Accra, 30 May 2025 – Scancom PLC (MTN Ghana) has successfully held an Extraordinary General Meeting (EGM) to update shareholders on the ongoing localisation and restructuring of its wholly owned subsidiary mobile money business, MobileMoney Limited (MML).
The EGM was called to provide shareholders with information on the localisation of MML in accordance with Ghana’s Payment Systems and Services Act, 2019, (Act 987), which requires all electronic money issuers operating in the country to maintain at least 30 per cent direct local ownership. In 2024, Scancom PLC attained 30 per cent localisation. MML is undergoing a structural separation from Scancom PLC to comply with the regulatory requirement for 30 per cent direct localisation.
During the meeting, Dr Ishmael Yamson, Board Chairman of Scancom PLC, emphasised that the restructuring of the MoMo business is not only a response to regulatory requirements but also a strategic step that will ensure its sustainable growth in the rapidly evolving digital financial services sector.
Noting that all options for the restructuring had been considered, the Chairman assured shareholders that the process adopted would give the MoMo business time to mature before it is listed on the Ghana Stock Exchange.
Under the restructuring, a new company, New FinCo, will be formed to take over and operate the MoMo business. A trust will also be set up to hold shares on behalf of the minority shareholders. “The shareholding in New Finco will reflect the current ownership of Scancom PLC, translating it from an indirect ownership through Scancom PLC to a direct one,” the Chairman stated.
Shareholders were assured that their investments in the MoMo business remained secure. With respect to minority shareholders, Dr Yamson emphasized, “You will still own your Scancom PLC shares. You will also now have a beneficial interest in New FinCo through the Trust,” he explained. He indicated that the structure will also preserve the voting and dividend rights of shareholders.
Reiterating that the new structure is designed to protect shareholder interest, Dr Yamson further stated that “shareholders can expect to receive financial results separately for both Scancom PLC and the MoMo business, ensuring continued transparency.” “We are confident that this path forward is the right one, and we thank you for joining us on this journey,” he said.
Scancom PLC’s restructuring of its mobile money business represents one of the most significant changes in its operating model to date, focusing not only on compliance but also on unlocking long-term value.
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Media Contacts:
Adwoa Wiafe
Chief Corporate Services and Sustainability Officer
Email: MTNGhana.MediaOffice@mtn.com
A two-day training on illicit financial flows (IFFs) and progressive taxation for journalists in Ghana is being held at Veronique Heights Hotel in Kumasi.
The workshop organised by Media Foundation for West Africa (MFWA) commenced on Thursday, 29th May and it is expected to end on Friday, 30th May 2025.
MFWA officials, Resource persons in a group photograph with participants
Mr Paul Kofi Gozo, Programme Assistant with MFWA, explained that the workshop forms part of interventions by the MFWA to enhance knowledge, raise awareness and equip journalists with the relevant knowledge and skills needed to effectively report on IFFs, progressive taxation policies and administration, and their impacts on Ghana’s domestic revenue mobilisation.
Mr Paul Kofi Gozo, Programme Assistant with MFW ane Mr Nii Addo
The training is part of MFWA project titled: “Tax for development: Strengthening civil society and media for fiscal justice”. It is funded by the Norwegian Agency for Development Co-operation through OXFAM in Ghana.
The workshop is aimed at enhancing the capabilities of journalists and media practitioners to effectively track and monitor the impact of government policies and how to effectively investigate and report on IFFs in Ghana.
Some scenes from the event
After the workshop, the participants are expected to produce and publish at least one journalistic report on IFFs, progressive taxation policies and mobilisation.
The key resource persons were Mr Edward Cudjoe from the Economic and Organised Crime Office (EOCO) in Kumasi and Mr Benaiah Nii Addo, Executive Director of Ghana Taxa Youth Africa, Accra.
Mr. Cudjoe made presentation on: Introduction to IFFs, Legal Frameworks on IFFs (national and international), IFF Case Examples.
Mr.Cudjoe stated that, illicit financial flows are a major challenge for African countries, including Ghana.
According to him,the scale of IFFs has significant negative impact on development, governance,and social stability.
He said effective action requires strong legal framework, cooperation,and improved transparency.
Mr Edward Cudjoe,said
“Addressing iFFs must be priority for journalists, citizens,the Ghanaian government and the international community “,he added.
Besides, Mr Nii Addo made a presentation on: Foundation of Taxation and Domestic Revenue Mobilisation (DRM),IFFs impacts on Women,Gender equity,and socio-economic development,UN Tax Convention.
– Understanding tax avoidance,offshoring and tax Havens in Ghana among others.
