Domestic Value Added Tax (VAT) collections in Ghana saw a remarkable surge in the first five months of 2025, rising by 33.6 percent to GH¢8.31 billion compared to GH¢6.22 billion during the same period in 2024. This is according to the Bank of Ghana’s July Monetary Policy Report, which also highlighted robust growth in retail sales alongside the VAT spike. The report reveals that retail sales grew by an impressive 35.7 percent cumulatively between January and May 2025, underscoring a significant recovery in private consumption and increased household spending. On a year-on-year basis, May 2025 sales alone jumped 38.6 percent to GH¢277.62 million, up from GH¢200.27 million in May 2024. Month-on-month, retail activity also improved, climbing 4.6 percent from GH¢265.46 million in April to GH¢277.62 million in May. VAT collections for May reflected this positive trend, rising 30.1 percent year-on-year to reach GH¢1.77 billion. The Bank of Ghana attributes these gains to enhanced economic activity, stronger consumer confidence, and improved tax administration, which have all contributed to the upward trajectory in both VAT and retail sales. The data suggests that the increase in consumer spending reflects a gradual rebound in domestic demand, supported by stable prices and moderate growth in disposable incomes. However, analysts caution that sustaining this momentum will require ongoing fiscal discipline, efforts to curb inflation, and policies aimed at supporting household purchasing power. The latest figures paint a picture of a recovering economy, with rising VAT and retail sales signaling stronger demand and improved compliance in Ghana’s domestic marketplace. Source: Apexnewsgh.com

The Minister for Foreign Affairs and Regional Integration, Samuel Okudzeto-Ablakwa, has announced new security measures for Ghanaian passport acquisition In a decisive move to protect the integrity of Ghana’s passport system, the Minister for Foreign Affairs and Regional Integration, Samuel Okudzeto-Ablakwa, has unveiled a series of new security measures aimed at tightening the process of passport acquisition. This announcement comes at a pivotal time, following significant diplomatic achievements for Ghanaian passport holders, including ten new visa waiver agreements and the lifting of previous US visa restrictions. With these enhanced privileges, Ghanaian passports have become more valuable than ever, necessitating stronger safeguards. On October 3, Minister Okudzeto-Ablakwa convened a high-level meeting with key stakeholders, passport administration officials, regional directors, private partners, consultants, and courier companies to address these concerns. During the meeting, the Minister underscored the government’s unwavering commitment to ensuring that only eligible Ghanaians are granted passports. “We are determined to ensure that only eligible Ghanaians are issued our high-value passports,” he declared. Expressing zero tolerance for fraud, he added, “We shall not allow such nefarious schemes to succeed,” in reference to attempts by ineligible individuals to obtain Ghanaian passports. While the meeting yielded important resolutions intended to bolster the passport issuance process, specific details of the new security measures remain confidential. Nevertheless, the initiative is widely expected to reinforce the credibility of Ghana’s passport system and safeguard the newly acquired diplomatic benefits for its citizens. Source: Apexnewsgh.com

Ghana’s credit market is showing clear signs of fatigue in 2025, according to the Bank of Ghana’s July 2025 Monetary Policy Report, signaling a sharp slowdown after the borrowing surge of 2024. The latest figures reveal that gross loans and advances in the banking sector grew by just 6.1% to GH¢89.7 billion in the first half of 2025, less than half of the 15.6% growth recorded during the same period last year. Lending to individuals and private businesses, which has historically driven credit expansion, slowed to 9.2% (GH¢85.3 billion) by June 2025, compared with 17.7% growth a year earlier. The steepest pullback came from the public sector, where credit contracted by 31.3% to GH¢4.4 billion, far deeper than the 5.0% contraction seen in June 2024. This reflects the government’s ongoing fiscal consolidation efforts under the IMF-supported programme and a focus on reducing debt. Despite the slowdown, certain sectors remain credit magnets: the services sector absorbed 37.2% of total credit (up from 32.8% in June 2024), commerce and finance took 24.4% (up from 23.6%), and manufacturing held steady at 10.6%. Together, these sectors accounted for 72.3% of all loans by June 2025, compared with 67.2% last year. In contrast, mining and quarrying received just 2.8% of loans, down from 3.3%—a notable drop despite its importance in foreign exchange earnings. This cooling trend stands in stark contrast to 2024, when Ghanaian borrowers nearly doubled their appetite for loans despite high interest rates. Private sector and household borrowing surged by 26.3% to GH¢89.1 billion, while gross loans and advances jumped 24.1% to GH¢95.5 billion. Several factors explain the sharp reversal this year: high borrowing costs, with average lending rates at 21 percent as of September 2025; a cautious private sector scaling back investments amid exchange rate volatility; government restraint as public sector credit shrinks due to fiscal consolidation; and banks prioritizing asset quality over rapid expansion. For business leaders, the dip in borrowing suggests subdued investment appetite and may prompt a reassessment of expansion strategies or consideration of alternative financing. Banks could face revenue pressures if loan demand remains concentrated in just three sectors, requiring innovation and broader risk-taking. For policymakers, the data highlight the challenge of balancing fiscal discipline with the need to stimulate private sector growth, possibly through targeted interventions for sectors like agriculture, manufacturing, and SMEs. The bottom line: Ghana’s credit market in 2025 is characterized by selective financing, with robust activity in services and commerce but an overall slowdown that raises questions about the country’s economic momentum and long-term growth trajectory. Source: Apexnewsgh.com

