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¢15.50 to a dollar.

The British pound is being bought at GH¢19.53 and sold at GH¢19.55, while the euro trades at a buying price of GH¢16.27 and a selling price of GH¢16.28.

Checks by GhanaWeb Business on February 17, 2025, at 8:00 AM indicate that the cedi is trading at GH¢15.85 to the dollar, while the pound is trading at GH¢19.70 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢16.70 on the retail market.

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

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The historic CAF Licence D Coaching course for female inmates at the Nsawam Female Prison has come to an emotional end.

The 8-Day training course saw 30 participants made up of 25 inmates and 5 prison officers undergo various course models both in theory and practical exercises on the football field.

All the participants received both their CAF accredited Licence D Coaching and CPR & First AID certificates at the end of the program after passing the assessment test.

The CAF Football for Reform program aims to provide female inmates with CAF-accredited coaching qualifications, improving their job prospects and supporting their reintegration into society after their release from Prison. This initiative highlights the transformative potential of football as a tool for rehabilitation and positive change.

The emotional point came when an inmate, a representative of the course participants, thanked God, CAF, GFA and the Prison authorities for making the program possible. “I’m very happy today and not shy I’m in prison because today I am a coach, she added while crying and this got most of her fellow inmates to also shed some tears.

The Deputy Director of Prisons and the Officer-in-Charge of Nsawam Female Prison, Mrs. Victoria Adzewodah commended the participants for their enthusiasm, perseverance, and dedication throughout the course.

“Let this experience be a stepping-stone toward new opportunities and a reminder that transformation is within your reach”, she intimated.

The Technical Director of the GFA, Prof. Joseph Mintah admonished the inmates to put what they have learnt into practice and on behalf of CAF thanked the prison facility for accepting roll out the program.

Bringing the program to a close, the General Secretary of the GFA, Mr. Prosper Harrison-Addo quoted Mahatma Ghandi’s popular saying that “the true measure of any society can be found in how it treats its most vulnerable members.” to reemphasize the humanitarian gesture of CAF and the GFA Foundation. He assured them that the GFA Foundation will donate some football items and logistics so they can practice what they have learnt during this Licence D Coaching program. “We will facilitate the attachment of the participants (inmates) to football teams and also liaise with our sister football federations do the same when they are discharged from prison”, he indicated.

About half of the inmates were nationals from other countries such as Nigeria, South Africa and Kenya. The GFA and Ghana is the second Football Association and country to host this landmark reformation program after the first one was held in the Women’s Correctional Centre in Freetown, Sierra Leone.

CAF Women Football through this program seeks to empower female inmates through football coaching education, providing them with valuable skills for future employment and offer social rehabilitation opportunities through sport, aiding reintegration into society. Promote gender equality by increasing the representation of women in football such as coaches, clubs officials and leaders and finally expand CAF’s community engagement initiatives.

The GFA, with the support of its beverage partner, Multi-Pac Company Ltd donated 20 packs of bottled water and 5 Star Energy drink to refresh the course participants.

GFA Communications

Minister of Finance, Dr. Cassiel Ato Forson

The International Finance Corporation (IFC) remains optimistic about Ghana’s economic prospects, reaffirming its commitment to supporting private-sector growth despite recent macroeconomic challenges.

Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, highlighted Ghana’s resilience and economic potential in an interview with B&FT following her working visit to the country last week.

She emphasised that IFC’s impact is measured by job creation and economic transformation rather than just investment volumes.

“Our focus is not just on how much we invest but on the lives and livelihoods impacted,” Ms. Khalifa stated, noting IFC’s long-term commitment to Ghana.

Over the past decade, IFC has injected more than US$2billion into the Ghanaian economy, with US$450million disbursed in the last year alone – a figure expected to rise in 2024.

Khalifa noted that the IFC is channeling its investments into sectors with high employment potential including agribusiness, light manufacturing and renewable energy, adding that Ghana’s fundamentals remain strong despite economic turbulence, positioning the country for sustained growth.

She pointed to IFC’s growing focus on value chain development, particularly in agriculture where Ghana has the potential to reduce imports and enhance local production. “IFC is exploring opportunities in the rice, tomatoes, fisheries and animal feed industries to strengthen domestic supply chains.”

“Ghana should not be importing certain products when it has the resources to produce them locally. IFC is actively supporting businesses that enhance domestic value addition,” the Regional Director stated.

Investments in renewable energy

One of IFC’s most significant recent projects is its US$21million investment in Ghana’s largest private-sector-led solar initiative in partnership with LMI Holdings. The financing is part of a US$100million facility designed to scale-up rooftop solar capacity in industrial zones.

