Vendease ended its operations in Ghana in October 2024, sources familiar with the situation have confirmed. The startup expanded into the Ghanaian market in 2023 after securing $30 million in Series A funding.

In Ghana, Vendease wanted to replicate its successful food supply marketplace model from Nigeria, where it offered an online platform for food businesses to source and receive supplies.

While the marketplace gained traction, Vendease was concurrently building a complementary software suite, featuring payment infrastructure and point-of-sale tools, aimed at increasing revenue. However, these solutions failed to take off like the marketplace.

Sources told Techpoint Africa that while Vendease attracted significant interest for its food supply business, it struggled to meet demand due to limited funding for its Ghanaian operations.

Weekly demand often exceeded $1 million, but the company could fulfill only a quarter of those orders. Efforts to secure additional funding from local financial institutions were unsuccessful.

Co-founder and CEO Tunde Kara confirmed this in a conversation with Techpoint Africa, highlighting that the startup recouped its investments in Ghana within six months, but opted to leave Ghana after it could not continue funding the growth.

“We moved into Ghana because there was a lot of potential, especially when we raised our Series A. We recouped the money we invested in Ghana in the first six months of launch. We faced a lot of roadblocks and bottlenecks, but it wasn’t because our products were not in demand,” he noted.

Like many African eCommerce ventures, Vendease dealt with low margins. Initially, it fulfilled every order regardless of profitability, but later shifted to prioritising deliveries with guaranteed returns. Its buy-now-pay-later service, which issued over $72 million in loans, also suffered, with many customers defaulting on repayments, and legal action was often required to recover payments.

Mohamed Chaudry’s appointment as CFO in 2024 played a key role in stabilising the company. Following his arrival, Vendease revised its payment terms to handle only fully paid orders or those with a one-week payment commitment. The change reportedly pushed repayment rates above 95%.

Chaudry also worked to reduce the company’s wage bill, which had exceeded ₦1 billion the year before his appointment. Last year, it reduced its workforce by 20%, citing redundancies. Sources claimed many senior hires were overpaid, with leadership boasting about offering salaries above the industry average.

Last month, we reported that the company had restructured its compensation package, reducing salaries pending an improvement in fortunes. According to Kara, the decision to cut staff had been delayed for nearly a year as the startup worked to raise funding.

When that did not work, it chose to lay off some employees while proposing a revised salary structure for those that were left. This decision, he says, resulted in some resignations, but he noted that many employees opted to remain. For those employees who chose to remain, the startup hopes to quickly return to sustainability and reward their loyalty.

To achieve that, the startup is betting on a software play even as it reduces its eCommerce footprints.

“Is this going to be successful? I guess we’re in the business of trying things out and seeing if they work,” Kara said, noting that the switch has been tough without venture funding.

Having achieved profitability prior to its Series A funding in 2022, Kara says the goal is to return to a point where Vendease only spends what it earns.

Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.49 and a selling price of GH¢15.51 to a dollar.

The British pound is being bought at GH¢20.51 and sold at GH¢20.54, while the euro trades at a buying price of GH¢17.62 and a selling price of GH¢17.64.

Checks by GhanaWeb Business on April 17, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.05 to the dollar, while the pound is trading at GH¢21.30 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢18.20 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

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 The Minority in Parliament has described the petition for the removal of the Chief Justice (CJ), Her Ladyship Justice Gertrude Torkornoo, as a serious setback to Ghana’s demo­cratic journey.

At a press conference in Parlia­ment yesterday, the Legal Counsel for the Minority Caucus, John Darko, said the attempt to remove the CJ is part of a wider scheme to silence the judiciary and exert polit­ical control over the legal system.

He warned that the move threatens to repeat dark episodes in Ghana’s history where the judiciary was attacked and manipulated for political gains. Referring to past incidents, including the murder of three judges in 1982 under the PNDC regime, Mr Darko said what the country is witnessing today is an attempt to revive such dangerous precedents.

“The NDC, which is an off­shoot of the PNDC, seems to be­lieve that Ghanaians have voted for them to control society, including the judiciary,” he said.

