Business
Ghana risks losing EU timber export licence – Parliament yet to ratify protocols
Beginning June 15, this year, all timber products that will be exported from Ghana to the European Union (EU) market must conform to the Forest Law Enforcement, Governance and Trade (FLEGT) licence requirement.
Although the move would make Ghana the first African country and the second in the world to meet the requirement, the opportunity risks fizzling out due to Parliament’s failure to ratify the timber rights before rising last month.
If the country fails to ratify the timber rights, all timber products leaving the country cannot enter the EU, the country’s largest market for wood and wood products.
The Chief Executive Officer (CEO) of the Forestry Commission, Dr Hugh Brown, told the Daily Graphic that apart from being on the brink of making history, that milestone would help to eliminate illegal logging and ensure the sustainable management of the country’s forest resources.
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He, however, said that for Ghana to achieve that goal, Parliament needed to ratify some timber rights as a matter of urgency.
“Every timber right is a contract that is signed between the Forestry Commission and the Ministry of Lands and Natural Resources, and ratified by Parliament. Parliament has that last step to take for us,” he said.
He said some of the timber rights had been ratified while others still needed to complete the ratification process, “and we are waiting for that due process to be completed.”
“If we meet this deadline, it would mean a lot to Ghana because we are announcing our credential as a country that respects the laws of the environment; we will be sending a signal to the international community that we are harvesting and trading timber from our forest under strict regulations; and it is a signal to whoever wants to invest in the country’s forest that Ghana plays by the books,” he said.
Again, he said meeting the June 15 deadline would send a signal to the EU market that Ghana was the first country in Africa to fulfill the FLEGT licence requirement, “and this is good reputation for us.”
Context
Also known as the timber legality licence, FLEGT licence is a document issued by timber-producing countries that have ratified a voluntary partnership agreement (VPA) with the EU.
The FLEGT confirms that shipment of timber or timber products has been legally produced in accordance with the relevant laws of the country of harvest. It also ensures that timber exported to the EU by partner countries is harvested legally, thereby promoting sustainable forest management.
While the FLEGT licence eliminates the risk of trading in illegal timber products for EU traders, its added advantage is that traders in FLEGT-licenced timber products do not need to undertake further due diligence, which can be time-consuming and costly.
For partner countries, the advantage is that FLEGT-licenced timber products are considered under the EU Timber Regulation, making it easy to access EU markets. It also ensures that partner countries adopt environmentally sound practices to source and harvest timber in a sustainable manner.
On November 6, 2024, Ghana signed an agreement with the EU, setting June 30, this year, for the commencement of FLEGT licence
The deal was unveiled at the 12th session of the Ghana-EU Joint Monitoring Review Mechanism of the VPA in Accra, marking a significant milestone in the sustainable management of the country’s timber resources.
President’s assurance
In his address to launch the Tree for Life initiative on Friday, March 21, this year, President John Dramani Mahama gave a firm assurance that the government was committed to ensuring that all was set for the country to begin exporting FLEGT-licenced timber by June 2025.
The President said the FLEGT initiative was crucial as it would ensure that only sustainably sourced timber was exported to the EU, helping to combat illegal logging and promoting sustainable forest management.
“This achievement underscores our commitment to the Paris Agreement and the Sustainable Development Goals – a commitment by countries to limit average global temperatures to below two degree Celsius. “As we approach the 2030 deadline, we must accelerate our efforts to meet climate and biodiversity targets,” he added.
Preparedness
Dr Brown said the assurance by the President was refreshing because over the years, the Forestry Commission had put in place all the technical systems for the effective rollout of the FLEGT licence.
“We have the law in place; the institutions are in place and the division that will issue the FLEGT licence has been sensitised and oriented to be able to do so.
There is a new department in the Forestry Commission that has the sole purpose of making sure that there is critical auditing of material going to the EU market.
A VPA governance consultant to the Forestry Commission, Chris Beeko, said it was nostalgic that almost 16 years after Ghana ratified the agreement, the country was just a step away from fulfilling the FLEGT licence requirements.
He said it was important for the last hurdle to be cleared by Parliament by ratifying the timber rights.
“Once a country says it is ready to trade in timber under FLEGT licence on the agreed date, the EU, which is the other partner, will inform its constituents and their authorities.
They will log that date in their system to indicate that from that date, all timber coming into their jurisdiction will be scrutinised and accepted under FLEGT licence. If that date comes, every consignment going to the EU must have a FLEGT licence,” he said.
He added that it was important for Ghana to complete the ratification of timber rights as a matter of urgency because if any consignment of timber entered the EU market after the deadline without a FLEGT licence, a different method would be used to interrogate it.
