements, export inspections and customs clearance procedures among the most common barriers.

UNCTAD identified transparency failures as a compounding problem. When governments fail to notify the World Trade Organization (WTO) about new technical and sanitary measures, the resulting uncertainty creates costs equivalent to a 28 percent tariff. Improving transparency alone could reduce NTM-related trade costs by around 19 percent.

The agency described transparency as a “low-hanging fruit” for reducing trade costs and urged wider use of existing databases and trade helpdesks to make regulatory requirements more accessible to businesses.

For Ghana and the broader region, the report identified the African Continental Free Trade Area (AfCFTA) as a major opportunity. Aligning technical measures across African countries could cut compliance costs for agricultural and manufacturing trade by between 30 and 40 percent, according to UNCTAD research cited in the report.

The share of global exports originating from least-developed countries stood at about 1.1 percent in 2024, barely above the 1.0 percent recorded in 2010 and still far below the United Nations target of 2 percent that was set for 2020.

University of Ghana Leads New Africa Food Systems Research Network

0

The University of Ghana has taken on a continental leadership role in food systems science after hosting the launch of a new African-led platform designed to translate agricultural and nutrition research directly into government policy and public health action.

The Africa Regional Collaborative for Agriculture, Nutrition and Health (ANH-ARC) was launched at the University of Ghana in Accra on April 30, 2026, bringing together leading African research and policy institutions to strengthen evidence, policy and investments in food systems and nutrition across the continent.

Positioned as the African node of the global ANH Academy Science-Policy Platform, the ANH-ARC is co-led by three African institutions: the University of Ghana, the Policy Studies Institute in Ethiopia, and Stellenbosch University in South Africa. The initiative connects African institutions to a worldwide network of more than 13,000 researchers, practitioners and policymakers working to strengthen the role of evidence in shaping food systems, nutrition and health outcomes.

The Gates Foundation is among the initiative’s backers, with Ana Maria Loboguerrero, the foundation’s Director of Adaptive and Equitable Food Systems, describing it as support offered “at a critical moment for African food systems.”

Professor Amos Laar, Professor of Public Health Nutrition at the University of Ghana and founding Director and Principal Investigator of the ANH-ARC, framed the platform as a structural fix to a longstanding policy failure.

“Agriculture, nutrition, and health can no longer operate in silos,” he said, calling for integrated, evidence-driven approaches to policymaking across the continent.

The platform will operate through four sub-regional nodes covering Southern, Western, Eastern and Northern Africa, and is aligned with the African Union’s Comprehensive Africa Agriculture Development Programme (CAADP), the Kampala Declaration, and the African Continental Free Trade Area (AfCFTA), aimed at coordinating evidence-driven food systems transformation at scale.

The initiative is designed to ensure that scientific research moves beyond academic journals and into practical policies that improve diets, health outcomes and rural livelihoods across a continent where millions continue to face malnutrition, unaffordable food and diet-related disease despite agriculture remaining central to most national economies.

The launch attracted participants from academia, governments, civil society and international institutions spanning the United Kingdom, Canada, the United States, Sweden, Rwanda, Senegal and Botswana, reflecting the breadth of institutional interest in building a more evidence-driven approach to Africa’s food and nutrition challenges.

Domeabra Stool Demands Probe Into Demolition as Why Police Aided F K Asare

0

The Domeabra Stool has called for a full-scale investigation into what it describes as an unlawful demolition exercise carried out on its lands , following violent clashes that later resulted in a police shooting incident involving a 19-year-old student.

In a strongly worded petition, the Stool accused F K A Company Ltd, led by businessman Frederick Kweku Asare, of using police protection to undertake demolitions on disputed lands despite an ongoing court case between the parties.

According to the petition, the demolition exercise took place on May 6, 2026, with the support of police officers, even though lawyers for the Domeabra Stool had earlier informed the Police about pending litigation concerning the ownership and control of the land.
The Stool expressed its frustration on why police failed to crossed check his judgment if Domeabra was part of it or not before providing security.

The Stool stated that the dispute dates back to early 2025 when Mr. Asare allegedly attempted a similar demolition exercise on the same land, prompting legal action against him and his company.

The case, the petition noted, remains before the court and is currently at the directions stage.

Traditional leaders further claimed that police authorities had previously invited both parties to meetings over the matter, during which all relevant court documents were submitted to the Police. Despite this, the Stool alleged that security protection was still provided for the demolition operation.

The petition also questioned the legality of the judgment being relied upon by F K A Company Ltd, arguing that the cited case — Nii Lantey Lamptey vrs R.O. Lamptey & 2 Others, Suit Number BL/486/2007 — did not involve the Domeabra Stool.

According to the Stool, elders advised local youth not to interfere with the demolition because they believed the matter was still before the court and expected the police to act lawfully.

However, several structures belonging to residents were reportedly demolished during the operation.

The tensions surrounding the disputed 700-acre land later escalated into unrest, leading to confrontations between residents and security personnel.

During efforts by police to restore calm after angry residents reportedly protested the demolitions, a 19-year-old Senior High School student identified as Nii Seth Lamptey was struck by a stray bullet.

Reports indicate that the student had home for some few items and was expected to return the following week before the incident occurred.

The incident has intensified public concern over the handling of the land dispute, with residents demanding accountability over both the demolition exercise and the police response that resulted in the shooting.