He added that the petition is based on flimsy grounds, includ­ing claims that the CJ advised the President on judicial appointments, ruled on an ex-parte motion involving the Speaker of Parlia­ment, and allegedly misappropri­ated GH¢75,000, allegations he dismissed as baseless.

Mr Darko cited Article 146 of the Constitution, which stipulates that a Supreme Court Judge can only be removed on grounds of stated misbehaviour, incompe­tence, or infirmity.

“How can any serious coun­try entertain such loose petitions aimed at destroying the last bastion of our democracy?” he questioned.

He further disclosed that there are ongoing efforts to invoke Ar­ticle 146(10)(a) to suspend the CJ and appoint known sympathisers of the ruling government as acting Chief Justices.

“To the judge or judges who may entertain the idea that Justice Torkornoo must be destroyed before you can rise, remember that you can rise together. But if you destroy someone to rise, poster­ity will not be kind to you,” he cautioned.

He called on Ghana’s develop­ment partners, foreign missions, traditional and religious leaders to intervene immediately and help safeguard the independence of the judiciary.

“To our revered traditional and religious leaders, the time to call the President to advise him is now. We should not wait until it is too late,” Mr Darko appealed.

He concluded by calling on the people of Ghana to resist any attempt to weaken the judiciary, saying justice emanates from the people and any attack on the courts is ultimately an attack on citizens.

 BY RAISSA SAMBOU

…emphasizing cultural diversity and economic opportunities

Ghana joined 92 member countries worldwide in celebrating the annual Francophonie Walk in Accra, highlighting the nation’s commitment to cultural diversity and the promotion of the French language. The event which came off on Saturday, April 12, 2025 was to raise awareness on Ghana’s full membership into the Organisation international de la Francophonie.

Also known as the International Organisation of La Francophonie or simply La Francophonie, the organisation seeks to promote the French language and political, educational, economic and cultural cooperation among member countries. The walk which commenced at Kwame Nkrumah Circle, proceeded through Ako-Adjei Interchange and Ridge Roundabout, and concluded at the Accra Metropolitan Assembly (AMA) Head Office.

The Policy Coordinator for La Francophonie at the Presidency, Francis Afelete said the new membership sets to offer opportunities in education, tourism, economy, trade, and sustainable development. “The country has 20 projects aligned with government goals, emphasizing the importance of French language proficiency. Ghana is strategically positioned in West Africa, surrounded by French-speaking countries, and is encouraged to adopt its own dialect of French,” he said.

He further stated that the conversation highlights the need for a cultural shift in language learning, advocating for immersion and practical use over formal instruction. He highlighted the importance of embracing French language education for Ghanaians, highlighting its strategic value both in global diplomacy and regional integration with the French-speaking nations that border Ghana.



“Ghana is already having an enviable position within the West African, by being surrounded by these Francophone countries so naturally we should be speaking the language. We have to break the stereotypes about the language. We can develop our own way of speaking the French language which would make it easier for us just as the other English languages,” he said.



The National Correspondent for Francophonie at the Ministry of Education, Tchitchi Kando-Ayiga on his part addressed participants, emphasising the significance of the French language in Ghana’s socio-economic development. He noted that Ghana’s full membership in the OIF since 2024 has opened avenues for showcasing the country’s democratic values and governance on an international platform. “We are redefining the French language in Ghana, making it more accessible and practical for all,” Mr. Kando-Ayiga stated.



He highlighted the importance of French in various sectors, including tourism, business, and diplomacy, and underscored the need for Ghanaians to embrace the language as a tool for national development.

These assertions were re-echoed by Mr. Alain Gbeasor, Team Lead for La Francophonie Secretariat at the Presidency. The Francophonie Walk is part of a series of events organized to celebrate the French language and cultural diversity. Participants from various Francophone countries, diplomatic missions, and local institutions took part in the walk, symbolizing unity and shared cultural heritage.

About La Francophonie

The Organisation internationale de la Francophonie (OIF) was officially established on 20 March 1970, inspired by a vision of solidarity and cooperation among French-speaking countries. Its founding fathers—Léopold Sédar Senghor of Senegal, Habib Bourguiba of Tunisia, Hamani Diori of Niger, and the late King Father Norodom Sihanouk of Cambodia—laid the groundwork for an international organization committed to uniting nations through the French language and shared values.

