The Ghana Stock Exchange (GSE)

The Ghana Stock Exchange (GSE) is on course to record its first Initial Public Offering (IPO) in seven years, as indigenous beverage manufacturer Kasapreko Company Limited has confirmed plans to list on the main bourse by end of the year.

The listing will mark a significant milestone for the local bourse, which has not seen an IPO since telecommunications firm MTN Ghana raised US$238.5million in 2018.

While the exchange has seen listings by introduction during the period, Kasapreko’s proposed public offering will be the first traditional IPO since 2018. The company intends to float as much as 25 percent of its shares, opening a pathway for public ownership in one of Ghana’s most prominent manufacturing brands.

Kasapreko Managing Director Richard Adjei disclosed the plan during a ‘Facts Behind the Figures’ session held at the GSE in Accra. He noted that the IPO forms part of a broader strategy to optimise the company’s capital structure as it positions itself for regional growth and market diversification.

“The company is pursuing the optimal mix of debt and equity to support its expansion both domestically and across the African continent. This will allow us to deepen stakeholder engagement and broaden our access to long-term capital,” Mr. Adjei said.

The announcement comes on the back of strong financial performance. Kasapreko posted a profit after tax of GH¢137.7million in 2024, up from GH¢20.4 million in 2023 – representing a year-on-year growth of 574 percent. Revenue for the same period grew by 45 percent to GH¢2.7billion, driven by strong domestic sales and rising demand in export markets.

The company’s momentum has continued into 2025. For the first quarter Kasapreko reported a net profit of GH¢47.2million compared with GH¢16.6million in Q1 2024, while revenue increased by 52 percent year-on-year. According to management, this performance reflects sustained volume growth, improved operational efficiency and disciplined cost management.

Kasapreko currently holds approximately 45 percent of the local beverage market and operates in 14 African countries. Management has indicated that proceeds from the IPO will be used to consolidate its position in Ghana, expand its product portfolio into food and related segments and deepen its footprint across the continent.

Last year, the company successfully raised GH¢350million under a GH¢600million Senior Unsecured Fixed Rate Notes programme on the Ghana Fixed Income Market (GFIM), the debt segment of GSE. The bond issuance attracted strong interest from institutional investors and was seen as a vote of confidence in the company’s fundamentals.

Managing Director-GSE Abena Amoah welcomed Kasapreko’s listing plans, describing them as the outcome of sustained engagement and strategic alignment between the exchange and private sector stakeholders.

“This is a significant development for Ghana’s capital market. Bringing a company of Kasapreko’s scale and reputation to the main bourse underscores the exchange’s maturity and the opportunity it offers for long-term growth financing,” Ms. Amoah said.

“We are optimistic that this will encourage more large companies, including state-owned enterprises, to consider listing,” she added.

She also referenced positive assurances made by President John Dramani during a visit to GSE a month ago, when he reaffirmed government’s commitment to supporting capital market development and broadening public participation in the ownership of state-owned enterprises.

The broader market has responded favourably to recent developments on the market. The GSE Composite Index has recorded a four-week gain of 7.92 percent and a year-to-date increase of 33.39 percent.

Analysts say Kasapreko’s IPO has the potential to reinvigorate GSE and trigger a new wave of listings, particularly from the manufacturing and consumer goods sectors, which have traditionally been underrepresented on the bourse. It could also set a precedent for successful indigenous companies to tap into public capital for growth, while offering Ghanaians an opportunity to invest in businesses with proven track records.

If successful, the listing will also enhance the exchange’s depth and liquidity, improve corporate governance standards through increased disclosure and support government efforts to formalise and diversify the economy.

Kasapreko was founded in 1989 and has grown into one of Ghana’s largest beverage producers, with a portfolio that includes alcoholic and non-alcoholic products. The company has established significant export markets in West, East and Southern Africa and continues to invest in technology and supply chain infrastructure to meet growing demand.

The company has yet to announce its final offer price, valuation or the timeline for regulatory approvals. However, market observers expect further details to emerge in the coming months ahead of the formal IPO launch.

