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Kweku Zurek

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Jun – 05 – 2025 , 15:55

Executive Director of IERPP, Prof. Isaac Boadi

The Executive Director of the Institute of Economic Research and Policy (IERPP), Prof. Isaac Boadi, has urged the Bank of Ghana (BoG) to be cautious with its latest regulatory reforms, warning that poorly executed policies could hamper progress in the banking sector.

According to Prof. Boadi, while Ghana’s banking industry has made commendable strides in stability and transparency, the central bank must ensure that new regulations do not have unintended consequences.

“Regulations must safeguard stability, not choke growth,” he cautioned, urging the BoG to adopt a phased, data-driven approach to reform implementation.

The Bank of Ghana’s latest regulatory framework addresses various aspects of banking operations, including reserve requirements, digital lending, and cryptocurrency oversight.

Below are IERPP’s review on areas that warrant closer attention and adjustment.

1. Dual-Currency Reserve Requirement (Effective June 5, 2025). Banks will be required to hold reserves in both domestic and foreign currencies. While this may help reduce forex volatility and improve central bank control, excessively high reserve thresholds could restrict credit availability. IERPP recommends a gradual rollout to prevent liquidity constraints.

2. Cap on Cross-Currency Card Transaction Fees (2%). The measure limits fees on international card transactions to 2%, reducing costs for users but potentially eroding bank revenues. IERPP suggests a tiered fee system to balance flexibility and consumer protection, especially since cross-border transactions reached $1.8 billion in 2024.

3. Mandatory Disclosure of Issuer Fees. This initiative requires banks to display all fees upfront during transactions, enhancing transparency. However, IERPP warns that standardizing fee presentation is crucial to prevent confusion and additional compliance burdens.

4. No Interest on Inactive Credit Accounts Banks will be prohibited from charging interest on dormant credit accounts—a move to protect consumers but one that could lead banks to restrict credit access. A clear definition of “inactive” accounts, such as six months of no activity, is recommended.

5. Digital Lending Guidelines (By August 2025). With Ghana’s digital lending market growing by 40% in 2024, regulations are necessary. However, overregulation could hinder innovation. Stakeholder consultations are key to striking the right balance, according to IERPP.

6. NPL Ratio Cap at 10% (By December 2026). Banks must maintain Non-Performing Loans (NPLs) below 10% of total loans. Given Ghana’s current NPL ratio of 14.5%, IERPP warns that a sudden cap could force banks into aggressive write-offs, reducing credit availability. A phased approach with performance-based incentives is recommended.

7. Local Governance for Foreign-Owned Banks Foreign banks must meet local governance standards, including having independent boards. While this may improve accountability, IERPP cautions that it could raise operational costs and deter investment, as foreign banks hold 40% of Ghana’s banking assets.

8. Review of Pricing Models Banks must simplify and justify fees, eliminating opaque charges to build consumer trust. While this could reduce bank revenues in the short term, regular regulatory audits will be essential for compliance, IERPP warns.

9. Public Listing of Blacklisted Borrowers Banks will be required to publish a list of loan defaulters. While this promotes financial discipline, privacy safeguards must be put in place to prevent legal and reputational risks, IERPP advises.

10. Strengthened AML/CFT for Crypto. The Bank of Ghana seeks stricter anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations for crypto transactions. While this will reduce illicit financial activity, it could also stifle crypto market growth. IERPP urges a balanced regulatory approach to support fintech innovation while maintaining compliance.

IERPP’s Position on BoG’s Reforms

IERPP acknowledges the BoG’s commitment to financial integrity and resilience but stresses that reforms must be executed with precision and stakeholder consultations to maintain momentum without triggering counterproductive effects.

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By Kodjo Adams

Accra, June 5, GNA – Ace Ankomah, a legal practitioner, has proposed a constitutional amendment to establish an independent Natural Resources Commission, free from political control, to regulate the sector effectively, particularly in tackling illegal mining.

He said that while government may issue general policy guidelines, operational authority over the utilisation of natural resources should lie with an independent body to ensure efficiency.

Mr Ankomah made the call at a public lecture on “Galamsey Revisited”, organised by the Ghana Academy of Arts and Sciences in Accra.

The event focused on the topic: “Overhaul of National Institutions Regulating Mining: Role of Local Institutions Including Chiefs.”

