For the first time in five years, there’s a new richest woman on Forbes’ annual World’s Billionaires list. With an estimated $101 billion fortune,

Alice Walton has taken back the title from L’Oréal heiress Francoise Bettencourt Meyers of France, who had claimed the crown since the 2021 list and who now ranks as the world’s second-richest woman (estimated net worth: $81.6 billion).

The only daughter of Walmart founder Sam Walton (d. 1992), Alice Walton is $28.7 billion richer than last year, thanks to a 40 per cent increase in the value of her estimated 11 per cent stake in the retail giant, which saw shoppers flock to its “Every Day Low Prices” amid high inflation. 

Bettencourt Meyers, on the other hand, is $17.9 billion poorer, after those same market forces helped send shares of the cosmetics conglomerate her grandfather Eugène Schueller (d. 1957) founded spiraling by nearly 20 per cent.

Walton, 75, is one of 15 members of the $100 Billion Club—those with fortunes spanning 12 digits—this year. She’s the second woman to ever reach centibillionaire status, following Bettencourt Meyers, 71, who accomplished the feat in June 2024.

Walton ranks as the 15th richest person in the world, a few spots behind her brothers Rob Walton, 80, and Jim Walton, 76, who are worth $110 billion and $109 billion, respectively.

After graduating from Trinity University in Texas in 1971, Alice Walton worked briefly as a buyer of children’s clothes at Walmart, before taking a job in New Orleans as a stockbroker for E.F. Hutton.

She returned to her family’s hometown of Bentonville, Arkansas during the 1980s to run investment operations at the Waltons’ Arvest Bank, before launching a lending and brokerage shop of her own called Llama with $19.5 million of family money. When Llama shut down in 1998, Walton moved back to Texas and shifted her focus to curating art.

She chaired the Crystal Bridges Museum of American Art in Bentonville for a decade, before handing the reins to her nephew Tom Walton’s wife, Olivia Walton, in 2021. Alice is credited with founding the museum, which sits on 120 acres and features works by the likes of Andy Warhol and Georgia O’Keeffe, after realizing there wasn’t anything like it within 300 miles of her family’s hometown. Nearly all of the $1.6 billion it cost to open the facility in 2011 came from trusts in the names of her late brother John Walton and mother Helen Walton (d. 2007).

Alice Walton has ramped up her own philanthropy over the past decade, however, pouring more than $5.8 billion into five family charitable foundations that have doled out an estimated $1.7 billion of her funds to date. That includes an estimated $400 million gifted through the Walton Family Foundation (which her parents founded on Walmart’s 25th anniversary in 1987) to organizations focused on education reform, the environment and the region surrounding Bentonville. 

It also includes more than $500 million that Alice’s Art Bridges Foundation has spent acquiring and loaning out works of American art to more than 230 museums across the country—including the Art Institute of Chicago, the MoMA in New York City and the Smithsonian’s National Portrait Gallery in Washington, D.C.—since its founding in 2016.

Last August, Walton’s Art Bridges Foundation reported that it had gifted another $249 million to help fund a new Alice L. Walton School of Medicine in Bentonville that will “enhance traditional medical education with the arts, humanities, and whole health principles.” The school is set to enroll its first class of 48 students in July.

“I want to create opportunities that help people and communities achieve their dreams,” says Walton, in a quote posted to her namesake foundation’s website. “It is the joy of my life, and a privilege to do so.”

By Florence Afriyie Mensah

Kumasi, April 4, GNA – Inadequate lecture theatres, seminar rooms and laboratories at the Komfo Anokye Teaching Hospital (KATH), is impeding the enrolment of more medical students at the School of Medical Sciences (SMS) of the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi.

Professor Akwasi Antwi-Kusi, Dean of KNUST-SMS, who stated this, said the School had the potential of admitting more students, but the lack of adequate teaching and learning infrastructure, such as lecture theatres and seminar rooms at KATH was hindering the plans.

The School, this year alone, shortlisted some 1,040 applicants with aggregate six (6) to eight (8) for interview to be admitted, but were able to admit only 240 of them, denying almost 800 brilliant students the opportunity to read medicine at the KNUST.