Sylvia Owusu-Ankomah has been appointed as the new head of the Ghana Chamber of Telecommunications and the Digital Chamber of Ghana, bringing with her a wealth of industry experience and a proven track record in building partnerships and delivering results. Sylvia’s distinguished career spans high-impact roles at leading multinational organizations, including MTN Ghana, Tigo (Millicom Ghana), AirtelTigo (AT Ghana), and Guinness Ghana Breweries PLC (Diageo/Castel Group). Throughout her journey, she has been at the forefront of transformational projects that have shaped Ghana’s telecom and digital landscape. She played a pivotal role in securing regulatory approvals for Ghana’s first landmark telecom merger and led high-stakes public policy advocacy initiatives. Sylvia championed efforts to expand connectivity, enhance regulatory compliance, and strengthen relations between industry and government. At MTN Ghana, she was instrumental in obtaining the 3G License and Submarine Cable Landing rights, cementing MTN’s position as a market leader in data services. At AirtelTigo, she provided executive leadership during one of Ghana’s most complex mergers, overseeing regulatory matters, stakeholder management, and post-merger government relations. She also supported the acquisition of the EMI License from the Bank of Ghana and served as a Council Member of the Ghana Chamber of Telecommunications, giving her deep insight into the Chamber’s mission and governance. Beyond her executive roles, Sylvia has served as Board of Trustee Member of the Ghana Investment Fund for Electronic Communications (GIFEC), contributing to digital inclusion strategies, and as an Advisory Board Member of the Ghana Innovation Hub, championing innovation and entrepreneurship. Most recently, Sylvia served as Director of Corporate Relations at Guinness Ghana, where she led public policy advocacy, sustainability, and strategic communications. Her achievements included safeguarding the company’s operating license, promoting local sourcing, and advancing business sustainability in Ghana. Welcoming her appointment, Stephen Blewett, Chair of the Governing Council and CEO of MTN Ghana, stated: “Sylvia’s appointment represents an exciting new chapter for the Chamber. Her deep roots in the telecom sector, coupled with her proven ability to unite stakeholders and deliver tangible results, position her perfectly to lead the industry Chamber into its next phase of digital growth and innovation.” Sylvia succeeds Ing. Dr. Kenneth Ashigbey, whose nearly eight-year tenure laid strong advocacy foundations for the sector and the Digital Chamber. The Council expressed its gratitude for his leadership and contributions. Sharing her vision, Sylvia said, “I am humbled to lead the Ghana Chamber of Telecommunications and the Digital Chamber of Ghana at such a defining time for Ghana’s digital journey. My mandate is clear – strengthening collaboration across government, industry, and consumers. Together with our members, we will advocate for policies that enable inclusive and sustainable industry growth, safeguard critical telecommunication infrastructure, empower innovation, and ensure Ghana remains at the forefront of Africa’s digital renaissance.” Sylvia holds an MBA in Management from Coventry University (UK), a Public Policy Analysis certificate from the London School of Economics, and a Leading Sustainable Corporations certificate from the University of Oxford’s Saïd Business School. Her appointment underscores the Chambers’ commitment to visionary leadership, serving industry, government, and Ghanaians as a whole. The Chambers have pledged full support as she embarks on this new chapter. About the Ghana Chamber of Telecommunications: The Chamber represents the interests of telecommunication operators and infrastructure companies in Ghana, including AT Ghana, MTN Ghana, Telecel Ghana, and associate members such as ATC Ghana, CSquared, Ericsson, Helios Towers Ghana, Huawei, and Spectrum Fibre Limited. About the Digital Chamber of Ghana: The Digital Chamber unites Ghana’s digital finance ecosystem, bringing together electronic-money issuers and fintech partners—such as AT Money, G-Money, Mobile Money Limited (MTN), Telecel Cash, and Zeepay—to foster innovation, enhance regulatory collaboration, and promote financial inclusion. Source: Apexnewsgh.com

Minister for Finance, Dr. Cassiel Ato Forson, has officially welcomed an International Monetary Fund (IMF) Mission team, headed by Dr. Ruben Atoyan, as Ghana embarks on the Fifth Review of its IMF-supported programme. Addressing the opening session, Dr. Forson reflected on Ghana’s economic journey, acknowledging the significant challenges faced at the start of the year. “We began the year with many challenges, but together we have been able to steady the tide and make significant progress. While we acknowledge that risks remain, we are committed to doing all we can to address them,” he stated. Dr. Forson emphasised that the review provides an opportunity for Ghana to receive “valuable feedback” on the steps taken thus far to restore economic stability and promote growth. Dr. Atoyan, leading the IMF delegation, expressed optimism about the engagement, stating that his team looks forward to a productive review process in the days ahead. The Fifth Review is a key part of Ghana’s ongoing engagement with the IMF, designed to consolidate macroeconomic stability, enhance fiscal responsibility, and increase confidence in the national economy. Source: Apexnewsgh.com