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Reviewing Ghana’s Economic Policies Within the Context of Geopolitical Changes

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Ghana's economic policies

By Professor Maurice Okoli

The Executive Board of the International Monetary Fund (IMF), after several stages of negotiations, has finally approved a 36-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 2.242 billion (around $3 billion or 304 per cent of quota) for the Republic of Ghana.

While this Credit Facility Arrangement for Ghana is presumably necessary for the country’s economic recovery, it is also necessary to examine the governance system adopted in the country.

In recent years, Ghana has found itself in an economic crisis – brought on by excessive borrowing – and a resulting need for debt restructuring. As the government seeks to navigate this difficult situation by returning to the IMF, it is important to outline economic restructuring, including structural governance.

As we all know that life after COVID-19 will never be the same, several reports monitored indicated that COVID-19, which began in 2019, combined with the current Russia-Ukraine crisis, have had devastating effects across the world. African countries are the hardest hit. Many West African states like Ghana, located on the Atlantic coast and a member of the regional organization, Economic Community of West African States (ECOWAS), are equally facing serious similar economic challenges.

But analyzing the implications of Ghana soliciting assistance from the IMF, the country is on the brink of entering a period characterized by market stability and diminished uncertainties following the International Monetary Fund’s (IMF) approval of the $3 billion deal.

Many experts have blamed political, economic and energy crises, which spiral negative sentiments and discontent on mismanagement. For example, a renowned American Professor of Economics, Steve Hanke, has chastised Finance Minister Ken Ofori-Atta for mismanaging the Ghanaian economy.

Professor Hanke, who is a hard critic of Ghanaian authorities, in a tweet, was surprised about Ofori-Atta’s position that he’s disappointed foreign lenders have been slow to act in supporting Ghana’s quest to get a programme from the International Monetary Fund.

“As 33 African countries suffer from record debt burden, Ghana’s Finance Minister, Ken Ofori-Atta is disappointed that foreign lenders had been ‘slow to act’, but instead of recognising mismanagement, he is blaming creditors for Ghana’s debt burden,” Professor Hanke concluded.

As an experienced Economist who have been teaching courses in economics or related subjects, I would like to suggest that Ghana takes advantage of the current economic challenges to reset interest rate to accelerate private sector growth and quicken the recovery of the economy. In this case, the private sector led the economic recovery process post the domestic debt exchange programme. It has further identified the opportunities in the current economic crisis that can leverage to spur private sector growth.

The next step supports the private sector and their performances as the engine and driver for long-term growth, despite the turbulent economic situation, particularly in the country and in the West African region and generally across the world.

Overall, the most critical step now is improving the quality of governance in Ghana, and that would require the government to address issues such as weak institutions, lack of accountability and ineffective public services. This would involve increasing transparency in government operations, strengthening institutions such as the judiciary, and improving public service delivery.

But one more significant question, as I have already pointed out, is to ensure good governance and build confidence in public institutions. It could be a positive indication and the trust that the economy needs to bounce back and attract foreign investment in the areas for public-private collaboration.

Quite apart from that, it is an additional advantage that Ghana hosts the headquarters of the African Continental Free Trade Area (AfCFTA), described as a unique and valuable platform for businesses to access an integrated African market. This could be the strongest dimension to build intra-trade and cooperation with neighbours in West Africa.

With economic growth and sustainability concerns, it is highly suggested that Ghana reviews its imports and attempts to focus more on import substitution policies and the areas it natural comparative advantages. It refers to the implementation of policies and measures that aim to address a country’s food security and self-sufficiency. It helps to cut import expenditures and redirect finances to support domestic food production. It reduces budget deficits and addresses financial imbalances leading to the improvement of economic sustainability.

One way to achieve this is by implementing policies and measures that reduce government spending and waste. This could involve a combination of measures such as rationalizing government programmes, reducing subsidies and cutting non-essential expenditures. The goal is to create a leaner, more efficient government that can better manage its finances.

This could involve strengthening budgetary controls, improving public financial management systems, and enhancing the transparency and accountability of government finances. By doing so, Ghana can ensure that public funds are used efficiently and effectively – and that the country’s fiscal position is sustainable over the long term.

