Lord Fiifi Quayle

REGENERATION OR RELIANCE? GHANA’S TOUGH CHOICE FOR FOOD SECURITY

December 4, 2025

Governance
By Lord Fiifi Quayle

The future of Ghana’s food basket hangs in the balance, caught between the promise of regenerative agriculture and the hard reality of decades-old farming practices. While the world embraces a shift to heal the soil, experts warn that for Ghana, a sudden, wholesale abandonment of chemical fertilizers is not just impractical—it’s a direct threat to national food security. The path forward, they argue, must be a carefully balanced mix of old and new, driven by science and supported by the state.

At the Expert Perceptions on Regenerative Agriculture in Ghana

Regeneration vs. Sustainability: A Crucial Difference

For years, sustainable farming has been the goal a practice aimed at maintaining the status quo and preventing further resource depletion. Regenerative agriculture, however, goes a step further. It is a proactive movement focused on actively rebuilding and restoring the health of the soil.

Regenerative practices; such as minimizing soil disturbance, maximizing crop diversity, and keeping the ground covered, are designed to turn farmland into a powerful carbon sink, reversing the damage caused by conventional methods. It’s a shift from merely ‘doing no harm’ to actively ‘doing good’ for the land.

Climate Change and the Soil Crisis

The health of our soil is the foundation of our food supply, but it is under siege from climate change. The increasing levels of carbon dioxide in the atmosphere, while sometimes initially boosting plant growth, are fundamentally altering soil chemistry. This can lead to soil acidification and a critical imbalance of nutrients, ultimately degrading the very fertility we rely on.

The loss of soil carbon, exacerbated by traditional tilling, releases more carbon dioxide back into the air, creating a dangerous cycle. Regenerative methods offer a lifeline, increasing soil organic carbon and helping Ghana’s farms become more resilient to drought and extreme weather.

The Chemical Conundrum: Food Security at Risk

Chemical fertilizers were once hailed as the saviour of global food production, but their overuse has created a new crisis. While they boost yields in the short term, the long-term cost is severe: they deplete soil health, reduce microbial diversity, and contribute significantly to water pollution and greenhouse gas emissions.

For Ghana, the constant application of chemicals without holistic management leads to a vicious cycle of dependency and diminishing returns. The environmental impact is clear, but the threat to long-term food security is even more alarming.

The Ghanaian Reality: North, South, and the Scars of Galamsey

The call for a transition to regenerative farming must be tempered by the complex realities on the ground. Ghana’s soil is not uniform.

In the Northern regions, farmers face distinct challenges and nutrient profiles. Meanwhile, much of the Southern belt struggles with naturally acidic soils (pH < 5.5), which severely limits crop productivity.

Worse still, large tracts of land, particularly in the South, have been severely degraded by illegal mining activities (Galamsey). The introduction of heavy metals and chemicals, including cyanide, has left the soil contaminated and structurally compromised.

To ignore these differences and push for a one-size-fits-all regenerative approach would be a recipe for disaster, risking a severe shortage of food in the short term.

The First Step: A National Soil Diagnosis

The consensus among agricultural experts is clear: before any major transition, Ghana must undertake a comprehensive, district-by-district soil research and diagnostic program.

This is the critical first step. We must know precisely what each piece of land lacks; its nutrient deficiencies, its pH levels, and the extent of contamination. This data will allow the Ministry of Food and Agriculture (MOFA) to formulate site-specific, Integrated Soil Fertility Management (ISFM) plans that combine the best of both worlds: targeted, minimal use of necessary inputs with regenerative practices.

Building the Economic Case: What’s In It For the Farmer?

For regenerative agriculture to take root, it must be market-driven and commercially viable. The transition cannot be solely the farmer’s burden.

Government Enabling and Policy Stability:
The government’s role is crucial. It must establish long-term policies that survive changes in administration, ensuring stability for farmers and investors. A key priority must be the strict regularization of chemical fertilizer sellers and inputs, enforcing laws like the Plants and Fertiliser Act, 2010 (Act 803). This is not a ban, but a necessary step to ensure quality and promote judicious, data-driven use.

Engaging the Private Sector:
The private sector is key to commercializing regeneration. The government can enable this through:
- Tax Incentives: Offering tax breaks for farmers who invest in no-till equipment and cover crops.
- Carbon Credit Schemes: Facilitating the participation of Ghanaian farmers in international carbon markets, providing new revenue streams for sequestering carbon.
- Market Access: Creating premium market labels for regeneratively grown produce, allowing farmers to command higher prices and see a clear return on their investment.
The Integrated Path Forward

Is regenerative agriculture the way forward? Yes, absolutely. It is the most potent strategy to combat soil degradation and enhance climate resilience.

But can we do away with chemical fertilizers entirely? Not yet.

The most pragmatic solution for Ghana is the Integrated Soil Fertility Management (ISFM) approach. This strategy blends the restorative principles of regeneration with the targeted, necessary use of mineral fertilizers, all guided by scientific soil testing.

The future of Ghanaian agriculture lies not in a radical, all-or-nothing shift, but in a balanced, data-driven, and commercially supported transition that systematically improves the texture and structure of our soil, securing both ecological health and national food security for generations to come.

This article is based on research and analysis by a team spread across Ghana, Nigeria and Senegal.
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The One-Way Street: Why Prices in Ghana Rise with the Dollar, But Never Fall

November 23, 2025

Governance
By Lord Fiifi Quayle

It is a common, frustrating observation across Ghana: the moment the US Dollar gains strength against the Cedi, prices for everything from rent to cars to imported goods shoot up. Yet, when the Cedi enjoys a period of appreciation, those prices remain stubbornly high. The local saying that “prices increase yearly” is not just a complaint. It is an accurate description of a fundamental economic distortion.

The Dollarisation of the Ghanaian Economy

This phenomenon is not a misconception by consumers, but a real market behavior rooted in two complex economic concepts: Asymmetric Exchange Rate Pass-Through and Downward Price Stickiness.

The Economic Explanation: A One-Way Price Hike

When economists talk about Exchange Rate Pass-Through (ERPT), they are describing how much a change in the Cedi-Dollar rate affects the final price of a product. In a healthy, competitive market, this effect should be symmetrical: a 10% drop in the Cedi’s value should lead to a 10% price increase, and a 10% rise in the Cedi’s value should lead to a 10% price decrease.

