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Managing IT Resources and Systems: Balancing security and the people factor

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By Joseph Opoku MENSAH

The operations, strategy, and innovation of any company in modern times are now built on information technology (IT). Organizations, governments, and enterprises depend on IT systems for data storage, communication, process optimisation, and service delivery.

However, the complexity of handling technology also increases with its advancement. A dual focus is necessary for effective IT resource management: maintaining robust system security while acknowledging the critical role that people play in maintaining and protecting such systems. The success of an IT framework depends on the skill, ethics, and awareness of its creators, operators, and users, as well as its infrastructure.

When it comes to managing IT resources, security is still one of the most important issues. The growing number of ransomware instances, data breaches, and cyberattacks highlights how susceptible digital infrastructures may be if they are not properly maintained or safeguarded. To implement proactive, multi-layered security measures, organisations need to go beyond reactive techniques. This entails establishing access controls that restrict unwanted access, implementing encryption techniques to safeguard private data, and applying security patches and software updates on a regular basis to address vulnerabilities.

Furthermore, to find and fix vulnerabilities before they are exploited, thorough risk assessments and penetration tests must be a regular component of IT governance procedures. Planning for disaster recovery and data backup also guarantees that vital processes can be resumed with the least amount of disturbance in the case of a system attack or failure. But technical remedies are not enough on their own. If human behaviour continues to be the weakest link, even the most sophisticated security architectures may fail.

In IT administration, the human element is frequently overlooked, although it is essential to both the issue and the solution. A large percentage of cybersecurity breaches are still caused by human mistake, whether it be through using weak passwords, handling data carelessly, or falling for phishing scams. Therefore, managing IT resources entails cultivating an organisational culture that prioritises security.

Programs for awareness and training should be ongoing rather than sporadic to make sure that staff members are aware of changing risks and their role in safeguarding company resources. To dismantle the silos that frequently separate technology teams from other departments, IT departments should interact with employees at all levels. Every worker, from entry-level personnel to upper management, needs to understand that cybersecurity is a shared duty that calls for diligence, self-control, and moral behaviour.

To strengthen the human element of IT management, leadership is just as important as awareness. Leaders establish a standard that affects the broader organisational culture when they exhibit secure behaviours, such as using robust authentication procedures, protecting data privacy, and encouraging compliance. Preventing minor problems from turning into serious threats is another benefit of promoting open communication about security issues and possible system flaws.

IT system managers are stewards of institutional continuity and trust, not only operators. Just as crucial as investing in the technology itself is investing in their potential through education, inspiration, and moral guidance.

The key to managing IT systems and resources effectively is striking a balance between human responsibility and technology competence. In addition to firewalls, antivirus programs, and encryption, secure systems also need a workforce that respects and comprehends the underlying concepts of these technologies. Although technology offers the framework, humans are what give it life and purpose.

In addition to protecting their data, organisations that see IT administration as a shared commitment that combines expertise, culture, and security increase their overall resilience. The real power of any IT system will always lie in the cooperation of information-processing machines and human decision-makers who make morally sound and secure choices in a world where digital revolution is accelerating.

The writer is a Marketing and communications professional with expertise in digital marketing, consumer behavior, and AI-driven brand engagement. My research focuses on AI adoption in marketing, chatbot-driven customer relationships, and digital transformation and  an Adjunct Lecturer at UniMAC and Research Assistant at the University of Ghana,.

🔗 linkedin.com/in/joseph-opoku-mensah | 📩 [email protected]

Compliance: The most underrated form of customer service?

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By Michael OSEKU-AFFUL

Earlier this month, organisations across Ghana joined the world in celebrating Customer Service Week — a moment to pause and appreciate the people and systems that make every customer interaction meaningful. In our offices, we exchanged smiles, wore branded T-shirts, sent heartfelt thank you messages to our clients, and reflected on how we could serve better.

But as I joined the celebrations, one question lingered in my mind: what does customer service have to do with Compliance? After all, Compliance is not the first department that comes to mind when we think of service. We are more often associated with regulations, guidelines, laws, checklists, policies, and audits than with customer delight. Yet, after years in this profession, I have come to believe that there is no lasting customer service without compliance with the relevant laws and regulations that impact one’s business.

Trust is an Invisible Asset for Growth

At Standard Chartered, we believe that the highest form of service is trust. Customers may not see every process behind the scenes, but they feel it, confident that their bank, supplier, or business partner operates with integrity and transparency.

That confidence doesn’t come from advertising slogans; it comes from compliance: from systems and discipline that ensure things are done right. Whether you are a multinational, a family business, or a start-up, compliance is how you prove that your word can be trusted.

Across Ghana today, that trust has become the new currency of growth. It is the silent language that opens doors to credit, investors, and partnerships that reward accountability.