He also proposed a constitutional amendment to establish an Independent National Prosecution Authority to manage all criminal prosecutions without executive interference.

The Authority, he emphasised, would handle all criminal matters, including illegal mining, free from political influence.

According to Mr. Ankomah, the failure to curb illegal mining was not due to the absence of legal instruments, but rather the lack of strong, independent, and accountable institutions.

He argued that the Attorney-General, as a cabinet member, was politically compromised and could not credibly prosecute individuals at the highest levels of government.

“Ghana must rise to this challenge, not with more rhetoric but with real structural reform,” he said.

He urged citizens to consider reforms that would vest the power to manage natural resources and prosecute crimes in independent constitutional bodies, rather than under direct government control.

Professor Yaw Adu-Gyamfi, Consultant in Anaesthesiology at the University of Ghana Medical School, also called for the reintegration of traditional authorities into mining governance to build local legitimacy.

He advocated a co-regulatory model that formalised the roles of chiefs in licensing, monitoring, land allocation, and dispute resolution.

Prof Adu-Gyamfi proposed the creation of a Chieftaincy Authority, comprising representatives from regional and paramount houses, to review mineral development agreements affecting customary lands.

GNA

Edited by Kenneth Sackey

The Swiss Ambassador to Ghana, Simone Giger has urged government to diversify economic activities in the country to enable the country have more access to the European market.

Describing the relationship between Ghana and Switzerland as natural allies, Madam Giger encouraged Ghanaian producers to add more value to products intended to enter other markets across the world.

“I feel that Ghana’s economy and trade should be more diversified. I would be super happy if one day I could go to a Swiss market and buy clothes made in Ghana, handcrafts made in Ghana, or even chocolate made in Ghana,” she said on the Citi Breakfast Show on Thursday, June 5, 2025.

On environmental and climate issues, Madam Giger pledged Switzerland’s continues support in renewable energy.

She pointed out that renewable energy is a low hanging fruit that can be fully accessed to improve electricity to all parts of the country.

She recounted a number of supports provided under the Swiss Agency for Development and Cooperation to supply solar powered electricity to rural areas.

“We will continue our cooperation in environmental and climate protection, and I really hope other countries will see what we have done,” she noted.

“We learn from our experiences, and I hope Ghana will get praise for the work it has done with the EPA in leading some climate initiatives.”

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Some of the collection of luxurious car at Kwabena Adu Boahene’s Dream Enterprise Collections

The Economic and Organised Crime Office (EOCO) has given details of the companies operated by former Director-General of the National Signals Bureau (NSB), Kwabena Adu-Boahene, in what they have described as a sophisticated criminal scheme linked to the GH¢49 million of the bureau’s funds the former director is accused of misappropriating.

In a witness statement sighted by GhanaWeb, EOCO’s investigator, Frank Marshall Cromwell, said that they found that all the companies Advantage Solutions Limited, the company of Adu-Boahene and his wife and the 4th accused in the case (A4) had shares in, were either non-existent or engaged in criminal activities.

He said that one of the companies, Advantage Solutions Limited had shares in, Enterprise Dreams Limited, a car dealership, rented and sold vehicles that were stolen from North American countries.

He also indicated that the remaining companies, including Vertex Solutions Limited, Vertex Properties Limited, only exist in name.

“Investigations established from the documents that A4 was the sole shareholder of BNC Communications Limited. Company records also disclosed that the sole shareholder of A4 is A2, and that A2 and A3 are A4’s directors. I have the company profile of A4. I wish to tender it in evidence (INDEX 7).

“Probing further into the circumstances of A4, we found that A4 is the shareholder of a number of companies, all of which are directed, operated or controlled by A1, A2 and A3. The companies we discovered include Vertex Solutions Limited, Vertex Properties Limited, Enterprise Dream Collections Limited, and Securigence Limited. We obtained information on the ownership of these companies from the ORC. I wish to tender in evidence the profiles we received from the ORC regarding these companies (INDEX 8 SERIES),” part of the witness statement reads.

It added, “Investigations have established that except for Enterprise Dreams Limited – which is involved in the purchase, sale and rental of luxury vehicles, most of which have now been established to be stolen from North America, there are no records of services provided by any of these companies. Our investigations did not find any clients for these companies, any employees, or any monies which has been paid to them for services actually rendered, or the source of their capital or income generation. I wish to tender the bank account statements of the companies in evidence (INDEX 9 SERIES).”

