The Bank of Ghana’s (BoG) decision to revoke the licenses of UT Bank and Capital Bank in 2017 was a drastic measure that sent shockwaves through Ghana’s financial sector.

According to Dr. Ernest Addison, Governor of the BoG, this move was not taken lightly, but was rather a necessary step to protect the financial sector and comply with strict requirements from the International Monetary Fund (IMF).

The IMF had already recommended reforms, including the revocation of licenses, as a condition for disbursing funds to Ghana.

Dr. Addison revealed that the BoG was faced with no option but to take tough measures, citing the IMF’s “prior actions” that had to be completed before any further discussions or disbursements could take place.

Dr. Addison has consistently pointed to poor corporate governance as a major factor.

In 2017, he stated that the lack of good corporate governance had contributed significantly to the collapse of the two banks.

This sentiment was echoed in his recent comments, where he emphasized the importance of corporate governance in promoting a sound financial system.

The revocation of licenses was not an isolated incident.

In 2018, the BoG revoked the licenses of five more banks, including uniBank, The Royal Bank, The Beige Bank, Sovereign Bank, and The Construction Bank. These banks were found to have engaged in various forms of misconduct, including under-provisioning for loans, overestimation of investments, and breaches of regulatory requirements.

The BoG’s tough reforms have had a lasting impact on Ghana’s financial sector.

According to Dr. Addison, the measures taken have strengthened the banks to withstand external shocks, such as those associated with the COVID-19 pandemic and the Russian-Ukraine war.

-BY Daniel Bampoe

Dr. Paul Herzuah

In recent years, Ghana has seen a troubling trend that puts the future of its economy at risk—an inclination within civil society and even among some citizens to prioritize foreign businesses over local enterprises.

While foreign investment brings undeniable benefits, it should not eclipse the importance of nurturing and supporting Ghana’s local businesses, which are vital for long-term sustainable growth.

As a business leader committed to Ghana’s future, I urge us to reevaluate how we treat our local entrepreneurs compared to their foreign counterparts.

The success of our economy depends on our ability to foster an environment where local businesses can thrive.

Challenges of an uneven playing field

Foreign businesses frequently receive preferential treatment that local entrepreneurs do not, such as tax incentives, streamlined regulatory processes, and easier access to capital. Conversely, Ghanaian businesses face significant challenges, from bureaucratic red tape to high interest rates and limited financing options. This discrepancy creates an unleveled playing field that stifles local growth and advantages foreign businesses, which ultimately hampers Ghana’s economic development.

Local businesses are embedded in Ghana’s economy, supporting critical supply chains, creating jobs, and investing in their communities. When economic hardship strikes, local businesses are the ones who remain steadfast, often at significant personal and financial risk. We saw this resilience during the COVID-19 pandemic, which brought economic activity to a standstill.

While many multinationals scaled back operations or withdrew from the market, Ghanaian companies shouldered the responsibility of maintaining critical services and filling gaps left by foreign withdrawals. This experience is a powerful reminder of why supporting local businesses is essential to creating a resilient and self-sustaining economy.

Case Study: The Enduring Impact Of Ghanaian Enterprises

A prominent example of local resilience is the Jospong Group of Companies. Originally focused on waste management, Jospong has diversified its operations to include sectors like manufacturing, real estate, and financial services, supporting thousands of jobs and creating value across multiple industries. This ability to expand beyond its initial focus is a testament to the entrepreneurial spirit driving local growth. Such businesses are not only generating profits within their sectors but also reinvesting those profits into the broader economy, leading to greater job creation, new skills development, and long-term economic benefits for the nation.
Similarly, companies like McDan Group, Despite Group, and FirstSky Group have grown into multi-sector conglomerates, creating thousands of jobs and supporting countless livelihoods. Their success illustrates the powerful role that local businesses play in diversifying and strengthening the Ghanaian economy. These businesses have gone beyond their initial industries, branching out to cover new areas and fill existing gaps, creating more opportunities for Ghanaians and bolstering economic resilience.
The question we must ask ourselves is this: How many foreign businesses or business leaders have succeeded and then branched out into other sectors of our economy? The examples are few and far between. Foreign businesses often concentrate on single sectors and are more likely to exit during economic downturns, taking their investments and jobs with them.

