The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has revealed the board’s bold new plan to go zero borrowing for the 2024/2025 cocoa season. This groundbreaking shift, which aims to eliminate reliance on external loans, marks a significant departure from the traditional syndication loan model used by COCOBOD for over three decades. Speaking to journalists in Accra on Monday, Mr. Aidoo explained that the zero-borrowing strategy is part of a broader financial innovation designed to reduce the cost of borrowing and streamline cocoa financing. "The financing arrangement being pursued now is a homegrown model, and so far, so good," he stated. Under this model, international buyers will pay directly into the Cocoa Marketing Company’s account on behalf of COCOBOD, effectively bypassing the previous need for overseas syndication loans, which have become increasingly expensive. "We are unburdened with any interest and ancillary costs, which significantly reduces the financial pressure on the industry," he added. Innovations in Cocoa Farming: Productivity Enhancement and Harm Pollination Beyond financing, Mr. Aidoo highlighted several achievements in cocoa productivity, driven by innovative strategies introduced under the current administration. One such initiative is the Productivity Enhancement Program (PEP), which has transformed cocoa yields across the country. "Before this administration, only 5% of farmers practiced pruning, despite its known benefits. Today, pruning has become a standard practice, increasing productivity from 450 kg per hectare in 2016 to the current 800 kg per hectare," he noted. Pruning has improved airflow, sunlight exposure, and overall tree health, leading to better flower development and pod formation while reducing pest and disease spread. It also contributes to soil enrichment by adding biomass. According to the COCOBOD CEO, these interventions have allowed some farmers to achieve yields as high as 6.7 tons per hectare, a feat once thought impossible in Ghana. "We now have farmers producing up to 1,000 fruits per tree, with some even registering over 3,000 fruits through harm pollination in the Western Region," he proudly remarked. Hand Pollination: A Game-Changer for Cocoa Productivity Another significant breakthrough has been the introduction of hand pollination, a technique that compensates for the natural shortage of insect pollinators in cocoa farms. This intervention began in 2018 with the deployment of 10,000 trained youth to teach farmers the technique, and it has since expanded to include 30,000 farm crews across Ghana. "Hand pollination has enabled farmers to push their productivity to new heights, with some achieving 4,000 kg per hectare," Mr. Aidoo stated, adding that the initiative has also created jobs for thousands of young people in rural areas. Digitalization and Sustainability In addition to farming innovations, COCOBOD has embraced digitalization and sustainability measures to modernize the sector. Mr. Aidoo emphasized that the board has put in place a comprehensive integrated farmer database and is aligning with international sustainability protocols, including the European Union’s Deforestation-Free Regulation. "We are committed to ensuring that Ghana's cocoa production is not only profitable but also sustainable," he affirmed. Mr. Joseph Boahen Aidoo reiterated COCOBOD's commitment to transforming the cocoa industry through innovation, financial independence, and sustainable practices, positioning Ghana as a leader in global cocoa production. Story by: Joshua Kwabena Smith

Global credit ratings agency, Moody’s, has upgraded Ghana’s long-term local and foreign currency issuer ratings to ‘Caa2,’ up from the previous ratings of ‘Caa3’ and ‘Ca.’ This upgrade represents a significant improvement for Ghana, largely driven by the country’s comprehensive debt restructuring efforts, which have helped reduce financial pressures on the government. In addition to the rating upgrade, Moody’s has shifted Ghana’s economic outlook from ‘stable’ to ‘positive.’ The agency cited the potential for further easing of liquidity risks, underpinned by Ghana’s ongoing fiscal consolidation efforts and its $3 billion loan agreement with the International Monetary Fund (IMF). According to Moody’s, the positive outlook reflects "the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme." The news comes after the successful conclusion of the third review of Ghana’s IMF programme, which has played a crucial role in stabilizing the economy. In October, more than 90 percent of bondholders approved a $13 billion debt restructuring plan, a critical step in Ghana’s recovery from its near $30 billion debt default in 2022. The restructuring is projected to reduce the country’s debt burden by $4.7 billion and provide $4.4 billion in cash flow relief over the course of the IMF programme, which runs until 2026. Ghana’s economic recovery is showing promising signs, with second-quarter growth for 2024 hitting 6.9 percent, the highest in five years, according to the Ghana Statistical Service. Moody’s also forecasts a gradual reduction in Ghana’s debt levels as the government resumes payments on its obligations. This rating upgrade is seen as a boost to investor confidence and signals further stabilization for Ghana’s economy in the coming years. Story by: Joshua Kwabena Smith