Adu Boahene and his wife, Angela Adjei-Boateng

EOCO froze several assets of Adu-Boahene and his wife, including real estate and several high-end vehicles belonging to the couple.

Many of these cars were reportedly operated under a luxury car rental business known as Dream Enterprise Collections Limited, with its principal address listed as the Kempinski Hotel.

Details of the operations of Dream Enterprise Collections Limited, published on its website, showed the company’s stock of vehicles.

The company boasts of having a stock of over 10 luxury vehicles. The luxury vehicles displayed on the website included a Bentley, BMW, Dodge, Ferrari, Ford, Lamborghini, Land Rover, Mercedes-Benz, and Toyota.

The fleet of cars the company displayed on its social media handle also included a number of Cadillac Escalade ESVs, a Dodge Challenger, a Mercedes-Benz, and an Aston Martin DB11.

Read the full witness statement below:

BAI/AE

The National Coordinator of the District Road Improvement Programme (DRIP), Nii Lantey Vanderpuye, has criticised the Minority Members of Parliament (MPs) for marching to the Police Headquarters over the delay in the Ablekuma North election results, describing the protest as unnecessary and misdirected.

Speaking on Channel One TV’s Breakfast Daily on Thursday, June 5, he argued that the demonstration appeared more like a publicity stunt aimed at gaining media attention than a genuine democratic exercise to resolve a constitutional issue.

Vanderpuye emphasised that the Minority MPs were fully aware that the Electoral Commission (EC), not the police, is the legally mandated body to declare election results.

By opting to protest at the Police Headquarters rather than engaging the Electoral Commission directly or pursuing legal channels, he suggested the MPs were more focused on creating a public spectacle to gain sympathy than seeking a meaningful resolution.

“I think it is a simple fact that some of them have developed bellies, and they want to exercise so that they reduce the fat around their bellies. Because, seriously speaking, I do not think this is necessary,” he stated.
He questioned the rationale behind petitioning the Inspector General of Police (IGP) rather than addressing their concerns directly to the Electoral Commission (EC), which is constitutionally mandated to declare election results.

“Your petition should go to the EC, not the IGP. The IGP does not conduct elections, and they should know that. It is the EC that conducts elections, so why do you march to the police quarters? Their action is a misplaced priority. My advice is that if they think the EC has reneged on its responsibility, they can go to court and, through the court, ask the EC to fulfil its mandate or petition the EC itself,” he added.

Read also……

Pay higher electricity tariffs or support fuel levy — Vanderpuye

Kwabena Adu Boahene slapped with 11 charges over alleged illegal transfer NSB’s GH¢49 million

Frank Marshall Cromwell, the investigator in charge of the case of former Director-General of the National Signals Bureau (NSB), Kwabena Adu Boahene, has presented evidence of how the accused allegedly transferred GH¢49 million (approximately $7 million) from the bureau’s account to a private account.

In his witness statement, sighted by GhanaWeb, Marshall Cromwell gave details of the said private bank account, which supposedly belongs to Adu Boahene, the first accused (A1) in the case, and his wife, the second accused (A2).

According to him, the GH¢49 million was transferred from NSB’s account numbered 1070030677849 at Fidelity Bank into an account of the Adu Boahenes at UBM Bank, under the account name, ‘BNC Communications Bureau Operations’ and with the account number, 0241424233018.

He added that monies were transferred from the NSB account via three cheques paid into the account of the Adu Boahenes, which was created three days after the cheques were written.

“This is how A1 diverted the GH¢49,100,000.00. As Director of BNC, A1 signed three different cheques which were drawn on BNC’s bank account number 1070030677849 with Fidelity Bank. The first cheque, which is numbered 020086, had the face value of GH¢27,100,000.00. The second and the third cheques are numbered 020089 and 020094 and had the face values of GH¢1,000,000.00 and GH¢21,000,000.00, respectively. The payee on each of the three cheques was simply described as ‘BNC Operations.

“All three cheques were then paid into the bank account number 0241424233018 at UBM Bank. This account bears the name ‘BNC Communications Bureau Operations’. Investigations have established that the account — ‘BNC Communications Bureau Operations’ — is owned by BNC Communications Bureau Limited, the private limited liability company which is owned and controlled by A1 and his wife, A2.