Local businesses, however, continue to be present and active even in challenging times. This difference underscores why fostering local business growth is essential to creating an economy that is stable, resilient, and less vulnerable to global shifts.

The role of civil society and public perception

Civil Society Organizations (CSOs) and the general public play a crucial role in shaping perceptions and attitudes toward local businesses. However, instead of rallying behind these homegrown enterprises, there is often an environment of skepticism. Local businesses face harsher scrutiny, skepticism, and criticism compared to foreign firms, perpetuating the misconception that “foreign is better.” This negative perception hinders local enterprises that are critical to our national economy, creating an environment that undermines their growth and discourages public trust.

This trend stems partly from a historical bias toward foreign investment. For decades, attracting foreign companies was seen as a primary marker of economic progress. While foreign businesses undoubtedly bring capital, skills, and technology, it is time to reassess this outlook and prioritize local business growth as a more sustainable approach to long-term development.

Foreign investments may offer short-term boosts, but local businesses contribute to sustained economic resilience and social stability.

An example of civil society advocacy: The Ghana National Chamber of Commerce and Industry
One CSO actively supporting local business interests is the Ghana National Chamber of Commerce and Industry (GNCCI).

The GNCCI advocates for fair policies, reduced regulatory burdens, and financial support tailored to Ghanaian entrepreneurs.
Its initiatives aim to create an enabling environment where local businesses are protected and empowered to grow, especially in sectors where they directly compete with foreign players.

By fostering public awareness of the importance of supporting local enterprises and lobbying for policy reforms, the GNCCI is reshaping perceptions and encouraging a more supportive attitude toward Ghanaian businesses.

The GNCCI also works to bridge the gap between the public and local businesses through programs that promote collaboration, skills development, and entrepreneurship.

These initiatives help equip local entrepreneurs with the tools they need to succeed and navigate challenges unique to Ghana.

Through such efforts, the GNCCI is contributing to a shift in public perception, reinforcing the idea that Ghanaian businesses are worthy of trust, support, and investment.
Challenges faced by local entrepreneurs.

Local businesses in Ghana face significant obstacles that foreign companies often avoid, particularly in the areas of financing, infrastructure, and regulatory complexity.

Access to affordable capital is a major hurdle for Ghanaian entrepreneurs. While foreign companies can often secure funding from international sources, local businesses are constrained by domestic financing options, where high interest rates and limited access to credit make growth difficult.

This disparity prevents many local businesses from scaling their operations and competing effectively with well-capitalized foreign enterprises.

Infrastructure gaps also hinder local growth. While some progress has been made, many parts of Ghana still lack reliable electricity, efficient transportation networks, and widespread technological access.

Foreign companies, with their substantial resources and global networks, are often better equipped to navigate these obstacles. In contrast, smaller local businesses struggle with the high costs and inefficiencies that these infrastructural limitations impose, which can make it challenging for them to operate at full capacity.

Finally, local entrepreneurs must contend with a regulatory environment that is often bureaucratic and slow-moving.

Navigating complex processes to register businesses, acquire permits, and access government services consumes valuable time and resources, slowing down growth and putting Ghanaian companies at a disadvantage. While some foreign companies receive expedited treatment or even exemptions from certain requirements, local businesses are left to deal with these obstacles on their own.

Why we must support local businesses

The success of local businesses is critical to Ghana’s long-term economic sustainability. When a Ghanaian business succeeds, it does not just create wealth for its owners—it creates jobs, strengthens supply chains, and contributes to community development. Local businesses reinvest their profits into the local economy, helping to build schools, hospitals, and other essential infrastructure. They are deeply embedded in the fabric of our society, and their success is our success.

Supporting local businesses is not just about creating an environment that allows them to survive; it is about creating one that allows them to thrive.

