Business Outlook Africa

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

Author name: Business Outlook Africa

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:

News

Ghana, Russia Holds Talks to Deepen Bilateral Cooperation

/

The Government of Ghana and Russia Government have held talks in Accra aimed at reviewing bilateral relations and exploring new areas of cooperation between the two countries. The meeting which held on March 12 at the Ministry of Foreign Affairs, brought together delegations from both sides to assess the current state of relations and discuss opportunities for expanding collaboration across several sectors. Ghana’s delegation was led by the Director of the Europe Bureau at the Ministry of Foreign Affairs ,Eric Owusu-Boateng,, while the Russian delegation was headed by Director of the Department of African States of the Russian Federation, Anatoly Bashkin. In a statement released , it stated that both sides reviewed bilateral trade relations and explored opportunities to deepen cooperation in agriculture, industrial development, manufacturing, infrastructure, energy and technology transfer. Discussions also centered around expanding partnerships between universities in the areas of science, engineering, technology and medicine. The delegation from the two countries further examined possibilities for cooperation in energy diversification, technical and vocational training as well as capacity building. They also reaffirmed their commitment to advancing existing bilateral agreements and strengthening diplomatic engagement through sustained dialogue. On regional and multilateral issues, the delegations exchanged views on developments in the Sahel and discussed preparations towards the upcoming Russia–Africa Summit scheduled for October 2026. During the engagement, the Ghanaian delegation also requested Russia’s cooperation in holding accountable a Russian citizen alleged to be involved in the non-consensual publication of explicit images of Ghanaian women. Russia assured Ghana of its cooperation in addressing the matter. Ghana further raised concerns about reports of the enlistment of Ghanaian youth in Russia’s ongoing special operations, with both sides agreeing to work together to address the issue.

World

World Bank Group MD to Visit Ghana and Liberia

/

The Managing Director(MD) and Chief Knowledge Officer of the World Bank Group, Paschal Donohoe, is set to visit Ghana and Liberia from March 15 to March 20, 2026, in a move aimed at strengthening the institution’s support for development and economic reforms in both countries. The visit which is expected to be Mr. Donohoe’s first to West Africa since he assumed office in November 2025,aims at assessing how the Group’s support for Ghana’s is translating into economic growth and job creation. In Ghana, Mr. Donohoe is expected to first of pay a visit to the President and then hold high-level discussions with senior government officials on key development priorities, including job creation, electricity access under Mission 300, and strengthening economic governance after which he is also scheduled to engage with the Minister of Finance, the Speaker of Parliament, development partners, civil society organisations, members of the business community and African-based think tanks to discuss scalable solutions to development challenges. The World Bank MD will also deliver a lecture titled “Building Skills, Creating Jobs, and Empowering Africa’s Future” at the University of Ghana. After he’s done with Ghana,Mr. Donohoe will then head to Liberia, where he is also scheduled to meet President Joseph Boakai and hold discussions with the Minister of Finance and Development Planning, the Executive Governor of the Central Bank of Liberia and private sector leaders on development priorities such as education, energy and private sector investment. He will also tour the Mount Coffee Hydropower Plant, which supplies about 88 megawatts of electricity to Monrovia and surrounding communities and is currently hosting the construction of a 20-megawatt solar photovoltaic plant. This visit forms part of the World Bank Group’s efforts to deepen engagement with West African countries and support economic recovery, job creation and sustainable development.

Banking & Finance

Bills Micro-Credit Investigates Viral Incident Between Staff and Woman Carrying Baby

/

The Management of Bills Micro-Credit Limited has launched an internal investigation following a viral video showing an altercation between some of its field officers and a woman carrying a baby. In a statement issued on Saturday, March 14,2026 the company stated that it has taken notice of a video which appears to show the woman attempting to retrieve a mobile phone from one of the officers, during which she reportedly fell while holding the child. In response ,the micro-credit firm described the incident as deeply regrettable and assured the public that it is working to establish the full facts. Bills Micro-Credit also noted that it has begun efforts to reach out to the victim involved to ensure the matter is handled appropriately. Management also assured the public that the firm is committed in ensuring professionalism and ethical standards in its operations.

News

GoldBod Dismisses Claims of Inflated Laptop Prices and Sole-Sourced GHS11m Renovation Contract

/

The Ghana Gold Board has dismissed allegations circulating on social media that it inflated the price of laptops and awarded an GHS11 million office renovation contract through sole sourcing. In a statement issued on Saturday March 14,2025, the board explained that the renovation of the former Bank of Ghana head office building was procured through restricted tendering, after approval from the Public Procurement Authority, with Correca Ghana Limited emerging as the winning bidder among three shortlisted companies. GoldBod also rejected claims that it inflated the cost of laptops, stating that 15 Lenovo ThinkPad T14S laptops were purchased for GHS322,500, or GHS21,500 per unit, a price it says aligns with the open market value. According to the board, the laptops were procured through a single-source method approved by the Public Procurement Authority because only one supplier at the time could meet the required quantity and delivery timeline. The board added that all contracts have been published on its website in line with the Ghana Gold Board Act, 2025, urging the public to disregard what it described as false claims and misinformation.