Headquartered in Paris, the OIF today brings together 93 Member States and Governments, including 56 full members, 5 associate members, and 32 observers. La Francophonie represents a global community of over 321 million French speakers across five continents who share this common language as a unifying bond. The Charter of La Francophonie establishes the institution’s framework, with the Summit of La Francophonie serving as its highest authority and the Secretary General—currently Louise Mushikiwabo—as its cornerstone.

The OIF implements multilateral cooperation projects in partnership with the Parliamentary Assembly of La Francophonie and four operational agencies: the Association of Francophone Universities, TV5MONDE, the International Association of Francophone Mayors, and Senghor University in Alexandria.

The Organisation Internationale de la Francophonie (OIF) offers significant funding opportunities to support projects in education, culture, governance, economic development, and environmental sustainability. These funding programs target governments, civil society organizations, educational institutions, businesses, and individuals involved in Francophone initiatives.

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Minister of Finance, Dr Ato Forson

Yaw Appiah Lartey Esq, an economic advisor at Deloitte Africa, has urged the Ghanaian government, and successive administrations to reconsider the country’s expenditure patterns as a strategic move toward long-term financial independence.

This comes as Ghana’s Finance Minister, Dr Cassiel Ato Forson, ruled out any renegotiation or extension of the country’s current program with the International Monetary Fund (IMF).

Speaking at a joint press conference with IMF officials in Accra, Dr Forson reaffirmed the government’s commitment to fully implementing the program to restore macroeconomic stability and promote sustainable growth.

In response to this, Mr. Lartey, speaking on Morning Starr with Naa Dedei Tettey, said that while he wasn’t surprised by the government’s stance, a renegotiation with the IMF could have been beneficial—particularly in light of the global decline in development aid.

Nonetheless, he emphasized that the government must urgently reassess its expenditure pattern if it is to achieve financial independence.

According to Mr. Lartey, Ghana’s current expenditure structure is unsustainable, with 30% allocated to compensation, 25% to interest payments, and 20% to subsidies—leaving only about 20–25% for infrastructure and economic growth.

He pointed to countries like Malaysia, China, Russia, and the United Kingdom as examples of nations that have successfully weaned themselves off IMF support. These countries, he said, achieved this by developing home-grown policies, investing in domestic production, and channeling donor funds toward industrialization.

“I tell people, go and look at the list of countries that historically relied on the IMF for budgetary support. Many of those countries—Malaysia, China, Russia, even the United Kingdom—have managed to move away from IMF dependency. With the exception of Argentina, which keeps returning due to persistent mismanagement, others have successfully implemented initiatives to become self-reliant.”

Using Malaysia as an example, he explained how the country prioritized domestic production, particularly in agriculture, such as palm oil, and directed donor support toward industrialization—steps Ghana has yet to take.

Lartey criticized Ghana’s pattern of borrowing to fund recurrent expenditure rather than long-term development.

“Unfortunately, we often use borrowings to support current expenditure. When 30% of your expenditure goes to compensation, 25% to interest payments, and another 20% to subsidies, you’re left with just 20–25% for critical growth areas like infrastructure. An economy run like this cannot hope to exit IMF dependency in the short to medium term. It’s a long-term effort.”

He contrasted Ghana’s economic model with that of the United Kingdom, where the service sector dominates due to higher literacy levels. In Ghana, however, a significant portion of the population lacks formal education, making sectors like agriculture and industry more suitable and impactful for inclusive economic growth.

“We must radically restructure our expenditure to significantly support two sectors that are shrinking year after year: agriculture and industry. If we allow services to dominate growth without strengthening these foundational sectors, we will face serious challenges. Agriculture and industry require skills more suited to our population, and their growth is essential if we are to break the IMF dependency cycle.”

Lartey concluded by stressing the need for comprehensive, home-grown policies that promote domestic production, strategic investment in key sectors, and effective use of donor funds to drive sustainable development.

Arsenal reached the semi-finals of the Champions League for only the third time after completing a 5-1 aggregate win over defending champions and 15-time winners Real Madrid.