This means revisiting policies that favor foreign businesses at the expense of local ones. It means ensuring that Ghanaian entrepreneurs have access to the same level of financial support, regulatory ease, and public trust that foreign businesses enjoy. And it means changing the narrative that local businesses are somehow less capable or less trustworthy than their foreign counterparts.

We must also recognize the immense potential for local businesses to lead the charge in innovation. Ghanaian entrepreneurs are already finding ways to solve local problems with local solutions, whether through technology, agriculture, or service delivery.

By supporting these innovators, we can create a more resilient, self-sufficient economy that does not rely on foreign investment as its primary growth driver.

A call to action

As Ghanaians, we must take a hard look at how we treat our local businesses. We must ask ourselves why we are more willing to trust foreign businesses with our future than we are to trust our own. We must recognize that the long-term stability of our economy depends on the success of local entrepreneurs, who will be here to weather the storms long after foreign businesses have moved on.

The government, civil society, and the general public all have a role to play in supporting local businesses. We must advocate for policies that level the playing field, provide easier access to capital, and reduce the bureaucratic obstacles that local entrepreneurs face.

We must shift public perception to celebrate the achievements of local businesses and view their success as a national asset. And most importantly, we must trust in the capabilities of our own people to drive the future of our economy.

Local businesses are not just important; they are essential to the growth and prosperity of Ghana.

When local businesses succeed, they create opportunities for all of us. They are the ones who will be here for the long haul, investing in our communities and building the future we all want to see. Let us give them the support they need to thrive because when they do, Ghana will thrive too.

In the words of Mahatma Gandhi, “The greatness of a nation and its moral progress can be judged by the way it treats its weakest members.” Let us stand by our entrepreneurs, recognizing their potential to shape our future and drive our nation forward.

By Dr. Paul Herzuah

The writer is a media & political communication analyst. He is currently a lecturer at the University of Media, Arts & Communication

Former South African President Jacob Zuma has voiced concerns about the deteriorating quality of leadership across the African continent, warning that it undermines the region’s potential for growth and development.

In an interview on Channel One TV’s The Point of View with Bernard Avle, Mr. Zuma described the trend of ineffective governance as a significant barrier to Africa’s progress. He argued that this shortfall in leadership continues to hinder efforts to address critical issues such as poverty, inequality, corruption, and underdevelopment.

Zuma attributed the stagnation in many African nations to the absence of strategic and forward-thinking leadership, which he said prevents these countries from achieving their rightful place on the global stage.

He called on African citizens to take a more active role in demanding accountability and better governance from their leaders.

The former president also highlighted the need for collaborative efforts between governments, civil society, and citizens to foster an environment where effective leadership can thrive, ultimately driving sustainable progress for the continent.

“…We [Africa] became a kind of democracy that people were talking about at the beginning, but something interfered with Africa, as we know. For example, there was a coup d’etat, where the Western countries were actually organising the coup d’etat against us. We tried to come in thereafter once again. And I think Africa was becoming very strong once again. I think they shifted Africa to quite an extent.

“I think if you talk about today in Africa, there are issues that are there which you wonder why. As well as how we gradually began to make Africa no longer articulate about itself as it were. I mean even now there are certain things that are happening in parts of the continent.

“But the continent is more quiet than it would have been during that time. Leaders would be moved immediately. These days leaders are very reluctant, and quiet. Even if things are going wrong, that tells you the standard is no longer the same.”

When asked if there has been a reduction in the quality of leaders, he said, “Yes there has been, there are issues that are happening in Africa now, which if it was still at some point, Africa would be fit to say what it is happening to try to help. It’s no longer the same. It started coming down slowly for some time now.”

“The coming in of the current president proved that Ghana still stands on the side of the people, wanting to move forward all the time. And we’re very happy. We see Ghana articulating what we believe to be the direction to where Africa must go.”

Mr. Zuma praised Ghana’s President John Dramani Mahama as an example of the kind of leadership Africa needs.

He commended Mahama’s re-election in 2024, describing it as a step in the right direction for Ghana and a model for the continent.

