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Suleiman Mustapha

Apr – 25 – 2025 , 06:43

2 minutes read

The Acting Executive Director of the Peasant Farmers Association of Ghana, Bismark Owusu Nortey, has launched a stinging critique of the Planting for Food and Jobs (PFJ) programme initiated by the former President Akufo-Addo, labelling it as one that was “perpetrated on fraud” and exploited by opportunists at the expense of farmers.

Speaking on Breakfast Daily on Friday, April 25, Nortey called for a critical look into how government-led agricultural interventions are often turned into money-making avenues for well-connected individuals, rather than genuine lifelines for farmers.

“The issue about how we seem to use such programmes to serve as an opportunity for people to make money at the expense of beneficiaries is something that we need to look at. The PFJ offered an opportunity for people to rip the state and make money at the expense of farmers. I think the PFJ was perpetrated on fraud,” he said.

According to Nortey, PFJ’s challenges began at the very start of procurement, where he alleged that several companies with no background in importing fertilisers were awarded contracts. These questionable contracts, he argued, opened the door for systemic abuse.

“There were several companies that were not into the import of fertilisers but somehow had contracts to bring fertilisers,” he stressed.

He further described how the distribution process also failed farmers. Stating that, “People who were not farmers were given fertilisers, to the extent that some of them were smuggled out of the country. Invoices were generated, receipts were made, and forms were filled to indicate that a particular district was supplied with fertiliser, while in fact, they were not.

This, to him, was evidence that PFJ, which was launched as a flagship programme to boost food production, was compromised at multiple levels.

“The expectation is that the Feed Ghana Programme should not go that way. I am hopeful that we should see some remarkable gains, food prices stabilising, and the challenges facing the agriculture sector well, we should solve half of them with this programme,” he added.

Ghana is positioning itself to become a leading African nation in terms of emerging technology companies.

Currently, the country is deliberating the Innovation and Startups Bill, which was introduced in 2020. This bill presents an opportunity to foster gender inclusivity and encourage the establishment of more female-led startups.

The Ministry of Communication, Digital Technology, and Innovations in Ghana states that the bill aims to promote creativity, innovation, and new technologies, while also boosting competitiveness and adding substantial value.

Additionally, the bill is designed to provide startups with tax incentives, streamlined registration, and easier access to funding, addressing a common challenge that has hindered the growth of many startups.

Supporting the longevity of women-led startups Women are integral to Ghana’s micro, small, and medium enterprises (MSMEs) sector, yet the World Bank estimates that only 44% of local MSMEs are owned by women.

A World Bank report indicates that Ghana has made considerable progress in narrowing the gender gap, especially in business, where 65% of women are part of the labor market, compared to 63% on average across sub-Saharan Africa. However, most women-owned businesses still struggle with access to key resources needed to enhance productivity and increase revenue, particularly in rural areas.

Josiah Eyison, an innovation strategist and co-founder of iSpace Foundation, emphasizes that the Innovation and Startups Bill is a crucial step toward creating an environment conducive to the growth of startups, entrepreneurs, and innovators. He believes one of the bill’s main priorities is gender inclusivity, ensuring that women-led startups receive the support necessary to thrive.

“The gender disparity in tech is a global issue, and Ghana is no different. Cultural and societal biases, limited access to funding, lack of mentorship, and workplace challenges are some of the key factors behind this divide,” Eyison told Connecting Africa in an interview.

“Addressing these issues requires policy-driven interventions, industry-wide commitment, and cultural shifts to encourage more women to pursue and sustain careers in tech,” he added.

In 2003, the Ghana-India Kofi Annan Centre of Excellence in ICT (GI-KACE) was founded as a partnership between Ghana and India to stimulate growth within the tech industry. Since then, GI-KACE has played a key role in empowering women and girls in science, technology, engineering, and mathematics (STEM), promoting gender equity through initiatives like eSkills4Jobs and the annual Females in ICT (FEMITECH) conference, and providing women with the skills to start and manage tech businesses.

Eric Adjei, CEO of Ghana’s National Entrepreneurship and Innovation Programme (NEIP), told Connecting Africa that the Innovation and Startups Bill provides the necessary framework for furthering startup growth and increasing female participation in the sector.

