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Head of Mortgage Banking and Customer Experience at Republic Bank Ghana,Dan Adjetey Mohenu
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Tax Incentives, Financial Discipline Key to Growing Ghana’s Mortgage Market —Mortgage Banker

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Head of Mortgage Banking at Republic Bank Ghana, Dan Adjetey Mohenu, is calling on government to provide tax incentives for developers who are willing to go into the affordable housing space . Speaking exclusively to Business Outlook Africa, Dan Adjetey explained this move together with the use of local materials to put up structures will go a long way to encouraging people more developers to go into the affordable housing space. “Why don’t we give some tax incentives to developers who are willing to go into the affordable housing space? That is one.Are we able to source local materials to put up the structures?.” Dan stated Dan Adjetey also advised young people to consider mortgages at an early age arguing that the younger they are the more capable their system is to absorb repayment shocks. “Why? The reason being that the younger you are, the more your system can absorb the repayment shocks. The younger you are, it’s better for you to take it at a younger age. So let’s say, give or take, by the time you are 25, you should start thinking about getting something on your own, no matter where the location is.” Dan added Adjetey warned Small and Medium Enterprises (SMES) and women against practices that inadvertently locks them out of loans and mortgages, explaining that failure to uphold basic financial discipline like bookkeeping and being open makes it difficult for banks to grant them access to loan facilities. “ What they should get right or do to make it easy for you guys to give them, you know, loans for mortgages. Put your financial records together. You know, a simple thing like bookkeeping helps us.And then also they should be as open as possible..” he added. Republic Bank (Ghana)PLC is the leading home loan provider in Ghana, having pioneered the market as the former Home Finance Company (HFC Bank). The bank drives homeownership by offering ultra-low interest rates and flexible Cedi-denominated mortgages, and partnering with the government on affordable national housing.        

Head of Mortgage Banking and Customer Experience at Republic Bank Ghana,Dan Adjetey Mohenu
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Stop Rushing Repayments, Stick to Your Payment Plan — Dan Adjetey to Mortgagees

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Head of Mortgage Banking and Customer Experience at Republic Bank Ghana,Dan Adjetey Mohenu has urged mortgagees to resist the urge to accelerate repayments and instead stick to their scheduled monthly installments. Speaking exclusively to Business Outlook Africa, Dan Adjetey argued that tying up excess liquidity in a mortgage payment can put undue pressure on their cash flow. “Let me put it that way fear in the sense that the individuals do not want to go the long term. I’ve seen mortgagees who come for the loan for 20 years and it’s like they are in a hurry to pay off and so instead of sticking to say their are GHC 2,000 monthly payment,Immediately, they take the mortgage,they want to increase it to GHC 5,000 so that they can pay off on time.These are assets.They are not bringing you any money now.So why are you committing a lot of liquidity ?” Dan stated Comparing Ghana’s mortgage industry to that of other African countries,Dan Adjetey placed Ghana’s industry way ahead arguing that that country does better in terms of financing than the rest. “I would place us a bit high, than all of them, compared to the likes of probably Nigeria, South Africa.You know, Nigeria is quite heavy on cash.And so you would have a number of people purchasing homes with cash, not necessarily going through mortgage.And I’m placing us high because of the financing aspect, not because of home acquisition.” Dan added Dan Adjetey however stated that despite improvements in mortgage awareness, significantly more work remains to be done not only in Ghana but on the whole continent particularly on the financing side . He noted that Africa as a continent continues to grapple with a massive housing deficit, pointing to a systemic failure across most African economies to provide long-term financing solutions for housing. “I would say that there’s still more to do, because when you read around, every country in Africa has a very huge housing deficit.And so it tells you that we are not practically doing what we have to do when it comes to access to the financing. And most of the African countries, to our economy, are more short-term basis.” He added Despite the challenges, Dan Adjetey expressed optimism about the trajectory of Ghana’s mortgage industry, projecting significant improvement within the next five to six years. He attributed this optimism to a generational shift currently underway in Ghana’s workforce, noting that young graduates entering the job market have already being exposed to mortgage financing education at the tertiary level. “And I know and I believe that in the next five, six years, we will get better when it comes to the financial system.Six years because, you know, we have young people now coming into the system, people who have left the university, they are looking for jobs. So usually it takes about five, six years for them to settle in. So our education has been from the school.So from the universities, from the tertiary institutions, trying to make them understand the opportunities that you have through mortgage financing.” he added        

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President Mahama Cuts Sod for Phase II of the Sentuo Oil Refinery

