Twenty-four startups from universities across Ghana have received seed funding through the AgriTech Challenge Pro, a flagship program organized by the Kosmos Innovation Centre (KIC) and the Mastercard Foundation. This initiative aims to scale up agricultural businesses and foster interest in agriculture among students and young graduates. PAY ATTENTION: Agribusiness Boom in Ghana: What You … Read more
Ghana’s crude oil production witnessed a decline of 6.78% in 2023, marking a continued downward trend over the past four years, as highlighted in the Public Interest Accountability Committee’s (PIAC) 2023 Annual Report on the Management and Use of Petroleum Revenue. Production Figures In 2023, Ghana produced 48,247,036.61 barrels of oil, a decrease from 51,756,481 … Read more
Ghana’s economy is currently grappling with significant challenges, most notably a historic cost-of-living crisis that disproportionately affects informal employment sectors in Accra. The roots of this crisis are multifaceted, stemming from various economic pressures and policy shortcomings. The International Monetary Fund (IMF) reports that these issues have pushed over 850,000 Ghanaians workers into poverty. PAY … Read more
An investigation by KPMG, commissioned by President Nana Addo Dankwa Akufo-Addo, has revealed that Strategic Mobilisation Ghana Limited (SML) did not pay Value Added Tax (VAT) amounting to GH¢13.38 million. This oversight occurred during an eight-month period, from September 1, 2020, to April 30, 2021, when the Ghana Revenue Authority (GRA) made bulk payments to … Read more
Africa is making significant strides toward establishing financial independence by reducing its reliance on Western payment systems. This push for payment sovereignty is spearheaded by the African Continental Free Trade Area (AFCFTA), which aims to create a unified and robust infrastructure that connects the payment systems of African countries. Pan African Payment and Settlement System … Read more
Vice-President Dr. Mahamudu Bawumia has inaugurated a new initiative aimed at empowering 5,000 female head porters, known as ‘kayayei’, to improve their socio-economic status. Launched in Accra, the ‘Kayayei Empowerment Programme’ will offer vocational training, housing, and support to facilitate these women’s transition into more stable employment. Programme Overview The initiative focuses on providing technical … Read more
Cocoa, often referred to as the ‘golden pod’, has been integral to Ghana’s economy for over a century. Its importance is underscored by the livelihood it provides to approximately 850,000 farming families. While gold is Ghana’s top export by value, cocoas remains vital due to its widespread economic impact and renewability. Historical Significance Cocoa’s cultivation … Read more
The Ghana Revenue Authority (GRA) has firmly dismissed allegations that it calculates customs duties using foreign currency, specifically the U.S. dollar. This assertion was made in response to recent claims that have been circulating in the media, suggesting that importers are required to settle duties and taxes in foreign currencies. In a press release issued … Read more
Spare parts dealers at Abossey Okai, the nation’s largest hub for vehicle components, have voiced their grievances over the crippling effect of exorbitant port charges and government neglect on their businesses. According to representatives from the Abossey Okai Spare Parts Dealers Association, the soaring import charges and cumbersome tax regime threaten the survival of the … Read more
The ECOWAS Bank for Investment and Development (EBID) has solidified its commitment to Ghana’s economic growth by pledging to inject USD 200 million into the Ghanaian economy. This strategic collaboration involves partnerships with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC, aimed at catalyzing development and resilience across the region. The Memorandum of Understanding … Read more