Surge in Credit Enquiries Signals Growth in Ghana’s Financial Sector
Business

Surge in Credit Enquiries Signals Growth in Ghana’s Financial Sector

The Bank of Ghana’s latest Credit Reporting Activity Report revealed that credit enquiries in Ghana skyrocketed to an impressive 29.5 million in 2024. This marks a staggering 114.6% increase from the 13.7 million enquiries recorded in 2023. This surge illustrates the expanding importance of credit reporting as an essential tool for financial institutions in managing their credit risks effectively. On a monthly basis, the average number of enquiries reached 2.46 million, reflecting a year-on-year rise of 16.24%. In contrast, the monthly average in 2023 stood at 2,114,636. A deeper dive into the borrower profiles revealed that individuals made up 55% of the total searches, while 44% targeted customers seeking digital loans. This trend highlights the increasing influence of fintech-driven credit solutions within the financial landscape of Ghana. The report further noted a dramatic rise in data submissions to credit bureaus, averaging 61.14 million loan records each month in 2024—a monumental 190.33% increase from the previous year. Remarkably, nearly all (99.7%) of these submissions pertained to individual borrowers, underscoring the dominance of digital lending in the country’s credit market. The records encompassed new loans, updates on existing loans, and digital loan data, reflecting a highly active credit environment. 2024 also witnessed significant regulatory and market developments in the credit sector. The Bank of Ghana announced an extension of the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025. Additionally, the newly licensed bureau, MyCredit Score Ltd, increased the total number of operators in the market to three. In a move to enhance the credit landscape, credit bureaus received approval to commence credit scoring, and cross-border credit reporting was launched through a collaboration between XDS Data Ghana Ltd and Nova Credit Inc. of the United States. The Bank of Ghana has reported substantial advancements in the country’s credit reporting system throughout 2024. Key improvements in data quality, regulatory compliance, and stakeholder engagement were noted as clear indicators of a healthier credit information ecosystem. The central bank highlighted a decline in dud cheque incidents, an uptick in the use of credit reports, and heightened public awareness as evidence of a more robust environment. With a commitment to fortifying the credit reporting infrastructure, the Bank of Ghana plans to enforce stricter regulations, expand public education initiatives, and foster closer collaboration on policy matters. These efforts aim to cultivate a transparent, inclusive, and resilient credit market that can drive sustainable economic growth in Ghana. Source: Apexnewsgh.com

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VRA/NEDCo Staff Resume Operations in Tamale After Violent Attacks
Business, Opinion

VRA/NEDCo Staff Resume Operations in Tamale After Violent Attacks

Staff members of the Northern Area branch of the Volta River Authority/Northern Electricity Distribution Company (VRA/NEDCo) have officially resumed full operations in Tamale and its surrounding areas. This returns to normalcy follows a temporary suspension of services due to violent attacks on personnel, which raised serious concerns about their safety. The decision to restart operations took effect on Wednesday, August 6, 2025, after an emergency meeting held by staff in Tamale, which resulted from a series of discussions with key government and security stakeholders. This crucial meeting marked a pivotal moment for utility workers in the region who had momentarily halted their activities in response to a troubling incident involving the assault of staff and the confiscation of operational vehicles by angry youth in Tamale. The breakthrough came after high-level mediation efforts led by the Minister of Energy, John Abdulai Jinapor. The minister engaged directly with staff leadership, Tamale Metropolitan Chief Executive Adam Abubakari Takoro, and security officials from the Northern Region. These talks proved fruitful, leading to firm assurances being made regarding the protection of workers and a commitment to preventing such violent incidents from occurring again in the future. In the wake of the assault, the Ministry of Interior took swift action by directing the Northern Regional Police Command to ramp up investigations into the attacks, emphasizing the need for the perpetrators to be brought to justice without delay. Furthermore, the Tamale Metropolitan Assembly, represented by MCE Takoro, promised to collaborate with local chiefs to issue a public appeal urging residents to refrain from harming NEDCo staff. Minister Jinapor also committed to further engagements with community leaders, reinforcing the necessity of safeguarding utility personnel in the region. As operations resume, this collaborative effort illustrates the importance of community support and communication in resolving conflicts and ensuring the safety of essential service providers. With the assurance of protective measures in place, VRA/NEDCo staff are now returning to their vital roles, dedicated to providing reliable electricity services, while the community rallies together to foster an environment where utility workers can operate safely and effectively. Source: Apexnewsgh.com