Mikel Arteta’s side took a 3-0 aggregate lead into the second leg and produced an assured, resolute display in the Spanish capital to set up a last-four encounter against Paris St-Germain.

A late breakaway goal from Gabriel Martinelli sealed a deserved 2-1 victory in the Bernabeu after Bukayo Saka’s second-half opener had been quickly cancelled out by Vinicius Junior.

That came after Saka had missed a penalty in the first half, while Real were awarded a spot-kick in the opening 45 for a Declan Rice challenge on Kylian Mbappe, only to see it ruled out following a lengthy VAR check.

The Managing Director of Coca-Cola Bottling Company Ghana, Mr. Felix Gomis, has disclosed that over 150,000 crates of coca cola products, valued at approximatelyUS$700,000 is smuggled from Nigeria into Ghana every month.

He stated that the situation is causing the nation to lose millions of dollars in taxes, affecting government’s revenue.

Speaking during a courtesy visit to the Commissioner General of Ghana Revenue Authority (GRA) in Accra, Mr. Gomis emphasized the urgent need for stronger collaboration among government agencies to tackle smuggling.

“We face some challenges when it comes to smuggling of some of our products into the country. We believe that some actions must be taken to look at what’s going on”, he said. 

He emphasized the need to intensify collaboration to halt the canker, to block revenue loopholes.

He cautioned that the situation significantly undermines the competitiveness of local production, threatens jobs, and affects the country’s efforts at meeting its tax obligation.

Describing the visit as significant step in addressing the issue of smuggling, Mr. Gomis appealed to the GRA to work closely with the private sector to halt acts of smuggling.

“It is indeed a pleasure to have been received here in such a big audience… Coca-Cola has been in this country for the past 30 years… We continue to believe in investing heavily in the country so that we can sustain employment,” he noted.

Touching on recent investments made by the company, Mr. Gomis highlighted the opportunities created by the beverage industry to national development.

Addressing the issue, the Commissioner of the Customs Division, Brigadier General Glover Ashong Annan, emphasized the importance of Coca-Cola as a multinational manufacturer and development partner in Ghana’s economy.

He acknowledged the damaging effects of smuggling on legitimate businesses and assured the beverage company of GRA’s readiness to respond.

“We understand the adverse impacts smuggling has on business, undermining fair competition and also affecting sales and revenue,” Brigadier General Annan stated. “But I wish to assure you that the Customs Division views this concern with the utmost seriousness. We are committed to working with you and other stakeholders to devise effective strategies to tackle smuggling… Through collaboration, intelligence sharing, and coordinated enforcement strategies, we can significantly reduce this menace.”

The Commissioner-General Anthony Kwasi Sarpong also reaffirmed the GRA’s commitment to protecting legitimate businesses, emphasizing that Ghana’s broader economic recovery depends heavily on empowering local industries and generating domestic revenue.

“At the end of the day… it is your business growing, your business flourishing, that will generate the necessary taxes… For every revenue that is lost, we are denying a child somewhere in this country an opportunity to go to school, or access good healthcare,” Mr. Sarpong remarked.

He praised Coca-Cola for its longstanding contribution to Ghana’s industrial landscape and encouraged continued collaboration.

“See this visit as the beginning of a collaborative effort… We are committed to work with you, as well as the entire private sector, to make sure that these areas that hinder your goods and businesses are minimized so you can freely perform your business activities in the right way,” he concluded.

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The ECOWAS Bank for Investment and Development (EBID) has officially appointed Ghana’s Minister of Finance, Dr Cassiel Ato Forson, as the new Chairman of its Board of Governors. The announcement was made during the Bank’s 23rd Ordinary Session, held on 14 April 2025 in Banjul, The Gambia.

Dr Forson assumes the role from Seedy Keita, The Gambia’s Minister of Finance and Economic Affairs, who previously chaired the Board.

President and Chairman of EBID’s Board of Directors, Dr George Donkor, expressed confidence in the new Chairman’s capabilities, citing Dr Forson’s broad expertise in macroeconomics, fiscal policy, tax administration, and finance. A chartered accountant and seasoned tax practitioner, Dr Forson brings over twenty years of experience spanning both public and private sectors to the leadership of the regional financial institution.