From Burden to Advantage: Rethinking Compliance

Let’s be honest: for many entrepreneurs, the word compliance triggers stress. Filing taxes, updating registrations or licences, and meeting statutory requirements can feel like chores that take time away from “real business.” But in truth, compliance is the business. It’s the foundation on which every sustainable enterprise is built.

SMEs are the lifeblood of Ghana’s economy, contributing over 90% of businesses and around 80% of jobs. Yet many remain locked out of the formal system, unable to access financing or large-scale contracts. The missing ingredient is often not ambition, but documentation and transparency.

When a small business registers formally, keeps clear records, and complies with labour, tax, and data-protection laws among others, it sends a powerful message: we are credible; we are here to stay. Lenders see reduced risk. Bigger corporates see partnership readiness. Regulators see good citizenship. In other words, compliance transforms invisibility into opportunity.

Compliance Is Customer Service

As we round up the celebration of Customer Service Month, it’s time to broaden our understanding of what service really means.

Good service isn’t only about smiles and speed. It’s also obviously about safety, reliability, and respect. It’s about protecting your customer’s data, honouring your obligations, and ensuring every transaction is ethical and transparent.

A logistics company that follows road-safety regulations is serving its clients well. A fintech that safeguards customer data is showing service through respect. A manufacturer that meets product-safety standards is protecting the public.

In today’s digital economy, we may not know it, but compliance has become frontline customer service: the quiet assurance behind every promise and every brand.

A Call to Compliance Professionals: From Policing to Partnering

For those of us in the Compliance profession, this is also a moment for reflection. We must evolve beyond being corporate police to becoming partners in progress: enablers of growth who guide, simplify, and empower. We must become custodians of service excellence.

When we help entrepreneurs to understand KYC or AML requirements, when we demystify regulation for colleagues, we are delivering customer service through clarity and confidence. The most impactful Compliance professional is not the one who only enforces the rules, but the one who helps others understand why they matter.

Public Institutions as Service Providers

The same principle applies to our public-sector regulators. Agencies that enforce compliance are also service institutions. Their role is not only to ensure compliance, but to enable business.

When regulators simplify forms, digitalise processes, and engage businesses with empathy, they turn compliance into a customer-delight experience rather than a dreaded ordeal. Every hour saved at a permit office, every form moved online, every officer who explains a rule with patience rather than penalty – these are acts of service that strengthen the nation’s culture of trust. Of course, penalties are also tool for ensuring compliance and must be applied against entities who repeatedly and flagrantly engage in acts of non-compliance to serve as a deterrent.

Compliance and Ghana’s Global Reputation

In an interconnected world, a nation’s compliance culture is part of its investment appeal. Investors and tourists alike assess not only our natural beauty or market size, but also the integrity of our systems: how easy it is to register a business, obtain permits, move capital, protect data, or enforce contracts.

When we all comply with laws and regulations, Ghana signals to the world: we are trustworthy, we are transparent, and we are ready for business. That confidence draws investors, reassures partners, and even enhances our reputation as a safe and ethical destination for tourism and trade.

Building a Culture of Trust

Ultimately, compliance is not only about penalties; it’s about principles. Trust is the bedrock of all relationships, between banks and clients, between businesses and consumers, between governments and citizens. Without it, no economy can thrive for long.

For Ghana to achieve its next chapter of inclusive growth, we need enterprises and institutions, both private and public, that are transparent, accountable, and trusted.

At Standard Chartered, we see compliance not as a checklist, but as a promise – to our clients, our regulators, and our country. As we bring the celebration of customer service month to a closure, I’m reminded of a small business owner I once met who said, “When the rules are clear and the processes are fair, I don’t mind following them.”

That simple statement captures the heart of what compliance should be: not a maze to survive, but a pathway that inspires confidence — for businesses, for citizens, and for Ghana’s future.

Michael  is the Chief Compliance Officer at Standard Chartered Bank Ghana Plc

Advancing the entrepreneurial agenda: Building the future of Micro Small and Medium Enterprises (MSMEs)

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By Samira ABDUL-AZEEZ, Esq.

The growth of Micro Small and Medium Enterprises (MSMEs) may not be achieved solely through policy frameworks but rather a deliberate investment in people, systems and partnerships. As Ghana strengthens its Entrepreneurial Agenda, attention must increasingly shift toward actionable strategies that unlock the full potential of enterprises.

One key priority is capacity building. While access to finance remains a recurring challenge, the ability of entrepreneurs to manage funds, adopt new technologies and navigate competitive markets is equally vital.

Training programs tailored toward sectors such as agribusiness, digital services, and manufacturing can empower MSMEs to scale up sustainably. Agencies together with partners are intensifying efforts to deliver practical skills development, mentorship and advisory services across regions. Technology adoption and digitalization are also at the heart of new growth model.

Digital tools enable MSMEs to reach wider markets, improve efficiency, and formalize operations, from mobile payment systems to e-commerce platforms, digital solutions are dismantling long-standing barriers to entry. By promoting digital literacy, and expanding access to affordable digital infrastructure, Ghana can position its MSMEs as active players in the global economy.

Equally important is the creation of inclusive financing models. Traditional financing systems often exclude women, youth and persons with disabilities due to limited collateral or lack of credit history/ worthiness. Innovative solutions such as blended finance, microcredit, and equity support can bridge this gap. Partnerships with private sector investors, development partners and fintech institutions are essential to broaden access and diversify financial instruments available to MSMEs.

Furthermore, the Entrepreneurial Agenda emphasizes market linkages, capitalizing on the AfCFTA at the regional level through agencies such as the Ghana Free Zones Authority and the AfCFTA Secretariat, while also tapping into international markets through institutions like the Ghana Export Promotion Authority (GEPA). This strategic approach will position Ghanaian MSMEs to access wider markets, enhance competitiveness, and scale their operations beyond local boundaries.

As the Entrepreneurial Agenda evolves, partnerships remain central. Government, private sector actors, academia, and civil society each bring unique strengths. Collaborative approaches ensures that initiatives are not only well-resourced but also responsive to the real needs of entrepreneurs.

In this way, Ghana’s entrepreneurial ecosystem becomes more resilient and adaptive to global shifts, including climate change and digital transformation. In the coming years, the entrepreneurial agenda will define Ghana’s pathway to inclusive and sustainable prosperity. By combining innovation, inclusivity and strategic investment, MSMEs will not only thrive but also drive the nation’s ambition of becoming a beacon of entrepreneurial excellence in Africa. The future of Ghana’s economy is entrepreneurial, and the time to build that future is now.

The writer is a Lawyer & Deputy Chief Executive Officer Ghana Enterprises Agency

Compliance: The most underrated form of customer service?

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 Earlier this month, organisations across Ghana joined the world in celebrating Customer Service Week — a moment to pause and appreciate the people and systems that make every customer interaction meaningful. In our offices, we exchanged smiles, wore branded T-shirts, sent heartfelt thank you messages to our clients, and reflected on how we could serve better.

But as I joined the celebrations, one question lingered in my mind: what does customer service have to do with Compliance? After all, Compliance is not the first department that comes to mind when we think of service.

We are more often associated with regulations, guidelines, laws, checklists, policies, and audits than with customer delight. Yet, after years in this profession, I have come to believe that there is no lasting customer service without compliance with the relevant laws and regulations that impact one’s business.

Trust is an Invisible Asset for Growth

At Standard Chartered, we believe that the highest form of service is trust. Customers may not see every process behind the scenes, but they feel it, confident that their bank, supplier, or business partner operates with integrity and transparency.

That confidence doesn’t come from advertising slogans; it comes from compliance: from systems and discipline that ensure things are done right. Whether you are a multinational, a family business, or a start-up, compliance is how you prove that your word can be trusted.

Across Ghana today, that trust has become the new currency of growth. It is the silent language that opens doors to credit, investors, and partnerships that reward accountability.

From Burden to Advantage: Rethinking Compliance

Let’s be honest: for many entrepreneurs, the word compliance triggers stress. Filing taxes, updating registrations or licences, and meeting statutory requirements can feel like chores that take time away from “real business.” But in truth, compliance is the business. It’s the foundation on which every sustainable enterprise is built.

SMEs are the lifeblood of Ghana’s economy, contributing over 90% of businesses and around 80% of jobs. Yet many remain locked out of the formal system, unable to access financing or large-scale contracts. The missing ingredient is often not ambition, but documentation and transparency.

When a small business registers formally, keeps clear records, and complies with labour, tax, and data-protection laws among others, it sends a powerful message: we are credible; we are here to stay. Lenders see reduced risk. Bigger corporates see partnership readiness. Regulators see good citizenship. In other words, compliance transforms invisibility into opportunity.

Compliance Is Customer Service

As we round up the celebration of Customer Service Month, it’s time to broaden our understanding of what service really means.

Good service isn’t only about smiles and speed. It’s also obviously about safety, reliability, and respect. It’s about protecting your customer’s data, honouring your obligations, and ensuring every transaction is ethical and transparent.

A logistics company that follows road-safety regulations is serving its clients well. A fintech that safeguards customer data is showing service through respect. A manufacturer that meets product-safety standards is protecting the public.

In today’s digital economy, we may not know it, but compliance has become frontline customer service: the quiet assurance behind every promise and every brand.

A Call to Compliance Professionals: From Policing to Partnering

For those of us in the Compliance profession, this is also a moment for reflection. We must evolve beyond being corporate police to becoming partners in progress: enablers of growth who guide, simplify, and empower. We must become custodians of service excellence.

When we help entrepreneurs to understand KYC or AML requirements, when we demystify regulation for colleagues, we are delivering customer service through clarity and confidence. The most impactful Compliance professional is not the one who only enforces the rules, but the one who helps others understand why they matter.

Public Institutions as Service Providers

The same principle applies to our public-sector regulators. Agencies that enforce compliance are also service institutions. Their role is not only to ensure compliance, but to enable business.

When regulators simplify forms, digitalise processes, and engage businesses with empathy, they turn compliance into a customer-delight experience rather than a dreaded ordeal. Every hour saved at a permit office, every form moved online, every officer who explains a rule with patience rather than penalty – these are acts of service that strengthen the nation’s culture of trust. Of course, penalties are also tool for ensuring compliance and must be applied against entities who repeatedly and flagrantly engage in acts of non-compliance to serve as a deterrent.

 

Compliance and Ghana’s Global Reputation

In an interconnected world, a nation’s compliance culture is part of its investment appeal. Investors and tourists alike assess not only our natural beauty or market size, but also the integrity of our systems: how easy it is to register a business, obtain permits, move capital, protect data, or enforce contracts.

When we all comply with laws and regulations, Ghana signals to the world: we are trustworthy, we are transparent, and we are ready for business. That confidence draws investors, reassures partners, and even enhances our reputation as a safe and ethical destination for tourism and trade.

Building a Culture of Trust

Ultimately, compliance is not only about penalties; it’s about principles. Trust is the bedrock of all relationships, between banks and clients, between businesses and consumers, between governments and citizens. Without it, no economy can thrive for long.

For Ghana to achieve its next chapter of inclusive growth, we need enterprises and institutions, both private and public, that are transparent, accountable, and trusted.

At Standard Chartered, we see compliance not as a checklist, but as a promise – to our clients, our regulators, and our country. As we bring the celebration of customer service month to a closure, I’m reminded of a small business owner I once met who said, “When the rules are clear and the processes are fair, I don’t mind following them.”

That simple statement captures the heart of what compliance should be: not a maze to survive, but a pathway that inspires confidence — for businesses, for citizens, and for Ghana’s future.

Michael Oseku-Afful is the Chief Compliance Officer at Standard Chartered Bank Ghana Plc

 

PAC commends MIIF CEO for honesty, competence, institutional reforms

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The Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei Asare, has highly commended the acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs Justina Nelson, for her forthrightness, competence, and commitment to institutional reform.

At the Committee’s sitting  to review the Auditor-General’s Report on MIIF for the year ended December 31, 2024, Mrs Nelson earned her praise as she impressed members with her detailed explanations to issues flagged, exhibited a sound grasp of financial regulations, and demonstrated proactive efforts to address audit infractions inherited from the previous managers of the Fund.

Ms Osei Asare particularly commended Mrs Nelson for demonstrating both honesty and technical depth in her responses as she took turns to answer a barrage of questions and enquiries from the members of the committee.

“I’m not commending you because you are a woman but because you’re competent,” she said. “You came well prepared. You quoted the sections, you knew what you had done, what you hadn’t done, and what you couldn’t do in your capacity,” the PAC Chairperson said.

Reforms

Mrs Nelson who appeared with members of her management team, including the Chief Finance Officer, Mr David Awuah Mensah, Director of Internal Audit, Mr Martin Adjei, Head of Procurement, Ms Theresa Gyasi Antwi and Head of Legal, Ms Louisa Quaicoe, outlined a series of measures introduced to strengthen MIIF’s governance and compliance framework.

She disclosed that MIIF had established a Compliance Unit and a Risk Department as part of broad reforms to enhance internal controls and prevent future breaches in procurement and financial management.

On the issue of a $3.8 million advance payment made to Commodity Monitor Limited for mercury-free gold processing equipment, exceeding the statutory 15 per cent threshold, Mrs Nelson admitted that the transaction contravened the Public Financial Management (PFM) Regulations but clarified that it predated her administration.

However, she added that the contract had since been fully executed, with the equipment delivered and operational. Lessons from that incident, she noted, had informed MIIF’s current strict adherence to procurement laws.

Gold Trade and Royalties Recovery

Touching on MIIF’s gold trading activities, Mrs Nelson explained that the Fund had piloted gold trading in 2023 with three aggregators and later expanded to five, a development that generated approximately GH¢8 million in revenue.

She noted that following the establishment of the Gold Board, MIIF had transitioned the aggregators to the new agency and ceased direct gold trading to enable the Fund to remain within its legal mandate.

She further confirmed that all outstanding royalties amounting to GH¢29 million, as cited in the audit report as outstanding, had been fully recovered, while previously unaccounted payments of GH¢39,043 had been reconciled with supporting vouchers and receipts submitted to the Auditor-General.

Mrs Nelson added that MIIF had discontinued the use of restricted procurement for high-value contracts and now with the new amendment of the PFM Act, all procurement plans are submitted to the Ministry of Finance for prior approval in line with regulatory requirements.

Leadership and Institutional Culture

Responding to questions about her leadership style, Mrs Nelson described her relationship with staff as cordial, collaborative, and professional, emphasizing mutual respect and teamwork.

She acknowledged past false social media speculation about internal friction but stated that those issues had long been dealt with, noting that the MIIF team remains cohesive and dedicated to the Fund’s reforms and performance objectives.

Mrs Nelson reaffirmed MIIF’s commitment to transparency, accountability, and prudent management of Ghana’s mineral income to support national development priorities.

Visibly impressed, members of the Committee took turns to urge Mrs Nelson to maintain her reform-driven leadership and continue strengthening systems for effective management of the Fund.

Editorial: Governor touts stability, aims for growth

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As the economy shows stronger signs of recovery, the central bank is moving from short-term economic stabilisation toward driving productivity-led growth.

The Bank of Ghana (BoG) Governor’s special advisor Dr. John Kwakye made this known at the 14th Ghana Economic Forum in Accra this week.

Dr. John Kwakye said recent data confirmed that the stabilisation phase had largely been achieved, with inflation, exchange rate and reserves all showing marked improvement. “Today, that tide has turned through credible monetary policy, fiscal restraint and coordinated reforms.”

Inflation fell sharply to 9.4 percent in September 2025 – well within the central bank’s target band – for the first time in four years, down from over 54 percent in late 2022.

The cedi, which depreciated 19 percent last year, has appreciated by more than 37 percent year-to-date while gross international reserves have risen to US$12billion; enough to cover about four and a half months of imports.

Economic growth has also strengthened, with GDP expanding by 6.2 percent in the second quarter – up from 5.7 percent a year earlier, driven largely by services and agriculture. Non-oil GDP grew by 10 percent, reflecting a broader recovery in domestic activity.

He however stressed that the next phase of policy must go beyond stability to strengthening the economy’s productive sectors. “Stability without production or productivity is hollow,” he added.

“A currency derives its enduring value from what a nation produces and sells to the world.”

Initiatives such as the e-Cedi pilot and expansion of digital payments infrastructure are part of the Bank’s broader plan to modernise Ghana’s financial system, he noted.

These, he said, will “reduce transaction costs, promote transparency and bring more Ghanaians into the formal economy”.

The Governor also warned that maintaining fiscal discipline will be crucial ahead of the 2028 elections. “Fiscal slippage, no matter how well-intentioned, could undo hard-won confidence and put renewed pressure on the cedi.”

In a related development, the Bank of Ghana expects inflation to decline even further by end-2025, following months of sustained disinflation supported by a stronger cedi and disciplined policy management.

Speaking at the Cedi@60 celebrations launch in Accra this week, Governor Dr. Johnson Asiama, noted that headline inflation dropped sharply to 9.4% as of September 2025 – down from 23.5% start of the year and marking the first return to a central bank medium-term target band of 8±2 percent in four years.

He observed that Ghana’s current trajectory reflects a decisive turnaround from late 2022, when inflation surged to over 54 percent – one of the highest globally at the time.

“Sustaining this progress will require continued discipline and policy coordination. We must protect the gains we have made,” he added.

The Bank of Ghana officially launched celebrations marking 60 years of the Ghanaian cedi, initiating a year-long series of national events to reflect on the currency’s historic journey and its pivotal role in Ghana’s economic independence.

Held on October 28 in Accra, the Bank introduced an exhibition showcasing the cedi’s transformation – from its first issue in 1965 to the redenomination in 2007 and now to a modern era of digital payments and financial inclusion.

Themed ’60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience’, President John Dramani Mahama graced the occasion as Special Guest of Honour.

Introduced on July 19, 1965, the cedi has undergone several reforms and redesigns, reflecting Ghana’s economic journey and resilience through six decades of national development.

The Cedi@60 milestone is not only a reflection on history but also an opportunity to rekindle public confidence in the national currency as a pillar of stability and identity.

GH¢4bn spent by 470,806 outbound visitors – GSS report

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By Juliet ETEFE ([email protected])

Residents of Ghana spent an estimated GH¢4billion on international travel in 2023, according to the newly released Domestic and Outbound Tourism Survey (DOTS) from the Ghana Statistical Service (GSS).

The total outflow was driven by 470,806 outbound visitors, comprising 77,501 same-day travellers and 393,305 overnight visitors.

GSS explained that a visitor is a resident of Ghana who travels outside their usual environment for a period not exceeding 12 months for purposes other than employment in the destination country. Outbound same-day visitors returned to Ghana without spending a night abroad, while overnight visitors stayed at least one night outside the country.

Presented by Government Statistician Dr. Alhassan Iddrisu, the survey revealed that a significant majority of the expenditure – GH¢3.4billion – was attributed to outbound overnight visitors.

These travellers primarily visited friends and relatives (peaking at 40.6% of trips in Q3), with a significant portion also travelling for funerals.

Outbound overnight visitors aged 25–44 accounted for the largest share of visitors in each quarter. Female visitors aged 25– 44 dominated visits except in Q4 where males dominated (40.8%).

In contrast, the 77,501 outbound same-day trips, valued at GH¢59.8million, were predominantly for business and professional purposes (33.8% on average) followed by funeral-related travel.

Outbound same-day visitors aged 25-44 recorded the highest proportion in Q1 (49.0%), while visitors aged 0-14 had the highest share in Q3 (48.8%).

Rationale

Dr. Iddrisu emphasised that the survey is central to Ghana’s tourism planning and developing the Tourism Satellite Account (TSA), which measures the sector’s real contribution to the economy.

It provides reliable data on how Ghanaians travel, spend and engage in tourism, offering insights to guide investment, policy and service delivery.

The DOTS also aligns Ghana with international standards and supports the UN Sustainable Development Goal (SDG) 8, Target 8.9.1, which tracks tourism’s direct contribution to GDP and economic growth.

Regional and spending patterns

Greater Accra Region was the leading point of origin for overnight travellers, with quarterly figures ranging between 30,000 and 50,000. For same-day trips, Ashanti Region consistently recorded the highest number of travellers.

West Africa was the top destination for overnight travellers, receiving 242,055 trips throughout the year – with the highest quarterly volume of 73,069 in Q1. This reflected a strong sub-regional lane in mobility and culture.

The most significant spending by overnight visitors, however, was directed toward North America (GH¢734.70million) and Asia (GH¢721.50million).

For same-day travellers, Togo was the primary destination and recorded the highest on-trip expenditure at GH¢41.65million.

The data revealed a strong preference for self-arranged travel, which accounted for almost 90% of the GH¢3.03billion in on-trip expenditure by overnight visitors.

Policy recommendations

In response to the substantial outflow of travel spending, GSS noted that the country outbound tourism market is vibrant driven by young adults particularly professionals aged 25-44.

As such, GSS urged government to invest in transport and hospitality infrastructure to retain more spending locally and consider tax breaks for agencies that design outbound packages using local services and products.

The report also called on the private sector to develop comprehensive travel packages and quality local products to capture more value, while development partners were encouraged to fund training and digital tools for small tourism businesses to enhance competitiveness.

GEF2025: Experts urge efficiency, renewables to tackle US$3.1bn energy sector debt

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By Kingsley Webora TANKEH

Panellists at the just-ended Ghana Economic Forum (GEF) 2025 have called for a renewed focus on efficiency, technology and renewable energy as sustainable means to address the country’s ballooning energy sector debt and ensure reliable yet affordable power supply.

The experts agreed that investing in efficient technologies and diversifying Ghana’s energy mix through renewables such as solar, gas and nuclear power offers a more lasting solution than continually increasing tariffs.

Setting the tone for this discussion, Technical Advisor at the Ministry of Energy and Green Transition Dr. Ishmael Ackah – speaking on behalf of the sector minister – highlighted systemic failures and weak oversight as root causes of the current power challenges and legacy debt. He noted that the sector’s debt, estimated at about                   US$3.1billion owed to Independent Power Producers (IPPs), underscores the urgent need for reforms to restore financial stability and efficiency.

“In 2006, the Energy Commission developed a strategic national energy plan. Unfortunately, this plan was not implemented,” Dr. Ackah stated.

He noted that this failure to plan is endemic in the entire national development process, stressing that it causes panic-driven procurement of overpriced energy during emergencies – plunging the sector into ‘dumsor’ and cyclical debt.

“We signed take-or-pay contracts for power we didn’t need and the bill, as always, landed at the Ghanaian people’s feet,” the Technical Advisor said.

He expressed concern over persistent inefficiencies and revenue losses within the energy sector, citing procurement practices that have not always served the state’s best interests. Such practices, he noted, have deprived the country of vital resources that could have been channelled into critical areas such as education and health infrastructure.

Dr. Ackah advocated greater transparency and accountability in managing the sector’s finances, adding that improved governance and oversight will help reduce waste and ensure value for money in future energy investments.

“In 2015, we did competitive procurement for solar and got a price less than US$0.10. We did not implement that. We actually signed solar projects that were US$0.18 and             US$0.21.” This is a clear example of how not to run a sector.

Corroborating Dr. Ackah, Executive Director-Africa Centre for Energy Policy (ACEP) Benjamin Boakye expressed concern over the mounting energy sector debt, saying it is an albatross – “bigger than our annual investment in infrastructure”.

This means the money being poured into servicing this legacy debt is greater than the money spent to build roads, schools and hospitals, he explained.

“If we are able to take the energy sector burdens from the Ministry of Finance, we could perhaps double government investment in infrastructure. Your roads will be fixed,” he said.

The experts made these comments during a panel session at the GEF 2025, themed ‘Financing the future, tackling legacy debt and building a resilient economy.

They enumerated actionable remedies for the ailing energy sector to build a system capable of powering the country’s industrialisation agenda.

These included prioritising  renewable energy in the nation’s energy mix, promoting accountability and ramping up tariffs-collection.

The experts argued that the sector’s problems are suffocating national development and the solutions require political will and systemic reform.

According to Dr. Ackah, among the factors needing immediate attention are non-cost-reflective tariffs despite them being among the region’s highest; and inefficiencies – from unmetered streetlights to widespread power-theft, which he fondly called “you touch”. He stressed that the sector’s unbudgeted subsidies for specific industries amounted to over  US$190million in 2021 alone, further bloating the debt.

However, Dr. Ackah outlined ongoing government efforts including renegotiating Independent Power Producers’ contracts – which has secured a US$261million discount on legacy debts – and the recent passage of a Legislative Instrument mandating competitive procurement for power generation.

He also highlighted improved revenue collection by the Electricity Company of Ghana (ECG), which has risen from an average of GH¢800million monthly to GH¢1.5billion. However, this remains lower than the required GH¢2.4billion estimated by the Public Utilities Regulatory Commission (PURC).

In contrast, a partner at KPMG Ghana, Reindolf Annor, called for transparency; saying the increase in revenue can be attributed to tariff-hikes rather than supposed efficiency.

“We need transparency from the very top. How much have we collected from the energy levies? How much has been used to reduce the sector debt?” he quizzed, arguing that such accountability will build credibility.

He called for key performance indicators (KPIs) for state-owned energy enterprises, with severe consequences for non-performance. “If we want to turn it around, then there must be clear KPIs. If you are not performing, then decisions ought to be taken.”

The Chief Executive Officer (CEO) of the Chamber of Independent Power Producers, Dr. Elikplim Kwabla Apetorgbor, proposed monetising state-owned thermal plants and selling idle capacity to neighbouring countries to rope-in more revenue to offset the debt.

“We are blessed to be surrounded by countries that are hungry for electricity. We should free the system and allow this idle capacity to be sold outside,” he urged.

The panellists concurred that the current energy model is too expensive and inefficient, calling for the addition of renewable and cost-efficient sources to the mix.

The Technical Director of ESPco Nuclear, Dr. Nii Kwashie Allotey,  challenged the notion that renewables are incompatible with industrialisation.

“Today we are running simple cycle plants at US$0.11 per kilowatt-hour. We can get the same energy from renewable energy for less than US$0.10,” he argued, citing China and India as industrial giants that use renewables.

He and the others stressed that offsetting the legacy debt shouldn’t come at the expense of local industry.

“We’ve reached a point where you are killing the goose that lays the golden eggs,” Dr. Allotey warned, alluding to the burden of high tariffs on industries.

Going forward, Head of Engineering Unit-Volta River Authority (VRA) Kwaku Wiafe made a case for government investing in nuclear energy so it becomes the baseload complement to hydro- and gas-powered plants.

He also called on government to establish a board for the Nuclear Energy Programme Implementation Organisation, adequately resource the project operating organisation (Nuclear Power Ghana) and view nuclear as a national transformation agenda, not just a power source.

“Countries are giving tariffs for nuclear from US$0.29 for plants that are already paid for to about six cents for new plants,” he revealed, presenting it as a viable, long-term solution for affordable, stable power.

The Ghana Economic Forum (GEF) 2025, organised by Business and Financial Times (B&FT), fostered in-depth discussions on critical issues shaping the Ghanaian economy.

The 14th edition was sponsored by Fidelity Bank and KPMG. The event, themed, ‘Currency stability – A reset for sustainable economic growth’, gathered technocrats, policymakers and stakeholders in finance, energy and agriculture to explore solutions for Ghana’s economic challenges.

Fiscal consolidation on track, invest in capital projects – ISSER

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By Kingsley Webora TANKEH

The Institute of Statistical, Social and Economic Research (ISSER) has affirmed that government’s fiscal consolidation efforts remain on course.

However, it has raised concerns about the country’s escalating national debt – noting that only a small proportion of the borrowed funds has been channelled into capital projects which drive sustainable growth.

Public debt increased from 43.9 percent of GDP in 2013 to around 72 percent in 2023. However it reduced slightly to 61.8 percent by end-2024, following some debt relief achieved through the debt restructuring programme.

Meanwhile, capital spending increased by only 0.1 percent in 2024 to 2.5 percent of GDP from the 2.4 percent recorded in 2023.

The country’s debt-to-GDP ratio stood at 43.8 percent as of June 2025.

This shows a worrying trend of divestment for capital projects, having diminished drastically from 6.9 percent of GDP in 2010.

