Business
Ethiopia on Track to Becoming Africa’s Next Gold Powerhouse with Upcoming $340 Million Tulu Kapi Mine
Ethiopia has taken a major step toward reshaping its mining sector after securing $340 million in financing to develop the Tulu Kapi gold project, a move that could position the country as one of Africa’s emerging gold producers.
According to a report by Business Insider Africa, the funding package includes about $240 million in long-term debt from African development lenders and $100 million in equity, enabling project developer KEFI Gold and Copper to advance the venture into full-scale construction. Once operational, Tulu Kapi is expected to become Ethiopia’s largest modern gold mine.
KEFI Executive Chairman Harry Anagnostaras-Adams confirmed that the debt arrangements have now been fully signed, triggering activity on the ground.
“We are delighted that the Tulu Kapi debt offering has now been signed by all the relevant parties. This has triggered further activity at site as part of the launch of full project development and is allowing the remaining equity proposals to be finalised amongst the assembled local and specialist investors,” he told Business Insider Africa.
Anagnostaras-Adams added that the timing is strategic, noting that global gold prices are at record highs, making the project particularly attractive to investors.
“With the gold price at a record high, this is the perfect time to be launching Tulu Kapi,” he said.
Production Outlook and Economic Impact
Located approximately 360 kilometres west of Addis Abeba, the Tulu Kapi mine is designed as an open-pit operation, with potential for underground expansion in later phases. The project is expected to produce around 164,000 ounces of gold annually during its first seven years, with commercial production targeted for 2027, according to Business Insider Africa.
At those levels, the mine would rank among Ethiopia’s most significant gold operations, offering a substantial boost to foreign exchange earnings at a time when many African economies are grappling with currency pressures.
Early preparatory works are already underway, including housing development, road access, and power infrastructure, signalling that full construction is imminent.
Government Partnership and Strategic Shift
The Ethiopian government is a key partner in the project, holding a carried interest and committing to an equity stake. The arrangement reflects Addis Abeba’s broader strategy to modernise its mining sector, which has historically been constrained by underinvestment and artisanal operations.
Business Insider Africa notes that Tulu Kapi is expected to serve as a flagship investment, showcasing Ethiopia’s largely untapped mineral potential and helping to attract additional foreign direct investment into the sector.
Regional Context
The project also fits into a wider continental trend. Across Africa, governments are seeking to extract greater value from natural resources, particularly gold, which has increasingly been used as a hedge against currency shortages and external economic shocks. Countries such as Ghana, Sudan, and several Sahel states have stepped up state involvement in mining to stabilise public finances.
For Ethiopia, the successful development of Tulu Kapi could mark a turning point—transforming mineral wealth into jobs, infrastructure development, and sustained hard-currency revenues, while elevating the country’s profile in Africa’s gold industry.
Business
Ghana’s Upcoming 5G Rollout to Open Door for Better Enterprise Solutions
Accra, Ghana – March 4, 2026 – The National Communications Authority (NCA) has formally proposed to cancel the exclusivity clause in Next-Gen Infraco’s (NGIC) 5G licence, a decision that—if approved—would end NGIC’s ten-year sole right to deploy and operate 5G networks in Ghana and allow other operators to roll out 5G services independently.
In a Notice of Proposed Licence Amendment issued under Section 14 of the Electronic Communications Act, 2008 (Act 775), the NCA stated that removing the exclusivity provision is “in the public interest” and will achieve four key objectives:
– Promote competition and innovation in 5G services
– Enhance consumer choice and service quality
– Accelerate nationwide digital transformation
– Ensure optimal and efficient use of spectrum as a national resource
The proposed change would take effect 90 days from the date of the notice unless NGIC successfully objects during the statutory consultation period. The NCA emphasized that the amendment follows due process and aligns with its mandate to regulate the sector transparently and in the national interest.
NGIC was awarded the 5G licence in 2024 with the exclusive right to build and operate a shared 5G network until 2034. All mobile network operators (MNOs) wishing to offer 5G services were required to partner with NGIC. As of early 2026, NGIC has deployed only 49 sites nationwide: 43 in Greater Accra, 2 in Ashanti, and one each in Western, Northern, Bono, and Central regions.
The NCA also disclosed that NGIC is currently in default of its licence fee instalment payments and said the Authority is addressing the matter under the relevant licence conditions and statutory provisions.
Implications for Ghana’s Telecoms Sector
The proposed removal of exclusivity is widely seen as a potential game-changer for Ghana’s digital economy. Industry analysts and telecom executives have long argued that a single-provider model risks delaying nationwide coverage, limiting innovation, and keeping 5G prices high.
Samuel Nii Narku Dowuona, a telecom policy commentator, told Ghana News Global that true 5G competition would accelerate enterprise solutions in mining, oil & gas, manufacturing, healthcare (e.g., real-time telemedicine from ambulances), and agriculture (e.g., precision farming via IoT sensors).
“5G is great for enterprise solutions,” Dowuona said. “Businesses can provide services more efficiently to clients. Think of an ambulance fitted with 5G gadgets communicating in real time with a doctor at a hospital—such a solution could have saved lives in recent emergencies.”
The NCA’s move signals a shift toward a more competitive 5G landscape, potentially allowing MTN, Vodafone, AirtelTigo, and other operators to deploy their own networks or negotiate better terms with NGIC.
Faster rollout could also help Ghana close the digital divide, improve e-government services, attract foreign tech investment, and support President Mahama’s 24-Hour Economy agenda.
NGIC has not yet publicly responded to the proposed amendment. The NCA reiterated its commitment to fair, predictable regulation that balances investment incentives with consumer benefits and efficient spectrum use.
Business
Ghana Records 14th Straight Drop in Inflation, Hits 3.3% in February 2026
Accra, Ghana – March 4, 2026 – Ghana’s inflation rate continued its remarkable downward trajectory, falling to 3.3% in February 2026—the 14th consecutive monthly decline and the lowest level since the 2021 rebasing of the Consumer Price Index (CPI).
According to fresh data released by the Ghana Statistical Service, the CPI rose from 255.9 in February 2025 to 264.4 in February 2026, translating into a year-on-year inflation rate of 3.3%. This marks a dramatic improvement from the 23.1% recorded in February 2025—a 19.8 percentage point reduction within 12 months.
On a month-on-month basis, prices increased modestly by 0.8% between January and February 2026, reflecting controlled short-term pressures.
Key highlights from the report include:
Food & non-alcoholic beverages inflation slowed sharply to 2.4% (from 3.9% in January), offering welcome relief to households.
Non-food inflation rose slightly to 4.0% (from 3.8%).
Imported inflation dropped significantly to 0.6% (from 2.0%), signaling reduced external price pressure.
Locally produced goods inflation eased to 4.5% (from 4.6%).
Goods inflation fell to 3.2% while services inflation declined to 3.7%.
Regional variation remained: the Savannah Region recorded the lowest rate at -5.6%, while the North East Region posted the highest at 8.9%.
The sustained easing underscores the effectiveness of recent monetary and fiscal measures under the current administration, including tighter policy coordination, improved supply chains, and reduced import costs following cedi stability.
With inflation now firmly anchored in low single digits for the first time in years, policymakers and economists are shifting focus to maintaining this momentum amid external risks—particularly volatile global energy prices and geopolitical tensions in the Middle East that could reverse gains.
The Ghana Statistical Service will release the March 2026 CPI figures next month.
Business
Ghana’s Mega Infrastructure Push: 10 Game-Changing Projects Set to Transform the Country in 2026
Accra, Ghana – March 3, 2026 – Ghana is in the midst of one of the most ambitious infrastructure drives in its history, with ten massive projects—ranging from railways and highways to solar parks, gas processing plants, and a landmark petroleum hub—poised to reshape transportation, energy, trade, and economic opportunity across the country and West Africa.
A recent viral video breakdown highlights these “megaprojects” as the backbone of Ghana’s development agenda under President John Dramani Mahama’s administration, emphasizing their role in modernizing mobility, boosting industrial output, ensuring energy security, and positioning Ghana as a regional economic powerhouse.
Top 10 Megaprojects Driving Ghana Forward
1 Big Push Roads Network
The flagship of Ghana’s GH¢30.8 billion infrastructure plan, this nationwide programme includes over 32 major road projects—dual carriageways, bridges, and interchanges—along critical corridors such as Accra–Kumasi, Tema–Aflao, and Cape Coast–Takoradi. Sod-cutting ceremonies began in 2025, with rapid progress expected in 2026. The network aims to slash congestion, cut transport times, lower logistics costs, and unlock trade, agriculture, and manufacturing growth.
2 Ghana Petroleum Hub
A $60 billion mega-development in the Jomoro Municipality near the western border, the hub integrates exploration, refining, storage, and export facilities. Groundwork accelerates in 2026, promising thousands of jobs, foreign investment, and a shift from net importer to regional energy leader.
3 Big Push Road Interchanges
Eight major interchanges along the Accra–Kumasi corridor target chronic urban congestion, supporting the 24-Hour Economy by improving traffic flow, reducing delays, and boosting productivity for commuters and businesses.
4 Trans-ECOWAS Railway
A proposed 530 km standard-gauge corridor linking Ghana’s eastern and western borders to Togo and Côte d’Ivoire. Feasibility studies continue, with potential construction start in 2026, aiming to revolutionize regional trade and connectivity.
5 Dawa Solar Park Phase 1
Ground broken in November 2025, this 100 MW solar facility in the Dawa Industrial Enclave near Accra is set for completion by December 2026. Phase 2 will double capacity to 200 MW, offering industrial users a 10% energy discount and significantly cutting carbon emissions.
6 OCTP Gas Processing Upgrade
Offshore Cape Three Points (OCTP) facility expanded to 270 million standard cubic feet per day in 2025, supplying ~70% of Ghana’s domestic gas and ~34% of electricity. The upgrade strengthens energy security and reduces reliance on imported fuels.
7 Amer Power Plant Relocation
Relocation of the Amer plant from Aboadze to Anwomaso in the Ashanti Region (ongoing since 2024) optimizes distribution, reduces transmission losses, and improves reliability for northern regions.
8 Bui Hydro-Solar Hybrid Phases 2 & 3
Adding 150 MW of solar to the existing Bui hydroelectric plant in the Bono Region, this hybrid expansion enhances renewable output, preserves water resources, and provides stable power even during low-rainfall periods.
9 Wiawso–Sankore Road
A 195 km highway across Bono East, Savannah, and Upper West regions, divided into seven lots for faster construction. Part of the Big Push initiative, it will accelerate agri-freight, connect regional capitals, and open rural markets.
10 Kojokrom–Manso Railway
A standard-gauge mineral freight line in the Western Region, 16% complete by 2023 and targeted for full operation by May 2026. Designed to move bulk cargo (gold, bauxite, manganese) efficiently to ports, reducing road congestion and transport costs.
These projects collectively aim to modernize Ghana’s transport backbone, secure reliable energy, integrate renewables, boost agricultural and industrial value chains, and position the country as a West African trade and logistics hub. Many are already under construction or in advanced planning, with 2026 marking a pivotal year of acceleration.
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