Helios Towers marked 15 years of partnership, progress, and purpose with a special anniversary gala held at the Grand Arena of the Accra International Conference Centre – celebrating a legacy that began in Ghana and now spans nine countries across Africa and the Middle East.

Since launching its operations in Ghana in 2010, Helios Towers has played a central role in the country’s digital transformation, enabling mobile coverage for over 18 million Ghanaians, establishing more than 1,096 sites, and leading the industry in green energy innovation with over 400 solar-powered towers.

“For 15 years, Helios Towers has been connecting communities and powering growth,” said Kweku Frempong, Managing Director of Helios Towers Ghana. “Ghana was where it all began, and it continues to be a cornerstone of our story — a place where we’ve built not only towers, but talent, trust, and lasting impact.

This is not just an anniversary – it’s a celebration of resilience, innovation, and what can be achieved when you invest in people and potential. We thank all those who have walked this path with us.”

The evening brought together senior government officials, telecom leaders, community partners, and employees to honour the relationships that have powered the business. Guests included Sam George, Minister for Communications and Digitalisation, and Sir Sam Jonah, Chairman of Helios Towers Ghana.

From one market to a continental footprint

From its single-market roots in Ghana, Helios Towers has grown into one of the leading independent telecom infrastructure providers in Africa, now operating over 14,000 towers across nine markets, including Ghana, Tanzania, DRC, Republic of Congo, Senegal, Malawi, Madagascar, South Africa and Oman.

This growth has been made possible by deep local partnerships and a workforce that is proudly Ghanaian — 100% of Helios Towers Ghana employees are Ghanaian, with 22% female representation in a traditionally male-dominated industry.

A Legacy of innovation, inclusion, and impact

Helios Towers Ghana has consistently led with innovation – most recently through a major solar rollout across the country. The company has also invested in rural connectivity with over 290 rural sites, and in human capital with nearly USD $1 million spent on training and upskilling to date.

GSE closes at 6,072.02 points on June, 12, 2025

The Ghana Stock Exchange (GSE) witnessed a slow trading session on Thursday, June 12, 2025, as both key market indices closed in the red mark.

The decline was coupled with a significant drop in market activity.

The benchmark GSE Composite Index shed 5.92 points to close at 6,072.02 points, dragging down its Year-To-Date (YTD) return to 24.21%.

Similarly, the GSE Financial Stock Index declined by 8.50 points, closing at 3,279.22 points, with its YTD returns settling at 37.74%.

Market capitalisation also witnessed a downward adjustment, falling by GH¢238.94 million to close at GH¢134.80 billion, reflecting the negative sentiment on the bourse.

Trading activity saw a steep decline, with a total of 35,759 shares exchanging hands, marking an 83.67% drop in volumes compared to the previous session.

The total value of shares traded amounted to GH¢200,196.23.

On the equities front, Benso Oil Palm Plantation (BOPP) emerged as the session’s sole gainer inching up to GH¢34.25.

Ecobank Transnational Incorporated (ETI) lost ground, closing lower at GH¢0.84.

Despite the dip in price, ETI led trading activity with 29,249 shares traded, valued at GH¢24,627.63.

SP/VPO

BBC

Showbiz News

Jun – 13 – 2025 , 10:34

1 minute read

International Monetary Fund (IMF)

The International Monetary Fund (IMF) Executive Board is scheduled to consider Ghana’s Fourth Review under the US$3 billion Extended Credit Facility (ECF) programme in early July 2025.

A potential disbursement of US$360 million is expected, pending approval.

The announcement was made by IMF Director of Communications, Julie Kozack, on Thursday, June 12, 2025.

If approved, the forthcoming disbursement will bring Ghana’s total receipts under the ECF arrangement to approximately US$2.355 billion since the programme’s inception in May 2023.

The IMF commended the Ghanaian government for its recent efforts to restore macroeconomic stability.