“This bill is a crucial step toward promoting innovation and entrepreneurship. By establishing a structured framework for startups, it fosters a more supportive environment for growth, investment, and technological progress,” Adjei stated.

“If properly executed, the bill could provide incentives for women-led startups, improve access to funding, and offer mentorship programs—essential measures in bridging the gender gap in tech. Inclusive policies will encourage more women to enter and excel in the sector,” he added.

Ensuring successful implementation of the bill While Ghana has introduced several initiatives to promote gender parity, such as the Affirmative Action Act and the Ministry of Gender, Children, and Social Protection, these efforts have not fully addressed gender equality, particularly in tech and business.

Despite not being entirely dedicated to empowering women-led startups, the Innovation and Startups Bill is set to be a significant step forward for women in business and STEM.

“While the bill is a positive development, its success in promoting gender inclusivity will depend on well-thought-out policies and strong enforcement. Focused initiatives such as grants, specialized training, and leadership opportunities for women in tech will be critical in addressing the gender imbalance,” said Adjei.

Eyison added that having more women in tech correlates with increased diversity of thought, better problem-solving, and higher economic growth, all of which can be achieved if the bill fulfills its intended purpose.

“If properly implemented, the bill could lay the groundwork for gender inclusivity through financial incentives, market access, and training programs. However, policy alone is not enough; there must be strong execution, monitoring, and accountability to ensure that these provisions lead to tangible outcomes,” Eyison noted.

Ensuring gender equity within tech Many African countries, including Ghana, have learned from the negative impacts of gender bias. To ensure no discrimination occurs, both Adjei and Eyison argue that the bill must include solid countermeasures.

“Encouraging STEM education for young girls, setting up mentorship programs, and ensuring equal funding opportunities for female-led startups are essential steps. Increasing women’s involvement in tech will introduce diverse perspectives, fuel innovation, and contribute to the country’s digital transformation,” said Adjei.

Eyison emphasized that while the Innovation and Startups Bill represents a bold step toward addressing the challenges faced by startups and innovators—especially women in tech—successful execution is crucial.

“To drive greater female participation in tech, we must focus on early-stage STEM education, ensure equitable access to funding for women-led startups, provide industry mentorship and networking, promote inclusive hiring practices in tech companies, ensure equal pay, offer family-friendly work environments, and establish public-private partnerships,” Eyison concluded.

Ethel Delali Cofie, CEO of EDEL Technology Consulting, believes Ghana is on the brink of a transformative moment for its entrepreneurial ecosystem but must approach the bill with both optimism and caution.

“Ghana must ensure that the Startup Bill is not just a policy on paper but a fully functional system with clear timelines, enforcement mechanisms, and accountability structures,” Cofie said.

“If Ghana can create an inclusive and enforceable Startup Bill, it could position itself as West Africa’s leading startup hub, attracting investment, fostering innovation, and creating sustainable jobs for future generations,” she added.

According to the Mastercard Index of Women Entrepreneurs, Ghana ranks third in Africa in terms of female-led ventures. If passed into law, the Innovation and Startups Bill is expected to increase the number of women entrepreneurs in the country’s tech industry.

Source

Nana Wiredu Akwafo, Asante Mampong Hene’s Mensurohene and New Town Hene, Nana Afuofie Bema (Mensurohemaa and New Town Hemaa), Nana Kwasi Broni (Benim Nifa Hene), Nana Nyantakyiwaa Akosombo II (Adidwan Baapanin), Nana Baffour Asamoa (Aduana Hene of Mampong), Nana Boakye (Abodwese Hene of Wiamoase), Abusuapanin Yaw Marfo of Asante Mampong. Major Dwomo (ksi). Akua Mansa (Nkawkaw), Cecelia Ama Kwaayie (Mampong). Yaw Sarfo, Kwadwo Wiredu. Dwumfour all of Asante Mampong. Akua Mansah (Benim), Mr Boadi (London) and Brothers and Sisters. Yaa Nehia (Mampong), Ama Serwaa (Kumasi), Afia Ampoma (Mampong). Yaa Nsia (Mampong). Akua Boatemaa (Germany). Yaw Kramo (Germany). Francis Amoyaw (Germany), Kwadwo Boadu (Germany). Nana Yaw (Germany). Doris Amoyaw (Nkawkaw), Paul Amoyaw (Accra), Edward Opoku Amoyaw (Accra), Nana Akowuah (Wiamoase). Nana Akua Dwomoh and Lucy Kwakye regret to announce the death of their beloved Mother, sister, daughter and friend:

Madam Gladys Agyekum

FUNERAL ARRANGEMENTS ARE AS FOLLOWS:

There will be no wake

SATURDAY: APRIL 26

PRE-BURIAL & BURIAL SERVICE: 8 am at the Lashibi Funeral Home, Accra.

INTERMENT: Immediately after Church Service at Lashibi Funeral Home Cemetery

FINAL FUNERAL RITES: 12 pm to 6 pm

Continues at Lashibi Funeral Home, Accra

DRESS CODE: Black

SUNDAY: APR 27

THANKSGIVING SERVICE: 7:30 am at Accra Ridge Church. Accra.

DRESS CODE:  Black & White.

FAMILY GATHERING: 11 am at Her Residence, Number 35 Halert Street, Spintex Road.

GPS: GT-333-6224

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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Finance Minister Dr. Cassiel Ato Forson has outlined a comprehensive plan to investors aimed at addressing the country’s large accumulation of government payables in 2024, while reinforcing fiscal discipline and transparency across public financial management.

Speaking at meeting with investors in Washington DC, USA, Dr. Forson highlighted key reforms and policy actions underway to restore confidence in Ghana’s fiscal framework and stabilize its macroeconomic outlook.

Auditing Payables & Commitments

At the heart of the plan is a government-commissioned audit of all outstanding payables and commitments. The Ministry of Finance has engaged the Auditor General, alongside two independent audit firms, for an intensive eight-week review.

“The objective is to verify the legitimacy and accuracy of these claims,” the Minister explained. “The findings will guide the implementation of corrective actions to resolve any irregularities and improve accountability going forward.”

Strengthening Commitment Controls

To prevent the recurrence of unapproved expenditures, the government has amended the Procurement Act. Effective April 3, 2025, no government contract will be approved without prior commitment authorization from the Ministry of Finance.

“This measure is critical for enhancing spending controls and ensuring full compliance with the Public Financial Management (PFM) Act,” the Minister said.

PFM Act Amendment and Fiscal Rules

The government has also amended the Public Financial Management Act, 2016 (Act 921), to introduce two major fiscal rules. The first is a debt rule that targets a reduction in the debt-to-GDP ratio to 45% by 2035. The second is an operational rule mandating an annual primary surplus of at least 1.5% of GDP on a commitment basis.

An Independent Fiscal Council has been established to monitor adherence to these rules and to enhance transparency and credibility in public finance.

Enforcing Compliance and Oversight 

In a further move to institutionalize fiscal discipline, the Ministry has operationalized a new Compliance Division tasked with monitoring how Ministries, Departments, and Agencies (MDAs) adhere to fiscal commitments. A newly appointed Director is now leading the division’s efforts.

Additionally, the government will introduce a Public Financial Management Commitment Control Compliance League Table to publicly rank MDAs based on their expenditure control performance.

Restoring Confidence 

“These actions underscore our commitment to resolving legacy financial obligations, enforcing spending discipline, and creating a transparent and credible financial management system,” the Finance Minister said, assuring investors of the government’s resolve to maintain stability and support long-term growth.

Ghanaian music investor, Ayisha Modi (L) and Stonebwoy (R)

Ghanaian socialite and music investor, Ayisha Modi, has launched another series of attacks against her former ‘idol’ and associate, Stonebwoy.

In a video making waves on social media on April 24, 2025, Ayisha Modi issued strong curses at Stonebwoy, stating that he would suffer for the rest of his life.

She emphasised that the BHIM boss is ungrateful, claiming that despite her unwavering support for his brand, he has failed to show any appreciation.

“He claims he is a Voltarian but I will show him I am Northerner. The brand Stonebwoy would suffer for the rest of his life. Because I have helped him with a good heart but he, his family, and his fans have returned my goodness with evil. The brand Bhim nation will go down the drain for the rest of his life.

