The onset of the Covid-19 pandemic in early 2020 had a dramatic effect on global connectivity. The implementation of border restrictions greatly disrupted the provision of goods and made cross-border travel extremely difficult. To adapt to these challenges, many governments, businesses and institutions moved towards a strategy of regionalisation. For example, in April 2020 the foreign ministers of…
Ghana has made strides in recent years to deepen and broaden its digital financial services ecosystem. The government has prioritised the segment as key to bolstering financial inclusion, as well as ensuring business continuity in the event of another crisis such as the Covid-19 pandemic. These efforts pre-date the pandemic: the Electronic Transactions Act of 2008 outlined the regulation of electronic…
The importance of combatting climate change has become increasingly clear in recent years, and sectors across the economy have worked to diversify their offerings to deal with these challenges. For capital markets, sustainable financing has been key. In November 2019 the Bank of Ghana and the Ghana Association of Bankers launched the country’s Sustainable Banking Principles and Sector Guidance Notes,…
The Covid-19 pandemic has severely affected economies, businesses and consumers across the world, especially in terms of crisis management, supply chains, liquidity and operations. Central banks and the wider banking community were among the first to experience these disruptions. Countries hit hard by the pandemic have taken aggressive fiscal and monetary policy measures to address the challenges posed…
Ghana’s National Insurance Commission (NIC) has been working in recent years to implement a series of changes aimed at enhancing access to coverage, diversifying products and bolstering awareness in the general public about the importance of insurance. The Covid-19 pandemic further underscored the need to bolster the market. “The financial sector and insurance companies in particular have shown…
Oil and gas exploration in Ghana has come a long way since the West Africa Oil and Fuel Company dug the country’s first documented discovery well, WAOFCO-2, in the Takanita concession in 1896. Located onshore in the Tano River Basin in western Ghana, the well was approximately 35 metres deep and produced 5 barrels per day (bpd). By comparison, Jubilee Field, which lies 60 km out to sea from the…
With recent years seeing major expansion in both generation capacity and grid connectivity, Ghana is now close to achieving a UN Sustainable Development Goal: universal access to electricity. Additionally, it has good solar and wind resources, which can be harnessed to shift the energy mix towards more renewable energy. The country is also host to the largest hydropower project in West Africa. In 2020…
Artisanal and small-scale mining (ASM) is a major driver of the economy, directly employing an estimated 1m Ghanaians and supporting around 4.5m others. ASM – categorised by concessions of under 4000 sq metres – has accounted for around onethird of the country’s total gold output in recent years. “Almost all the jewellery worn in Ghana is manufactured with gold coming from ASM,” Frank Boateng,…
As the world works to bring climate change under control, there is a growing awareness of the negative ramifications of many forms of food production. As a result, some foodstuffs with smaller carbon footprints are gaining traction, creating opportunities for emerging markets. The production and consumption of food accounts for over 20% of global greenhouse gas emissions and more than 90% of freshwater…
With many of Ghana’s small farmers unable to afford their own tractors and other items of agricultural machinery, planting, harvesting and a variety of other essential tasks are often difficult and labour intensive. However, in recent years the sector has adopted innovative solutions to bridge gaps in mechanisation and financing, as well as facilitate wider growth and reduce costs. At the same time,…
