Business – Page 2 – Eastern FM 105.1

50% of Ghana’s cocoa to be processed locally under new reform plan

February 13, 2026February 13, 2026 admin

The government has announced far-reaching reforms to overhaul Ghana’s cocoa sector following what it describes as eight years of “gross mismanagement”, with immediate payments to farmers, a new financing model and a forensic investigation into the operations of the Ghana Cocoa Board (COCOBOD).

Addressing a press conference in Accra today (February 12, 2025), after a crunch Cabinet meeting on Wednesday, the Finance Minister, Dr Cassiel Ato Forson, said a detailed review of the sector had exposed deep-rooted financial and structural weaknesses that required urgent intervention.

“A careful review of the cocoa sector over the last eight years revealed gross mismanagement which requires immediate and comprehensive reforms to address the challenges in the sector. Cabinet has therefore decided on the following reforms to guarantee a fair price to the cocoa farmer, secure the financial viability of the cocoa sector and ensure the long-term sustainability of the cocoa industry,” he said.

Farmers to earn GH¢2,587 per bag as government resets cocoa pricing formula

February 13, 2026February 13, 2026 admin

The government has reduced the producer price of cocoa to GH¢41,392 per tonne and GH¢2,587 per bag for the remainder of the 2025/2026 crop season, citing a sharp fall in global market prices and mounting liquidity pressures within the sector.

Announcing the decision at a press conference in Accra on Thursday, February 12, 2026, the Finance Minister, Dr Cassiel Ato Forson, said the adjustment was necessary to reflect current international price realities while protecting farmers’ incomes as much as possible.

He explained that the 2025/2026 cocoa season began in August 2025 with a producer price of GH¢51,660 per tonne. At that time, the price was calculated at 70 per cent of a gross free-on-board price of 7,200 US dollars per tonne, using an exchange rate of 10.25 cedis to the dollar.

Food insecurity rises to 38.1%; 12.5 million Ghanaians struggle to access food – Ghana Statistical Service

February 11, 2026February 11, 2026 admin

Food insecurity in Ghana remains volatile and unevenly distributed, with 12.5 million people affected as of the third quarter of 2025, despite a marginal improvement from earlier in the year, according to the latest Quarterly Food Insecurity Report released in Accra today.

Presenting the report, Government Statistician, Professor Alhassan Iddrisu, said food insecurity is not merely a welfare concern but a critical development challenge with far-reaching implications for the economy and human capital.

“This release is important because food insecurity is not just a social issue,” he said. “It affects household welfare. It affects child health, labour productivity, business confidence and national development.”

President Mahama calls emergency Cabinet session over cocoa sector

February 11, 2026February 11, 2026 admin

President John Dramani Mahama has called an emergency Cabinet meeting to address challenges in the cocoa sector, the Minister of State in charge of Government Communications, Felix Kwakye Ofosu has announced.

The meeting, scheduled for Wednesday, February 11, 2026, comes as the sector faces delayed payments to farmers, unsold cocoa beans at the ports and financing constraints affecting Licensed Buying Companies.

The Chief Executive of COCOBOD, Mr Randy Abbey, acknowledged on February 6, 2026, there were difficulties with payments.

“Cocoa farmers deserve an apology,” Mr Abbey said at a media briefing and added that COCOBOD, the Ministry of Finance and the government were working to address the issues.

GRA says spare parts traders fears over new VAT are a ‘fundamental misunderstanding’

February 11, 2026February 11, 2026 admin

The Ghana Revenue Authority (GRA) has issued a rebuttal to spare parts traders, asserting that their fears over a new tax regime are based on a critical misunderstanding and that, in fact, the changes will reduce prices for consumers and lower costs for businesses.

The response, contained in a press release dated February 10, 2026, comes after public statements by the Abossey Okai Spare Parts Traders Association warning that the shift to a new Value Added Tax system under Act 1151 would lead to higher prices, market distortion, and an unfair burden.

“The GRA takes the concerns of all taxpayers seriously and remains open to constructive engagement. However, the claims made in the Association’s statement reflect a fundamental misunderstanding of how the new VAT system operates,” the authority stated.

Bank of Ghana rolls out structured auction system for dollar interventions

February 11, 2026February 11, 2026 admin

The Bank of Ghana has introduced detailed new guidelines to govern its foreign exchange spot interventions, signalling a more structured and transparent approach to managing volatility in the cedi without targeting a fixed exchange rate.

In a public notice, the central bank said the framework would follow a “structured discretion-under-constraint approach”, stressing that interventions “do not target a specific exchange rate level but rather address market failures”.

The guidelines make clear that while the exchange rate will continue to be determined by market forces, the central bank will act to moderate sharp fluctuations. The Bank explained that the rule-based system would allow the exchange rate to be market-driven “while limiting excess short-term volatility – but not eliminating it”.

GN Savings and Loans’ licence revocation appeal hearing tomorrow

February 11, 2026February 11, 2026 admin

The hearing of Groupe Nduom’s (GN)) appeal against a High Court ruling upholding the revocation of GN Savings and Loans’ (GN Bank) licence is still pending and will be heard at the Court of Appeal tomorrow.

Daily Graphic research has revealed that the Bank of Ghana’s inability to restore the licence of a defunct bank as reported in the Friday, February 6, 2026 issue of the paper rather pertained to another erstwhile bank, and, therefore is completely unrelated to GN Savings and Loans.

GN Savings and Loans’s licence was revoked by the Bank of Ghana (BoG) seven months after it was reclassified as a universal bank trading under the name, GN Bank, to a savings and loans company.

Lower sales, higher profits: TotalEnergies Ghana posts GH¢330million profit

February 5, 2026February 5, 2026 admin

TotalEnergies Marketing Ghana PLC has delivered a robust financial performance for the year ended December 31, 2025, demonstrating that strategic efficiency can outweigh market volume.

The petroleum marketing giant reported a consolidated profit after tax of GH¢330.4 million, marking a 13.2 per cent increase from the GH¢291.9 million achieved in 2024.

This profit growth was achieved despite a 6.1 per cent contraction in total revenue, which fell from GH¢7.02 billion to GH¢6.60 billion.

Zambia, Ghana move toward visa-free travel to boost trade and investment

February 5, 2026February 5, 2026 admin

Zambia and Ghana are set to agree on a visa waiver arrangement as the two countries intensify efforts to strengthen business, trade, and broader economic cooperation, coinciding with the State Visit of Ghanaian President John Dramani Mahama to Lusaka.

The visa-free travel agreement is expected to remove longstanding movement barriers between the two countries and serve as a practical foundation for increased commercial engagement, investment flows, and private-sector partnerships.

The development comes as President Mahama arrived in Zambia yesterday, February 4, 2026, at the invitation of President Hakainde Hichilema, for a three-day State Visit focused on economic cooperation and regional integration.

Zenith Bank appoints Charles Boakye Nimako as new Board Chair

February 2, 2026February 2, 2026 admin

Zenith Bank (Ghana) Ltd has appointed Charles Boakye Nimako as its new Board Chair, effective January 1, 2026.

Mr. Nimako succeeds Mrs. Freda Yahan Duplan, who assumed the role in 2020.

Mrs. Duplan steps down from serving as Board Chair since 2020, after completing the maximum six-year tenure. Throughout her tenure, she demonstrated outstanding leadership, steering the Bank through a period marked by resilience and innovation. She will continue to contribute her extensive experience as an Independent Non-Executive Director on the Board of Zenith Bank Ghana.