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NCA Takes Bold Step Against Multichoice Ghana Over Subscription Fees
Business, Opinion

NCA Takes Bold Step Against Multichoice Ghana Over Subscription Fees

The National Communications Authority (NCA) has formally notified Multichoice Ghana Limited of its intention to suspend the company’s authorization to operate its Subscription Management Service for Satellite Television Broadcasting, commonly known as the Pay TV Direct-to-Home Bouquet. This action is being taken on the directive of Samuel Nartey George, the Minister for Communications, Digital Technology, and Innovation. The unfolding situation comes on the heels of a contentious standoff between the Minister and Multichoice Ghana, operators of the popular DStv service. Accusations from Minister George suggest that the company has been imposing seemingly exorbitant and unfair subscription fees on Ghanaians, which he describes as both exploitative and insensitive given the current economic conditions. In response to the Minister’s claims, Multichoice Ghana issued a statement on August 3, expressing regret over the directive. The company insisted that further reductions in subscription fees were not feasible under existing market conditions. However, this explanation was met with firm resistance from the Minister, who maintained that the pricing structure does not adequately represent the economic hardships faced by the average Ghanaian consumer today. On August 7, the NCA officially announced its regulatory action, citing concerns rooted in Section 13 of the Electronic Communications Act, 2008 (Act 775). The authority expressed that Multichoice Ghana’s pricing model is “inimical to the public interest” and did not align with fair and transparent practices expected in the communications sector. As part of the regulatory process, Multichoice Ghana has been granted a 30-day window to respond to the proposed suspension. During this period, the company can present its views, take remedial actions, or file a written statement of objections regarding the suspension of its authorization. The NCA emphasized, “By this notice, Multichoice Ghana has thirty (30) days within which the company may present its views, or provide remedial action, and submit a written statement of its objections to the suspension of the authorization.” This latest development marks a significant moment in the regulation of pay-TV services in Ghana, reinforcing the NCA’s commitment to ensuring fair practices in the communications sector. Rising public dissatisfaction over DStv’s pricing model has spurred a louder outcry from various stakeholders, including the Minority in Parliament, who have called for a more diplomatic approach that encourages constructive dialogue between the Ministry, Multichoice Ghana, and the NCA. Despite these calls for collaboration, Minister George has reiterated his determination to move forward with regulatory enforcement, underscoring the urgency of the situation. The coming weeks promise to be pivotal as all eyes remain on the outcome of the 30-day response period and the potential implications for the future of pay-TV services in Ghana. Source: Apexnewsgh.com

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Minister John Jinapor’s Delegation asked to go away from Gbewaa Palace
Business, Opinion

Minister John Jinapor’s Delegation asked to go away from Gbewaa Palace

Tensions between the Northern Electricity Distribution Company (NEDCo) and the Gbewaa Palace escalated on Tuesday, August 5, 2025, when Minister for Energy and Green Transition, John Jinapor, and his delegation were reportedly turned away from the palace. The visit aimed to engage the Overlord of Dagbon in a diplomatic effort to mend ties between NEDCo and traditional authorities. NEDCo has been under fire for alleged acts of disrespect and cutting power supply to parts of Tamale, including key traditional areas. The company’s management has also accused residents of interfering with their operations and threatening field staff, leading to a suspension of services amid security concerns. Minister Jinapor’s delegation sought to appeal for calm and resolve the issue, but the Overlord refused to grant them an audience. Instead, he insisted that the electricity supply must be restored to all affected communities before any engagement can proceed. The minister and his entourage were asked to leave the palace premises. The standoff has sparked growing public anger over prolonged power cuts in Tamale. The situation remains unresolved, with NEDCo’s suspension of services compounding the issue. The palace’s stance emphasizes the need for a restored electricity supply as a prerequisite for further dialogue. Source: Apexnewsgh.com