“Anytime I speak to Stonebwoy or his family again, may I die and if there is life after death, I won’t talk to him again,” she said.

Ayisha Modi further noted that she would make Stonebwoy suffer on the streets the same way she made Shatta Wale did.

“The way I made Shatta Wale suffer on the streets is the same way I will make Stonebwoy suffer for what he has done to me. During the Vodafone Ghana Music Awards, the gun Stonebwoy pulled was a toy gun. When Kumodji slapped Alaye. I was the one who stopped Kumodji when Alaye was bleeding… fathers are the ones controlling the streets of Accra,” she added.

Background

Ayisha Modi revealed that she left the BHIM Camp way back in 2022, citing ingratitude and mistreatment from Stonebwoy, despite the many times she had publicly stood by him.

She vowed that the musician would face consequences for the emotional trauma he allegedly put her through.

Ayisha’s recent outburst was triggered by an incident involving one of Stonebwoy’s purported bodyguards, who reportedly insulted her for supporting King Paluta’s ‘Artiste of the Year’ campaign at the forthcoming TGMAs.

This incident further provoked an already hurt Ayisha, who saw it as the perfect opportunity to strike back at Stonebwoy, especially for the alleged years of mistreatment and for looking on while she was disrespected by “a mere bodyguard.”

Watch the video below:

Ayisha Modi raining cürses on Stonebwoy pic.twitter.com/HRa5uVcDgw

— 𝔸𝕝 𝕍𝕒𝕣𝕠 𝕏 (@al_varo777) April 24, 2025

JHM/EB

Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below:

Michael Abbey is the Chief Executive Officer of VCTF

The Venture Capital Trust Fund (VCTF) has thrown its support behind President John Dramani Mahama’s newly announced plan to establish a National Venture Capital Fund targeted at youth and women-led businesses, describing the initiative as a bold move to deepen entrepreneurial support and accelerate inclusive growth.

President Mahama made the announcement during the 2025 Kwahu Business Forum on April 19, where he said the proposed fund would help scale businesses that have often been locked out of traditional finance.

“We will launch a National Venture Capital Fund to support youth and women-led businesses and introduce regulatory reforms that encourage banks and financial institutions to lend to the productive sectors of the economy. “In all of this, financial inclusion will be at the heart of our agenda. No economy can grow if its people remain excluded from the formal financial system,” President Mahama said.

Michael Abbey, Chief Executive Officer of VCTF, welcomed the announcement, emphasizing the fund’s alignment with the president’s vision and the Fund’s two-decade-long experience supporting SMEs across Ghana.

Mr. Abbey said the creation of a national fund represents a significant policy shift that can unlock greater access to equity financing — a form of capital often more suitable for high-growth startups than traditional bank loans.

“At the Venture Capital Trust Fund, we have always understood that supporting small and medium enterprises is not just about providing capital; it’s about creating an ecosystem where long-term growth can thrive,” Mr. Abbey said at the same forum. “Unlike traditional lenders, we understand that growth takes time, and we are here to support businesses through that journey.”

He noted that many Ghanaian entrepreneurs, especially those in innovative or high-growth sectors, are constrained by collateral requirements and short-term loan obligations that come with debt financing. Venture capital, by contrast, allows firms to scale sustainably without immediate repayment pressure.

Since its establishment under the Venture Capital Trust Fund Act, VCTF has backed 14 venture funds and supported nearly 80 companies across sectors including agriculture, healthcare, education, fintech, and manufacturing.

According to Abbey, these investments have had a ripple effect: creating more than 28,000 jobs and attracting over GH¢ 2 billion in additional private investment, with every GH¢1 from VCTF leveraging GH¢ 6 from co-investors.

“These numbers are not just statistics; they represent real businesses, real jobs, and real impact on the ground,” he said, citing success stories such as Piper Pretty in the livestock sector, Vester Oil in agro-processing, and Zeepay in mobile financial services.

Mr. Abbey stressed that the Fund’s role goes beyond financing, highlighting VCTF’s focus on mentorship, capacity-building, and improving corporate governance among portfolio companies. This comprehensive support, he said, builds investor trust and ensures businesses are not just profitable but resilient and ethical.