However, in Ghana, the pass-through is asymmetric . It’s a one-way street:
- When the Dollar Rises (Cedi Depreciates): Businesses quickly and fully pass on the increased cost of replacing their imported stock. This is a survival mechanism, ensuring they can afford to restock their shelves or replace their inventory (like cars) at the new, higher dollar-equivalent cost.
- When the Dollar Falls (Cedi Appreciates): Businesses choose to keep prices high. This is known as Downward Price Stickiness .They exploit the opportunity to widen their profit margins, citing other non-exchange rate costs—such as high freight, port charges, and local transportation—as justification for maintaining the higher price floor .
In essence, periods of Cedi depreciation allow businesses to establish a new, higher price point, which they are then extremely reluctant to abandon, even when their costs temporarily drop.

The Dollarization Trap: Why Landlords and Car Dealers Hedge

The sectors most notorious for this behavior, real estate and car sales are also the most dollarized . For a landlord or a car dealer, pricing in US Dollars is a rational defense mechanism against the Cedi’s chronic volatility.
- For Landlords: Construction materials are largely imported. If a landlord accepts Cedi rent and the Cedi depreciates, the real value of their income and their ability to afford future maintenance or reinvestment is eroded. Pricing in USD protects the real value of their asset .
- For Car Dealers: Every vehicle is imported. The dealer’s main concern is the replacement cost of their inventory. If they sell a car for a Cedi amount that quickly loses value, they cannot afford to buy a new car of the same value to replace it. Pricing in USD eliminates this risk.
This practice, while illegal under the Foreign Exchange Act of 2006, persists because it is a market verdict on the lack of confidence in the Cedi as a stable store of value .

The Real Culprit: Structural Weakness

The problem is not just greedy businesses; it is a structural weakness in the Ghanaian economy. Even when the Cedi strengthens, other costs remain high, acting as a persistent floor under prices: Factor Impact on Prices Import Dependence Ghana imports over 70% of its consumer goods, making the economy highly vulnerable to global price shocks and exchange rate swings . Logistics Costs Freight, shipping tariffs, and port charges are often dollar-linked or subject to high local inflation, offsetting any gains from a stronger Cedi . Lack of Competition In some sectors, a lack of robust competition allows traders to maintain high margins without fear of being undercut, removing the incentive to lower prices.

The Need for Cedi Credibility

The consumer’s observation is correct: the Cedi’s instability is being weaponized against them. The asymmetric pricing behavior contributes to persistent, imported inflation, which erodes purchasing power and undermines the Bank of Ghana’s efforts.

To break this cycle, the focus must shift from blaming businesses to addressing the root cause: the lack of long-term credibility in the Cedi. Until the Cedi becomes a currency that people want to hold one that offers stable purchasing power and predictable yields businesses will continue to hedge their bets in the Dollar, and the Ghanaian consumer will remain trapped in a cycle of perpetual price increases.

GHANA MUST WORK AGAIN
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The Rise, Stumble, and Uncertain Future of Springfield Group: A Case Study for Ghanaian Businesses in Oil & Gas

November 22, 2025

Governance

By Lord Fiifi Quayle

The story of Springfield Group, a Ghanaian-owned energy company, is a compelling narrative of ambition, pioneering success, and the complex challenges inherent in the high-stakes world of oil and gas exploration. Founded with the vision of empowering indigenous participation in Ghana’s burgeoning petroleum sector, Springfield achieved historic milestones that positioned it as a beacon for young African businesses. However, its recent entanglement with the state-owned Ghana National Petroleum Corporation (GNPC) over its flagship oil block raises critical questions about the balance between scaling up, financial prudence, and the role of government in a strategic industry.

A Pioneer’s Journey: From Downstream to Deepwater

Springfield Group was founded in 2008 by Kevin Okyere, initially focusing on the downstream sector as an oil product distributor . This foundation provided the necessary capital and expertise to pivot to the more complex and capital-intensive upstream exploration and production (E&P) sector.

In a landmark move, Springfield Exploration and Production (E&P), a subsidiary of the group, secured the license for the West Cape Three Points Block 2 (WCTP2). This acquisition was a significant step towards realizing the goal of indigenous participation in deepwater exploration. The company made history in 2019 by becoming the first independent Ghanaian—and African—energy company to drill in deep water .

The company’s crowning achievement was the Afina-1x discovery in the WCTP2 block in 2019. This discovery was initially touted to have more than doubled the block’s contingent resources to an estimated 1.5 billion barrels of oil and nearly 1 trillion cubic feet of gas . This success not only validated Springfield’s bold move but also established it as a major player in Ghana’s oil industry, a source of national pride, and a symbol of what local entrepreneurship could achieve.

Mr Kevin Okyere,CEO Springfield and Mr Lord Fiifi Quayle, Snr Partner Quayle & Associates

| Milestone | Year | Significance |

| :— | :— | :— |

| Founding | 2008 | Established as an oil product distributor (downstream) [1]. |

| WCTP2 Block Acquisition | N/A | Secured a deepwater exploration block, signaling a move to upstream E&P. |

| Deepwater Drilling | 2019 | Became the first independent Ghanaian/African company to drill in deep water . |

| Afina-1x Discovery | 2019 | Announced a major discovery, potentially holding 1.5 billion barrels of oil . |

The Stumble: Mistakes, Challenges, and the Scaling Dilemma

Springfield’s journey has not been without its challenges and what critics might deem mistakes. The core of the current crisis appears to stem from a combination of technical, financial, and regulatory issues:

1. The Commercial Viability Question

The most significant challenge revolves around the commercial viability of the Afina discovery. While the initial resource estimates were impressive, the transition from discovery to commercial production requires extensive appraisal and development work, which is highly capital-intensive. Reports suggest that the block’s development has stalled . The Africa Centre for Energy Policy (ACEP), a prominent energy think tank, has raised concerns, suggesting that the Afina discovery may have been prematurely declared commercially viable and that the data required further work to assess its true potential . This technical over-optimism or lack of immediate financial muscle to proceed with development can be seen as a critical misstep.