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Ghana’s Inflation Rate Drops to 12.1% in July 2025
Business

Ghana’s Inflation Rate Drops to 12.1% in July 2025

Ghana’s headline inflation rate has continued its downward trend, reaching 12.1% in July 2025, down from 13.7% in June. This marks the seventh consecutive month of decline and the lowest level recorded since October 2021. According to the Ghana Statistical Service, the slowdown in inflation was largely driven by a reduction in food and non-food prices. Food inflation decreased by 1.2 percentage points to 15.1%, while non-food inflation fell by 1.9 percentage points to 9.5%. Regionally, the Upper West Region recorded the highest inflation rate at 24.8%, significantly higher than the national average. However, this figure represents a decline from 32.3% in June. In contrast, the Central Region posted the lowest inflation rate at 7.7%. The downward trend in inflation is expected to impact future monetary policy decisions. Analysts suggest that if the disinflation path continues, there may be room for interest rate adjustments. This development could provide relief to consumers and businesses alike, supporting Ghana’s economic recovery. The continued decline in inflation follows a series of tighter monetary and fiscal measures, relative exchange rate stability, and improved external price conditions. Ghana’s economy has been gradually recovering from challenges stemming from currency volatility, global commodity price shocks, and disruptions in key export sectors. Source: Apexnewsgh.com

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Ministry of Food and Agriculture Launches Distribution of Fertiliser Donation to Support Farmers
Business, Opinion

Ministry of Food and Agriculture Launches Distribution of Fertiliser Donation to Support Farmers

The Ministry of Food and Agriculture has kicked off the nationwide distribution of 40,000 bags of fertiliser, generously donated by the Kingdom of Morocco. This donation, amounting to 2,000 metric tons, was made possible through collaboration with the Ministry of Foreign Affairs and Regional Integration. During a brief ceremony to mark the launch of the distribution, Minister for Food and Agriculture, Eric Opoku, stressed the vital importance of ensuring that these fertilisers reach their rightful beneficiaries—Ghanaian farmers—swiftly and without diversion. As part of the first phase of this distribution, the Ministry has designated allocation as follows: 20,000 bags will be sent to the Volta Region, while 10,000 bags will go to the Oti Region. Additional bags have also been allocated to various selected constituencies, as well as the Peasant Farmers Association of Ghana, aiming for widespread and equitable access among farmers in need. Minister Opoku reiterated the Ministry’s commitment to serving as the responsible conduit for the fertiliser distribution. He urged all recipient organisations and regional authorities to ensure a timely and transparent delivery process for farmers on the ground. “The fertilisers must not end up in the wrong hands. The success of this initiative depends on our collective integrity and accountability,” he asserted. This donation is part of a broader initiative to enhance agricultural productivity across the nation. The Ministry has also announced plans for further distributions in the coming days, targeting an additional 25,000 bags earmarked for farmers in the Upper East, Upper West, North East, and Savannah regions. The concerted efforts reflect a strategic commitment to bolster the agricultural sector and support farmers, highlighting the importance of sustainable practices and resources in fostering food security in Ghana. Source: Apexnewsgh.com

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Minority in Parliament Decries New Cocoa Price as a Betrayal of Farmers
Business, Opinion

Minority in Parliament Decries New Cocoa Price as a Betrayal of Farmers

The Minority in Parliament has criticized the recently announced cocoa producer price of GH₵3,228.75 per bag, branding it a “betrayal of Ghanaian cocoa farmers.” The parliamentary group has dismissed the price as “ridiculous, unfair, and completely unacceptable,” following the government’s declaration of a 62.58% increase in the producer price of cocoa. With the price per tonne rising from US$3,100 to US$5,040, this adjustment translates to an increase from GH₵49,600 to GH₵51,660 per tonne, effectively setting the price at GH₵3,228.75 for a 64kg bag. This new pricing, which has been sanctioned by the Producer Price Review Committee chaired by Finance Minister Dr. Cassiel Ato Forson, is set to go into effect on Thursday, August 7, 2025. At a press briefing held on Tuesday, August 5, Dr. Isaac Yaw Opoku, the Ranking Member on Parliament’s Food and Agriculture Committee, voiced his dissatisfaction on behalf of the caucus. He expressed that the new price constitutes a “stab in the back” of the hard-working farmers whose contributions are vital to Ghana’s economy. Denouncing the pricing strategy as “comical and shameful,” Dr. Opoku cautioned that inadequate compensation could drive cocoa farmers to abandon their farms in favor of leasing them to illegal miners, potentially exacerbating Ghana’s ongoing galamsey crisis and jeopardizing the future of the country’s cocoa industry. “Cocoa farmers deserve far better for their toil and sacrifices. They cannot continue to be taken for granted,” he asserted. “This new farm gate price of GH₵3,228.75 per bag is nothing short of absurd and shameful. It feels like complete ‘sakawa,’ and it is simply unacceptable.” Dr. Opoku emphasized the urgency of a price review to provide motivation for cocoa farmers and to prevent them from yielding their lands to galamsey operators. He underscored the importance of safeguarding the cocoa industry and protecting the livelihoods of farmers, urging the government to reevaluate its pricing strategy. “If you cannot spell, you do not write,” he stated firmly, imploring that cocoa farmers, who are critical to maintaining Ghana’s prestigious position in the industry, deserve better compensation and respect for their contributions. “Cocoa Farmers matter and demand better!” Source: Apexnewsgh.com

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COPEC Dismisses Rumors of 20% Hike in Public Transport Fares
Business, Opinion

COPEC Dismisses Rumors of 20% Hike in Public Transport Fares

In a firm statement, the Chamber of Petroleum Consumers (COPEC) has rejected claims suggesting a looming 20% increase in public transport fares set to take effect on Friday, August 8, 2025. In a press release issued on Tuesday, August 5, COPEC provided clarity on the situation after checking in with key transport unions, including the Ghana Private Road Transport Union (GPRTU). Their findings revealed that no official decision had been made regarding such an increase. COPEC has branded the proposed fare hike, which was announced by the Ghana Road Transport Coordinating Council (GRTCC), as unjustifiable. Executive Secretary Duncan Amoah articulated the organization’s concerns, especially in light of the existing economic pressures faced by everyday Ghanaians. “While the government has recently introduced a GH¢1 per litre fuel levy, it’s important to recognize that fuel prices at the pumps have been declining in recent months,” he noted, pointing out that these changes should not be the sole justification for raising fares. Amoah further explained the context of recent fuel price trends. “In January 2025, fuel prices were around GH¢15 per litre. However, they have since dropped to approximately GH¢11 and GH¢12 per litre, prompting some drivers to voluntarily reduce transport fares by around 15%. Unfortunately, not all driver unions followed suit and had to be urged by local assemblies to adjust their rates,” he recounted. The COPEC statement went on to express astonishment at the attempts by certain transport operators to rationalize a fare increase at this time. “On the balance of odds or numbers, the pricing levels today are still nowhere near those of January from which fare discussions could be validly considered,” the release read. Adding to the discussion, Amoah criticized the notion of incorporating potential road toll reintroductions into fare calculations, stressing that the tolls have not yet been implemented and thus should not prematurely affect fare decisions. In a positive note, COPEC welcomed the stance of the largest transport union, which has already dismissed the proposed fare increase, citing stability in fuel and spare parts prices. Amoah concluded by calling for all stakeholders to engage in thorough consultations before making decisions that could exacerbate the financial strain on commuters. His remarks underscore the need for a balanced approach in navigating transport fare discussions amid fluctuating economic conditions. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

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Ghana Police Uncover Elaborate Scheme to Smuggle Stolen Vehicles into Nation
Business, Opinion