Energy

Rising Fuel Prices Could Push Up Food Production Costs – Industry Leaders Warn

/

The Chairman of the Food and Beverages Association of Ghana, John Awuni, has cautioned that rising global fuel prices could soon increase the cost of food production in Ghana. Speaking on the PM Express Business Edition on Joy News, he explained that higher petroleum prices are already affecting key inputs such as fertilizer, packaging materials, and transportation factors that could ultimately drive up food prices in the coming farming season. “If fuel prices go up, it has an effect because the cost of production is going to increase,” Mr. Awuni said. He explained that diesel powers many industrial machines while vehicles used in logistics also rely heavily on fuel. He further noted that fuel prices are a major component in determining energy tariffs, together with exchange rates. According to him, any increase in fuel prices is likely to raise energy costs for businesses. “Energy costs add to your cost of production. Therefore, the total cost of production will go up and prices will also have to increase for businesses to remain operational,” he stated. Mr. Awuni added that transportation costs would also rise, affecting the movement of goods across the supply chain and pushing inflation higher. Meanwhile, Chief Executive Officer of the Association of Ghana Industries, Seth Twum-Akwaboah, also warned that rising fuel prices will increase both energy and transport costs for manufacturers.  According to him, several goods will become more expensive because many production inputs depend on petroleum-based materials. “Packaging materials that rely on petroleum products will go up internationally as fuel prices rise,” he explained. Mr. Twum-Akwaboah also indicated that fertilizer prices are likely to increase, particularly because many fertilizers are imported from the Middle East. This, he said, could significantly raise production costs for farmers during the next cropping season. “So the next cropping season, farmers are likely to incur higher costs producing maize, soya beans and other crops locally, and that will push prices up,” he said. He added that transportation and logistics costs will also increase as global oil prices approach $100 per barrel. According to Mr. Twum-Akwaboah, Ghana already faces high production costs, and further increases in fuel prices could worsen the situation for businesses and farmers alike.

News

Ghana Statistical Service Partners with 25 MDAs to Strengthen Data-Driven Governance

/

The Ghana Statistical Service (GSS) has signed a Memoranda of Understanding (MoUs) with 25 Ministries, Departments, and Agencies (MDAs), marking a decisive step toward more coordinated and actionable national data systems. Speaking during the signing of the MOU on March 12, 2026, the Acting Government Statistician and Head of the Ghana Statistical Service,Dr. Alhassan Iddrisu, highlighted the transformative nature of the agreements. According to Dr. Iddrisu, the MoUs aim to break down institutional silos,ensure timely and accurate data is used for policy-making and national planning and shift focus from administrative reporting to strategic data use, making statistics a central tool for decision-making. “The memoranda we are signing today moves us from good intentions to intentional actions. This is more than a signing ceremony. It represents a fundamental shift from fragmented data systems to connected ones, from institutional silos to institutional collaboration, and from data as a by-product of administration to data that actively informs national decisions.” he stated. Dr. Iddrisu concluded that this is not just about data collection,it is about turning information into action, ensuring that government decisions are evidence-based and impactful. This initiative comes at a critical time as Ghana seeks to enhance governance, improve public service delivery, and meet the demands of a rapidly digitizing economy. By connecting data systems across MDAs, GSS is positioning itself to provide integrated, real-time insights that can shape policy, monitor progress, and improve accountability.  

Energy

NPA Raises Minimum Prices for Petroleum Products in Second March 2026 Pricing Window

/

The National Petroleum Authority (NPA) has adjusted the minimum price floors for petroleum products for the second pricing window of March 2026, effective March 16, signalling potential increases in retail fuel prices across Ghana. The updated floor prices show significant increases for petrol, diesel, and liquefied petroleum gas (LPG) compared to the first half of the month. • Petrol has been revised to GHȼ11.57 per litre, up from GHȼ10.46 per litre between March 1 and 15. • Diesel now stands at GHȼ14.35 per litre, rising sharply from GHȼ11.42 per litre. • LPG has been adjusted to GHȼ10.67 per kilogramme, up from GHȼ9.38 per kilogramme. These adjustments translate to increases of GHȼ1.11 for petrol, GHȼ2.93 for diesel, and GHȼ1.29 for LPG within the same month, indicating mounting pressure on fuel prices that could affect consumers in the second pricing window of March.

News

Empowering Engineers with Innovation Skills Crucial for Job Creation – Prof. Ochieng

/

Head of the Department of Civil and Environmental Engineering at Imperial College London, Prof. Washington Yotto Ochieng, has called for a shift in engineering education to incorporate innovation and entrepreneurship as key components for addressing unemployment and driving economic growth. Delivering a lecture on the theme “Building Sustainable Smart Cities on Resilient Digital Infrastructure” during day one of the 2026 Aggrey-Fraser-Guggisberg Memorial Lectures at the University of Ghana, Prof. Ochieng stressed that universities must move beyond traditional technical training and empower engineering students with the skills needed to develop start-ups and commercially viable innovations. According to him, nurturing an entrepreneurial mindset among engineers will enable graduates to translate research and technological knowledge into practical solutions that address societal challenges while contributing to economic productivity and job creation. “We must also educate our engineers to be innovative and entrepreneurial,start-ups and things like that,because the future is the youth. If the youth are very well educated, with total education and informed by research and innovation, then I think we will get what we need, including the creation of jobs and so on,” he stated. Prof. Ochieng further noted that investment in research-driven education is critical to building a generation of professionals capable of developing resilient digital systems and infrastructure needed for modern cities. He explained that such systems will play an increasingly important role in supporting urban development, efficient service delivery, and sustainable economic activity. The Aggrey-Fraser-Guggisberg Memorial Lectures, hosted annually by the University of Ghana, honour three individuals whose contributions significantly shaped education and infrastructure development in the Gold Coast namely James Kwegyir Aggrey, Alexander Fraser, and Gordon Guggisberg. This year’s lecture places strong emphasis on the intersection between digital infrastructure, innovation ecosystems, and urban development.