I firmly believe that God endows nations and ethnicities with unique gifts. The Jews excel in business; Indians have an innate proficiency in commerce; the Japanese shine in mathematics; and Europeans have led engineering innovations through the second and third industrial revolutions.

Black Africans, on the other hand, possess a natural gift for sports. From athletics to football, boxing, basketball, and even newly embraced sports like tennis and gymnastics, the prowess of Black athletes is undeniable. Icons such as Jesse Owens, Mohamed Ali, Micheal Jordan, Serena and Venus Williams have broken barriers and proven that Black athletes can dominate on any stage. This innate ability is a God-given treasure that Ghana must harness.

Since the 1970s and 1980s, Ghana’s progress in sports has steadily declined due to a lack of vision, planning, and investment. However, the time has come for us to address this issue holistically, rebuild our socio-sporting framework, and set a bold vision for the future.

Take the UK as an example. By the early 2000s, Britain realized that in order to harness its vast sporting potential, it needed a strategic, focused effort. Despite having one of the world’s best football leagues, the national team had failed to perform consistently on the global stage.

In athletics, the strides of stars like Sebastian Coe, Steve Cram, Linford Christie, and Tessa Sanderson during the 1980s were not enough to sustain their dominance. Recognizing these challenges, the UK established St. George’s Park as a hub of sports excellence.

This facility brought together top sports scientists, coaches, and medical professionals to train and mentor athletes across disciplines—from boxing to archery and football.

The results were transformative. By the time of the 2012 London Olympics, the UK had re-established itself as a global sporting powerhouse, winning numerous medals and achieving glory in cycling, boxing, football and athletics.

The development of top-tier talent, from Anthony Joshua in boxing to champions in women’s football and youth teams in under-17, under-20, and under-21 categories, underscored the success of their strategic investment.

Morocco has also demonstrated the impact of targeted investment in sports. By replicating the St. George’s model with the Mohammed VI Football Academy, they quickly rose to prominence. In just 10 years, they are dominating African football in both the men and women’s game and became the first African team to reach the World Cup semifinals.

Ghana doesn’t have to look far for inspiration. Our nation has a rich sporting history, particularly in football and boxing, with legends like Abedi Pele, Michael Essien, Asamoah Gyan, Azumah Nelson, and Ike Quartey achieving greatness. Recently, our athletes training in the United States have showcased their potential in athletics.

To build on this legacy, we can start by transforming one of the STEM schools already established by the Ministry of Education into a multi-disciplinary sports academy. This approach would minimize initial costs while maximizing impact. Such a centre could feature football pitches, swimming pools, athletics tracks, boxing rings, and gyms, creating an environment where young talents can thrive and like St George’s Park, a place that doubles as a sports camp for our national teams.

By identifying and nurturing children as young as 10 who show exceptional promise in sports, we can offer scholarships and world-class training while also educating them in fields like business and sports science. This ensures that even those who do not achieve professional-level success in their chosen sport can contribute to society through related fields.

Tom Vernon’s Right to Dream Academy has already proven that such initiatives can succeed in Ghana. Now, it’s time to scale up. Imagine a national program supported by our sports legends as mentors, training the next generation of Ghanaian athletes while instilling discipline, pride, and resilience.

With the right leadership and vision, this initiative could transform Ghana’s sports landscape within the next 5–10 years. It’s an opportunity to create a blueprint for sports excellence, positioning Ghana as a global force while uplifting the economy and uniting the nation.

To the next Sports Minister: this is your chance to etch your name into Ghanaian history as the leader who laid the foundation for a new era of sports glory. The time to act is now.

File photo of Cedi and US Dollar notes

Over the past year, some African nations have improved the performance of their currencies against the US dollar while others continue to face challenges.

The challenges faced by African currencies include persistent trade imbalances, high inflation, political instability, and dwindling foreign reserves, which lead to depreciation.

Other challenges faced by some African nations in stabilizing their currencies include persistent inflation, high debt levels, and political instability.

These issues undermine efforts to achieve sustainable exchange rate improvements.

Exchange rates significantly impact a country’s inflation and the purchasing power of its currency.

A sharp depreciation can drive higher inflation by raising the cost of imported goods and services, placing additional strain on consumers and the economy.

As of August 1, 2023, Statista data revealed the performance of various African currencies against the US dollar.

The U.S. dollar’s status as a reserve currency, its role in international trade, and the stability of the U.S. economy makes it the most widely used benchmark for exchange rates worldwide.

Sierra Leone’s Leone had the highest exchange rate, with one dollar equaling 21,021.7 leones, marking it as the continent’s weakest currency.

It was followed by the Guinea Franc, which traded at 8,521 to the dollar, and the Malagasy Ariary, at 4,430.

