Business mogul, Sam Jonah

On June 6, 2023, Ghanaian businessman, Sam Jonah called for the removal of non-tariff barriers to facilitate trade on the continent under the African Continental Free Trade Area (AfCFTA).

“Today, Africans no longer desire trade that only sees Africa as a market but rather as a partnership that would add value to the domestic economy,” he stated.

Read the full story originally published on June 6, 2023, by www.ghanaweb.com

Business mogul, Sam Jonah, has called for the removal of non-tariff barriers to facilitate trade on the continent under the African Continental Free Trade Area (AfCFTA).

He further called for the investment in technology, infrastructure, and human capital to boost trading activities.

Speaking at the Korea-Africa Business Summit in Seoul, Sam Jonah wooed Korean companies to expand their operations in Africa.

He said, “By taking advantage of the regional value chains and increased market access provided by the AfCFTA, Korean companies can expand their operations in Africa and increase their market share.”

“Today, Africans no longer desire trade that only sees Africa as a market but rather as a partnership that would add value to the domestic economy,” he stated.

The AfCFTA is one of the flagship projects of Agenda 2063. It is a high ambition trade agreement with a comprehensive scope that includes critical areas of Africa’s economy such as digital trade and investment protection, amongst other areas.

By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.

AfCFTA, which came into effect in January 2021, is the largest free trade area globally, covering 55 African countries with a combined population of 1.3 billion people and a combined Gross Domestic Product (GDP) exceeding $3.4 trillion.

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Ghana’s energy sector has undergone significant transformation in recent years, particularly with the growing role of natural gas as a vital fuel for electricity generation.

The construction and operation of gas processing plants are key pillars of this transition.

As Ghana grapples with challenges such as power outages, energy sector debts, and the need for sustainable economic growth, establishing additional infrastructure, such as a second gas processing plant (GPP II) is increasingly justified.

Enhancing revenue and reducing costs

One of the most direct benefits of investing in gas processing infrastructure is the financial savings and economic value it brings to the country. Ghana Gas, through its transition from Chinese contractor Sinopec to local Ghanaian engineers in 2017, has saved the country an estimated US$250 million over time.

This milestone does not only demonstrate the competence of local engineers but also emphasises the cost-efficiency of indigenising strategic energy projects. The operationalisation of the Atuabo Gas Processing Plant (AGPP) helped the country cut down on crude oil and heavy fuel oil (HFO) imports for power generation, thereby saving foreign exchange.

Additionally, processed gas from Atuabo supplies fuel to thermal plants in Aboadze, Tema, and other industrial centers, contributing to more affordable electricity generation.

Natural gas is significantly cheaper than liquid fuels, reducing operational costs for the Volta River Authority (VRA) and Independent Power Producers (IPPs). These cost reductions, if passed through to utilities and consumers, can improve financial sustainability within the energy sector.

Job creation and industrial development

The transition to local engineers and technicians at Atuabo did not just save money, it also empowered the Ghanaian workforce.

Ghana Gas has reportedly created thousands of direct and indirect jobs through its operations, contributing to local employment and skills development. The establishment of supporting services, logistics, maintenance, and ancillary industries in the Western Region has had a multiplier effect on economic activity.

With improved power supply reliability from gas-fired thermal plants, industrial zones such as the Tema Industrial Enclave and Free Zones can operate more efficiently. In turn, this enhances export potential, tax revenues, and foreign direct investment.

Improving energy sector stability and debt management

The energy sector’s financial health remains a persistent challenge in Ghana. As of early 2025, Ghana’s energy sector debt had ballooned to over US$3 billion. This debt largely stems from power purchasing agreements, inefficiencies in power distribution, and fuel supply issues.

One major consequence is the indebtedness of the Electricity Company of Ghana (ECG) to power producers and the Volta River Authority (VRA), leading to cash flow constraints and curtailments.

Gas infrastructure can help address this issue by lowering fuel costs and enhancing reliability. When thermal plants operate efficiently using gas from domestic sources, power producers reduce their cost of generation, improving their ability to meet financial obligations.

Furthermore, gas-based power is more predictable compared to hydroelectricity, which is subject to water inflows and climate variability.

Electricity generation and grid stability

Since 2017, the Atuabo Gas Plant has played a central role in stabilizing Ghana’s power grid. It has supported up to 450 million standard cubic feet per day (mmscfd) of gas supply capacity, feeding key thermal plants such as the Takoradi Thermal Power Station (T1-T3) and AMERI.

This has enabled Ghana to meet peak electricity demands while maintaining reserve margins. Gas also offers flexibility for load-following operations, allowing power stations to respond quickly to demand fluctuations, improving grid stability.