Records available indicate that Africa loses approximately $50 billion to IFFs (UNECA, 2015).
The cases of IFFs in Africa include corruption, tax evasion, trade mispricing and the exploitation of natural resources.
Accra, May 29, 2025 — After thirteen weeks of showcasing the stories of the Heroes of Change finalists, the time has come to recognize the ultimate Hero of Change and the winners in the categories of Education, Health, and Economic Empowerment. The awards ceremony is scheduled to take place at the Labadi Beach Hotel tomorrow, Friday, May 30, 2025.
The ultimate Hero of Change will be awarded GHC100,000 to support his or her community project, while category winners will each receive GHC50,000. Additionally, all remaining finalists will receive cash prizes and citations. For the first time, nominators whose nominees made it to the top 10 will also receive GHC5,000 each.
The 2025 finale promises to be an inspiring night, featuring the powerful stories of the finalists and the announcement of the ultimate Hero of Change. Guests will be entertained by the all-female Lipstick Queens Band.
Adwoa Afriyie Wiafe, Chief Corporate Services and Sustainability Officer of MTN Ghana, commented,
“We are thrilled to celebrate these inspiring heroes who embody the true spirit of change in our society. Their dedication to improving the lives of others exemplifies the values that MTN holds dear, and we are honoured to share their stories and shine the spotlight on them.”
MTN Heroes of Change was launched in July 2013 to identify and recognize people who have been proactive about sacrificing their time and resources to improve their communities and brighten lives. Since its inception, the MTN Heroes of Change has honoured remarkable individuals who exemplify selfless service, dedicating their time and resources to improve the lives of others in their communities.
Since the program was instituted, 6 individuals have been declared the ultimate Heroes of Change whilst more than 70 heroes have been honoured in various categories. The platform has had an immense impact on their social causes allowing to expand their programs and amplify their voices and impact.
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Media Contacts:
Adwoa Afriyie Wiafe
Chief Corporate Services and Sustainability Officer
Email: MTNGhana.MediaOffice@mtn.com
At the dawn of 2025, Ghana stood at a defining crossroads. The economy bore the bruises of a turbulent year past—high inflation, a battered currency, and a public skeptical of the promise of change. Investor confidence teetered on the edge, fiscal pressures were mounting, and while the government had begun the journey of consolidation, the road ahead was steep and uncertain.
But as Dr. Johnson Asiama, Governor of the Bank of Ghana, took the podium at the AfDB’s Private Investor Roundtable, the tone was one of cautious optimism—and quiet triumph. “The tide is turning,” he declared.
A Plan Takes Root
Dr. Asiama outlined a story not of coincidence, but of coordinated effort. A renewed macroeconomic stabilization strategy—anchored in restoring stability, rebuilding market confidence, and laying foundations for growth—had begun to bear fruit.
The data tells a compelling story:
Real GDP growth for 2024 hit 5.7%, outperforming projections, driven largely by services and industry. In 2025, Ghana is tracking a healthy 4.0% growth rate.
The Ghana cedi, which had depreciated 19.2% in 2024, has since rebounded strongly—appreciating 21.5% year-to-date.
Inflation has eased to 21.2% in April 2025, down from 23.8% at the end of 2024.
Gross international reserves stand at $10.67 billion, covering 4.7 months of imports.
The first quarter saw a current account surplus of $2.12 billion, boosted by strong gold and cocoa exports.
“These gains are not accidental,” the Governor noted. “They reflect deliberate action.”
At the Bank of Ghana, a tighter monetary policy and more active liquidity management through Open Market Operations have reinforced market signals. Close coordination with the Ministry of Finance ensures that fiscal tightening aligns with the disinflation agenda.
On the fiscal front, the government is walking a disciplined path—deep expenditure cuts, domestic revenue reforms, and meaningful debt management. These are further backed by a recent IMF Staff-Level Agreement and a sovereign credit rating upgrade by S&P from Selective Default to CCC+.
“This is a broad-based reset,” Dr. Asiama said, “and it is rebuilding both institutional and investor trust.”
Confidence as Currency
Dr. Asiama’s keynote was not just a report card—it was a recalibration of how Ghana sees itself in global finance. “In this world, confidence is currency,” he stressed. “And that confidence must be earned—through consistency, transparency, and reform-minded leadership.”
He acknowledged that stabilization was only the beginning. The tougher challenge lies in sustaining that momentum: anchoring investor expectations, mobilizing long-term capital, and ensuring Ghana’s development is financed without derailing macroeconomic gains.
To that end, Ghana is opening its doors to private capital—not passively, but with active intent. The structural reforms now underway in public sector governance, financial intermediation, and investment climate are all designed to create fertile ground for sustainable investment.
“This roundtable is exactly the kind of engagement we need,” he told his audience, “data-driven and reform-oriented.”
Policy with Purpose: The MPC’s Message
One of the strongest signals a central bank can send, according to Dr. Asiama, is consistency. At its latest meeting, the Monetary Policy Committee voted unanimously to maintain the policy rate at 28%. The decision, grounded in discipline, is aimed at consolidating disinflation gains and reinforcing Ghana’s macroeconomic framework.
Inflation is on a downward trajectory, and core inflation metrics are improving. While risks remain—from food supply constraints to global commodity volatility—the policy stance remains forward-looking but cautious.
The Bank has also launched structural reforms in liquidity operations, transitioning from passive tools like the unremunerated Cash Reserve Ratio to more dynamic OMO instruments. This shift enhances monetary transmission, tightens liquidity control, and opens channels for targeted private sector credit expansion.
“In short,” he said, “our policy is disciplined, transparent, and data-driven.”
The Cedi’s Comeback
Few indicators capture the national mood like the performance of the cedi. And this year, it has told a different story—a story of resilience.
“As of May 20, 2025, the cedi is up 21.5%—this is not an illusion,” said Dr. Asiama. “This is real reform, real discipline, and real resilience.”
Several factors have contributed to this turnaround:
Strong export earnings, particularly from gold (trading above $3,200/oz).
The Gold-for-Reserve programme, easing pressure on FX markets.
Rising reserves and a significant current account surplus.
Stable remittance flows, aided by reforms and tech-driven efficiencies.
At the same time, regulatory enforcement has tightened. “Speculative arbitrage and opaque flows are a thing of the past,” the Governor stated. “To those still holding dollars in anticipation of a return to depreciation, I say: the market has changed.”
The overarching message was clear: Ghana is ready—not just for recovery, but for investment-driven transformation.
Three compelling reasons stand out:
Policy Stability: Ghana’s economic strategy is anchored in realism—monetary discipline, fiscal prudence, and structural reform. This isn’t just IMF compliance—it’s a long-term shift.
Strong Fundamentals: With diversified growth, a recovering credit environment, and export expansion, Ghana’s economy is showing resilience.
Financial Sector Reforms: Capital buffers are strengthening, digital finance is accelerating, and supervision is tighter—making the system more efficient and inclusive.
Emerging sectors are ripe for partnership:
Green energy and infrastructure aligned with climate goals.
Dr. Johnson Asiama
Digital innovation and fintech, showcased at the recent 3i Africa Summit.
Light manufacturing and agribusiness, linked to AfCFTA value chains.
“Investors are not just looking for returns,” he said. “They are looking for governance, stability, and alignment. Ghana offers all three.”
Looking Beyond Borders: Africa’s Financial Future
Dr. Asiama closed with a regional call to action. “The future of African finance isn’t just in capital flows—it’s in how our institutions manage and multiply that capital.”
He called for:Interoperable payments systems to boost intra-African trade.
Standardized regulations for fintech and investment mobility.
Shared frameworks to manage regional risks.
Under AfCFTA, these efforts will be vital. “Africa’s opportunity is continental,” he said. “And Ghana is ready to lead and to collaborate.”
President John Dramani Mahama says the government is set to roll out its flagship 24-Hour Economy Policy, with plans to activate the Volta Lake as a major transport corridor and decentralise the implementation of the policy.
Speaking at a multi-sectoral engagement at the Jubilee House, the President revealed that he has reviewed the final draft of the policy and says it is ready to deliver results.
“I have reviewed it, and I’m confident we now have a coherent and actionable framework with which to deliver the results,” President Mahama stated. “An effective catalyst for the 24-hour economy policy is a stable macroeconomic environment, which we are achieving through close coordination between the monetary and fiscal authorities.”
President John Dramani Mahama
As part of the programme, the government plans to establish a 24-Hour Economy Secretariat to coordinate the rollout. “To guarantee institutional stability, I’m working with Parliament to establish the 24-hour economy secretariat as an independent authority, reporting directly to the President and backed by legislation,” he said.
A major highlight of the policy is the development of the Volta Lake Economic Corridor, which will transform the lake into a national logistics route.
“This corridor, centred on the Volta Lake and the Volta Basin, will become a national production zone and logistics hub,” the President announced. “The plan envisions cultivating over two million hectares of arable lakeside land, revitalising the fishery sector on the lake, and creating a chain of industrial parks that produce goods for domestic and regional markets.”
To support this, the government will invest in new floating assets, lake ports, and long-term partnerships. “The lake will be activated as a transport highway, moving food, people, and goods more efficiently than our congested roads allow us to do currently,” President Mahama explained.
According to the President, the 24-Hour Economy Policy is not just a vision but a structured plan aimed at job creation and inclusive growth. “The 24-hour economy program identifies priority value chains across all regions, and these include agro-processing, pharmaceuticals, textiles, light manufacturing, tourism, digital services, and the creative economy. Each one has specific bottlenecks and the program outlines targeted solutions,” he said.
Infrastructure development will be led by the Ghana Infrastructure Investment Fund, which will oversee the construction of industrial parks, logistics hubs, and transport link upgrades. On the financing side, the Development Bank of Ghana and the Venture Capital Trust Fund will scale up value chain finance for SMEs, cooperatives, and agribusinesses in key sectors.
The President also outlined land and skills development initiatives. “We will develop local land banks zoned, titled, and investment-ready to reduce delays and uncertainty to investors,” he said. “The Aspire24 sub-program will train young people for shift-based work, digital roles, and entrepreneurship.”
The policy is designed to be implemented from the ground up. “It is not a top-down model. It is decentralised,” the President said. “Each district will establish its own 24-hour implementation task force, housed within the district and municipal assemblies, and aligned with our local economic development policy. This will allow each region to define and lead its path of industrial transformation based on its natural comparative advantages.”
The President announced that the draft programme document will be released for public consultation on Tuesday. “We’ll officially launch the 24-hour plus programme in July this year, most probably on Ghana’s Republic Day, which is a symbolic day for a bold new national agenda,” he said.
President Mahama concluded by expressing optimism about the programme’s potential. “This is no longer just a vision. It is a structured, sequenced, and inclusive plan, and its implementation is beginning.”
The 24-Hour Economy Policy was a key campaign promise of President Mahama during the 2024 elections and is now poised to be a central pillar of his administration’s economic transformation agenda.Source: Clara Seshie
Executive Chairman of AB & David Law, David Ofosu-Dorte, has raised concerns about the potential for large-scale dollar dumping in Ghana’s financial markets as the cedi continues its recent appreciation against the US currency.
The warning comes amid mixed reactions to the pace of economic adjustments following the cedi’s recovery.
Speaking during an analysis segment on the Joy FM Super Morning Show on Tuesday, May 27, Mr Ofosu-Dorte noted:
David Ofosu-Dorte
“I have a certain fear – if the dollar goes below a certain point, it may lead to a dumping of the dollar by financial institutions who hold large dollar reserves. We need to identify a stabilisation point to prevent market disruption.”
The cedi has recorded a remarkable performance against major international trading currencies, particularly a 22% appreciation since January 2024.
Inflation, on the other hand, remains sticky at 23% despite the currency gains, with a growing disparity between exchange rate improvement and commodity prices.
At the moment, most commercial banks are maintaining adequate dollar buffers, with a reported 40% drop in dollar demand since March.
Importers are also cautiously optimistic but maintaining dollar positions.
Economists advise gradual dollar conversion rather than panic selling, warning that abrupt moves could undermine recent gains.
Meanwhile, Mr Ofosu-Dorte is proposing structural reforms for deeper economic transformation.
“We always talk about the fundamental changes we need in our economy. Our dependence on imports remains problematic. While boosting exports and manufacturing may reduce import dependency, I didn’t hear specific details on how this will be achieved,” he commented on President John Dramani Mahama’s eight-point reset agenda shared at a summit the previous day.
The analyst identified three critical gaps in current economic discussions, outlining a mindset change, policy consistency, and stabilisation framework.
“What are we doing to change our attitudes as a people? When the dollar rises, we immediately adjust prices upward, but when it falls, we resist downward adjustments. This is an attitudinal issue in how we buy and sell,” he said.
He added,” I prefer policy approaches over compulsion, but we need strategies that instil discipline without IMF intervention every seven years.”
“The Governor mentioned the need for stability, which is good. But we need clear parameters to prevent volatile market reactions.”Source: David Apinga
— A Testament to Purpose-Driven Innovation, Ethical Leadership, and Impactful Stewardship
Accra, Ghana – May 26, 2025 – In a compelling affirmation of visionary leadership and transformative innovation, Mr. Alex Apau Dadey, Executive Chairman of KGL Group, was named CEO of the Year – Group Business Sector (Private Sector) for the third consecutive time, as well as CEO of the Year – Public Private Partnership (PPP) Technology Sector, at the 9th Ghana CEO Excellence Awards.
Mr. Alex Apau Dadey posed with President John Mahama
The Ghana CEO Summit convened over 500 top CEOs, heads of state, entrepreneurs, and policymakers from across West Africa and beyond, under the theme “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy.” It served as a high-level platform for private-public dialogue on leadership, digital innovation, sustainability, and ethical governance.
Mr. Dadey’s double recognition not only celebrates his exceptional leadership within Ghana’s private sector but also affirms his unwavering commitment to responsible corporate stewardship, ethical business practices, and innovation with impact. Under his guidance, KGL Technology, a subsidiary of the Group, has been at the forefront of digital transformation across ICT, gaming, and telecommunications—culminating in the company’s No. 1 ranking in ICT at the Ghana Club 100 Awards.
In his acceptance remarks, Mr. Dadey expressed deep appreciation for the recognition, emphasizing that the honour was not his alone:
“I am profoundly humbled by this honour. This recognition is not a personal achievement but a reflection of the extraordinary commitment of the entire KGL Group team. I also extend my heartfelt gratitude to our partners and stakeholders, whose trust and collaboration have been instrumental in our journey. Together, we have shown that purpose-driven innovation can unlock tremendous value—not just for business, but for communities and our country at large.”
He also extended his appreciation to the President of the Republic for his attendance and fostering a collaborative national dialogue with the private sector:
“My sincere appreciation goes to His Excellency the President of the Republic, John Dramani Mahama whose openness to collaboration with the private sector reflects visionary leadership. By recognizing the private sector not as mere economic actors but as true engines of progress, this administration has created a fertile ground for innovation and shared prosperity. We are stronger when government and industry move in sync toward the same goal: building a resilient, inclusive, and future-ready Ghana.”
Throughout the summit, Mr. Dadey underscored the importance of homegrown, inclusive solutions to Africa’s developmental challenges. He cited KGL Group’s innovative approach to Public-Private partnerships as a shining example of how Ghana’s economy can evolve for the better.
“Every region faces unique challenges, and our role as African entrepreneurs is to design technology that adapts to our realities,” Mr. Dadey noted during a fireside discussion with TV3’s Kemini Amanor.
“At KGL Group, we believe the most sustainable solutions are those created by us, for us.” The Group continues to lead with strong corporate governance, regulatory compliance, and transparency, setting a benchmark for responsible enterprise across Ghana.
At the heart of KGL’s mission is a deeply held belief: business must be a force for good. This ethos finds expression through the KGL Foundation, the CSR arm of the Group, which champions causes in education, health, and social empowerment. From investing in vulnerable communities to supporting young entrepreneurs, the Group’s impact resonates far beyond the business landscape.
Mr. Dadey’s recognition at the 9th Ghana CEO Summit reaffirms his enduring impact on Ghana’s private sector and his instrumental role in positioning KGL Group as a leader in ethical, inclusive, and innovative business practices. His legacy is one of leadership that inspires, technology that transforms and includes, and a business philosophy rooted in empathy, integrity, and nation-building.
The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has refuted claims that the Central Bank is deliberately manipulating the exchange rate to drive the recent appreciation of the Cedi.
Ghanaian food recipes
The local currency has recorded significant gains in recent weeks, sparking speculation that the Central Bank may be employing artificial measures to influence its value.
Speaking at the Ghana CEO Summit held in Accra on Monday, May 26, 2025, Dr. Asiamah attributed the Cedi’s performance to sound macroeconomic fundamentals.
Dr. Johnson Asiamah
“Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.
Ghanaian food recipes
According to Dr. Asiamah, the Cedi’s strength is underpinned by disciplined monetary policy, targeted foreign exchange reforms, improved remittance flows, and enhanced market surveillance.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.
President John Dramani Mahama has reaffirmed his administration’s dedication to fiscal discipline as Ghana works toward exiting the International Monetary Fund (IMF) programme by 2026.
Speaking at the 9th Ghana CEO Summit on Monday, May 26, under the theme “Transforming Business and Governance for a Sustainable Futuristic Economy,” President Mahama underscored the need for prudent government spending and borrowing practices.
“Completing the IMF programme with discipline, we will continue the discipline in government expenditure and borrowing and work to achieve all targets under the extended credit facility programme with the IMF,” he said.
President John Dramani Mahama
He also noted that the government aims to complete the fourth review of the IMF programme by June 2025—a key milestone on the path to final programme completion.
“Afterwards, we will participate in Article IV consultations and adopt the Policy Support Instrument framework, signalling Ghana’s return to responsible, non-borrowing engagement with the Fund,” he added.
President Mahama’s remarks come as Ghana approaches the final stages of the IMF-supported programme, with stakeholders closely watching how the government manages its economic recovery and reforms.By:Patricia Boakye
