Dr. Kofi Amoah, businessman and entrepreneur

Renowned businessman and philanthropist, Dr. Kofi Amoah, has urged Ghana’s leaders to focus on creating sustainable, well-paying jobs rather than making lofty promises that do not translate into real progress.

In a social media post on Ghana’s 68th Independence anniversary, Dr. Amoah, popularly known as Citizen Kofi, called for a moment of deep reflection, emphasising that many Ghanaians remain dissatisfied with the nation’s economic trajectory despite its vast mineral and human resources.

According to him, one of Ghana’s fundamental challenges is the failure of leadership to recognise the direct link between joblessness and poverty.

“The impenetrable curtain between us and developed societies is our inability to see the nexus between work and progress, joblessness and poverty!” he asserted.

Dr. Amoah criticised the country’s continued dependence on foreign aid and borrowing while failing to fully utilize its fertile lands and abundant solar energy.

He noted that Ghana cannot afford to keep “pontificating ludicrously from religion to digitalization, free and fair elections to free and ‘inferior’ education” while citizens remain jobless and hopeless.

He further argued that the creation of casual and politically motivated employment is not a sustainable solution. Instead, he called for stable, well-paying jobs that uplift the dignity of workers and drive national progress.

“We need jobs that pay living wages, not wages to enslave but to lift up body and soul. Can we all focus on this one thing and get it done? Let’s resolve to build that which brings real happiness for Ghana and ourselves… JOBS FOR ALL, MONIES IN OUR POCKETS, HAPPINESS APLENTY!” he urged.

Dr. Amoah’s call for action comes at a time when unemployment remains one of the most pressing challenges facing Ghana.

According to 2023 data from the Ghana Statistical Service (GSS), the national unemployment rate has risen to 14.7%, with youth unemployment (ages 15–35) increasing from 1.2 million to over 1.3 million within the same period.

The report also highlights a persistent gender gap, with female unemployment rates consistently higher than those of males.

See Dr. Amoah’s full post here:

The 68th…

Dearest Ghanaians

How I wish I could join in with expressions of happiness on Ghana’s day of so-called INDEPENDENCE

I’m NOT happy and neither is Ghana and the majority of Ghanaians

So let’s stop pretending and start performing

Let’s stop promising what cannot be… pic.twitter.com/4v9ZEMjtdS

— CitizenKofi (@amoah_citizen) March 6, 2025

MA

In a transformative stride reshaping the perfumery landscape, Yusif Meizongo Jr., Ghana’s first artisan perfumer and the visionary behind Maison Yusif Fragrance, has unveiled the innovative Yusif Methodology.

This groundbreaking technique is not only redefining the art of perfumery in Africa but also positioning Ghana as a significant player on the global fragrance stage.

Traditionally, mainstream perfumes have been crafted with Western climates in mind, often overlooking the unique environmental conditions of Africa.

The Yusif Methodology bridges this gap by creating fragrances that endure Ghana’s high temperatures and humidity. Utilising a deeper and stronger fixative, Yusif’s creations can last over seven days on fabric, a remarkable achievement that distinguishes them in a crowded market.

“Western perfumes often fade under our hot conditions,” Meizongo Jr. shared in a recent interview with Joy FM.

“With the Yusif Methodology, we’ve developed a formula that not only lasts longer but also embodies the rich cultural heritage of Africa. My goal is to create fragrances that resonate globally while being tailored to the unique needs of our local environment.”

Maison Yusif Fragrance has swiftly become the most talked-about niche fragrance house in Africa, positioning itself as the premier African niche fragrance brand.

It has garnered international attention, elevating Ghana’s profile as a hub for tourism and cultural appreciation.

This surge in recognition has also led to significant job creation within the community, offering competitive salaries that empower local youth.

Meizongo Jr. envisions a future where his employees can invest in their own properties and businesses without the burden of loans.

“I want my brand to reach a point where my staff can use their monthly salary to purchase land and properties, making life easier for them. This dream will be a reality as we continue to grow and expand our reach,” he stated.