Speaking at the 50th Anniversary of the KNUST-SMS in Kumasi, he pointed out that, after five decades, the School was yet to have its own office accommodation for lecturers at the Komfo Anokye Teaching Hospital.

“Again, even though our combined class of the medical and dental students stands at 320, our classrooms at KATH can only accommodate 120 students.

Our clinical students, therefore, shuttle between the University and the KATH for lectures and examinations, a distance of 15 kilometres.

Aside from the wear and tear and huge transport running cost, the effect on the students and their clinical work cannot be quantified” Prof Antwi-Danso bemoaned.

He said the alumni of the school were embarking on a legacy project to construct a 400 capacity multi-purpose lecture theatre at KATH.

The project estimated at GH₵50,000,000.00 will have offices, seminar rooms, students’ clinic and a canteen among others, to enhance learning and research ensuring that medical professionals were equipped to meet the evolving needs of the healthcare system, including equitable distribution of doctors across Ghana.

Prof Antwi-Danso used the occasion to call on stakeholders to generously contribute towards the project, while urging corporate organizations to invest in medical education as part of their corporate social responsibilities.

On other matters affecting delivery of quality service, he called on the government to review the fees for medical education and give special loans to medical students.

He explained that underfunding had been one the greatest challenges since medical education was expensive.

According to him, in the United States of America, average medical school tuition was $60,000 a year, while in Ghana it was only GH₵10,000.00 leaving medical schools underfunded in Ghana affecting infrastructure, equipment, faculty salaries and resources.

The Anniversary is being held on the theme: “A Glance at the Past, A Glimpse into the Future.”

GNA

KOM/CA

The United States Ambassador to Ghana, Virginia Palmer, has stressed the importance for the government of Ghana to address payment arrears to American companies to improve its business climate.

Ranking Member of the United States Senate Committee on Foreign Relations, Senator James E. Risch, recently claimed that Ghana owes approximately $251 million in arrears to several U.S-based businesses and demanded that the US leverages its position as the IMF’s largest shareholder to ask the IMF to get Ghana to repay its debts to American entities.

Speaking to journalists in Accra, the US ambassador, Virginia Palmer, noted that the country’s indebtedness to American companies remains a major concern.

Ambassador Palmer highlighted the need to prioritise the payment of arrears despite being under an IMF programme.

“I’m saying on the one hand, you know, stick with your IMF program – fiscal conservatism on one hand, and please pay American companies. But that’s a liability. It’s a debt, like other debts. And it’s important that the government knows that before new investors come, they call their friends, and the word will get out. Well, you know, it’s a great place, well-educated workforce, wonderful place to live, peaceful, stable, democratic,” she stressed.

The government of Ghana’s unpaid debts has placed a significant financial burden on US businesses in Ghana and could jeorpadise their operations and investments.

“I’m owed hundreds of millions of dollars, and no company can sort of face their shareholders with that kind of liability. Indeed, now it’s gotten to the point where it is a break on. I think further investment and the government of Ghana acknowledges that, and so, it has been open to some kind of creative solutions for resolving the debt, as companies have been,” she explained.

The US Ambassador also identified disregard for contract sanctity as a major worry for investors.

“Contract sanctity is even more complicated than that. My predecessor used to talk about contract sanctity, and I thought it meant, I thought it was ‘Diplo speech’ for corruption, and it’s not. It’s landlords even saying, oh, well, I have a lease with you, but I like this lease better, so you’re out of luck. It’s just sticking with whatever contract you have”, she added.

Ambassador Palmer, however, reaffirmed the strength of the partnership between Ghana and US, stressing that Ghana remains an important partner to the United States, with economic and social cooperation continuing to be a priority.

MP for Ofoase-Ayirebi, Kojo Oppong Nkrumah

The Minority in Parliament has urged the government to take immediate steps to secure exemptions from the newly imposed 10% tariff on Ghanaian exports to the United States.

According to them, the tariff poses a serious threat to Ghanaian businesses that depend on the U.S. market and could significantly weaken the country’s export sector if swift diplomatic action is not taken.

Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, called on the government to initiate urgent diplomatic engagements with U.S. authorities to negotiate a waiver.

In a statement posted on his social media platforms on Friday April 4, 2025, he warned that the tariff would increase the cost of Ghanaian goods in the U.S. market, making them less competitive.

“The newly imposed 10% tariff on Ghanaian exports to the U.S. will undoubtedly raise the prices of our products in that market. Ghanaian goods risk losing their competitive edge—an outcome that could severely impact businesses and livelihoods reliant on exports,” he stated.

Oppong Nkrumah also emphasised the need to leverage Ghana’s economic diplomacy, particularly through frameworks like the African Continental Free Trade Area (AfCFTA), to address the issue.

“At a time when economic diplomacy was significantly advanced under the previous administration through initiatives like AfCFTA, Ghana must now engage the United States and pursue a tariff waiver for our nation,” he added.

The Ofoase Ayirebi MP also linked the tariff issue to the government’s proposed 24-hour economy initiative, noting that a vibrant export sector is critical to its success.

He stressed that inaction could derail efforts to boost productivity and economic growth.

As of now, the Ministry of Trade and Industry and the Ministry of Foreign Affairs have not issued any official response.

However, industry stakeholders and business associations are expected to voice their concerns in the coming days.

MA

The Ghana Bauxite Company is expanding its surface mining operations to mitigate the impact of its operations on the environment.

The present drill and blast method is expected to ease to allow for surface mining which has less negative effect on the environment.

The drill and blast operations, which is largely used in the mining of bauxite, produce air and noise pollution that negatively impact the environment.

Until the new administration took over the Ghana Bauxite Company, operations largely depended on drill and blast methods, with attendant risks.

The new investors are shifting to the surface mining of bauxite as a more environmentally friendly operation.

General Manager for Ghana Bauxite Company, Alexander Gyedu, speaking at the commissioning of a Community Relations Office, “This transition aims to enhance operational efficiency, reduce environmental impact, enhance resource recovery and reinforce our commitment to sustainability.”

According to the company, delivering premium bauxite through sustainable mining practices remains a priority.

“The company is committed to leveraging decades of experience to responsibly extract and deliver high quality bauxite ore while upholding the highest standards of safety, operational excellence environmental stewardship, job creation, community engagement and leaving a lasting positive impact in the lives of the people in our catchment area whiles contributing to national development efforts of the government of Ghana,” Mr. Gyedu emphasized.

The Ghana Bauxite Company has emphasized dedication to all proper mining practices that contribute to the conservation of the environment.

Investments

The Ofori Poku Company Limited, after securing eighty percent shares in GBC, has invested 122.98 million dollars into the company to improve efficiency and ensure environmental protection.

The investments made is aimed at increasing production to six million tonnes by close of 2025.

The transition of operations to surface mining has increased production volumes to 1.8 million tonnes in 2024, from 1.2 million tonnes per annum.

The US$122.98 million investment was used in the purchase of robust fleet of equipment such as the surface miner, haulage trucks, dump trucks, excavators and retooling of existing plant and machinery.

Upon the takeover of GBC by OPCL, the company had 33 earthmoving equipment with nine dump trucks, 7 utilities and 3 light duty vehicles.

Most of the inherited equipment were in poor condition.

According to the General Manager, Alexander Gyedu, by the end of February 2025, the new investors “acquired 42 new earth moving equipment, 52 new dump trucks, 16 new utilities, one surface miner and 35 new light duty vehicles.”

Other machinery procured include, “2 newrollers, tractor slasher, among others for mining purposes.  The second surface miner is expected in Ghana by end of June”.

New fleet of trucks have also been procured to boost the haulage of bauxite to the port.

From the 80 fleet of 9 axle trucks inherited for haulage, additional 161 fleet of the same trucks have been procured.

“We have also secured a service van for the haulage department. The acquisition of new trucks has largely contributed to improving haulage operations from around 600,000 tonnes in 2022 to about 1,700,000 tons of bauxite in 2024. It is important to note that, additional tonnage was hauled by a private transporter in 2024”, Mr. Gyedu added.