With increased supply reliability, industrial and residential users experience fewer outages, boosting productivity and improving quality of life.

Power distribution challenges and opportunities

Despite improvements in generation, power distribution remains a weak link. ECG and Northern Electricity Distribution Company (NEDCo) suffer from high technical and commercial losses, estimated at up to 30–40% of distributed power.

These losses translate into billions in unrealized revenue. While gas plants do not directly solve distribution inefficiencies, they improve the upstream supply chain, making investments in the distribution network more worthwhile.

For example, reliable generation encourages smart metering, grid automation, and private sector investment in mini-grids and embedded generation.

Justification for the second gas processing plant (GPP II)

The proposed Second Gas Processing Plant (GPP II) is not merely an expansion project, it is a strategic necessity.

The Ghana National Petroleum Corporation (GNPC) projects increased offshore gas production from fields such as TEN and Sankofa. The Atuabo facility, with a design capacity of 150 mmscfd, is already operating near capacity.

Additional processing capacity is needed to handle incremental volumes and avoid gas flaring, which wastes valuable resources and poses environmental hazards.

GPP II will also:

* Enable greater volumes of lean gas supply for power and industry.

* Allow for more liquefied petroleum gas (LPG) extraction to meet domestic demand and reduce imports.

* Stimulate downstream petrochemical industries, including fertilizer and plastics production.

* Strengthen Ghana’s position as a regional energy hub, with export potential to Togo, Burkina Faso, and Ivory Coast.

If strategically positioned in the Western Region, GPP II will benefit from existing pipelines and can be integrated into national infrastructure with lower marginal cost.

Game-changer

Gas processing infrastructure has proven to be a game-changer for Ghana’s energy sector. Since 2017, the Atuabo Gas Plant has contributed to significant cost savings, job creation, and improved power generation reliability. It has underpinned thermal generation, stabilized the grid, and allowed Ghana to reduce its reliance on costly fuel imports.

These successes justify the planned Second Gas Processing Plant, which will unlock further value from Ghana’s natural resources, enhance energy security, and bolster long-term economic resilience.

The integration of domestic gas into Ghana’s energy ecosystem is not just a technological upgrade, it is an economic imperative. With deliberate planning, policy coherence, and stakeholder collaboration, gas infrastructure can become the backbone of Ghana’s energy transformation and a catalyst for industrial development in the decade ahead

Richmond Eduku

Finance & Energy Policy Analyst

A civil society organisation, ActionAid Ghana, has called for measures to end illicit financial flows into the country.

Such measures, it said, must also lead to the repatriation of stolen wealth to support national development, such as the construction of roads, improvement in health care and empowerment of farmers to secure a more resilient future for the country.

It also called for progressive tax reforms that would ensure wealthy and multinational corporations pay their fair share of national revenue while protecting vulnerable populations.

The Country Director of ActionAid Ghana, John Nkaw, who made the call, added that billions of cedis were lost annually to illicit financial flows (IFFs), unfair trade practices and tax evasion.

He was speaking at a civil society dialogue on Financing for Development (FfD) in Accra yesterday. It was attended by coalition of voices from civil society, including representatives from Amnesty International, Oxfam, STAR-Ghana Foundation, Ghana Integrity Initiative, the Tax Justice Coalition, youth groups and development-focused NGOs.

The dialogue was part of the CSO’s commitment to advocating sustainable financing for development. 

Investment

Mr Nkaw further called for increased investment in quality public services, particularly health care, education, sanitation and social protection.

He expressed concern over the disproportionate impact of weak social infrastructure for women and girls while stressing the need for a gender-responsive budgeting approach to development planning.

“No nation can thrive when its schools are overcrowded, its clinics under-resourced, and its social safety nets non-existent.

We must put people, especially women and girls, at the centre of our development agenda,” the Country Director added.

He also emphasised the need for climate-responsive fiscal policies that promote green and inclusive growth.

Mr Nkaw observed that the global financial system was failing the majority, with over 50 countries in a debt crisis struggling to keep hospitals running, teachers employed, and communities supplied with clean water.

“Ghana is not immune. By the end of 2023, our public debt stood at over GH¢608 billion.

That number represents more than just a macroeconomic strain—it reflects every stalled school project, every understaffed clinic and every young person left behind. 

“And, as it is too often the case, it is women, girls and the poorest households who bear the heaviest burden,” he said.

Impact

The Programme Lead of Integrated Social Development Centre (ISODEC), Bernard Anaba, warned that illicit financial flows and the rising debt burden were crippling the ability of governments to finance public development programmes.

“Debt is increasingly rising around the world. Governments are trapped in a global financial system that encourages borrowing and makes it possible to roll over debts indefinitely.