He pointed to the Zinari Women’s Enterprise Fund, Ghana’s first gender-lens fund, as an example of VCTF’s commitment to sustainable development. Other impact-driven investments have supported sectors tied to the UN Sustainable Development Goals, including education, health, and decent work.

Looking ahead, VCTF says it remains focused on expanding Ghana’s venture capital ecosystem and working with partners to strengthen the regulatory and institutional environment for equity investing.

Mr. Abbey also called on policymakers to deepen reforms that enable long-term financing for SMEs. “To our policymakers and esteemed leaders, I call upon you to continue supporting a regulatory and financial ecosystem that empowers innovation, reduces barriers to access, and nurtures entrepreneurship,” he said.

He urged entrepreneurs to take advantage of venture capital as a strategic financing option. “We encourage you to reach out to our fund managers to explore innovative ways to scale your businesses sustainably,” he said.

With President Mahama’s proposed National Venture Capital Fund on the horizon, VCTF sees a renewed opportunity to broaden its impact and support a new generation of Ghanaian entrepreneurs building the future economy.

Societe Generale Ghana has held the first mini draw of its Deposit and Drive campaign, rewarding 40 lucky customers with exciting prizes, including smart televisions, air fryers, microwaves, blenders, and mobile phones.

The event, held on Monday, April 14, marks a key milestone in the bank’s nationwide campaign to promote a culture of saving and financial resilience.

Launched in February, the Deposit and Drive campaign encourages customers to deposit and maintain a minimum of GH₵500—or multiples thereof—into their accounts. Participants stand a chance to win high-value prizes, with the grand draw in September featuring a brand-new Toyota RAV4 and luxury trips to Dubai and Singapore. The second mini-draw is scheduled for June.

Speaking at the event, the Managing Director of Societe Generale Ghana, Mr. Hakim Ouzzani, commended customers for supporting the initiative.

“By saving, our customers are not just positioning themselves to win prizes; they are investing in their futures. That is the real reward,” he said.

The General Manager for Retail Banking, Obed Hoyah, also praised the bank’s staff and partners for their dedication to making the campaign a success.

The draw was supervised by officials from the National Lottery Authority (NLA) to ensure transparency and fairness. NLA Marketing Officer Christiana Antwi confirmed the integrity of the process, stating, “As the regulatory body overseeing this promotion, we confirm that all winners were chosen fairly and reflect the true spirit of the campaign.”

The event turned skeptics into believers. One customer, initially doubtful of the promotion, expressed surprise after winning:
“I wasn’t sure at first, but this prize has convinced me! My next deposit will be GH₵100,000 to aim for even greater rewards.”

The Deposit and Drive campaign runs until May 30. Customers are encouraged to continue making qualifying deposits to increase their chances of winning in the upcoming draws.

Societe Generale Ghana is one of the country’s leading financial institutions, operating 42 networked branches and outlets nationwide. The bank offers a wide range of retail and corporate banking services, with innovative solutions in factoring, cash management, foreign exchange, and consumer credit.

Societe Generale is a top-tier European bank with 117,000 employees serving 25 million clients across over 60 countries. With nearly 160 years of experience, the group offers comprehensive financial services across retail, private, and investment banking, and is a global leader in structured finance and ESG-driven solutions.

For years, global investors watched Africa’s fintech story from a distance. They were hopeful, curious but cautious. That distance is shrinking fast.

The 2025 GSMA State of the Industry Report on Mobile Money confirms what insiders have known for a while. Sub-Saharan Africa is no longer just a participant in the mobile money revolution.

It is its undeniable epicenter. The region now accounts for more than 1.1 billion registered accounts or 53% of the global total and processed over $1.1 trillion in transactions in 2024. These are not symbolic figures. They’re structural shifts and few markets illustrate this transformation more convincingly than Ghana.

What sets Ghana apart isn’t just scale. Its velocity and direction. In 2023 alone, mobile money contributed $190 billion to Sub-Saharan Africa’s GDP, up from $150 billion the previous year. Ghana’s contribution stands above the average, with mobile money accounting for more than 5% of its GDP.