The Bank of Ghana (BoG) has maintained its benchmark monetary policy rate at 28%.

This is a cautious stance amid lingering inflationary pressures despite recent improvements in currency stability and macroeconomic indicators.

The decision was announced on Friday May 23, 2025 at the conclusion of the Bank’s Monetary Policy Committee (MPC) meeting.

It is to further anchor inflation expectations over fears that price pressures could resurface in the second half of the year.

“”, Governor, Dr. Johnson Asiama told the press at the Bank Square.

Industry players and sections of the private sector had hoped for a modest rate cut but the BoG is of the view the inflation outlook remains uncertain and requires a tight policy posture to safeguard recent macroeconomic gains.

Mobile Money transactions hit a record high of GH¢365 billion in April 2025

The Bank of Ghana’s latest Economic and Financial Data report has revealed that Ghana’s mobile money transactions hit a record high of GH¢365 billion in April 2025.

According to the central bank, the transactions surged by a 3.8% increase from GH¢351.7 billion recorded in March.

This marks the highest monthly value so far in 2025, underscoring the growing reliance on mobile financial services for personal and commercial use.

The report also shows a rise in transaction volumes with mobile money transactions increasing from 764 million in March to 778 million in April.

The consistent growth in both transaction value and volume reflects the increasing penetration of mobile technology, the expanding network of mobile money agents, and the widespread adoption of digital payment platforms across the country.

Analysts say this trend is reinforcing financial inclusion and simplifying access to financial services for millions of Ghanaians.

The Bank of Ghana attributes this momentum to the continued expansion of mobile infrastructure and the convenience mobile platforms offer in daily financial transactions.

SP/MA

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…Latif Abubakar unveils 20th masterpiece as Globe Productions marks 15 years of theatrical excellence

In a dazzling fusion of culture, comedy and compelling storytelling, celebrated playwright Latif Abubakar is set to unveil his 20th stage play, Ghana Must Go, as part of a grand celebration marking 15 years of Globe Productions, Ghana’s leading force in commercial theatre.

The new play, which premieres on May 24–25, 2025 at the Accra International Conference Centre, is the centrepiece of the much-anticipated Big Push Ghana initiative, a theatre-led investment and tourism drive that will take Ghana’s story to 10 countries, including the US, UK, Canada, Germany, Saudi Arabia and China.

But before the curtains rise abroad, the magic begins in Accra. “This is more than a play. It’s a national voice. A creative revolution. And we’re using it to put Ghana on the global map in a way never done before,” said Latif Abubakar, the man behind some of Ghana’s most iconic theatrical hits.

Ghana Must Go (A story that hits home)

Set in a world many Ghanaians abroad know too well, Ghana Must Go follows the journey of a group of friends — weary of life in the diaspora — who make the bold decision to return home and face an uncertain future. The play dives deep into the complexities of homecoming, opportunity, disillusionment and rediscovery. “A group of friends, weary of life abroad, returns home to Ghana, ready to face an uncertain future and rediscover their roots. How did that end?”

With its sharp humour, emotional depth and socially conscious themes, Ghana Must Go promises not just laughs but reflection — and perhaps, revelation.

15 years. 20 plays. One visionary

From Thank God for Idiots to The Second Coming of Nkrumah, Latif Abubakar has spent over a decade making theatre accessible, educational and entertaining for Ghanaians across all walks of life. Now, on the 15th anniversary of Globe Productions, his production house, Ghana Must Go marks a significant milestone — the 20th play in his career. “This is a celebration of the journey so far,” Latif said. “And a bolder step into the future.”

Theatre meets tourism and investment

But this isn’t just about art for art’s sake. The play anchors the Big Push Ghana — an ambitious, theatre-powered campaign using creative performance to attract over 20,000 high-value investors and tourists globally. Following its Accra premiere, Ghana Must Go will tour cities across Africa, Europe, the Middle East, Asia and North America, combining the show with investment expos and networking events that showcase Ghana’s economy, culture and promise.