“Our investigations also established that BNC Communications Bureau Limited had two bank accounts with UBM Bank. One of the accounts, BNC Communications Bureau Limited (number 0151424233011), was opened on October 26, 2018. The three cheques in question were not deposited into this account. The other account, into which the cheques in question were deposited, was opened on February 5, 2020, just a day before the first of the three cheques was drawn and deposited. It is, therefore, clear to us that the bank account dubbed ‘BNC Communications Bureau Operations’ was opened solely and purposely for the diversion of the GH¢49,100,000.00,” parts of the statement read.

Adu Boahene and his wife

Marshall Cromwell, who is a Staff Officer at the Economic and Organised Crime Office (EOCO), said that more than GH¢9.5 million of the money was later transferred to ISC Holdings.

ISC, an Israeli company, is the supposed counterparty to the NSB in the $7 million international contract, which was for the purchase of cyber defence system for Ghana.

The investigator also disclosed that the Adu Boahenes and their associate, Mildred Boateng, the third accused in the case (A3), withdrew the monies in their private account for their personal use.

“The bank records show that from the time the GH¢49,100,000.00 was lodged into ‘BNC Communications Bureau Operations’ bank account, A1, on February 6, 2020, made a bank transfer of the sum of GH¢9,537,500.00 — equivalent to US$1,750,000.00 — to ISC Holdings. No further payments were made to ISC Holdings from this account. A1 then went on a spending spree, making substantial cash withdrawals from the account for personal purposes, and sometimes instructing the bank to allow A3 to make cash withdrawals. This continued until the amount was significantly depleted,” he said.

He said that on March 2, 2024, Adu Boahene and his wife directed the bank to close the private accounts into which they had transferred the GH¢49 million, and transfer the remaining cash to an account numbered 015126227017, which is owned by their company, Advantage Solutions Limited, the 4th accused in the case (A4).

“Our investigation established that ISC Holdings Limited did not deliver the cyber defence system to the NSB, and that NSB does not have the cyber defence system in its inventory,” he added.

Read the full statement below:

BAI/VPO

The writer

Across Ghana’s growing digital economy, more businesses and government institutions are embracing cloud technology as a foundation for modern operations. From Accra to Kumasi, organisations are turning to the cloud for everything from data storage and application hosting to remote collaboration and security. But while the promise of cloud computing includes greater flexibility, easier scalability, and potential cost savings, many businesses are discovering that—without careful management—cloud expenses can escalate quickly and unexpectedly. For many companies, especially SMEs and public sector organisations working with tight budgets, this can be a serious concern.

Subscription models – A blessing or a budget burden?

Most cloud services—from Microsoft Azure and Amazon Web Services (AWS) to Google Cloud and even local data centre providers—use subscription-based pricing. You pay based on the number of users or how much you use the service. In Ghana, where budgeting tends to be done annually and with limited room for variation, this model can be tricky. Underestimating the number of users or keeping inactive accounts running can lead to bills that are difficult to justify. IT leads must regularly audit user access and service subscriptions. Deleting old user accounts and consolidating tools across departments can result in significant savings.

Save money by cleaning up digital clutter

Whether it’s a government agency storing outdated memos or a fintech company keeping logs of old transactions, data builds up quickly. And cloud storage, even when affordable, is not free. Businesses should encourage regular file reviews. Every quarter, staff can be asked to delete unnecessary files or archive infrequently used data to cheaper storage tiers. Tools like Microsoft OneDrive or SharePoint offer localised storage options and archiving features that can help. It’s a small step, but when multiplied across departments, the savings can be substantial.

Avoid leaving cloud systems running after hours

One of the easiest ways to lose money in the cloud is by leaving services running when they’re not in use. This is especially common in software development environments, where virtual machines and databases are often left active overnight or over the weekend. A Ghanaian health startup recently cut its monthly bill by 65percent simply by automating the shutdown of cloud services after working hours. That’s money that could go back into product development or customer engagement. With scheduled shutdown scripts or cloud automation tools, businesses can avoid paying for idle resources.

