Business Outlook Africa

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

Author name: Business Outlook Africa

Africa

Africa’s Capital Flowing in Wrong Direction: Diplomat Urges Pivot from Trading to Production

/

Ghana’s High Commissioner to Namibia and Botswana, Abdul-Rahman Harruna Attah,has called for a fundamental reorientation of how capital is deployed across the continent, urging a decisive shift away from retail and trading activity toward building productive businesses that generate lasting economic value. Speaking exclusively with Business Outlook Africa, the veteran journalist, publisher and author argued that Africa’s capital is flowing in the wrong direction and until that changes development will remain elusive. “We don’t encourage capital to go to where it should go to.We use capital to build businesses and move away from the entire retail.” he stated He also called on President Mahama and African leaders to design programs and projects that get young people thinking, working, and contributing to their economies again arguing that any government serious about Africa’s development must start with young people unashamedly and unapologetically. “He should unashamedly start with the youth, honestly. He should work out programmes and projects and whatever that would involve the young people.I think that is the first thing you should do, get the young people thinking and working again.”he added In accessing the Ghanaian middle class, the veteran journalist and publisher described the middle class as being part of the “Ghanaian problem” calling them out for exhibiting “greed, selfishness, and incompetence” instead of the middle class meeting to debate innovative architecture or engineering solutions for the nation. “It is a problem, I’ve always said. Our problem is the Ghanaian middle class.We are the problem. We are the problem. We exhibit all the negative things.Greed. Selfishness. Incompetence.Everything we exhibit. Corruption. Just look at us.But nothing. We don’t see any creative structure coming out of how we interact with each other. I don’t see us sitting amongst ourselves talking architecture.No, I don’t. Honest. I don’t see us sitting amongst ourselves talking engineering.” he stated .  

News

Leadership, jobs, creativity, capital — Harruna Attah’s four-point case for Africa’s future

/

Ghana’s High Commissioner to Namibia and Botswana, Abdul-Rahman Harruna Attah,has named leadership as Africa’s fundamental development problem. Speaking with Business Outlook Africa, the veteran journalist, publisher and author urged African leaders to take the lead on development rather than deferring responsibility or retreating behind historical grievances.He cited Rwanda and its president, Paul Kagame, as proof of how effective leadership can drive national progress. “It’s our leaders. You don’t want to sound too critical and that kind of thing, but our leaders should take the lead. Look at this young man and what he’s doing in Rwanda.I’ve been to Rwanda two times. And I’ve seen how the level of structure and development and even social discipline is big, which is a big problem for all of us in Africa. And he’s getting it right. So you think leadership is our problem? It’s our problem.” he stated When asked about his greatest worry about the continent,Harruna Attah pointed out to “The lack of jobs” as his greatest worry about the continent. He however stated that going forward he believes the creative industry not only has what it takes to help deal with the “lack of jobs” but also has what it takes to produce more wealthy individuals for the continent. “I can say without batting an eyelid, the creative industry. Because that’s what will bring out the best in us and let us innovate and without innovation you can’t move.”he added The High Commissioner to Namibia and Botswana also called for the country’s banking system to design dedicated facilities that allow young people to access small amounts of capital to start businesses. The veteran journalist and publisher stated that it is important for society to create such windows, cautioning against the current banking culture that overwhelmingly favours big businesses over young entrepreneurs. “Let’s have a system, a banking system that has facilities for young people to draw on a little capital here and there.That’s very important for society to do.But we think banks should help only big businesses. That is wrong.We should have room for a young man, young woman to go and get a few thousands of cedis to invest in this and that. But we don’t have it. Our banks are just there for big businesses, for big loans. No, but that’s not where the development comes from.” he argued. Africa’s population, currently estimated at roughly 1.58 billion, is projected to reach 2.5 billion by 2050, driven by high fertility rates and declining mortality. By then, one in four people globally will be African, with nearly 40% of the world’s youth living on the continent.  

