Business

 

 

 

President John Dramani Mahama has set-up a seven-member National Economic Dialogue (NED) Planning Committee as part of his 120-day Social Contract with Ghanaians.

The initiative aims to tackle Ghana’s pressing economic challenges and lay the foundation for sustainable development.Ghanaian-themed art

The committee, chaired by renowned economist Dr. Ishmael Yamson, will organise a high-level dialogue to foster consultation and consensus on policies essential for transforming Ghana into a high-growth, inclusive and resilient economy.

It has four weeks to submit its report.Other members include Dr. K.Y. Amoako, Professor John Gatsi, Mohammed Samara, Nelly Mireku, Anthony Sarpong and Ernest De-Graft Egyir.

In a statement issued on January 26, 2025, Felix Kwakye Ofosu, Acting Spokesperson to the President, outlined the NED’s objectives which include communicating the true state of Ghana’s economy to stakeholders and citizens.

“The NED will offer a platform for dialogue and consultation on the country’s pressing development challenges. It will also discuss policy trade-offs and build consensus on reforms needed to transform Ghana into a high growth, inclusive and resilient economy”, the statement read.

Other responsibilities of the Committee will be to develop a homegrown fiscal consolidation program to guide the national budget and help identify structural reforms and policy priorities for an economic reset.Ghanaian-themed art

The National Economic Dialogue represents a critical step in addressing Ghana’s economic challenges, from fiscal sustainability to structural transformation and resilience.

 

By:Abigail Arthur

 

President John Dramani Mahama has appointed private legal practitioner Abass Nurudeen as the Chief Executive Officer of the Social Investment Fund (SIF).

A statement issued by the Executive Secretary to the President, Dr Callistus Mahama said the appointment of Lawyer Abass Nurudeen is effective January 24.

Mr. Nurudeen, who is currently with S N A@Law in Kumasi, brings a wealth of experience in corporate and commercial law.

His expertise in the legal sector is complemented by his leadership skills, honed through his role as Project Manager of Chrisviegg Company Limited, a prominent player in Ghana’s road and building construction industry.Ghanaian travel experiences

The appointment of Abass Nurudeen is expected to strengthen the operations of the Social Investment Fund, which focuses on fostering social and economic development across the country.

Mr. Nurudeen’s diverse professional background positions him to effectively oversee the Fund’s mission of enhancing livelihoods through targeted investments and initiatives.
By:Hafiz Tijani

 

 

The MTN Ghana Foundation has taken a significant step in advancing science, technology, engineering, and mathematics (STEM) education with the handing over of a modern integrated STEM laboratory at Wiamoase in the Ashanti Region. The ultra-modern integrated STEM Lab is the first of its kind by MTN Foundation in the region.

The facility is part of MTN Ghana Foundation’s commitment to empower young people through education and innovation. The integrated STEM Lab will provide students and teachers with hands-on experience in robotics, programming, electronics and other STEM related programs.

The MTN Ghana Foundation supported the project with GHS 746,425.00 to furnish the Integrated STEM Lab with the following equipment:
Lego Education: The latest LEGO education STEM learning solution for pre-school, primary and secondary school students. SPIKE Essential units will engage students in hands-on investigation of STEM concepts using everyday themes.

The front view of the facility
REV Robots: This kit has over 1400 parts. The kit provides the most robot design flexibility of any kit on the market, providing teams with a strong foundation to build on.
Drone Technology
Virtual Reality Sets
Scratch, Java and Python Programing
Science Research

The MTN Ghana Foundation’s support for STEM education and this project reaffirms MTN’s belief that everyone deserves the benefits of a modern, connected life.

Speaking at the handing over ceremony, Robert Kuzoe, Senior Manager of the MTN Ghana Foundation, reiterated MTN’s commitment to bridging the digital gap in underserved and unserved communities. He said “Our support for STEM education and this project reaffirms our belief that everyone deserves the benefits of a modern, connected life. I am happy to say that this Integrated STEM Lab is more than just a building; it is a gateway to opportunities. It symbolizes hope, progress and a brighter future for the children and youth of Wiamoase and beyond”.

