Business Outlook Africa

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

Author name: Business Outlook Africa

News

GoldBod Signs Deal with GGSA for Gold Exploration in Funsi, Atuna, Bensere East

/

The Ghana GoldBod has signed an agreement with the Ghana Geological Survey Authority (GGSA) to conduct geological investigations in Funsi, Atuna and Bensere East areas (Phase 1). Signed on Monday, March 16,2026,the agreement by the Goldbod is a major step towards supporting responsible and data-driven mining in Ghana. The project aims at generating credible geological data for the establishment of model mines in the country with the cost of Phase one (1) of the geological investigation services which will be provided by the GGSA over a four (4) months period estimated to be GHS27.5 million. The three (3) blocked-out mineralized areas are part of 20 areas released to the GoldBod by the Minerals Commission of Ghana. The GoldBod expressed its commitment towards promoting sustainability, while maximizing national gold output for the benefit of Ghanaians.

News

World Bank MD Advocates Stronger Job Creation Systems and Closer University–Industry Ties

/

The Managing Director and Chief Knowledge Officer of the World Bank Group, Paschal Donohoe has called for stronger collaboration between universities and industry to better prepare students for the evolving job market. Speaking at the University of Ghana on the Topic “Building Skills, Creating Jobs and Empowering Ghana’s Future” on Monday , March 16,2026, as part of his scheduled activities for his first visit to West Africa since his appointment,Mr Donohoe explained that institutions such as the University of Ghana play a critical role in driving innovation by co-designing curricula with industry, expanding internship opportunities, and supporting research that promotes economic transformation. “Great institutions like this have such a critical role to play. Co-designing curricula with industry, expanding internships, preparing researchers and innovators who drive transformation. These standards are at the heart of an institution such as the University of Ghana.” He said   Mr. Donohoe also urged policymakers to strengthen systems that create opportunities for young people, including industry-linked training, strong foundational skills, and improved labour market information. He stressed that while there is clear evidence on policies that support job creation, the challenge lies in sustaining focus and building the institutional capacity to implement them effectively. “ And then to the policy makers in this room, the architecture of opportunity is yours to build. The data is clear on what works.Industry linked training, strong foundational skills, good information about the jobs markets and having the private sector involved. The question is not what to do, it’s whether we have the sustained focus and the institutional capacity to do it at scale. “He added The World Bank executive concluded by reaffirming the World Bank Group’s continued commitment to supporting Africa’s development and expanding opportunities for young people across the continent.

News

World Bank MD Urges Students to Build Skills Beyond Their Degrees

/

The Managing Director and Chief Knowledge Officer of the World Bank Group, Paschal Donohoe, has urged students to view their university degrees as their starting point in their professional journey rather than their final destination. Speaking at the University of Ghana on the Topic “Building Skills, Creating Jobs and Empowering Ghana’s Future” on Monday , March 16,2026 as part of his first time visit to West Africa since his visit ,Mr. Donohoe stressed that long-term success in today’s economy depends more on continuously developing skills such as critical thinking, communication, and the ability to learn new knowledge. According to him, these skills are not completed at graduation but must be built throughout one’s career to ensure one achieves long term success. “First, your degree is your starting point. It’s not your destination. The skills that will determine your journey in life of critical thinking, of communication, of the ability to learn what you do not yet know, they’re built, they are developed continuously.They don’t come to an end at graduation. “ he stated Mr. Donohoe added that the most valuable professionals in the modern economy are those who can combine different areas of knowledge and bridge disciplines. Mr. Donohoe also noted that individuals who can apply technical expertise to real-world problems, while also exercising human judgment in areas often dominated by technology and algorithms, will have a significant advantage in the job market. “Second, the most valuable professionals in this new economy are those who can bridge worlds. Who bring technical knowledge to problems that others approach only with intuition or who can bring human judgement to domains that others can only see through algorithms. A combination of disciplines, of languages, a combination of contexts is a competitive asset. “ He also urged students to explore opportunities beyond traditional employment paths, stating that many emerging sectors are creating new demand for skilled professionals. He then identified agribusiness and the creative economy as areas with growing opportunities for analytically capable and innovative individuals. Mr. Donohoe further encouraged young graduates to be willing to build their own career paths instead of waiting for perfect job opportunities to emerge. “ And then don’t wait for the perfect formal job to appear. Your most dynamic opportunities are often in sectors that have yet to have established hiring plans.  Agribusiness, the creative economy, these are generating real demand for people who are analytically capable and highly skilled. Be willing to build your own path, don’t always follow one.” The World Bank executive concluded by reaffirming the World Bank Group’s continued commitment to supporting Africa’s development and expanding opportunities for young people across the continent.  