2. Financial and Operational Strain

Deepwater E&P is a game for the GODS, requiring billions of dollars in investment. Springfield, despite its initial success, may have lacked the financial muscle to transition from the exploration phase to the development and production phase, especially in a volatile global oil market. The inability to secure the necessary funding or partners to rapidly develop the block led to its dormancy, which is a major concern for the government seeking to boost national oil production .

3. Regulatory and Governance Scrutiny

The company has also faced scrutiny on other fronts. The Economic and Organised Crime Office (EOCO) has confirmed active investigations involving Springfield Energy, though the specifics are not directly tied to the WCTP2 block’s technical issues . Such investigations, regardless of outcome, can damage corporate reputation and complicate efforts to attract international investment, further exacerbating the financial strain.

The Scaling Dilemma: Financial Muscle vs. Ambition

The question-“Must companies always embark on scaling up or is it prudent to have the financial muscle to shore up what investments they look for just for critical emergencies?”- is central to Springfield’s predicament.

The Springfield case suggests that in capital-intensive, high-risk industries like deepwater oil and gas, scaling up must be meticulously matched with financial capacity. While ambition is necessary, the mistake lies in acquiring an asset that demands a level of investment that exceeds the company’s ability to finance, especially when development stalls.

| Strategy | Rationale in Springfield’s Context | Outcome |

| :— | :— | :— |

| Scaling Up (Ambition) | Necessary to move from downstream to high-value upstream E&P and achieve national significance. | Led to the historic WCTP2 block acquisition and Afina discovery. |

| Financial Prudence (Muscle) | Essential for the multi-billion-dollar development phase and for managing unforeseen technical or market risks. | Apparent lack of sufficient capital led to the block’s dormancy and triggered state intervention. |

The prudent approach, as highlighted by this case, is to ensure that the financial muscle is in place, either through robust balance sheets, secured development financing, or strong, committed technical partners, before the critical phase of development begins. This financial buffer is not just for “critical emergencies” but for the predictable, massive capital expenditure required to bring a deepwater field to production.

The GNPC Takeover: End of a Promising Business?

The current development involves the Government of Ghana, through the GNPC, initiating advanced negotiations to acquire Springfield E&P’s stake in the WCTP2 block . The government’s stated rationale is to unlock the block’s long-term economic value and safeguard Ghana’s oil production, which has been declining . The block’s dormancy is seen as a national economic liability.

Is this the end of a promising Ghanaian business?

The GNPC takeover of the WCTP2 block is a significant setback, but it is not necessarily the end of Springfield Group.

1. Loss of a Key Asset: The loss of the WCTP2 block is a major blow to Springfield’s upstream ambitions and its status as a deepwater pioneer. It signifies a failure to transition from discovery to production.

2. Downstream Operations: Springfield Group still maintains its downstream operations, which were its original source of revenue and stability. The company can continue to operate in this sector.

3. GNPC’s Role: The takeover is driven by the state’s interest in national resource development. It is a pragmatic move to ensure the block is developed, but it comes at the cost of indigenous ownership in a flagship asset. Critics, like ACEP’s Benjamin Boakye, argue that the acquisition is a “bad move” for the state, as the block already belongs to the state and the government should focus on enforcing the development contract rather than buying out the contractor .

The future of Springfield E&P will depend on the valuation of its stake and whether it can re-strategize to pursue smaller, less capital-intensive projects or focus entirely on its downstream business.

Lessons for Young Businesses (Oil & Gas)

The Springfield saga offers profound and sobering lessons for young and ambitious businesses, particularly those in capital-intensive sectors:

1. Ambition Must Be Grounded in Financial Reality

Young businesses should be ambitious, but their scaling strategy must be anchored in a realistic assessment of their financial capacity and the capital requirements of the next phase. A successful discovery is only the first step; the ability to finance the multi-billion-dollar development phase is the true test of an E&P company.

2. Prudence Over Premature Scaling

The question of financial muscle is not about having a war chest for “emergencies,” but about having the secured funding for the predictable high costs of development. Young companies should prioritize securing robust, long-term financing or committed, well-capitalized partners before entering into agreements that demand massive future investment. Financial prudence is a prerequisite for sustainable scaling.

3. Focus on Execution and Commercialisation

A discovery is a geological success; production is a commercial success. The delay in moving from the Afina discovery to commercial production was Springfield’s Achilles’ heel. Young businesses must focus relentlessly on execution, commercialization, and meeting contractual obligations to avoid state intervention or loss of assets.

4. Navigate the Political and Regulatory Landscape

Operating in a strategic sector like oil and gas means navigating a complex political and regulatory environment. Young businesses must maintain impeccable governance standards and be prepared for intense scrutiny. The ability to manage political risk and regulatory compliance is as critical as technical expertise.

In conclusion, Springfield Group’s story is a powerful reminder that while indigenous entrepreneurship can achieve historic feats, the path to sustainable success in global, capital-intensive industries is paved with more than just ambition. It requires a strategic blend of technical prowess, political acumen, and, most critically, the financial muscle to see a project through to commercial fruition. The GNPC takeover, while potentially beneficial for Ghana’s oil production, serves as a cautionary tale about the perils of over-extending financial capacity in the pursuit of a grand vision.

GHANA MUST WORK AGAIN

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Ghana 2026 Budget: Investor Briefing

November 21, 2025

Governance
Theme: Resetting for Growth, Jobs, and Economic Transformation
Date of Presentation: November 13, 2025
Source: Ministry of Finance, Republic of Ghana Compiled by: Lord Fiifi Quayle

Executive Summary: Stability and Consolidation

Ghana’s 2026 Budget Statement is a consolidation budget that firmly commits to the fiscal discipline required under the IMF-supported program. The core message for investors is a continued focus on macroeconomic stability and debt sustainability, providing a more predictable operating environment. Key measures include aggressive fiscal deficit reduction, a return to single-digit inflation, and significant tax reforms aimed at easing the burden on businesses. The budget signals a transition from crisis management to a foundation for private sector-led growth.