These measures include tightening monetary policy, adjusting electricity tariffs, and implementing reforms in public financial management.

“The new authorities have taken bold measures to address policy and reform slippages and ensure the achievement of programme objectives,” Kozack noted.

The anticipated approval and disbursement are expected to boost investor confidence and support Ghana’s ongoing efforts to stabilize the economy and achieve long-term debt sustainability under the IMF-supported programme.

SP/MA

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

International Monetary Fund (IMF)

The International Monetary Fund (IMF) Executive Board is scheduled to consider Ghana’s Fourth Review under the US$3 billion Extended Credit Facility (ECF) programme in early July 2025.

A potential disbursement of US$360 million is expected, pending approval.

The announcement was made by IMF Director of Communications, Julie Kozack, on Thursday, June 12, 2025.

If approved, the forthcoming disbursement will bring Ghana’s total receipts under the ECF arrangement to approximately US$2.355 billion since the programme’s inception in May 2023.

The IMF commended the Ghanaian government for its recent efforts to restore macroeconomic stability.

These measures include tightening monetary policy, adjusting electricity tariffs, and implementing reforms in public financial management.

“The new authorities have taken bold measures to address policy and reform slippages and ensure the achievement of programme objectives,” Kozack noted.

The anticipated approval and disbursement are expected to boost investor confidence and support Ghana’s ongoing efforts to stabilize the economy and achieve long-term debt sustainability under the IMF-supported programme.

SP/MA

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

By Stanley Senya

Accra, June 13, GNA – The Ghana Shippers’ Authority (GSA) and the Ghana Revenue Authority–Customs Division (GRA-Customs) have inaugurated a Joint Working Group aimed at improving coordination, streamlining port operations, and enhancing revenue mobilisation in the commercial shipping sector.

The initiative marks a major step toward deepening inter-agency collaboration, improving service delivery, and reducing the cost of doing business at Ghana’s ports.

Speaking on behalf of the GSA’s CEO, Mr Prince Henry Ankrah, the Deputy Chief Executive in charge of Operations, described the initiative as both timely and critical.

“The terms of reference, from digitalisation and automation to a robust monitoring and evaluation framework are designed to strengthen regulation and transform port efficiency,” he said.

He emphasized that coordinated efforts in research, stakeholder dialogue, and policy harmonisation would align national regulations with global standards, ultimately leading to improved competitiveness and government revenue optimisation.

Mr. Emmanuel Ohene, Acting Deputy Commissioner for Operations at GRA-Customs, hailed the working group as a pivotal national undertaking.

“This platform enables state institutions to jointly ensure regulatory oversight while improving clearance procedures and protecting revenue,” he noted.

The legal basis for the joint taskforce stems from two key legislations: the Customs Act, 2015 (Act 891) and the recently enacted Ghana Shippers’ Authority Act, 2024 (Act 1122).

While Act 891 governs customs procedures and border control, Act 1122 mandates the GSA to regulate service providers and safeguard the interests of shippers.

Mr. Ankrah reaffirmed GSA’s respect for Act 891 and urged Customs to actively support enforcement under Act 1122, particularly in registering shippers and service providers and applying sanctions where needed.

GNA
Edited by George-Ramsey Benamba

Coca-Cola is bringing back its “Share a Coke” campaign on an unprecedented scale of shareability and personalisation for a new generation, pushing the boundaries of innovative brand experiences.

In 2011, the brand launched this first-of-its-kind campaign in which you could find your name in place of the logo – an industry-first in personalisation. Now the brand wants you to share a Coke with your friends to celebrate your friendship and create memories that will last a lifetime.

Did you know that 72% of Gen Z seek authenticity and want to connect with real people in everything they do*? In a world where interactions online can feel momentary, sharing a Coke offers a tangible way to show you care.

Meaningful connections thrive both online and offline. While digital spaces keep us close, it’s those shared moments in real life that make for long-lasting memories, yet the physical ‘third spaces’ that nourish these meaningful connections are in decline.