News

BoG’s 129th MPC Meeting Begins Against Tide of Falling Inflation and Rising Global Risks

/

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama has explained that country could face renewed inflationary pressures as due disruptions of global energy and shipping routes as a result of the ongoing tensions in the Middle East . Passing oh his remarks during the opening of the 129th Monetary Policy Committee Meetings on Monday, March 16,2026 the governor highlighted that even l geopolitical uncertainty may support higher gold prices which will benefit Ghana’s export earnings and trade balance,the overall impact of the external shock is expected to be inflationary for the economy. “ Colleagues, the external environment has evolved significantly since our last meeting in January.The escalation of conflict in the Middle East has disrupted key energy and shipping corridors, increased volatility in global oil markets, and introduced new uncertainty into the trajectory of For Ghana, the spillover channels are clear. Sustained oil price increases raise the risk of imported inflation, which could necessitate policy tightening with implications for financial conditions.There is a partial offset – geopolitical uncertainty tends to support gold prices, which benefits our trade balance – however, the net balance of risks from this external shock is inflationary.” Dr Asiama also added that the discussions for the meetings will primarily centere on the geopolitical risk channel and its implications for policy calibration, the Ghana Accelerated National Reserve Accumulation Programme and the effectiveness of monetary policy transmission. “Against this backdrop, I would like to draw members’ attention to areas that will be central to our discussion: • First geopolitical risk channel and its implications for policy calibration. The external shock we face today is different from the conditions we confronted in January. Back then, the principal risk was complacency in the face of success. Today, there is a live external threat to the disinflation trajectory. Whatever decision the Committee takes, our communication must reflect both the progress achieved and the risks that remain. • Second, the Ghana Accelerated National Reserve Accumulation Programme. Since our last meeting, the Government has announced Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to raise international reserves to 15 months of import cover by 2028, from the current level of around 5.8 months. Strengthening external buffers is an important element of macroeconomic resilience. At the same time, initiatives of this scale raise questions regarding liquidity conditions, the Bank’s balance sheet, and the interaction between reserve accumulation and monetary policy operations. • Third, the effectiveness of monetary policy transmission. The banking sector remains sound, profitable, and well-capitalised, with asset quality improving meaningfully over the past year. This matters not only for financial stability, but also for the effectiveness of monetary policy, the extent to which changes in the policy rate translate into the credit conditions experienced by households and businesses.Understanding the factors constraining credit expansion, whether on the supply or demand side, will therefore be important in assessing the real economy impact of any policy decisions taken today.” The Governor then urged committee members to ensure that their decision would remain sound under different possible global economic scenarios.

Economy

World Bank MD Commends Finance Minister During First Africa Visit

/

The Managing Director and Chief Knowledge Officer of the World Bank Group, Mr. Paschal Donohoe, has commended Ghana’s Finance Minister, Dr. Cassiel Ato Forson, for what he described as the remarkable improvement in the country’s national finances. Mr. Donohoe made the remarks during a meeting with the Finance Minister as part of his first official visit to Africa, where the two held discussions on Ghana’s economic transformation and the next phase of the country’s development agenda. During the meeting, Dr. Forson explained that the government spent the past year focused on resetting the economy and placing it firmly on a path toward sustainability. He noted that while significant progress has been made in stabilising the economy, unemployment, particularly among young people, remains one of Ghana’s most pressing challenges. The Finance Minister pointed out that Africa’s rapidly growing youthful population means public sector employment alone cannot provide sufficient opportunities for young people, stressing the need for deliberate policies to support job creation. He said the government is therefore putting in place major policies and programmes aimed at sustainably creating jobs and expanding opportunities for the country’s youth. Mr. Donohoe congratulated the Finance Minister on the notable progress made in improving Ghana’s national finances and reaffirmed the World Bank’s commitment to supporting the country’s economic agenda. He noted that the World Bank stands ready to continue assisting Ghana, including through a Jobs and Growth Analysis that will help identify new opportunities for job creation and support long-term economic growth. Dr. Forson welcomed the continued partnership with the World Bank, noting that the collaboration will be important as Ghana works to create jobs, expand opportunities, and secure a more prosperous future for its people. SOURCE: MINISTRY OF FINANCE