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has expressed concerns over the alarming rate of cocoa smuggling, which is significantly affecting Ghana’s cocoa production. Speaking to Journalists, Mr. Aidoo revealed that cocoa smuggling has escalated, with an estimated 100,000 to 120,000 megatons of cocoa being smuggled out of Ghana in the past two years. According to Mr. Aidoo, the issue has been exacerbated by shifts in the international cocoa trading system. "The global trading system is currently inverted, with spot prices becoming more favorable than futures," he explained. This shift, he said, has created new challenges for cocoa-producing countries like Ghana. Mr. Aidoo provided insight into the recent trends in the global cocoa market. "Before the price spike, around April 2023, the price of cocoa at the terminal markets hovered around $2,000 to $2,200 per ton. However, from April last year, prices began to soar, surpassing $3,000. By February this year, cocoa prices had reached over $12,000 per ton." He further explained that despite this surge in prices, Ghana was unable to sell its cocoa at the higher spot prices due to its commitment to the futures market. "Ghana has long been involved in the futures market, where buyers prefer to purchase cocoa for future use rather than immediate consumption. Buyers tend to opt for futures contracts because storing cocoa in Europe, with its high warehouse and insurance costs, is less economical than keeping the commodity in Ghana," Mr. Aidoo noted. The COCOBOD CEO emphasized that for both buyers and sellers, futures trading was the preferred option until March 2023, when the spot prices became more lucrative. "Before the spike in prices, futures contracts were more advantageous, and many buyers had locked in their purchases at $2,200 per ton. But in early 2023, adverse weather conditions, including El Niño and the highest recorded temperatures in history, disrupted global cocoa production." Aidoo explained that El Niño, a tropical air mass from the Pacific Ocean, brought excessive rainfall to West Africa, affecting cocoa crops. "Cocoa does not thrive in overly wet conditions, as too much rain prevents nutrients from reaching the plants. This led to the loss of many cocoa flowers, which caused panic in the market," he added. As buyers scrambled to secure limited cocoa supplies, spot prices skyrocketed. "By September last year, spot prices had exceeded $6,000 per ton," Aidoo said. The COCOBOD CEO concluded by highlighting the urgency of addressing cocoa smuggling and stabilizing Ghana's cocoa production to ensure the nation remains a leading cocoa exporter in the face of global market volatility. Story by: Joshua Kwabena Smith

In a powerful display of faith and advocacy, the Catholic Archdiocese of Accra embarked on a two-hour Environmental Prayer Walk to protest the devastating impact of illegal mining (galamsey) on the environment . The peaceful march, aimed at drawing attention to the need for urgent action, commenced at the Holy Spirit Cathedral in Adabraka and followed a significant route through several key landmarks in the city. The walk took participants from the Holy Spirit Cathedral along Castle Road to the Old Electoral Commission Office at Ridge. From there, they proceeded to the AU Roundabout, continued onto Independence Avenue, and made their way to the Ako Adjei Interchange. The group then turned towards the National Police Headquarters Traffic Light, before heading along Josif Broz Tito Avenue and finally onto Jawaharlal Nehru Road, ending at Christ the King Catholic Church. During the walk, several priests addressed the public, emphasizing that the Catholic Bishops’ Conference remained committed to the fight against environmental degradation, dispelling rumors of any disassociation from the cause. The highlight of the event was the presentation of a petition to the Deputy Chief of Staff at the Flagstaff House. The petitioners expressed hope that their concerns would spur decisive government action to curb galamsey activities. Deputy Chief of Staff, Adumua Bossman, in response, assured the group that their petition would be taken seriously and that measures would be implemented to address the issue. The Catholic Archdiocese remains hopeful that this collective effort will lead to positive outcomes in the battle to save Ghana's environment. Story by: Joshua Kwabena Smith

