Category: Local News

Only 37% of businesses in Ghana currently accept or use digital payments, with the agricultural sector recording the lowest level of adoption.

This is according to a new report on the Adoption of Digital Financial Services by Business Firms in Ghana, jointly released by Retail Finance Distribution (ReFinD) and the Institute for Statistical Social and Economic Research (ISSER) with support from the Ghana Statistical Service.

The report notes that digital payments adoption and usage is highly uneven, concentrated in Greater Accra and regional capitals. It further adds that female managers significantly boost revenue and merchant account adoption and usage.

Key barriers to adoption and usage include knowledge gaps, fraud concerns, and perceived uncertain returns.

Significant digital payments adoption and usage gaps exist across firm sizes, sectors, formality, and location. To address these gaps, the report recommends that policymakers might implement targeted interventions.

These include enhancing firms’ understanding of adoption and usage benefits, strengthening fraud prevention, and creating incentive structures for business-specific digital payment systems. Enhanced cyber security is crucial for building trust.

Commenting on the report, the Director of ISSER Prof. Peter Quartey noted that: “There are a number of reasons why adoption is low. One, is the uncertainty in the business environment and there is also the cost element and taxation and few other constraints but overall leveraging the digital financial inclusion is one of the surest way of including the unbanked in financial services,”

Delivering the keynote address on behalf of the First Deputy Governor of the Bank of Ghana, the Director of Fintech and Innovation, Kwame Oppong, emphasized that the findings will play a critical role in shaping policies aimed at deepening financial inclusion.

“Despite the progress made in financial inclusion challenges still persist. Evidence by the widening gender gap and the digital inclusion and so the report produced under this initiative is timely.

“I have no doubt that the findings from this research will inform policy and make our approaches to financial inclusion more effective,” he said.

Ghana could lose up to $500 million in government revenue if it proceeds with plans to refine its lithium domestically, according to a new report by the Natural Resource Governance Institute (NRGI).

The analysis warns that a state – or privately-run refinery would only break even if it purchases lithium concentrate at below-market prices—undercutting revenue from royalties, taxes, and dividends from current mining operations.

The modeling compares two scenarios: exporting raw lithium spodumene concentrate versus processing it locally. The results are stark—exporting yields higher net revenue for the government, especially if concentrate is sold to Chinese refineries, which currently dominate the global market and operate at far lower costs.

In the medium-price scenario, refining locally reduces expected government revenue from $2.7 billion to $2.2 billion. Even with a 20-year operational refinery, losses exceed $300 million, largely due to Ghana’s high capital costs, limited feedstock, and lack of refining expertise.

In contrast, China controls over 90% of global lithium refining, benefitting from economies of scale, cheap reagents, and state-backed subsidies. Most new refineries outside China—including in Australia and Europe—have either been cancelled or delayed due to similar cost hurdles.

NRGI recommends Ghana adopt a “mine-and-monitor” strategy—starting lithium production at Ewoyaa swiftly, supporting exploration, and tracking global refining trends before committing public funds to a potentially loss-making refinery.

While calls for local value addition remain strong, the report urges policymakers to weigh economic feasibility and opportunity costs—highlighting that the projected $500 million loss exceeds Ghana’s entire 2024 education budget for basic schools.

The Minority in Parliament has condemned what it describes as an attempted intimidation of Rev. John Ntim Fordjour, Ranking Member on Parliament’s Interior and Defence Committee and Member of Parliament for Assin South, by the National Investigations Bureau (NIB).

This follows the MP’s recent allegations regarding two suspicious flights at the Kotoka International Airport, which he claimed were carrying drugs and cash.

Speaking to the media after a failed attempt to arrest the MP at his residence in Accra on Wednesday, April 9, Minority Leader Alexander Afenyo-Markin declared the caucus’ unwavering support for their colleague and their refusal to be intimidated.

He described the move by the NIB as politically motivated and aimed at silencing dissent within Parliament.

Afenyo-Markin stressed that the Minority remains committed to ensuring transparency and accountability in investigating the allegations made by the MP and insisted that due process must be followed.

He also called on the public to remain alert and support efforts to uphold justice and fairness.

Zoomlion Ghana Limited has strongly refuted claims made in the April 7, 2025, edition of the Daily Guide newspaper, which alleged that the company’s “Zoomlion Landguards” were responsible for the destruction of property belonging to Turkish investors.

In a statement released by the company’s management, the company emphasized that it does not employ, contract, or engage the services of landguards in any form.

The company categorically denied involvement in any unlawful activities, asserting that it operates fully per the laws of the Republic of Ghana.

Zoomlion’s management expressed their commitment to ethical business practices, stating that the company has long adhered to the highest standards of integrity and professionalism. They further reiterated that the company does not condone violence or the destruction of property and has worked with numerous reputable foreign entities over the years.

“These allegations are misleading and unjustifiable,” said the statement. “Zoomlion Ghana Limited is a responsible corporate entity, and it is both erroneous and damaging to associate us with any illegal actions.”

The company called on those with grievances or concerns to pursue the appropriate legal channels, assuring the public and its stakeholders of its continued commitment to lawful operations.

Zoomlion also affirmed its support for the role of the judiciary in resolving disputes and urged the general public to disregard the unfounded claims.