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President John Dramani Mahama has cut the sod for the Phase II of the Sentuo Oil Refinery, reaffirming Government’s commitment to industrialization, energy security, and value addition. The Sod Cutting ceremony which took place on June 26,2026 brought together key stakeholders across the industry including the Minister for Trade and Agribusiness and the Minster for Energy. Passing on his remarks at the ceremony, President Mahama emphasized that Ghana’s development strategy is centered on moving beyond the export of raw materials to building a resilient economy that processes, manufactures, and creates value within its borders. The expansion will increase the refinery’s processing capacity from 40,000 to 100,000 barrels per day, strengthen Ghana’s energy sector while also creating thousands of jobs, and support the nation’s broader economic transformation agenda. The project is expected to boost employment at the refinery upon completion, while contributing significantly to the country’s energy independence and industrial growth. The Sentuo Oil Refinery Limited (SORL) is a massive, modern petrochemical facility located in the Tema Heavy Industrial Area in Ghana. Originally commissioned in early 2024 with an initial investment of nearly $2 billion by the Chinese conglomerate Sentuo Group, it has quickly established itself as the country’s largest active refining facility.  

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Ghana Strikes Deal with Large-Scale Miners to Buy 30% of Gold Output Effective July 1

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The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30 percent of the gold output of all large-scale mining companies operating in Ghana, effective July 1, 2026. The agreement was reached under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources. GoldBod stated that under the new arrangement, each large-scale mining company will sell 30 percent of their gold output to the GoldBod locally in Ghana in doré  raw form, at a discount of 0.55 percent. All gold purchases under the agreement will be conducted in Ghana Cedis and at the Bank of Ghana Reference Rate. The new arrangement differs significantly from the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, under which purchases were structured differently. GoldBod further stated that the arrangement has been strategically curated by the government to ensure that Ghana achieves LBMA accreditation for at least one local gold refinery by the year 2030. All doré gold purchased by GoldBod will consequently be refined locally to ensure local value retention, shipped to an LBMA-accredited refinery for melting and stamping, and delivered to the Bank of Ghana as part of the country’s gold reserves. Further details of the Memorandum of Understanding signed between the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines are expected to be made public on Monday, June 29, 2026.

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Asante Gold defers $50M in capex amid strategic review

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Asante Gold Corporation has cancelled approximately $50 million in planned 2026 capital expenditures as part of an ongoing strategic review. The mining company released a statement on June 25, 2026, indicating that its gold production in Q1 2026 was broadly stable compared to the previous quarter from its operations at Bibiani and Chirano gold mines in Ghana. Acting Chief Executive Officer Campbell Baird said the first three months of the review focused on stabilizing operations and restoring capital discipline. “Projects have been rationalised, and the Company is beginning to move as one,” he said, adding that a late-July update would provide shareholders with a fuller picture of the company’s direction. The company added that it held cost management workshops at both Bibiani and Chirano, finding out the variations in the mining, processing, labour, general and administrative expenses (GAE), and capital expenditures (capex) and implemented corrective measures such as eliminating the hire of third-party equipment, renegotiating some contractor agreements, and re-evaluating procurement and supply chain processes. It also added that a stage-gate capital governance framework is also being implemented across both operations. A review of Bibiani also reveals that the company is now considering a phased development over the three previously planned portal design, starting with a single portal in Q4 2026. Work is also underway to recover approximately 5,000 ounces of gold accumulated within the processing circuit, which is expected to provide a one-off production benefit in Q4 2026. Asante said Phase 1 construction under its Bibiani Resettlement Action Plan is complete, with relocation of approximately 300 households expected to begin in early July. The company said it has invested approximately $50 million in the resettlement program to date. Glenn Baldwin was appointed Chief Development Officer in June 2026 and is leading the capital project review. Q2 2026 production results are expected to be reported in August 2026. The company said its banking syndicate remains supportive.