Aside from the Awaso Mine, the Company has operations in Takoradi where some investments were made by the largest shareholder, OPCL.

From the retooling, the company has procured three Cat 990’s of 23 ton capacity, one cat 992 of 25 ton capacity, a staff bus, 715 KVA generator, four dozers among others.

The company indicated, “We have constructed containerized office, partnered with SGS and established on-site laboratory, secured a twelfth (12) acre land to serve as a secondary stockpile area among others.”

Staff Welfare

In the area of staff welfare, the company maintains significant investments have been made to improve capacity and enhance efficiency.

The previous management of the company Bonsai Minerals Group left behind 483 employees. To improve production, the number was increased to 1,158.

In response to gender equity, the company has increased the female employees from 31 in 2022 to 85 currently as a deliberate action to empower women and ensure gender mainstreaming in their operations.

Mr. Gyedu commenting on issues of staff welfare explained, “As at 2021, most of the employees were outsourced staff, this status was changed into Contract staff and they were roped into the mainstream workforce of the company”.

“OPCL then resolved most of the issues that had to do with the outsourced staff with the introduction of salary structure that brought sanity in the salary administration system. The same structure ensured that the salaries of workers were increased beyond 300 % in 2023 and by 35% in 2024,” he added.

The company has further insisted on commitment towards providing job opportunities for persons within the catchment.

Already, ninety percent of staff were recruited from the mine’s catchment.

Corporate Social Responsibility

As part of Corporate Social Responsibility, the company is providing learning opportunities to students within the catchment area. Some students have received national service and attachment opportunities.

“In 2023/2024, the company took 74 national service personnel out of which 30 were retained and given employment. Similarly, the company has taken 82 national service personnel this year”, the company has said.

General Manager, Alexander Gyedu says the company supported the construction of Awaso chiefs Palace.

“The company has supported the Bibiani Ahwiaso Police Divisional Command for the construction of their office complex. The company has supported the construction of Takoradi Military 2BN swimming pool”, he said.

The company has extended support to annual festivities of the chiefs and people in catchment communities.

“Boreholes at Atronsu, Construction of a bridge in Akonsu are among areas the company has supported”, Mr. Gyedu added.

To enhance synergy between GBC and catchment communities, a Community Relations Office has been opened to liaise between the catchment and the mine.

“Clearly this is in line with our fifth core values, community, and signifies one of the things we cherish and believe in as a company. Our operations aims to fostering local development, providing economic opportunities, and promoting mutually beneficial partnerships. This Community Relations Office is an indication of these commitments”, the General Manager of GBC said.

Though the community believes the project is long overdue, they are excited about the anticipated impact.

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Vida Adutwumwaa and King Paluta

Entertainment pundit and PRO for Stonebwoy’s Burniton Music Group, Vida Adutwumwaa, has ruled out King Paluta’s chances of winning the 2025 Telecel Ghana Music Awards (TGMAs) Artiste of the Year.

Speaking in an interview with DJ Slim on his YouTube channel, she highlighted the criteria for eligibility in the category, which states that “the artiste must be the one who has garnered the highest appeal across the country, releasing a hit single, EP, or album, and receiving the most nominations.”

She pointed out that Stonebwoy had received eight nominations at the TGMAs, with four nominations coming from his hit album “Up and Running.”

“Nobody else in that category comes close to that,” she said.

Regarding King Paluta, who had been considered a potential contender for the award, Vida Adutwumwaa argued that the artiste doesn’t even qualify, pointing out that he lacks a major headliner show to his name.

“MC Portfolio talked about how King Paluta has been part of shows in the UK. But we know that the money you charge determines whether organizers will call you back.

“King Paluta couldn’t even hold his own show in Ghana. Look at Stonebwoy’s show at La Palm. A whole Davido, Spice, and many A-list artistes were on the bill. Everyone attended that show mainly because of Stonebwoy,” she stated.

She also dismissed claims that King Paluta’s UK shows were successful, arguing that it’s hard to gauge his impact since those shows weren’t organised by his own team.

“Look at all the artistes in the Artiste of the Year category. Kweku Smoke, as young as he is, was able to get people to attend his own show on a weekday. Joe Mettle also attracted large numbers, even though his show was on the same day as Sarkodie’s,” she noted.