Archbishop Gabriel Justice Yaw Anokye, the Archbishop of Kumasi, has publicly clarified that the Catholic Bishops' Conference is not involved in or supporting the recent environmental prayer walk organized by the Accra Archdiocese. The event, which took place in Accra, was initially perceived by some as a protest against illegal mining, also known as "galamsey." In a statement, Archbishop Anokye emphasized that while the walk was a prayerful initiative by the Accra Archdiocese, it should not be interpreted as a demonstration or endorsed by the Catholic Bishops' Conference. He made it clear that the Conference does not engage in or support any form of strikes or protests related to the ongoing galamsey issue. "The Catholic Bishops' Conference does not endorse strikes or demonstrations regarding the galamsey issue," Archbishop Anokye said, stressing the need for a collective, holistic approach to solving the problem. He pointed out that illegal mining is a complex issue that affects multiple sectors, from local communities to industries such as transportation, construction, and food services, with approximately four million people directly or indirectly involved in mining-related activities. He further explained, "The galamsey problem is multifaceted—it impacts the environment, livelihoods, and entire communities. It’s not just a political issue, but one that demands the collaboration of all stakeholders. We need open dialogue and collective responsibility to resolve it." Archbishop Anokye urged the public not to misconstrue the prayer walk in Accra as a form of protest, reiterating that the Catholic Bishops' Conference has not organized any demonstrations against galamsey. He clarified that while politics plays a role in addressing the issue, the problem transcends political boundaries and should not be viewed as a failure of any particular government. In his closing remarks, the Archbishop mentioned that the Secretary General of the Catholic Bishops' Conference, Father Clement Adjei, had also addressed the matter on an Accra-based radio and television station , confirming that the Accra prayer walk was not linked to the Conference. "We pray for a peaceful resolution to the galamsey issue and continue to monitor the situation closely," he added. The Archbishop called for unity in addressing the environmental and societal challenges posed by illegal mining and reiterated the Church's commitment to prayer and peaceful solutions. "We must all come together, in the name of the Father, the Son, and the Holy Spirit, to work towards a sustainable resolution to the galamsey crisis," Archbishop Anokye concluded. Story by: Joshua Kwabena Smith

The Ghana Police Service has announced that comprehensive security measures have been put in place ahead of the Environmental Prayer Walk organized by the Catholic Archdiocese of Accra, scheduled for tomorrow, October 11, 2024. According to ACP Grace Ansah-Akrofi, Director of Public Affairs, the police will ensure the safety and security of participants throughout the event. The prayer walk is set to begin at the Holy Spirit Cathedral in Adabraka, with participants converging there before proceeding through key routes in the city. The walk will move along Castle Road to the Old Electoral Commission Office at Ridge, continue to the AU Roundabout, and then proceed onto Independence Avenue. From there, the route will lead to the Ako Adjei Interchange, turning right towards the National Police Headquarters Traffic Light, then left along Josif Broz Tito Avenue, and finally left again onto Jawaharlal Nehru Road, concluding at Christ the King Catholic Church. As a result of the prayer walk, temporary traffic disruptions are expected along these routes. ACP Ansah-Akrofi urged the general public, particularly motorists, to cooperate with the police to ensure smooth traffic management during the event. "The Ghana Police Service has put in place sufficient security measures to manage the event, and we appeal to the public for their cooperation in maintaining order and minimizing traffic inconvenience," ACP Ansah-Akrofi said. She further assured the public that the police will work to mitigate any potential disruptions while ensuring a peaceful and orderly procession. "We ask motorists and commuters to plan accordingly and follow all traffic directions for the duration of the event," she added. The police are committed to ensuring the safety of all participants and the general public throughout the Environmental Prayer Walk. Story by: Joshua Kwabena Smith

The National Sports Authority (NSA) has issued a stern warning to spectators who will be storming the Accra Sports Stadium to watch the game between the Black Stars of Ghana and Sudan. According to a statement released by the Public Relations unit of the NSA, there are concerns that certain individuals plan to use the event to promote agendas that the Confederation of African Football (CAF) strictly prohibits. The NSA made it clear that any individual or group attempting to display political paraphernalia, pressure group apparel, or placards during the match will face immediate apprehension by security forces stationed in and around the stadium. “Any person or group of persons who openly display any political or pressure group paraphernalia, apparel, or placards at the Accra Sports Stadium will be apprehended by the security apparatus,” the statement said. The Authority emphasized the importance of football fans adhering to all security regulations set for the day to avoid any confrontations, arrests, or sanctions. Fans are urged to comply with the rules before, during, and after the match. The NSA assured the public that a robust security team will be deployed to maintain peace and order throughout the event. The Black Stars are scheduled to face Sudan in a crucial encounter, and the NSA hopes fans will focus on supporting the national team in the true spirit of sportsmanship. Story by: Joshua Kwabena Smith