On his part, the Chief of Wiamoase, Nana Boakye Yiadom, expressed his appreciation to the MTN Ghana Foundation for the initiative and urged the students to embrace digital literacy and make good use of the facility to learn digital skills.

Since the inception of the MTN Ghana Foundation in 2007, the Foundation has implemented over 178 major projects in areas of health, education and economic empowerment. These projects are estimated to have impacted over 5 million people.

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Media Contacts:
Adwoa Afriyie Wiafe
Chief Corporate Services and Sustainability Officer
Email: MTNGhana.MediaOffice@mtn.com

Georgina Asare Fiagbenu
Senior Manager Corporate Communications
Email: MTNGhana.MediaOffice@mtn.com

MEDIA RELEASE

Accra 23rd January 2025. MobileMoney LTD, (MML) as part of activities to crown its 15th anniversary celebrations organized awards event across the country to honour its high-performing Partners, Agents and Merchants who have been instrumental to the growth of MTN MoMo in Ghana.

Speaking at the National Awards night held in Accra, the Chief Executive Officer of MobileMoney LTD, Shaibu Haruna, expressed his appreciation to the Bank of Ghana and its various partners for trusting and choosing to work with MobileMoney LTD to drive financial inclusion over the past 15 years.

He said, “After 15 years, we are happy to say that we have co-created and contributed significantly to Ghana’s FinTech industry through direct and indirect employment of Ghanaians. We continue to contribute significantly to government revenue, facilitate business growth and create digital entrepreneurs. Above all, the platform has brought dignity to many Ghanaians through the transformative power of financial inclusion.”

Highlighting the prospects for MoMo, Mr. Haruna said, “We continue to see significant opportunities in digital payments, cross-border payments, insurance, investment and e-commerce. These are opportunities that we can co-create and develop in the future. Our ambition for the next decade is to provide ‘financial freedom’ for every Ghanaian and this we hope to achieve through partnerships”, he concluded.

MobileMoney LTD presented awards to the following:

Partners
FinTech Champion of the Decade: Archie Hesse – CEO of Ghana Interbank Payment and Settlement Systems (GhIPSS) for his transformative influence on Ghana’s FinTech landscape.
Overall Best FinTech Company of the Year and Government Partner of the Year- Hubtel
FinTech Partner of the Year (B2B) – Nsano Ltd, for their exceptional business-to-business solutions.
Most Innovative FinTech Partner award; – AppsNmobile, for their creative technological solutions that enhanced the MoMo experience.
Merchant FinTech Partner of the Year- BluPenguin for their exceptional service to merchants.
Bank Partner of the Year (Lending): Letshego, for supporting MoMo’s lending services.
Fintech Partner of the Year: Jumo, for their crucial role in enhancing mobile financial services.
Remittance Partner of the Year: IT Consortium for their dedication to remittance solutions.
Most Innovative Product of the Year- Agent Flex by Tyra and FAB for broadening MoMo’s utility and accessibility.

Organizations Supporting MoMo to Drive Financial Inclusion

Government Partner of the Year-The Electricity Company of Ghana
Corporate Partner of the Year -Keed Ghana Limited

MoMo Agents and Merchants Awards

South East & National
Best Agent – I. K. Bediako
Best Merchant – China Mall

Ashanti & Bono Ahafo & Bono East
Best Agent – Osuani Boakye
Best Merchant – China Mall

South West (Central/ Western/ Western North)
Best Agent – Tahiru Issaka
Best Merchant – De Jab Electronics

Northern Ghana
Best Agent – Abdul Gafaru Banganim
Best Merchant – Sparkles Pub and Restaurant

Award winners for the Agents and Merchant categories took home various prizes including e- cash and motorbikes.

MobileMoney LTD launched its 15th anniversary celebrations under the theme ‘Empowering Communities: Celebrating 15 Years of Progressive Financial and Digital Inclusion’. Other activities undertaken as part of the celebrations included a customer promotion float, a stakeholder forum to discuss the impact of emerging technologies promoting financial inclusion, fraud education and awareness campaigns, digital finance training for SMEs and a cashless market/trade fair. The MoMo@15 awards showcased the partnerships and innovations that have shaped MTN MoMo’s journey, setting the stage for the next decade of growth in the financial sector.