News

MobileMoney Fintech LTD Announces Rebranding of XtraBalance to ‘MoMo Boost’

/

MobileMoney Fintech LTD has announced a major upgrade to its financial services ecosystem. In a post made on Friday, July 10,2026 the Mobile money giant revealed its plans of rebranding that its popular “XtraBalance” to “MoMo Boost.” The Mobile money giant also added that as a result of this there will be temporary interruptions in its services from Sunday,July 12 to Tuesday ,July 14,2026. The Company however stated that all other MoMo services are expected to run smoothly as they won’t be affected by the temporary interruption. “You can still send money, buy airtime, pay bills, and use your regular wallets just like always.” The post read The company then expressed its appreciation towards its customers and reiterated its commitment towards bringing more value to its customers. MTN XtraBalance is an instant credit service provided by MTN MoMo in partnership with Forms Capital. It acts as an overdraft or extension on customer’s mobile wallet and also allows customers to complete transactions-like buying airtime, sending money, or paying bills-even when their balance is low.

Africa

Total IMF Support to Tanzania Crosses $1.7 Billion as Executive Board Completes Final Programme Reviews

/

The Executive Board of the International Monetary Fund (IMF) has completed the final sixth and seventh reviews under the Extended Credit Facility (ECF) arrangement and the final third and fourth reviews under the Resilience and Sustainability Facility (RSF) arrangement with Tanzania, enabling an immediate disbursement of SDR 324.9 million,approximately USD 443.9 million under both arrangements. The completion of the sixth and seventh ECF reviews now allows an immediate disbursement of SDR 113.37 million,approximately USD 154.1 million. This now brings Tanzania’s total access under the ECF arrangement to approximately USD 1.063 billion. The completion of the third and fourth RSF reviews additionally allows a disbursement of SDR 213.12 million,approximately USD 289.7 million,bringing total RSF access to approximately USD 636.5 million. The 40-month ECF arrangement was originally approved in July 2022 for a total access of SDR 795.58 million and extended twice,in June 2024 and May 2026. The 23-month RSF arrangement was also approved in June 2024 and similarly extended by three months in May 2026. Economy Growing Strongly Deputy Managing Director and Acting Chair Mr. Bo Li stated that amid external and domestic shocks, Tanzania’s reform programme supported by the ECF has enabled the authorities to maintain macroeconomic stability and advance reforms. Tanzania’s real GDP growth reached 5.9 percent in 2025 and is projected to reach approximately 6.2 percent over the medium term, supported by a strong outlook for mining, agriculture, and tourism. Headline inflation has been contained at 4.0 percent year-on-year in June 2026, though the impact of rising fuel prices from the war in the Middle East continues to be felt. Mr. Li further stated that the current account deficit is expected to remain broadly stable in 2025/2026 financial year , with gold exports providing a partial offset to import pressures. Programme Performance on Track The IMF stated that Tanzania’s economic reform programme under the ECF arrangement remained on track. All end-June 2025 quantitative performance criteria were met, all end-September 2025 indicative targets were met except the domestic primary balance, and all end-December 2025 quantitative performance criteria were met except for the criterion on net domestic assets . Five reform measures under the RSF arrangement were completed, while three reform measures related to the energy sector were not completed. The Deputy Managing Director noted that the recent non-approval of VAT administration, central bank governance, and public investment management reforms also remained outstanding concerns. Fiscal Consolidation Remains Critical Mr. Li stated that continued fiscal consolidation, supported by stronger domestic revenue mobilisation, VAT refund reforms, and improved public financial management, remains important highlighting that such efforts would create space for much-needed spending on education and health. Despite significant fiscal overspending in the first quarter of the 2025/2026 financial year , the end-December quantitative performance criterion for the domestic primary balance was met. Downside Risks Have Increased The Deputy Managing Director warned that while the medium-term outlook is positive, downside risks have increased,particularly the risk that a prolonged conflict in the Middle East would weaken the growth outlook and intensify inflation pressures. He additionally flagged Tanzania’s demographic challenge as a significant long-term risk, noting that the country’s population is expected to double by 2050, making the challenge of meeting Sustainable Development Goal targets and reducing poverty increasingly daunting. Monetary Policy and Private Sector Development Mr. Li stated that accommodative monetary policy remains appropriate, and that the Bank of Tanzania should stand ready to further adjust its stance as needed. He called for the maintenance of adequate reserve levels and exchange rate flexibility to cushion the economy against external shocks. On private sector development, the Deputy Managing Director emphasised that accelerated reforms to strengthen the business environment and support private sector growth are critical to ensuring sufficient jobs and opportunities for Tanzania’s rapidly growing population. “Continued reforms to further strengthen resilience to climate change and help mobilise climate finance will also be important to enhance broader economic resilience and reduce prospective balance of payments risks,” he added.

