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Author name: Business Outlook Africa

Africa

IMF Approves New Funding for Burkina Faso to Boost Economic Stability and Climate Resilience

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The Executive Board of the IMF has completed the fourth review of Burkina Faso’s Extended Credit Facility Arrangement, enabling an immediate disbursement of about US$33.2 million, and approved a new Resilience and Sustainability Facility (RSF) arrangement of about US$124.3 million through September 2027 to strengthen external stability and climate resilience. The review forms part of the country’s 48-month IMF-supported programme approved in September 2023. With the latest disbursement, total financial support under the ECF arrangement has reached about US$165.8 million. The RSF reforms aim to strengthen fiscal resilience to shocks, integrate climate considerations into public financial management, enhance the performance of state-owned enterprises in climate‑sensitive sectors, and catalyze green financing. The IMF stated that despite the ongoing security and humanitarian challenges ongoing in the country , Burkina Faso’s economic outlook remains positive. With the Real GDP growth estimated to have accelerated to 5 percent in 2025, up from 4.8 percent in 2024, supported largely by higher gold prices and reforms in the mining sector. Medium term growth is projected to remain between 4.5 and 5 percent, subject to improvements in security conditions. With Inflation expected to stabilize at about 2 percent in the medium term after it slowed down significantly in 2025 due to food prices. The country’s foreign trade has also improved due increase in exports, especially gold. The current account is expected to move from a deficit in 2024 to surpluses in 2025 and 2026, although importing mining equipment may reduce some of the gains. Fiscal consolidation also remained  on track, supported by strong revenue performance, wage bill controls and restrained capital spending. The fiscal deficit in 2025 stayed within the programme target of 4 percent of GDP, reflecting improved domestic revenue mobilization, particularly from the mining sector. According to the statement, programme implementation has been largely satisfactory with authorities meeting most quantitative targets and structural benchmarks, with minor misses addressed through corrective measures. The IMF further emphasised that continued reform efforts will be crucial to sustaining macroeconomic stability, strengthening private-sector growth and managing exposure to commodity price volatility. It also stressed the need to safeguard spending on health, education and social protection while advancing fiscal consolidation. The Fund said Burkina Faso’s ability to withstand challenges shows why continuous reforms, better governance and focused investment are essential for long-term growth.  

Economy

Government Pays GH¢10 Billion DDEP Interest

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The Government of Ghana has paid GH¢10 billion in interest obligations under the Domestic Debt Exchange Programme (DDEP), signalling continued commitment to its debt restructuring process. In a statement released by the Ministry of Finance on Wednesday, 18th February 2026, the payment which was described as the sixth coupon settlement under the programme marked the second full cash payment made without any Payment-In-Kind component, an indication of improved fiscal strength and solvency. The Ministry explained that the settlement covers cedi-denominated DDEP coupon obligations in line with the restructuring memorandum and the country’s broader debt management and fiscal consolidation strategy. The Ministry also noted while that the timely payment of the debt sends a strong positive signal to investors, it is also expected to reinforce market confidence, support the country’s credit outlook, and enhance the financial sector stability, particularly among banks and pension funds. The Government also stated this move reaffirms its commitment towards meeting future DDEP obligations, citing strengthened financial buffers, improving macroeconomic fundamentals, declining inflation, lower interest rates, and a stable cedi as supporting factors.  