“While governments operate in deficits, it is the private sector—multinationals, equity funds, banks and the bond markets that hold the credit,” he added.

Mr Anaba said development required control over the productive sectors of the economy but that increasingly, governments were being pushed to privatise such sectors, like mining, which reduces public control and limits the ability to generate domestic revenues. 

Mr Anaba called for global cooperation where poor countries would work together to push for a fairer system, adding that debt relief and cancellation were key steps.  

He emphasised the importance of domestic resource mobilisation and called for stronger enforcement of capital gains tax, gift tax and taxation of high-net-worth individuals and private equity funds. 

Stakeholders in a group photograph after the launch in Accra

The United Nations Development Programme (UNDP), in partnership with the National Insurance Commission (NIC), has officially launched the Inclusive Insurance Innovation Challenge (3IC) to catalyse the development of innovative insurance solutions that enhance financial resilience among Ghana’s most vulnerable communities.

The initiative, implemented through UNDP’s Insurance and Risk Finance Facility (IRFF), aims to foster inclusive and accessible insurance products tailored to the needs of underserved populations, including informal sector workers, smallholder farmers, traders, persons with disabilities, young women, and people in climate-vulnerable areas.

Launching the 3IC in Accra, Dr Amina Sammo, UNDP Representative, highlighted the challenges’ potential challenges to unlock creative, community-driven insurance innovations that bridge protection gaps and support national development goals.

“This initiative is a critical step towards building resilience for the most vulnerable segments of our population and ensuring that insurance becomes a tool for sustainable development,” Dr. Sammo noted.

The 3IC calls on young entrepreneurs, insurtechs, fintechs, insurers, students, and socially driven enterprises to submit ideas under five key thematic areas:

· Agricultural and Climate Risk Insurance

· Building Resilience Among Young Women

· Digital Innovation for Inclusive Insurance

· Nature-Based Resilience Building

· Empowering Persons with Disabilities

From the submissions, ten promising concepts will be shortlisted to receive mentorship, technical advice, and regulatory guidance.

These teams will also benefit from hands-on coaching and engagement with key industry actors to help translate ideas into viable, market-ready products.

Dr Sammo shared the timeline for the 3IC rollout:

· Concept Submission Deadline: 31 May 2025

· Shortlisting of Entries: 4–11 June

· Training & Advisory Support: 23–27 June

· Prototyping & Proof of Concept: 28 June – 18 July

· Demo Day: 31 July 2025

During the final Demo Day, three winning solutions will be selected for further technical support, including potential integration into Ghana’s mainstream insurance sector by experts from both UNDP and NIC.

These innovations are expected to align with Ghana’s national agenda for financial inclusion and risk-informed development.

In his opening remarks, Bernard Ohemeng-Baah, Deputy Commissioner of NIC, described the 3IC as a “bold and innovative approach” to closing Ghana’s insurance protection gap.

“We see this as a platform for co-creation. We encourage insurers, tech developers, and students to partner with us and develop solutions that support livelihoods and protect small businesses, especially in the face of shocks and disasters,” he said.

Baah also emphasised the importance of meeting the 31 May submission deadline and urged all interested applicants to apply via the official 3IC portal.

The 3IC is expected to unlock new pathways for inclusive insurance in Ghana by catalysing solutions that are locally driven, scalable, and socially responsive, ultimately helping communities manage risk, recover faster, and build lasting resilience

 Siemens (SIEGn.DE) still expects to increase its full-year sales by between 3 and 7% “despite increased uncertainty”, the German engineering group said on Thursday, as it reported better-than-expected profit during its second quarter.

The company, whose products include factory software, controllers and trains, said its industrial profit rose 29% to 3.24 billion euros ($3.63 billion) in the three months to the end of March.

The figure, helped by a 315-million-euro gain from the sale of its wiring business to ABB (ABBN.S), beat analysts’ consensus forecast of 2.75 billion euros.

Sales rose 7% to 19.76 billion euros, ahead of forecasts for 19.22 billion euros, while orders increased 10%.

As a result, Siemens confirmed its outlook for its full-year sales to increase by 3-7% despite seeing “increased uncertainty in the economic environment”.

“Our customers continue to rely on our technology, and our global footprint demonstrates our resilience,” said Chief Executive Roland Busch in a statement.

In March, Chief Financial Officer Ralf Thomas noted hesitancy among customers due to uncertainties about tariffs, with many delaying investment decisions.

But Siemens, whose results give an indication of the broader industrial economy, said it was seeing an improving situation in most of its businesses.

Although Digital Industries, the company’s flagship automation unit, struggled, with a 5% drop in revenue, Siemens said it saw signs of destocking by customers coming to an end.