“Share a Coke” is celebrating the friendships that define this generation, and the spaces that allow in real-life moments of togetherness to thrive.

To celebrate the relaunch of “Share A Coke” in Ghana, The Coca-Cola Company, together with its authorised bottler, Equatorial Coca-Cola Bottling Company (ECCBC) hosted a vibrant, fun-filled event at the Savannah Garden in Accra.

The gathering brought together consumers for a series of unique “Share A Coke” experiences, complemented by a variety of exciting activities. Throughout the day, guests created lasting memories and new connections, sharing personalised Coca-Cola cans and bottles.

Seshnee Naidoo, Senior Director, Franchise Operations, Equatorial Africa Region, at Coca-Cola, says: “In today’s digital world, it is important to celebrate the unique bonds of friendships and celebrate this important human connection.

“Share a Coke” reminds us that memories happen when we come together and experience the real magic of human connection; those spontaneous moments of laughter, stories, and genuine connection, shared over a Coca-Cola, make life so special.”

“We’re excited to bring the ‘Share a Coke’ campaign to life across Ghana.” said Felix Gomis, Managing Director, Equatorial Coca-Cola Bottling Company (ECCBC), West Africa Country Business Unit (WACBU).

“This initiative illustrates our commitment to providing consumers with unforgettable experiences that connect with our consumers in a personal and meaningful way,” he added.

The highlight of the campaign is the highly anticipated “Share a Coke” live concert, taking place on 28 June at the Accra Ghud Park, where attendees will enjoy electric performances from some of Ghana’s top musical talents as well as memorable experiences for a true celebration of music, connection, and shared moments.

Beyond the concert, consumers can experience the campaign at our activation points at Melcom and Shoprite stores at the Accra Mall, Marina Mall airport, Osu Shoprite, as well as Palace Mall Spintex. Share a Coke customization caravan will also bring the experience closer to fans on campuses, where they can customise their Coca-Cola bottles and participate in exciting fun games.

The campaign also introduces the ‘Share a Coke Memory Maker’ – an online digital experience that allows you to create memes with your friends and family while enjoying a refreshing Coca-Cola. Partnering with famous creators to create unique templates, you can make your own personalised videos using your own content.

You can also join the fun by looking for personalised Coca-Cola cans in-store and sharing the magic with your crew by visiting https://www.coca-cola.com/xe/en/offerings/share-a-coke-ghana.

Over the coming months, fans are invited to post their Share a Coke moments using #ShareACoke on Instagram, Facebook, and X (formerly Twitter), turning everyday interactions into cherished memories with the added chance to win exciting giveaways, including tickets to the concert.

Personalised Coca-Cola bottles are available in shopping malls, entertainment venues, supermarkets, retail stores, and other locations nationwide.

Cocoa and gold are key export commodities for Ghana

Ghana has climbed to the 8th spot among Africa’s top 10 manufacturing powerhouses. The African Exponent, a respected source for business insights on the continent, highlights Ghana’s steady rise in its latest report.

Over the years, Ghana has shifted its industrial focus toward value-added manufacturing, especially in agriculture and cocoa, and the results are paying off. The “One District, One Factory” initiative continues to energize the growth of Small and Medium Enterprises across the country.

Major brands like Kasapreko and Fan Milk now carry Ghana’s manufacturing label beyond its borders, strengthening the country’s global footprint.

South Africa leads the continent in manufacturing, with Egypt and Nigeria taking second and third place respectively. Morocco, Kenya, Algeria, Ethiopia, Tunisia, and Zambia round up the top ten.

The report praises South Africa for maintaining its spot as Africa’s most industrialized economy. The nation drives production in key sectors like automotive, steel, chemicals, and food processing—thanks to robust infrastructure and international partnerships.