News

Police Arrests 4 in Connection with Viral Bill’s Microfinance Incident

/

The Ghana Police service has announced the arrest of four suspects over an alleged assault in connection with the viral footage involving involving officials of Bill’s Microfinance. The Police Service in a statement released on March 15,2026 explained that the arrest of the four men which was carried out on March 14 ,2026 follows a report filled by the victim 2026, Madam Hagar Emaser on March 13,2026. The statement by the police service identified these four suspects as Denis Wornyo, Albert Amarh,Ebenezer Amartei, and Atsu Lawson. The Police added that the suspects are currently assisting with investigations processes and futher urged victims of assaults to report to authorities. The Service also advised persons with grievances relating to loan transactions or other civil matters to seek lawful and peaceful means of resolution.

World

Tax Revenues Rise Slightly as Grants to Developing Countries Decline – IMF Report

/

New data from the International Monetary Fund (IMF) has revealed that Global government revenues have remained broadly stable at about 30 percent of GDP since 2000. In its 2026 update of The World Revenue Longitudinal Database (WoRLD) its also highlighted that that tax revenues have also increased slightly over the same period, rising by about 1.8 percentage points of GDP to reach 17.5 percent of GDP in 2024. The data further revealed that taxes continue to account for the largest share of government income, representing between 55 and 60 percent of total revenues since the early 2000s. However, a significant portion of government revenue still comes from non-tax sources, including grants, natural resource revenues, and social security contributions. One notable trend identified in the database is the sharp decline in grants, which are a major revenue source for many low-income developing countries with Grants falling by about 50 percent since the early 2000s, dropping from roughly 6 percent of GDP to about 3 percent. These insights which come from the IMF’s World Revenue Longitudinal Database , a database which is built using IMF surveillance data and calculated under the Government Finance Statistics Manual aims at tracking global government revenue trends dating back to the early 1980s. In its 2026 update, the database expanded country coverage to include Aruba and Liechtenstein, while extending the data series to 2024. According to the IMF, the database tracks nine key components of tax and non-tax revenues, which together account for more than 80 percent of global government revenues. The IMF says the database will be updated annually to provide insights into developments affecting governments’ fiscal positions worldwide.

Banking & Finance

GSE Composite Index Records 0.56% Gain in Latest Trading Session

/

The Ghana Stock Exchange (GSE) recorded gains in its benchmark indices at the close of trading on March 13, 2026. The GSE Composite Index (GSE-CI) rose by 0.56% to close at 15,611.32 points, up from 15,524.99 points recorded in the previous trading session bringing the index’s year-to-date return to 78.00%. Similarly, the GSE Financial Stock Index (GSE-FSI) increased by 1.38%, closing at 10,145.30 points, compared with 10,007.68 points in the previous session. The index has so far posted a year-to-date gain of 118.31%. A total of 20,271,692 shares were also traded on the day, representing a 297.13% increase compared to the 5,104,565 shares traded in the previous session. However, the value of shares traded declined to GH¢26.33 million, down 24.35% from GH¢34.80 million recorded in the previous trading session. In the fixed income market, Treasury Bills recorded a trading volume of 350,771,792, representing a 2.89% increase from the previous session. Meanwhile, New Government of Ghana Notes and Bonds declined sharply by 65.43% to 137,340,195. Overall, total fixed income market volume stood at 488,329,787, reflecting a 35.26% decline from the 754,296,955 recorded in the previous session.