Jacob Zuma: Mahama’s re-election signals shifting views on Elections in Africa

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Former Ashanti Regional Minister Simon Osei-Mensah has denied allegations of deliberately neglecting the Presidential Villa and the Regional Minister’s Bungalow at the Ashanti Regional Coordinating Council (ARCC).

The National Democratic Congress (NDC) had accused Osei-Mensah of abandoning the properties during his eight-year tenure, leaving the Presidential Villa and official residence overrun with weeds and infested with reptiles. The NDC vowed to investigate the matter and hold those responsible accountable.

In a press release dated Monday, January 13, Osei-Mensah outlined the challenges he inherited upon taking office on February 22, 2017.

He cited a GH¢1.5 million debt overhang, broken-down vehicles, outdated office equipment, a deteriorating administration block, and inadequate staff housing as key issues.

To manage the debt, Osei-Mensah said he personally funded the ARCC’s operations for over six months until the District Assemblies Common Fund (DACF) was released. He implemented strict expenditure controls and claimed the ARCC was debt-free by the end of his tenure on January 6, 2025.

Addressing the state of official vehicles, Osei-Mensah revealed he used his personal land cruiser for months as most vehicles were either broken down or lacked fuel.

He clarified that a damaged Toyota pickup seen in a recent video had been involved in a 2014 accident, prior to his tenure.

Osei-Mensah highlighted efforts to modernize the ARCC, including replacing obsolete office equipment with items such as air conditioners, laptops, desktops, refrigerators, and office furniture.

He also explained steps taken to repair the administration block, using the ARCC budget to fund renovations and securing central government support for a six-story building project, which is currently under construction. For the residency buildings, he used personal funds for minor repairs and sought government assistance, though only partial funding was received.

Osei-Mensah refuted claims of neglect, stating, “Neither the ARCC nor I would intentionally allow state assets to deteriorate.” He attributed the challenges to financial constraints beyond the ARCC’s control and reiterated his commitment to resolving these issues during his time in office.

Former South African President Jacob Zuma has suggested that the re-election of President John Dramani Mahama signals a shift in African perspectives on elections.

President Mahama emerged victorious in the 2024 elections, defeating the New Patriotic Party (NPP) presidential candidate, Dr. Mahamudu Bawumia.

In an interview with Bernard Avle on Channel One TV’s The Point of View, Mr. Zuma, who attended President Mahama’s inauguration on January 7, 2025, shared his satisfaction with Mahama’s electoral success.

“Knowing him [Mahama], knowing his views, knowing what he’s capable of doing, and he won, I was very happy,” Zuma said.

He further explained, “To me, it indicated that Africans are beginning to look at the elections differently. And I thought it was important to come and support him and also to see Ghanaians, to see whether they were as happy as the South Africans are happy now.”

Zuma reflected on the scene at Independence Square, remarking, “And I found them so happy, where we were [Independence Square], there was almost no place to put your feet, because people were here, which indicated the happiness that the people of Ghana were showing.”

ORAL team necessary for accountability – Ayine

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OmniBSIC Bank Ghana continues to demonstrate its commitment to sustainable, Environmental, Social, and Governance (ESG) practices by partnering with the Ghana Airports Company Limited (GACL) and the Environmental Protection Agency (EPA).

At a ceremony to mark the ‘Joint Safety and Environment Week’, organised by the GACL at the Kotoka International Airport (KIA) under the theme: ‘Uniting Aviation for a Safer and Greener Tomorrow’, the Bank donated state-of-the-art waste segregation bins to support effective waste management at the airport.

The Bank also, in partnership with the Environmental Protection Agency (EPA) has launched an initiative to reduce the use of single-use plastic products.

The donation to the GACL and the partnership launch with the EPA are in line with the Bank’s broader strategy of promoting responsible waste segregation, including reducing, reusing, and recycling, particularly in sectors like aviation where sustainable practices are critical for long-term survival.

Speaking at the event at the Kotoka International Airport (KIA), Corporate Affairs of OmniBSIC Bank Ghana, Chidinma Braye-Yankee, Group Head, who read a speech on behalf of the Bank’s Managing Director, Daniel Asiedu, highlighted the importance of ESG initiatives in creating shared value.