Speaking on Dr Forson’s behalf, Ghana’s Deputy Finance Minister, Thomas Ampem, conveyed the new Chairman’s strong commitment to driving forward the Bank’s strategic objectives. He said Forson is committed to accelerating resource mobilisation, boosting capital recovery, and reinforcing EBID’s efforts to onboard non-regional members.

Ampem further stated that under Dr Forson’s leadership, EBID would strengthen its position as the premier development finance institution in West Africa, with a renewed focus on driving sustainable economic growth throughout the ECOWAS sub-region.

Over the past four decades, EBID has evolved into a fully-fledged development finance institution (DFI), playing a vital role in addressing infrastructural, social, and institutional challenges faced by ECOWAS Member States. Through its private and public sector financing windows, the Bank has strived to fulfil its vision of becoming “an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the people of the sub-region”.

Operating in some of the world’s most fragile economies, EBID has consistently delivered solutions grounded in its accumulated knowledge and evidence-based approaches, aiming to overcome the complex socio-economic issues that confront West African nations.

Dr Forson’s appointment is viewed as a strategic move to bolster the Bank’s influence across the region, especially at a time when Member States are in urgent need of innovative financing models and stronger partnerships to support inclusive and sustainable development.

Economic Advisory at Deloitte Africa, Yaw Appiah Lartey Esq, has urged the government to reconsider its decision not to renegotiate or extend Ghana’s ongoing programme with the International Monetary Fund (IMF).

This follows a statement by the Finance Minister, Dr Cassiel Ato Forson, during a joint press conference with the IMF in Accra, where he affirmed that the government has no plans to renegotiate or extend the current programme with the IMF.

Dr Forson emphasized the government’s commitment to fully implementing the programme in order to restore macroeconomic stability and drive sustainable growth.

According to him, seeking to renegotiate the programme would signal a lack of confidence in its objectives.

“Renegotiating presupposes that you don’t believe in the programme and so you want to open up the conversation to look at other parameters of the programme. That isn’t the position of the government. The government is committed to implementation to achieve the objectives of the IMF programme,” he stated.

However, reacting to this on Morning Starr with Naa Dedei Tettey, Mr. Lartey noted that negotiating with the IMF could have been beneficial—particularly given the global decline in international donor funding.

He cited examples such as the USA and the UK’s recent shifts in fiscal priorities, including increased defense spending at the expense of development aid.

Mr. Lartey argued that with the shrinking pool of global development aid, it would have been prudent for Ghana to renegotiate the terms of the programme, particularly the funds to be disbursed.

He pointed out that a significant portion of the IMF funds had already been disbursed before the current administration came into office, and thus, some form of renegotiation regarding the remaining funds would have been appropriate.

He remarked, “I’m not surprised, given some of the comments from government circles—particularly from the President and the Minister of Finance himself during the presser. There wasn’t a clear indication that the government intended to pursue an extension of the IMF programme. So it’s not surprising to me. What we need to understand is what programmes and objectives the government has outlined to mitigate the potential adverse impacts of bringing the IMF programme to an end.”

He added, “When you look at developments in international funding, donor aid is shrinking. This is due to a few key developments. Firstly, the United States government has chosen to scale back or even cancel development-based programmes, including USAID and several others. Secondly, the UK has increased its defense budget by 40%, which has come at the expense of development aid. Thirdly, the European Union is also ramping up defense spending in response to the Russia-Ukraine conflict, again reducing the budget for development aid.”

Mr. Lartey concluded, “So development aid is shrinking. If you have an opportunity to negotiate with a development partner like the IMF—which has consistent revenue and is not influenced by any individual government such as the US or EU—I would have expected the government to pursue a renegotiation of the funds to be disbursed. As noted, a significant portion of the funds was disbursed prior to the current administration. Therefore, if any renegotiation was to occur, it should have focused on the amounts remaining. Unfortunately, that was not the case.”

The IMF has been supporting Ghana’s economic recovery through its Extended Credit Facility (ECF) programme. The programme aims to restore macroeconomic stability, build resilience, and lay the foundation for stronger and more inclusive growth.