The Domeabra Stool is now urging authorities to conduct an independent investigation into the circumstances under which police protection was granted for the demolition and the events that led to the shooting incident.

Ghana Sends 15 Firms to Historic France-Africa Summit

0

Fifteen Ghanaian businesses will travel to Nairobi next week for the inaugural Africa Forward Summit, joining an estimated 1,500 business leaders from across Africa and France at an event that marks a deliberate shift in how France is approaching its economic relationships on the continent.

Kenya and France are jointly holding the Africa Forward Summit, formally titled “Africa-France Partnerships for Innovation and Growth,” on May 11 and 12, 2026 in Nairobi. It is the first summit of this kind to be hosted and co-chaired with an English-speaking African country, a fact that carries particular significance for Ghana, which has more than 60 French companies operating within its borders.

The Ghanaian delegation will arrive at a summit designed to be the most expansive gathering of its kind between France and the African continent. Over 30 heads of state and 2,000 business leaders from France and Africa are expected to attend.

At a media briefing in Accra ahead of the summit, French Ambassador to Ghana Diarra Dimé-Labille framed the event as part of a broader recalibration of France’s continental strategy.

“The vision of President Macron is a balanced partnership where we can learn from each other,” Ambassador Dimé-Labille said.

Ghana’s President John Mahama will play an active role on the second day, co-chairing a session on building resilient healthcare systems. The session will focus on strengthening local production of vaccines and medicines, building on his earlier co-chairmanship of the One Health Summit held in Lyon, France, in April 2026.

Kenya’s High Commissioner to Ghana, Ambassador Ishahilidza Shem Amadi, identified the African Continental Free Trade Area (AfCFTA) as a central framework through which the summit’s outcomes should be measured, saying it presents an opportunity to advance the shared continental trade agenda.

The summit’s second day will take place at the Kenyatta International Convention Centre (KICC) and will be largely devoted to development financing and global governance challenges, with some conclusions expected to feed into the next Group of Seven (G7) summit that France will host in Evian in June.

Sessions will cover energy transition, green industrialisation, the blue economy, sustainable agriculture, digital competitiveness, and the role of youth and artificial intelligence in shaping Africa’s economic future.

The Africa Forward Summit builds on the Summit on Financing African Economies held in Paris in 2021, the New Global Financing Pact in 2023, the Africa Climate Summit in Nairobi in 2023, and the European Union-African Union Summit held in Luanda in November 2025.

BoG Faces Repeat Loss Risk as Rate Gap Widens

0

A widening divergence between Ghana’s Treasury bill rates and the Bank of Ghana’s (BoG) own Open Market Operations (OMO) bills is raising fresh concerns that the central bank may be heading toward another significant financial loss in 2026, even as the broader economy continues to benefit from lower inflation.

The most significant contributor to the BoG’s 2025 losses was the cost of OMO, which reached GH₵16.7 billion as the central bank aggressively mopped up excess liquidity to bring inflation under control. That strategy paid off: inflation fell for 13 consecutive months, dropping from 23.8 percent to 5.4 percent, and declining further to 3.2 percent by March 2026.

But the very success of that campaign has created a new problem for the central bank’s balance sheet.

Between January and April 2026, the cost for the government to borrow through Treasury bills fell sharply. By early March, the 91-day T-bill carried an annualised interest rate of just 4.83 percent. That collapse in government borrowing costs is welcome news for the national budget. For the BoG, however, it creates a structural trap.

Banks shifted away from ultra-low-yielding T-bills in March 2026 and redirected funds into better-priced OMO securities, with post-Monetary Policy Committee OMO auctions clearing at approximately 10.5 percent. That gap, between what the market demands for government paper and what the BoG must offer to drain excess liquidity from the banking system, is the core of the problem analysts are calling “negative carry.”

In practical terms, the BoG is paying roughly twice the prevailing market rate to keep money out of circulation. If the central bank’s own income is tied to falling market rates while its OMO liabilities remain elevated, the gap between what it earns and what it pays out continues to widen throughout the year.

The BoG faces a narrow set of options. It can aggressively cut OMO rates to align with the 4.9 to 6.9 percent range where T-bills are trading, accepting the risk that excess liquidity re-enters the economy and reignites inflation. Alternatively, it can hold OMO rates high, maintain price stability, and absorb the financial cost on its balance sheet for a second consecutive year.

A government-backed recapitalization plan running from 2026 to 2032 is intended to restore positive equity to the institution, but analysts warn that delays or shortfalls could prolong the bank’s weakened position.

For now, the BoG appears to be prioritizing price stability over its own profit and loss position, which may be the appropriate monetary policy choice for Ghana’s broader economic recovery but leaves the central bank’s financial health in a precarious position heading into the second half of 2026.

TCDA Signs Deals on Beekeeping, Rubber Land Reclamation

0

Ghana’s Tree Crops Development Authority (TCDA) has signed two separate partnership agreements aimed at diversifying farmer incomes, integrating beekeeping into tree crop systems, and restoring degraded agricultural land through a new rubber plantation pilot.

The agreements were concluded with Pan-African Business Developers (PABD) and Save Our Lands Projects LBG (SOL), and represent the latest in a series of strategic moves by the TCDA to deliver tangible value chain outcomes following the ambitious growth blueprint unveiled at the Ghana Tree Crops Investment Summit earlier this year.