Ghana Police Uncover Elaborate Scheme to Smuggle Stolen Vehicles into Nation

The Ghana Police Service has unveiled a complex criminal operation responsible for smuggling stolen vehicles into the country. At a press conference held on Monday, August 4, the Director-General of the Criminal Investigations Department (CID), COP Lydia Yaako Donkor, shed light on these illicit activities involving fake identities and deceptive shipping methods. The CID has established a dedicated task force to address vehicle-related crimes, which has gathered crucial intelligence on the operations of international criminal syndicates engaged in this nefarious trade. “These criminals rent vehicles using fake identities. While the rental agreement is still valid, they secretly arrange for the vehicles to be shipped out. Once they receive confirmation that the vehicle has been successfully exported, they stop paying the rental fees and cut off communication with the rental company,” COP Donkor revealed. The investigation has identified that the vehicles are frequently rented from car rental companies abroad, primarily in Canada, and are smuggled into Ghana under false pretenses. The task force has uncovered 43 luxury vehicles suspected to have been stolen from various countries, including the Netherlands, Spain, Belgium, Canada, the USA, Germany, Italy, and France. Notable examples among these seized vehicles are high-end brands like Rolls-Royce, Audi Q8, Porsche, BMW, and Mercedes-Benz. Out of the total 43 vehicles, 18 have been ordered by the courts to be returned to their countries of origin. So far, eight vehicles have been successfully repatriated, while 10 others are currently undergoing repatriation processes. The fate of the remaining 25 vehicles is still being determined through ongoing legal proceedings. In addition to these findings, the special task force has also seized six additional vehicles believed to have been stolen, including four Toyota Tundras, one Toyota RAV4, and one Range Rover, all traced back to thefts in Canada. As investigations progress to identify and apprehend the masterminds behind this illegal importation network, COP Donkor stressed the importance of vigilance among key stakeholders at ports across the country. She urged clearing agents, port officials, and the general public to remain alert and report any suspicious vehicle transactions. “We urge the public to report suspicious vehicle dealings and cooperate with police investigations as the CID intensifies its fight against cross-border vehicle crimes,” she concluded, reinforcing the necessity for community involvement in curbing these criminal activities. With this ongoing investigation, the Ghana Police Service aims to dismantle this transnational smuggling network and reclaim stolen vehicles, signaling a significant step forward in the fight against vehicle-related crime in the country. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

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President Mahama Urges Swift Rollout of E-Visa Services to Transform Travel in Ghana John Dramani Mahama
Business, Opinion

President Mahama Urges Swift Rollout of E-Visa Services to Transform Travel in Ghana

President John Dramani Mahama has called upon the Ministers for Interior, Transport, and Foreign Affairs to join forces and expedite the implementation of e-visa services in Ghana. This directive was announced during the commissioning of the newly established Air Navigation Services (ANS) and the Multi-Agency Command Centre for Advance Passenger Information (API) and Passenger Name Record (PNR) systems on Monday, August 4. During the event, President Mahama emphasized the importance of the API and PNR systems in efficiently managing passenger and travel document data. Recognizing the potential of these platforms, he charged the ministers to collaborate closely to extend their capabilities. “I’m directing the Hon. Ministers for Interior, Transport, and Foreign Affairs to collaborate to ensure that this platform is expanded to enable us to implement this long-awaited e-services for the country,” he stated confidently. The President emphasized the need to integrate these systems to cover both sea and land border posts, while also enhancing the functionality of e-gate systems. The President’s vision extends beyond the aviation sector; he highlighted the need to advance cargo information systems, which would enhance the effectiveness of customs operations. “These policy directives will ensure the country enjoys the full benefits of what we’re witnessing today,” he noted. The advent of the e-visa system is expected to streamline visa application processes, significantly cut down on paperwork and bureaucracy, and bolster the tourism industry. “The future of travel is digital, and Ghana must not be left behind,” President Mahama asserted, reflecting his commitment to making Ghana an increasingly attractive destination for both business and leisure travelers. With this forward-thinking approach, the government aims not only to modernize travel in Ghana but also to position the nation as a competitive player in the global tourism and travel landscape. The President’s directive is a significant step towards enhancing the overall travel experience and embracing digital transformation in the country. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen

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