Business
Ghc1.5bn for agric highly insufficient – Agric-Impact CEO
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
The Bank of Ghana says the recent decline in the value of the U.S. dollar has played a major role in supporting the Ghana Cedi, helping to steady the local currency despite continued challenges in the foreign exchange market.
According to the Central Bank, the U.S. dollar index fell by about 8 percent between January and August 2025. This was largely due to a slowdown in the American labour market and growing expectations that the U.S. Federal Reserve would begin cutting interest rates.
In its September 2025 Monetary Policy Report, the Bank explained that the weaker dollar, along with the increasing global use of alternative currencies like the Chinese Yuan for trade and commodity payments, contributed to the strengthening of several emerging market currencies — including Ghana’s cedi.
However, the local currency still faced headwinds during the period, mainly from high import demand and reduced foreign exchange supply. These challenges were linked to issues in the Gold-for-Forex programme and a dip in remittance inflows.
Despite these pressures, the Cedi recorded notable gains — appreciating by 28.95 percent against the U.S. dollar, 19.49 percent against the British pound, and 14.08 percent against the euro on a year-to-date basis. This marks a sharp turnaround from the significant losses seen during the same period in 2024.
The Bank of Ghana noted that the Cedi’s short-term stability will rely on maintaining high gold prices, improving forex liquidity through new directives to mining companies, and ensuring continued fiscal discipline.
Additionally, positive investor confidence from the recent IMF programme reviews and shifts in U.S. monetary policy are expected to further influence the Cedi’s outlook in the coming months.
Business
KGL Group Chairman, Alex Apau Dadey Honored with Forbes Best of Africa Corporate Leadership & Innovation Award
Alex Apau Dadey, the distinguished Executive Chairman of KGL Group, has been celebrated with the prestigious Forbes Best of Africa Corporate Leadership and Innovation Award at a high-profile Leadership and Philanthropy Forum held at the House of Lords in London.
The award was formally presented by Mark A. Furlong, President of Custom Solutions Media for Forbes Media, who commended Mr. Dadey’s exceptional achievements in steering KGL Group to remarkable technological heights.
Presenting the honor, Mr. Furlong stated:
“On behalf of the Forbes Best of Africa Award Committee, it is my honor to present to you the Forbes Best of Africa Corporate Leadership & Innovation Award.”
The official citation praised Mr. Dadey’s transformative leadership:
“As Executive Chairman of KGL Group, you have successfully led the company’s expansion into digital solutions, fintech, and technology-driven platforms that have revolutionized Ghana’s lottery and gaming industry while fostering financial inclusion. Under your stewardship, KGL Group has risen to become a leading African corporate brand, exemplifying innovation, social impact, and sustainable business practices.”
Receiving the award alongside his wife and children, Mr. Dadey expressed heartfelt appreciation:
“I am truly humbled by this recognition. My sincere gratitude goes to the Forbes team for this honor, and to the extraordinary team at KGL Group, including our Board, Management, and Staff, whose dedication has made this possible. I want to encourage all Africans in the diaspora to return home and contribute their knowledge to building the continent. After living in London for over 20 years, I made the decision to return to Ghana to serve and create impact. Ten years on, I am proud to have built one of Ghana’s most successful technology-driven businesses, and I am honored that Forbes recognizes this journey.”
The Forbes Best of Africa Awards celebrate visionary business leaders who are building globally competitive enterprises while making significant contributions to Africa’s economic and social development.
Other distinguished honorees included:
• Dr. Olasupo Olusi, Managing Director and CEO of Nigeria’s Bank of Industry (BOI), the country’s oldest and largest development finance institution
• Prince Nnamdi Ekeh, Group CEO of Konga, renowned for advancing e-commerce, digital infrastructure, and payments across emerging markets.
CSR Dominance of KGL Group in Ghana:
Apart from leading KGL Group to become the leading corporate brand in Africa, Mr. Alex Dadey has also achieved significantly in the areas of Corporate Social Responsibility(CSR) and Corporate Social Investment(CSI) projects in Ghana including sponsoring the Ghana Black Stars to qualify for the 2026 World Cup, construction of multimillion-dollar ultra-modern Mental Health Facility in the Ashanti Region in partnership with the King of Ashanti Kingdom, Otumfuo Osei Tutu II, free supply of incubators to various hospitals in Ghana, GHS 3 million annually to support Stabilization Fund of NLA, GHS 2 million annually to support NLA Good Causes Foundation, Scholarships to several orphans & destitute children, sponsorship packages for various charity organizations across Ghana and Africa, and currently steps are being taken by KGL Group to partner Ghana Medical Trust Fund(also known as MahamaCares), a landmark initiative of President John Mahama aimed at providing financial assistance to individuals living with chronic diseases across Ghana. The Mahamacares seeks to cover the cost of care and medication for Non-communicable diseases not currently included under the National Health Insurance Scheme(NHIS), as well as invest in health infrastructure, medical equipment, specialist training, and research to enhance access to quality healthcare delivery in Ghana.
Indeed, Mr. Alex Dadey deserves to be celebrated as a Statesman and successful entrepreneur who uphold service to God, Country, and Humanity, and Forbes Media is proud to be associated with the brand of KGL Group and Mr. Alex Apau Dadey.
A federal jury in Marshall, Texas, has ordered Samsung Electronics to pay nearly $445.5 million in damages to Collision Communications after finding the tech giant guilty of infringing on multiple wireless communication patents.
The jury determined that Samsung’s Galaxy smartphones, laptops, and other wireless-enabled devices violated four patents owned by Collision Communications, which are related to 4G, 5G, and Wi-Fi communication standards.
This ruling adds to a series of multi-million-dollar patent infringement verdicts against Samsung in the same Texas court in recent years.
Collision Communications, based in Peterborough, New Hampshire, filed the lawsuit in 2023, alleging that Samsung used its patented technology—originally developed through research by defense contractor BAE Systems—to enhance wireless network efficiency. BAE Systems, however, is not involved in the case.
Samsung has denied the allegations, arguing that the patents in question are invalid. Representatives from both companies have yet to issue public comments following the verdict.
Source: Reuters
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