Ms. Khalifa highlighted the success of LMI’s solar deployment, which currently stands at 16.8 megawatts – making it Africa’s largest rooftop solar installation and the third-largest globally, just behind Tesla and Apple. She noted that the facility is set to expand to 200 megawatts, further strengthening Ghana’s renewable energy infrastructure.

“This is a project that Ghanaians should be proud of. LMI’s vision is transformative, creating an ecosystem that enables economic growth,” she said.

Boosting manufacturing and SME financing

Beyond energy, IFC is expanding its footprint in Ghana’s manufacturing sector, particularly in garments and textiles. One standout beneficiary is DTRT (Do the Right Thing), a major apparel manufacturer employing over 7,000 people.

Ms. Khalifa described the company as an example of how strategic investments can scale up industries and create employment at scale.

“Behind each of these 7,000 jobs is a household benefitting from stable income. IFC sees immense potential for Ghana to become a regional hub for garment production,” she noted.

IFC is also deepening its support for small and medium-sized enterprises (SMEs) by working with local banks to expand financing. Recent agreements include a US$20million facility with Access Bank to support SMEs, with a specific focus on women-led businesses.

Additionally, IFC is leveraging private equity and venture capital to fund high-growth startups. The institution currently has direct investments in Ghana-based Oasis Capital and 4DX Ventures, both of which provide financing to early-stage businesses in sectors such as fintech and logistics.

Reflecting on her visit, the Regional Director described Ghana as being at an “inflection point” for economic growth – citing both private-sector momentum and government efforts to improve the business climate.

“There is a unanimous sense that Ghana is on an upward trajectory. The private sector is expanding, and government is committed to enabling that growth,” she observed.

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Mr Mahmoud Ali Youssouf, the Foreign Minister of Djibouti, has been elected Chairperson of the African Union Commission.  

The keenly contested election, which took place at the 38th Ordinary Session of the Assembly of Heads of State and Government of the AU in Addis Ababa, Ethiopia, saw Mr Youssouf defeat Mr Raila Odinga, a former Prime Minister of Kenya, and Mr Richard Randriamandrato, a former Foreign Minister of Madagascar.  

Mr Youssouf, who will serve a four-year term, replaces Moussa Faki of Chad.  

Mr Youssouf, who has been Minister of Foreign Affairs of Djibouti since 2005, is the longest-serving foreign minister on the African continent.  

The Summit also elected Madam Selma Haddadi of Algeria, as the new African Union Commission Deputy Chairperson.  

All 55 AU Member States, with the exception of six countries that were suspended from membership, are taking part in the Summit.  

Kenyan President William Ruto in a message on X, said while the outcome of the election did not favour Mr Raila Odinga, Kenya’s candidate, he conveyed his deepest gratitude to the entire leadership of the great African continent.   

“Thank you for considering the Right Honourable Raila Odinga’s vision and priorities for the African Union and for according him the opportunity to share his passion for the continent’s transformation”, he said.   

President Ruto further congratulated Mr Youssouf and Madam Haddadi, the Chairperson and Deputy Chairperson of the Africa Union Commission.  

“You have the trust of the AU Assembly, and Kenya pledges her full support to you as you steer the Africa Union Commission to the next level,” President Ruto said.  

Source: GNA   

The Greater Accra Regional Director of the Ghana Tourism Authority (GTA), Alexander Nketiah, has called on wine importers to consider investing in the growing of grapes in Ghana to encourage wine production in Ghana.

He believes the establishment of a wine industry in Ghana to reduce dependence on imports and unlock economic opportunities.

“My wish is that we produce wine here in Ghana. My prayer is that as importers bring in these wines, we also explore ways to start growing our own grapes, fermenting them, and making our own wines right here,” he said.

Nketiah pointed out that grapes can be grown in Ghana, particularly in cooler, mountainous areas like Aburi, Amedzofe, and Abetifi.

He cited research that has confirmed the feasibility of grape farming in these regions.

“We can grow grapes here. In places like Aburi, Amedzofe, and Abetifi, where the weather is cooler, research has shown that grape cultivation is possible. If we focus on this, we can establish a wine industry that will not only reduce imports but also benefit our tourism sector,” he noted during the launch of Martin B Wines at this year’s Valentine’s Day celebrations on February 14, 2025.

Nketiah also emphasized the economic potential of a local wine industry.

A fully developed wine value chain from grape cultivation to wine production, bottling, marketing, and distribution would create employment opportunities for many young people.

“If we invest in grape farming and wine production, we can generate jobs, improve agribusiness, and develop a strong industry that supports both agriculture and tourism,” he added.

Mavies Boakye, CEO of MB Ventures, shared the vision of local wine production in Ghana.

“Ghana has vast arable lands, and we are looking forward to taking advantage of this to start producing wines locally. This will not only create employment but also contribute to the country’s economic growth,” she said.

“Our wines are made from different grape varieties, with a low alcohol percentage, making them suitable for everyone,” she added.

While pushing for Ghana’s wine industry, both Nketiah and Ms. Boakye stressed the importance of responsible drinking.

They urged consumers to drink in moderation and avoid drinking and driving.

AM

Managing Director of Ghana Stock Exchange, Abena Amoah

An increase in initial public offerings (IPOs) and a resulting uptick in market activity would provide pension funds with viable investment opportunities amid record asset growth.

With domestic pension assets under management (AUM) projected to reach GH¢100billion by the close of 2025, fund managers are under growing pressure to diversify beyond government securities.

While there has been an IPO drought in recent years, with the only market activity being listings by introduction.

A Listing by Introduction allows a company already listed on one exchange to trade on another without issuing new shares.

It meets the new exchange’s requirements, ensures cross-border settlement and expands its investor base while remaining linked to the primary market. This is contrasted with an IPO, which is considered an entirely new listing.

In a wide-ranging interview with B&FT, Abena Amoah, Managing Director of Ghana Stock Exchange (GSE), hinted at new IPOs this year, a development that if realised would offer respite to the pension funds.

“The money is there. We need more IPOs, more equity raises and more companies using the fixed-income market to create opportunities for long-term investment,” she said.

For the past seven years Ghana’s main stock market has not recorded a single IPO – the longest drought since its inception in 1991.

The last major offering was by MTN Ghana in 2018, which raised US$238.5million but fell short of its target. The prolonged absence of listings has limited the ability of pension funds to reallocate capital to equities, forcing continued reliance on government securities and fixed-income instruments.

A market in need of activity

The National Pensions Regulatory Authority (NPRA) has sought to reduce exposure to government debt, which previously accounted for up to 75 percent of pension assets.

Revised guidelines now allow pension funds to allocate up to 25 percent of their portfolios to alternative investments including equities and private debt. However, fund managers have struggled to find viable private sector opportunities.

Amoah has stressed that Ghanaian businesses must take a more proactive approach to capital markets if pension funds are to diversify effectively.

“We must bring more private sector companies to market,” she said. Citing the 2022 listing of Asante Gold, she noted that companies with strong governance structures and clear growth strategies remain attractive to institutional investors.

Despite regulatory efforts, market participation has remained weak. Over the past decade, only four companies – Mega African Capital Limited, Agricultural Development Bank (ADB), MTN Ghana and Asante Gold – have listed on the main bourse. On the Ghana Alternative Market (GAX), a platform designed for smaller enterprises, only six firms have listed – with limited trading activity.

“The challenge is not a lack of capital. It is the absence of well-governed, transparent businesses coming to the market,” Ms. Amoah said.

State-Owned Enterprises

Initiatives to list state-owned enterprises (SOEs) have also stalled. In September 2022, the-then Public Enterprises Minister Joseph Cudjoe announced that three SOEs – Ghana Reinsurance Company, Tema Development Corporation and GIHOC Distilleries – were set to go public. More than two years later, none of these firms have been listed.

“We have settled on three to start with,” Mr. Cudjoe said at the time.

“They will get to raise capital and expand while making the market more exciting,” he continued. However, delays and shifting timelines have dampened investor expectations.

Market analysts believe listing viable SOEs could help rejuvenate the exchange and provide pension funds with new investment options.

And the GSE MD confirmed that engagements continue – to ensure that the goal of listing viable SOEs comes to fruition.

Risks, returns

Pension funds remain wary of direct investments in private companies, preferring fixed-income instruments due to their lower risk. However, the recent Domestic Debt Exchange Programme (DDEP), which affected GH¢31billion in pension holdings, has raised concerns over continued reliance on government securities.

“If companies can show that cheaper capital would turn their business around and they are committed to governance standards, then pension funds will invest,” Ms. Amoah stated.

The GSE is working with institutions such as the Association of Ghana Industries (AGI) and Stanford Seed to prepare more businesses for market participation. Financial advisors and investment banks are also expected to play a greater role in structuring deals that meet institutional investor requirements.

“We expect a few more companies to come to market this year, either to refinance expensive debt or fund new projects,” Ms. Amoah noted.

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