Speaking at the State of the Ghanaian Economy Report (SGER) 2024 launch, Director of the institute Prof. Robert Darko Osei expressed a need for government to improve its investment efficiency by ensuring that every dollar borrowed is invested in productive ventures capable of generating sustained returns.

He said for debt to be useful for economic growth, it must be used to undertake capital projects including expansion of education and health reach.

The State of the Ghanaian Economy Report (SGER) 2024 highlighted economic recovery in 2024, with analyses of performance indicators and drivers of growth.

The report recommended that government borrows responsibly at near concessionary rates as possible and resource the Public Accountability and Governance Committee (PIAC) to provide oversight of government debt in ensuring transparency and accountability.

It also stated that government should reduce recurrent spending and consider establishing a Value for Money Authority to thoroughly vet government spending.

Prof. Osei noted the country’s over-reliance on mineral exports, especially gold – which surged significantly in the past few months, stressing a need to diversify the country’s exports to grow its economy.

He revealed that this surge in gold exports has made South Africa Ghana’s major trading partner, with over 84 percent of exports to the Southern African country being gold.

As illegal gold mining – popularly known as galamsey – continues to ravage water-bodies and land, the researcher called for a nuanced approach to mining; not an outright ban on small-scale mining.

“The answer is not, let’s stop all mining activities. Let’s not throw the baby out with the bath water. If the issue is about the process and how we get the gold, then let’s tackle that.”

Prof. Osei said there should be cost-benefit analyses, advocating investment in research to gather “the right evidence” to shape future mining policy. “We need to invest in getting the right evidence to inform policy,” he added.

He advised government to fund more research into the potential impact of these activities on agriculture, which he said is supposed to be the bedrock of economic transformation.

With gold being linked to environmental issues, especially gold mined through galamsey, the question lies in how this menace can be tackled without impacting the foreign exchange potential of an import-dependent economy like Ghana’s.

Meanwhile, the immediate past Director of ISSER Prof. Peter Quartey, while commending the Bank of Ghana (BoG) for its effective inflation targetting, warned that economic growth shouldn’t be sacrificed on the altar of inflation targetting.

Responding to a question on BoG’s open market operations, he said he was taken aback when the Governor said inflation will reduce further by end of the year, stressing that inflation is already in the target band of 8 plus or minus 2.

Prof. Quartey emphasised that “we should strive to attain an optimal rate of inflation”, noting that some level of inflation is good.

“We need optimal inflation to get growth because we are not spending. I would love to see deficits, reasonable rates of inflation and some stability in the exchange rate –  not at the expense of growth and jobs.”

He stressed that BoG should determine a threshold for its inflation-targetting, saying, “we need to estimate that threshold for growth”.

“I have seen a paper by the IMF from years back saying that, for a developing country, anything between 10-12 percent is optimal,” he recounted.

AGRA urges action as scorecard highlights gender gaps in farming

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By Buertey Francis BORYOR

A new agricultural scorecard has exposed critical gaps in Ghana’s implementation of gender-responsive policies, despite having strong frameworks on paper.

The AGRA Gender Mainstreaming in Agriculture Scorecard (AGMAS) shows the country scoring 72 percent  for policy environment but dropping to 56 percent in implementation capacity.

The findings were unveilled at a high-level meeting in Accra, convened by Alliance for a Green Revolution in Africa (AGRA) to address persistent gender gaps in the food systems sector.

The event brought together government officials, policymakers and development partners to discuss enhancing gender-responsive decision-making in agriculture.

Winnie Osulah, AGRA’s Lead for Gender Integration, in a post-event media engagement stated that the scorecard assessed governments across three areas including: enabling environment, commitment and implementation capacity.

“This tells us that we already have the enabling environment, but we have a gap when it comes to implementation,” Osulah added, emphasising that policies gathering dust on shelves do not  benefit women who form 80 percent of Africa’s agricultural workforce.

She recommended immediate action to build officials’ capacity, urging a step-by-step approach to address the weakest scores first. “We need to sit down with governments and make sure they can implement the recommendations,” she added.

In his welcome address, Dr. John Jagwe – AGRA’s Country Programme Lead for Ghana – underlined why gender-equity is central to the organisation’s work.

“We know that you get more when you influence one woman than one man,” he said, announcing that 70 percent of new youth jobs in AGRA’s programmes will target young women.

The Minister for Gender, Children and Social Protection, Dr. Agnes Naa Momo Lartey, in a speech read on her behalf highlighted government efforts including the Affirmative Action Gender Equality Act 2024 and plans for a Women Development Bank.

“This demands a concerted effort by all women, especially those in leadership positions, to be the voice of the voiceless,” she stated, urging everyone’s commitment to creating spaces where women’s leadership influences policy.

There was consensus on need to bridge the implementation gap identified by the scorecard so as to unlock the full potential of women in agriculture.

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