Book your ticket, experience the legend

This is not your everyday play. It’s a movement. A story of return. A celebration of Ghana. And a once-in-a-lifetime performance you don’t want to miss.

🎟️ Tickets are selling fast
📍 Venue: Accra International Conference Centre
📅 Date: May 24–25, 2025. Two shows each day –1^st show 4pm, 2^nd show 8pm

Let the world come. But first, Ghana must go!

File photo of Alfred Ababio Kumi who has been allegedly picked up by national security operatives

A member of the New Patriotic Party, (NPP) communication team, Nana Kwadwo Agyei Yeboah better known as Nana Kay has confirmed the arrest of Alfred Ababio Kumi, also known as Adenta Kumi, in what he described as a raid carried out by armed state operatives.

Speaking to the Accra-based Okay FM on Friday, May 23, 2025, the NPP communicator disclosed that the arrest happened in the early hours of Friday, May 23, 2025.

“We will not sit aloof and watch such injustices happen in this country. When you arrest one of us from the NPP, you will have to arrest us all.

“The General Secretary, the National Chairman of the NPP and his lawyers are heading to the NIB office to ascertain the matter,” he said.

In a Facebook post on Friday morning, the Member of Parliament for Old Tafo, Vincent Ekow Assafuah revealed that Kumi was picked up about three hours earlier from his residence by eight armed men believed to be operatives of the National Intelligence Bureau (NIB).

VPO

Cedi appreciates by 24.1% against the US dollar in 2025

Ghana’s local currency, the cedi has staged a sharp recovery in 2025 appreciating 24.1 percent against the US dollar in the first five months of 2025.

Data published by the Bank of Ghana in its May 2025 Summary of Financial and Economic Data shows the cedi traded at GH¢11.85 to the US dollar on the interbank market in May, reversing a 5.3 percent loss recorded during the first quarter.

The gains mark the strongest year-to-date performance by the currency in recent years and have provided some respite for policymakers navigating persistent inflationary pressures and external vulnerabilities.

The cedi also recorded broad-based gains across other major currencies appreciating 14.1 percent against the euro to GH¢13.33 and 16.2 percent against the pound sterling which was quoted at GH¢15.74 on the interbank market.

In weekly terms, the local currency gained 2.3 percent against the dollar last week lifting its year-to-date appreciation in the retail market to 17.7 percent.

The appreciation comes on the back of a $425.5 million injection into the retail foreign exchange market by the Bank of Ghana over the review period, as part of efforts to shore up the cedi and stabilise price levels.

SP/MA

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CEO of VCTF, Michael Abbey

The Venture Capital Trust Fund (VCTF) is ramping up efforts to secure more domestic capital as it seeks to expand its impact on small- and medium-sized enterprises (SMEs), citing a proven investment model and strong portfolio performance.

At a media engagement marking its 20th anniversary, VCTF executives highlighted the fund’s achievements – investments in 77 companies, 14 profitable exits and over 28,000 jobs create – as evidence that venture capital can work in Ghana’s economic landscape if properly structured and funded.

“We have validated that the model works,” said CEO of VCTF, Michael Abbey.

“All our exits have been profitable and we’ve shown that strategic investments can yield high returns while creating jobs and stimulating innovation,” he added.

Since inception, the fund has invested GH¢359.6million into various venture funds, catalysing more than GH¢2billion in additional funding from private investors. For every cedi committed by VCTF, GH¢5.58 was raised from external sources, according to the trust.

Portfolio companies have paid nearly GH¢47million in taxes, further underscoring the fund’s economic contribution.

The fund’s investments have spanned sectors such as agri-processing, healthcare, education and manufacturing. Notable exits include Caltech, an ethanol company that delivered over twice the invested amount; and Legacy Health, which yielded a strong multiple upon exit.

Food processing company Elsa Foods and education-focused institutions like AUCC and Penfield are among other success stories.

Despite these achievements, Mr. Abbey cautioned that the sustainability of Ghana’s venture capital ecosystem remains vulnerable due to over-reliance on foreign capital.

