Business Outlook Africa

: :
Facebook-f X-twitter Linkedin-in Youtube Instagram Tiktok
Menu

Author name: Business Outlook Africa

Africa

Africa’s Growth Momentum to Slow in 2026, IMF Warns

/

The International Monetary Fund (IMF) has projected a slowdown in Africa’s economic growth momentum for 2026, contrary to earlier forecasts, citing the ripple effects of the Middle East conflict and persistent structural vulnerabilities across the continent. This was contained in a joint statement issued by Chairman of the African Caucus and Minister of Finance and Economic Affairs of The Gambia, Mr. Seedy Keita, and the Managing Director of the IMF, Ms. Kristalina Georgieva, at the conclusion of the African Consultative Group meeting. According to the statement, real GDP growth on the continent is projected to decline from 4.5 percent in 2025 to 4.2 percent in 2026, with Sub-Saharan Africa and North Africa recording growth rates of 4.3 percent and 4.1 percent respectively,down from 4.5 percent each in 2025. The Fund attributed the revised outlook to high debt service burdens, limited access to affordable financing, and growing development needs that continue to constrain policy space, particularly in low-income and fragile states. The ongoing war in the Middle East, the statement warned, adds another layer of complexity, with the potential for severe scarring including the return of inflation, food shortages, and social tensions. In response to the deteriorating outlook, the African Consultative Group urged policymakers to focus on near-term shock response while simultaneously building medium-term resilience. The Group called for keeping inflation expectations anchored and protecting the most vulnerable through targeted, time-bound support measures. On fiscal policy, the statement drew a clear distinction between oil-exporting and oil-importing economies advising exporting economies to save temporary windfalls and rebuild fiscal buffers, while urging importing economies like to safeguard priority social and development spending, mobilise domestic revenues, and improve spending efficiency. The African Consultative Group was formed in 2007 to enhance the IMF’s policy dialogue with the African Caucus, comprising Fund Governors from a subset of 12 African countries, African finance ministers, central bank governors, and Fund management.

Trade

Port Strike Ongoing — Joint Business Forum Dismisses Claims of Suspension

/

  The Joint Business Forum has firmly rejected claims circulating in the public domain that its strike action at Ghana’s ports has been called off or suspended, insisting that freight forwarders and clearing agents remain fully withdrawn from operations. The Forum, which brings together ten trade and logistics associations including the Ghana Union of Traders’ Associations (GUTA), Freight Forwarders Association of Ghana (FFAG), Association of Custom House Agents Ghana (ACHAG), Custom Brokers Association (CUBAG), Ghana Institute of Freight Forwarders (GIFF), Food and Beverages Association of Ghana (FABAG), Traders Advocacy Group Ghana (TAAG), Concerned Traders and Forwarders, Coalition of Importers and Exporters, and Freight Forwarders and Traders ,issued the clarification following a meeting held with the Ghana Shippers Authority. The Forum acknowledged that even though it held a meeting with the CEO of Ghana Shippers Authority Prof. Ransford Gyampo, acting on behalf of the Ministers for Transport and Finance, the Forum was categorical about what was and was not agreed upon. “The strike action which commenced on Monday, 13th April, 2026, remains in full force. Freight forwarders and clearing agents have ceased payment of duties and laid down their tools as earlier directed,” the Forum stated. It added that while it agreed to suspend further planned escalation actions out of respect for Prof. Gyampo, that concession does not affect the current strike. “Any statement from any quarters suggesting that the strike action has been called off or suspended is misleading and should be disregarded by traders, stakeholders, and the general public,” the Forum said. Despite the hardened position, the Joint Business Forum said it remains open to dialogue warning that the withdrawal of services will continue until concrete resolutions are reached. The Forum urged all members, the trading public, and media houses to take note that the strike remains ongoing at the ports.

