GHANA 'AFRICA UNDISCOVERED' SERIES - APRIL / MAY 2021 EDITION
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‘AFRICA UNDISCOVERED’ SERIES
APRIL / MAY • 2021 EDITION
GHANA
In partnership with
SPECIAL REPORT PRODUCED BY PENRESA INTERNATIONAL LTD. • WWW.PENRESA.COM
The Independence Arch of Independence Square of
GHANA - The Black Star of Africa
Accra, Ghana. Inscribed with the words “Freedom and
Justice, AD 1957”, commemorates the independence
of Ghana, a first for Sub Saharan Africa.
We have a macroeconomy which is stable
and a solid personnel at the Central Bank,”
explains Emmanuel Alex Y. Asiedu, MD of
Stanlib Ghana Ltd. “We also have a forward
looking government that is making a noise
about putting the right measures in place.”
Ziobeieton Yeo, Managing Director of Fan
Milk Ltd agrees and goes on to say. “Most
of the economies in the world have been
affected by the pandemic and have gone
into recession. Ghana has seen a slowdown
in growth but has stayed positive. This
economy has demonstrated over and over
its immense capacity to bounce back.”
Re-elected for a second term in
December 2020, President Akufo-Addo is
driving national transformation with a focus
upon diversification, boosting ease of doing
The Black Star of Africa business and private sector investment.
In 2016, the government unveiled its
Pioneering
long-term National Development Plan, a
four-decade strategy devised to provide
a comprehensive framework to Ghana’s
medium-term economic plans, with
Africa’s Legacy
the ultimate aim of leading the nation
to becoming a high-income country by
2057, when it will celebrate its centennial
anniversary since independence. The
new development scheme looks to drive
industrialisation, diversification and an
Ghana’s trajectory to becoming the most rapidly export-oriented economy and is modelled
upon a scenario for the country to achieve
expanding economy in the world is rooted in its a per capita income of over US$60,000
by 2057, based on a nine percent annual
resilience, a dynamic and globally competitive growth.
manufacturing sector and the implementation of policies Indeed, the country’s GDP has been on
the rise since 2015, and this trend firmly
promoting self-sufficiency and global market demand. continued into 2019, with an estimated
7.1% growth according to IMF figures.
S
This has been a truly stunning result that
has consistently placed Ghana amongst
trategically located along the Gulf of Guinea Africa’s ten fastest-growing economies.
and bordering Togo, Cote d’Ivoire and “Ghana is not only the best place for doing
Burkina Faso, Ghana is home to a population business in West Africa but it is also the
of over 30 million people and gifted with fastest growing economy in the world
vast and diverse land, as well as the world’s according to the World Bank’s Ease of Doing
largest artificial lake, Lake Volta. Ranking Business Report 2019,” explains Hon.
amongst Africa’s top three countries for John-Peter Amewu, Minister of Energy and
freedom of speech, it is also a prosperous Petroleum. “The country has developed into
nation with an extremely positive an established business destination for
economic outlook and stable democratic investors seeking a conducive business
system which is powering its trajectory environment, committed and progressive
towards becoming West Africa’s regional government-private sector participation,
Kwame Nkrumah Statue powerhouse. “We have a good investment political stability, transparent regulations
Accra, Ghana climate with respect to our neighbours. and a dynamic private sector
APRIL / MAY 2021 • FORBES AFRICA | 3
Opening
provides an interesting prospective for the
nation, Ghana can become a hub for the
“If we inherited dreams
GHANA - The Black Star of Africa
region.” In August 2020, President Akufo-
and visions from our Addo also officially opened the headquarters
and first permanent secretariat of the
founding fathers, African Continental Free Trade Area (AfCFTA)
we should leave legacies in Accra. The world’s largest free trade area
will further emphasise Ghana’s position
of achievements and as regional powerhouse and drive its self-
realities to our children reliance agenda through intra-African trade.
Most of Ghana’s prodigious results have
and their children.” been due to its unparalleled endowment
of mineral and natural resources and
President Akufo-Addo consequently, its growth model has become
increasingly dependent upon its natural
resources. Ghana’s oil production is expected
to double over the next four years, peaking
at a rate of over 400,000 barrels per day
and the country’s mining industry in a wide
range of minerals such as gold, diamonds,
manganese and bauxite, accounts for 5%
of the GDP. Prior to independence, Ghana
was named the Gold Coast due to its ample
ready for partnerships. The government is deposits in gold, today it remains rich in
www.penresa.com committed to implementing policies that abundant gold, bauxite and other minerals,
info@penresa.com reduce the general cost of doing business to surpassing South Africa as the world’s
promote investor confidence in the country.” largest gold producer. However, rather than
This report is sponsored and produced by PENRESA President Akufo-Addo’s administration rest on its laurels, Ghana is working to make
and did not involve the reporting and editing staff of understands the importance of the the most of its invaluable subterranean
any third party.
implementation of infrastructure in order to riches, using them to boost industrialisation
We would like to extend our sincere gratitude and facilitate productivity and lower production and economic diversification in order to
appreciation to H.E President Nana Akufo-Addo, Hon. costs. In his June 2020 Acclamation become less dependent on the fluctuations
Samuel Abu Jinapor and Eugene Arhin for their support Ceremony speech, the President said: “We of the oil market. In 2019, the Ghana
and assistance in the realisation of this report.
have been busy in the delivery of physical Chamber of Mines reported that mining and
Many thanks are also due to Pilot Awotse for unfailingly infrastructure as well and I am happy quarrying were products that attributed
navigating us safely and skillfully around Accra. to report that, after just three and a half to the increased GDP for the country and
years in office, I can say, without any fear that the shipment of manganese and
THIS REPORT WAS POSSIBLE THANKS TO: of contradiction, that every constituency in bauxite had increased due to operational
this country has seen the provision of some improvement. In 2019, the World Bank
basic infrastructure to their communities.” reported that gold constituted as Ghana’s
Having dubbed 2020 the ‘Year of the Roads,’ top three main export commodities. “It is
half of the 2020 infrastructure funding a country with huge growth potential and
was implemented to improving roads and opportunities,” affirms Solomon Asamoah,
highways as well as railways and aviation. CEO of the Ghana Infrastructure Investment
Large-scale port expansion has also seen Fund (GIIF). “Everybody recognises it,
Ghana well placed as a centre for West whether they are looking in the mining
African logistics. In 2020, Port Tema’s sector, the mineral sector or resources. We
US$1.18 billion expansion, Terminal Three, are also strategically located and the people
was completed, upping its efficiency levels, are very well-educated. It is an ideal time to
accessibility, shipping lines and increasing invest in a country like Ghana: it is peaceful,
vessel turnaround, port capacity and berth secure and probably the most mature
availability; establishing the port as the democracy in Africa.”
highest throughput per vessel call in West Through the implementation of a more so-
Africa. “It is always a good opportunity to phisticated and intricate economy powered
invest in Ghana because the government by policies promoting national transforma-
has a very clear strategy to develop the tion and revitalisation, Ghana continues to
country, not only through natural resources prove itself to be a beacon of success and
but through added valued,” declares Paulo stability in sub-Saharan Africa. As President
Fernandes, Country Delegate of CFAO Group Akufo-Addo says: “I am of the firm conviction
in Ghana. “For manufacturers, it is very easy that this nation, the Black Star of Africa, is on
to establish a company in Ghana and that the brink of a decisive step into a brighter
is thanks to infrastructure, such as roads, future, which will deliver progress and pros-
airports and the new sea port. I think this perity to all the peoples of our country.”
4 | FORBES AFRICA • APRIL / MAY 2021
Ministers’ Roundtable
GHANA - The Black Star of Africa
Ministering Ghana With Transformation,
Development, Innovation And Growth
Penresa sat down with Hon. Kwaku Ofori Asiamah, Minister of Transport,
Hon. Ursula Owusu-Ekuful, Minister of Communications and
Hon. Dr Owusu Afriyie Akoto, Minister of Food and Agriculture to discuss
how they see their ministries shaping and securing Ghana’s future.
Can you outline some of your Ministry’s initiatives? Project, which is currently being rolled out, followed
Hon. Asiamah: The foundation of development is in the by the mobile money interoperability framework. To
transport sector. Any improvement in transport always sustain our digital economy, we need a critical mass
has a positive effect on business. Consequently, there of skilled young people to be able to manage that
has been a lot of investment in the sector to make sure infrastructure. Africa has the youngest population in the
that support is being provided for the development of world; by 2050, it will have the youngest ever, over 400
the country. The port of Tema’s capacity was inadequate million young Africans will be there, by giving them ICT
to attract the kind of investment that we need and so we skills, we are equipping them to succeed in the fourth
had to intervene on infrastructure in order to improve industrial revolution. Within the next ten years, Africa
efficiency and reduce the cost of doing business in will be exporting personnel to the rest of the world to
our business operations in our ports. A new container manage their digital infrastructure; if we equip our Hon. Kwaku
terminal with four beds at the port of Tema was built young people with these skills today they will be ready Ofori Asiamah,
to respond to the increasing volumes of goods and Minister of Transport
for the job market tomorrow. That is why we are keen on
overcome its limitations. Moreover, another multiple our Girls-In-ICT project.
terminal at Takoradi port was constructed to face the
double handling of cargos and to increase port capacity Hon. Dr Afriyie Akoto: My target is to drive annual
and to support the oil and gas industry. There have growth of agriculture to double digits. Within that target,
also been other major investments to support other we have the Planting for Food and Jobs programme
industries (fisheries for example) and we have built ten which has five modules. The first module is about food
landing sites along the coast, providing the necessary security in food production. We are succeeding in that;
impetus for the economic development of the sector. we have a surplus of food, which we are exporting in
We have empowered the Commission to enforce road large quantities to our neighbouring countries, as far
safety standards and regulations and road traffic as Niger, Northern Nigeria, Burkina Faso, Togo and Cote
regulation is now clear. Safety issues cannot be over d’Ivoire. We are hoping that all these factors and the fact Hon. Ursula
emphasized; motorcycles or tricycles carrying a fare that we are working with small holders can increase Owusu-Ekuful,
paying passenger are now banned. Maritime transport productivity. If you look at the statistics, for rice, maize, Minister
is also at the heart of many economies. One of the key soya and others, there has been a significant increase of Communications
interventions by GMA was the introduction of the Vessel in productivity.
Traffic Management Information System, called VTMIS.
This is a 24 hour comprehensive electronic monitoring How do you think the AfCFTA and Ghana’s exporta-
of Ghana’s coastline and EEZ to ensure the protection tion potential will assist in Ghana’s continuing emer-
of our marine resources, offshore installations, gas gence as Africa’s Star?
pipelines and other terminals and goes as far as Angola. Hon. Asiamah: In the past few years, we have been
perceiving an aggressive programme to modernise our
Hon. Owusu-Ekuful: We have been focused on seaports and position them as leading container hubs in
mainstreaming technology in the work of all sectors, the West African sub-region. There is also engagement
crosscutting all ministries since every sector of strategic investors to develop the transport sector
needs some amount of digitisation to enhance its and facilitate trade with our neighbouring landlocked
operations. One of the earliest things we worked on is countries like Burkina Faso, Mali and Niger. We are also Hon. Dr Owusu
a digital property addressing system and we wanted developing the Volta Lake into a major transportation Afriyie Akoto,
to formalise our economy, reducing credit risk. The way as part of a modern transport scheme. The Minister of Food
next step to our formalising quest is the National ID government is also developing a commercial and Agriculture
APRIL / MAY 2021 • FORBES AFRICA | 5
Ministers’ Roundtable
“The port has a huge potential, it will boost “Within the next ten years, Africa will
GHANA - The Black Star of Africa
economic growth and create employment be exporting personnel to the rest of the world
opportunities.” to manage their digital infrastructure.”
Hon. Kwaku Ofori Asiamah, Hon. Ursula Owusu-Ekuful,
Minister of Transport Minister of Communications
port in Keta in the fertile region. The port has a huge potential, it will continent. We are working through the Smart Africa Secretariat to make
boost economic growth and create employment opportunities. Now that happen across the various regions. We also need to talk about
we are involving and engaging other people. With the implementation of regional infrastructure projects. Rail is also very important in order to
AfCFTA, Ghana is expected to attract a lot of traders and FDI. move goods easily between Ghana and Burkina Faso and Cote d’Ivoire
and Togo. We additionally have a lot of airlines that are doing cargo
Hon. Owusu-Ekuful: AfCFTA will succeed through technology and and passenger services. The cost is still high but, with the increase in
e-commerce. It will provide a platform for SMEs on the continent to volume of trade in the region, the cost will go down and we can benefit
trade. It will help lift all communities out of poverty. Now, in this country more. Once we put that network in place, I can order anything I want
you have a proper address system, a financial service sector linked from Zambia or Tanzania and get it within a week; this will boost our
electronically. What’s next is the implementation of the infrastructure local economies. It is imperative that we make it work. That is the key
to deliver the goods, the logistics from point X to point Y. You can put that will unlock the growth of the continent, and we will move beyond
an electronic platform to whatever you want and that can create exporting raw materials to produce finished products.
incentives for people to go into fast-growing commodity areas and will
create more opportunities for people. We need to work on connecting Hon. Dr Afriyie Akoto: The AfCFTA could not have come at a better time
broadband infrastructure across the continent. My policy is to build on for us. When we were discussing it, we were targeting surpluses for
our borders and then we can harmonise our electronic payment system agriculture. We need to trade. We have to export. I am confident that
on the continent. We need to work on telephone traffic exchange for the all that rice, chicken and all areas where we have huge imports now
6 | FORBES AFRICA • APRIL / MAY 2021
Ministers’ Roundtable
“My target is to drive annual growth
GHANA - The Black Star of Africa
place the necessary policies, as well as the incentives to attract the
of agriculture to double digits.” private sector. By bringing the private sector onboard, not only will
we be leveraging the private capital market, we will also act on job
Hon. Dr Owusu Afriyie Akoto, creation and the value chain. It is the right time to invest in Ghana
Minister of Food and Agriculture and the transport sector will be there to take advantage of the
potential boom in trade activities.
Hon. Owusu-Ekuful: Ghana is at the forefront of everything that is
happening on the continent. We know what we are capable of and
we know our opportunities. We are the gateway to the continent and
will be turned around into surpluses, so that we can trade with our when it comes to investment, we have a digital system working, a fair
African neighbours without EU and USA restrictions. Africa is a huge literate population, a lot of basic infrastructure, a fairly robust transport
market, and at the moment, there is a shortage of food in Zimbabwe system and reliable utility system. Our economy is doing great by every
while we have a surplus here. So, why does Zimbabwe go to the world standard and is one of the fastest growing in the world, not by accident,
market when we are here with a surplus? We could easily transfer that but due to the policies we have put in place. All the ingredients are here
to them. The AfCFTA is going to provide an assurance for us that this and are converging at this particular point in time. We call ourselves the
programme creates a market on the continent. So, it is very timely, Black Star of Africa for a reason; we are showing the way for others to
and we are very happy about it, especially since the headquarters are follow. Smart investors should come and invest in Ghana and use us as
going to be here in Accra. headquarters to reach the rest of the continent.
Why is NOW the best time to invest in Ghana? Hon. Dr Afriyie Akoto: This country’s economy has never been managed
Hon. Asiamah: The President has said that we have led the so well as we are doing so now. We have political stability, democracy
foundation for the support of road national development with the and peaceful shifts. The opportunities that we are creating, not only
private sector being the main engine. We have created an enabling in agriculture but also in industry, transport and other sectors, are
environment and we have a very stable political environment. So, enormous. That is reflected in the current growth of FDI in Ghana. People
public and private partnerships are the most logic and viable option are interested and want to be part of a success story. In December,
for Ghana. We have created an enabling environment by putting in there was a huge boom of tourism, diaspora is coming back.
APRIL / MAY 2021 • FORBES AFRICA | 7
Michael Ansah
CEO of Ghana Integrated Aluminium Development Corporation (GIADEC)
GHANA - The Black Star of Africa
Boosting Ghana’s
Industrial Transformation
GIADEC was established through an Act of Parliament in 2018 to emphasise a
focus on the development and promotion of the integrated aluminium industry
and with a view to drive industrial transformation in Ghana and the continent.
Appointed CEO of GIADEC by President Akufo-Addo the Accelerated Plan, we want to expand bauxite
in 2018, Michael Ansah is an accomplished and operations at the Awaso Mine from one million
experienced global business executive whose metric tonnes to five million metric tonnes and
leadership is driving Ghana’s Integrated Aluminium build a refinery. An MoU has been signed with Bosai
Industry’s ambition. Minerals Group for this scope. Our precise focus is
on integration, President Akufo-Addo’s vision is very
Can you tell us a bit about GIADEC’s background? clear; we are not interested in exporting bauxite
GIADEC is a new corporation that the government in its raw form, but want to refine it in-country.
has set up; we commenced operations as a fully- Taking ownership of the development process
fledged corporation in March 2019. We have sets Ghana apart from other African countries and
been operating with a clear mandate to develop other developing countries. GIADEC works in order
and promote the integrated aluminium industry to be an active participant in this industry and to
in Ghana. Development means owning the full take equity stakes in all the businesses we set
“What we process from beginning to end, everything from up. We are retrofitting the VALCO plant, revamping
are doing in the inception of the business idea to selecting it through the incorporation of modern technology
partnerships and doing what is enduring in terms which will allow the smelter’s capacity to increase
Ghana is a well of the long-term value chain development of the from 200,000 tonnes to 300,000 tonnes. The MoU
thought-out plan aluminium industry. Promotion is about making with Bosai Minerals Group will allow us to expand
sure that we continue to develop, promoting in three phases over the next four to five years
for industrial not just the market’s capacity but assisting the to produce the five million tonnes of bauxite that
transformation.” comprehension of the industry by Ghanaians, would feed an alumina refinery, the first in Ghana.
stakeholders, communities and other interest The New Developments currently underway
groups. include two new mines being developed in
We have clear aspirations as GIADEC to be a Nyinahin, as well as a new mine at Kyebi. An
leader in Africa and have an impact globally. We additional refinery will also be developed. We have
FACTS AND FIGURES
have gone through an investment engagement already gone through the investor engagement
process to attract investments globally. Today, process. In each of these cases, GIADEC will own a
900 million tonnes GIADEC owns 100% of VALCO, we also have a 20% minimum 30% stake.
estimated bauxite reserves in Ghana. stake in Ghana Bauxite Company and we are
US$10 billion looking to build businesses along the full value What is GIADEC’s impact upon the establishment
estimated annual boost to Ghana’s chain with bauxite mining, refining and smelting of Ghana’s integrated aluminium industry?
economy through the development of to make the most of the 900 million metric What we are doing in Ghana is a well-thought-
an Integrated Aluminium Industry.
tonnes of bauxite across Ghana. out plan for industrial transformation. We see it as
700% a way to grow and have a number of growth poles
expected increase What is the integrated aluminium industry’s which underpin it. We are creating the ecosystem
in Ghana’s aluminium output.
Master Plan? that will make it possible for industries to set up in
4-6 million tonnes The integrated aluminium industry is not Ghana and benefit from the fact that we are not just
expected output of alumina something that is new to the people of Ghana. As mining bauxite but we are refining and producing
from two new refineries a nation, we have always, since independence, aluminium and encouraging the development of
3rd Floor, Africa Trade House had an aspiration to have an integrated aluminium downstream industries. So, the aim is to link all of
Liberia Road - West Ridge industry. It is the reason why we came to build the that in terms of tax incentives and other policies.
Accra, Ghana Akosombo dam and, of course, the VALCO plant. Building a corporation owned by Ghanaians and
Tel.: +233 30 294 3482
+233 30 294 3448 The master plan is split into two phases: an which functions for the benefit of Ghanaians will
contact@giadec.com Accelerated Plan and New Developments. For drive real change across Africa.
8 | FORBES AFRICA • APRIL / MAY 2021
Ghana Investment Promotion Centre (GIPC)
Enhancing And Engaging An Enabling Environment To Secure Investments In Ghana
GHANA - The Black Star of Africa
Paving The Way For Opportunity
And Economic Growth
Ghana Investment Promotion Centre is making sure it stays relevant through
the set up of attractive incentive frameworks and provision of a transparent,
stable and responsive environment for investments in the country.
Providing a conducive business environment has conferences with investors and facilitators who are
been key to guaranteeing Ghana’s position as one interested in Ghana’s opportunities. We are actually
of the best places for doing business in West Africa automating most of our processes so that a future
while consolidating it as the fastest growing econ- investor does not necessarily have to come here to
omy in the world in 2019. The Ghana Investment do the administrative part of his registration, we are
Promotion Centre (GIPC), a government agency re- engaged in a very dynamic project.”
sponsible under the GIPC Act, 2013 (Act 865), has With the African Continental Free Trade Agreement
played a crucial role in enhancing Ghana’s economic providing Ghana with a new platform to expand and
development through the encouragement and pro- develop its economy while attracting investments
motion of investments in the country. Through the from the region, GIPC’s role seems to be evermore
implementation of investment promotion policies pertinent and relevant. “We are a transitioning
and plans, promotional incentives and marketing economy from one where we are exporting our
strategies, GIPC has been attracting both local and own materials and resources into one where
foreign investments in advanced technology indus- we add value and therefore are industrialising,” “It is very
tries and skill-intensive services, boosting its export affirms Grant who has recently been appointed as
market prospects. It has also organised innumer- the sole independent candidate for Africa on the important
able promotional activities and collects, collates, board of the Organisation for Economic Cooperation to attract
investigates and disseminates information about and Development. “It is very important to attract
investment opportunities and sources of collective investment into the manufacturing sector in Ghana
investment into
capital. “GIPC is the agency set up to attract foreign because the benefit will be to the continent itself. the manufacturing
direct investments into Ghana,” explains Yofi Grant, GIPC will play a key role in Ghana for facilitating sector in Ghana
CEO of GIPC. “We have also expanded to other mar- intraregional investments and trade and ensuring
kets giving Ghana the opportunity to facilitate and that we do get the necessary investments to because the
act as an in-between for government and private actually put an export driven industry into the benefit will be
sector mobilisation with indigenous investors as continent. My intention is that we should be able
well. We are currently an office under the President.” to attract some European manufacturers to let to the continent
In December 2020, GIPC and the German them establish in Ghana.” With Ghana’s revised itself.”
Federal Ministry for Economic Cooperation and investment law coming into effect in the nearest
Development (BMZ) signed an MoU financing future, FDI is set to increase tremendously. “The
Yofi Grant,
agreement to mobilise investments and promote revised law will eliminate bureaucratic barriers, CEO of GIPC
job-creation by enterprises. The 762,300 euro which will ultimately improve the ease of doing
Invest for Jobs projects will address the investment business and the economy,” continues Grant.
promotion challenges incurred by the coronavirus Indeed, it comes as no surprise that, for the
pandemic to help safeguard and create new fifth consecutive year, GIPC was designated the
jobs in Ghana. The Special Initiative on Training prestigious Best Investment Promotion Agency
and Job Creation is implemented by the German in West and Central Africa award in 2020 having
Development Cooperation (GIZ). GIPC has also earned the top position as Winner from West and
upgraded and upscaled technology platforms to Central Africa for the Project-PE Power Limited, a
secure Customer Relationship Management (CRM) US$551 million energy project and operations and
to centralise information and target investors. “In maintenance company for the Amandi Energy
the past few months of COVID-19 we have had to Limited power plant. GIPC continues to stay Vivo Energy Building
create strong technological platforms and I can relevant and necessary for Ghana’s growth and Rangoon Lane, Cantonments City,
Accra, Ghana
say that we have been busier now more than development as well as for consolidation for its T. +233 302 665 125-9
ever because we are constantly in meetings and foreign direct investment gains. info@gipc.gov.gh
APRIL / MAY 2021 • FORBES AFRICA | 9
Bank of Ghana
The Keys To Sustainable Economic Development
GHANA - The Black Star of Africa
Fostering Resilient And
Inclusive Economic Growth
Thanks to strong economic fundamentals, a stable financial sector
and a developed digital system architecture, the Bank of Ghana
is facilitating immense economic growth in a post-COVID Ghana.
Through the implementation of bold policies, Though every sector has been impacted by the
initiatives and systems that work in conjunction COVID-19 pandemic, the banking sector remained
to develop the country’s banking sector, the Bank largely sound and robust, indicating stability
of Ghana plays a vital role in Ghana’s economic characterised by improved capital buffers, asset
growth. Fully committed to the wellbeing of the quality, profitability and liquidity positions.
nation, the Bank ensures macro stability and an Addison says, “These positive developments
enabling environment for businesses to thrive. reflect gains from the comprehensive banking
Dr Ernest Kwamina Yedu Addison, Governor of sector reforms implemented prior to the pandemic
the Bank of Ghana, says, “Our vision is to build a and the prompt policy responses afterwards. This
central bank of excellence that is well-respected resilience reflects the prompt monetary policy
by stakeholders and has further strengthened responses designed to support liquidity and
our resolve to continue to implement sound capital positions in the industry, which included
monetary and financial sector policies. The Bank policy rate reduction, deadline extensions and
“By promoting remains committed to ensuring that the banking, collaboration with the financial sector and industry
SDI and NBFI sectors remain resilient, inclusive players, among many other measures.”
monetary and and supportive of Ghana’s economic growth Recently, the Bank of Ghana is addressing
financial stability, trajectory.” socially responsible and environmentally
we are supporting Digital technologies have proved to be vital sustainable practices, having published its
to the expansion of the banking sector, making Sustainable Banking Principles as a guideline for
all economic financial services available, promoting financial other banking institutions to follow. Addison says,
players.” inclusion and empowering small businesses. “The Bank’s attention in respect to environmental
Addison states, “Having identified digital sustainability has recently shifted towards
Dr Ernest technology as a critical enabler for promoting climate change and its effect on the financial
Kwamina Yedu financial inclusion and efficient payment system. Some countries are already experiencing
systems, the National Payment Systems significant economic losses and damages to
Addison, Strategic Plan was initiated in 2019 with the aim livelihood as a result of climate change, so the
Governor of the to create an enabling environment to develop need for policy and regulatory guidance to mitigate
Bank of Ghana the Ghanaian payment and financial systems. or build resilience to the impact of climate change
Through eight strategic pillars, the Strategy has become critical. Hence, Ghana’s Sustainable
seeks to foster confidence and encourages the Banking Principles is part of the solution from the
usage of digital financial services. perspective of the central bank to reduce climate
Digital strategies are also important for SMEs change and other social issues that affect the
in the nation, which represent critical enablers for economy.” The Bank’s vision is to ensure full and
economic growth. Addison says, “By promoting consistent implementation of the sustainable
monetary and financial stability, we are banking principles by banks despite pressure
supporting all economic players, including SMEs, arising from COVID-19 and its associated issues.
to contribute their fair share to socio-economic Ghana is amongst the fastest growing
development and nation-building.” In addition to economies in the world and is expected to be
macro and financial stability achieved over the the best performer in sub-Saharan Africa this
last three years, the Bank of Ghana has promoted year according to the Bank’s revised forecasts.
technologies to support digital financial services As such, Ghana is ready for investment,
One Thorpe Road that make retail payments more convenient and supported by a financial sector that is
P.O. Box GP 2674 Accra, Ghana
bogsecretary@bog.gov.gh inclusive even for the informal sector which is dedicated to Ghana’s economic progress and
Phone: +233 30-2666174 – 6 dominated by SMEs. sustainable development.
10 | FORBES AFRICA • APRIL / MAY 2021Republic Bank (Ghana) Ltd.
Responsible Banking Dedicated To Vertical Integration
GHANA - The Black Star of Africa
Responsible Banking Dedicated
to Developing Diversified and
Sustainable Banking and Communities
Delivering sustainable growth and added value brand and strength of the RFHL Group ensured the
to banking, Republic Bank satisfies the demands
Bank was well-placed to face the challenges resulting
from the ‘cleaning up’ of the financial sector which
of its wide-ranging client base through innovative commenced in 2018 with the banking sector.”
The Bank is diversifying services and delivery
projects while contributing to communities. channels through the advancement of digitalisation.
“We have been improving our technological and
physical infrastructure,” affirms Antar. “We will
Republic Bank (Ghana) PLC is a leading universal be upgrading our core system to support this big
banking institution and undoubtedly the most push into the digital space. This has become even
diversified financial institution in Ghana. A subsidiary more urgent in the current COVID-19 environment
of Republic Financial Holdings Limited (RFHL) of which requires a low-touch but efficient delivery
Trinidad & Tobago, the Bank offers one-stop services infrastructure. We currently work with cocoa farmers
which include: retail and commercial, corporate, for short-term loans and payment facilitation. We
private, mortgage and investment banking as well plan to enhance our partnerships with other entities
as microfinance. “We started in Ghana over three and provide services to more elements of the supply
decades ago as the first mortgage provider in the or processing chain. For financial inclusion, we work
market,” says Farid Antar, Managing Director of the closely with major telecoms, MTN and Vodafone, as
Republic Bank. “We were initially a very vertically well as through Boafo and the fintechs.”
integrated group, but we have since moved away from The Bank’s commitment to adding value to its
the construction and project management aspect. We, stakeholders goes a step further with its involvement
“Our goal is to however, support such activities through project and in a number of community initiatives. “As part of our
constructing financing and also via our Real Estate CSR, we have a programme called The Power To Make
grow responsibly Investment Trust (REIT) managed by our subsidiary, A Difference,” explains Antar. “It is an initiative very
and sustainably, Republic Investments (Ghana) Limited (RIGL).” close to our heart. We truly believe that we can only
RIGL is the Bank’s investment arm which manages grow based on the growth and development of the
whether by several Collective Investment Schemes and under- communities in which we operate.”
acquisition or takes asset, pension fund management and adviso- In October 2020, RFHL, on behalf of all members of
organically.” ry services. “Through a subsidiary of RIGL, Republic
Security Limited, we offer brokerage services and
the Group, signed on to the Principles of Responsible
Banking with the UN Programme. The Bank looks to
Farid Antar, bond placements, amongst other services. “We also enhance business opportunities and raise interna-
have Republic Boafo, which is a servicing company for tional financing for SME lending, entrepreneurship for
Managing Director the microfinance business of the Bank,” adds Antar. “It women and sustainability. In a bid to protect the envi-
of Republic Bank is really a special niche and structure that adds sup- ronment and in endorsement of the UNs Sustainable
(Ghana) PLC. port to our market. The customers belong to the Bank, Development Goals (SDGs), the Bank advocated the
but are serviced by the Boafo part of the team.” issuance of a Green Bond in Ghana to raise long-term
The Bank’s success has been very commendable. financing for green building construction by develop-
In February 2020, Republic Bank announced higher ers and Green Mortgage financing allowing individ-
than expected results in 2019, with profit after tax uals to access affordable mortgage facilities for en-
increasing to 180.6%. “It was our best year in terms vironmentally friendly properties subsidised by the
Ebankese No. 35 Sixth Avenue,
of profitability,” states Antar. “We also ended with government or public-private partnerships. “Our goal
North Ridge, Accra assets exceeding GH¢3.3 billion for the first time is to grow responsibly and sustainably, whether by
P. O. Box CT 4603 and our deposits exceeding GH¢2.5 billion. Due to acquisition or organically,” concludes Antar. “Ideally,
Cantonments, Accra Ghana. the timing of our rebranding in 2018 to Republic Bank we would like to expand out of Ghana in the future.
Tel.: +233 302 242090-4
www.republicghana.com and our early increase in capital to meet the revised We will be building our capacity, but over time, we
email@republicghana.com requirements of the Bank of Ghana, the trust in the look forward to new opportunities.”
12 | FORBES AFRICA • APRIL / MAY 2021Fidelity Bank Ghana Limited
A Bank For Ghana, By Ghanaians
GHANA - The Black Star of Africa
An Indigenous Bank
Founded Upon Innovation
Through technology, financial inclusion, sustainability and a philosophy based
on service excellence and empathy, Fidelity Bank Ghana Limited is supporting
its indigenous roots to nurture a new era of economic prosperity.
Fidelity Bank Ghana Limited’s journey began in promising business ideas to help them scale and
1998 when a group of Ghanaian partners, led by grow their businesses.” Ghana has much potential in
preeminent Ghanaian businessman, Edward Effah, the SME market and young, energetic and tech-savvy
established the Fidelity Discount House aimed at entrepreneurs are key to its economic growth.
providing premier financial services to the Ghanaian Technology also advances financial inclusion in
marketplace. The success the founders achieved Africa, which Fidelity has wholeheartedly embraced.
coupled with the opportunities of a growing Opuni says, “We were one of the first to promote
economy spurred them on to set another goal – to financial inclusion because we take a real interest
establish a fully-fledged Ghanaian universal bank. in issues that impact all Ghanaians and particularly
Julian Opuni, Managing Director of Fidelity Bank those in the lower socio-economic classes.” On
Ghana Limited, explains, “The founders saw a gap the digital front, Fidelity has expanded its banking
for a privately-owned indigenous bank that brought network nationwide with a market-leading mobile
something different to the market. At the time, it app. Their goal is to educate and bring awareness to
“If we contribute seemed to be a crazy vision to want to become a top the benefits of banking and also to create a strong,
ten bank in Ghana within 10 years but we achieved autonomous and financially literate population that
to creating this goal in six years.” will grow the economy in a sustainable way.
an enabling This successful beginning is a testament to the In addition to financial inclusion initiatives, the
values that drive Fidelity Bank. Fidelity’s business bank also holds corporate social responsibility
environment to structure changed the banking landscape in Ghana, close to its heart. Through sustainable initiatives in
grow businesses, making financial inclusion a reality and empowering youth entrepreneurship, health services, sanitation,
we ultimately its people, especially through SMEs. In 2013, Fidelity hygiene, water and agriculture, Fidelity finances
became the first bank in Ghana to undertake and builds communities. With the recent publication
help to grow the agency banking. This model, together with the by the Central Bank of Ghana of the Sustainable
wealth of the introduction of a specialized account with reduced Banking Principles and Sector Guidance Notes,
Know Your Customer (KYC) account requirements, a report outlining environmentally and socially
country.” immediately eliminated many of the accessibility responsible practices for financial institutions in
Julian Opuni, barriers for the unbanked population and allowed Ghana to follow, Fidelity found themselves perfectly
Fidelity to extend its reach cost-effectively via in tune with these goals. “We were already far ahead
Managing authorised agents across the country. as a result of our own corporate social responsibility
Director of In Ghana, SMEs represent over 85% of all registered unit within the bank and our structured sustainable
businesses and they are a source of wealth creation, banking internal processes,” explains Opuni.
Fidelity Bank employment, innovation and empowerment. With Moving forward, the need for private investment
Ghana Limited technology and digitalisation at the helm, Fidelity to support Ghana’s development is vital to its
is energising the sector by addressing access to success. “I always call Ghana ‘West Africa for
finance, access to markets, capacity building and Beginners’ because there is political stability,
regulatory assistance. Opuni says, “We set up a good infrastructure, human capital and a friendly
Fidelity SME Academy and provided webinars and community,” notes Opuni. Indeed, Ghana has the
support programmes during the pandemic to help foundation for investment and economic growth,
SMEs through this challenging time. We are working and Fidelity is committed to continuing to contribute
on non-financial tools to support capacity building to the success of the country. Opuni adds, “Our
leveraging our internal expertise as well as partnering success is a direct reflection of a successful
Ridge Tower, Accra, Ghana with other existing institutions to strengthen SMEs. economy, and therefore, if we contribute to creating
Phone: +233 (0) 30-2214490
+233 (0) 30-2678868 We also established the Youth Enterprise Fund an enabling environment to grow businesses, we
www.fidelitybank.com.gh to financially support young entrepreneurs with ultimately help to grow the wealth of Ghana.”
14 | FORBES AFRICA • APRIL / MAY 2021Standard Chartered Bank Ghana PLC
125 Years Of Trailblazing Banking Strategies And Global Financial Expertise
GHANA - The Black Star of Africa
Implementing A Legacy Of Sustainable
And Innovative Bankability
Ghana’s premier bank, Standard Chartered Bank Ghana PLC, is celebrating
125 years in the provision of financial expertise, sustainable and diversified banking,
a pioneering focus on innovation and digitalisation and commitment to the UN SDGs.
Standard Chartered Bank Ghana PLC is Ghana’s onboarding of new clients in 15 minutes and up to
oldest commercial bank whose innovative 70 in-branch service requests, making banking
banking strategy has secured a leading role more convenient. The integration of additional
within the industry. Listed on the Ghana Stock solutions including wealth management products
Exchange in 1991, the bank today has two as fixed income, bonds and treasury bills, mobile
client segments: corporate, commercial and money and additional billers has provided clients
institutional banking and consumer, private and with a high-calibre banking experience. “The SC
business banking, which in turn are supported by mobile app has become more than a glimpse
transaction banking, financial markets, corporate into the future,” states Nettey. “We are evolving
finance and wealth management product teams. to make it a lifestyle app, integrating with several
“Standard Chartered is involved in several sectors partners to enhance our offering. As a bank, we
of the economy and we contribute to Ghana’s are very focused on delivering technology-led
economy as a GDP enabler,” states Mansa financial access and inclusion; evidenced by
“Our focus is to Nettey, CEO of Standard Chartered Bank Ghana our set up of an innovation board to listen to our
PLC and recently elected President of the Ghana clients’ needs.”
ensure that we Association of Bankers. A champion of the UN’s Sustainable Development
establish a vision The bank is part of a leading international Goals (SDGs) and the empowerment of businesses
banking group with a presence in 60 of the founded or led by women, in November 2020,
that supports world’s most dynamic markets, with a network the Bank launched its Women in Tech Incubator
our clients, that serves clients in close to 150 markets, (WIT) programme in collaboration with the Ashesi
colleagues and Standard Chartered’s range of diverse products University’s Ghana Climate Innovation Centre
and services indubitably place it at the forefront (GCIC). “The bank’s brand promise Here for good
the community of Ghana’s financial market development. Their signifies how strongly we feel about giving back
to remain presence in multiple markets means that they are to the communities we work in and want to
able to deliver cross border services and unlock build a better tomorrow for the next generation,”
Here for good.” deep capital pools for sustainable development. elaborates Nettey. “Through the Standard Chartered
Mansa Nettey, “The bank leverages its expertise and deep- Foundation and the Future Makers initiative,
rooted network across Asia, Africa and the Middle the Bank promotes economic inclusion in our
CEO of Standard East to offer financing and investment products communities, providing low-income households,
Chartered Bank to our clients,” confirms Nettey. “Whether it is young adults, girls and the visually impaired with
capital market, wealth management or financing opportunities to have a good education.”
Ghana PLC solutions, we bring them to this market. We Testimony to the Bank’s leadership role in the
leverage our network to ensure we provide unique market can be observed by the numerous local
products and a whole range of financial solutions and international awards to which it has been
that meet our clients’ needs.” The bank has the recipient, including being named the World’s Best
widest range of Bancassurance and foreign mutual Consumer Digital Bank in 2020 by the Global
fund solutions available in the market. Finance Magazine for the eighth consecutive year
Standard Chartered is also paving the way in and Best Wealth Management Bank in Ghana at
the banking sector’s digital revolution, developing the Global Business Outlook Awards 2020. “If you
standardised and cutting-edge mobile and online look at our brand, it is propelled by our purpose
Standard Chartered Bank Ghana PLC platforms and channels such as Straight2Bank to drive commerce and prosperity through our
SCB Head Office for corporate, small and mid-sized enterprises. In unique diversity,” affirms Nettey. “Our focus is to
# 87 Independence Avenue,
Accra, Ghana 2019, the bank launched its award-winning mobile ensure that we establish a vision that supports our
www.sc.com/gh banking app, the SC Mobile. The app includes full clients, colleagues and the community.”
16 | FORBES AFRICA • APRIL / MAY 2021Zeepay Ghana Ltd
Africa’s Fastest Growing Challenger Fintech Is Driving Mobile Financial Services Into The Digital Age
GHANA - The Black Star of Africa
Providing Digital Distribution
To Remittance And Payments Companies
Across Africa’s 250 Million+ Mobile Wallet
Ghanaian fintech Zeepay expands to over 10 African markets
offering digital payments for its global clients in 2020.
Based in Ghana but with operations in 20 markets services to send and receive money directly into
and an active 30 day business across eight markets, their mobile wallets. According to Takyi-Appiah, the
Zeepay has rightfully earned its place among Africa’s driving force behind Zeepay’s global vision is a deep
leading fintech companies and is now looking to commitment to guaranteeing market access to
reach over 150 million mobile money wallets in Africans everywhere, enabling them to safely and
over 20 African countries. At the end of 2020, the easily transfer and access funds anywhere in Africa.
company celebrated a remarkable performance “By being the first African fintech to acquire an FCA
after 5 years of operations. They achieved an EBITDA license in the United Kingdom, we have proved that
of US$ one million from an EBITDA of US$267,000 African start-ups have the potential.”
in 2019, while expanding their asset base from Ghana boasts the fastest growing mobile market
US$1.8 million in 2018 to US$11 million in 2020 in Africa, with a staggering mobile penetration rate
with a subscriber base of 420,000. This explains of 85% creating a favourable environment that
why the brand was nicknamed: Africa’s fastest allows start-ups and fintech companies to develop
“By being the first growing challenger fintech. It comes as no surprise and thrive. But its vision does not end there, it
that Zeepay, in December 2020, met the Bank of aims to raise US$10 million in equity funding to
African fintech to Ghana deadline requirements for regulatory capital support the creation of new mobile-money hubs in
acquire an FCA for Electronic Money Issuer (EMI), becoming the East and Southern Africa and is deeply invested in
first non bank and indigenous company ahead of the African Continental Free Trade Area’s potential
license in the the telcos to be rewarded with the license. With their to boost intra-African trade by 52%. “There is
United Kingdom, EMI license, their objective is to reduce the cost of huge policy conversation that we are carrying
we have proved remittances across the board from Send-to-Receive out with different regulators and key players in
side by approximately 3.5%. Zeepay’s success is this ecosystem. To achieve that, we need to build
that African start- attributable to the strong leadership skills of Andrew a distribution and have the right partnerships.
ups have the Takyi-Appiah, founder and CEO, the entire team at The policy environment has been transparent,
Zeepay, the Board and strategic partnerships with and with a strong local content environment,”
potential.” industry juggernauts such as MoneyGram, Small explains Takyi-Appiah. “When we have challenges,
Andrew World, Ria, Remitly, Intermex, Moneytrans, Transfast, the government is responsive and quick to act,
Ace Money Transfer, GLOREMIT, VIAMERICAS, evidenced in the passing of the Payment Systems
Takyi-Appiah, TAPTAPSEND, INSTNTMNY and many others. “We are Act 2019 (PSA1). That provides the confidence
CEO of Zeepay a major processing partner for all key players across that, from a regulatory and monetary standpoint,
Europe and North America. We make it possible for the system will work with you. This is opening up
remittance players, both small and blue chip, to a lot of innovation in the fintech ecosystem and
connect their customers to receivers in Africa without positioning Ghana to build tomorrow’s employers.
the added cost of entering each market individually We commend H.E Akuffo-Addo, Vice President Hon.
by using our single API,” says Andrew Takyi-Appiah. Mahamudu Bawumia and the NPP Government for
“Last year, we carried out US$400 million in total their relentless effort to move this country forward
processed volumes with a transaction count of 2.4 as well as Finance Minister Hon. Ken Ofori-Atta and
Naa Morkor Quarshie - Brand Manager
million across 10 key markets such as Ghana, Ivory Governor Addison for ensuring an enabling fiscal
Zeepay Ghana Limited Coast, Cameroon, Zimbabwe, Uganda, Mozambique, and monetary environment for a better Ghana. All
#2 First Circular Crescent - GIS Car Nigeria and Guinea, amongst others. Zeepay is the right boxes are checked: doing business, tax
Park. Cantonments Accra projecting to process US$1 billion in total processed regime, environment and regulatory policies are all
Post Box 9236 KIA
Airport - Accra Ghana volumes in 2021.” The company has become a point in place. We are on the right track, Ghanaians will not
www.myzeepay.com of reference for Ghanaians and Africans who use its be left behind.”
18 | FORBES AFRICA • APRIL / MAY 2021Ghana Infrastructure Investment Fund (GIIF)
The Best Of Both Worlds
GHANA - The Black Star of Africa
Creating A Link Between The Private
Sector And The Government
Ghana Infrastructure Investment Fund (GIIF) negotiations with the private sector. “The idea is to gain
credibility with both government and private sector by
is using its unique position to facilitate being a sustainable profitable institution,” Asamoah
and establish infrastructure solutions says. “We have a high degree of independence, but
it is appropriate that government money must be
across all sectors. overseen by the government. For this reason, we have
an advisory committee that is chaired by the Minister
of Finance and includes the Governor of the Central
The Ghana Infrastructure Investment Fund (GIIF) Bank of Ghana and the Director-General of the National
was established by the government of Ghana as Development Planning Commission as well as two
one of the pillar agencies to unlock potential in respected private sector individuals. They provide
all sectors. CEO Solomon Asamoah explains, “A strategic guidance and ensure we are aligned with
critical driver of economic and social progress for the government’s priorities.” GIIF’s initial results have
Africa is infrastructure development. The African produced impressive data. In the last three and a half
Development Bank estimates that over US$100 years, GIIF has invested US$298 million in a portfolio
billion investment for at least 10 consecutive years is of 14 infrastructure projects in seven different sectors
required to address the current infrastructure deficits across Ghana. More importantly, for every dollar that
on the continent. Regardless of advancements GIIF has put into its projects, it has managed to bring
made in other GDP activities, poor infrastructure in ten times that amount in investments, resulting
acts as a brick wall standing in the way of rapid and in a projected total of US$2.84 billion investments
impactful progress. The idea behind GIIF was that the into Ghanaian infrastructure projects. Asamoah says,
“By working with government can use its funds as anchor equity for a “This is already a sizable return on the initial US$325
GIIF you will have new investment vehicle with specialist skills and a million anchor equity deployed by the government
all the benefits of degree of autonomy, which will then leverage other of Ghana in GIIF.” Some of GIIF’s infrastructure
funds alongside or through it, to unlock investments projects include the development of a new terminal
working with the into Ghana’s infrastructure sectors.” The result is at Kotoka International Airport in Accra, the Takoradi
government and that when a government entity has the ability to Port expansion, the Western Corridor Fibre project
our finance and execute well structured transactions, investors which is creating an ultra-modern communication
are reassured by the quality and the commitment network infrastructure and a bold new initiative
technical staff coming from the government and are more likely to in the University Hostel Accommodation sector,
driven by a private gain the confidence to invest. which will help address critical shortages which are
sector outlook.” Many African economies find themselves strained being exacerbated by the increased numbers of
with limited resources and capabilities to effectively eligible students following on from the government’s
Solomon Asamoah, solve the various infrastructure deficits in their successful Free SHS policy.
CEO of Ghana respective countries. “An obvious solution,” says The GIIF project is a bold move for Ghana to prove
Infrastructure Asamoah, “is to partner with private sector parties its commitment to infrastructure financing in a
who have the skills, technology, resources and way that attracts other private sources of capital by
Investment Fund management capacity to invest and logically manage sharing and mitigating risks. Private investment is
away these troublesome infrastructure deficits.” GIIF’s the key to support Ghana’s sustainable development.
unique governance structure makes the organisation Working with GIIF gives the private sector a partner
a powerful asset for investors. Asamoah explains, who sees the investment world through a similar
“The GIIF board is all private sector people with no lens, taking into consideration risk mitigation,
government officials.” This allows GIIF to make returns and sustainability. On the other hand, GIIF
Ghana Infrastructure Investment Fund independent decisions driven by commercial and risk
9th Floor, World Trade Centre
also has access to the highest levels of government.
29 Independence Avenue considerations, which gives significant comfort to Asamoah says, “By working with GIIF, you will have
Ridge Ambassadorial Enclave private sector investors. Meanwhile, the government all the benefits of working with the government and
Accra, Ghana. has its own investment vehicle with strong technical our finance and technical staff while being driven by
-
P.O. Box CT 9300 skills, a development mandate and the long-term a private sector outlook. If you work with us, you get
Cantonments-Accra. Ghana. interests of the country at its core when handling the best of both worlds.”
20 | FORBES AFRICA • APRIL / MAY 2021You can also read