He pointed out that the majority of funding still comes from external sources, leaving local businesses exposed to the whims of international donors.

“What this means is that, at any point, foreign capital can exit – just as we’re seeing with USAID. That’s why domestic funding is critical,” Mr. Abbey said.

VCTF is exploring several initiatives to shore-up local capital. These include tapping pension funds, promoting corporate social responsibility contributions to SME-focused venture funds and launching a ‘Responsibility to Grow’ campaign that encourages big businesses to support smaller firms.

Percival Amponsah, VCTF’s General Manager, explained the fund’s role as a catalytic investor. He said VCTF often anchors new funds by taking the first-loss position, which helps de-risk investments and attract private capital.

This strategy, he noted, has been instrumental in encouraging institutional investors to back first-time fund managers.

“We act like an anchor tenant in real estate,” Mr. Amponsah said. “Once we come in, it signals credibility and helps others come on board.”

The trust is planning several new initiatives. These include an ‘Ejumera Fund’ to complement government’s programme to develop 10,000 start-ups annually; a 24-Hour Economy SME Equity Fund; and a Technology Innovation Fund in partnership with the Ministry of Communications under the Ghana Digital Acceleration Project.

Abbey described the trust’s future as “exciting”, adding that more programmes will be rolled out in the coming months to deepen the fund’s impact.

THE government is reviewing the auto policy to include the local assembling of big vehicles such as trucks, bulldozers, graders and excavators. 

This is because the Ghana Automotive Development Policy (GADP) in its current form focuses on new passenger cars, sports and utility vehicles (SUVs), and light commercial vehicles. 

Speaking to journalists in Tema last Wednesday after a working visit to Zonda Tec Ghana Limited, the Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, said the current auto policy did not cover the assembling of big trucks. 

“We are reviewing the auto policy to include what companies such as Zonda Tec do. I think these are the things that will encourage them to produce more and employ Ghanaians,” she said.

Component policy 

The minister also indicated that the government was formulating a component manufacturing policy to encourage people to go into the manufacture of components, so that some of the vehicles that were assembled in Ghana would include parts originally made in Ghana. 

The minister emphasised the importance of using locally made raw materials, such as tyres and batteries, to qualify for quota-free and duty-free trade under the African Continental Free Trade Area (AfCFTA).

She reiterated government’s support for Ghana’s automotive industry, with a focus on enabling companies such as Zonda Tec Ghana Limited to thrive and emphasised plans to attract increased Chinese investment. 

Skills transfer 

She commended Zonda Tec for its commitment to skill transfer and employee development through the establishment of a training school and efforts to train these workers in China, stressing that it would help more young people to get hands-on training in the sector. 

Mrs Ofosu-Adjare said the government aimed to create more jobs for Ghanaians and with Zonda currently employing 500 people, coupled with plans to plug into the 24-Hour Economy Policy, she was optimistic that more employment opportunities would be created. 

Positive outlook 

The Managing Director of Zonda Tec Ghana Limited, Yang Yang, revealed the company’s intent to deepen its operations in Ghana. 

She said her outfit, since 2019, has been training Ghanaian employees in the assembly of heavy equipment such as bulldozers, graders, excavators and trucks with Chinese engineers providing on-site training, and also sending some of the Ghanaian workers to China for further training.

He praised the positive environment in Ghana and the skills of Ghanaian workers and expressed their readiness to expand their investments in the country and train more Ghanaian engineers. 

Writer’s email: [email protected]

Ghana’s total public debt stock edged up marginally to $49.5 billion as of March 2025, according to the latest figures released by the Bank of Ghana.

This represents a small increase from $49.4 billion recorded in February 2025, despite the Ghanaian cedi strengthening considerably against the US dollar during the period.

Measured in local currency terms, the debt stood at GH₵769.4 billion, up from GH₵768.1 billion the previous month, accounting for 55% of the nation’s Gross Domestic Product (GDP).

The slight increase reflects a relatively stable debt position amid favourable currency movements, which have bolstered the cedi’s value.