Since its inception in 2009, MTN MoMo has transformed the financial services landscape in Ghana, providing millions of people with access to convenient, secure, and affordable mobile money services. The platform has millions of users and continues to be an essential tool for financial transactions.

End.
Media Contact
Adwoa Wiafe
Chief Corporate Services and Sustainability Officer

Georgina Asare Fiagbenu
Senior Manager of Corporate Communications
Email: MTNGhana.MediaOffice@mtn.com

 

By:William Narh

President John Dramani Mahama has assured Ghanaians that his government has successfully averted the looming threat of power outages, commonly referred to as “dumsor.”

Speaking during the swearing-in ceremony for newly approved ministers, President Mahama emphasised that decisive action had been taken to stabilise the energy sector and ensure uninterrupted power supply despite challenges inherited from the previous administration.

“As you may all be aware, the previous government did not work to ensure a smooth running of the energy sector by neglecting to arrange enough fuel to power our thermal plant. This was because of the known scheduled maintenance work that was expected to be placed on the West Africa Gas Pipeline (WAPCo) which is responsible for bringing in significant gas that we have in our eastern enclave.

“Through determined efforts, I can report that we have now averted the looming threats of power outages and began delivering fuel to the thermal plant in the east in advance of the shutdown of the WAPCo gas pipeline,” he stated.

Meanwhile, the president swore in minister nominees who were recently approved by parliament. They are; Dr. Cassiel Ato Forson, Finance, Dr. Dominic Ayine, Attorney General and John Jinapor, Minister for Energy and Green Transition

The others include Haruna Iddrisu, Minister for Education, Eric Opoku, Minister for Food and Agriculture and Governs Kwame Agbodza, Minister for Roads and Highways

 

There has been recent allegations of losses and accusations of impropriety regarding the novel gold for oil program started by the previous government with the Bank of Ghana and the Minerals Income Investment Fund (MIIF) at the centre of the accusations from some sources.

The MIIF in the past three years has grown to be arguably the most profitable state-owned organisation and perhaps the most impactful, recording over 100% in profits in 2023, increased its assets under management from US$180 Million in 2021 to circa US$1 Billion in 2024, supporting mining capacity building and increasing Ghana’s equity interests in mining.
Ghana Extractives which have been following the activities of MIIF considering its importance to the mineral sector in Ghana has researched and followed the company’s gold trade program including previous engagements with MIIF at different fora such as the October 2024 stakeholder conference and subsequent press conference on the activities of the Fund.

The Objective of the MIIF Gold Trade Desk
MIIF whose investment policy guidelines allows it to trade in precious minerals as an alternative investment according to the presser in 2024, aims to use the Trade Desk to improve the integration of the gold value chain including the proposed gold backed ETF (Exchange Traded Fund) , supporting the stabilisation of the cedi, build gold reserves, optimise returns for the Fund and supporting the formalisation of the small scale mining sector.
USD$1.02 billion Dollars Revenue
MIIF gold trade through a revolving trade line of the cedi equivalent of US$30m to its approved aggregator was able to attract circa US$600 million dollars into the Ghanaian economy between October 2023 and September 2024 with other trade lines leading to revenue in excess of US$ 1.0 Billion.

The MIIF Trade Model
Our research reveals that MIIF through licenced aggregators and under an insured program provides cedis to a licenced aggregator to purchase gold from licenced small-scale miners which is then exported to accredited LBMA (London Bullion Market Association) refineries. According to same research, MIIF has two models covering its trade program – the Gold for Forex and Gold for Oil.

The MIIF Gold for Forex Program
The objective of this model was for MIIF to make margins on the USD with the added impact of supporting the cedi against volatility. Contrary to allegations of missing US$90 Million cash, our investigations reveal that MIIF in 2023 disbursed the cedi equivalent of $30m in 3 tranches of $10m each to its first aggregator Goldridge, which according to sources remains the only MIIF owned capital outlay. This monthly revolving outlay returned a monthly average of circa $60 Million over a period of eleven months.

Based on the success of the program, banks such as Fidelity approached MIIF with its own capital under a pre-settlement arrangement. With this arrangement, the bank provides its own capital to plug into the MIIF trade with the objective of offtaking dollars derived from the trade. According to sources, there was a return of circa US$156 Million between June to September 2024.