Simon Madjie, CEO of GIPC ready with his team to assist ALL INVESTORS

Key Macroeconomic Targets (2026)

The government has set clear, measurable targets that underscore its commitment to stability: Indicator 2025 (Estimated/Revised) 2026 (Target) Investor Implication Real GDP Growth 6.3% (H1) At least 4.8% [4] Positive: Indicates sustained economic expansion, though at a more sustainable pace. End-of-Period Inflation 16.6% 9.9% [5] Positive: Return to single-digit inflation enhances purchasing power and reduces business costs. Overall Budget Deficit 2.8% of GDP 2.2% of GDP [6] Positive: Continued fiscal tightening reduces borrowing needs and sovereign risk. Primary Balance N/A 1.5% of GDP (Surplus) [6] Critical: Adherence to this IMF-mandated surplus is key to debt sustainability and program success.

Fiscal Health and Debt Outlook

The budget reinforces the path to fiscal recovery through enhanced revenue mobilization and expenditure rationalization.
- Revenue Mobilization: The government targets GH¢268.1 billion in Total Revenue and Grants [7]. The Ghana Revenue Authority (GRA) has declared 2026 the ‘Year of Compliance,’ signaling a non-negotiable push for tax collection efficiency and a broader tax base.
- Expenditure Control: Total Expenditure is projected at GH¢302.5 billion [8]. The focus is on rationalizing spending and clearing domestic arrears, which improves liquidity in the local economy.
- Debt Sustainability: The successful implementation of the budget’s fiscal targets is essential for maintaining the improved debt profile, which saw public debt-to-GDP fall significantly in 2025 [3]. Continued adherence to the 1.5% primary surplus target is the main mechanism for achieving the long-term debt-to-GDP goal.
Policy Impact: Tax and Business Environment

The most direct impact on investors comes from the proposed tax reforms, which are largely favorable to the business community: Tax Measure Detail Investor Benefit Repeal of COVID-19 Health Recovery Levy Full removal of the levy. Cost Reduction: Direct reduction in the cost of goods and services, improving margins. Reduction of Effective VAT Rate Proposed reduction from 21.9% to 20%. Competitiveness: Marginal improvement in price competitiveness and consumer spending. Increased VAT Registration Threshold Raised from GH¢200,000 to GH¢750,000 [10]. SME Support: Reduces compliance burden for smaller businesses, potentially freeing up capital for growth. Repeal of VAT on Mineral Exploration Removal of VAT on exploration and reconnaissance activities. Sector Specific: Direct incentive for investment in the mining and resource exploration sector.

Strategic Investment Focus

The budget identifies four key pillars for the “Resetting for Growth” agenda, highlighting areas where government spending and policy support will be concentrated:
1. Economic Transformation and Job Creation: Focus on private sector support, particularly in manufacturing and agriculture, suggesting opportunities for value-chain investment.
2. Human and Social Development: Continued investment in health and education infrastructure.
3. Environmental Sustainability: Policies to promote green growth and climate-resilient investments.
4. Governance and Anti-Corruption: Commitment to improving the ease of doing business and public financial management.
Conclusion for Investors

The 2026 Budget Statement is a strong signal of Ghana’s commitment to fiscal responsibility and macroeconomic recovery. The targets are challenging but achievable, provided the government maintains political will and expenditure discipline.

Key Takeaway: The budget provides a stable platform for investment, characterized by a declining fiscal deficit, a projected return to single-digit inflation, and tax reforms that reduce the cost of doing business. Investors should view this budget as a positive indicator of Ghana’s trajectory toward sustained economic health, with particular opportunities emerging in sectors benefiting from the tax relief and the government’s focus on economic transformation.

GHANA MUST WORK AGAIN
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GRA’s Modified Taxation Scheme: A New Era of Inclusive Tax Compliance

November 21, 2025

Governance
By Lord Fiifi Quayle

The Ghana Revenue Authority (GRA) is embarking on a transformative journey to broaden the tax net and foster a culture of voluntary compliance, particularly within the informal sector. This sustained effort, underpinned by robust public education and the introduction of the Modified Taxation Scheme (MTS), signals the government’s commitment to building a more inclusive and equitable tax system where every citizen contributes their fair share to national development. The GRA is not just collecting taxes; it is actively working to demystify the process and ensure that every Ghanaian is “on board”.

Sustained Tax Education: The Foundation of Compliance

The GRA’s efforts are anchored by the Sustained National Tax Education Programme, a multi-year initiative running from 2025 to 2028 . This is not a one-off campaign but a continuous, nationwide drive designed to embed tax education into Ghana’s social consciousness . The core objective is to equip citizens with the practical knowledge needed to navigate the tax landscape, specifically focusing on how to register, file returns, and make payments .

The program employs segmented communication strategies, recognizing that a one-size-fits-all approach is ineffective. This ensures that the message is tailored and delivered effectively to diverse groups, from market traders in the informal sector to small business owners and professionals . By simplifying complex tax concepts and making information readily accessible, the GRA is actively working to remove the fear and confusion often associated with taxation, thereby fostering a culture of voluntary compliance. The MTS, which was launched alongside this education drive, is a direct beneficiary of this foundational work.

The Modified Taxation Scheme (MTS): Simplifying Compliance

The MTS is a simplified tax regime designed primarily for small-scale businesses and individuals in the informal sector whose annual turnover falls below a certain threshold. The scheme aims to make tax payment less burdensome, more predictable, and easier to comply with, thereby integrating this vital segment of the economy into the formal tax system. The MTS is structured into three main categories, offering flexibility based on the nature and size of the business : MTS Category Target Group/Basis Key Feature Presumptive Tax Based on Instalment (PTI) Smallest businesses/individuals with fixed income levels. Tax is a fixed amount, paid in regular instalments, based on income levels and business activity. This provides certainty and ease of budgeting for the taxpayer . Presumptive Tax Based on Turnover (PTT) Businesses with slightly higher, but still modest, annual turnover. Tax is calculated as a percentage of the business’s gross annual turnover. This method links the tax liability directly to the business’s sales performance . Modified Cash Basis Businesses that do not qualify for the presumptive tax categories. This method allows for a simpler accounting approach where income and expenses are recognized only when cash is received or paid out, simplifying record-keeping compared to the traditional accrual basis.