Interestingly, the domestic portion of the debt decreased slightly from GH₵328 billion to GH₵326.9 billion.

This reduction may be attributed to the government’s cautious approach towards issuing treasury bills, which has tempered domestic borrowing levels.

Meanwhile, external debt rose modestly from GH₵440.1 billion (\$28.3 billion) to GH₵442.5 billion (\$28.5 billion).

In terms of GDP composition, external debt accounted for 31.6%, while domestic debt contributed 23.4%.

The Bank of Ghana’s report also highlights the cedi’s remarkable appreciation against major currencies.

The local currency surged by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the Euro — a significant reversal following years of depreciation.

As of May 2025, the cedi was trading at approximately GH₵11.85 to the US dollar, GH₵15.84 to the British pound, and GH₵13.34 to the Euro.

The strengthening currency, coupled with prudent debt management,t signals a more positive outlook for Ghana’s economic stability moving forward.

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.

play videoDr Mahamudu Bawumia and Professor Naana Jane Opoku Agyemang

Former Vice President Dr. Mahamudu Bawumia has extended a warm welcome to Vice President Professor Naana Jane Opoku-Agyemang upon her return to Ghana from the United Kingdom, following a period of medical leave.

In a brief post on his social media page on X (formerly known as Twitter), Dr Mahamudu Bawumia said: “A warm welcome back home to Vice-President Professor @NJOAgyemang. @SBawumia and I thank God for your speedy recovery and wish you all the best as you resume work.”

The arrival of the Vice President marks the conclusion of her medical recovery period abroad, during which she underwent treatment and rest as advised by her doctors.

Professor Naana Jane Opoku-Agyemang was warmly received by President John Dramani Mahama and First Lady Lordina Mahama at the Presidential Lounge of Kotoka International Airport, and later at the Jubilee House on Thursday, May 22, 2025. She was welcomed alongside her close aides and senior government officials.

Among those present at the airport were Chief of Staff Julius Debrah, the Vice President’s Chief of Staff Alex Segbefia, the Presiding Bishop of the Methodist Church, and members of the Vice President’s family.

Her return is expected to be followed by a series of meetings and national engagements as she resumes her duties in full capacity.

The Vice President, a former Minister of Education and respected academic, continues to play a vital role in national development and public policy formulation.

Further updates on her official schedule are expected to be released by her office in the coming days.

A warm welcome back home to Vice-President Professor @NJOAgyemang.@SBawumia and I thank God for your speedy recovery and wish you all the best as you resume work. pic.twitter.com/KCF6cDiQay

— Dr. Mahamudu Bawumia (@MBawumia) May 22, 2025

KA

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Ghana’s cedi has staged a remarkable rebound in 2025, posting its strongest performance in years against the country’s top trading currencies. 

According to the Bank of Ghana’s May 2025 Summary of Economic and Financial Data, the cedi has appreciated by 24.1 per cent against the US dollar, 16.2 per cent against the British pound, and 14.1 per cent against the euro as of April.

This development marks a dramatic shift from the depreciation trend that characterised much of 2023 and 2024. 

📈🇬🇭 Ghana Cedi Roars Back to Life!

From sharp declines in September 2024 to a stunning comeback in May 2025, the cedi is rewriting the script:

💵 US Dollar ($): GH₵15.8 ➡ GH₵11.8
💷 Pound (£) : GH₵21.8 ➡ GH₵15.8
💶 Euro (€): GH₵17.6 ➡ GH₵13.3

Source: Bank of Ghana’s May 2025 Summary of Economic and Financial Data

The local currency, which traded at GH₵15.53 to the dollar in March, strengthened to GH₵11.85 by April 2025. Similarly, it appreciated from GH₵20.09 to GH₵15.84 against the pound and from GH₵16.81 to GH₵13.34 against the euro over the same period.

Analysts attribute the turnaround to improved macroeconomic management, rising investor confidence, and the repeal of the Electronic Transaction Levy (E-Levy), which has spurred growth in electronic financial transactions. Additionally, stronger foreign exchange inflows from increased exports and remittances have helped ease pressure on the cedi.