Trade

IEAG Challenges Prof. Gatsi’s Assertion on Substandard Cable Imports

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The Importers and Exporters Association of Ghana (IEAG) has expressed concern over an assertion made by the Board Chairman of the Energy Commission, Prof John Garchie Gatsi suggesting that Ghana’s ports are being used as conduits for the importation of substandard electrical cables. In a statement released, the association explained that they operate one of the most effective mechanisms for preventing the circulation of substandard imported electrical cables through formal channels hence contradicting the assertion made by Prof. Gatsi. “IEAG wishes to respectfully express concern over this assertion, as it does not adequately reflect the stringent regulatory controls and operational safeguards that govern the importation of electrical goods through the country’s ports.” The association however acknowledged the serious risks posed by inferior electrical cables and went ahead to call for the broadening of enforcement efforts to address the high-risk entry points. “While IEAG acknowledges the serious risks posed by inferior electrical cables, including fire outbreaks, infrastructure damage, and threats to public safety, we submit that evidence from industry monitoring indicates that a significant proportion of such products enter the domestic market through unapproved routes and porous land borders, bypassing formal inspection and duty payment. It is therefore important that enforcement efforts are broadened to address these high-risk entry points rather than portraying the ports, where multiple state agencies operate layered controls, as the primary source.” The IEAG also encouraged the Energy Commission to strengthen collaboration with customs and other relevant agencies to enhance surveillance and regulatory supervision at designated bonded warehouses. The association then welcomed engagements with other stakeholders to develop practical solutions to address the enforcement gaps across the entire supply chain and reiterated its commitment towards protecting lives, safeguarding government revenue and promoting compliant and responsible trade practices.

Agriculture

COCOBOD Executives, Senior Staff Take Pay Cuts Amid Liquidity Strain

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The Executive Management and Senior Staff of the Ghana Cocoa Board (COCOBOD) have announced voluntary salary reductions in response to ongoing liquidity challenges in Ghana’s cocoa sector. Effective Monday, February 16, 2026, Executive Management will take a 20 percent pay cut, while Senior Staff will accept a 10 percent reduction for the remainder of the 2025/26 crop year. The move, according to management, is part of broader cost-containment efforts aimed at stabilising the institution’s finances and aligning expenditure with current revenue realities. Beyond salary adjustments, COCOBOD has also initiated additional cost-cutting measures, including tighter procurement controls and a staff rationalisation exercise designed to streamline operations and reduce overheads. The decision comes at a critical time for Ghana’s cocoa industry, which has faced financial pressures in recent months. By trimming management compensation, COCOBOD signals an attempt to demonstrate internal fiscal discipline as it navigates constrained cash flows. The effectiveness of these measures will likely be assessed in the coming months, as stakeholders watch closely to see whether expenditure reforms translate into improved financial stability for the cocoa regulator and the broader sector.  

Banking & Finance

SEC Warns Public Against Unlicensed Investment Scheme ‘Mekanism’

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The Securities and Exchange Commission (SEC), Ghana, has issued a public notice cautioning the general public against an unlicensed investment scheme operated by Mekanism Marketing Ltd, also known as “Mekanism.” In a statement released on the 16th of February, 2025, the commission stated clearly that Mekanism Marketing Ltd is not licensed, authorized, or approved to operate in Ghana’s capital market hence any investment activity promoted by the entity constitutes an unauthorized and illegal capital market operation. ”The SEC states unequivocally that Mekanism Marketing Ltd is NOT licensed, authorized, or approved to operate in Ghana’s capital market. Accordingly, any investment activity promoted by this entity constitutes an unauthorized and illegal capital market activity.” According to the SEC, the scheme allegedly uses social media and online platforms to solicit funds from the public, promising fixed daily returns described as “unrealistic” and “unsustainable.” Participants are reportedly required to perform unspecified tasks labeled “Job 1” to “Job 10” in order to earn income. The regulator further warned that operating without a valid license is a criminal offense under the Securities Industry Act, 2016 (Act 929) and the Companies Act, 2019 (Act 992). The commission then advised the public to exercise extreme caution and desist from investing in any product or scheme promoted by Mekanism. It added that it is collaborating with law enforcement agencies to identify and take appropriate action against individuals behind the operation.

Trade

Government Confirms Ghanaian Tomato Traders Involved in Burkina Faso Attack

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The Government of Ghana has confirmed that a truck transporting Ghanaian tomato traders was caught in a terrorist attack in Titao, Burkina Faso, on Saturday, February 14, 2026. According to an official statement signed by the Minister for the Interior and National Security,Muntaka Mohammed – Mubarak, the government received reports of the incident from authorities in Burkina Faso. The traders were reportedly traveling through Titao ,the northern part of Burkina Faso when the attack occurred. Details regarding casualties or the number of Ghanaians affected have not yet been officially confirmed. The Ghana Embassy in Burkina Faso is currently liaising with Burkinabe authorities to visit the scene of the attack, gather accurate information, and assist in identifying any Ghanaian nationals involved. Government officials say further updates will be communicated to the public once verified information becomes available. The attack raises concerns about the safety of cross-border trade routes frequently used by Ghanaian traders.  