The Ghana Revenue Authority (GRA) has announced that it collected approximately GH₵41 billion in taxes during the first quarter of the year, surpassing its target of GH₵39 billion.

According to the Acting Commissioner-General of the GRA, Anthony Sarpong, the performance across regions was commendable, with some regions exceeding expectations.

“I must say that the entire tax performance for the country as a whole was impressive. For the Ashanti Region, they have exceeded the target that we gave to them,” Sarpong said.

He emphasized the need for sustained effort to ensure the national target is met by the end of the year.

“I have already mentioned to them that it is the beginning, and I do want to expect that, as we have done in the first quarter, they will also deliver in the remaining quarter towards the entire national target,” he added.

Highlighting the scale of the achievement, Sarpong noted: “In the first quarter, the budget gave us GH₵39 billion, but I am happy to announce that we recorded GH₵41 billion for the first quarter.”

Felix Kwakye Ofosu, Minister of State in Charge of Government Communications, has reaffirmed the government’s position that public funds will not be used to construct the controversial National Cathedral.

Speaking on the matter, Kwakye Ofosu stressed that President John Dramani Mahama remains firmly committed to this stance.

“The president was clear that we are not going to use public funds to continue that project,” he stated.

Sharing his personal perspective, the Minister said: “I am very clear that we don’t need a national cathedral. If religious organisations, churches are minded to put up a cathedral and they request for land from government and government offers it and they are able to generate their resources to build it, all well and good.

“But I don’t believe that we should put public funds into a national cathedral.”

Kwakye Ofosu emphasised that this position has been consistently upheld by President Mahama and made it clear that no taxpayer money would be committed to the project.

“What is certain is that President Mahama is not going to put GHS400 million of taxpayers’ money into that project,” he added.

The Ghana Cocoa Board (COCOBOD) has announced that the producer price of cocoa will remain unchanged for the 2025/2026 season.

In a letter to the Licensed Cocoa Buyers’ Association of Ghana (LICOBAG), COCOBOD explained that the decision followed a thorough assessment of the operational and financial implications for the local cocoa industry.

“This decision comes after careful consideration of the operational and financial implications for the cocoa industry,” said Dr. James Kofi Kutoati, Acting Deputy Chief Executive, Operations, in the letter dated April 8, 2025.

The Board said the move aims to preserve stability and long-term sustainability within Ghana’s cocoa sector.

Currently, the cocoa producer price is GH₵3,100 per 64kg bag, representing a slight rise of 0.03% from the previous rate set in September for the 2024/2025 crop season.

The adjustment, which translates to GH₵49,600 per tonne, is intended to align cocoa prices with current market conditions and provide additional support to Ghanaian cocoa farmers.

While COCOBOD acknowledged Côte d’Ivoire’s price hike, it hinted at a potential review of producer prices, fees, and margins for stakeholders in the 2025/26 season.

The decision comes at a time when both nations, who together produce over 60% of the world’s cocoa, are working to coordinate pricing through their joint Cocoa Initiative to better protect farmers’ incomes.

The government has officially dissolved the National Cathedral Secretariat, a project initiated by former President Nana Akufo-Addo as a national Christian worship center and a symbol of Ghana’s religious heritage.

The dissolution of the National Cathedral Secretariat marks a significant shift in the government’s stance on the controversial project. The initiative, championed by former President Akufo-Addo, was meant to be a monumental religious symbol for Ghana.

However, it has faced widespread criticism over the handling of its finances and execution, with several allegations of financial mismanagement and corruption surfacing throughout its development.

Meanwhile, speaking on Channel One TV’s  Face to Face programme, Felix Kwakye Ofosu, the Minister of State in Charge of Government Communications, confirmed that the government would no longer provide funding for the abandoned National Cathedral project.

He stated that this decision is in line with the position consistently upheld by President John Dramani Mahama, who has been clear in ensuring that taxpayer money will not be used for the project moving forward.

“There are outstanding issues regarding the procurement processes, outstanding payments that the contractor is demanding, but nobody will answer because there is no National Cathedral.

“It remains a worthless home. As a point of determination, a decision is going to be made, but what is certain is that President Mahama is not going to put GHS400 millions of taxpayers’ money into that project.”

The Okada Riders Association has highlighted the importance of training in enhancing safety within the commercial motorcycle sector.

This comes in response to the recent proposal by the Minister of Transport, Joseph Bukari Nikpe, to amend the Road Traffic Regulations, 2012 LI 2180, to permit only persons aged 25 and above to operate commercial motorcycles and tricycles as part of the government’s plans to improve safety and accountability in the sector.

Speaking to Citi News, Public Relations Officer of the Okada Riders Association, Solomon Akpanaba, stressed that training is the key to promoting safety in the sector, rather than age limits.

“We have always said and will continue saying that if you want to bring discipline or reduce accidents drastically on the road, look at training, training of the rider. Let your focus be there, not age.

“That the 18-year-old guy, when he gets to the traffic light, when he is trained, he will know that between crossing the road because I am in a hurry and standing patiently for some two minutes before I go, which one more important.

“The 18-year-old guy given the training will know the right decision to take,” he said.