Maison Yusif Fragrance is not just a brand; it is a movement that celebrates African ingenuity and resilience. By combining traditional African scents with modern techniques, Yusif Meizongo Jr. is crafting a legacy that promises to inspire future generations and uplift the continent’s standing in the global marketplace.

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.

State-owned enterprises (SOEs) and joint venture companies (JVCs) are facing deepening financial distress’ and without urgent reforms, their continued deterioration could derail any prospects of economic recovery, officials have warned.

The mounting operational losses, particularly in critical sectors like energy and agriculture, threaten to widen fiscal deficits, weaken investor confidence and strain the government’s ability to meet its debt obligations.

Left unaddressed, these inefficiencies will not only prolong ongoing economic challenges but also undermine the structural adjustments needed to restore stability and growth.

A total of 19 SOEs and JVCs, spanning critical sectors such as energy and agriculture, have been identified for restructuring as authorities seek to curb fiscal risks and improve efficiency.

Finance minister Dr. Cassiel Ato Baah Forson, speaking at the National Economic Dialogue in Accra, underscored the severity of the situation, pointing to deep financial losses across SOEs.

“Nearly all of them—from electricity firms to agricultural companies—are in distress, and their continued financial deterioration poses a major risk to Ghana’s fiscal framework,” he said.

Cocobod’s debt pile-up

Among the most troubled entities is the Ghana Cocoa Board (Cocobod), which has seen its financial liabilities balloon to US$1.2 billion since 2021. The agency, tasked with regulating and financing the country’s cocoa sector, has struggled to meet forward contract obligations amid a steep decline in production.

Despite being the world’s second-largest cocoa producer, Ghana has witnessed nearly a 50 percent drop in cocoa output over the past three years, creating a severe cash crunch for Cocobod.

The seeming improvement in Cocobod’s financials in 2023 did not paint the full picture, with the Finance Minister making it clear that the numbers were misleading.

“Cocobod’s reported profitability last year was largely due to the suspension of debt service payments during debt restructuring,” Dr. Forson said.

The agency remains heavily indebted, with additional revenue losses of US$840 million stemming from lower-than-expected prices locked into forward sales contracts.

The financial turmoil has been exacerbated by smuggling activities, as wide price differentials between Ghana and neighbouring countries – such as Côte d’Ivoire – have pushed cocoa beans across borders.

Government officials estimate that these market distortions have cost local farmers and the state millions in potential revenue.

Power sector woes

The Electricity Company of Ghana (ECG), another key SOE under scrutiny, continues to grapple with operational inefficiencies and mounting financial losses. The company collects only 62 percent of the electricity it distributes; and of that, just 65 percent is used to settle payments to suppliers through the government’s Cash Waterfall Mechanism.

This inefficiency has contributed to the broader financial instability of the energy sector, which now carries an annual deficit of about US$2.2billion.

“Fixing the energy sector requires radical measures. We cannot continue with a system where nearly half of the cost of power generation is not recovered,” argued.

Government transfers to ECG and other energy sector entities reached US$2.1 billion in 2023 and 2024, yet unpaid legacy debts stood at US$1.3 billion at the end of 2022. Without urgent interventions, the cumulative energy sector shortfall is projected to exceed US$9 billion by 2026.

Reform agenda

In response, the government is prioritising reforms aimed at reducing inefficiencies and restoring financial stability in SOEs.

One of the key strategies is tightening oversight of operational expenditures while phasing out non-essential subsidies.

Authorities are also considering restructuring the governance framework of SOEs, introducing performance benchmarks and enforcing greater transparency in financial reporting.

Reforming Cocobod will require a shift in how the agency finances its operations. The government is exploring alternative funding models, including domestic capital market instruments, to reduce reliance on syndicated loans. Additionally, efforts are underway to renegotiate forward contracts to minimise revenue losses tied to price differentials.

For ECG and the broader energy sector, reforms will focus on improving revenue collection and reducing technical and commercial losses.

Tariff adjustments have been floated as a possible measure, though the Finance Minister stressed that “tariffs should not be used to reward inefficiencies”.