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Elon Musk loses trillionaire status as global tech rout hits SpaceX

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Tech entrepreneur Elon Musk lost his trillionaire status on Tuesday, less than two weeks after becoming the first person to achieve it following SpaceX’s public debut, according to data from Bloomberg. The Bloomberg Billionaires Index – updated daily at 17:30 in New York (22:30 BST) – valued his fortune at $957bn (£727bn) on Tuesday, down from the $1.11tn valuation less than 14 days ago. The reversal followed a sharp retreat in SpaceX and Tesla shares as technology stocks broadly tumbled, fuelled by growing doubts over the long-term profitability of artificial intelligence. Despite the loss, Musk remains the world’s richest person, and his wealth still dwarfs that of his nearest rivals. The billionaire originally made history on 12 June with the highly anticipated public market debut of his rocket company, SpaceX, on the Nasdaq exchange. The blockbuster initial public offering (IPO) was priced at $135 per share and opened at $150 when it began trading. The debut valued the rocket and satellite giant at more than $1.77 trillion. Because Musk owned roughly 42% of SpaceX, the listing instantly propelled his paper fortune past the $1 trillion mark. By 16 June, surging investor enthusiasm drove SpaceX shares to a peak of $225.64, pushing Musk’s total net worth to a peak of $1.32 trillion. However, the market rally did not last. Concerns over capital spending, artificial intelligence infrastructure costs, and stubborn interest rates triggered a widespread tech sell-off and hit high-flying technology giants such as Nvidia, Intel, and AMD, particularly hard. But SpaceX shares bore the brunt of the correction, plunging more than 30% from their mid-June peak to trade around $156. On a single turbulent Monday, 22 June, a 16% single-day drop erased an estimated $240 billion from Musk’s personal balance sheet. Concurrently, shares of his electric vehicle venture, Tesla, slid nearly 6% just a day later, compounding the financial damage. Musk owned about 12% of Tesla’s outstanding shares. Musk’s trillionaire status is uniquely vulnerable due to the extreme concentration of his wealth. Unlike traditional billionaires with diversified portfolios, his fortune is almost entirely tied to equity in just two companies: SpaceX, which represents nearly 80% of his total net worth, and Tesla. Market analysts note that post-IPO volatility is entirely standard for highly valued growth firms, though the scale of the movement reflects a deeper tug-of-war between hype and reality. “For a stock like SpaceX, a lot of decision making might have been emotional and based on the anticipation of huge leaps forward in space exploration and utilisation, but investing should be something treated with clear eyes and patience, even when such huge numbers are involved,” said Danni Hewson, head of financial analysis at AJ Bell. With restrictions lifting in late July that will allow company insiders to finally sell their shares in stages, market pressure may continue. However, because a modest 6% recovery in SpaceX stock would restore his 13-figure status, Musk may simply become the world’s first recurring trillionaire. SOURCE: BBC  

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ICAG Warns Public Against Unauthorised Accountancy Bodies

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The Institute of Chartered Accountants(ICAG),Ghana have pointed out to the public,the ruling of the High Court with regard to the case of “Chartered Institute of Certified Tax Accountants, Ghana v. National Accreditation Board, Institute of Chartered Accountants, Ghana and Attorney-General” where it was held that all disciplines of accountancy, including tax accounting, fall within the Institute’s mandate. In a statement released on June 23,2026 the Institute stated that the court didn’t only rule in their favor but also classified the operations Chartered Institute of Certified Tax Accountants with regards to the regulation and certification of persons as Chartered Certified Tax Accountants as unlawful . ICAG then added that the legal position was further strengthened by the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), which vests in the Institute the sole statutory mandate to regulate, train, examine, certify, and admit persons into the accountancy profession in Ghana. The Institute then went ahead to caution the general public, students, employers, and other stakeholders against enrolling with or relying on qualifications issued by any institution, body, or organisation that holds itself out as being authorised to train, certify, license, or regulate accounting professionals in Ghana without lawful authority. ICAG added that is is prepared to challenge and take the appropriate measures to prevent unauthorised persons or institutions from misrepresenting themselves as professional accountancy bodies or offering professional accountancy qualifications contrary to law. “ICAG remains committed to protecting the integrity of the accountancy profession and will take all appropriate measures to prevent unauthorised persons or institutions from misrepresenting themselves as professional accountancy bodies or offering professional accountancy qualifications contrary to law,” the Institute stated. The Institute of Chartered Accountants, Ghana was established by an Act of Parliament — the Chartered Accountants Act, 1963 (Act 170) — and was subsequently governed by the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), which repealed Act 170. Its members are the only persons recognised under the Companies Act, 2019 (Act 992) for the purpose of auditing company accounts.      