As the IMF reported, the authorities’ economic programme, supported by the ECF arrangement, builds on the government’s Post Covid-19 Programme for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

Securing timely debt restructuring agreements with external creditors will be essential for successfully implementing the new Extended Credit Facility (ECF) arrangement. The Executive Board’s decision will enable an immediate disbursement to Ghana equivalent to SDR 451.4 million (about $600 million). The authorities have taken bold steps to tackle these deep challenges, including by accelerating fiscal adjustment, revenue administration and public financial management, and steps to address weaknesses in the energy and cocoa sectors.

However, it is focused on restoring macroeconomic stability and debt sustainability and implementing wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth. Ms Kristalina Georgieva, Managing Director, explicitly said in her message that “An ambitious structural reform agenda is being put in place to reinvigorate private sector-led growth by improving the business environment, governance, and productivity.”

Ghana has an economic plan known as the “Ghana Vision 2020”. This plan envisions the first to become a developed African country between 2020 and 2029 and a newly industrialized country between 2030 and 2039. As of 2019, it was the 7th largest producer of gold in the world. It is a leading producer and exporter of cocoa to Europe. The Republic of Ghana, with a population of over 32 million, is located on the coast of West Africa.

Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is a fellow at the North-Eastern Federal University, Russia

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Essent Slashes Contact Centre Technology Costs by 50%

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Essent Energy provider

By Modupe Gbadeyanka

The Netherlands’ largest energy provider, Essent, has cut the technology costs of its contact centre infrastructure by half.

The organisation, which serves 2.5 million customers, recorded zero critical incidents post-migration and improved agent workplace satisfaction by 36 per cent.

The migration was delivered in partnership with AI-first customer experience transformation specialists, Sabio Group, and was completed in under 12 weeks for an operation spanning over 1,000 agents across two locations.

Agents were forced to juggle multiple disconnected screens simultaneously — a workflow that was as inefficient as it was stressful.

“Our agents were constantly working with different screens — multiple chat instances open at once, multiple agent desktop instances. It was messy, and in some cases, quite stressful,” SAFe Product Manager for Customer Interaction, Omnichannel and Digital Transformation at Essent, Michiel Kouijzer, stated.

“A lot of colleagues were saying I was mad for even suggesting this approach. It kind of feels like a victory on a personal level that it did work out. You just have to be a little ambitious — and have the right expert partner who can make it work,” Kouijzer added.

With stable cloud infrastructure now firmly in place, Essent is turning its attention to the capabilities that were impossible in its legacy environment: AI-powered call summarisation, agentic customer self-service, and next-generation workforce optimisation.

Rather than a reckless ‘big bang’ cutover that could have affected service to millions of households, Sabio engineered a phased migration strategy — beginning with Essent’s SME segment to validate technical readiness before scaling to the full enterprise operation.

“This project showcases Sabio’s unique position in the contact centre technology landscape. We’re not just moving Essent to the cloud — we’re establishing a foundation for continuous improvement in their customer experience delivery,” the Country Manager for Sabio Group Benelux, Wouter Bakker, commented.

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Africa: A New Market for Russian Business

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New Market for Russian Business

By Kestér Kenn Klomegâh

On April 11, the presentation of the book “Africa: a new market for Russian business” took place, which aroused lively diverse interests among business representatives, entrepreneurs and employees of federal structures of Russia. The event was dedicated to discussing the prospects of Russian companies entering the African market and became a platform for the exchange of views and experiences.

Participating guests, packed in the small hall, included:

– representatives of business circles,

– entrepreneurs interested in new directions of development,

– employees of federal agencies curating foreign economic activity.

The presentation was held in a constructive and friendly atmosphere. The author of the book, Serge Fokas Odunlami, detailed the key ideas and conclusions presented in the publication. Particular attention was paid to the practical aspects of operating in the African market, as well as the analysis of opportunities and risks for Russian companies.

During the lively discussion, participants asked questions, shared their experiences and made suggestions for developing cooperation with African countries. This format allowed not only to get acquainted with the content of the book, but also to discuss topical issues of expanding business relations.

Meaning of the book: The publication, “Africa: a new market for Russian business” offers readers not only analytical, but also practical recommendations on investment and market trends, and how to enter the African market. The book will be a useful tool for those considering Africa as a promising destination for investment and business development.

The presentation of the book became a significant event for the Russian business community interested in expanding cooperation with Africa. Serge Fokas Odunlami introduced the participants to the new edition, which is a comprehensive business guide that gives an impetus for dialogue and implementation of joint entrepreneurial projects and corporate initiatives across Africa.

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Ryan Collyer Reveals Reasons Behind Africa’s Significant Energy Deficit

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Ryan Collyer Rosatom CEO

By Kestér Kenn Klomegâh

Perhaps Russia’s state nuclear corporation, Rosatom, is at the frontline, shaping Africa’s energy security. And African countries are also accelerating coordinated efforts to build nuclear power plants primarily to supply their energy, which will drive industrialisation and boost power capacity for domestic utilisation.

Energy experts say adopting nuclear can further support a diverse energy mix, reduce reliance on fossil fuels, and help across the continent. Over the past two decades, Russia has been collaborating with African countries, adopting energy initiatives to provide power to approximately half the continent’s population, and making it an important component of Africa’s future energy strategy and solutions. At this point, however, it is necessary to underline the irreversible fact that Russia’s ultimate goal is to ensure long-term African energy security.

In this interview, Rosatom’s Chief Executive Director for Central and Southern Africa, Ryan Collyer, reiterates the strategic importance of Russia-Africa’s energy cooperation through strengthening bilateral agreements on collaboration on the peaceful use of nuclear energy. Collyer explains that the Russian approach is its ability to offer an integrated solution, from technology and financing to training and localisation. According to him, partnerships must be built on mutual benefit and on the principle of transparency. Here follows the interview excerpts:

What are the expectations, specifically in the nuclear energy sphere, for Africa during the forthcoming Russia–Africa Summit scheduled for 2026?

The expectation is a clear shift from dialogue to delivery. Over the past few years, we have built a strong foundation through agreements, feasibility discussions and partnerships. The 2026 Russia–Africa Summit is an opportunity to demonstrate tangible progress.

In practical terms, I would expect greater focus on implementation readiness. That includes regulatory development, human capital, financing models and localisation strategies. We also expect to see more structured cooperation in areas like small modular reactors, which are particularly relevant for many African grids, as well as stronger emphasis on education and training partnerships. Ultimately, the success of the Summit will be measured by how many initiatives move from concept to execution.

Why, despite many bilateral agreements, is Africa still experiencing a significant energy deficit?

Africa’s energy deficit is not a result of a lack of ambition or agreements. It is primarily a question of scale, financing and infrastructure readiness. Energy projects, especially large-scale ones, require long-term investment, stable policy frameworks and strong institutional capacity. Many countries are working under fiscal constraints, and at the same time, demand is growing rapidly due to population growth and urbanisation. So, even when progress is made, it can be outpaced by rising demand.

It is also important to understand that many agreements are not meant to deliver immediate infrastructure. They are part of a longer preparation cycle, including feasibility studies, regulatory development and workforce training. Nuclear projects in particular are long-term by nature, and while this can be perceived as slow progress, it is actually a reflection of the level of diligence required.

How do you assess the contribution of nuclear energy to climate change mitigation and technological development in Africa?

Nuclear energy plays a dual role in Africa’s development, both as a clean energy source and as a driver of technological advancement. From a climate perspective, nuclear provides reliable, low-carbon electricity at scale. Africa needs a significant expansion of its energy capacity to support economic growth, and this growth must be both stable and sustainable.

Nuclear allows countries to increase power generation without increasing emissions, while ensuring a consistent baseload supply. At the same time, its impact goes beyond electricity. Nuclear technologies support medicine, agriculture, water management and industrial processes. Across Africa, they are already used in areas such as cancer treatment, food preservation and environmental monitoring, making nuclear a broader platform for sustainable development.

In this context, Rosatom offers integrated solutions across the full nuclear value chain. This includes large-scale and small modular reactors, as well as advanced non-power applications such as nuclear medicine and irradiation technologies. Our focus is on delivering practical, tailored solutions that support long-term development and local capacity building.

Is Africa unprepared to deal with nuclear waste, as some critics suggest?

I would say that preparedness varies across countries, but it would be inaccurate to suggest that the issue is being ignored. Responsible nuclear programmes require a comprehensive approach to waste management from the very beginning. This includes legal frameworks, regulatory oversight, storage solutions and long-term planning. These elements are part of international best practice and are supported by organisations such as the IAEA. What is true is that this topic is often undercommunicated in the public space. It should be discussed more openly, because transparency builds trust.

Countries that are serious about nuclear energy understand that waste management is not optional. It is a core component of the programme, and it is addressed in parallel with all other aspects of development. Rosatom offers comprehensive solutions for spent fuel and radioactive waste management. These include technologies for safe storage, transportation, reprocessing and recycling of nuclear materials. In fact, advanced reprocessing solutions allow for the reuse of valuable components of spent fuel, significantly reducing the volume of waste and improving the overall sustainability of the nuclear cycle.