Embrace automation to do more with less

Labour costs in Ghana are relatively affordable compared to Western countries, but skilled IT professionals are still a valuable (and sometimes scarce) resource. Cloud automation—such as automatic server provisioning, daily backups, or monitoring—can reduce manual work and eliminate costly human errors. Whether you’re a telco managing thousands of customer records or a university offering remote learning services, automation ensures consistency and frees up your IT team for innovation instead of maintenance.

You’re not stuck with one cloud vendor

Just because your business started with one provider doesn’t mean you’re tied to them forever. Many Ghanaian organisations hesitate to switch vendors, often due to perceived complexity or lack of local support. However, cloud pricing changes often—and there may be better, more cost-effective plans available. Some cloud providers offer pricing benefits depending on where your data is hosted. Hosting in Africa (such as Microsoft’s data centres in South Africa) might provide better rates or data sovereignty compliance. It’s worth regularly reviewing your contract, comparing pricing tiers, or even negotiating directly with your provider or local reseller.

Looking ahead – Cloud for growth, not for gaps

Ghana is on the rise digitally. With government-led initiatives like Ghana.gov, growing tech ecosystems in East Legon, Spintex, and beyond, and local cloud experts increasingly available, the conditions are right for cloud transformation. But to make the most of the cloud, organisations must manage it wisely. Smart cloud use isn’t just a matter of technology—it’s about strategy. With good planning, regular reviews, and efficient management, Ghanaian businesses can harness the full potential of cloud computing without overstretching their budgets.

By Allen OLAYIWOLA

>>>the writer is a seasoned cloud architect and systems administrator with expertise in leading technical teams to create innovative platforms.

Parliament has passed the Energy Sector Levies (Amendment) Bill, 2025, to impose a GH¢1 on every litre of petroleum products to raise additional funds to defray the $3.7 billion energy sector debts.

The bill proposed an upward adjustment in the Energy Sector Shortfall and Debt Repayment Levy to raise additional revenue, GH¢5 billion annually on average, to support the payment of energy sector arrears, reduce legacy debt and ensure a stable power supply across the country.

The Minister of Finance and Member of Parliament (MP) for Ajumako-Enyan-Esiam, Dr Cassiel Ato Forson, laid the bill under a certificate of urgency last Tuesday.

It was read and referred to the Finance Committee for consideration, and the report was approved by the house the same day in the evening.

The Minority side of Parliament walked out of the House before its passage.

Rationale

Explaining the rationale behind the bill, Dr Forson told Parliament that the energy sector currently posed the greatest economic and fiscal threat to the country, warning that failure to address its mounting challenges could result in a full-blown crisis.

“The total energy sector debt as at the end of March 2025 stands at $3.1 billion. This amount includes debts owed to Independent Power Producers (IPPs), State-Owned Enterprises (SOEs), fuel suppliers and other stakeholders,” he said.

Dr Forson emphasised that the nation’s inability to honour its financial obligations to key players, such as ENI and Karpowership, resulted in the complete drawdown of two critical guarantees in 2024: a $512 million International Development Association (IDA) guarantee from the World Bank and a $120 million guarantee from the Ghana National Petroleum Corporation (GNPC).

The government, he said, would now need $632 million to restore those guarantees.

Dr Forson further stated that a minimum of $3.7 billion was required to clean up the energy sector’s overall indebtedness and reset the sector on a more stable path.

Highlighting the shift in the country’s electricity generation mix, Dr Forson said the country now heavily relied on thermal power to supplement hydroelectric sources. 

However, he revealed that the cost of liquid fuel for thermal generation was not currently factored into electricity tariffs, resulting in revenue shortfalls.

The Finance Minister further stated that including fuel costs in the current electricity pricing structure could lead to a 50 per cent hike in tariffs, which would significantly burden households and businesses. 

No extra cost

Therefore, the proposed levy increase, Dr Forson explained, was a more balanced alternative that would avoid passing costs directly onto consumers.

“This levy will serve as a dedicated source of funding to the power sector, and the proceeds will be earmarked for the procurement of essential fuel for power generation,” he said.

Dr Forson assured the House that the impact of the new levy on petroleum prices would be neutralised by the strong performance of the Ghana cedi, ensuring that consumers would not pay extra for petrol or diesel.

“Mr Speaker, I repeat, the impact will be absorbed by the gains made from the strong performance of the Ghana cedi, and this will mean that consumers will not have to pay extra for the price of petrol and diesel beginning today.