“This will put that consignment in a tight situation because it might be more difficult for entry into the system,” he said.
Source: Graphic Online
Business
24-Hour Economy Authority Secures Over $8 Billion in Investment Agreements in 90 Days
The Ghana 24-Hour Economy Authority has announced that it has secured bankable investment agreements worth more than $8 billion within the last 90 days, a development officials say demonstrates growing investor confidence in the government’s flagship 24-Hour Economy initiative.
The disclosure was made by the Chief Export Development Officer of the Ghana 24-Hour Economy Authority, Gabriel Opoku-Asare, during a roundtable discussion on the theme, “Unlocking Africa’s Single Market: How Can Ghanaian Businesses Win Under AfCFTA?” on Channel One TV as part of the Citi Business Festival held on Thursday, June 11, 2026.
According to Mr. Opoku-Asare, the agreements underscore the government’s commitment to attracting private sector investment to drive the implementation of the 24-Hour Economy agenda, rather than relying extensively on public funding.
He explained that the strategy is designed to reduce pressure on the country’s public finances while accelerating industrial growth and the development of strategic economic corridors across Ghana.
“We are enabling private capital in the development of all the projects we are talking about and the economic corridors we are building. Once private capital comes in, our work is coordination and enabling investment, so it is not sitting on sovereign debt. That is very important to ensure permanence in the long term,” he stated.
Mr. Opoku-Asare noted that the Authority is increasingly focusing on facilitating and coordinating private investments instead of directly financing projects with government resources, a move he believes will enhance the long-term sustainability of the programme.
He further emphasised that the signing of investment agreements exceeding $8 billion within a relatively short period highlights strong investor interest and confidence in the direction of the 24-Hour Economy programme.
“I’ve spoken about, in the last 90 days, all the bankable agreements that we’ve signed already, which is like over $8 billion,” he added.
Business
BoG Halts Proposed Charges on MoMo-to-Bank Transfers
The Bank of Ghana has directed Mobile Money Fintech Limited to suspend its planned 0.75 per cent charge on direct mobile money wallet-to-bank account transfers.
The proposed fee, which was expected to take effect from June 1, 2026, has been put on hold to allow for further stakeholder consultations, the central bank announced on Tuesday, May 26.
The directive follows a notice issued by MTN Ghana on Monday, May 25, informing customers that transfers from MoMo wallets to bank accounts would attract a 0.75 per cent fee per transaction, capped at GH₵5.
Under the proposed arrangement, customers would have been charged even when transferring funds from their own registered MoMo wallet to their personal bank account — a service that has so far been offered free of charge.
In a statement, the Bank of Ghana explained that the suspension forms part of efforts to ensure that any adjustments to charges within the mobile financial services space are implemented in a fair and transparent manner, while safeguarding consumer interests and financial well-being.
For the time being, customers will continue to enjoy free transfers from MoMo wallets to bank accounts, as the proposed charges remain suspended.
The central bank further clarified that existing charges on MoMo wallet-to-wallet transfers, as well as cash-in and cash-out transactions at agent points, remain unchanged.
MTN Ghana is yet to officially respond to the Bank of Ghana’s directive.
Business
MTN Ghana Introduces Charges on MoMo-to-Bank Transfers from June 1
MTN Ghana has announced that Mobile Money users will begin paying charges for transfers from their MoMo wallets to bank accounts effective June 1, 2026, ending years of free transfers for customers moving funds between their own accounts.
In a text message sent to subscribers on Monday evening, May 25, the telecommunications company disclosed that all MoMo-to-bank transfers will now attract a fee of 0.75 per cent per transaction, capped at GH₵5.
Under the new pricing structure, customers transferring GH₵100 from their MoMo wallet to a bank account will pay 75 pesewas, while transfers of GH₵667 and above will attract the maximum charge of GH₵5.
The fee will apply to all bank transfers, including transactions involving bank accounts belonging to the same individual who owns the MoMo wallet. Previously, MTN customers enjoyed free transfers when moving funds between their personally registered MoMo wallets and bank accounts.
According to the company, the move forms part of efforts to improve service delivery to its growing customer base.
“From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GH₵5. This will help us continue to serve you better. Thank you for choosing MoMo,” the message to customers stated.
The development marks a significant change in MTN Ghana’s mobile financial service charges, particularly for customers who frequently transfer money from MoMo wallets into bank accounts for business and personal transactions.
However, the company clarified that the new charge applies only to transfers from MoMo wallets to bank accounts. Existing charges for MoMo-to-MoMo transfers, as well as cash-in and cash-out transactions at agent points, remain unchanged.
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