Meanwhile, Egypt rides on strong exports to Europe and the Middle East. With thriving industries in cement, textiles, pharmaceuticals, and petrochemicals, Egypt continues to dominate through consistent industrial reforms.

With Ghana rising steadily on the continent’s industrial map, the future of local manufacturing looks promising.

Cedi selling at GH¢10.25 on June 13, 2025

Ghana’s local currency, the cedi, continues to appreciate on the interbank market against major trading currencies, particularly the US dollar.

In its daily update, the Bank of Ghana reported that the cedi is trading at a buying price of GH¢10.24 and a selling price of GH¢10.25 to the dollar.

The British pound is being bought at GH¢13.91 and sold at GH¢13.93, while the euro is trading at a buying price of GH¢11.85 and a selling price of GH¢11.87.

Checks by GhanaWeb Business on June 13, 2025, at 8:20 AM indicate that the cedi is trading at GH¢11.95 to the dollar at some forex bureaus across the country. The pound is selling at GH¢16.00, while the euro is trading at GH¢14.00 on the retail market.

Meanwhile, the Bank of Ghana has announced that Ghana is expected to receive $360 million from the International Monetary Fund (IMF) in June 2025, a move expected to further stabilise the cedi.

SP

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

President John Dramani Mahama bid farewell to the outgoing British High Commissioner to Ghana, Harriet Thompson, on Thursday (June 12, 2025), expressing gratitude for her four-year tenure and emphasising key areas for ongoing Ghana-United Kingdom cooperation.

Mr Mahama lauded the High Commissioner for her “positive engagements” throughout her time in the country. He reflected on the long-standing historical relationship between Ghana and the UK, describing it as having been “so far so good”. 

The president, however, emphasised the mutual need for deeper economic partnerships and trade moving forward. He also noted the dynamic changes in the global landscape, including the diminishing nature of traditional development assistance and the necessity for developing countries like Ghana to strategically reposition themselves.

President Mahama also acknowledged the UK’s significant support in counter-terrorism efforts, specifically commending cooperation in intelligence gathering and training.

“We appreciate the partnership we have shared in the fight against terrorism,” President Mahama stated. We will continue to rely on the UK for help and cooperation in intelligence gathering and training to prepare ourselves in the event of any attack.”

Shifting to regional matters, Mr Mahama updated the High Commissioner on his recent proactive engagements with leaders in the Sahelian countries, including Mali, Burkina Faso, and Niger. He pledged further diplomatic efforts aimed at rebuilding trust and improving relationships with these neighbours.

He announced that the upcoming ECOWAS meeting on Sunday – the first since he assumed office – would place the issues concerning the Alliance of Sahel States (AES) at the top of its agenda. 

“I am going to have the opportunity to report to the rest of the ECOWAS leaders on trips I made to the three countries and share some of my perspectives about their grievances and how we can redefine relationships,” he told the outgoing envoy.

On the domestic economic front, President Mahama provided an optimistic outlook, reporting progress with a strengthening Cedi, declining inflation, and renewed investor confidence.

“I am happy to report that it’s going well,” he said, detailing the first quarter economic performance report. “The first quarter report on economic performance indicates a GDP growth of 5.3 per cent, inflation has reduced from 23 per cent to 18 per cent since January, and we hope to bring it down to 13 per cent by the end of the year, so that should create some relief for Ghanaians in terms of the cost of living and we will continue to maintain fiscal discipline.”

For her part, High Commissioner Harriet Thompson, who has served in Ghana for over four years, expressed her gratitude for the warm support and cooperation she received during her tenure. She also acknowledged the successful implementation of various British-sponsored interventions during her time.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

International Monetary Fund (IMF)

The International Monetary Fund (IMF) has endorsed Ghana’s Energy Sector Shortfall and Debt Repayment Levy, describing it as a strategic measure which aligns with the country’s fiscal goals under the Extended Credit Facility (ECF) programme.