The weakness was compensated by Smart Infrastructure, which combines hardware and software to manage electricity, heating, cooling, lighting, and data in buildings. It increased sales by 12% while profit jumped 61% helped by the sale of its wire accessories business.

The division is benefiting from sustained demand for electrification, power distribution and the construction of data centres for artificial intelligence.

Mobility also saw revenue and profit rise, buoyed by global investments in rail and transport infrastructure such as electric trains in the United States.

Source: www.reuters.com

Accra, May 15, GNA- miLife Insurance Limited has appointed Mr Walters Yeboah Adofo as new Chief Executive Officer, following the retirement of Mr Kwaku Yeboah-Asuamah.

“miLife, Ghana’s leading inclusive insurer, today announces the retirement of CEO Kwaku Yeboah-Asuamah after nine years of dedicated service. Under his leadership, miLife has grown annual premiums by over 20x to more than GHS 400 million, in doing so expanding access to affordable, high-quality insurance for millions of Ghanaians”.

A statement copied to the Ghana News Agency in Accra on Thursday said Mr Yeboah-Asuamah joined the company in January 2016 and led a transformation that had seen the company expanding its distribution channels, leaped forward with technology and driven better outcomes for its 1.3 million customers.

“This is evidenced by the strength of the company’s customer-first strategy, where annual new business policies have grown more than 30x to nearly 400,000 last year. These results are also reflected in the company’s bottom line, where miLife has delivered top quartile underwriting and operating profits”.

The statement said the Board of Directors had selected Walters Yeboah Adofo, current Chief Financial Officer, as the incoming Chief Executive Officer, pending regulatory approval.

“Walters brings 18 years of experience in the insurance industry including nine years at miLife, where he has been instrumental in driving sustained growth, financial resilience, and operational excellence. Walters will lead the company in its next stage of growth, with a continued focus on inclusive innovation, customer centricity and social impact.

“As I take a bow, I remain optimistic about the future of miLife. The company is in capable hands, led by a new generation of dynamic, brilliant, and tech-savvy leaders. I have full confidence in Walters and the current management team to build on our momentum. I expect to see even more efficient service delivery and sustained profitability under their leadership.

“Looking back now, choosing Kwaku almost 10 years ago has proven to be one of the most important decisions we have made at the company and we are thankful for Kwaku’s stewardship which has established miLife as a market leader in the life insurance sector,” Steve Kyerematen, Board Chairman at miLife has said.

A board member and stakeholder representative at LeapFrog, Michael Joyce said working alongside Kwaku over the past decade to transform miLife was rewarding experience for them at Leapfrog.

“We are immensely grateful for Kwaku’s visionary leadership during this period, and we are confident that Walters will build on the strong foundations already in place to help miLife rise to even greater heights.

“He leaves behind a company with deep roots and wide reach and ready for the future because of the foundation he built. Kwaku’s legacy goes beyond miLife, he has left a lasting mark on Ghana’s insurance industry, and on the lives of millions who now have the security and peace of mind that only insurance can bring”.

GNA

GRB

President John Mahama has made a compelling case for foreign investment in Ghana, assuring the international business community that the economy has overcome its most significant challenges and is poised for growth.  

Speaking at a CEO Summit in Abidjan yesterday, the President said Ghana was open and ready for business, outlining key reforms such as infrastructure and sector-specific opportunities that abound in the country.  

Economic recovery

President Mahama stated that although the economy was in its worst shape when his administration took office on January 7, 2025, it had initiated some bold measures, including an IMF-backed Extended Credit Facility programme that had restored stability.  

“We have completed the fourth review and remain on track to exit the programme by April next year,” he said.  

The President also said that Ghana’s debt restructuring under the G20 Common Framework had seen agreements with most creditors, except commercial bondholders, adding that negotiations were still ongoing.

To prevent future fiscal crises, he stated that the government had revived the Sinking Fund and adopted prudent borrowing strategies.  

‘Big Push’

The highlight of the President’s address was the “Big Push Programme”, which he told the investor community would inject some $2 billion investment annually, to drive targeted roads, bridges, health facilities, schools and security infrastructure.  

He also mentioned the government’s 24-hour Economy flagship policy, designed to make Ghana a competitive investment hub by ensuring a reliable power supply, offering tax incentives, and facilitating round-the-clock business operations to boost job creation.  

Other initiatives include the “Million Coders Programme,” which President Mahama said would equip the youth with digital skills, along with support for startups and small businesses.  
“We are preparing our young people for the future of work while fostering entrepreneurship,” he said.

The President added that with vast arable land and a favourable climate, Ghana was positioning itself as an agribusiness powerhouse, capable of feeding its 33 million population and exporting to the 400 million-strong West African market under the African Continental Free Trade Area (AfCFTA).  

Oil sector

In the oil and gas sector, President Mahama announced renewed engagement with investors to ramp up production and explore new blocks.  

Infrastructure projects, including port expansions, railway development and airport upgrades, were also mentioned to demonstrate Ghana’s determination to become West Africa’s premier trade and logistics hub.  

President Mahama likened Ghana’s economic recovery to a flight and assured the investor community that the economy’s worst moments were over.

“As your pilot, I assure you the turbulence is over. It will be a smooth flight to 2028 and beyond,” he said.

Dr Johnson Asiama, Bank of Ghana Governor

The Bank of Ghana, in collaboration with the National Bank of Rwanda and Singapore’s Global Financial Technology Network, has launched the Next-Gen Digital Payment Infrastructure (DPI) project – a central bank-led initiative designed to overhaul Africa’s cross-border payments ecosystem and establish a model for future financial integration across the continent.

The project was highlighted at the 3i Africa Summit 2025 Policy Forum in Accra, where policymakers, central bankers and private sector leaders convened to advance the continent’s digital finance agenda.

Bank of Ghana Governor Dr Ernest Addison described the DPI as a platform for accelerating interoperability across financial systems, enabling digital trade and enhancing financial inclusion through scalable pilots.

“This initiative aims to modernise Africa’s cross-border payment ecosystem through a central bank-led, innovation-enabled approach co-developed with fintechs and financial institutions,” said Dr. Johnson Asiama, representing the Bank of Ghana at the opening session.

The DPI initiative is emerging at a time when mobile money has already transformed the financial landscape in Sub-Saharan Africa. GSMA’s latest State of the Industry Report on Mobile Money 2025 shows that the region accounts for 53 percent of all global mobile money accounts and two-thirds of global transaction value – over US$1.1trillion in 2024.

GSMA’s senior regulatory specialist, Karim Dia, noted that mobile money has become the backbone of intra-African remittances and trade, processing US$3million per minute.

Despite such progress, challenges persist. Fragmented regulatory frameworks and limited interoperability continue to hinder cross-border transactions.

The DPI project aims to address these pain points by harmonising regulatory regimes, scaling innovation through pilot programmes and aligning financial infrastructure to drive inclusive growth.

Dr Asiama emphasised that realising the vision of a digitally integrated Africa requires bold, coordinated action from both public and private sectors.

“The gains we are witnessing – fintech expansion, regulatory sandboxes and digital payments – must be reinforced through continental coordination,” he said. He urged stakeholders to prioritise actionable outcomes, not just dialogue.

The DPI effort aligns with African Continental Free Trade Area (AfCFTA) goals by enabling faster, cheaper and more transparent cross-border payments. It also supports the Pan-African Payment and Settlement System (PAPSS), which is working to reduce dependency on foreign currencies for intra-African trade.

Vitaliy Kramarenko, Deputy Director-African Department at the International Monetary Fund, welcomed the DPI initiative and stressed the role of digital innovation in Africa’s economic transformation. He however warned that macroeconomic pressures – such as subdued commodity prices and tightening global financial conditions – require African economies to rely more on internal growth drivers, including digital finance.

Kramarenko noted that while mobile money penetration is strong, overall digital infrastructure remains underdeveloped – with internet access still at 33 percent and electricity access at only 50 percent across sub-Saharan Africa.

He called for creative infrastructure investment models, such as public-private partnerships, to drive digital transformation. “Policymakers should focus on digital finance innovation and regional trade facilitation as key levers of structural reform,” he said.

To support the policy agenda, the IMF has been working with central banks across the region to enhance digital payment systems, focusing on financial inclusion and transaction cost reduction.

Kramarenko said forthcoming IMF research will delve into central bank digital currencies, fast payment systems and crypto assets, urging governments to establish robust policy frameworks to manage emerging risks.

The DPI project is expected to act as a template for other African economies, with pilot programmes designed for scalability across borders. It represents a new model of digital public infrastructure built on collaboration between regulators, central banks and fintechs.

“Let this forum be a turning point where vision meets action, where policy enables innovation and where Africa steps confidently into the role of a digital financial powerhouse,” said Dr Asiama.

Chief Executive Officer of the Ghana Investment Fund for Electronic Communications (GIFEC), Dr. Tanko Rashid Computer, has thrown his support behind President John Dramani Mahama’s decision to end the controversy surrounding Sammy Gyamfi’s dollar gift incident.

Dr. Rashid Computer commended the president for choosing not to take disciplinary action against Gyamfi, describing the move as one that has helped restore calm and defuse unnecessary political tension.

His comments come after President Mahama announced that no further action would be taken against Sammy Gyamfi, acting CEO of the Ghana Gold Board, following the circulation of a viral video that showed him handing an undisclosed amount of U.S. dollars to evangelist Patricia Asiedua Asiamah, also known as Nana Agradaa.