The GRA’s strategy is clear: by offering a simplified, sector specific approach, it removes the complexity often associated with formal taxation, encouraging voluntary participation and widening the tax base.

Digital Convenience: Paying Taxes at Your Fingertips

A cornerstone of the GRA’s modernization drive is the introduction of convenient, digital payment channels. Recognizing the ubiquity of mobile technology in Ghana, the GRA has deployed solutions that allow taxpayers to meet their obligations from anywhere, at any time [3].
1. MTS Taxpayers App: Available on both the Google Play Store and the Apple App Store, this mobile application streamlines the entire tax process. It allows taxpayers to register, track compliance, initiate payments, and access other tax related services directly from their smartphones .
2. USSD Shortcode (*880#): For those without a smartphone or preferring a quick, non-internet-based method, the GRA has introduced the *880# shortcode. By simply dialling this code, taxpayers can make payments using their Mobile Money wallets, ensuring that tax compliance is accessible to everyone, regardless of their technological sophistication .
These digital tools are a testament to the GRA’s commitment to efficiency and accessibility, transforming the act of paying taxes from a cumbersome annual chore into a simple, secure, and instant transaction.

Government’s Fiscal Relief: Giving Back to the Citizenry

In a significant move to alleviate the financial burden on businesses and ultimately benefit the consumer, the government has recently abolished several key levies and taxes. This fiscal relief package is a direct measure to stimulate economic activity and demonstrate the government’s commitment to supporting the private sector .

The abolished levies include:
- The COVID-19 Health Recovery Levy
- The Betting Tax
- The Electronic Transfer Levy (E-levy)
Furthermore, the government has decoupled the 2.5% GETFund Levy and the 2.5% National Health Insurance Levy (NHIL) from being treated as a cost to businesses. Previously, these levies were factored into the cost of goods and services, contributing to higher prices for the final consumer. By removing this burden on businesses, the government expects that the reduction in operational costs will be passed on to the consumer in the form of lower prices .

This strategic fiscal intervention is a powerful demonstration of the government “giving back to the citizens.” The removal of these cost components means that businesses now have a reduced cost base, which should, in turn, not reflect in prices paid by the consumer. This is a deliberate policy to ease the cost of living and ensure that the benefits of fiscal prudence are directly felt by the Ghanaian populace.

Conclusion

The GRA’s sustained tax education and the implementation of the Modified Taxation Scheme, coupled with the government’s decisive action on tax abolition, mark a pivotal moment in Ghana’s fiscal landscape. By simplifying compliance, embracing digital technology, and providing tangible fiscal relief, the GRA is not only expanding the tax net but is also fostering a partnership with the citizenry. A partnership built on transparency, convenience, and a shared vision for national prosperity. The message is clear: tax compliance is now easier, more accessible, and more vital than ever before.

GHANA MUST WORK AGAIN
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A Complete Review of Ghana’s 2026 Budget Statement and Economic Policy

November 20, 2025

Governance

Author: Lord Fiifi Quayle

Date: November 19, 2025

The Minister for Finance, Dr. Cassiel Ato Forson, presented the 2026 Budget Statement and Economic Policy to the Parliament of Ghana on November 13, 2025. This budget, themed “Resetting for Growth, Jobs, and Economic Transformation,” is a critical document that outlines the government’s fiscal and economic strategy for the coming year, particularly as the country continues its path of fiscal consolidation under the International Monetary Fund (IMF) program [1] [2].

The central focus of the 2026 Budget is to transition the economy from a period of stabilization to one of sustained, inclusive growth. It aims to build on the economic gains achieved in 2025, which saw a significant decline in inflation and a strengthening of the Cedi [3].

I. Macroeconomic Framework and Targets

The government has set ambitious, yet cautious, macroeconomic targets for 2026, signaling a commitment to fiscal discipline and a return to pre-crisis stability. These targets are crucial for restoring investor confidence and ensuring long term debt sustainability.

The key macroeconomic projections for 2026 are summarized in the table below:

| Indicator | 2025 (Estimated/Revised) | 2026 (Target) | Source |

| :— | :— | :— | :— |

| Real GDP Growth | 6.3% (H1) | At least 4.8% | [4] |

| End-of-Period Inflation | 16.6% | 9.9% | [5] |

| Overall Budget Deficit (Commitment Basis) | 2.8% of GDP | 2.2% of GDP | [6] |

| Primary Balance | N/A | 1.5% of GDP (Surplus) | [6] |

The projected Real GDP Growth of at least 4.8% for 2026, while lower than the 6.3% recorded in the first half of 2025, reflects a realistic expectation given the ongoing fiscal tightening and structural reforms. The target of bringing End-of-Period Inflation down to single digits (9.9%) is a major objective, building on the progress made in 2025 [5].

Crucially, the budget maintains the trajectory of fiscal consolidation. The target to reduce the Overall Budget Deficit to 2.2% of GDP and achieve a Primary Surplus of 1.5% of GDP demonstrates the government’s adherence to the IMF program’s requirements, which mandate a primary surplus to ensure debt sustainability [6].

II. Fiscal Policy and Revenue Measures

The 2026 fiscal framework is designed to increase domestic revenue mobilization while providing targeted relief to businesses and consumers.

A. Revenue and Expenditure Outlook

The government projects a significant increase in both revenue and expenditure for the 2026 fiscal year:

| Indicator | Amount (GH¢ Billion) | % of GDP (Approx.) | Source |

| :— | :— | :— | :— |

| Total Revenue and Grants | 268.1 | N/A | [7] |

| Total Expenditure | 302.5 | 18.9% | [8] |

| Budget Deficit | 34.4 | 2.2% | [6] |

The projected Total Revenue and Grants of GH¢268.1 billion is a key pillar of the budget, supported by a renewed focus on tax compliance. The Ghana Revenue Authority (GRA) has declared 2026 the ‘Year of Compliance’ to enhance non-oil revenue collection, which the government aims to raise from 15.1% of GDP in 2025 [9].

B. Tax Reforms and Relief Measures

The budget introduces several significant tax policy changes, primarily focused on Value Added Tax (VAT) and providing relief to the private sector:

1. Repeal of the COVID-19 Health Recovery Levy: This measure is aimed at reducing the cost of doing business and providing relief to consumers.