The levy, which imposes a GH¢1 charge per litre on petroleum products, is aimed at addressing the long-standing debt and financial shortfalls in the energy sector.

Speaking at a press briefing, Director of the IMF’s Communications Department, Julie Kozack, said the revenue measure will play a crucial role in helping Ghana tackle structural issues in the sector while supporting broader fiscal reforms.

“On the fuel levy, what I can say is that this is a new measure that will help generate additional resources to tackle the challenges in Ghana’s energy sector. It is also going to bolster Ghana’s ability to deliver on the fiscal objectives under the programme,” she said.

The IMF’s comments come on the back of the recent passage and presidential assent to the Revised Energy Sector Levy (Amendment) Bill, 2025, by President John Mahama on June 5, 2025.

Although implementation of the new levy was initially slated for June 6, enforcement was deferred to July 16, 2025, due to concerns raised by the Chamber of Oil Marketing Companies (COMAC) over operational readiness.

Under the revised levy structure, consumers will now pay GH¢1.96 per litre of fuel as the Energy Sector Shortfall and Debt Repayment Levy.

Oil marketers have warned that the levy will increase the average price of petrol at the pumps from GH¢11 per litre to around GH¢13 per litre, raising concerns about its inflationary impact.

SP/VPO

#TrendingGH: Drivers react to government’s new GH¢1 energy levy on petroleum products

Some of the collection of luxurious car at Kwabena Adu Boahene’s Dream Enterprise Collections

Lawyers of GhanaWeb, Zoe, Akye & Co, have rejected an assertion by former Director-General of Ghana’s National Signals Bureau, Kwabena Adu-Boahene, and his wife, Angel Adjei Boateng, that a publication on their car rental company linked to “stolen cars” was “vile and defamatory”.

In response to a letter from the lawyers of the couple which demanded a retraction and apology from GhanaWeb for an article titled, “Adu-Boahene’s Enterprise Dreams Limited sold stolen cars from North America – EOCO”, Zoe, Akye & Co indicated that there was nothing “vile and defamatory” about the publication.

They indicated that the Adu Boahenes, in the letter written by their lawyers to GhanaWeb, blatantly ignored the fact that the story was based on a witness statement by an investigator of the Economic and Organised Crime Office (EOCO), Frank Marshall Cromwell, and presented in the High Court hearing a case involving the couple.

“We wish to state categorically that the said publication by our Client is not vile and does not in any way defame your Clients, Kwabena Adu-Boahene and Angela Agyei Boateng.

“It is a publicly known fact that your Clients are currently the subjects of criminal proceedings, which you have on several occasions spoken to the media about. It is also an undisputed fact that Mr Frank Marshall Cromwell, an EOCO investigator, has filed a witness statement in that matter. These proceedings are not in camera and are open to the public. In fact, all processes filed in that matter are available publicly,” part of the response by GhanaWeb’s lawyers reads.

The lawyers added, “Therefore, to suggest that a publication by a reputed news portal like our Client, which simply informs the general public about recent developments in the matter, is ‘vile and defamatory’ is quite disingenuous. Respectfully, you may want to take another look at the publication.”

Below are the letters from the lawyers and the witness statement:

BAI/AME

Watch as ongoing GRNMA strike disrupts healthcare, leaves patients stranded

Meanwhile, BECE 2025 kicks off across Ghana as over 600,000 candidates sit exams

The price of the benchmark Brent Crude was up by more than 10% shortly after the news emerged

Global oil prices have jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East.

The price of the benchmark Brent Crude was up by more than 10% shortly after the news emerged, reaching its highest level since January.

Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.

The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.

As trading began in Europe, prices had eased a little, around 5% higher than Thursday’s closing price. London-traded Brent crude was $72.80 a barrel, while oil traded on the US’s Nymex was at $73.20.

Share prices also fell across Asia and Europe on Friday. The UK’s FTSE 100 index opened down 0.6%.