News

University of Ghana Gets 42-Unit ICT Lab as Telecel Ghana Strengthens Academic-Industry Ties

/

Telecel Ghana has handed over a fully equipped 42-unit ICT lab to the University of Ghana. This comes as a response to a request from the University’s leadership and forms part of the corporate social responsibility(CSR) of the telecommunications company. The Computer laboratory, is designed to advance digital learning, research, and innovation at Ghana’s premier university especially in this age of AI. The development marks the latest chapter in a partnership that has spanned more than 15 years, with dedicated internet and connectivity solutions at the University of Ghana at its core since 2010. Telecel then expressed its commitment towards improving internet connectivity and the digital education ecosystem in the country. “We remain committed to strengthening Ghana’s digital education ecosystem.”

Economy

Ghana’s Economy Expands by 4.7% in April 2026

/

Ghana’s economy expanded by 4.7 percent in April 2026, driven steadily forward by an expanding Services sector. This is according to the latest Monthly Indicator of Economic Growth by the Ghana Statistical Service, which further indicated a slower pace as compared to the 7.4 percent growth seen in April last year. The Services sector led the expansion with a growth rate of 6.0 percent, accounting for 61 percent of all growth in the month.This expansion was largely led  by information and communication. The Industry sector also accounted for nearly a third of the month’s expansion with a growth of 4.0 percent, nearly four times of the 1.1 percent that was recorded a year ago. This was as a result of strengthened mining activities . The Agriculture Sector however rebounded, with a growth rate of 1.7 percent after contracting by nearly 7 percent in the same period last year. The MIEG index rose to 113.3 in April 2026, up from 108.2 a year earlier. The Monthly Indicator of Economic Growth, is a high-frequency economic index developed by the Ghana Statistical Service (GSS) to track the country’s economic performance on a monthly basis. It aggregates data across Agriculture, Industry, and Services to give policymakers, investors, and researchers an early snapshot of national economic momentum ahead of official quarterly Gross Domestic Product (GDP) reports.

World

IMF Projects 3% Global Growth in 2026 as Middle East War Stalls Disinflation ,Urges Central Banks to Remain Focused on Price Stability

/

The International Monetary Fund (IMF) is projecting a global growth of 3 percent in 2026 and 3.4 percent in 2027 amid the ongoing Middle East tensions. This was disclosed by the Deputy Director, of the Fund’s Research Department, Petya Koeva Brooks in the July 2026 Update of the World’s Economic Outlook. “We are projecting global growth of 3 percent in 2026 and 3.4 percent in 2027, broadly unchanged from April on a cumulative basis.” she stated Petya Koeva Brooks stated that this development is being shaped by the ongoing war in the Middle East and the effects it’s having on energy supplies and technology-driven investment boom. “The global outlook is being shaped by two powerful forces pulling in opposite directions: the lingering effects of the energy shock from the war in the Middle East and a technology-driven investment boom”. she added She however insisted that the effects of these forces varies significantly across countries depending on their exposure to the war and their position in the technology value chain. She also explained however that despite the ongoing Middle East conflict,a larger spike in oil prices was avoided thanks to inventory drawdowns, expanded production outside the Gulf, and actions taken to soften oil demand. Petya Koeva Brooks disclosed that the IMF’s forecast assumes the Strait of Hormuz begins reopening in mid-July, with conditions normalising to the pre-war state by March 2027. On the risks to the outlook,She warned that a renewed escalation in the Middle East conflict could reignite commodity price volatility, tighten financial conditions, strain policy buffers, and worsen food insecurity in low-income countries. Petya Koeva Brooks then concluded by urging central banks globally to remain focused on price stability though she noted the appropriate response will vary by country depending on how commodity prices, technology-driven demand, and inflation expectations interact.