The Gold for Oil
MIIF participation in Government of Ghana’s Gold for Oil did not involve any capital outlay from MIIF. This second model of the MIIF Trade involved oil bulk distribution companies (BDCs) providing cedis to MIIF’s Trade Desk through the Chamber of Bulk Oil Distributor (CBOD).

This generated forex of circa US$650 Million to support the payment of fuel supplies on behalf of BDCs between February 2024 to September 2024. The forex delivered to the oil import market was however sub-Bloomberg mid-rate, thereby bringing stability to the cedi and supporting the purchase of oil prices at the pump as confirmed by the Chamber of Bulk Oil Distributors.

Forex Variance in September 2024
According to the MIIF press conference last year which has been much amplified recently, these fiscal gains however caused forex variances which affected MIIF’s trade portfolio as local gold prices soared against lower Bank of Ghana prescribed rates for trading and the prevailing USD commercial rates at the time.

This created a forex variance of US$19.5m out of circa US$156m trade volume of Fidelity Bank’s capital with MIIF, and US$42m out of the $650m trade volume with the BDCs under the Gold for Oil Program. According to reports, the US$19.5m Fidelity variance has been fully remedied and circa US$29 million out of the BDC reported variance of US$42 million remedied through trade receipts.

According to reports, MIIF’s revolving initial capital of $30m provided to Goldridge in cedis was suspended in September 2024 due to the reported forex variance borne out of the prevailing commercial forex rate and the prescribed sub Bloomberg rate from Bank of Ghana. It is estimated that, a further trading by Goldridge under the revolver can generate more than US$500 million per year.

It is instructive to note that, the MIIF gold trade is still ongoing with an expanded number of aggregators and with a projected foreign exchange inflow of US$ 3 Billion dollars in the next two years.

Trade, the future and proposed Ghana Gold Board
MIIF’s Trade has been hugely successful despite the forex variance in September 2024. It is however estimated that, following the turnover of US$30 million to generate over US$600 million, the trade structure provides an opportunity for Ghana to utilise such for the much-needed forex, the attendant formalisation impact on the small-scale mining sector and the economy as a whole.

The MIIF Trade Desk provides a blueprint for future trading programs whether gold for oil or trading by the Government under Ghana’s proposed gold board.

The risk of foreign exchange variances are commonplace with commodity trading but with the right monitoring, technology and hedging mechanisms a precious minerals trade program can be Ghana’s game changer and MIIF has shown the way.Source:Wilberforce Asare -Asaase Radio

By Innocent Samuel Appiah

In a move aimed at strengthening the governance and operations of the Precious Minerals Marketing Company (PMMC), the Government of Ghana has appointed a new Managing Director who has vowed to prioritize transparency, stakeholder engagement, and the equitable distribution of the country’s mineral wealth.

Sammy Gyamfi, Esq., a seasoned legal professional with extensive experience in the minerals sector, has officially taken the helm of PMMC, succeeding the outgoing Managing Director, Nana Akwasi Awuah. During his formal introduction to the company’s staff, Mr. Gyamfi outlined his vision for the way forward, emphasizing the need for a collaborative and inclusive approach.

“PMMC’s role as the custodian of Ghana’s precious mineral resources is of paramount importance, and I am committed to ensuring that we fulfill this responsibility in a manner that benefits all Ghanaians. This will require strengthening our partnerships with local communities, mining companies, and regulatory bodies, as well as enhancing the overall governance and transparency of our operations,” he noted.

The transition at PMMC comes at a critical juncture, as the country grapples with the complexities of resource governance and the need to ensure that the benefits of mineral wealth are equitably distributed.

Mr. Gyamfi’s appointment is a demonstration to the government’s commitment to professionalizing and strengthening the management of state-owned enterprises, a key priority in the pursuit of inclusive and sustainable development.

Mr. Awuah, the outgoing Managing Director, commended the efforts of the PMMC team, highlighting the significant strides made in recent years in areas such as financial management, operational efficiency, and the protection of the company’s core mandate.
“The success we have achieved is a proof of the hard work and dedication of each and every one of you. I have no doubt that with Sammy at the helm, this company will continue to thrive and reach new heights,” said Mr. Awuah.