So-called “safe haven” assets such as gold and the Swiss franc have also made gains.

Some investors see these assets as more reliable investments in times of uncertainty.

The gold price hit its highest level for nearly two months, rising 1.2% to $3,423.30 an ounce.

Following Israel’s attack, Israeli Defence Forces (IDF) said Iran had launched around 100 drones towards the country.

Analysts have told the BBC that energy traders will now be watching how much the conflict worsens in the coming days.

“It’s an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly,” Vandana Hari of Vanda Insights told the BBC.

“It could also spiral out into a bigger war that disrupts Mideast oil supply,” she added.

In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz.

The strait is one of the world’s most important shipping routes, with about a fifth of the world’s oil passing through it.

At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region.

Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea.

“What we see now is very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to,” Saul Kavonic, head of energy research at MST Financial said.

Solomon Owusu, leading member of the Movement for Change

A leading member of the Movement for Change, Solomon Owusu, has challenged the Special Prosecutor to prove his seriousness in pursuing embattled former Minister of Finance, Ken Ofori-Atta, by placing a $5 million bounty on his head.

According to the outspoken politician and businessman, only then would he take the Special Prosecutor seriously.

Speaking during a panel discussion on TV3 on Wednesday, June 11, 2025, Solomon Owusu stated that he would be the first to track down Ken Ofori-Atta if such a bounty were offered.

“I have told the Special Prosecutor that the earlier he puts a bounty on the head of Ken Ofori-Atta, the better. Otherwise, I won’t take him seriously. If he likes, he should put $5 million on Ken Ofori-Atta’s head, and I’ll be on the next flight from the United States to find him. The amount of money he and his accomplices have taken from this country is outrageous. My daughter is writing the BECE, and her future depends on how this cabal, led by Ken Ofori-Atta, has recklessly mismanaged the country’s finances.”

The National Intelligence Bureau (NIB) and the Economic and Organised Crime Office (EOCO) have both declared former Finance Minister Ken Ofori-Atta a wanted man, adding to his growing legal troubles.

In a sign of increasing scrutiny over Mr Ofori-Atta’s management of public funds, the two state agencies have reportedly launched independent and ongoing investigations into his financial dealings while in office.

Meanwhile, the Office of the Special Prosecutor (OSP) continues to press Mr Ofori-Atta to respond to inquiries regarding possible financial impropriety.

Deputy Attorney General Justice Srem-Sai confirmed that the government has initiated processes to extradite Mr Ofori-Atta from abroad, where he is currently believed to be.

“An arrest can take many forms. You can arrest someone and detain them temporarily, but beyond that, there must be a formal extradition process,” Justice Srem-Sai explained.

“So, being placed on a Red Notice does not automatically mean there is an arrest warrant that leads to extradition.”

Put a bounty on the head of Ken Ofori-Atta, and I will be the first to book a flight to the USA looking for him – Solomon Owusu speaks on the SML deal#TV3NewDay pic.twitter.com/e3z7cPTYkj

— #3NewsGH (@3NewsGH) June 11, 2025

KA

The President of the Ghana Chamber of Mines, Michael Edem Akafia Esq, has reiterated that his outfit is poised for another year of robust growth in 2025, with gold production projected to reach between 4.4 million and 5.1 million ounces.

The chamber attributes this to increased output from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine, despite expected declines from some major producers.

He made this statement while presenting the Chamber’s annual report for 2024. The gathering not only affords the chamber the opportunity to reflect on the state of their industry, but also to reaffirm their commitment to advancing the socio-economic transformation of the country through sustainable mineral development.

“We project gold output to range between 4.4 and 5.1 million ounces, buoyed by increased contributions from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine,” he revealed.

According to Mr. Akafia, Ghana’s mineral output is projected to rise, with manganese and bauxite reaching 8m and 2m tonnes, and diamonds 400,000 carats, but gold declines may offset gains.

“Manganese and bauxite outputs are expected to rise to 8 million tonnes and 2 million tonnes respectively, while diamond production could reach up to 400,000 carats. However, anticipated declines in output from Perseus’ Edikan Mine, Gold Fields’ Damang and Tarkwa Mines, and Zijin’s Akyem Mine are expected to affect the overall gains in the Chamber’s total production,” he mentioned.

“On the other hand, production outlook for the small-scale gold sector remains uncertain, due to the government’s ongoing reorganisation of the Precious Minerals Marketing Company (PMMC) into the Ghana Gold Board (GoldBod),” he added.

He stressed that the expanded mandate of the new entity, which includes the determination of local gold prices, introduces policy and market dynamics that could significantly influence output in the sub-sector.

Given the sub-sector’s well-established sensitivity to price movements, even marginal shifts in pricing mechanisms may have notable implications for official production volumes.

Speaking on fiscal revenue contribution, Mr. Akafia reported that the mining sector’s fiscal payments rose 51.2% to GH¢17.7 billion in 2024, accounting for 24.3% of direct domestic taxes and 9.5% of total government revenue.

“Our sector contributed GH¢17.7 billion in fiscal payments to the government in 2024, a 51.2% increase from GH¢11.7 billion over the previous year. This accounted for 24.3% of direct domestic taxes and 9.5% of total government revenue. Notably, dividends paid to the state surged by over 600% to GH¢1.03 billion,” he mentioned.

He added that this growth translated into a rise in the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024. Similarly, its contribution to domestic revenue increased from 8.8% to 9.6%, while its share of total government revenue rose from 8.6% to 9.5% over the same period.

Mr. Akafia noted that “mineral royalties paid by the mining sector increased from GH¢2.8 billion in 2023 to GH¢4.9 billion in 2024. The 76.7% growth in royalty payments closely reflected the expansion in mineral revenue, as royalties are assessed on gross mineral sales. Consequently, the share of royalties in the sector’s total fiscal contributions rose from 23.7% in 2023 to 27.7% in 2024.”

Mineral export earnings also rose by 52.7% to US$11.9 billion from US$7.8 billion in 2023, representing 58.4% of total merchandise exports. Gold exports alone earned US$11.6 billion. The robust performance helped improve the balance of payments, supporting a reserve position of 2.9 months of import cover and aiding exchange rate stability.

He said producing member companies repatriated 70.8% of mineral earnings in 2024, returning US$4.99 billion to the country. This included over US$906 million surrendered to the Bank of Ghana and US$749.7 million under the Foreign Exchange Purchase Programme. Specifically, the Chamber’s producing members sold US$906.3 million to the Bank of Ghana under the Mandatory Surrender Requirement (MSR) framework in 2024.

This, he said compares favourably with the outturn of US$784 million in 2023.

The President of the Chamber said that mining firms’ foreign exchange repatriation via commercial banks rose 22.2% to $3.3 billion in 2024, driven by liquidity needs, from $2.7 billion in 2023.

“In contrast, repatriations through commercial banks are entirely voluntary and driven by the liquidity needs of mining firms. The total value of foreign exchange returned through the commercial banks was US$ 3.3 billion in 2024, relative to US$2.7 billion in 2023. This translates into an increase of 22.2%,” he said.

On his part , this impressive performance reinforced the mineral sector’s position as the dominant source of foreign exchange, with its share of total merchandise export earnings rising from 47.0% in 2023 to 58.4% in 2024.

According to the Bank of Ghana, crude oil exports yielded US$3.9 billion in 2024, reflecting a marginal 0.8% increase over the preceding year’s outturn of US$3.8 billion.

However, cocoa export revenue dropped 9.9% to $1.9 billion in 2024, down from $2.2 billion in 2023.

“Our members retained US$5.5 billion (73.7% of their revenue) within the economy. Of this, US$2.9 billion went into local procurement, US$1.4 billion in taxes, and over US$600 million in employee emoluments. US$28 million was dedicated to community development,” said the President of the Ghana Chamber of Mines.