Banking & Finance

CCM Healthcare Investments acquires 26.84% stake in Intravenous Infusions PLC

/

CCM Healthcare Investments-FZCO (CCM) has announced an acquisition of a major stake in Intravenous Infusions PLC , after a successful conversion of its investment in the Company. In a statement released on July 7, 2026, pursuant to the relevant provisions of the Ghana Stock Exchange Listing Rules and the Securities Industry Act, 2016 (Act 929), the Company disclosed that out of a total of 375,074,367 shares issued by Intravenous Infusions PLC, CCM now holds 100,666,021 shares, representing a 26.84% ownership stake. CCM stated that it remains confident in the prospects of Ghana’s pharmaceutical manufacturing industry, and in the Company’s role as a leading player in strengthening local healthcare supply chains and expanding domestic pharmaceutical production capacity. CCM added that since the beginning of the year, it has worked closely with management and the Board to develop and execute a value creation plan focused on operational improvement, commercial growth, and long-term shareholder value creation. The Company noted that it is pleased with the early progress achieved so far and believes the initiatives are strengthening the Company’s future prospects. Intravenous Infusions PLC is a pharmaceutical Company producing and distributing Intravenous Fluids in Ghana and the West African sub-region.

Banking & Finance

Banks and SDIs dismiss 75 staff over fraud in 2025 — 2025 Fraud Report

/

The 2025 Fraud Report has disclosed the dismissal of 75 staff members by Banks and SDIs collectively various reasons. The report which was published by the Financial Stability Department of the Bank of Ghana noted that despite 219 staff members being implicated in fraudulent activities during the year, only 75, representing 34%, were actually dismissed. It further disclosed that out of the 75 dismissals recorded in 2025, 44 cases, were directly linked to cash theft-related fraud. On overall staff involvement in fraud, the report stated that the number of staff implicated in fraudulent activities across both Banks and SDIs fell from 365 in 2024 to 219 in 2025, representing a 40% decrease. The report added that out of the 219 cases of staff-related fraud recorded in 2025, 139, representing 63%, were involved in cash theft and cash suppression, as compared to 274, representing 75%, in 2024. It further disclosed that out of the 139 cases of cash suppression recorded across Banks and SDIs, only 22% were recorded in banks. However, with regard to the value at risk, approximately GH¢40.7 million, representing 96% of the total value at risk for cash suppression, was recorded in the banks. The Central Bank emphasized that effectively addressing fraud within Ghana’s financial sector demands a unified and sustained effort from all stakeholders, including financial institutions, law enforcement agencies, regulatory bodies, and the public.    

Banking & Finance

Electronic fraud cases surge 54% in 2025 as PSP sector’s value at risk nearly doubles — BoG report

/

The Bank of Ghana has disclosed a a 54% increase Payment Service Providers (PSPs) fraud incidents in 2025. This is according to the 2025 Fraud Report which further indicated a rise from the 15,673 cases recorded in 2024 to 24,124 cases in 2025. The report attributed the sharp rise in fraud numbers to the continued shift toward digital channels and increased usages within the payments space. On value at risk, the report highlighted that a near doubling of the GH¢19 million reported in 2024 for the 2025 year bringing it now to GH¢37 million.With this representing a 95% year-on-year rise in total value at risk. Ghana operates one of Africa’s most advanced and rapidly expanding digital payment ecosystems, regulated by the Bank of Ghana under the Payment Systems and Services Act, 2019 (Act 987).