Speaking on Channel One TV’s Breakfast Daily on Thursday, May 15, Dr. Rashid Computer defended Gyamfi’s gesture, insisting it was motivated by kindness rather than impropriety.

“Sammy Gyamfi’s action was just out of generosity. The woman was pestering him, and Sammy is just a cheerful giver, that is how the young man is,” he explained.

He further argued that Gyamfi’s background may offer context for his actions, noting that his humble upbringing likely influences his desire to help others—even in situations that may be misunderstood by the public.

“Sometimes, when someone is doing something like that, just watch where he is coming from. It could be that he might not have come from a rich background, so when he sees someone suffering, he wants to help the person.”

The video sparked widespread backlash, with civil society organisations and opposition figures calling for Gyamfi’s dismissal. Critics claimed the act may have breached the Foreign Exchange Act and the Code of Conduct for Public Officers, raising concerns about ethical standards in public service.

Nonetheless, President Mahama, on Wednesday, May 14, revealed that Gyamfi had apologised and that the matter would be laid to rest. The decision has since polarized public opinion—welcomed by some as politically pragmatic, but criticised by others as undermining accountability.

Dr. Rashid Computer, however, believes the president made the right judgment call, asserting that it avoided unnecessary drama and allowed the government to refocus on critical national priorities.

“Let us thank the presidency for bringing sanity into this matter. The matter is dead and gone, so let us all allow it to die,” he emphasised.

Dollar gift: Mahama lacks courage to sanction Sammy Gyamfi – Dr. Zaato

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is calling for a continent-wide digital strategy to accelerate economic integration and growth across Africa.

Speaking at the 2025 3i Africa Policy Forum in Accra, Dr. Asiama emphasized the importance of digital coordination among African nations, stressing that harmonized systems are critical for the continent’s financial future.

He noted that Africa’s digital transformation presents an opportunity to create a unified financial infrastructure, capable of supporting small businesses, promoting trade, and increasing financial access across borders.

“As promising as these national initiatives are, they are not enough. To fully realise the vision of One Africa, One Market, we must scale our efforts through continental coordination,”he said.

This, he said will mean harmonising regulatory frameworks, fostering interoperability across financial infrastructures, and building trust and transparency across jurisdictions.

Dr. Asiama reiterated the Bank of Ghana’s commitment to facilitating seamless cross-border transactions, which he said are vital for unlocking the full potential of the continent’s growing digital economy.

He stressed that the central bank is working with regional and continental partners to remove barriers and enable real-time payments and digital financial services across African countries.

“The Bank of Ghana remains firmly committed to this agenda. Our work with the Pan-African Payment and Settlement System (PAPSS), and more recently our bilateral fintech passporting collaboration with the National Bank of Rwanda, reflects our conviction that regional integration is achievable through trust-based partnerships” He added

The 3i Africa Policy Forum, which focuses on innovation, investment, and inclusion in Africa’s fintech landscape, has attracted central bankers, tech leaders, and policymakers from across the continent.

Dr. Asiama’s remarks echo growing calls from African financial leaders for deeper collaboration on digital infrastructure to enhance intra-African trade and economic resilience.

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.

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.

Cedi has appreciated in recent times

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¢12.44 and a selling price of GH¢12.45 to a dollar.

The British pound is being bought at GH¢16.55 and sold at GH¢16.57, while the euro trades at a buying price of GH¢13.95 and a selling price of GH¢13.96.

Checks by GhanaWeb Business on May 15, 2025, at 08:40 AM indicate that the cedi is trading at GH¢13.75 to the dollar, while the pound is trading at GH¢18.50 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢15.80 on the retail market.

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Experienced, well-read, in-depth journalists host Happy Morning Show in a lively, objective, and chatty presentation style.

It is the nation’s first and only mixed-language-English and Twi-morning show.

The trio objectively addresses issues of public interest and aims to educate and engage listeners and leaders for better governance and development.

Watch the Livestream below:

Lawmakers in Ghana earlier this month reintroduced an anti-LGBTQ+ bill that was passed by the country’s Parliament in February 2024, but not enacted.The legislation, known as the Human Sexual Rights and Family Values Bill, called for prison terms of up to three years for engaging in same-sex sexual relations, and up to five years for those who engage in “willful promotion, sponsorship or support of LGBTQ+ activities.“Ghana’s Supreme Court in December rejected two legal bids to block the bill. It ruled that, as outgoing President Nana Akufo-Addo had not yet signed the bill into law, it could not be declared unconstitutional.President John Mahama, who took office in January, said he was committed to passing the bill, which had widespread public support in Ghana but was condemned internationally for curtailing LGBTQ+ rights.