Nuclear power remains controversial. Why do you believe it is important for Africa, and what role does it play in the energy mix?

Africa needs a balanced and pragmatic energy strategy. The conversation should not be about choosing one technology over another, but about building an energy mix that is reliable, affordable and sustainable. Renewables will play a critical role and are already expanding rapidly. However, they are variable by nature. For industrialisation, countries also need stable, continuous power that is baseload. This is where nuclear can make a meaningful contribution. A diversified energy mix that includes renewables, nuclear, hydropower and other sources allows countries to reduce risk, improve energy security and support long-term economic growth.

Nuclear is not the only solution, but it is an important part of a resilient system, especially for countries with growing industrial ambitions. In this context, Rosatom is able to support countries with integrated energy solutions that combine reliability, sustainability and long-term partnership models, tailored to national development priorities.

How can we shift public perception, given the legacy of Chornobyl and Fukushima?

We cannot rewrite history, and we should not try to. Events like Chornobyl and Fukushima shaped public perception for a reason. The starting point is respect for those concerns, not dismissal. At the same time, what is often missing in the conversation is what happened after those events. Chornobyl, in particular, fundamentally reshaped the entire philosophy of nuclear safety. It led to a complete rethinking of reactor design, emergency response, and regulatory oversight. Independent regulators were strengthened, safety responsibilities were clearly separated from operators, and safety culture became not just a principle but a legal requirement supported by continuous drills and probabilistic risk assessments.

Technologically, the industry also changed dramatically. Modern reactors are designed to withstand even worst-case scenarios, with multi-layered “defence-in-depth” systems, core melt traps, and passive safety mechanisms that rely on natural physical processes rather than human intervention. These are not incremental improvements. They are the direct result of lessons learned at a very high cost. But facts alone do not change perception. People do not build trust through reports. They build it through experience and transparency. That is why our approach in Africa is deliberately open.

We create opportunities for students, young professionals and journalists to visit nuclear facilities, research centres and training programmes. When people can see how systems operate, how safety is managed, and how seriously it is taken, the conversation becomes more grounded and less abstract. There is also an important human dimension that is often overlooked.

The history of Chornobyl is not only a story of tragedy. It is also a story of professionalism, responsibility and the people who managed the crisis and generated the knowledge that made today’s safety standards possible. Acknowledging that the full picture helps move the discussion away from fear alone toward understanding. At the same time, we need to broaden the narrative. Nuclear is not only about power generation. It is about cancer treatment, food security, water management and high-skilled employment. When communities begin to connect nuclear technology with real benefits in their own lives, it stops being an abstract risk and starts becoming a practical solution. Ultimately, perception does not change through persuasion. It changes through consistency. Through transparency, long-term engagement, and real-world impact.

What are your final thoughts on Russia’s preparedness to support Africa’s nuclear ambitions?

Russia has demonstrated that it is committed to long-term partnerships in Africa, particularly in the nuclear sector. We are already seeing concrete examples of cooperation in areas such as project development, education and skills transfer. The key strength of the Russian approach is its ability to offer an integrated solution, from technology and financing to training and localisation. Partnerships must be built on mutual benefit and transparency. Africa’s priorities are clear: energy security, economic development and local capacity building. Any partner that is ready to contribute to these goals consistently and practically will have a meaningful role to play. If we look country by country, the picture becomes even more interesting.

Take Ethiopia. This is a country thinking long-term about energy security and industrialisation. It has strong hydropower, but also understands the need to diversify. Ethiopia is prepared to take a big step towards nuclear energy. In Rwanda, the approach is different. It is focused on innovation and speed. There is a strong interest in small and flexible nuclear technologies, alongside active use of nuclear science in healthcare and agriculture. What stands out is the clarity of vision and pace of implementation.

Then, there is Namibia. As a major uranium producer, the question is how to move up the value chain. Partnerships can help connect resources to technology, skills and future energy applications. So, Russia’s role is not one-size-fits-all.

The real strength lies in adapting to each country’s strategy. If that continues, nuclear cooperation becomes not just about energy, but about shaping long-term technological development. Rosatom is one of the few global players capable of delivering the entire nuclear value chain. This includes reactor technologies, fuel supply, waste management solutions, including reprocessing, as well as long-term operational support and human capital development. This comprehensive capability is what allows us to move projects from concept to reality in a structured and sustainable way.

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