Business

Ghc1.5bn for agric highly insufficient – Agric-Impact CEO

Published

3 months ago

March 19, 2025

The Chief Executive Officer (CEO) of Agri-Impact Group, Daniel Acquaye, has stated that the budget allocation to agriculture is inadequate for driving national economic transformation.

He said with only GH¢1.5 billion (approximately $100 million) allocated to agriculture, out of the GH¢279 billion national budget, the sector received just 0.54 per cent of total government spending.

Speaking at the PwC post-budget digest in Accra yesterday, the CEO of the impact investor in the agriculture sector, said achieving rice self-sufficiency alone would require over $100 million in investment, effectively consuming the entire current agricultural budget.

Mr Acquaye said the underfunding contradicted the government’s stated goal of using agriculture as a foundation for economic transformation.

In 2014, African Union members signed up to commitments which have become known as the Malabo Declaration to accelerate agricultural growth and transform the sector for shared prosperity and improved livelihoods.

Under the Comprehensive African Agricultural Development Programme (CAADP), part of an Agenda 2063 continental initiative, the member countries agreed to allocate at least 10 per cent of national budgets to agriculture and rural development, and to achieve agricultural growth rates of at least six per cent per annum.

Underlying the investment commitments are targets for reducing poverty and malnutrition, increasing productivity and farm incomes, and improving the sustainability of agricultural production and use of natural resources.

Agric Fund

The Agri-Impact CEO also added his voice to calls to establish an Agricultural Fund, similar to the Ghana Education Trust Fund (GETFund).

Mr Acquaye argued that while the country successfully produced skilled labour through education, there was no corresponding investment in sectors such as agriculture that could employ those graduates.

He said properly funding agriculture would reduce youth unemployment, improve food security, and drive rural economic development, ultimately strengthening Ghana’s entire economy.

Mr Acquaye observed that while the mining and oil sectors were good as they boosted the country’s Gross Domestic Product (GDP), they did not provide transformational growth.

“We need mining, we need the oil sector. It makes our GDP growth look good. But if you generate $1 billion from mining or you generate one billion dollars from oil, it is not the same as generating $1 billion from agriculture,” Mr Acquaye, whose company is leading a number of youth-focused impact projects in the agricultural sector, stated.

This is because to generate $1 billion from agriculture, the multiplier impact will be higher,” Mr Acquaye said.

On how the Agriculture Fund should be funded, he said “we have developed means of funding education. There is a formula that puts money into GETFund. We can use similar formula to put money into agriculture.”

Big Push

The Senior Country Partner of PwC Ghana, Vish Ashiagbor, contributing to the discussion, said a look at the nominal amount dedicated to agriculture might look insufficient, but there were critical infrastructural development projects under the GH¢10 billion “Big Push” project and other projects that would benefit the sector.

“If you look at it then absolutely it is quite small, which looks strange, given that we’re trying to push agriculture as one of the pillars of growth for our economy.

“However, the other factors around infrastructure, around the drive towards creating agri-zones, all of those will enable agriculture.

So, government does not need to necessarily invest directly in agriculture itself, but to the extent that they create the environment that allows private sector to thrive in agri-zones,” he explained.

Good budget

Mr Ashiagbor described the 2025 budget as a good start and a nice statement of intent.

He expressed the confidence that a successful implementation of the proposed measures could create a more favourable environment for private sector growth, something he noted, had been recognised as the engine of growth, but had remained elusive due to persistent economic challenges.

Mr Ashiagbor highlighted implementation as the critical factor that would determine whether the budget’s business-friendly intentions translated into tangible economic benefits.

Growth, sustainability levy

Commenting on the increase in the Growth and Sustainability Levy to three per cent, the Senior Country Partner said mining companies typically made investment decisions based on long-term planning.

Mr Ashiagbor said making sudden tax increases and extended levy periods particularly disrupted their operations and anticipated returns.

He, however, acknowledged the government’s challenging fiscal position, noting the pressing need to balance revenue collection with expenditure demands.

That difficult balancing act, he stated, required ongoing dialogue between the government and industry to foster mutual understanding and potentially identify win-win solutions that satisfied both revenue requirements and business stability needs.

The PwC Senior Country Partner referenced the minister’s characterisation of recent mining sector profits as “a windfall” due to the record high commodity prices, though he acknowledged that the minister stopped short of using the term “windfall tax.”

That framing, Mr Ashiagbor said, had made the sector a target for increased taxation during profitable periods.

Source: Graphic Online

Business

Fuel Prices Set to Drop from June 16 After Levy Suspension

Published

1 day ago

June 15, 2025

Sunshynbaby

Ghanaians can expect a drop in fuel prices starting Monday, June 16, 2025, following the government’s decision to suspend the proposed GH¢1.0 Energy Sector Levy. This comes as a relief to consumers and marks the seventh consecutive price reduction since mid-February.

The latest Pricing Outlook Report from the Chamber of Oil Marketing Companies (COMAC) indicates that the postponement of the levy is a key factor driving the anticipated price cuts.

Projected Prices at the Pump

According to data sourced from oil marketing firms and obtained by Joy Business, the new price of petrol is expected to be around GH¢11.77 per litre — representing a drop between 1.1% and 2.25% from prices recorded on June 1.

Diesel prices are set for a more significant decrease, falling by as much as 4.3% to about GH¢12.13 per litre. Likewise, Liquefied Petroleum Gas (LPG) will see a 3.2% dip, bringing the price per kilogram to GH¢13.30.

Why Are Prices Falling?

The Chamber attributes the downward trend primarily to the Ghana cedi’s continued appreciation against the US dollar. This currency strength has offset the impact of rising global oil prices, which surged amid renewed conflict in the Middle East.

Despite crude oil prices climbing to around $75 per barrel due to Israel’s military strikes on Iranian nuclear sites, Ghanaian fuel prices remain stable — for now. The situation, however, remains volatile.

Warning Signs for July

Officials at COMAC caution that if global oil prices continue to climb, fuel prices in Ghana could begin to rise again starting July 1, 2025.

Recent escalations in the Middle East have already caused oil prices to rise sharply, with Brent crude jumping 4.41% from $65.35 to $68.23 per barrel. These tensions have also prompted the United States to partially evacuate its embassy in Iraq, adding to global uncertainty.

As a result, international benchmark prices for petrol and diesel have risen by 1.03% and 3.94% respectively. In contrast, LPG prices dropped by 1.79%.

Impact of the Suspended Levy

COMAC’s projections suggest that had the government gone ahead with the additional GH¢1.0 Energy Sector Levy, consumers would have faced significant price hikes. Petrol would have surged by 9.1% per litre and diesel by 8.25%. LPG would have still seen a modest 2.29% decline, as it was not included in the levy’s scope.

The current suspension offers temporary relief, but stakeholders warn that sustained global instability may force a reversal of the current trend in the coming weeks.

Business

PHOTOS: Otumfuo Urges Government to Cut Food Imports, Revive Interest in Farming

Published

3 days ago

June 13, 2025

Sunshynbaby

The Asantehene, Otumfuo Osei Tutu II, has expressed deep concern over Ghana’s continued dependence on imported food items that can be cultivated locally.

He urged the Minister for Food and Agriculture, Eric Opoku, to take bold steps to significantly reduce food imports and prioritize the development of local agriculture.

Speaking during a courtesy call by the Minister and his delegation at the Manhyia Palace on Friday, June 13, Otumfuo Osei Tutu II emphasized the need for urgent interventions to rekindle interest in farming, particularly among the youth.

The Asantehene recommended a possible revival of the historic “Operation Feed Yourself” initiative from the Acheampong era, should the government deem it necessary to revitalize the agricultural sector.

“It’s disheartening that we are still importing basic produce like tomatoes and onions. Work hard to halt or at least minimize food imports so we can produce more locally. I’ll be monitoring closely—make sure farmers get irrigation support,” he stressed.

Otumfuo also called on chiefs and traditional leaders across the country to contribute to national development by making land available for agricultural use, suggesting such lands could be offered as equity in farming ventures to encourage investment and productivity.

Business

TECNO Named Official Global Partner for CAF AFCON 2025 and 2027

Published

5 days ago

June 12, 2025

Sunshynbaby

As excitement builds for the upcoming African Cup of Nations (AFCON), the Confederation of African Football (CAF) has officially announced TECNO, the AI-powered technology brand and subsidiary of Transsion Holdings, as the Official Global Partner for the TotalEnergies CAF AFCON Morocco 2025, as well as the 2027 edition, which will be jointly hosted by Kenya, Tanzania, and Uganda.

This strategic partnership reflects TECNO’s vision of empowering young Africans through the intersection of technology and sports. With its brand philosophy, “Stop at Nothing,” TECNO aims to inspire and equip the next generation across the continent to pursue their dreams and reach new heights.

The announcement comes on the heels of TECNO’s successful collaboration with CAF during the TotalEnergies CAF AFCON Côte d’Ivoire 2023, where the brand served as the exclusive smartphone sponsor. That partnership delivered record-breaking engagement and deepened TECNO’s investment in African football, laying the foundation for this renewed alliance.

CAF General Secretary, Véron Mosengo-Omba, made the announcement in Nairobi, Kenya, stating:

“The growing success of the TotalEnergies CAF Africa Cup of Nations has led to several high-impact sponsorships. TECNO’s continued support will play a vital role in helping Africa’s biggest sporting event expand its reach and influence. On behalf of CAF and its 54 Member Associations, we express our sincere gratitude to TECNO for investing in the future of African football.”

Benjamin Jiang, Vice President of Transsion Holdings, also expressed enthusiasm about the renewed partnership:

“This collaboration is a reflection of the trust and shared success we’ve built with CAF. In our previous engagement, we witnessed how football sparked passion and how AI-powered technology connected and empowered millions across Africa.”

He continued:

“This partnership goes far beyond the game. It represents a shared ambition—a platform for young Africans to thrive, driven by innovation and progress. It underscores our commitment to using AI-driven solutions to shape a brighter future for the continent.”

As part of its pan-African commitment, TECNO is also continuing its “Dream Field Renovation” campaign, a community initiative launched with CAF in 2024. The project aims to renovate 100 football fields in underserved communities across Africa by 2028, promoting healthy living, youth engagement, and access to quality sports infrastructure.

About TECNO
TECNO is a global technology brand powered by artificial intelligence, operating in over 70 markets across five continents. The company is dedicated to transforming digital experiences in emerging markets through a bold blend of cutting-edge technology and contemporary design.

TECNO’s product ecosystem includes AI-enabled smartphones, wearables, laptops, tablets, gaming devices, the proprietary HiOS operating system, and smart home solutions. Guided by its brand ethos, “Stop at Nothing,” TECNO is committed to empowering forward-thinking individuals to unlock their potential and pursue a brighter future.