Banking & Finance

12 Universities to Compete in 2026 National Banking and Ethics Challenge

/

The second edition of the National Banking and Ethics Challenge (NBEC) is expected to kick off on Thursday, March 26, 2026. The competition, which is organized by the Chartered Institute of Bankers Ghana, takes place among universities in Ghana and is expected to feature an additional seven universities from the initial five that participated last year. It will this time feature other big wigs from other regions for the first time since its inception May 2025. This year’s edition will feature universities from five different regions including Ashanti, Central, Eastern, Volta and Greater Accra. The participating institutions include the University of Ghana, University of Cape Coast, Academic City University College, Ghana Communication Technology University, Central University, All Nations University, Pentecost University, Kwame Nkrumah University of Science and Technology, University for Development Studies, University of Professional Studies Accra, University of Education Winneba and Wisconsin International University College. The preliminary round of the competition will take place on Thursday, 26th March 2026, while the finals are scheduled for Friday, 27th March 2026, with both events being held at the CIB Ghana Auditorium, beginning at 9:00 a.m. The Chartered Institute of Bankers Ghana National Banking and Ethics Challenge (NBEC) is an annual competition for university students designed to promote financial literacy, ethics and professional standards in Ghana’s financial sector. The maiden edition, which was held on May 29, 2025, involved top universities addressing issues like financial fraud and trust, with Academic City University College emerging winners of the competition.

Transportation

Ghana’s EV Revolution: Home Charging, Big Savings, and a Cleaner Future

/

The General Manager for Automobile Sales at EV-Afriq, Delali Fiah Greenstock, is calling on government to reduce the tax burden on electric vehicles to help boost the industry in Ghana. Speaking in an interview with Business Outlook Africa on the cost and implications of electric vehicles, Greenstock explained that dealers currently pay as much as 50 percent in duty and clearing charges when importing EVs into the country. According to her, these high charges significantly increase the cost of electric vehicles, making them less affordable for many potential buyers. She noted that government intervention to reduce these taxes would help make EVs more accessible and encourage greater adoption of electric vehicles in Ghana. “One major area where we need government input is the taxes. So far, the duty and clearing charges on electric vehicles are huge.As compared to the..EVs are still categorised as luxury vehicles. So we’re paying up to 50% and above on duty and clearing charges.And this is an area that we feel that if government intervenes, then a lot more people would be able to adopt EVs. “ Greenstock, then praised Ghanaian banks for the introduction of green financing schemes for the purchase of electric vehicles urging banks to further reduce interest rates to make electric vehicles more affordable and accessible. “ Banks, for now, you would be amazed to know that most of the banks are coming up with green financing. So yes, that’s a step in the right direction.They’re offering very low interest rates for clients that want to purchase EVs. Obviously, because they also have sustainability goals. You know, so that is the contribution they’re making to the EV segment, which is very laudable.We’re hoping that they’re able to drop the rates much further down so that many, many more people will be able to adopt the EVs.” She also encouraged Ghanaians to make the switch to electric vehicles, explaining that the EVs are not only affordable but also saves users about 70 percent compared the cost (ie. fuel and maintenance) of using a traditional internal combustion engine (ICE) vehicle. “To own an electric car currently, you will be spending about GHc 200,000,to a million Ghana Cedis, depending on how luxurious you’re feeling. So, you can see that there is a budget for every pocket. EV’s are able to cater for every budget.”she stated “Without exaggerating the overall cost of ownership of an electric vehicle will save everybody about 70% of the amount they spend if they were using an ICE Vehicle and not just on fuel. It will save you cost on fuel and it will also save you cost on maintenance.” She added She added that Ghanaians will no longer have to worry soo much about public charging stations explaining that the new models of EVs now come with portable home chargers which doesn’t cost so much to charge. “So I don’t, people do not now have to go to the charging stations anymore. Not at all. We’ve moved beyond that.We’ve moved beyond that. You can charge at home. This is how the charging unit looks like.Very small, but very efficient. Okay.Now on your ECG metre, you will spend an average of GHC 120 to GHc 150 to give your car a full charge.Now this amount would actually take you about a week.So for instance, this vehicle is 610 kilometres. Okay. If I charge the full 100 at GHc 150.Yes, you get a range of 610 kilometres.Now that means that this vehicle will take you to Kumasi and back. And even leave you with something.That is how amazing EVs are.”She explained You can watch the full conversation here: