Image of Black Stars (L) and Real Madrid (R) in the 1960s

Veteran Ghanaian commentator Joe Lartey has shed light on the reasons behind Dr. Kwame Nkrumah’s decision to invite European football giants Real Madrid to play against the Black Stars in 1962.

According to Lartey, Ghana was rapidly emerging as a football powerhouse in Africa during the 1960s, and the country’s first president sought to showcase the immense talent and potential of the Black Stars to the world.

Lartey revealed that despite working closely with Ohene Gyan, the Sports Director at the time, Nkrumah personally extended the invitation to Real Madrid, surprising many with his direct involvement.

The decision sparked a heated debate about whether it was significant for Ghana to face such a formidable opponent, given the Black Stars’ rising strength.

In an interview with Kafui Dey, Lartey explained Nkrumah’s perspective, saying, “Kwame Nkrumah discovered the importance of unity, especially in politics. He attended school at Achimota and did a bit of sports, and he realized that football, in particular, had a strong unifying force.”

He further added, “After appointing Ohene Gyan as Director of Sports for Ghana, he sometimes planned with him some of the sports activities organized. Nkrumah worked solo in inviting Real Madrid to play with the Black Stars team. The idea was to show how far we’ve developed in football.”

“We were then just beginning to show our strength in football. There was a big debate about whether it was proper for the Black Stars to play against a world-famous club side like Real Madrid because they were champions in Europe and dreaded by opponents,” Lartey stated.

The veteran commentator emphasized that Ghana was only starting to demonstrate its football prowess at the time, and playing against a world-famous club like Real Madrid was a subject of intense debate.

This historic match against one of Europe’s most prestigious clubs became a significant moment in Ghanaian football history and helped elevate the Black Stars’ profile on the international stage.

Real Madrid visited Africa for the first time to face the Black Stars squad of 1962 at the Accra Sports Stadium. The European champions fought for a late 3-3 equalizer to avoid defeat at the hands of Kwame Nkrumah’s Ghana.

EE/MA

Meanwhile, watch the latest edition of Sports Check with the owner of Spintex Knights, Dr Opoku-Antwi below:

Director of Communications for NPP, Richard Ahiagbah

The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has commended the Minister of Finance, Dr. Cassiel Ato Forson, for his display of what he (Richard) described as impressive political optics.

His remarks follow a promise made by the current government to withdraw certain existing taxes.

In a post shared on X on March 10, 2025, Ahiagbah said, “The finance minister has demonstrated excellent political optics so far. There are strong indications that some existing taxes will be withdrawn, as H.E. John Dramani Mahama promised.”

While citizens, especially businessmen and women are expectant of the proposed tax reliefs, it has also raised key questions about the governments comprehensive approach to managing economic policies to achieve its goals.

Richard Ahiagbah further outlined three concerns that need to be addressed to ensure economic stability and growth concerning tax cuts.

He said, “I am looking forward to answering the following questions:

1. Revenue Sources: What alternative revenue sources will the government implement to compensate for the withdrawn taxes, and how do we plan to achieve the proposed tax-to-GDP ratio of 18% mentioned by the finance minister during his vetting?

2. Expenditure Allocation: Which areas of government expenditure will experience cuts be as part of the austerity regime promised by the president?

3. Real Sector Policies: What are the strategies for the real sector to stimulate production, create jobs, and drive economic growth?”

It is worth noting that the finance minister, during his vetting, mentioned that his government aims to achieve tax revenue to GDP ratio of 18%, which was 13% when they assumed office.

See post below:

The Finance Minister has demonstrated excellent political optics so far. There are strong indications that some existing taxes will be withdrawn, as H.E. John Dramani Mahama promised.

I am looking forward to answering the following questions:

1. Revenue Sources: What…

— Richard Ahiagbah (@RAahiagbah) March 10, 2025

RAD/AE

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Ghana’s former Minister of Finance, Ken Ofori-Atta

Renowned investigative journalist Manasseh Azure Awuni has challenged claims by former Finance Minister Ken Ofori-Atta regarding his involvement in the controversial Strategic Mobilization Limited (SML) contract, which is currently under investigation by the Office of the Special Prosecutor (OSP).

In a Facebook post on March 10, 2025, Manasseh dismissed Ofori-Atta’s assertion that he was neither the “originating nor implementing Minister” of any of the corruption cases under the OSP’s probe.

Backing his rebuttal with official documents, Manasseh Azure presented evidence directly linking the former minister to key decisions concerning the SML contract.

Among the documents he shared was a letter showing that the Finance Ministry, under Ofori-Atta’s leadership, had “determined” the expansion of the SML contract.

“That assertion is false. Here is a letter on the shady SML contract. This letter said the Minister of Finance (Ken Ofori-Atta) had ‘determined’ that the contract should be expanded,” he wrote.

According to Manasseh, even the Ghana Revenue Authority (GRA), which co-signed the original contract with the Finance Ministry, was only asked to provide input after the expansion decision had already been made.

Adding to the controversy, Manasseh revealed that both the Minerals Commission and the Petroleum Commission, state agencies responsible for overseeing the sectors affected by the contract were unaware of its existence when he reached out to them during his investigation.

He further questioned the legitimacy of the contract’s expansion, citing findings that SML was not delivering the technological solutions it had promised.

“When I wrote to the Minerals Commission and the Petroleum Commission during my investigation of the SML scandal, they said they didn’t know anything about the contract. These are the state agencies responsible for the sectors Ken Ofori-Atta wanted the contract to extend to.

“As this letter suggests, even the Ghana Revenue Authority was not involved in determining the scope of the contract, even though the GRA is responsible for revenue collection and losses. The GRA was handed a contract to make inputs because it had co-signed the original contract with the Ministry of Finance.

“On what basis did Ken Ofori-Atta make this determination when our investigation showed that SML was not delivering the solutions it claimed on its website? When we confronted the company, it admitted the false claims and deleted them from the website,” Azure stated.

His rebuttal follows a recent public statement by the former Finance Minister, Ken Ofori-Atta, who appeared to distance himself from the corruption allegations leveled against him by the OSP.

See Manasseh’s post below

MA

As I sit here, reflecting on the stories and images that have emerged over the past year, I am struck by the profound vulnerability of Ghanaian youth and the lengths to which foreign powers will go to exploit their dreams.

The bustling streets of Accra and the serene villages of Akuse are worlds away from the frontlines of Ukraine, yet they are connected by a troubling narrative, one of promise, betrayal, and the harsh realities of geopolitical manipulation.

The saga of deception began to unravel publicly in August 2023, when a group of young Ghanaians gathered for what they believed was a “freedom rally” in Takoradi. At the time, it seemed like a moment of unity and hope, a chance for young voices to be heard.

Little did they know, the event was orchestrated by foreign agents seeking to boost the visibility of Russia’s mercenary groups, such as the notorious Wagner Group. Innocent voices were coached to amplify narratives across online platforms and radio waves, unwittingly drawn into a grander scheme.

This marked the beginning of a disturbing trend that would only intensify in the months and years to come.

By March 2024, videos surfaced on social media showing young Ghanaian men in Russian military uniforms, speaking Twi and proudly declaring their involvement in combat roles on Ukraine’s front lines. These images were jarring, but they were only the tip of the iceberg.

Perhaps most alarming was the case of fourteen young men who departed from Ghana in August 2024 under the guise of signing labor contracts in Russia. Confidential information gathered from an intelligence officer familiar with the issue reveals the intricate details of their journey.

These recruits did not pass through Ghana’s airports. Instead, they traveled from Accra to Togo by road, then flew from Togo to Ethiopia, and finally to Russia. In Ethiopia, a facilitator ensured their seamless transition to Russia, where they were taken to sign up for military training.

Crucially, these young men were never told they would be joining the Russian army to fight on the frontlines. The contracts they signed were in Russian, a language they did not understand, leaving them completely unaware of the true nature of their commitment.

The recruiter, who used to operate from an office in Tesano, conducted most of the discussions with them in person. He leveraged his connections, including a football supporters’ union, to recruit them. After their deployment, these recruits shared information about their experiences via social media, inadvertently spreading the recruiter’s reach to their friends and networks.

Their journey underscored significant lapses in Ghana’s immigration and security frameworks, highlighting the ease with which foreign operatives exploit regulatory gaps and circumvent oversight. These young men, like so many others, were lured by the promise of economic opportunity, only to find themselves thrust into a conflict they neither understood nor sought to be part of.

In February 2025, two new videos emerged, shedding even more light on the grim reality faced by these young men. The videos that surfaced in March 2024, showing young Ghanaian men in Russian military uniforms speaking Twi, were jarring. But the two new videos that emerged in February 2025 have left an even deeper impression.

In one, a young man named Akwasi (or Kwesi) shares his story in an interview. He speaks of his past involvement in the Libyan conflict and his decision to join the Russian army as a gamble for a better future for his family. Yet, he describes it as “blood money”, a high-risk, high-reward endeavour where survival is unlikely. His account of combat experiences in the Khursk region of Russia is harrowing, a stark reminder of the brutality of war and the desperation that drives young men to such extremes.

The second video is equally haunting. Two young men in military uniforms respond to questions about their experiences on the frontlines. One of them says “I killed many people; you either kill or be killed.” These words linger in my mind, a chilling testament to the dehumanizing nature of conflict and the heavy toll it takes on those caught in its grip.

I sought to really find out how people end up in such situation without our intelligence community detecting, so I called my friend, a senior immigration officer. He expressed concerns about the complexities of addressing deceptive recruitment within the current regulatory framework.

He highlighted the need for enhanced training and sensitization for immigration officers, particularly in identifying suspicious travel patterns and scrutinizing job offers that may serve as fronts for illicit activities.

In his own words “Preventing deceptive recruitment involves addressing issues akin to human smuggling,” the agents often mislead individuals about their travel purposes, particularly to countries flagged as risk zones. While Russia has recently been designated as a risk country, diplomatic considerations limit the scope of stringent actions against them.”

He further emphasized the role of intelligence gathering and inter-agency collaboration in detecting and preempting deceptive recruitment activities. “Our Intel unit works closely with police and intelligence agencies to monitor social media and other threats. However, gaps in information sharing and coordination can undermine our efforts to combat these schemes effectively.”

These insights from the law enforcement officers underscore the systemic challenges Ghana faces in addressing this crisis. They highlight the urgent need for enhanced training, improved coordination, and stricter oversight to close existing loopholes and protect vulnerable populations from exploitation.

The stories are not just about individuals; they are about families, communities, and a nation. They are about young men from across the country who set out in search of opportunity, only to find themselves ensnared in a web of exploitation and violence.

They are about mothers, fathers, siblings, and friends left to grapple with the sudden disappearance of loved ones, their lives forever altered by the consequences of deceptive promises and geopolitical gamesmanship.

As I ponder the situation, I am struck by the vulnerability of Ghana’s youth. Economic hardship and unemployment create fertile ground for deceptive recruitment tactics. False narratives glorify military service in conflict zones, framing it as a noble duty or pathway to prosperity.

These stories resonate deeply with young people desperate for opportunities to escape poverty and build a brighter future. It is a stark reminder of how easily hope can be manipulated when opportunities are scarce.

Again, I am reminded of the broader implications for Ghana’s national security and sovereignty. The recruitment of our youth into foreign conflicts exposes critical gaps in immigration oversight, intelligence gathering, and border control. It raises troubling questions about the extent of foreign interference in our domestic affairs and our ability to protect our citizens from external manipulation.

We must strengthen our immigration and intelligence systems to detect and prevent covert recruitment operations. We must enhance training for immigration officers, improve inter-agency collaboration, and enforce stricter oversight of travel agencies. Public awareness campaigns and community engagement are equally important in building resilience against external manipulation.

As a nation, we stand at a crossroads. The recruitment of our youth into foreign conflicts is a sobering reminder of the vulnerabilities we face in an increasingly interconnected world.

It is a call to action for policymakers, civil society organizations, and international partners to work together in solidarity, ensuring that no young Ghanaian falls victim to the predatory schemes of foreign actors again.

The dreams of our youth are too precious to be sacrificed on the altar of geopolitical gamesmanship. Together, we can build a future where hope is not a liability, but a promise fulfilled.

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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