The central bank’s data shows that the real effective exchange rate index has also declined, signalling increased competitiveness of Ghana’s exports. The cedi’s current trajectory, if sustained, could ease inflationary pressures and reduce the cost of servicing foreign-denominated debt.

Despite the strong cedi, Ghana’s total public debt stock inched up slightly to $49.5 billion in March 2025, up from $49.4 billion in February. In local currency terms, public debt stood at GH₵769.4 billion, representing 55% of GDP.

With the cedi gaining ground and inflation easing to 21.2 per cent in April, the economic outlook appears more stable than in previous quarters. However, experts caution that sustained gains will depend on maintaining fiscal discipline and managing external shocks.

…The truth about agile work environments—and why they only work if you go all in

Agile working has become one of the most talked-about approaches in today’s modern workplaces—from startups in East Legon to corporate offices in Ridge and Tema. But the big question remains: is it really worth adopting? The short answer is yes. But it only works if you do it properly. Half-committing to agile is like training half-heartedly for a marathon—you’ll burn out early and be left dragging yourself to the finish line. Agile working requires intention, structure, and full buy-in from everyone involved. When done right, it transforms teams and projects. When done poorly, it creates confusion.

What is Agile, really?

At its core, agile working is a project management methodology that simplifies processes, promotes real-time communication, and reduces unnecessary paperwork. Unlike traditional models that rely on rigid structures and top-down decision-making, agile empowers teams to make decisions, adapt to change quickly, and measure success by working results, not just plans or reports.

It’s about being flexible, responsive, and laser-focused on outcomes. Instead of spending weeks preparing documents no one reads, agile teams spend that time building and improving. Face-to-face communication, whether in person or virtual, is prioritised to ensure clarity, speed, and mutual accountability. Agile strips away the noise and helps people actually get work done.

A culture shift, not just a process

Agile working isn’t just about tools or team structures—it’s a cultural shift. Everyone on the team must understand their role and how their work feeds into the broader goal. Agile thrives on transparency, collaboration, and shared ownership.

Projects are measured by progress, not paperwork. Teams regularly reflect on their performance and adjust their approach, creating a culture of continuous improvement. Feedback isn’t left until the end of a project—it’s built into the workflow, giving teams the chance to learn and pivot in real-time. When agile is done right, team morale often improves, because people feel involved, heard, and essential to the mission. It fosters a spirit of camaraderie and forward motion.

Who’s involved—and why structure still matters

Contrary to popular belief, agile isn’t structureless. Agile teams typically consist of a few defined roles: the development team, the product owner, and the scrum master. The development team does the technical legwork, while the product owner represents the business or client side, ensuring priorities stay clear. The scrum master facilitates processes and removes blockers—acting as a servant-leader rather than a traditional manager.

This structure, although simple, is powerful. It creates a tight communication loop that replaces lengthy approval chains with fast decisions and clear responsibilities. The goal is not to remove structure, but to create a better one—one that supports momentum instead of slowing it down.

Addressing the misconceptions

There are common myths about agile that hold some organisations back. One is the belief that agile descends into chaos due to the lack of rigid rules. In reality, agile has structure—it’s just not the traditional kind. It’s people-focused, not paperwork-heavy. Teams are small by design—typically between three to nine people—ensuring that no voice is lost and no person dominates.

Another misconception is that agile suffers from a lack of documentation. Agile teams do create documentation, but it’s lean, useful, and focused. Instead of endless reports and meeting notes, agile documentation—often called artifacts—offers concise updates that show progress and highlight challenges in real time. It’s about “show, don’t tell.”

Why Agile makes sense for Ghanaian businesses

Ghana’s economy is increasingly digital. Businesses across Accra, Kumasi, and beyond are being forced to innovate faster, adapt to shifting demands, and deliver quicker results. Agile working gives organisations the flexibility to respond quickly, while still maintaining structure and discipline. For startups building new products, agile can help launch MVPs faster and refine based on customer feedback. For larger organisations managing multiple teams and projects, it ensures alignment without sacrificing autonomy. And for remote or hybrid teams, agile provides a framework that encourages connection, consistency, and accountability.