A level of economic integration that puts it in rare company with only a handful of countries like Benin and Senegal. That kind of digital penetration, especially in a cash-heavy region, is more than a convenience. It’s a fiscal strategy with real macro implications.

Ghana’s policy playbook has proven especially effective at accelerating mobile money usage. In 2023, the Central Bank of Ghana raised transaction and wallet limits by as much as 60%, effectively unlocking higher-value flows within the formal financial system.

This move didn’t just benefit consumers, it sent a strong signal to the market that regulation would lean toward enablement rather than restriction.

That regulatory clarity, paired with a healthy competitive environment led by MTN MoMo, AT Money and Telecel Cash has driven up engagement across the board. While the global average revenue per user (ARPU) rose to $3.51 in 2024, Ghana’s providers are likely outperforming this benchmark, reflecting deeper transactional activity per user.

This performance is mirrored in the infrastructure layer. Ghana grew its registered mobile money agent network by 21% last year, surpassing the Sub-Saharan African average of 19%. Agent density remains a crucial metric in low-bank-branch regions and Ghana’s lead suggests that last-mile financial access is no longer a bottleneck.

Mobile money account activity also tracked the region’s 12% year-on-year growth with user behaviour moving beyond peer-to-peer transfers into a wider ecosystem of services, from bill payments to microcredit to mobile insurance.

Cross-border flows are an equally important part of the narrative. Remittances processed via mobile money rose by 28% globally in 2023 and Ghana remains a high-volume corridor for inbound diaspora transactions. Strategic alliances, such as the one between Safaricom Ethiopia and Dahabshiil, have helped streamline these remittance flows into mobile wallets, enhancing liquidity and injecting foreign exchange directly into digital channels. That’s not just innovation. It is monetary policy in motion.

Providers are also evolving beyond traditional telecom-fintech hybrids. MTN MoMo, arguably the market leader, launched a virtual card with Mastercard in 2024, allowing users to transact in global digital marketplaces.

Telecel Cash broke ground in Ghana to also enable Google Play payments, a signal that mobile money is starting to integrate with mainstream digital commerce. Meanwhile, AT Money is pushing hard into micro-lending, offering small-ticket credit with real-time approvals.

These product layers matter not just for consumer stickiness but for creating the financial behaviour patterns that deepen economic digitization.

Beneath these moves lies a coordinated effort to build a more inclusive user base. Around 60% of Ghanaian providers are now investing in digital financial literacy programs, with a focus on onboarding women and rural populations.

Inclusion isn’t just a moral imperative. It is a market expansion strategy and Ghana’s providers seem to understand that converting first-time users into long-term customers requires more than a SIM card and a PIN.

From a global investor’s lens, the signals are unmissable. West Africa saw a 21% increase in registered accounts in 2024, and Ghana, along with Nigeria and Côte d’Ivoire, is shaping up to be the subregion’s fintech growth engine.

While East Africa continues to lead in transaction volume, Ghana’s focus on ecosystem transactions, thus merchant payments, bill settlements and savings products, shows a market transitioning from access to utility and from utility to value creation.

Ghana’s fintech ascent is no longer a bet on potential. I dare say, it’s a case study in execution. For venture capital firms looking for exposure to digital finance in emerging markets or for multinationals seeking expansion into digitally aligned economies, Ghana offers more than an entry point, it offers a framework.

The convergence of smart regulation, infrastructure growth and competitive innovation makes Ghana not only a national success story but a continental bellwether.

The broader takeaway is this: Africa’s fintech story is not a trend. It’s a structural realignment of how finance works in the world’s fastest-growing populations. And in that story, Ghana is not merely participating. It’s leading.

 Author’s Note: This analysis is grounded in my professional observations and research within Ghana’s dynamic digital finance ecosystem. While I have endeavoured to provide thorough insights, I acknowledge the evolving nature of financial technologies, shifting regulatory landscapes, and emerging consumer behaviors that characterize this sector.

I welcome constructive critique and encourage industry peers, stakeholders, and readers to share their perspectives. By exchanging knowledge and challenging assumptions, we can foster a deeper understanding of digital finance and financial inclusion in emerging markets.

Let us engage in meaningful dialogue as we collectively pursue innovation and evidence-based progress in this transformative field.