“If you want to prove your impact, stage your own show. Let us see people lining up to hear your songs. That’s where we can truly assess your craft and artistry,” she added.

Vida Adutwumwaa added, “So King Paluta is one of the names I can rule out from the Artiste of the Year debate because he doesn’t have his own major show to brag about.”

ID/EB

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Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, has summoned the United States Ambassador to Ghana, Virginia Palmer, for a meeting on Monday (7 April), following the U.S. decision to impose a 10% tariff on Ghanaian exports.

The tariff, introduced as part of a broader shift in U.S. trade policy under President Donald Trump, has raised concerns among Ghanaian exporters and policymakers.

Analysts warn it could impact key sectors such as cocoa and textiles, potentially undermining Ghana’s competitiveness in the American market.

The upcoming meeting is expected to focus on the reasons behind the new tariff and its implications for Ghana–U.S. trade relations.

Reciprocity or Retaliation?

Meanwhile, a former deputy minister for trade and industry under the erstwhile Akufo-Addo government has acknowledged that Ghana has, in the past, imposed 17% tariffs on U.S. imports, a move that may have influenced Washington’s decision.

However, he criticised the new U.S. policy, arguing that Ghana is still a developing country in need of trade incentives rather than restrictive tariffs.

“The Trump administration mentioned that this is a reciprocal measure that is justified. But Ghana is not a developed country yet. The U.S. was trying to help us develop our economy, and now they are reversing that support,” he noted.

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Economist Dr. Priscilla Twumasi Baffour

Economist Dr. Priscilla Twumasi Baffour has emphasised the need to strengthen trade under the African Continental Free Trade Area (AfCFTA), urging African nations to decentralize trade and reduce over-reliance on foreign markets.

Her comments come in response to former U.S. President Donald Trump’s imposition of sweeping new tariffs on nearly all U.S. trading partners on Wednesday, April 2, 2025.

Trade between Ghana and the U.S. is now subject to a 10% tariff. China has been hit with a 34% import tax, while imports from the European market face a 20% tariff, moves that analysts say could dismantle much of the global economic architecture and potentially trigger wider trade conflicts.

In a post on her X (formerly Twitter) page on April 4, 2025, Dr. Twumasi Baffour wrote, “African countries today have diversified trade ties, with China being a major player. The U.S. tariff imposition is a call for increased intra-Africa trade as proposed by AfCFTA in an increasingly deglobalized world.”

Adding his voice to the conversation, economist Prof. Lord Mensah warned that countries with negative trade balances, those that import more from the U.S. than they export, will be hit the hardest by the new tariffs.

In a post on his X page, as cited by GhanaWeb Business, Prof. Mensah stated, “Trump’s 10% tariffs: Countries with negative trade balances with the U.S. will suffer the most. That is, countries with more imports and fewer exports to the U.S. will face significant economic setbacks.”

SSD/MA

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Interior Minister, Muntaka Mubarak has announced that the NDC government is not interested in prosecuting foreigners engaged in fraud and illegal mining activities across the country.

He says the government is rather putting in place a new policy which will see the deportation of such individuals upon their arrest.

Speaking during an engagement with the Ashanti Regional Police Command, the Interior Minister stressed the government is focused on removing foreign nationals who participate in galamsey, which has caused extensive environmental damage across the country.

He also indicated that such individuals who are also arrested engaging in scamming and other fraudulent activities will also face the same punishment.

The announcement is at the back of recent efforts made to deport some 107 foreign nationals who were arrested for allegedly destroying forest reserves and water bodies through illegal mining activities and fraud-related offenses.

According to Muntaka Mubarak, this effort underscores the government’s focus on curbing the influence of foreign nationals, including Chinese nationals, in illegal mining and fraudulent practices.

He also indicated that the deportation exercise is part of broader efforts to restore order and enforce the rule of law across various sectors.

The Interior Minister added that engagements are far advanced with the Attorney-General to provide guidance.