Under the first Memorandum of Understanding, TCDA and PABD will implement the Bees for Income and Nutrition (BEEIN) Project, designed to embed beekeeping within tree crop farming systems across the country. Beyond honey production, the initiative is expected to improve pollination across tree crop farms, support biodiversity, and create supplementary income sources for rural communities already navigating climate and market pressures. TCDA said the project aligns directly with its strategic priorities around production enhancement, value chain development, and environmental sustainability.

The second agreement, signed with SOL, establishes a 10-hectare pilot land reclamation rubber plantation project. Its primary objective is to rehabilitate degraded lands while expanding Ghana’s rubber production base, generating jobs and strengthening economic participation in affected rural communities. TCDA described the initiative as consistent with its broader mandate to expand and transform the tree crops sector through sustainable, inclusive development models.

Both agreements were signed by TCDA Chief Executive Officer Dr. Andy Osei Okrah, alongside PABD Chief Executive Officer Kirk Agyekum and SOL Executive Director Aaron Agyapong respectively.

The TCDA has set a target for each of its six regulated value chains, covering cashew, oil palm, shea, coconut, rubber and mango, to generate an average of $2 billion annually by 2030, for a combined contribution of $12 billion per year to Ghana’s economy. The two new partnerships represent early-stage implementation steps toward that target, with practical interventions at the community and farm level rather than pledges made from a conference floor.

The beekeeping integration model is drawing particular interest from agricultural development practitioners, who see it as a cost-effective way to raise farm productivity and household income simultaneously, without requiring significant capital outlays from smallholder farmers.

Cocoa Prices Rebound But COCOBOD Relief Remains Uncertain

0

Global cocoa prices have staged a sharp recovery in recent weeks, offering a tentative reprieve for Ghana’s cocoa sector after months of sustained pressure, though analysts caution that the rally remains fragile and the structural tensions facing the Ghana Cocoa Board (COCOBOD) have not disappeared.

Cocoa climbed to $4,276 per tonne on May 6, 2026, a rise of nearly 5% in a single session and part of a monthly gain exceeding 41%. The move brings prices to their highest point since February, reversing a prolonged slide that had pushed the market toward its lowest levels in years. Despite the recovery, cocoa remains more than 53% below where it traded a year ago, a reminder of how dramatically conditions have shifted since the historic peak cycle of 2024 and early 2025.

The immediate driver of the rally is supply uncertainty. Weather conditions in West Africa, particularly in Côte d’Ivoire and Ghana, have recently improved, supporting short-term output and allowing for a gradual rebuilding of global stocks, though the outlook remains uncertain. Early surveys of the 2026/27 West African cocoa crop have shown below-average cherelle formation on cocoa trees, signalling a potentially weak main harvest beginning in October.

For COCOBOD, the timing of this recovery creates an awkward but important inflection point. The government set the cocoa farmgate price at approximately GH₵41,392 per tonne for the 2025/2026 season in February 2026, a period when global prices had weakened significantly. That decision meant COCOBOD was, at certain moments during the season, paying farmers at levels that exceeded prevailing world market prices, placing direct financial strain on the system.

With global prices now trading above those farmgate levels again, some of that pressure eases. The question is whether the current rebound can be sustained long enough to meaningfully improve COCOBOD’s financial position and inform more comfortable pricing decisions for the season ahead.

The structural problems in the cocoa sector remain unresolved: ageing trees, irregular rainfall, disease pressure and low farmer incomes mean a single poor harvest or logistical disruption could tighten the market very quickly. Fertilizer shortages and the rising likelihood of the El Niño phenomenon are expected to constrain 2026/27 production, with farmers in Côte d’Ivoire already reporting difficulties.

For now, the market is moving in Ghana’s favour. But seasoned observers of the cocoa trade know better than to read too much into a single month’s rally in one of the world’s most volatile commodity markets.

MTN Group Executive Introduces Ethical Framework for Corporate Leaders

0

MTN Group Senior Vice President Ebenezer Asante has challenged corporate leaders across Africa to reorient their governance models around human dignity rather than profit, warning that greed, power and fame are quietly dismantling institutional integrity from the inside.

Asante delivered the keynote address at the Arganbright Partners Convergence Conference held at the Accra Marriott Hotel, organised by the Full Gospel Business Men’s Fellowship International (FGBMFI). The conference examined corporate governance under the theme “Governance and Ethics in the 21st Century: A Path to Sustainable Value Creation.”

He told participants that the defining challenge facing modern organisations is not financial underperformance but a crisis of purpose, arguing that too many institutions measure success by revenue while remaining indifferent to the human cost of how that revenue is generated.

To address that gap, Asante introduced what he called the Senseholder Value Accountability Framework, a practical tool designed to help organisations examine how they are perceived by stakeholders, identify blind spots in their institutional culture, and stress-test their ethical responses under pressure. The framework, he explained, moves governance beyond policy compliance and into a more reflective, values-driven practice.

He named greed, power and fame as the most common but least visible forces behind ethical failures, saying that leaders who do not consciously manage those drivers will eventually allow them to corrupt decision-making across the organisation.

“Ethical leadership must be deliberate. It must be interrogated consistently, especially in moments of uncertainty and strain,” Asante said.

He also made the case for broader employee participation in governance, arguing that ethics imposed solely from the top is fragile. Leaders, he said, must demonstrate values through visible action rather than policy documents alone, and organisations must be deliberately structured to protect the dignity of every person within them.

The conference brought together business leaders, academics and corporate executives from across Ghana. Among those in attendance were Professor Stephen Adei, former Rector of the Ghana Institute of Management and Public Administration (GIMPA); Mansa Nettey, Chief Executive Officer of Standard Chartered Bank Ghana; and Kwaku Bediako, Chief Executive Officer of Chase Petroleum.

Asante was joined by senior MTN Ghana officials including Chief Risk and Compliance Officer Joseph Dogbe, Acting General Manager for Sustainability and Shared Value Georgina Asare Fiagbenu, and Manager for Data and Devices Abdul Latif Issahaku.

Ex-Power Minister Wants Seven-Year Term, Planned Workforce

0

Former Power Minister and Pru East Member of Parliament Dr. Kwabena Donkor is calling for Ghana’s presidential term to be extended to seven non-renewable years, paired with a prime minister accountable to Parliament and a national system for deliberately training the workforce the country needs over the next decade.

Speaking in an exclusive interview with The High Street Journal, Dr. Donkor argued that the current four-year electoral cycle is structurally incapable of producing long-term development because governments spend the bulk of each term positioning for the next election rather than implementing policy with a generational horizon.

His proposed model would seat a president for a single seven-year term with no renewal option. Alongside that executive, a prime minister would lead government business in Parliament and remain removable by legislators if the administration underperforms. Dr. Donkor believes this dual accountability structure would shift the governing incentive from vote-seeking to nation-building.

The reform argument does not stop at the constitution. Dr. Donkor says Ghana’s failure to plan its human capital needs is equally damaging. He points to universities running science and technology programmes without functional laboratories, producing graduates trained largely on theory in fields that require hands-on skill. The result, he says, is visible in the labour market, where Ghana continues to import artisans and technicians from Togo and Benin to fill roles that local institutions should be producing domestically.

His proposed fix is a targeted scholarship and investment model where the state declares, in advance, exactly how many engineers, medical doctors, statisticians, surveyors and other technical professionals the economy will need over the next ten years, and then funds education accordingly through institutions including the National Development Planning Commission (NDPC) and the Ghana Tertiary Education Commission (GTEC).

“I’m very passionate that our four-year cycle is not helpful. I sincerely believe we should elect leaders for seven years,” Dr. Donkor said.

He was careful not to dismiss the value of Ghana’s democratic record. He sees it as a foundation that has succeeded on its own terms but has now reached the limit of what electoral stability alone can deliver. The next phase, in his view, demands that democracy be redesigned to produce development outcomes, not merely peaceful transitions of power.

Dr. Donkor’s call adds a fresh dimension to a longstanding national debate. Former presidents John Kufuor and John Mahama, as well as other senior public figures, have previously voiced support for longer presidential terms, though none has framed the proposal with the same emphasis on workforce planning and parliamentary accountability.

AAK Pushes Shea Value Chain Beyond Raw Commodity Exports

Global plant-based oils and fats company AAK has used the platform of West Africa’s premier shea industry gathering to call for deeper regional integration, warning that fragmented national systems are the single greatest obstacle to unlocking the sector’s economic potential.

The 18th Annual Conference of the Global Shea Alliance (GSA), held in Accra from April 27 to 29 under the theme “Beyond Borders,” brought together Vice President Professor Jane Naana Opoku-Agyemang alongside diplomats, policymakers, industry executives, financiers and development partners from across West Africa and beyond.

In her opening address, Professor Opoku-Agyemang drew attention to a persistent structural inequality at the foundation of the shea economy, noting that women perform the heaviest labour across the value chain yet receive the smallest share of its rewards. She said closing that gap is not simply a fairness issue but a prerequisite for long-term sector productivity and sustainability.

AAK, which has operated in the West African shea industry since 1958, contributed to high-level sessions covering global market trends, supply chain traceability and the long-term competitive outlook for shea within the broader oils and fats industry. The company argued that the region’s future competitiveness hinges on moving away from fragmented, country-by-country systems toward a single, cross-border value chain architecture.

Participants at the conference echoed that position, identifying stronger intra-African trade under the African Continental Free Trade Area (AfCFTA) framework as the most credible pathway to scaling up local processing, retaining more value within the continent and improving competitiveness against emerging shea alternatives in global markets.

Lasse Skaksen, Vice President and Head of AAK West Africa, told delegates the fundamentals of the sector remain solid but that stability and policy alignment from governments are non-negotiable conditions for continued private sector investment.

“Private sector must continue to invest; Governments must continue to create a stable, predictable and enabling environment for investors,” Skaksen said.

AAK’s Kolo Nafaso programme, which works directly with over 275,000 women collectors across the West African shea belt, was highlighted as a concrete example of how sustained investment in the foundational layer of the supply chain can deliver results in responsible sourcing, capacity development and market access simultaneously.

The conference concluded with a joint call for accelerated collaboration between governments, private players and development partners to align policy frameworks and position West Africa as a globally competitive hub for value-added shea production rather than a supplier of unprocessed raw material.

SA Equity Market Demands Technology Edge From Local Brokers

South Africa’s equity market is undergoing a structural shift as global banks, high-frequency trading firms, and sophisticated asset managers raise the performance bar for execution technology, creating a growing challenge for local brokers that cannot match international standards.

Writing in a bylined piece, Merlin Rajah, Head of Equities Electronic Product at Absa Corporate and Investment Banking (CIB), says the market now serves a broad and demanding mix of participants simultaneously. Global tier-one banks are deploying capital with greater consistency, while high-frequency traders require ultra-low latency infrastructure calibrated to margins measured in microseconds.

The shift mirrors what happened in retail banking, where branch-dependent services gave way to digital self-service. Trading has followed the same trajectory. Clients now want direct control over execution through algorithms, vendor tools, or bank-provided platforms, rather than routing orders through intermediaries manually.

Latency-sensitive clients represent the most demanding segment. Only a small number of local brokers can service that activity reliably, and the gap between those firms and the rest is widening. Institutional clients arrive with established setups, expecting Financial Information eXchange (FIX) protocol connectivity and tight integration into their own systems as a baseline requirement.

Cross-border complexity adds further pressure. Clients routinely seek access across multiple markets through a single connection point, typically through global counterparties that link local platforms into wider networks. That means brokers must support multiple client types, execution styles, and jurisdictional requirements within the same infrastructure.

Rajah cautions that third-party technology vendors from outside South Africa can partially fill the gap but often lack the granular understanding of local liquidity patterns and regulatory conditions that shapes real-world execution quality.

Technology, he argues, is no longer just an execution tool. It underpins risk management, regulatory reporting, and operational resilience during high-volume periods.

“The bar does not stand still,” Rajah notes, warning that firms that fail to sustain continuous innovation will lose relevance progressively.

Absa CIB says it is investing to close the capability gap by combining globally competitive trading systems with local market knowledge, positioning itself to serve both institutional and latency-driven clients as participation in South Africa’s equity market continues to deepen.

Kejetia Caterers Threaten Legal Action Over Unfair Tax Regime

0

Food vendors at Kumasi’s Kejetia Market are threatening to sue the Ghana Revenue Authority (GRA) unless the government restructures what they call a punishing tax system that favors informal traders over registered operators.

Emmanuel Kwarteng, Chairman of the Ghana Traditional Caterers Association (GTCA), Kejetia Branch, told Business and Financial Times that members currently pay annual income taxes ranging between GH₵1,500 and GH₵3,000, an amount he says bears no relation to actual earnings.

Beyond income tax, registered vendors absorb additional costs including business operating permits, sanitation fees, fumigation charges, waste collection bills and electricity expenses. The cumulative burden, the GTCA argues, strips members of any realistic margin for profit or business growth.

The association wants the GRA to drop the income tax rate from the current 3 percent to between 0.5 and 1 percent of annual earnings. That proposal was placed before GRA officials in a direct engagement, but the meeting produced no meaningful result.

At the center of vendor frustration is what Kwarteng describes as a structural injustice: itinerant food sellers who hawk meals within the market and operate without fixed stalls face no tax obligations, yet they compete for the same customers as fully registered traders.

“We cannot continue to operate under such conditions while others go untaxed,” Kwarteng warned.

The association is now asking government to step in and design a flexible tax model that includes reinvestment incentives for compliant businesses. Kwarteng said compliance rates would improve significantly if traders saw a portion of their tax payments channelled back into business support.

If authorities do not act, the GTCA says it is prepared to seek a court order to compel equal treatment of all food vendors operating within the market.

The GRA has in recent weeks intensified its informal sector drive in the Ashanti Region, deploying officers daily across Kejetia stalls and introducing a mobile tax payment shortcode to widen compliance. The informal sector accounts for approximately 27.4 percent of Ghana’s gross domestic product but contributes less than 5 percent of total tax revenue.

Tourist Falls to Death at Hong Kong Hotel Indigo

0

A 69-year-old American tourist died on Monday, May 4, after falling from the 29th floor of Hotel Indigo Hong Kong Island in the Wan Chai commercial district, with the impact injuring seven bystanders on the ground below.

The incident occurred shortly after 9 a.m. when the woman, whose identity has not been publicly released, accessed the hotel’s pool deck. Her husband had left the property approximately one hour earlier for a medical appointment. A police source told the South China Morning Post that she had been managing depression and had discontinued her medication in March.

The force of the fall shattered glass panels at the hotel entrance, setting off a chain of injuries among people in the vicinity. A 74-year-old local resident struck by the falling tourist sustained serious injuries and was transported to Queen Mary Hospital, where she was placed in intensive care. Her 77-year-old sister was among those cut by the shattered glass.

Six additional people were injured by the broken panels, including a 40-year-old Chinese woman and her 10-year-old son, a 41-year-old woman and her 8-year-old son, and an 89-year-old American woman.

Hotel Indigo Hong Kong Island sits in Wan Chai, one of the city’s most densely populated and commercially active districts. Authorities are investigating the circumstances of the incident.

If you or someone you know is struggling with mental health challenges, speaking with a medical professional or a trusted person can be an important first step toward support.

Tesla Recalls 218,000 Vehicles Over Rearview Camera Delay

0

Tesla is recalling more than 218,000 vehicles across four of its model lines after the National Highway Traffic Safety Administration (NHTSA) identified a software fault that can delay the rearview camera image when a driver shifts into reverse, reducing visibility and increasing the risk of a collision.

A total of 218,868 vehicles are affected, spanning the Model 3, Model Y, Model S and Model X. The recall covers multiple model years from 2017 through 2023, all sharing hardware version 3, a component Tesla stopped manufacturing in January 2024. The NHTSA said the delayed camera display impairs the driver’s rearview at the moment it is most needed, though it noted that drivers can continue reversing by using their mirrors and performing a shoulder check while the system catches up.

Tesla confirmed there have been no reported collisions, fatalities or injuries linked to the issue. The company cited 27 warranty claims and two field reports that may be connected to the fault.

The fix does not require a dealership visit. Tesla said it will issue a free over-the-air software update to resolve the problem, moving affected vehicles from the faulty firmware version 2026.8.6 to the remedied version 2026.8.6.1. The company added that more than 99.92 percent of affected vehicles have already successfully loaded the updated firmware.

The announcement follows a separate NHTSA decision last month to close an investigation into approximately 2.6 million Tesla vehicles over a remote movement feature, after regulators determined the issue was confined to low-speed incidents.

US Detains 27 Cruise Crew in Child Exploitation Probe

0

United States authorities detained 27 cruise ship crew members in San Diego in late April following a federal enforcement operation targeting child sexual exploitation material, with officials saying the individuals have since had their visas revoked and been returned to their home countries.

According to a spokesperson for U.S. Customs and Border Protection (CBP), officers boarded eight cruise ships between April 23 and April 27 as part of an ongoing Child Sexual Exploitation Material enforcement operation. A total of 28 crew members were interviewed across the vessels, including 26 nationals from the Philippines, one from Portugal and one from Indonesia.

Authorities alleged that 27 of the 28 individuals were linked to offences involving the receipt, possession, transportation, distribution or viewing of child sexual exploitation material. The CBP spokesperson confirmed that the agency revoked the crew members’ visas before removing them from the country.

One of the vessels involved was connected to Disney Cruise Line. A Disney spokesperson confirmed the company cooperated fully with law enforcement and said those crew members from its ship who were implicated are no longer employed by the company. It remains unclear how many of the detained individuals were from the Disney vessel specifically, or which companies operated the remaining ships involved.

The operation reflects an intensifying federal focus on digital child exploitation offences in transient and maritime environments, where jurisdictional complexity and crew mobility have historically posed challenges for law enforcement. CBP did not confirm whether criminal charges would be pursued in the United States or whether cases had been referred to authorities in the crew members’ home countries.

MohBad DNA Row Deepens Over Royalties and Paternity

The dispute between Omowunmi Aloba, widow of late Nigerian singer Ilerioluwa Aloba, popularly known as MohBad, and her father-in-law, Joseph Aloba, has intensified, with Omowunmi now alleging that the push for a Deoxyribonucleic Acid (DNA) test is driven less by genuine paternity concerns and more by an interest in controlling the late singer’s royalties and estate.

In a recent interview, Omowunmi said she and Joseph were once close but the relationship deteriorated following the birth of her son, Liam, with disagreements over the child’s naming ceremony and the question of MohBad reconciling with his mother serving as early fault lines. She claimed that conversations with her father-in-law after MohBad’s death in September 2023 gravitated almost entirely toward the singer’s properties and royalties, and alleged that Joseph wants the DNA result to come out negative in order to gain control of those assets. She maintained she has never opposed a DNA test.

Joseph Aloba’s legal team has consistently offered a different account. Joseph has publicly insisted that a DNA test is necessary, stating he cannot hold on to a child who may not belong to his family. His representatives have also disputed claims that the family has delayed or avoided the process.

The matter has been before a Magistrates Court in Ikorodu, Lagos State, since 2024. The court directed both parties in July 2024 to explore Alternative Dispute Resolution, but closed-door negotiations failed to produce an agreement. A subsequent court order directed that the test be conducted at a mutually agreed facility within Nigeria, but the two sides have been unable to agree on a venue. Omowunmi’s legal team proposed Eko Hospital and Reddington Hospital as alternatives after both parties rejected each other’s initial choices, but said Joseph failed to respond to that suggestion.

Joseph’s legal representatives denied that his counsel misrepresented Omowunmi’s position on the DNA test in media appearances.

MohBad died on September 12, 2023. His body was exhumed days later for an autopsy following widespread public outcry over the circumstances of his death. The paternity and estate dispute has remained unresolved since, with Omowunmi indicating the legal battle could stretch on for years.

Ghana Charts Africa Course with Virtual Asset Law

0

Ghana has cemented its position as one of Africa’s most advanced jurisdictions in digital asset regulation, with the Deputy Director-General of Operations at the Securities and Exchange Commission (SEC), Mensah Thompson, telling delegates at the 3i Africa Summit in Accra that the country’s Virtual Asset Act, 2025, Act 1154 is already moving from legislation into active implementation.

The law, approved by the President on December 24, 2025, formally established the regulatory framework for virtual assets in Ghana. Thompson described it as one of the most consequential legal instruments introduced into the country’s financial industry. He noted that while South Africa and Kenya were first and second respectively in establishing such frameworks on the continent, Ghana has moved faster on implementation, having already launched a virtual asset sandbox programme that allows digital asset operators to test offerings under regulatory supervision.

“The Securities and Exchange Commission has already accepted a number of businesses into the programme and released sandbox guidelines,” Thompson said.

The sandbox is designed to give regulators real-time visibility into market activity, help identify emerging risks and generate the operational data needed to set compliance standards for exchanges, trading platforms, custody services and virtual asset management firms.

One of the more distinctive features of Ghana’s approach is its activity-based licensing structure. Rather than issuing a single cryptocurrency licence, the framework requires firms to obtain authorisation specific to the services they provide. The SEC oversees cryptocurrency exchanges, trading platforms and tokenised assets backed by commodities or real-world assets, while the Bank of Ghana (BoG) regulates wallet services, payment systems and fiat-backed stablecoins.

To prevent regulatory gaps at the intersection of these two domains, the law establishes a joint Virtual Assets Committee co-chaired by the BoG and the SEC. The committee coordinates oversight, closes potential loopholes and ensures that new developments within the virtual asset ecosystem are brought under appropriate monitoring as they emerge.

Thompson framed the architecture as a deliberate balance between enabling innovation and protecting consumers, giving fintech firms room to build new products while maintaining the risk management guardrails necessary for market stability.

South Korea Ordains Humanoid Robot as Buddhist Monk

0

A humanoid robot became the world’s first machine to undergo a Buddhist ordination ceremony on Wednesday, May 6, when the Jogye Order of Korean Buddhism formally admitted it into the faith at Jogyesa Temple in central Seoul, ahead of the country’s Buddha’s Birthday celebrations on May 24.

The robot, known as G1 and developed by Chinese civilian robotics company Unitree Robotics, stood 130 centimetres tall and appeared in the temple courtyard of Daeungjeon Hall dressed in traditional Buddhist robes and a kasaya, a patchwork outer garment worn by ordained monks. At around 10 a.m., it joined human monks in prayer with its palms pressed together before pledging devotion to Buddhism in the sugye ceremony, a ritual in which participants commit themselves to the Buddha, his teachings and the monastic community.

During the initiation rite, G1 received the Dharma name Gabi and is expected to serve as an honorary monk throughout the celebratory season surrounding Buddha’s Birthday. It also participated in yeonbi, a purification ritual in which novice monks traditionally receive small incense burns on their arms. Given the robot’s physical nature, the burn was replaced with a lotus lantern festival sticker placed on its arm, while a 108-bead prayer necklace was draped around its neck.

Perhaps the most striking element of the ceremony was the reimagining of Buddhism’s Five Precepts for a machine. Where the traditional precepts govern human conduct around life, speech and desire, Gabi’s version instructed it to protect life, refrain from damaging other robots or property, respect and obey humans, avoid deceptive conduct and conserve energy by not overcharging.

The event marks a significant moment at the intersection of artificial intelligence, robotics and organised religion, raising fresh questions about how ancient faith traditions will adapt as increasingly human-like machines become part of daily life.

Fincra Secures Bank of Ghana Payment Licence

0

Nigerian payments infrastructure company Fincra has obtained an Enhanced Category Payment Service Provider Licence from the Bank of Ghana (BoG), allowing it to process local transactions, collect payments in Ghanaian cedis and receive inbound international transfers directly into the Ghanaian financial system.

The licence means merchants on Fincra’s platform can now accept payments through local channels including MTN MoMo, Telecel, AirtelTigo and local bank transfers, without needing multiple local integrations. Payroll platforms and international remittance businesses can also use the approval to send funds directly to Ghanaian bank accounts and mobile wallets. Businesses can set up local collection accounts in cedis, reconcile incoming payments automatically and access all these features through a single Application Programming Interface (API).

The development comes two months after Fincra secured a Canadian Payment Service Provider licence, continuing a deliberate regulatory expansion strategy across key markets. Chief Executive Officer Wole Ayodele has long argued that licensed, regulated payment rails capable of moving money at scale will define Africa’s next fintech era more than any amount of innovation alone.

“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented,” Ayodele said.

Ghana presents a compelling case for that infrastructure bet. Mobile money volumes in the country reached GH¢1.912 trillion, approximately $170 billion, in 2023. The Ghana Statistical Service (GSS) estimates that informal cross-border trade between Ghana and its land neighbours was worth GH¢7.4 billion in the fourth quarter of 2024 alone, pointing to a large pool of payment flows still operating outside formalised digital channels.

With the BoG licence, Fincra joins a small group of Nigerian fintechs, including Flutterwave and Paystack, that have secured equivalent regulatory standing in Ghana. Founded in 2021 by Ayodele and Gideon Orovwiroro, the company currently powers payment networks across North America, Europe and more than 20 African markets.

The move reinforces a broader competitive shift in African fintech away from consumer-facing applications and toward the regulated infrastructure layer that makes cross-border commerce work at scale.

BoG Warns Fintech Data Silos Fuel Loan Defaults

0

The Bank of Ghana (BoG) has called on fintech lenders to dismantle data silos and build shared borrower information systems, warning that the current fragmentation is giving serial defaulters a free pass to move across platforms undetected and keep accessing credit they have no intention of repaying.

The Head of Department at the central bank, Dr Kwasi Osei-Yeboah, issued the warning on the sidelines of the 3i Africa Summit 2026 in Accra on Thursday, describing the absence of cross-platform data sharing as one of the most consequential gaps in Ghana’s digital lending market.

His concern is straightforward: when a borrower defaults on a loan with one fintech firm, competing platforms have no way of knowing. Without a shared credit history system, that borrower can immediately apply elsewhere, repeat the cycle and leave multiple lenders nursing bad debts.

“Inability to share common data brings separation and makes it difficult to identify the history of creditors,” Dr Osei-Yeboah said.