About the Author

Precious Baidoo is a seasoned professional with nearly a decade of experience in Supply Chain Management. He holds a Master’s degree in Procurement and Supply Chain Management and is CIPS, GIPS and CMILT certified. He is also a certified Digital Finance Practitioner (CDFP) with a deep interest in digital payments, digital identity, and emerging technologies. Precious blends his expertise with a passion for innovation. A lifelong learner and student of life, He is committed to continuous growth and leveraging knowledge to drive transformative solutions.

Prof. Isaac Boadi, Dean-Faculty of Accounting and Finance, UPSA

The nation is haemorrhaging over US$9billion each year due to corruption, tax evasion, smuggling and systemic inefficiencies across critical sectors – a figure that experts say threatens national development and undermines public confidence in government institutions.

At a public dialogue on revenue leakages, Professor Isaac Boadi, Dean-Faculty of Accounting and Finance, University of Professional Studies-Accra, laid bare the scale and sources of fiscal losses – calling for urgent structural reforms to stem the bleeding.

“Ghana is not broke – we are bleeding. But our real battle is not about political parties. It’s Ghana versus corruption. And until we win that battle, our fiscal stability will remain fragile,” Prof. Boadi noted.

According to his analysis, Ghana loses approximately US$9.02billion annually; with the largest drains coming from tax-related inefficiencies, illegal trade practices and natural resource mismanagement.

This amount is equivalent to six times the annual cost of government’s flagship Free Senior High School programme, and nearly five times the National Health Insurance Scheme’s budget allocation.

The Ghana Revenue Authority (GRA) alone is estimated to lose around US$3billion every year – representing 30 percent of its potential collections – due to illicit financial flows, with high-net-worth individuals and foreign firms exploiting legal loopholes.

Customs-related corruption, including under-invoicing and port malpractices, account for an additional US$515million based on a 2023 World Bank report.

“The figures we are seeing annually are not just numbers. They represent classrooms unbuilt, medicines not purchased and the dreams of our young people deferred. Every cedi lost is a missed opportunity to change someone’s life,” Prof. Boadi stressed.

The mining sector also accounts for substantial losses. In 2022, Ghana lost US$2billion in taxes and royalties from the gold industry, with the Minerals Commission estimating that 60 percent of small-scale mining operations evade taxes.

The oil and gas sector contributed a further US$1.5billion of unaccounted-for revenues in 2023 due to opaque production-sharing arrangements.

In the forestry sector, illegal logging deprives the state of US$250million each year. The informal economy, which employs roughly 80 percent of the country’s workforce, is another area of concern – contributing to estimated losses of US$15.6million annually due to weak tax compliance.

Other sectors are not spared

The Ports and Harbours Authority reportedly loses US$250million annually through undervalued imports and collusion at entry points. Meanwhile, the public procurement process bleeds US$170million yearly through inflated contracts and unaccounted expenditures.

Prof. Boadi identified four root causes fuelling the problem: weak enforcement, outdated systems, entrenched institutional corruption and a lack of transparency.

“These loopholes are systematically exploited by corporations and elites. Manual processing systems and human interfaces make it easy for corruption to thrive,” he said.

To reverse the trend, he called for a multi-pronged solution anchored on digitalisation, strict sanctions, transparency and formalising the informal economy.

“We must digitalise our entire revenue collection system. When you eliminate the human interface, you reduce the opportunities for corruption and boost efficiency,” he urged.

He also called on government and civil society to take a united stand. “The data is clear. The victims are real. The solutions demand courage from all stakeholders – government, private sector and citizens alike. We cannot afford silence any longer,” stressed.

Despite the bleak figures Prof. Boadi noted modest progress, citing the recent tax-to-GDP ratio figure of 15.9 percent in 2024. However, he warned that real impact will remain elusive unless institutional reforms are accelerated.

“The question is not whether we can solve this problem. It is whether we are ready to confront it with the urgency and honesty it demands,” he remarked.

Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below:

Dr Eric Boachie Yiadom, a senior lecturer at the University of Professional Studies, Accra (UPSA), has argued that the most reliable path to curbing tax revenue leakages lies in the strategic deployment of technology across critical sectors, especially the petroleum and mineral value chains.