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Ghana should prioritize medical tourism as a key growth sector by implementing targeted healthcare reforms and making strategic investments, according to Medical Tourism Coordinator A.B. Kafui Kanyi, who highlighted the country’s strategic location and improving infrastructure as major advantages.

“With the right reforms, investment in healthcare infrastructure, and global branding, Ghana could become a leading medical tourism destination in Africa, offering affordable, high-quality healthcare in a culturally rich and peaceful environment,” Kafui Kanyi noted in a piece sighted by GhanaWeb Business.

He pointed out that government is already finalizing a National Medical Tourism Policy and Strategy aimed at positioning Ghana as a regional hub for specialized healthcare.

“Plans are in place to upgrade key facilities, including transforming Korle-Bu Teaching Hospital into a quaternary specialist center and expanding Ho Teaching Hospital (HTH) to improve access to advanced care in the Volta Region,” he added.

Experts say Ghana’s location near the Prime Meridian and Equator, along with short flight times and year-round warm weather, makes it a convenient recovery-friendly destination for medical tourists from Europe, the Americas, the Middle East, and parts of Africa.

Former Director-General of the Ghana Health Service, Prof. Agyeman Badu Akosa, recently questioned why public officials continue to seek treatment abroad.

“Whether you like it or not, health is expensive and when they go out, they pay through their nose. So why can’t we develop our own system here?” he said.

Ho Teaching Hospital touted as a model

Located in Ho, the capital of the Volta Region, HTH is gaining recognition for its role in cross-border healthcare. It has recently served patients from neighboring countries including Togo, Benin, and Nigeria.

New facilities such as a family health centre, pharmacy complex, and a serene hospital annex have been commissioned to support recovery and wellness. The hospital’s eco-friendly design and tranquil environment are seen as key selling points for attracting international clients.

Tourism and healthcare synergy

According to the Ghana Tourism Authority, over 1.1 million tourists visit Ghana annually. Stakeholders believe that integrating healthcare services with cultural, historical, and eco-tourism experiences can strengthen Ghana’s appeal in the $55.83 billion global medical tourism market, as projected by Statista (2025).

The country’s diaspora of skilled healthcare professionals is also being viewed as a resource that can be tapped to support the development of niche medical services and specialist care.

Economic potential and next steps

Medical tourism is expected to boost foreign exchange earnings, create employment opportunities, and attract private investment into the healthcare sector.

However, health policy experts stress the need for international hospital accreditation, competitive pricing, and improved marketing to build global trust in Ghana’s health services.

Meanwhile, a proposal has been made for the establishment of a Medical Tourism Coordinating Unit under the Ministry of Health, as well as the creation of a Medical Tourism Agency, backed by legislation, to manage and regulate the sector.

MA

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Ghana Blcak Stars

London is set to host an electrifying football spectacle in May 2025 as Ghana, Nigeria, Jamaica, and Trinidad and Tobago compete for the prestigious Unity Cup.

Dubbed ‘The Best in the West – the Afro Classico Contest,’ the tournament promises high-stakes clashes between some of the biggest names in African and Caribbean football.

The action begins on May 27 with the first-ever TriniJam showdown on UK soil, as the Soca Warriors of Trinidad and Tobago take on Jamaica’s Reggae Boyz in a battle for West Indian dominance.

The following day, fierce West African rivals, the Super Eagles of Nigeria and the Black Stars of Ghana, will go head-to-head in a long-standing football rivalry.

The tournament concludes on May 31 with a double-header one match deciding third place and the other crowning the 2025 Unity Cup champion.

Nigeria, two-time winners, may be favorites, but Ghana will look to repeat their previous London triumph over the Super Eagles. Meanwhile, Jamaica arrives with unfinished business, seeking redemption.

AfroSport co-directors Rotimi Pedro and Andy Howes emphasize that the Unity Cup is more than just a tournament, it’s a celebration of African and Caribbean culture, talent, and football’s expanding influence.

Minister of Foreign Affairs, Samuel Okudzeto Ablakwa

The Minister of Foreign Affairs, Samuel Okudzeto Ablakwa, has announced that the government will scrap the COVID-19 levy in its next budget.