Leader of the All People’s Congress (APC), Hassan Ayariga, has called on the Asantehene, Otumfuo Osei Tutu II, to use his influence to halt illegal mining activities, popularly known as 'galamsey,' in the Ashanti Region. Speaking in an interview, Mr. Ayariga emphasized the destructive impact of galamsey on the region's environment and water bodies, highlighting that the Asantehene, as a revered traditional leader, wields significant power to bring an end to the menace. "You are more powerful than Akufo-Addo. You can stop galamsey in the Ashanti Region," Ayariga stated, urging Otumfuo to take decisive action where government efforts have seemingly fallen short. He further called on the traditional authorities to take a firm stand against those engaged in illegal mining activities, which continue to threaten the livelihoods of local communities. Mr. Ayariga’s comments come amidst ongoing national discussions on how best to combat galamsey, with many calling for more stringent measures and accountability at both the local and national levels. Despite various government interventions, illegal mining continues to devastate vast portions of land, particularly in the Ashanti and Eastern regions. As one of Ghana's most respected figures, the Asantehene’s involvement, according to Hassan Ayariga, could serve as a powerful deterrent to those involved in illegal mining operations. "Your people respect you, and when you speak, they listen. It is time to act to save the future of our region," Ayariga concluded. The issue of galamsey remains a contentious one in Ghana, with critics arguing that government actions have not been effective in curbing the practice, which is blamed for widespread environmental degradation and pollution of water sources. Story by: Joshua Kwabena Smith

In a remarkable sporting event, the Barcelona Legends, headed by football icon Ronaldinho, will visit Ghana in November to face off against a team of Ghanaian football legends. The highly anticipated match, dubbed the "Peace Match," aims to promote unity ahead of Ghana’s upcoming elections. The Barcelona Legends confirmed their participation via a tweet, generating excitement among football fans. This event will showcase some of the most celebrated players in football history, contributing to a message of peace and solidarity during a crucial time for the nation. Story by: Joshua Kwabena Smith

Dr. Alex Ampaabeng, Deputy Finance Minister, has officially launched Ghana’s first Green Financing Taxonomy, a major initiative aimed at promoting a sustainable, climate-resilient, and inclusive economy. Speaking at the launch, Dr. Ampaabeng emphasized the government's commitment to driving the country's green agenda through targeted investments and partnerships. “This Green Finance Accord communicates Ghana's clear intention to transition toward a sustainable, green, and inclusive economy,” Dr. Ampaabeng stated. “It lays out where we as a nation want to be in the global green conversation.” He highlighted that the initiative would serve as a blueprint for directing investments into critical areas supporting Ghana's green ambitions. “It shows us where to channel our investments—toward projects that will drive our green agenda. This is a clear path, demonstrating the government's commitment to aligning our financial ecosystem with global investment communities.” Dr. Ampaabeng also stressed the importance of financial institutions exploring new product lines and opportunities as Ghana transitions to a greener economy. He noted that the move would create long-term job opportunities, particularly in the area of decent, green jobs for Ghanaians. “This green taxonomy will not only align us with the global financial system but also open doors for job creation,” he said. “As a politician, job creation is an area I'm deeply passionate about, and I believe this initiative will lead to more decent, greener jobs for Ghanaians.” Dr. Ampaabeng called on stakeholders to collaborate in promoting a sustainable future for the country. “This is not just a policy document—it's a call to action. Together, we can chart a new path toward an inclusive, sustainable economy.” The launch of the Green Financing Taxonomy marks a significant milestone in Ghana's commitment to green growth and sustainable development, positioning the country as a leader in climate-resilient investment in Africa. Story by: Joshua Kwabena Smith