The government is also reviewing the effectiveness of existing power purchase agreements to ensure they align with Ghana’s energy demand and affordability levels.

Balancing fiscal risks

The broader fiscal impact of SOE inefficiencies remains a major concern. With non-discretionary spending—such as wages, interest payments and subsidies—consuming nearly 70 percent of government expenditure, the room for fiscal manoeuvring is shrinking.

Officials are pushing for greater discipline in public financial management to curb wasteful spending and improve efficiency in capital investments.

“We need to ensure that public funds are directed toward productive sectors that can generate long-term economic value,” Dr. Forson said.

The government’s reform drive aligns with discussions with Ghana’s international creditors under the IMF-supported programme. Strengthening SOE financial management is seen as a critical component of meeting fiscal targets under the agreement.

“The financial sustainability of SOEs is not just about balance sheets—it’s about the broader macroeconomic stability of the country,” the finance minister said.

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Kurt Okraku at the funeral of Nana Pooley

President of the Ghana Football Association (GFA), Kurt Edwin Simeon-Okraku, led a delegation to Kumasi on Thursday, March 6, 2025, to pay last respects to the late Yaw Frimpong, popularly known as Nana Pooley, a devoted Asante Kotoko supporter.

The funeral, held at Heroes Park, Baba Yara Stadium, saw a strong presence of GFA officials, club executives, and key football figures, including Vice-President Mark Addo and Regional FA Chairmen.

Nana Pooley, known for his unwavering dedication to Asante Kotoko, was laid to rest at the Ahafo Kukuom Royal Mausoleum. His passing brought together football administrators, fans, and enthusiasts, highlighting the unity within Ghana football as the fraternity stood with Kotoko in honoring one of its most passionate supporters.

Nana Pooley lost his life as a result of a tragedy that unfolded during Kotoko’s Matchday 19 game against Nsoatreman FC, when Frimpong was fatally stabbed.

By Wletsu Ransford

Accra, March 10, GNA – Team Linkbridge from the Presbyterian Boys’ Secondary School (PRESEC) – Legon has emerged winners of the second edition of the Business Cup Challenge (BBC) 2025.

The Challenge, organised by the Lancaster University, is designed to provide a platform for aspiring business enthusiastic students to showcase their innovative ideas, critical thinking, and problem-solving skills.

A news brief to the Ghana News Agency in Accra said Team Linkbridge was awarded GH¢30,000, with Team Smartwave from Delhi Private School (DPS) International, the 1st runner-up, receiving an amount of GH¢15,000.

The news brief said GH¢10,000 was awarded to Team Dominion from Dominion Christian Academy for being the second runner-up.

All the teams had a certificate each for participation.

The brief said due to excellent performances form Dennis Osei from PRESEC Legon and Parres Medie Darko from DPS International, they were honoured Best Male Pitch award and Best Female award respectively.

It said through the competition, students were encouraged to assess real-life problems, analyse critical business scenarios, come up with and implement business plans to solve those problems.

The students got the opportunity to work in teams and in a competitive environment while being guided by mentors, it said.

The 2025 edition, themed: “Internet of Things”, focused on challenging High School students to envision the future and develop Internet based solutions for business class across various industries.

The news brief added that, the Deputy Provost and Associate Professor, Lancaster University Ghana, Cynthia Forson, stressed the importance of the BBC Challenge, saying; “This is just a competition but one that fosters technological advancement, particularly in the realm of Internet.”

She congratulated the winners and all participants and also encouraged other schools to participate in future competitions.

GNA

Ghana’s economy recorded a slowdown in the fourth quarter of 2024, growing at 3.6% year-on-year, compared to the 7.2 per cent expansion in the previous quarter, according to provisional data from the Ghana Statistical Service (GSS). 

The decline was largely driven by contractions in the mining and quarrying sector, which shrank by 8.2 per cent, and the cocoa sector, which declined by 21.4 per cent, marking its sixth consecutive quarterly contraction.

At current prices the value of the country’s economy stook at GH₵331.1 billion and non-oil at GH₵324.3 billion.