Living in fear: Ghana’s LGBTQ+ reality

Abdul-Wadud Mohammed, deputy director of LGBT Rights Ghana, told DW that he grew up in Ghana, but left his homeland because he constantly felt “under threat” there. He told DW that he knew by the age of 10 that he was gay.“I grew up just trying to understand what I am. Everybody who knew me knew that I was gay and that has been my life,” Mohammed said, adding that he, like the majority of queer people in Ghana, faces hate and hostility from some Ghanaians due to his sexuality.He is not alone.“I personally witnessed someone being killed for being gay,” a bisexual man, speaking on condition of anonymity, told DW. “A traumatic event that underscored the extreme danger I face.”He too fled Ghana for his safety.

Musician Wanlov the Kubolor fights for equal rights

A survey published by Afrobarometer in 2021 showed that Ghanaians are united and hospitable — but a majority are intolerant towards same-sex relationships.Some 93% of Ghanaians questioned said they “somewhat dislike” or “strongly dislike” having people in same-sex relationships as neighbors, placing the country near the top in terms of intolerance across 23 African countries in the study.What started the anti-LGBTQ+ discrimination?During a radio interview in 2006, Prince Kweku McDonald, president of the Gay and Lesbians Association of Ghana (GALAG), spoke about an upcoming conference of gay and lesbian people in the Ghanaian capital, Accra, and other venues across the country.The government said at the time that they would not allow such an event to take place — a move that drew applause from many Ghanaians.Some human rights activists believe that it was a watershed moment for curtailing the rights of LGBTQ+ people in Ghana.“Growing up, we could not even talk about sex between a man and a woman, much more to talk about LGBT rights … it was a disruption of what we considered the harmonious heteronormative society we had carved for ourselves,” Dr. Michael Akagbor, a senior research fellow at the Ghana Center for Democratic Development (CDD), said.Now, almost two decades later, sponsors of the bill have said that it seeks to protect children and people who are victims of abuse.

Protecting family values or sanctioning hate?

“My position is that that bill is a critical part of our national life. Ghanaian family values, our children’s innocence must be protected,” lead proponent of the bill, Samuel George, told the Parliament Appointment Committee.Ghana’s Speaker of Parliament, Alban Bagbin, said he is determined to see the anti-LGBTQ+ bill passed into law this year.“It [homosexuality] is ungodly, and I will not tolerate any jokes on this matter,” he said.However, the Ghana Center for Democratic Development (CDD), a think tank working to advance democracy, said that the conversation on family values should be put in the context of societal good rather than what the majority abhors.“What does family value really mean? … Is corruption a family value? Is it something we should be proud of? Look at how corrupt our state actors are becoming, who is teaching them the values of corruption?” asked Michael Akagbor, the CDD’s senior programs officer.Emmanuel Allotey, head pastor at Ghana’s Amazing Light Christian Centre said that he opposes the legislation.“It’s a congenital issue and I don’t think anyone should be blamed for its outcomes. It’s rather unfortunate you find religious leaders show hostility on our people who are affected,” Allotey told DW. “True Christianity will tolerate our brothers and sisters affected.”But some Ghanaians, like Abdul Mutalib Issah, a resident of Accra, think otherwise.“If we have to leave everybody to do what they wish to do, it might cause crisis,” he told DW.

Ghana’s battle for LGBTQ+ rights

May 17 is the International Day Against Homophobia, Biphobia, Interphobia and Transphobia (IDAHOBIT), an annual celebration to raise awareness about discrimination and violence faced by LGBTQ+ people. This year’s theme is “No one left behind: equality, freedom and justice for all.”The CDD believes the only way Ghana can end this long battle is for the country to consider any legislation against the sexuality of a minority group as a repression of their rights.“We will use all the necessary legal avenues to challenge the bill” our position has not changed; we still have the arsenal of using the court to right the wrong,” Michael told DW.Twenty years after discovering his sexuality, Abdul-Wadud said: “I wish that we will get to a point where people love each other not because of an inherent hate that was implanted or socialized in them but from a deeper beautiful place.”As the country awaits what will become of the bill, many members of Ghana’s queer community live in constant fear of what the future may hold for them.

The Electricity Company of Ghana (ECG) has announced a series of emergency and planned maintenance activities set to take place on Thursday, May 15, 2025, in parts of the Greater Accra and Ashanti Regions. 

The scheduled works are aimed at improving service delivery and ensuring a more stable power supply to affected communities.

In Greater Accra, ECG will carry out emergency maintenance between 9 am and 4 pm. The areas expected to be affected include Tseaddo, Marie Court Estate, Avenue Junction, New England, and nearby locations. ECG has expressed regret for the inconvenience this may cause to residents and businesses in the area.