The bottom line? Agile working offers real, measurable benefits—but only for those willing to embrace it fully. There are no shortcuts, but the rewards are worth the effort. So, is agile worth it in Ghana’s business environment? Absolutely. But like anything meaningful, it only works if you commit to doing it right from the start.

>>>the writer is a seasoned cloud architect and systems administrator with expertise in leading technical teams to create innovative platforms. As CTO of eSolutions Consulting, he has spearheaded major projects like the Office 365 rollout for Ghana’s government and infrastructure deployment for the Ghana Revenue Authority.

Recognized for his strategic use of emerging technologies, Allen has led his team to multiple Microsoft Partner of the Year awards, solidifying his role as a key leader in tech-driven business transformation. If you’d like to explore how these strategies can help your organization thrive, reach out to discuss tailored solutions for your business growth journey. He can be reached via [email protected] and or 0540123034

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.

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Mrs Elizabeth Ofosu-Adjare, Minister of Trade, has urged heavy-duty automotive firms in Ghana to source local components to benefit from the African Continental Free Trade Area (AfCFTA).

“To trade under AfCFTA, you must prioritise locally sourced materials, including tyres and batteries, to qualify for duty-free trade under the agreement’s rules of origin,” she said.

Mrs Ofosu-Adjare made the call during a working visit to Zonda Tec Ghana Limited, a leading assembler and distributor of light and heavy-duty vehicles, in Tema on Thursday evening.

She expressed confidence that increased local sourcing would reduce dependence on imports, cut material costs, and improve supply chain efficiency, positioning Ghana as a competitive exporter.

The Minister disclosed that government is reviewing the country’s automotive policy to include heavy-duty vehicles such as trucks, in line with the AfCFTA implementation.

According to the International Trade Administration of the United States, Ghana imports about 100,000 vehicles annually.

Ghana’s Automotive Development Policy, introduced in 2019, aims to promote the production of affordable new vehicles and reduce reliance on used ones.

Mrs. Ofosu-Adjare said the ongoing reforms could make Ghana, host of the AfCFTA Secretariat, a hub for automotive trade on the continent, home to 1.3 billion people.

“This revision aims to incentivise companies like Zonda to scale production while ensuring compliance with the Ghana Standards Authority regulations,” she said in response to a question from the Ghana News Agency.

She commended Zonda for employing over 500 Ghanaians and urged the company to triple that number by adopting the government’s 24-hour economy initiative through a three-shift model.

The Minister endorsed Zonda’s plan to establish a training school, noting its potential to equip Ghanaian youth with practical skills and ensure long-term industry growth.

She said, acting on the President’s instructions, she would lead a delegation to China to attract investment into Ghana’s auto sector and urged Zonda to send more Ghanaian workers to China for training.

“In the next decade, 90 per cent of staff here should be Ghanaians,” she said, advocating reduced reliance on foreign labour.

“Buying ‘Made in Ghana’ sustains jobs, generates tax revenue, and transitions our economy from import dependence to export-led growth,” she added.

Ms. Yang Yang, Managing Director of Zonda, commended Ghana for its “very positive environment” that enabled companies like Zonda to thrive and called for further government support.

“We are enjoying the auto policy,” she said, citing the presence of assembly plants by Toyota, Volkswagen, Nissan, Suzuki, KIA, and Mahindra, and called for better regulatory frameworks to support heavy-duty vehicle assemblers.

On technology transfer, Ms Yang said Chinese engineers have been training local workers at the company’s centre in Ghana for the past six years.

“This year, we have been sending Ghanaian engineers to China for training,” she said.

“Today, our employees are skilled workers, technicians, and they’re now expensive to maintain,” she added.

Ms. Yang listed bulldozers, graders, excavators, tipper trucks, trailer heads, and oil tankers among the heavy equipment Zonda assembles in Ghana, in addition to pickups and SUVs.

Source: GNA