Addressing hundreds of Ghanaian residents in Benin, the minister stated, “Only one more tax remains for the government to remove in order to fulfill its promise of eliminating four taxes imposed by the previous administration.”

The audience erupted in applause as the Foreign Minister highlighted that the betting tax, E-Levy, and emissions tax had already been scrapped following the president’s assent to the bills on April 2, 2025.

He also updated the Ghanaian community on developments back home, urging them to remain assured and trust the Mahama administration to honor its commitments to the people.

He mentioned that “the government is investing in the youth by setting aside funds to address their needs.”

SP/MA

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The Association of Chartered Certified Accountants (ACCA) has reinforced its commitment to equipping finance professionals with future-ready skills by hosting ACCA Orbit 2025, a summit focused on the role of artificial intelligence (AI) in shaping the accountancy profession. 

The event, held at the UPSA Auditorium under the theme ‘AI and the Future of Work’, brought together industry experts, business leaders, and technology professionals to discuss AI’s impact on finance and the evolving responsibilities of accountants.

In his opening remarks, Col. Nobel Carl Doe Dei-Alose, the Chairperson of ACCA Ghana, emphasised the urgency for accountants to develop AI competencies to remain relevant. 

He warned that those who fail to adapt risk being left behind as AI becomes increasingly integrated into financial processes. “We need to support understanding towards engagements in functions that we should be prepared to handle. As we move forward, you will notice that you cannot avoid them,” he stated.

He further cautioned that professionals who do not grasp the fundamentals of the evolving business environment may struggle to reconcile traditional knowledge with modern industry demands.

A panel discussion on ‘Will AI Take My Job?’ addressed concerns about automation replacing accountants. Panellists highlighted AI’s role as an enabler rather than a disruptor, stating that the profession is shifting from data processing to advisory functions.

Akwasi Adu Boahene, CEO of Fidelity Securities, underscored the need for accountants to embrace this transformation, stating, “The future of accountancy is no longer about just reporting numbers but about deriving strategic value from them. Those who can interpret financial data to inform business decisions will remain indispensable.”

While he reasoned that AI would lead to enhanced accuracy and, consequently, trust in the output of professionals, he also cautioned against potential biases. “Trust and accuracy are the foundations of accounting. AI, when properly implemented, can enhance trust by improving data analysis and reducing human error, but there must be governance structures in place to ensure AI is used responsibly. Without proper oversight, AI could be misused, eroding the very trust it seeks to build,” he explained.

Winifred Opoku-Baffour, Assistant Vice President, Rewards and Governance Lead at Absa Bank, highlighted AI’s potential to enhance efficiency while cautioning against fears of job losses. “It is normal for people to be afraid, but that fear comes from a misunderstanding of AI’s capabilities. AI cannot replace fundamental accounting skills. Instead, it will help us be more efficient. The key is to embrace it as an enabler, not a threat,” she argued. She emphasised the importance of upskilling, particularly in soft skills, to remain relevant in an evolving area.

Norbert Dziwornu, Managing Partner at StartOA, reinforced this perspective, stating, “AI is improving decision-making. We don’t have to be scared; rather, we should know how to leverage these tools to our best advantage.” He encouraged professionals to embrace AI-driven efficiencies while maintaining ethical oversight.

Throughout the summit, speakers stressed three critical areas for professionals seeking to integrate AI into their work: lifelong learning and intellectual curiosity, enhancing analytical and advisory skills, and prioritising ethical considerations to ensure responsible decision-making.

The Vice Chairperson of the ACCA Network Panel, Gloria Boye Doku reiterated ACCA’s commitment to educating professionals and students on AI’s evolving role. “There is always this fear that AI is coming to replace us, but through our speakers and panel, we have been informed that AI is here to augment what we are already doing,” she said. She also highlighted ACCA’s continuous efforts to expose finance professionals to emerging technological trends through such initiatives.

The summit also featured a career fair, offering employability and digital skills training. Participants engaged in masterclasses covering blockchain, cryptocurrency, and opportunities in the gig economy. Additionally, 50 top-performing ACCA candidates in taxation, audit and assurance, financial management, and other disciplines were recognised for their achievements in Ghana and internationally.