The same data showed that one dollar was equivalent to 758.9 Nigerian Naira, 824 Angolan Kwaza, 599 Sudanese Pounds, 185 Liberian Dollar, 4.77 Libyan Dinar, 11 Ghanaian Cedi and 30.85 Egyptian Pounds highlighting the diversity in currency strength across the continent.

Recently, some nations have overcome inflationary pressures, strengthening their currencies, while others have faced steep fluctuations and worsening exchange rates.

The table below compares the dollar exchange rates of the worst-performing currencies in 2023 and December 31, 2024;

Nigeria’s Naira saw the steepest depreciation at 104.38%, followed by Malawi’s Kwacha at 66.82%, reflecting significant economic challenges.

A key factor in the naira’s decline was the Central Bank of Nigeria’s (CBN) decision to liberalize the foreign exchange market in June 2023.

While aimed at unifying exchange rates and attracting investment, the policy also introduced volatility, increasing pressure on the currency.

Rwanda and Congo also experienced double-digit declines of 19.41% and 16.65%, respectively, highlighting regional economic pressures.

Moderate changes were observed in Angola, Sierra Leone, Madagascar, and Burundi, where currency depreciations ranged from 5.63% to 10.68%.

Comoros, Uganda, and Guinea recorded smaller declines under 5%, suggesting relative stability. Notably, Liberia’s Dollar and Tanzania’s Shilling appreciated slightly, showcasing resilience in their exchange rate performance.

These trends reflect varied economic conditions across the continent, with some currencies showing stability while others experiencing severe depreciation.

This highlights the critical role of sound fiscal and monetary policies in mitigating exchange rate volatility and strengthening economic resilience.

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John Dramani Mahama, President-elect

Ghana’s benchmark stock index, Africa’s best performer last year, is set to extend gains in 2025 as investors bet incoming President John Mahama government will restore economic stability.

The Ghana Stock Exchange Composite Index rose 56% in local-currency terms — the most since 2013 — aided by a $3 billion International Monetary Fund bailout that’s expected to support growth this year.

An economic recovery in Ghana may lure investors again this year, according to Nana Kofi Agyeman Gyamfi, head of wealth management at Bora Capital Advisors Ltd.

Banking Consultant, Dr. Richmond Atuahene

The banking consultant, Dr. Richmond Atuahene, says the incoming administration must keep an eye on the foreign remittance sector to avoid borrowing from the World Bank and seeking assistance from the International Monetary Fund (IMF) for US$3 billion.

He also stated that the President must assemble technocrats who can devise strategies to finance the nation’s substantial debts owed to contractors.

“He must appoint people who understand microeconomic issues to help him; that will be a significant advantage. The next step will be financing the debts, specifically the 31 million contractors’ debts and energy-related debts,” Dr. Atuahene explained.

“His Excellency must form a team like the one in place in 2010. They need a credible arrears repayment plan so that, maybe within three or four years, the debts will be cleared, and not a new one will be created. If this is done, the challenge becomes surmountable. With the right brains and technical people, they can achieve a lot in four years if they are allowed to help,” he stated on GHOne TV.

He continued, “Even remittances alone will surpass the IMF loan. If we are able to track them properly, we will not need to beg for US$3 billion.”

The banking consultant also advised that Mr. John Dramani Mahama, after his swearing-in as President, must establish a remittances unit at the Central Bank to track remittances.

According to him, while Ghana’s foreign remittances are substantial, very little of it passes through the banking sector.

“The first thing I want to advise the incoming President is to strengthen the remittance system or even create a new unit at the Central Bank, as Bangladesh does, where 95% of remittances go through the banking system. In Ghana, we only track about 50%, so the other 50% doesn’t enter the banking system.”

“In 2023, the World Bank reported US$4.7 billion in remittances, but we only tracked US$2.8 billion, so US$1.9 billion is unaccounted for. Previously, we tracked only half of the US$4.2 billion remitted. But if we implement a strong system, we will be able to track more,” Dr. Atuahene added.

“Once we are able to track remittances properly, it will help manage the economy, stabilize the cedi, and reduce inflation.”

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The Ghana Stock Exchange (GSE) wrapped up 2024 with a strong showing, marked by a 56.17 percent Year-To-Date (YTD) increase in the Composite Index and a 25.20 percent year-to-date (YTD) rise in the Financial Stock Index.  

These figures underscore a year of investor confidence and market recovery.  

Unilever Ghana Limited Leads the Charge  

Unilever Ghana Limited (UNIL) was the standout performer of 2024, achieving an impressive 140.44 percent increase in its share price. Starting the year at GH₵ 8.11, UNIL closed at GH₵ 19.50, making it the highest-gaining stock on the GSE.  

The stock recorded a trading volume of 586,268 shares, accounting for 0.19 percent of total market volume. In value terms, UNIL contributed 0.90 percent of the total market value traded, equivalent to GH₵ 9.55 million.  

ABSA NewGold ETF Delivers Solid Gains  

ABSA NewGold ETF (GLD), a gold-backed security, also performed robustly, posting a 78.72 percent increase. Its share price surged from GH₵ 218.50 to GH₵ 390.50, driven by strong global gold prices. GLD accounted for 48.65 percent of the market’s total value traded, equivalent to an impressive GH₵ 513.98 million.  

 Telecom and Banking Sector Highlights  

MTN Ghana (MTNGH) solidified its dominance, with its share price climbing by 78.57 percent, closing at GH₵ 2.50 from GH₵ 1.40. The telecom giant traded a staggering 234.5 million shares, contributing 40.89 percent of the market’s total value traded, equivalent to GH₵ 431.99 million.  

In the banking sector, GCB Bank (GCB) emerged as a strong performer, with its share price rising by 87.35 percent, closing at GH₵ 6.37. GCB traded 2.47 million shares, contributing 1.27 percent of the market’s total value, equivalent to GH₵ 13.37 million.  

Ecobank Transnational Incorporated (ETI) also delivered a solid 106.67 percent gain, with its share price rising from GH₵ 0.15 to GH₵ 0.31. ETI traded 1.79 million shares, accounting for 0.03 percent of market value traded, or approximately GH₵ 297,387.69.  

Mixed Performances Across the Board  

While many stocks delivered significant gains, others posted mixed results:  

– Access Bank Ghana (ACCESS) closed the year with a 52.94 percent gain, ending at GH₵ 5.20.  
– Standard Chartered Bank (SCB) recorded a 31.05 percent increase, finishing at GH₵ 23.00.  
– CAL Bank (CAL), however, saw a decline of 27.08 percent, closing at GH₵ 0.35, reflecting a challenging year for the institution.  

Key Market Statistics  

– Top Gainer: Unilever Ghana Limited (140.44 percent).  
– Largest Contributor to Market Value: ABSA NewGold ETF (48.65 percent).  
– Overall GSE Composite Index Growth: +56.17 percent YTD.  
– Financial Stock Index Growth: +25.20 percent YTD.  

Looking Ahead to 2025  

The outstanding performance of stocks such as Unilever Ghana, MTN Ghana, and ABSA NewGold reflects a rejuvenated market. Analysts anticipate further growth in 2025, buoyed by strong investor sentiment and improving economic indicators.

Bank of Ghana Headquarters

A banking consultant, Dr. Richmond Atuahene, says the incoming President, John Dramani Mahama, must set up a remittances unit at the Central Bank to track Ghana’s foreign remittances.

Speaking on GHOne TV, Dr. Atuahene disclosed that the figures on Ghana’s remittances are significant, but very little passes through the banking sector.

According to him, if the incoming administration focuses on the remittance sector, the nation will avoid borrowing from the World Bank or begging the International Monetary Fund (IMF) for US$3 billion.

“The first thing I want to advise the incoming President is that he must strengthen the remittance system or even create a new unit at the Central Bank. For instance, Bangladesh tracks 95% of remittances through its banking system, while in Ghana, we only track about 50%. The other 50% does not go into the banking system,” Dr. Atuahene explained.

“In 2023, the World Bank reported US$4.7 billion in remittances, but we only tracked US$2.8 billion, leaving US$1.9 billion unaccounted for. Previously, when the total remittance was US$4.2 billion, we tracked only US$2.1 billion. Those funds are lost. However, if we implement a strong tracking system, we will be able to capture more of the remittances,” he stated.

Dr. Atuahene continued, “Once we are able to track remittances properly, it will help manage the economy, stabilize the cedi, and reduce inflation.”

The banking consultant also advised President-elect John Mahama to assemble a team of technocrats who will help devise strategies to finance the nation’s substantial debts owed to contractors.

“He must appoint people who understand microeconomic issues to help him. This will be a significant advantage for him. The next challenge will be financing the debts, including the US$31 million owed to contractors and energy sector debts,” he added.

“His Excellency must form a team like the one in place in 2010. They need a credible arrears repayment plan so that, within three or four years, the debts can be cleared, without creating new ones. If this is done, the challenge becomes surmountable. With the right brains and technical people, and if they are allowed to help, they can achieve a lot in four years.”

“Even remittances alone will be bigger than the IMF loan. If we track the remittances properly, we will not need to beg for US$3 billion,” Dr. Atuahene concluded.

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