2. Reduction of Effective VAT Rate: The effective VAT rate is proposed to be reduced from 21.9% to 20%.

3. Increased VAT Registration Threshold: The threshold for VAT registration is proposed to be increased from GH¢200,000 to GH¢750,000, a move that will exempt many small and medium-sized enterprises (SMEs) from the VAT regime, simplifying their compliance burden [10].

4. Reintegration of NHIL and GETFund: The National Health Insurance Levy (NHIL) and Ghana Education Trust Fund (GETFund) Levy are to be reintegrated into the VAT base, streamlining the tax structure.

III. Policy Focus: Resetting for Transformation

The budget’s theme is operationalized through four key pillars designed to drive the promised economic transformation:

1. Economic Transformation and Job Creation: This pillar focuses on accelerating job creation through targeted support for the private sector, particularly in manufacturing and agriculture.

2. Human and Social Development: The government plans to continue investing in critical social sectors, with a notable emphasis on expanding and modernizing health infrastructure [11].

3. Environmental Sustainability: Policies under this pillar aim to promote green growth and sustainable resource management.

4. Governance and Anti-Corruption: This pillar underscores the commitment to improving public financial management, fighting corruption, and ensuring efficient use of public funds.

IV. Analysis and Conclusion

The 2026 Budget Statement is fundamentally a consolidation budget that prioritizes fiscal stability and debt management. The ambitious macroeconomic targets, particularly the primary surplus and the single-digit inflation goal, are a testament to the government’s determination to exit the current economic crisis and complete the IMF program successfully.

The tax reforms are arguably the most impactful policy measures. The repeal of the COVID-19 levy and the reduction in the effective VAT rate are welcome steps that should ease the financial burden on businesses and households. The significant increase in the VAT threshold is a pragmatic measure to support SMEs, which are the backbone of the Ghanaian economy [10].

However, some analysts have questioned whether the budget truly delivers on the “Economic Transformation” part of its theme, arguing that the focus remains heavily on stability and revenue mobilization [12]. While the budget lays a solid foundation for growth by stabilizing the macro-economy, the true measure of its success will be the government’s ability to implement the structural reforms necessary to shift the economy’s productive capacity and create the promised jobs.

In conclusion, the 2026 Budget is a responsible and disciplined fiscal plan that consolidates the gains of 2025. It sets a clear, albeit challenging, path toward macroeconomic stability, making it a crucial step in Ghana’s journey toward long-term economic health.

GHANA MUST WORK AGAIN

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A New Fiscal Dawn: How Commitment and Planning Certificates Will Cure Our Spending Sickness

November 19, 2025

Governance

By Lord Fiifi Quayle

For decades, the story of our national development has been punctuated by two frustrating refrains: the ghost of abandoned projects and the scandal of end-year spending sprees. We have all seen them, the hospital blocks without roofs, the roads that end abruptly in the bush, the dusty tractors purchased in a hurry every December. It has often felt like a tragic cycle, where good intentions and scarce resources are sacrificed at the altar of poor planning and fiscal indiscipline.

Hon Ato Forson, Minister for Finance

This cycle, however, may finally be breaking. From the corridors of the Ministry of Finance, a quiet revolution is underway, one that promises to reshape how every cedi of our public money is spent. It is built on two powerful, yet simple, ideas: you cannot start what you cannot afford, andyou cannot budget for what does not fit the national plan.

The first, and most potent, weapon in this new arsenal is the Commitment Authorization, or the Commitment Certificate. Imagine this: an MDA has its project beautifully captured in the annual budget. In the past, this was an automatic green light to call for tenders and sign contracts. No longer. Today, they must go, cap in hand, to the Finance Ministry to receive a physical certificate before they can even begin to engage a contractor.

This is a masterstroke. Why? It gives the Finance Minister real-time control over the government’s fiscal pulse. It prevents a scenario where ten different MDAs simultaneously commit to ten mega projects, suddenly realizing we have the budgetary approval but not the actual cash, forcing us into expensive debt or creating a cascade of stalled projects. More importantly, it allows the Ministry to insist, “Finish the hospital you started last year before we authorize you to break ground on a new office block.” This single policy, if enforced without fear or favour, could be the death knell for the abandoned projects that litter our nation.

The second crucial reform is the push to enshrine the Inclusivity Certificate into law. Currently a compliance tool, this requires every MDA to get a certificate from the National Development Planning Commission (NDPC) confirming that their proposed project is aligned with the national development plan before it can even be budgeted for.

Think of it as a strategic filter. It answers the simple question: “Does this project help us become the country we say we want to be?” It stops a Ministry from budgeting for a marble floored headquarters when the national plan prioritizes rural clinics and farm to market roads. If there’s no certificate, the project is unceremoniously struck out during budget preparation. By making this a law, we move it from a suggestion that can be bent by political influence to an immutable rule of public finance. It forces all of us to row in the same strategic direction.

Now, consider the corrosive culture of end-year waste. We are all familiar with the December rush: the frantic, often panicked, spending because MDAs fear that unspent funds will lead to reduced allocations the following year. This “use-it-or-lose-it” insanity has been the single biggest driver of procurement corruption and waste. We buy overpriced stationery, award contracts for unnecessary supplies, all in a mad dash to empty our accounts.

The beautiful synergy of the two certificates is that they surgically remove this tumour. The Finance Ministry, through the Commitment Authorization, can simply refuse to issue certificates for last-minute, frivolous spending. And since the Inclusivity Certificate ensures that only planned, strategic projects are in the budget, it becomes much harder for an MDA to invent a dubious project to soak up excess cash. The message is clear: it is better to return unspent money for national savings or reallocation than to waste it on a phantom purchase.

Of course, scepticism is healthy. Will there be the political will to deny a powerful Minister their pet project? Could the Commitment Certificate become a new bureaucratic bottleneck? These are real risks. But for the first time in a long time, we have a coherent framework for discipline, not just rhetoric.

These policies represent a monumental shift from reactive spending to proactive, strategic investment. They are not just accounting rules; they are the bedrock of the modern, prosperous Ghana we aspire to build. It is a promise of a future where our projects are completed, our budgets are credible, and our resources are channelled into transformative development, not down the drain of waste. Let us support this fiscal discipline, hold our leaders accountable to it, and finally break free from the cycles of the past. The dawn of a new fiscal era is here; let us ensure it does not set.