Telecommunications

NCA Tightens Telecom Service Standards; Sets Stricter Quality Benchmarks for Mobile Operators

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The National Communications Authority (NCA) has announced major amendments to its Quality of Service (QoS) Key Performance Indicators (KPIs), introducing tougher performance standards for mobile network operators across Ghana. The updated framework, which takes immediate effect, sets stricter and enforceable benchmarks for voice, data, and messaging services in all Metropolitan, Municipal and District Assemblies (MMDAs). According to the NCA, the changes update QoS parameters that have been in place since 2004 and align regulatory standards with technological advancements, evolving consumer usage patterns, and national digital policy goals. “ These amendments, which take immediate effect, update certain QoS parameters that have been in effect since 2004 and reflect current technological advancements, consumer usage patterns and national policy objectives.” What are the Key Amendments to QoS KPIs? Voice Services Under the new guidelines: • Call Drop Rate (CDR) has been reduced from a maximum of 3% to less than 1%, meaning fewer interrupted calls. • A new Call Connection Success Rate (CCSR) benchmark requires that more than 95% of attempted calls must successfully connect in at least 90% of operational cells within any MMDA. • For 2G services, a minimum Mean Opinion Score (MOS) above 3.0 has been introduced to improve overall call clarity and user experience. Data Services For 3G services, the average data download speed must now exceed 1 Mbps, replacing the previous threshold of 256 kbps. This adjustment reflects increased reliance on mobile internet for streaming, digital payments, education, and remote work. Messaging Services • SMS and MMS delivery success rates must reach at least 98%. • Delivery time must not exceed five seconds. Mandatory Coverage Expansion Beyond service quality improvements, the NCA has also introduced a binding obligation requiring mobile network operators to extend coverage to all constituent towns within every MMDA. Previously, operators were encouraged but not compelled to extend coverage beyond district capitals. The new requirement is now enforceable under licence conditions. The NCA says it will intensify monitoring, field measurements, and performance assessments nationwide to ensure compliance. Operators that fail to meet the new thresholds risk regulatory sanctions under their licence conditions and applicable laws. The NCA says the revised framework is part of broader efforts to protect consumer interests and ensure reliable, efficient, and high-quality telecommunications services in Ghana.

Anthony Dzamefe, Founder and CEO, Caveman Watches
Profiles

Most Entrepreneurs Fail Because of Emotional Shocks — Here’s What the Caveman Watches CEO Wants You to Know

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The Founder and CEO of Caveman Watches, Anthony Dzamefe, has stated that he believes most people fail in business and entrepreneurship because of emotional shocks that come along with business which they do not prepare for. Speaking on Business Outlook with VKL on the 13th of February 2026, Anthony recounted his early journey in entrepreneurship and how what he describes as his “stubbornness” and resilience helped him overcome those shocks. He then called on all young people who are willing to venture into business to invest in and build their emotional strength and resilience if they hope to survive the realities of entrepreneurship. According to him, many young entrepreneurs fail not because of the lack of intellect or system but because of emotional shocks. “Generally, it’s difficult being a businessperson. Only a fellow businessperson would understand you. Every other person wouldn’t understand why you have some mood swings, why you were happy a few seconds ago then suddenly you are unhappy.It’s just a whole lot of emotions you know. I say that most people fail at business not because of their lack of intellect or systems but of the emotional shock that they did not prepare for, the emotional investments that they were unaware of. What do you need to be able to build a business in Ghana? A lot of resilience. You should be very hard-headed. You know, without resilience or stubbornness, you’re not getting anywhere.” He then advised young entrepreneurs to embrace small beginnings as a strategic advantage rather than a limitation and cautioned against constantly seeking approval and validation from others. Dzamefe,explained that it is normal for people not to see what young entrepreneurs see in their ideas. However, he stressed that this should not be a source of discouragement. But rather encouraged them to rather use the doubt from others as motivation to prove themselves through results instead of allowing it to become a disadvantage. “I would tell the person to start small, have a bigger picture in mind, but start small. Starting small is very important. Start small, believe in yourself, don’t look for validation from people. It’s okay for people not to see what you are seeing. It shouldn’t be discouragement, but once you know what you’re doing, just keep to it,” he said. He further emphasised that starting small gives entrepreneurs the opportunity to learn, grow and build strong foundations and hence shouldn’t be underestimated. “If you start small , I’ll stress on that ,starting small is very crucial to the success of your brand. It’s actually an advantage,” he added. His message to young entrepreneurs is simple but firm: dream big, but begin small — and trust the process by being resilient enough. Watch the full interview below:

Transportation

Automobile Dealers Union of Ghana Announces 15% Reduction in Vehicle Prices

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The Automobile Dealers Union of Ghana (ADUG) has announced a 15 percent reduction in vehicle prices. In a statement released on February 15, 2026, the Union stated that the decision follows the relative stabilization of the Ghana cedi against the US dollar and the abolition of the COVID-19 levy. According to ADUG, the price adjustment fulfils a commitment made by the Union to review vehicle prices downward once exchange rate conditions improved. The Union then added that the recent exchange rate consistency has allowed its members to adjust prices across a wide range of vehicles, including brand-new, hybrid, electric, and home-used cars and hence deliver on its commitment. ”This decisive action reflects the Union’s long-standing promise to Ghanaians that any meaningful stabilization of the exchange rate would translate into fairer vehicle pricing, rather than excess profiteering. We are pleased to state that our members have acted in good faith and with a strong sense of national responsibility.” The statement also explained that in recent months, vehicle prices were heavily impacted by exchange rate volatility, high import duties, shipping costs, and global supply chain pressures. However, with improved economic conditions, the Union says members have acted in good faith to reflect the changes in pricing. ”Over the past months, the cost of vehicles in Ghana was significantly impacted by exchange rate volatility, high import duties, shipping costs, and global supply chain pressures. During this period, ADUG consistently assured the public that once the exchange rate showed signs of stability, vehicle prices would be reviewed downward. With the recent improvement and relative consistency in the exchange rate environment, our members have honoured that promise by adjusting prices across a wide range of vehicles, including brand-new, hybrid, electric, and home-used vehicles.” The Union then Proceeded to thank Ghanaians for their patience and reaffirmed its commitment to fair pricing and protecting consumer interests.’ The statement was signed by the National President of the Union, Eric Kwaku Boateng.  

John Dumelo, Deputy Minister of Food and Agriculture
Agriculture

Deputy Minister Engages Farmers to Address Rising Ginger Prices

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The Deputy Minister for Food and Agriculture, John Dumelo, has stated that engagements have already begun to find solutions to the recent spike in the price of ginger. In a tweet on X on 14th February 2026, the Deputy Minister attributed the spike to low harvests following discussions with farmers in the Oti Region on 13th February 2026. He explained that the visit was aimed at finding practical solutions to the problem. This follows reports by the Ghana Statistical Service, which identified ginger as a major driver of food inflation in Ghana. The report showed that ginger alone contributed 6.8% to national inflation — a significant impact for a single food item. Also Business Outlook Africa investigations, conducted prior to the Deputy Minister’s visit, reveal multiple forces driving the sharp rise in ginger prices. Poor rainfall has significantly reduced harvests in the Volta and Ashanti regions. In Ashanti, illegal mining has also eaten into fertile farmland — shrinking supply and inevitably pushing prices higher. To bridge the gap, traders are increasingly importing ginger from Côte d’Ivoire and Togo. The imported variety is often larger and more visually appealing — but it comes at a higher cost. And it’s not just households feeling the pinch. Ghana’s beverage and confectionery industries consume ginger in large volumes — from non-alcoholic and alcoholic drinks, to the growing demand for sobolo, biscuits, toffees, and even pharmaceuticals. Industrial buyers typically pay premium prices, further intensifying competition in the market. Today, a sack of ginger sells between ₵3,500 and ₵4,000 — and surged to ₵5,000 during the last festive season. The Deputy Minister’s visit highlights government efforts to work closely with farmers, enhance production practices, and strengthen storage and distribution channels to stabilize supply and ease price pressures.