Economy
Ghana Poll: SME Should Top Winner’s Agenda—Nmonwu
By Dipo Olowookere
The party that emerges as the winner of Ghana’s general election, to be held on 7 December, should seize the opportunity to drive economic growth by creating policies and a legislative environment where business builders can thrive.
That’s according to Mr Magnus Nmonwu, Regional Director for Sage in West Africa, the market and technology leader for integrated accounting, HR & payroll, and payment systems.
He said improving the ease of doing business as well as setting sound macro-economic policies would help to generate GDP growth for the Ghanaian economy.
Small & Medium Businesses are an engine for job and wealth creation in several growing economies around the world.
“Ghana has been an exemplary democracy for the past two decades and made some impressive progress in reducing poverty during the last commodities boom.
With its sound legal system and a regulatory environment that gives businesses stability, it is one of the most business-friendly countries in sub Saharan Africa,” says Mr Nmonwu.
“We believe that the time is now ripe for the government to collaborate more closely with the private sector on ways to create jobs and raise income levels. With an estimated 90% of businesses in Ghana being Small & Medium Businesses, this sector generates and drives much of Ghana’s income and employment. Supporting it can rekindle economic growth for the country.”
Mr Nmonwu further noted that one of Ghana’s most significant economic opportunities lies in diversifying its economic base and boosting exports. Government can support these opportunities through targeted investments in infrastructure, education and vocational training, and small business financing. “We have seen some interesting initiatives in recent years,” he adds.
Financing remains a challenge
“For example, the launch of the Ghana EXIM (Export Import) Bank addresses the need for financing if business builders in the country are to grow the small business sector and exports. Financing remains a challenge for many smaller Ghanaian companies, so providing them with low-interest loans is an intervention that will make a difference.”
Another area where focus could pay off is skills development, particularly with an emphasis on the science, technology, engineering and mathematics skills needed to boost the economy into the digital age and services economy. Ghana should also look at how investments in roads, power and telecoms – in partnership with the private sector – might drive growth by lifting productivity; it could also be a way to create opportunities for small businesses through procurement.
Modernising government IT
Modernising the government’s ICT system is another opportunity, Mr Nmonwu says. “By implementing the right accounting, payroll and citizen interaction systems, the government can improve efficiencies while showing its commitment to accountability and transparency,” he adds. “It can also use online technology to make it easier for entrepreneurs and individuals to interact with the government.”
“Entrepreneurship has the potential to power the economies in West African countries. It is entrepreneurs who are the drivers of prosperity, and it is in government’s interest to support them,” he says. “Business builders take risks to follow their dreams and pursue their passions, and they hold the key to West Africa’s prosperity.”
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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