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GoldBod Adopts LBMA Pricing Formula to Ensure Fair, Transparent Gold Trading

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The Ghana Gold Board (GoldBod) has announced the adoption of the London Bullion Market Association (LBMA) pricing formula and trading window as a key measure to promote fair and transparent gold pricing within Ghana’s Artisanal and Small-Scale Mining (ASM) sector effective July 1, 2026. This disclosure was made during its engagement with licensed gold traders as part of ongoing efforts to enhance transparency, fairness and best practices within Ghana’s Artisanal and Small-Scale Mining (ASM) gold trade. The engagement with the licensed gold traders focused on aligning gold trading practices with international and industry standards while ensuring greater value protection for miners, traders and the Ghanaian economy. GoldBod further stated that all gold transactions are to be recorded and booked within the approved LBMA pricing window to strengthen accountability and improve market confidence in the sector. Under the new framework, GoldBod will publish two official gold purchase prices each trading day,the first at 10:30 am in accordance with the LBMA AM price, and the second at 3:00 pm in accordance with the LBMA PM price. It was also mentioned during the engagement,that Offending licensees shall consequently be liable to sanctions including the suspension or revocation of their GoldBod licence, seizure of unlawfully traded gold, prosecution before the appropriate courts, and any other administrative, civil, or criminal sanctions available under Act 1140 and other applicable laws. The Gold Board added that the engagement forms part of ongoing efforts to enhance transparency, fairness, and best practices within the ASM gold trade. “GoldBod remains committed to building a responsible ASM gold sector that protects Ghanaian miners, promotes ethical trading, and positions Ghana’s gold industry for stronger participation in global markets,” the Board stated.

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PURC Raises Electricity and Water Tariffs by 3.49% and 0.85% — Effective July 1

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The Public Utilities Regulatory Commission (PURC) has announced an upward review of electricity and water tariffs by 3.49 percent and 0.85 percent respectively, with consumers set to feel the impact of the adjustments effective July 1, 2026. The Commission stated that the adjustments were carried out in line with its mandate to review tariffs on a quarterly basis to reflect developments within the quarter, tracking and incorporating movements in key operational factors beyond the control of Utility Service Providers (USPs). PURC further stated that the key factors considered in arriving at the decision included the exchange rate between the Ghana Cedi and the United States Dollar, domestic inflation, electricity generation mix, and the cost of fuel  mainly natural gas used to power thermal plants. On the exchange rate, the Commission applied a Weighted Average Ghana Cedi-US Dollar Exchange Rate of GHS11.2228 to US$1.0000 for the third quarter of 2026, reflecting a 0.2 percent depreciation of the cedi from the second quarter rate of GHS11.1931. The Commission also applied a three-month average inflation rate of 3.43 percent for the third quarter, indicating a significant downward movement from the previous quarter’s rate of 4.17 percent. On the price of natural gas, PURC applied a Weighted Average Cost of Gas (WACOG) of USD7.9708 per MMBtu, representing a 1.58 percent downward adjustment from the previous quarter’s rate of USD8.0988 per MMBtu. The hydro-thermal generation mix remained unchanged at 20.90 percent hydro and 79.10 percent thermal. The Commission added that the quarterly adjustments are undertaken to maintain the real value of existing tariffs and enable utility service providers to remain financially viable while continuing to deliver services to consumers.

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Franklin Cudjoe Urges NPP to Back Ken Ofori-Atta Extradition — Says Failure to Act Will Cost Party Public Trust

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President of Imani Africa,Franklin Cudjoe is urging the leadership of the New Patriotic look beyond party lines and aid in the state’s extradition efforts of the former Finance Minister Ken Ofori-Atta back to Ghana. In a post made on X on Sunday,June 21,2026, the President of the research think tank,Imani Africa added that it is important the opposition party, NPP calls on the diplomatic community to extradite Ken Ofori-Atta back to Ghana. “It is imperative that the leadership of the opposition New Patriotic Party (NPP) immediately calls on the diplomatic community particularly the U.S. Embassy in Accra,to urge relevant U.S. authorities to extradite former Finance Minister Ken Ofori-Atta back to Ghana.”he stated Franklin Cudjoe also added “This is necessary so that he can account for his stewardship, which severely damaged Ghana’s credibility with its international partners and rendered the economy virtually worthless, relegating it to junk status.” The President of Imani Africa further argued that the failure to do so by the NPP will not only cause them to lose the trust and respect of the party but also portray the party as one incapable of delivering accountable governance. “Should the NPP fail to undertake this critical task, they risk losing the trust, respect, and recognition of the Ghanaian people as a party capable of delivering accountable governance.”He added His comments follows the government’s active pursual of the extradition of former Finance Minister Ken Ofori-Atta from the United States, after the former Finance Minister was slapped with 78 counts of corruption, procurement fraud, and causing financial loss to the state during his tenure in office .