The Current Annual GDP (All inclusive, Non-oil, and Non-gold) also crossed GH₵1trillion for the first time in 2024. The current GDP (Oil and Gold) was GH₵1.17trillion; current GDP (non-oil) was GH₵1.12trillion and current GDP (non-gold) was GH₵1.08trillion. 

Speaking at a press briefing in Accra on March 10, 2025, Government Statistician Samuel Kobina Annim explained that the overall economic slowdown was significantly influenced by the struggles within the industry sector, which posted marginal growth of just 0.2 percent in the final quarter.

“The slowdown in the economy in the last quarter of 2024 was largely as a result of the industry sector growing by 0.2 percent,” he stated.

He attributed this weak performance to the sharp contraction in mining and quarrying, which accounted for about 43 percent of the industry sector’s total value.

“Once you are seeing an 8.2 per cent contraction in the mining and quarrying sector, it significantly influences the 0.2 per cent that we saw for the industry sector and also the 3.6 overall growth rate,” he explained.

Industry and agriculture sectors struggle

Despite challenges in mining, the construction sub-sector showed signs of recovery, expanding for the first time in a year.

“In contrast to previous years that saw a contraction in all four quarters of 2024, we saw an expansion in the construction sub-sector,” Prof. Annim stated.

The agriculture sector grew by 3.1 percent, but its performance was dragged down by the continued contraction in cocoa, Ghana’s key export commodity. The cocoa sector shrank by 21.4 per cent, reflecting ongoing challenges such as unfavourable weather conditions, disease outbreaks, and disruptions in global supply chains.

The services sector remained the dominant contributor to GDP, accounting for 49.2 per cent, followed by industry at 31.9 per cent and agriculture at 19.0 per cent.

Prof. Annim noted that the mining and quarrying sector had performed well in the first three quarters of 2024, contributing to industry growth. However, the fourth-quarter downturn in mining significantly impacted the economy’s overall trajectory.

“Until the last quarter of 2024, mining and quarrying was doing very well from the perspective of the extractives. In the first three quarters, we saw positive influences both from the mining and quarrying and the construction sub-sectors,” he observed.

File photo of a gas pipeline

The Centre for Environmental Management and Sustainable Energy (CEMSE) has stated that the construction of an additional gas processing plant will significantly contribute to stabilising the price of natural gas and its weighted cost.

According to the Centre, this government initiative is not only timely in terms of operations but also has the potential to stabilise the prices of petroleum products in the country.

The Minister of Energy and Green Transition, John Jinapor, recently announced the government’s plan to construct a new gas processing facility to supplement the existing Atuabo Gas Processing Plant, as rising power demands continue to exert pressure on the current infrastructure.

At a press conference on Friday, March 7, 2025, at the Jubilee House, John Jinapor revealed that, following a recent cabinet meeting, the government had received approval to proceed with plans for the construction of a second gas processing plant.

“Cabinet has approved that, in partnership with the Finance Ministry, we take immediate steps to construct a second gas processing plant,” Jinapor stated.

In an interview with GhanaWeb Business, the Executive Director of the Centre, Benjamin Nsiah, praised the government’s initiative, stating that Ghana would have full capacity to supply its own natural gas to the TMR plants once the pipeline is fully constructed.

“When we construct a new gas processing plant, it means that we may no longer need to access natural gas from Nigeria. Instead, Ghana will have full capacity to supply its own natural gas to the TMR plants. This will significantly reduce the weighted cost of gas, which will, in turn, lower end-user tariffs,” Nsiah explained.

He further elaborated, “If we are able to complete this gas processing plant within the shortest possible time, our weighted cost of gas is likely to decrease from the current $8 per British TMR unit to around $6 or possibly $5 per British TMR unit. This will positively impact electricity prices, especially if the cedi remains stable and inflationary pressures ease.”

“In the long run, the price of electricity is likely to decrease if we complete this processing plant as soon as possible. Ghana will then have the full capacity to supply its own natural gas to the TMR plants,” he added.

SP/MA

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