GHANA IS WORKING AGAIN

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Exporting Wealth And Importing Poverty: The Unsettling Truth in a Political Cartoon

November 19, 2025

Governance

By Lord Fiifi Quayle

I was scrolling through my phone, the usual blur of news and noise, when an image stopped me cold. It was a piece of artwork from JoyNews in Ghana. A striking portrait of the esteemed statesman and businessman, Dr. Sam Jonah. But it was the bold caption beneath his likeness that held my attention: “Africa exporting wealth and importing poverty.”

The phrase is as elegant as it is devastating. In just five words, it captures the central paradox of a continent that is, by any objective measure, phenomenally wealthy, yet remains home to the largest concentration of the world’s extreme poor.

Sir Sam Jonah

Those in the West have a preferred narrative about Africa. It is a story of scarcity, of a continent perpetually in need of their aid, their advice, their intervention. It is a comfortable story for them, one that casts them in the role of saviors. But Dr. Jonah’s portrait, and the truth it represents, tells a very different and deeply uncomfortable story: one of systematic extraction, where the global economic order is not a ladder up, but a siphon out.

Think about it. The Democratic Republic of Congo, which holds the minerals critical to the west green energy revolution and their digital world, is one of the poorest nations on earth. It exports the raw, unrefined cobalt and coltan. What does it import? The finished smartphones and electric cars built with those same minerals, priced far beyond the reach of most of its citizens. This is the core of the injustice: the system is designed to reward the processor infinitely more than the producer.

The wealth isn’t just in the ground; it’s in the people. And that, too, is being exported. I think of the brilliant Ghanaian doctor trained at the University of Ghana, now working in a London hospital. Or the Nigerian engineer educated in Lagos, now building infrastructure in Dubai. This “brain drain” isn’t an accident; it’s a continuous subsidy of the developed world’s talent pool, paid for by the nations that can least afford to give it.

So, if Africa is exporting its mineral wealth and its human capital, what is it importing that constitutes this “poverty”?

It imports their debt. To build the roads and power grids that the extractive economy demands, African nations take on colossal loans from international lenders. The result is a debt-servicing treadmill, where governments spend more on interest payments to foreign creditors than on the health and education of their own people. This is poverty, imported in the form of spreadsheets and austerity mandates from Washington and London.

It imports their instability. By being tethered to the volatile prices of raw commodities, the national budgets of resource rich countries rise and fall with the global market, making long-term planning impossible. This boom-bust cycle is a recipe for political and social turmoil.

And for too long, it has imported their economic dogma the rigid, one size fits all prescriptions of privatization and deregulation that have often served to weaken public institutions and entrench inequality.

This is not to ignore the real and corrosive impact of corruption and poor governance within many African nations. But to focus solely on internal failures is to willfully ignore the powerful, external architecture that makes those failures so catastrophic. It is a system that benefits a powerful few across the globe, while millions pay the price.

The way out, as visionaries like Dr. Jonah have long argued, is not more aid, but a fundamental renegotiation of this relationship. The African Continental Free Trade Area is a monumental step, creating a single market to foster internal trade and resilience. The focus must shift with ruthless determination from extraction to processing. Africa must move down the assembly line, capturing the value that has always been rightfully hers.

The JoyNews artwork was more than a portrait; it was a diagnosis. It forces us to see Africa not as a passive victim, but as an active participant in a rigged game. The path forward is about changing the rules of that game, moving from a narrative of helplessness to one of agency. It’s about a continent finally, and rightfully, deciding to keep its wealth and export its prosperity instead.

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24-Hour Economy: Slogan or Strategy, 11 Months After the Campaign Promise

November 16, 2025

Governance

By Lord Fiifi Quayle

Eleven months ago, the promise of a 24-hour economy was the centerpiece of the National Democratic Congress (NDC) campaign, a bold vision articulated by former President John Dramani Mahama who is now President of the Republic of Ghana. It was presented not merely as a policy, but as a paradigm shift. A commitment to maximize national productivity by encouraging and incentivising businesses to operate in three eight hour shifts, thereby creating jobs and accelerating economic growth.

The message was potent, resonating with a populace tired of high unemployment and economic stagnation. Yet, as with many ambitious political slogans, the initial explanation was often criticized for being vague and undefined, leaving the public to wonder whether it was a concrete strategy or simply a catchy phrase designed to win an election.

Nearly a year later, the question remains: Has Ghana’s 24-hour economy moved from the realm of political rhetoric into tangible reality, or has it been relegated to the graveyard of unfulfilled campaign promises? The answer, as is often the case in Ghanaian politics, is complex, layered with political maneuvering, initial implementation efforts, and significant structural challenges.

The Evolution from Slogan to “24H+”

The most significant development in the past 11 months is the transition of the concept from a campaign pledge to a formal government program. Following the NDC’s electoral success, the initiative was rebranded and formalized as the “24-Hour Economy and Accelerated Export Development Programme” (24H+). This move, while providing a much needed structure, also introduced a political dimension, with the opposition New Patriotic Party (NPP) often dismissing the original concept as a simplistic slogan.

Hon Goosie Tanoh, Presidential Advisor 24 Hour Economy

The official narrative, as detailed in government documents, suggests a rapid and structured implementation phase. Key milestones cited include:

* Institutional Framework: The establishment of a dedicated Secretariat, with plans to transition into the more autonomous 24H+ Authority.

* Infrastructure Focus: Identification of over 50 potential projects, with a strong emphasis on addressing the foundational challenge of power supply through new solar and biomass projects aimed at providing cheaper, reliable electricity.

* Incentive Structure: The introduction of a clear incentive framework, including tax rebates (10% for two shifts, 20% for three shifts), duty free import of essential machinery, and time of use power tariffs to reward continuous operation.

* Private Sector Buy-in: Reports of nearly 200 formal applications from Ghanaian enterprises and cooperatives seeking to participate in the readiness program, suggesting a degree of private sector enthusiasm.