In a development for Ghana’s sustainable finance landscape, Dr. Alex Ampaabeng, Deputy Finance Minister, has officially launched the 1st phase of the Ghana Green Finance Taxonomy at this year’s SDGs Investment Fair in Accra. Themed "Unlocking Green Growth: Financing the Future through Sustainable Investments," the event marked a major milestone in Ghana’s efforts to align its financial system with global sustainability trends. Speaking at the launch, Dr. Ampaabeng highlighted the significance of the Ghana Green Finance Taxonomy as a crucial framework designed to direct investments into key sectors that will drive green growth and support the country’s broader Sustainable Development Goals (SDGs). He emphasized that the taxonomy is central to building a greener, more sustainable economy by promoting renewable energy, climate resilience, and sustainable urban development. "The Ghana Green Finance Taxonomy represents a transformative step in our quest to achieve green growth. It sets the standard for what qualifies as a green investment, fostering transparency and consistency. This will enable Ghana to attract larger-scale sustainable finance," Dr. Ampaabeng stated. The newly launched taxonomy aligns with the country’s objectives of promoting clean energy, enhancing climate action, and protecting biodiversity. It offers a structured framework that will mobilize both domestic and international financial resources, allowing Ghana to unlock funding for climate-resilient and sustainable development projects ahead of the 2030 SDGs deadline. Dr. Ampaabeng noted that the framework will be instrumental in enhancing investor confidence and facilitating access to international finance for green projects. "This taxonomy provides a clear guide for directing investments towards initiatives that will have the most significant impact on our economic and social development," he added. As part of his call to action, the Deputy Finance Minister urged stakeholders across government, the private sector, and development partners to collaborate in achieving the shared vision of a sustainable and prosperous Ghana. The launch of the Ghana Green Finance Taxonomy is expected to play a critical role in fostering sustainable urban development, protecting biodiversity, and ensuring climate resilience through the promotion of clean energy projects. Dr. Ampaabeng concluded by reaffirming the government's commitment to leveraging this framework as a catalyst for unlocking green growth and driving sustainable investments in Ghana's future. Delivering a speech on behalf of Chief Director of the Ministry of Finance, Eva Esselba Mends; Director, External Resources Mobilization and Economic Relations Division, Louis Amoo hinted that the fair, which has been running for six years, continues to provide a platform for businesses to thrive, particularly through its Deal Rooms sessions. These sessions offer webinars and coaching, helping businesses secure investments. Since the inception of the Fair, businesses have raised $330,000 in funding, with cumulative deals worth USD 1.2 million and EUR 70,000, secured through Impact Investment Ghana, the event’s key partner. He noted that this year’s fair is of special significance as it aligns with Ghana’s strategic efforts to boost SDG implementation and sustainable financing. With only six years remaining until the 2030 deadline for the SDGs, global leaders have underscored the importance of accelerating financing for sustainable development. He emphasized that the 2024 Accra SDGs Investment Fair is crucial to Ghana’s response to this global push. The theme of this year’s event, “Unlocking Green Growth: Financing the Future through Sustainable Investments”, highlights the central role of green finance in driving sustainable development in Ghana. Mr. Amoo revealed that the Fair also marks the launch of the first phase of the Ghana Green Finance Taxonomy—a comprehensive framework aimed at attracting sustainable investments and supporting the country’s green growth strategy. “The launch of the Green Finance Taxonomy is a significant milestone in Ghana’s journey towards sustainable development,” "This framework provides a clear classification system for green activities, ensuring investments are aligned with projects that promote SDG-aligned sustainable development and climate resilience.” Mr. Amoo further noted that Ghana’s efforts are part of a broader global push, referencing the UN SDGs Stimulus, which seeks to raise an additional $500 billion annually for developing countries to finance SDG-related projects. The recent SDGs Summit during the UN General Assembly in September 2024 highlighted the urgent need for countries to capitalize on this funding, especially for initiatives focused on climate action, poverty reduction, and sustainable economic growth. The Ghana Green Finance Taxonomy, Mends said, will serve as a crucial tool in unlocking these financial opportunities, guiding investments into projects that support sustainable development and helping the country build climate resilience. He encouraged participants at the Fair to engage actively in discussions and workshops that will explore ways to enhance sustainable investments, driving Ghana's transition to a green economy. Story by: Joshua Kwabena Smith

The Public Utility Workers Union (PUWU) of TUC-Ghana has officially confirmed its participation in the upcoming nationwide strike organized by Organised Labour, scheduled to begin on October 10. In a letter addressed to the Managing Director of the Ghana Water Company on October 8, PUWU stated that all its members, except those in the Production and Maintenance Units, would join the industrial action. The strike is part of a larger movement by Organised Labour to push the government to declare a state of emergency to address the escalating illegal mining (galamsey) crisis, which has led to severe environmental destruction across the country. Organised Labour’s call for a nationwide strike stems from frustration with the government’s perceived inaction on critical national issues, with the galamsey crisis topping the list. “At a meeting held on Tuesday, 1st October 2024, in the Conference Room of the Hall of Trades Union in Accra, the leadership of Organised Labour decided to embark on a nationwide strike action to address the issue of Illegal Small-Scale Mining,” the PUWU letter explained. The union emphasized that the decision was reinforced during a subsequent meeting on October 7, 2024. "In this regard, we officially notify you that PUWU, and all its members, except those in the Production and Maintenance Units, will join the nationwide strike starting Thursday, October 10, 2024," the letter concluded. The strike aims to pressure the government into taking immediate and decisive action against illegal mining, which has become a major national concern due to its impact on the environment, water bodies, and livelihoods. Story by: Joshua Kwabena Smith