Speaking at a public dialogue on tackling tax revenue leakages hosted by the Faculty of Accounting and Finance at UPSA, Dr Yiadom pointed to Strategic Mobilization Ghana Ltd (SML) as a practical case study, commending the firm’s role in deploying real-time monitoring systems to improve transparency and boost state revenue collection.

“We have historically had discrepancies in the revenue reporting between the lifting volumes and the taxable volumes by National Petroleum Authority (NPA) and Ghana Revenue Authority (GRA).

“Before the engagement of SML in May 2020, there was a discrepancy of about 3.2 billion litres. After SML’s engagement, within four months, that figure dropped to 260 million litres — a reduction of 91.9 percent,” he stated.

He described the real-time surveillance and reconciliation systems deployed by SML as akin to placing a “second eye” on petroleum flows, comparing it to the functions of an internal auditor in corporate governance.

According to him, SML’s use of ultrasonic flow meters, AI-powered surveillance, and automated reconciliation systems offers a second layer of verification to data supplied by the National Petroleum Authority (NPA).

Dr Yiadom, said he personally visited SML’s facilities to verify the company’s operations, adding that the engagement of SML must be judged by its outcomes, rather than speculative or politically tinged narratives.

“You see, when you read a report, you have to go beyond what the report is saying, to find out things by yourself,” he remarked, referring to public criticisms and findings from third-party audits, including KPMG. “Some of these reports are based on their primary source to and find out whether there is a claim to support what SML is saying, or there is no claim to support it,” he said.

Dr Yiadom also defended the controversial risk-reward payment model under which SML operates, describing it as fiscally prudent for the government, particularly in innovative sectors where results can be directly measured.

“Risk-reward basis means that the company should bear all the costs. Then, you will only be paid based on your performance. If your performance does not bring any addition, you will get zero, and all the investment will go to zero. The government will not have to pay a dime for the investment made by the company,” he noted.

The structure, he argued, protects public funds by linking compensation to measurable performance, while simultaneously encouraging private investment in high-risk monitoring infrastructure.

On the back of these initiatives, Dr Yiadom welcomed SML’s recent foray into the upstream petroleum and solid minerals sectors, describing them as logical and much-needed extensions of the firm’s work in the downstream petroleum value chain.

Dr Yaa Serwaa Sarpong, Director of Support Services at SML Ghana, offered a preview of the company’s upstream monitoring capabilities during the same event.

She said the system replicates the downstream monitoring architecture and provides the Ghana Revenue Authority (GRA) and other state agencies with real-time insight into crude oil production and offtake volumes.

“In real time, Ghana will be able to know exactly what is going on upstream. We know how much petroleum products, how much that has been extracted and sold, and is being taken offshore,” she said.

She added that the system will be deployed across Ghana’s three Floating production storage and offloading platforms (FPSOs) and includes production flow meters, tank-level sensors, and offtake meters to capture data on each litre of crude extracted, stored, and sold.

The system is designed to enable reconciliation between production, storage, and export volumes—an area previously prone to opacity and under-reporting.

Hamdan Abubakar, Head of Engineering at SML, provided further insight into the upstream system, stating: “With this deployment, we are able to tell the quantity of products that have been lifted. Every litre of crude oil that is being produced and stored will be captured.”

In addition to the petroleum sector, SML is developing a technology solution for monitoring solid minerals, particularly gold, from mining sites to refineries. The system uses scanning and AI analytics to assess the purity and composition of gold bars, calculate royalties, and track movement through the value chain.

“We are able to track the gold and, when the gold gets to the refinery and the report gets back, we are able to tell details of the report,” Mr. Abubakar noted. “With our AI system, we are able to calculate the royalties that are supposed to be paid from that gold bar,” he added.

The company’s upcoming ‘SML Gold Nova’ is designed to be operated in partnership with the GRA and the Minerals Commission. It is expected to go live in the coming weeks, pending full onboarding of industry players.

Dr Yiadom concluded by encouraging students, academics, and professionals to engage critically and constructively with data and policy developments, and to support the integration of technology across all high-revenue sectors.

“If there is a way we can make it better, if we can criticise and improve it, let us criticise and rescue our nation, rather than criticize and destroy it,” he said.