This structured approach, with its focus on project management and institutional setup, suggests a genuine attempt to implement the policy. However, a critical analysis reveals that much of the progress remains in the planning and feasibility stages.

Structural Hurdles and Financial Skepticism

For critics, the progress report is less a testament to success and more a checklist of preparatory steps that should have been completed before the policy was launched. The core argument against the 24H+ program centers on two major, interconnected structural hurdles: security and energy reliability.

1. The Security Imperative

A 24-hour economy fundamentally requires citizens and businesses to feel safe operating at night. Ghana’s current security infrastructure, particularly in commercial and industrial areas outside the major city centers, is widely considered inadequate to support a round-the-clock economy.

“You can incentivize a business with tax breaks all you want, but if the owner fears for the safety of their staff and assets at 2 a.m., they will not open. The 24-hour economy is a security policy first and an economic policy second.” Commentator on Ghanaian economic policy

While the government has acknowledged this, with plans to enhance police patrols and lighting, the tangible, nationwide improvement in night-time security remains a slow and costly endeavor.

2. Financial and Implementation Metrics

A review by the Centre for Policy Studies (CPS) highlighted concerns regarding the program’s financial forecast and implementation metrics. The policy’s success hinges on a massive, coordinated investment across multiple sectors from logistics and transport to healthcare and public services to support the night time workforce.

The proposed financial mechanisms, such as the GHS 1 billion 24H+ Equity Fund and the USD 2 billion non collateral credit guarantee facility, are ambitious but have yet to fully materialize and demonstrate impact. Skeptics argue that without a clear, ring fenced budget and a robust monitoring framework, the initiative risks becoming a fragmented collection of projects rather than a cohesive economic transformation.

Beyond the Slogan, But Not Yet a Reality

Eleven months into the post campaign period, the 24 hour economy is no longer just a slogan. It has been given a name, a secretariat, a blueprint, and a set of incentives. This formalization is a significant step forward, demonstrating that the political will to pursue the idea exists.

However, the reality on the ground for the average Ghanaian business owner or worker has seen little change. The transformation of Ghana’s economy into a continuous, three-shift operation is a monumental task that requires overcoming deep seated issues of security, infrastructure, and financing.

The current phase is best described as “pre-implementation readiness.” The foundation is being laid, but the true test the actual, widespread adoption of 24-hour operations by the private sector is yet to come. Until the government can guarantee the safety of night time workers and the reliable, affordable power to run their machines, the 24H+ program will remain a promising blueprint, a testament to a powerful campaign message that is still struggling to become a national reality.

GHANA MUST WORK AGAIN

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The Untold Story of the Ghanaian Advantage

November 16, 2025

Governance

By Lord Fiifi Quayle

The conversation about global economic power is often dominated by the usual suspects: New York, London, Tokyo. But if you walk the streets of Accra, Kumasi, or Takoradi today, you see a different, more powerful story unfolding. It’s a story not just of development, but of ECONOMIC SOVEREIGNTY and a quiet, profound strength that the West has forgotten: COLD HARD CASH.

A vibrant Ghanaian man at the office

Look at the quality of the buildings rising in our major cities, the vibrant markets, and the entrepreneurial spirit that fuels them. The Ghanaian people possess a wealth that is often invisible to the outside world. A wealth built on prudence, family, and a fundamental aversion to the debt traps that ensnare so many in the developed world.

The Debt Trap: Ghana vs. The West

For decades, the narrative has been simple: the West is rich, and Africa is developing. People in Europe and America may earn higher nominal salaries, but what is the true cost of that income? It is paid for with student loans, crushing credit card debt, and mortgages that stretch across generations. Their high income is often an illusion, a revolving door of debt servicing that leaves their savings rate dangerously low.

This is where The Ghanaian Advantage becomes undeniable. We have a remarkably low level of household debt. While the average American or Canadian is shackled by personal liabilities, the Ghanaian consumer is, by comparison free. This is not a small detail; it is the foundation of our future economic boom.

The table below illustrates this stark contrast, using the Household Debt to GDP ratio, a powerful measure of consumer financial health [1]:

| Country | Household Debt to GDP Ratio | Implication |

| :— | :— | :— |

| Ghana | ~2.5% – 2.8% | Financial Freedom, High Savings Potential |

| United States | ~69.35% | High Consumer Debt Burden |

| United Kingdom | ~76.18% | High Consumer Debt Burden |

| Canada | ~100.07% | Extreme Consumer Debt Burden |

This means that as our economy grows, the resulting wealth will translate directly into a massive surge in disposable income, not just debt repayment. We are building our future on a solid, debt-free foundation.

The Historical Parallel: We Are Following the Giants

There was a time when the West dismissed countries like China, Dubai, and India as “poor countries”. Today, they are considered economic powerhouses, having engineered one of the most rapid and significant transfers of wealth in human history.

Ghana is following the same pattern. The correlation is clear: these nations achieved their economic miracles by shifting their focus from exporting raw materials to value-added activities and massive industrialization.

Our manufacturing and GDP numbers over the past few years show we are on this same trajectory. Our GDP is projected to continue its strong growth, driven by industry and services [2]. But we have a critical edge that even those nations didn’t have at the start: a rapidly growing, college education population [3] ready to drive innovation and complex manufacturing.

The government’s focus on strategic partnerships that will grow our capacity for value-added production is the key to unlocking this potential. This is how we move from selling cocoa beans to selling world class chocolate, from exporting gold ore to exporting high end jewelry.

Our Time is Now

We have the resources, the educated youth, and the financial prudence of a people unburdened by crippling personal debt. This unique combination is a formula for unprecedented growth. Our GDP is going to see a significant growth, and the ultimate result will be a dramatic growth in our collective disposable income.

This is not a time for division or cynicism. This is the moment for every Ghanaian, at home and abroad, to recognize the immense power we hold. The foundation is set, the advantage is clear, and the historical pattern is on our side.

HOW STRONG CAN GHANA BE? As strong as we choose to be, together.

This is the time for the Ghanaian to come together as one and help build a better economy. Invest in local businesses, demand value added production, and hold onto that cold hard cash because soon, it will be the fuel for the African Dream that the world will envy.

GHANA CAN BE AS STRONG AS WE CHOOSE

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