 

Mr. Gyamfi, who brings a wealth of legal expertise and a deep understanding of the minerals sector, has vowed to work tirelessly to uphold the core values and objectives of PMMC, which include the effective regulation and marketing of Ghana’s precious minerals.

“My primary focus will be to ensure that PMMC remains a trusted custodian of the country’s mineral wealth, while also exploring new avenues for growth and diversification. We have a responsibility to the people of Ghana to maximize the benefits of our natural resources and to do so in a manner that is transparent, accountable, and aligned with the national interest,” the new MD opined.

One of the key priorities for the new Managing Director will be strengthening the company’s engagement with local communities, a critical aspect of ensuring the equitable distribution of mineral wealth.

“Collaboration and open communication will be at the heart of my approach,” Mr. Gyamfi explained. “We cannot achieve our objectives in isolation, and I am committed to fostering an environment of mutual understanding and shared purpose with the people who live in the shadow of these lucrative mining operations.”
Mr. Gyamfi, who is also the Communications Officer of the National democratic Congress has also pledged to work closely with the relevant government authorities to align PMMC’s operations with the broader initiatives to enhance the governance and management of the country’s extractive industries.
“His Excellency, the President has entrusted me with the task of driving forward the necessary reforms and institutional strengthening at PMMC. I am acutely aware of the gravity of this responsibility, and I am ready to collaborate with all stakeholders to ensure that we deliver on this mandate,” said Mr. Gyamfi.
Joycelyn Mends-Ainoo, the Director of Human Resources and Administration at PMMC, expressed her confidence in the new leadership, emphasizing the importance of maintaining a seamless transition for the benefit of the company’s operations and its employees.
“We are excited to welcome Sammy Gyamfi to the PMMC family. His expertise, coupled with his dedication to the company’s mission, make him the ideal candidate to lead us into the future. We pledge our full support and commitment to working alongside him to achieve our shared goals,” said Mrs. Mends-Ainoo.
As the new Managing Director takes the helm, PMMC employees have expressed their optimism and eagerness to contribute to the company’s continued growth and success.
“This is a new chapter for PMMC, and we are ready to embrace the challenge,” said a senior officer at the company. “With Mr. Sammy’s leadership and our collective efforts, I am confident that we will strengthen PMMC’s position as a vital institution in Ghana’s minerals sector.”
The transition at PMMC marks a critical moment in the country’s efforts to ensure that the benefits of its natural resource wealth are equitably distributed and that the interests of local communities are prioritized. Gyamfi’s appointment and his commitment to transparency, stakeholder engagement, and institutional reform underscore the government’s recognition of the need for a more inclusive and sustainable approach to mineral resource governance.

As Sammy Gyamfi embarks on his tenure as the new Managing Director of PMMC, the eyes of the nation will be firmly fixed on the company’s performance, with high expectations for continued excellence and the realization of the government’s strategic vision for the minerals sector. The successful implementation of Gyamfi’s inclusive agenda will be crucial in restoring public trust and fostering a more equitable and sustainable mining industry in Ghana.
President John Dramani Mahama appointed Sammy Gyamfi as the acting MD of the Precious PMMC. His appointment comes with a crucial mandate: to oversee the establishment of the Ghana Gold Borad (GOLDBOD), a new entity dedicated to gold trading. He is a lawyer and Economic Policy Analyst with a BSc in Environmental Science and a Bachelor of Law from Kwame Nkrumah University of Science and Technology.
He holds a Barrister at Law certificate from the Ghana School of Law and an MA in Economic Policy Management from the University of Ghana. He is also an alumnus of the Harvard Kennedy School with Executive Certificates in the Emerging Leaders and Strategic Leadership Programmes.
The GoldBod is one of the top priorities of the Mahama administration aimed at economic revitalization and shall, among other things, be responsible for the sustainable management and marketing of the country’s gold resources for the benefit of the Ghanaian people. It will include formalizing the small-scale gold mining sector and providing mining support services for the industry.
Mr. Sammy Gyamfi has previously worked with Exton Cubic Group Limited, a reputable mining company in Ghana, and is the National Communications Officer of the National Democratic Congress.