He argued that a unified data framework would do more than protect individual lenders. Properly structured credit profiling, he said, would build reliable borrower histories over time, improving underwriting accuracy, strengthening trust across the sector and encouraging responsible borrowing behaviour. The alternative, he warned, is a market that grows in volume while quietly accumulating systemic risk beneath the surface.

Dr Osei-Yeboah called for a deliberate industry-wide response, urging fintech companies to collaborate on shared data standards that make defaulter information visible across all platforms the moment a loan goes bad. He positioned this not as a regulatory imposition but as a commercial necessity for firms serious about sustainable growth.

Beyond data, the BoG official took aim at interest rate practices in the digital lending space, warning that some fintech firms are pricing customers out of long-term relationships. He urged lenders to adopt more moderate pricing models, arguing that retaining a loyal customer base over time is more valuable than extracting maximum yield from short-term transactions.

The remarks at the summit reinforce a broader push by the central bank to bring greater structure and accountability to Ghana’s rapidly expanding fintech sector, even as it encourages innovation through open banking reforms.

Ghana Fintech Must Build Big Pipes, Not Silos

Ghana’s digital finance sector risks squandering its growth potential by chasing duplicative innovations instead of building the interconnected systems that drive real economic transformation, the Chief Executive Officer of Mobile Money Fintech Limited, Haruna Shaibu, has warned.

Speaking at the 3i Africa Summit 2026 in Accra on Thursday, Shaibu laid out a strategic case for what he called leapfrogging, a deliberate move beyond incremental progress toward exponential impact through interoperability and customer-focused design.

He cautioned that new technology adoption in Africa’s fintech space has often produced duplication rather than disruption, drawing a parallel with the early internet era when businesses flooded the same models and ultimately competed themselves into irrelevance. “The key question is whether we are growing incrementally or exponentially,” he said.

Using infrastructure as a framing device, Shaibu described digital finance ecosystems in terms of road networks and pipelines. His argument was straightforward: sustainable growth requires strong foundational “main arteries” linked to smaller feeder systems, not a proliferation of standalone platforms each trying to serve everyone independently. In his view, interoperable payment and mobile money systems are the plumbing of the digital economy, and they must be interconnected across markets to generate meaningful scale.

“You need big pipes connected to other big pipes, creating a universal ecosystem that allows seamless transactions across borders,” he told delegates.

He acknowledged that Ghana’s industry, working alongside the Bank of Ghana, has made real progress in foundational infrastructure. But he argued the next phase must prioritise scaling and integration over new construction, with innovation shifting toward the customer delivery layer rather than the infrastructure layer itself.

Shaibu also positioned data as the defining competitive asset in the next phase of fintech growth, pointing to its role in credit scoring, fraud prevention and customer experience. He described a shift already underway from rule-based fraud detection toward behavioural analytics, which allow firms to anticipate fraudulent activity rather than simply react to it. He flagged deepfake-related fraud as a specific emerging risk requiring careful management.

On regulation, he welcomed the Bank of Ghana’s open banking reforms, arguing that openness is a prerequisite for building scalable platforms, even if it comes with commercial trade-offs for individual players.

Shaibu closed with a call for the industry to reframe its ambition entirely, moving from a posture of building more innovations to one of connecting existing ones into a system that delivers scale, trust and broad economic value.

Court Convicts Ex-Power Minister Mamman in Absentia

0

A Federal High Court in Abuja on Thursday convicted former Nigerian Minister of Power, Saleh Mamman, on all 12 counts of fraud and money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC), in a case involving the diversion of ₦33.8 billion in public funds meant for two major hydroelectric power projects.

Justice James Omotosho delivered the judgment in the absence of the convict, finding that the prosecution had established its case beyond reasonable doubt. The court adjourned sentencing to May 13, 2026, and the EFCC immediately applied for a bench warrant to ensure Mamman is produced in court and cannot flee the country.

Mamman served as Minister of Power under former President Muhammadu Buhari from August 2019 to September 2021, when he was removed during a cabinet reshuffle. The EFCC arraigned him in July 2024 on charges centred on the alleged conspiracy with ministry officials and private companies to siphon funds allocated for the Zungeru and Mambilla Hydroelectric Power Plant projects.

The court found that Mamman made a cash payment of $655,700, equivalent to ₦200 million, for landed property in Abuja without routing the transaction through any financial institution. It also noted that most of the funds were siphoned through Bureau de Change operators (BDCs) who converted the money into foreign currencies before handing it over to the defendant.

Justice Omotosho was scathing in his remarks, lamenting that a minister entrusted with fixing Nigeria’s chronic electricity crisis chose personal enrichment over public service. “The evidence of the prosecution is overwhelming as against the scanty and almost absent defence of the defendant,” the judge held.

Mamman’s lawyer, Mohammed Ahmed, told the court that his client’s whereabouts had been unknown since the previous Tuesday when notice of the judgment was issued, and that his personal assistant had suggested he was ill. When Justice Omotosho demanded a medical report to support the claim, the defence admitted that none was available. The court rejected the bid to adjourn, pointing to news reports showing Mamman had recently purchased a governorship nomination form under the All Progressives Congress (APC) to contest the Taraba State governorship election.

The EFCC produced 17 witnesses and tendered 43 exhibits during the trial. The agency alleged that at least ₦22 billion of the diverted funds were channelled into the acquisition of high-value assets within and outside Nigeria.