“Our simulations suggest that there will be no increase in  the ex-pump price of petrol and diesel in the next window, beginning today, if the levy is imposed,” he stated categorically.

Energy Minister

Commenting on the amended bill which is awaiting presidential assent, the Minister of Energy and Green Transition, Dr John Abdulai Jinapor, said proceeds from the levy would be used to support the procurement of liquid fuel to fire thermal plants.

He said that although the proceeds would not be enough to retire the entire Energy Sector debt, it would help to stabilise the power sector and avert a more severe crisis that would be costlier to the citizenry.

The law would not have a sunset clause but the government had put together a roadmap to resolve the issues.

“All the challenges identified in the sector are being addressed simultaneously.

We have also put in place measures to monitor the economy and progress.

We will continue to review this periodically to ensure that the people of Ghana are not short-changed,” Dr Jinapor stated. 

The Energy Minister emphasised that enough and wide consultations were done with stakeholders and Ghanaians ahead of the passage of the bill.

He said the consultations had resulted in the ideal way the challenge and the levy had been dealt with.

History

The inability of the state to ensure the payment of debts as fast as possible informed the introduction of the GH¢1 per litre.

This year, the government consolidated various levies in the ESLA, including the price stabilisation and recovery, and the energy sector debt recovery levies, into a single levy of GH¢0.95 (95Gp).

Before the consolidations this year, ESLA witnessed two amendments after it was first passed in 2015. After barely a year of implementation, the government lost power, and the new government made some changes.

First in 2017 to reduce the Public Lighting Levy from five per cent per kilowatt hour (kWh) of electricity to three per cent and the National Electrification Levy from five per cent per kWh to two per cent.

In 2019, the law was again amended to create a special purpose vehicle (SPV) to collateralise the inflow, resulting in the ESLA PLC Bond, to raise more funding to retire the debts in the energy sector.

Administered by KPMG, the ESLA PLC also had challenges, including additional costs regarding bond issuance and management fees.

Experts in the energy sector told the Daily Graphic that those measures notwithstanding, the government between 2017 and 2024 could not contain the energy sector debts, but rather left them to balloon from about $3 billion at the end of 2016 to $9 billion at the end of 2024, requiring smart thinking to resolve.

One of the sources, who pleaded condition of anonymity, said although liquid fuels were not captured in the energy sector price build-up, that had become the mainstay for keeping generation, while natural gas, which was part of the price build-up, had become stranded.

The source said it was therefore imperative to introduce the GH¢1 to meet the liabilities in the energy sector.

It added that the levy had been imposed on petroleum products because its collection was more efficient and transparent as opposed to levying it on energy infrastructure and generation.

After having bauxite mining cancellation in Guinea, Emirates Global Aluminium (EGA) now eyes Ghana to explore fresh bauxite-related opportunities. According to a report on June 4, the UAE-based aluminium major has inked an agreement with the Ghana Integrated Aluminium Development Corporation (GIADEC) to assess the feasibility of bauxite exploration in the West African country.

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What’s in the deal?

Under the agreement signed with GIADEC, EGA aims to explore Ghana’s estimated 920 million tonnes of bauxite reserves in Ghana, spread across Nyinahin (700 million tonnes), Kyebi (160 million tonnes), and Awaso (60 million tonnes). Despite this vast potential, Ghana currently produces just 1.5 million tonnes annually.

Beyond exploration, EGA will also examine the potential for long-term offtake agreements with GIADEC and possible collaboration on rail and port infrastructure to support expanded production.

Commenting on the deal signed, Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “This aligns well with EGA’s goal of diversifying our sources of upstream supply as we grow our metal production, including in the US as we progress our plans to develop a greenfield primary aluminium production plant as announced during the recent state visit to the UAE of President Trump. EGA is looking to double its bauxite production in the next few years and exploring multiple opportunities worldwide, and Ghana is amongst them.”

Strategy or coincidence?

While the timing of EGA’s move may appear coincidental, it seems more like a calculated strategic shift. The deal comes amid efforts by GIADEC’s Acting CEO, Mr. Reindorf Twumasi Ankrah, to attract foreign investment to help realise Ghana’s ambition of a fully integrated aluminium industry, an initiative projected to require over USD 6 billion in funding.