“These bins represent our dedication to promoting sustainable waste management practices, which are essential in driving the agenda for a greener future. For OmniBSIC Bank, this project reflects our deep-rooted commitment to ESG objectives and demonstrates how partnerships can drive the shared value of supporting environmental sustainability while enhancing safety and operational excellence in key sectors,” she said.

She expressed confidence in the impact of the donation, noting, “We are certain that these bins will advance GACL’s ongoing effort in creating a safer and greener environment for travelers, staff, and stakeholders. I commend GACL for its leadership in this initiative, setting a remarkable example for other sectors to follow. We look forward to seeing these efforts ripple through the industry and inspire greater collaboration for sustainability.”

Chief Risk Officer, Dominic Donkoh, speaking at the EPA event in Accra, noted that as a financial institution, OmniBSIC Bank is committed to promoting a greener and cleaner world.

“The environmental and socioeconomic consequences of plastic waste are far-reaching, impacting our ecosystems, public health, and economic prosperity.

This sensitisation programme is particularly commendable because it tackles the issue at its source—the point of entry. By creating awareness and implementing control measures, we are not only reducing the influx of these harmful materials but also encouraging responsible consumption and waste management practices.

At OmniBSIC Bank, our commitment to environmental stewardship is reflected in our operations and corporate social responsibility initiatives. We actively support programmes that promote environmental protection, resource efficiency, and community empowerment. Today, we reiterate this commitment by standing with the EPA and all stakeholders in this fight against plastic pollution,” he said.

Managing Director of GACL, Yvonne Nana Afriyie Opare, emphasised the organization’s commitment to strengthening partnerships across the aviation industry to advance safety and environmental sustainability.

“This year’s theme reflects our dedication to uniting aviation stakeholders in addressing safety and environmental concerns. Together, we can create a safer and greener future for the industry and its stakeholders,” she stated.

The growing importance of ESG in finance and banking data from the Global ESG Banking Study 2023 indicates that 76 percent of financial institutions now align their strategies with ESG goals, recognizing that sustainability efforts directly impact long-term profitability and societal impact. Similarly, the aviation industry, responsible for approximately 2.5 percent of global carbon emissions, has embraced sustainability practices as critical to its operations.

Initiatives like waste management, energy efficiency, and eco-friendly operations are vital in reducing the sector’s carbon footprint.

OmniBSIC Bank’s partnership with GACL and the EPA highlights the growing trend of cross-sector collaborations to meet ESG goals.

By aligning with key stakeholders, the bank is setting a benchmark for integrating environmental responsibility into its operational framework while supporting the aviation sector’s sustainability initiatives.

The two events brought together officials from Africa World Airlines (AWA), Passion Air, OmniBSIC Bank, the Environmental Protection Agency (EPA), the Ghana Civil Aviation Authority (GCAA), and other stakeholders reflecting a collective commitment to building a future where safety and environmental sustainability are central to industry operations.

A Business Desk Report

A devastating incident has occurred in Takoradi, resulting in the tragic death of two siblings, aged 12 and 8, who were locked inside a water-filled drum in their kitchen.

The siblings, whose names have not been disclosed, were playing in their room before entering the drum, where they met their untimely death.

According to sources, the incident occurred on January 9, 2025, at around 3pm, when the siblings’ mother discovered them unconscious inside the water-filled drum.

The mother immediately alerted her daughter, Paulina Azari, who reported the incident to the police at 6:45 pm.

The police swiftly responded to the scene and rushed the deceased to the Takoradi Government Hospital for treatment.

Unfortunately, they were pronounced dead shortly after arrival at the hospital.

Their bodies have since been deposited at the hospital mortuary for preservation.

Further police investigations revealed that the two deceased children had been playing in their room before entering the drum in the kitchen.

They then asked their 6-year-old sister to close the drum, but the little girl was unable to open it afterward, leading to the devastating incident.

-BY Daniel Bampoe