In 2024, the expenditure of producing member companies that accrued to offshore entities includes capital expenditure (capex) of US$972.8 million, imports of consumables worth US$240.7 million, an amortisation value of US$111.3 million, and transfer of US$660.1 million to non-government shareholders. These are equivalent to 12.9%, 3.2%, 1.5%, and 8.8% of mineral revenue in 2024, respectively.

The comparable nominal outturn in 2023 was US$804.9 million, US$306.6 million, US$162.7 million, and US$274.0 million for capex, imported consumables, amortisation, and non-government shareholders, respectively.

Global growth is projected to slow to 2.3 percent in 202

Heightened trade tensions and policy uncertainty are expected to drive global growth down this year to its slowest pace since 2008 outside of outright global recessions, according to the World Bank’s latest Global Economic Prospects report.

The turmoil has resulted in growth forecasts being cut in nearly 70% of all economies—across all regions and income groups.

Global growth is projected to slow to 2.3 percent in 2025, nearly half a percentage point lower than the rate that had been expected at the start of the year. A global recession is not expected.

Nevertheless, if forecasts for the next two years materialize, average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s.

“Outside of Asia, the developing world is becoming a development-free zone,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades—from 6 percent annually in the 2000s to 5 percent in the 2010s—to less than 4 percent in the 2020s. That tracks the trajectory of growth in global trade, which has fallen from an average of 5 percent in the 2000s to about 4.5 percent in the 2010s—to less than 3 percent in the 2020s. Investment growth has also slowed, but debt has climbed to record levels.”

Growth is expected to slow in nearly 60 percent of all developing economies this year, averaging 3.8 percent in 2025 before edging up to an average of 3.9 percent over 2026 and 2027.

That is more than a percentage point lower than the average of the 2010s. Low-income countries are expected to grow 5.3 percent this year—a downgrade of 0.4 percentage point from the forecast at the start of 2025.

Tariff increases and tight labor markets are also exerting upward pressure on global inflation, which, at a projected average of 2.9 percent in 2025, remains above pre-pandemic levels.

Slowing growth will impede developing economies in their efforts to spur job creation, reduce extreme poverty, and close per capita income gaps with advanced economies.

Per capita income growth in developing economies is projected to be 2.9 percent in 2025—1.1 percentage points below the average between 2000 and 2019. Assuming developing economies other than China are able to sustain an overall GDP growth of 4 percent—the rate forecast for 2027—it would take them about two decades to return to their pre-pandemic trajectory with respect to economic output.

Global growth could rebound faster than expected if major economies are able to mitigate trade tensions—which would reduce overall policy uncertainty and financial volatility.

The analysis finds that if today’s trade disputes were resolved with agreements that halve tariffs relative to their levels in late May, global growth would be 0.2 percentage point stronger on average over the course of 2025 and 2026.

“Emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict,” said M. Ayhan Kose, the World Bank’s Deputy Chief Economist and Director of the Prospects Group. “The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm. With trade barriers rising and uncertainty mounting, renewed global dialogue and cooperation can chart a more stable and prosperous path forward.”

The report argues that in the face of rising trade barriers, developing economies should seek to liberalize more broadly by pursuing strategic trade and investment partnerships with other economies and diversifying trade—including through regional agreements.

Given limited government resources and rising development needs, policymakers should focus on mobilizing domestic revenues, prioritizing fiscal spending for the most vulnerable households, and strengthening fiscal frameworks.

Finally, to accelerate economic growth, countries will need to improve business climates and promote productive employment by equipping workers with the necessary skills and creating the conditions for labor markets to efficiently match workers and firms.

Global collaboration will be crucial in supporting the most vulnerable developing economies, including through multilateral interventions, concessional financing, and, for countries embroiled in active conflicts, emergency relief and support.