Energy

IMANI Africa, COPEC, INSTEPR, IES Propose GH¢1.65 Relief on Petroleum Prices

/

Four civil society organizations namely IMANI Africa, COPEC Ghana, INSTEPR, and the Institute for Energy Security (IES) have jointly recommended a cumulative reduction of GH¢1.65 from the current petroleum price build-up, calling on the Ministers of Finance and Energy to extend the proposed relief period from four weeks to two months. The proposal announced in a statement released on Tuesday,April 14, 2026 follows a directive by President John Mahama during the recent cabinet meeting,instructing the Ministry of Energy and Ministry of Finance to review the petroleum price build-up and recommend possible reductions in taxes, margins, and levies to offer temporary relief to Ghanaians. While acknowledging the government’s intent, the CSOs argued that the two-month window would provide more meaningful and sustained relief compared to the four-week timeline initially floated by government. “While some of us in the civil society space believe that the relief should be substantial given the level of tolerated waste across the downstream petroleum ecosystem, it must nevertheless not lead to a sudden corrosive effect on operations and sustainability of the petroleum subsector,” the organisations stated in their joint communiqué. The groups further noted that the recommended reduction would not unduly burden the country’s fiscal space, pointing to expected windfalls from upstream crude production and exports within the same period. Beyond the immediate relief, the four organisations are collectively pushing for a more comprehensive and permanent overhaul of Ghana’s fuel pricing regime. Among their key recommendations are: • A thorough rationalisation of all existing taxes, levies, and margins, with the aim of permanently removing those deemed a drag on individual and national resources. • The establishment of a Strategic Reserve Fund, to be seeded by some of the levies under review, with revenues earmarked for the purchase and storage of fuel reserves that can be deployed to stabilise the domestic market during unforeseen disruptions. • Modernisation and retooling of the Tema Oil Refinery (TOR) and Bulk Oil Storage and Transportation Company (BOST), enabling TOR and partner refineries to process more of the country’s crude liftings domestically, while BOST builds the infrastructure needed to store larger volumes. The organisations noted that the commitment to invest in TOR and BOST was a pledge made by President Mahama at his last engagement with civil society groups and hence must be met.

Banking & Finance

GhIPSS Bolsters Executive Leadership with Four Strategic Appointments

/

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has announced the appointment of four senior executives to its leadership team, in a move aimed at strengthening its capacity to deliver on its mandate as Ghana’s national payments infrastructure provider. In a statement released on Monday,April 13,2026,GhIPSS highlighted that the appointments spans the Finance, Business, Operations, and Shared Services portfolios will bring together decades of combined experiences in financial services and digital payments to the GhIPSS executive management table. The statement added that Eunice Amewu Nyadu (FCCA, UK) is expected to take up the Chief Finance Officer role and will have oversight responsibility for Finance and Strategy. Having previously served as the organisation’s first Head of Finance, Nyadu’s expertise spans financial engineering, corporate governance, capital structuring, and strategic transformation.In her new role, she will be driving GhIPSS’ financial and strategic transformation agenda, with a focus on investment, innovation, and ecosystem expansion across banks, fintechs, digital financial services providers, and emerging players. Akosua Blay who also previously served as the Acting General Manager for Project and Business Development at the organization will now occupy the Chief Business Officer position where she is expected to bring on board her 30 years of professional experience to her new role. She is a professional member of the Chartered Institute of Bankers, Ghana. Juliet Ackah-Nyamike will also take on the role of Chief Operations Officer, with oversight responsibility for the Operations Department and will bring on board over two decades of leadership experience in digital payments, transactional banking, and card systems operations, with strong expertise in payment operations, settlement management, and digital banking service delivery. Mary Dei Sarpong has been appointed Chief Shared Services Officer to lead the Shared Services portfolio. Previously the Head of the Partnerships and Bulk Payments Unit, she brings over two decades of experience in the financial services industry, having played instrumental roles in advancing bulk payments, clearing operations, customer support, and financial inclusion initiatives through e-zwich. In her new role, she will oversee administration and facilities management. Commenting on the appointments, GhIPSS Chief Executive Clara Arthur described the move as a deliberate effort to strengthen the company’s leadership architecture ahead of its next phase of growth. “I am happy to welcome Eunice, Akosua, Juliet and Mary to the GhIPSS Executive Management Team. Their appointments reflect a deliberate step towards strengthening our leadership structure to enable us achieve our strategic priorities and position GhIPSS for the next phase of the company’s growth. I am optimistic that, with their support, we will continue to drive innovation, enhance operational excellence, and deliver greater value to our stakeholders,” she said. GhIPSS continues to serve as the backbone of Ghana’s digital payments ecosystem, providing interoperable payment infrastructure that enables seamless transactions across banks, mobile money operators, and other financial service providers.

Real Estate

Interior Ministry Distances Itself from Security Personnel Rent Allowance Tax Deduction

/

  The Ministry of the Interior has clarified that it bears no responsibility for a 20 percent tax deduction that has been made from the rent allowances of security services personnel, attributing the deduction entirely to the Ministry of Finance. The clarification follows the circulation of information in the media suggesting that the Interior Ministry had deducted the tax from the allowances of security personnel. Dismissing the reports in a statement issued , the Ministry stated categorically that it does not have the mandate to deduct tax from the rent allowance of security services personnel. “The Ministry wishes to clarify that it does not have the mandate to deduct tax from the rent allowance of security services personnel,” the statement read. The Interior Ministry, however, confirmed that the 20 percent deduction did occur, explaining that it was applied by the Ministry of Finance at source, in compliance with existing tax law. The statement offered no further details on the specific legal provision underpinning the deduction, nor did it indicate whether a review of the policy was being considered. The Ministry used the opportunity to appeal for calm among affected personnel, assuring them that the government remains committed to their welfare. “We urge all personnel to remain calm and rest assured that the government will not short-change any personnel and will continue to prioritize their welfare,” the statement concluded.

Agriculture

Ghana Swears In New 12-Member Fisheries Commission Board Under Act 1146

/

The Minister for Fisheries and Aquaculture, Emilia Arthur, has on Friday, April 10, sworn in a new 12-member Board of the Fisheries Commission, marking a significant step in the implementation of Ghana’s updated fisheries governance framework under the Fisheries Act, 2025 (Act 1146). The reconstituted Board which will be chaired by the Dean of the School of Research and Graduate Studies (SRGS) at GIMPA,Prof. Wisdom Akpalu,will include representatives drawn from key institutions across the fisheries, maritime, security, environmental, and research sectors. Other members of the Board include Dr. Afisah Zakariah (Ministry of Fisheries and Aquaculture), Prof. Benjamin Betey Campion (Fisheries Commission), Mubarick Masawudu (Ghana Maritime Authority), Commodore Ben Baba Abdul (Ghana Navy), Eric Ken Winful (Ghana Police Service), Esi Nana Nerquaye-Tetteh (Environmental Protection Authority), Stephen Yeboah Ampiaw (Ghana Ports and Harbours Authority), Ruby Asmah (Fisheries and Aquaculture Research Institute), Esi Biney (Water Resources), Emmanuel Allegye-Cudjoe (Veterinary Services Directorate), and Frank Kwesi Alhoon (Ghana Tuna Association). Speaking at the inauguration, the Minister of Fisheries and Aquaculture, Emelia Arthur urged the board members to uphold the highest standards of accountability, demonstrate strong environmental stewardship, and remain committed to advancing Ghana’s Blue Economy agenda. “The Board is expected to drive a vision of a sustainable, well-governed, and resilient fisheries sector that supports food security, creates decent jobs, and contributes meaningfully to national development,” she stated. The reconstituted Board reflects the provisions of the new law, which expands institutional representation to strengthen oversight and promote a more coordinated approach to managing the country’s fisheries resources.

Economy

Moody’s revises Ghana’s outlook to ‘positive’ on improvement in domestic financing

/

Credit ratings agency Moody’s revised Ghana’s outlook to “positive” from “stable” ‌on Friday, citing an improvement in the country’s finances. The gold-, oil- and cocoa-producing nation in West Africa is emerging from its most severe economic crisis in decades. During ⁠a visit to parliament last November, Finance Minister Cassiel Ato Forson said Ghana was poised for sustained growth in 2026. “Domestic financing costs have declined amid monetary easing and an improved fiscal position, while the resumption of domestic bond issuances will, if sustained, ‌gradually ⁠reduce rollover risk,” Moody’s said in its report. The sovereign lifted restrictions on new domestic bond issuance in March and issued its first seven-year domestic bond ⁠in April, ending a pause implemented in 2023 following a debt default. However, the agency maintained Ghana’s ⁠ratings at “Caa1“, reflecting continuing credit constraints and high susceptibility to exchange rate and ⁠commodity price volatility, especially with the ongoing Middle East conflict. Source: Reuters

Africa

Abu Dhabi to Host 2029 World Bank Group and IMF Annual Meetings

/

The United Arab Emirates, Abu Dhabi specifically will host the 2029 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in October 2029, following a vote by the Boards of Governors of both institutions. The decision marks the UAE’s return to the global stage as host of the flagship international finance gathering since the last time the country hosted the Annual Meetings which was in 2003, when Dubai welcomed the event. The Annual Meetings serve as a high-level convergence of central bankers, finance and development ministers, private sector executives, and representatives from civil society, academia, and the media where they meet to discuss the most pressing issues confronting the global economy, including financial stability, job creation, and poverty eradication. Under the established rotation system, the Annual Meetings are held for two consecutive years at the headquarters of the World Bank Group and the IMF in Washington, D.C., and every third year in a member country. Prior to the UAE’s hosting of the 2029 Meetings, this year’s Annual Meetings will take place in Bangkok, Thailand, in October after which an official signing ceremony formalising Abu Dhabi’s hosting rights will take place. The World Bank Group and the IMF said they look forward to Abu Dhabi hosting the 2029 Annual Meetings, describing the event as a reflection of “the spirit of international cooperation and dialogue” that underpins the work of both institutions. Both institutions also noted that their upcoming Spring Meetings will be held in Washington, D.C., where discussions will address the global economy, job creation, and support for countries affected by the ongoing conflict in the Middle East.

News

PIAC Flags US$434.55 Million ABFA Transfer to GIIF SPV, Demands Project Details on Accra–Kumasi Expressway

/

The Public Interest and Accountability Committee (PIAC) has flagged the transfer of US$434.55 million from the Annual Budget Funding Amount (ABFA) to a Special Purpose Vehicle (SPV) established by the Ghana Infrastructure Investment Fund (GIIF) for infrastructure development under the government’s Big Push policy. The disclosure is contained in PIAC’s 2025 Annual Report, published on 8th April 2026, covering the management and utilisation of Ghana’s petroleum revenues from January to December 2025. According to the report, GIIF has confirmed that the transferred funds are currently being held in a suspense account at the Bank of Ghana (BoG), pending the completion of feasibility studies for the Accra–Kumasi Expressway project. While PIAC noted that the amendment to the Petroleum Revenue Management Act (PRMA) restricting ABFA use to infrastructure development aligns with its long-standing recommendation to commit funds to legacy projects, the Committee expressed concern over the lack of transparency surrounding the initiative. “Government is yet to provide project details on the project, including the project scope, details of contractor, the contract sum and payments made towards the project,” the report stated. PIAC also observed that a separate ABFA investment of US$30 million by GIIF in the Accra International Airport has yielded US$17.9 million in interest and fee receipts between 2017 and 2025 representing almost 60 percent of the original capital deployed. The Committee is further urging the Minister for Finance to comply with parliamentary appropriations in the allocation of ABFA to the District Assembly Common Fund (DACF), after PIAC noted that only US$1.87 million representing 0.43 percent was disbursed instead of the required US$21.67 million (5%).

Business in Africa

Qualcomm Unveils 10 Startups for Make in Africa Mentorship Programme 2026

/

Qualcomm Incorporated has announced the selection of 10 early-stage startups for the fourth edition of the Qualcomm Make in Africa Mentorship Programme, part of the broader Qualcomm Africa Innovation Platform. The selected startups were drawn from a record pool of over 1,200 applications across more than 45 African countries, chosen for their ability to apply advanced connectivity and processing technologies to innovative solutions. The 2026 cohort spans industries including agriculture, assistive technology, smart cities, smart infrastructure, electric vehicle transportation, and education. The ten selected startups are Amperra Charging Company (Namibia), an AI-driven smart EV charging platform; Anatsor Ltd (Nigeria), a digital poultry management system; D-Olivette Labs (Nigeria), a bio-intelligence platform for sustainable agriculture; Mindora Corporation (Zimbabwe), a Braille keyboard solution for visually impaired users; MVUTU (Republic of the Congo), a solar-powered IoT cold storage solution; QualiKeeper Investments Ltd (Zambia), an AIoT livestock monitoring system; SafeSip (Tanzania), a smart water access and monitoring solution; Sesi Technologies Ltd (Ghana), an AI-powered cocoa quality assessment device; TWave Ltd (Uganda), an automated solar-powered fish feeding system; and Zerobionic (Kenya), an assistive robotics solution for persons with disabilities. The equity-free programme offers participants a range of resources, including product design guidance on Arduino AI platforms, one-on-one technical mentorship, business coaching, and engineering consultations. Startups will also receive free intellectual property education through L2Pro Africa and patent filing consultation from Adams & Adams, Africa’s leading IP law firm. Those who file patents during the programme can claim up to $5,000 in filing fee reimbursements. All participating startups will receive a $5,000 stipend upon successful completion of programme requirements. At the programme’s Finale, one startup will be awarded a Social Impact Fund grant through Qualcomm for Good. Speaking to this the President for the Middle East and Africa and Senior Vice President of Government Affairs, Europe, Middle East and Africa at Qualcomm, Wassim Chourbaji, described the quality of this year’s cohort as a reflection of Africa’s maturing innovation landscape. “Four years into Qualcomm Make in Africa, what stands out is not only the growing number of applications we receive, but the increasing sophistication of the solutions being built,” he said. “These startups are pushing the boundaries of what technologies such as Edge AI and 5G can enable, and how they can be deployed at scale across the continent.” Fabio Violante, Vice President and General Manager of Arduino at Qualcomm Technologies Inc., also highlighted the role of hardware in enabling rapid prototyping. “By bringing perception, decision-making, and actuation onto a single, affordable board, founders can prototype and deploy edge-AI solutions directly where challenges exist — in farms, clinics, factories, and cities,” he said. With its fourth edition, Qualcomm reaffirms its commitment to empowering Africa’s deep-technology ecosystem through mentorship, training, and intellectual property generation.