Meanwhile, in the Ashanti Region, three separate planned maintenance operations will take place. In the first operation, scheduled between 9 am and 6 pm, power supply will be interrupted in several towns and villages. These include Adankwame, Achiase, Kronum Cement, Nketiah, Asuofua, Adugyama, Offinso, Kokote, Abira, Tetrem, Barekese, Ntiri Buoho, Hemang, KCG, Namong, Ahenkro, Denase, Akrowa, Kodie, Apagya, Akrofrom, Patasi, Aduman, and Aduamoah.

A second group of communities, including Fawoade, Mamponteng, Ntonso, Asenemaso, Aboaso, Hemang, Tano Dumase, Ankaase Hospital, Adwumakase, Dumanafo, Mpobi, Ejuratia and surrounding areas, will also experience power outages from 9 am to 5 pm on the same day.

In a third maintenance operation also scheduled for Thursday, power will be interrupted from 9 am to 5 pm in Piase, Deduako, Mim, New Brodakwaw, Beposo, Nyameani, UNICEM, Abono, Obo, Nyametiase, Nkoainkwata, Abretwen, Sawaba, Denase, Abenkyim, Anwiankwanta, Awhia, Dominase, Bhenase, Ntinanko, Poano, Daa, Apaaso, and Asanso.

ECG has reassured the public that these maintenance works are essential for improving the reliability of power supply and has apologised for any inconvenience caused. The company has urged affected residents to take the necessary precautions and prepare for the temporary outages.

Ghanaian businessman and governance advocate, Rev Kennedy

Liberia has appointed Ghanaian businessman and governance advocate, Rev Kennedy Okosun, as Consultant and Advisor for its inaugural Investment Conference, scheduled to take place in Accra on May 15 and 16, 2025.

The two-day high-level forum, spearheaded by the Liberian Ministry of Foreign Affairs and its Embassy in Ghana, will bring together West African investors, policymakers, and entrepreneurs to drive regional partnerships, deepen economic synergies, and position Liberia as a viable destination for investment.

Speaking to ModernGhana News in a pre-event interview on Tuesday, May 13, Rev Okosun — Executive Chairman of Krif Ghana Limited — stated that his mandate goes beyond ensuring the success of the event, extending to fostering long-term outcomes that last well beyond the conference.

“This conference seeks to deepen regional investment partnerships and engage key stakeholders across West Africa’s economic landscape. Though Liberia is the host, the benefits are expected to ripple across the region, including Ghana,” he noted.

The 2025 Liberia Investment Conference marks the first time the event is being held outside Monrovia, signalling Liberia’s strategic move to attract broader regional and international investor attention through Ghana’s globally respected platform.

Describing Ghana as a strategic choice for hosting the event, Rev Okosun stated:

“Ghana is the star of Africa. Ghana is the golden jewel. In one simple sentence, Ghana is the place to be.”

The conference is expected to attract key players from sectors such as agriculture, energy, maritime, transport, petroleum, telecommunications, engineering, real estate, waste management, environmental solutions, and more.

Rev Okosun also disclosed that the event will witness the official launch of two bilateral associations: the Ghana-Liberia Business Chamber and the Ghana-Liberia Friendship Association. Both initiatives aim to deepen and sustain economic and cultural cooperation between the two countries.

“These two initiatives will ensure that the relationship we begin to build from this conference does not end on May 16. As a consultant, my role is to ensure that the before, the during, and the after are all successful,” he said.

To sustain momentum, he hinted at a follow-up conference later in 2025 and a recognition ceremony in 2026 to honour entrepreneurs and businesses that emerge from the initiative. The recognition forum will commend, support, and publicly celebrate business pioneers born out of the Accra conference.

Rev. Okosun believes these efforts will leave a lasting impact on the region’s business landscape.

“If you are an entrepreneur, a corporate leader, or a policymaker interested in trade and investment in Liberia, this is an opportunity you should not miss,” he urged.

Following the Liberia Investment Conference, Rev. Okosun will host his flagship event — The Diplomatic Round Table and Trade Networking — on June 25, 2025, in Accra.

The event, themed “Trade Without Barriers,” is being organised by KRIF Media, KRIF Foundation, and Mediadotkom. It aims to foster stronger diplomatic and trade ties between embassies and Ghanaian businesses in alignment with the 24-hour economy agenda of the John Dramani Mahama-led government.

The diplomatic forum is expected to host representatives from the United Nations, the Office of the President, the Ministry of Trade, the Ministry of Foreign Affairs, and will be moderated by former Ghanaian diplomat and minister, Ambassador Ekow Spio-Garbrah.

AM/KA

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