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Ghana Government Committed to Local Reinvestment of Petroleum Funds to Drive Energy Infrastructure and 24-Hour Economy

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The Ghanaian government is advancing plans to redirect a portion of the Ghana Petroleum Funds (GPFs) toward domestic investments in energy and industrial projects, a bold policy shift designed to boost power reliability, create jobs, and support the flagship 24-Hour Economy initiative.

Technical Advisor to the Ministry of Finance Dr. Theo Acheampong outlined the proposal during a technical roundtable in Accra, organized by the Natural Resource Governance Institute (NRGI) and the Public Interest and Accountability Committee (PIAC).

The plan seeks to amend the Petroleum Revenue Management Act (PRMA) to allow investments beyond traditional low-risk foreign securities, channeling funds into commercially viable infrastructure such as thermal power plants, gas processing facilities, and related energy developments.

Under current rules, the GPFs—comprising the Stabilisation Fund and Heritage Fund—have accumulated approximately US$1.46 billion since 2011, generating average annual returns of about 1% (US$194.9 million total). Finance Minister Dr. Cassiel Ato Forson highlighted in the 2026 Budget Statement that this conservative approach limits economic impact, proposing new qualifying instruments to invest domestically for higher long-term returns and tangible benefits.

Proponents argue the move would enhance energy security, lower costs, stimulate industrial growth, and align with national priorities like the 24-Hour Economy by ensuring reliable power supply. Safeguards, including escrow arrangements and political-risk guarantees, are being highlighted to mitigate exposure.

However, the proposal has sparked debate among civil society and experts. PIAC Chair Richard Kojo Ellimah called for robust monitoring, while NRGI’s Africa Director Nafi Quarshie described it as a “consequential policy shift” that alters the balance between risk and security, warning of concentrated economic and political risks, potential blurring of the Heritage Fund’s savings purpose, and challenges to fiscal discipline without strong rules and oversight.

Policy experts from the Africa Centre for Energy Policy (ACEP) suggested a merged fund model with an initial 40% allocation to domestic projects, scaling to 60% if performance exceeds foreign benchmarks, with reversion to full foreign investment if unsuccessful.

The discussions follow recent PRMA amendments in December 2025, which expanded investment options and withdrawal mechanisms. PIAC has urged comprehensive stakeholder engagement, enhanced transparency, parliamentary oversight, and a full Act review to protect future generations and maintain the funds’ stabilisation role.

As Ghana seeks to maximize petroleum revenues amid global energy transitions, this proposed reinvestment strategy could mark a pivotal step toward greater domestic economic leverage—if balanced with prudent governance.

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Ghana’s 5G Future Hinges on Speed and Scale – Telecom Expert Warns as NCA Targets Exclusivity Clause

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Accra, Ghana – March 5, 2026 – Ghana risks falling behind the global 5G elite unless the country dramatically accelerates infrastructure rollout and connects mobile operators to active networks soon, according to respected telecom policy commentator Samuel Nii Narku Dowuona.

Speaking to Ghana News Global in response to the National Communications Authority’s (NCA) move to remove the 10-year exclusivity clause from Next-Gen Infraco’s (NGIC) 5G licence, Dowuona praised the regulatory shift but stressed urgency.

“5G infrastructure places any country among the elite in the world,” he said. “What we need to do in Ghana is to find a way to roll out the infrastructure wider and faster.”

NGIC, awarded exclusive rights in 2024 to build and operate a shared 5G network until 2034, has so far deployed only 49 sites nationwide—43 in Greater Accra, 2 in Ashanti, and one each in Western, Northern, Bono, and Central regions. No telecom operator (MTN, Vodafone, AirtelTigo, or others) is yet connected to deliver direct 5G services to customers.

Dowuona highlighted that while 5G won’t automatically attract big tech giants, it will draw multinationals in mining, oil & gas, manufacturing, healthcare, and agriculture by enabling efficient, real-time enterprise solutions.

He gave the example of a 5G-equipped ambulance streaming live data to a hospital doctor for remote care—technology that could save lives in emergencies.

The NCA’s proposed amendment, issued under Section 14 of the Electronic Communications Act, 2008 (Act 775), aims to promote competition, innovation, consumer choice, faster digital transformation, and efficient spectrum use. The change would take effect in 90 days unless NGIC successfully objects. The Authority also noted NGIC’s default on licence fee instalments, which it is addressing separately.

The regulatory pivot signals a potential shift toward a competitive 5G market, allowing operators to deploy independently or negotiate better terms with NGIC. Analysts say this could unlock enterprise-grade applications—remote surgery, precision agriculture, smart mining, and industrial IoT—while supporting President Mahama’s 24-Hour Economy vision.

With only 49 sites active and no commercial 5G services live, Ghana lags far behind regional peers like Nigeria, South Africa, and Kenya. Dowuona’s call for speed underscores a critical window: accelerate deployment and connectivity now, or risk missing the 5G economic dividend.

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5 Foreign Governments Pressure Ghana to Abandon Proposed Gold Royalty Overhaul

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Foreign governments are reportedly pressing Ghana to reconsider a proposed overhaul of its gold royalty system, raising concerns that the move could significantly increase the tax burden on major mining companies operating in the country.

According to a report by Reuters, governments from Canada, Australia, China, South Africa, and the United States have raised diplomatic concerns about a new sliding-scale royalty regime currently before Ghana’s Parliament.

The proposed measure, introduced on December 19, 2025, would replace Ghana’s long-standing de facto 5% gold royalty with a price-linked system ranging from 5% to 12%. Under the new structure, royalty rates would increase automatically when global gold prices rise.

Potential Immediate Impact

With global gold prices currently trading above $5,000 per ounce, analysts say the practical effect could be immediate. Many large-scale mining operations in Ghana would likely fall directly into the 12% royalty bracket once the Legislative Instrument matures on March 6.

If implemented, the change would mark one of the most significant revisions to Ghana’s mining fiscal regime in years.

For more than a decade, mining companies have effectively paid a 5% royalty on revenue, alongside a 35% corporate income tax, a 3% Growth and Sustainability Levy, and other statutory charges such as withholding taxes, mineral rights fees, and surface rents.

When combined, the government’s share of mining revenue currently sits at roughly 48% to 50%.

Industry models suggest the new sliding-scale system could increase the effective government take to between 60% and 68%, potentially making Ghana one of the highest-taxed mining jurisdictions in the world.

Why Foreign Governments Are Concerned

Many of the world’s largest gold mining companies operating in Ghana are headquartered or financed through the countries now raising concerns.

Governments often advocate for stable fiscal regimes for companies investing abroad, particularly in capital-intensive sectors such as mining, where projects can require billions of dollars in upfront investment and operate for decades.

Sudden or steep changes in royalties can alter project economics, potentially affecting future investment decisions.

Transparency Questions

Analysts say the main issue is not the concept of a sliding-scale royalty itself. Many resource-rich nations adopt similar systems to capture larger shares of windfall profits during commodity booms.

Instead, the concern centers on how Ghana determined the 5%–12% range.

So far, the country’s Lands Ministry has not publicly released the economic modelling or fiscal analysis behind the proposal. Without that data, investors and industry groups have been forced to independently estimate the potential impact on profitability and long-term government revenue.

Publishing the government’s assumptions, analysts say, could help clarify whether the policy would strengthen Ghana’s fiscal position or risk discouraging future mining investment.

A Delicate Policy Balance

Ghana is Africa’s largest gold producer, and the mining sector remains one of its most critical economic pillars. The industry generates billions in export earnings and provides a significant share of government tax revenue and foreign exchange.

The proposed royalty reform highlights a familiar dilemma for resource-rich economies.

Rising commodity prices create opportunities for governments to capture a larger share of profits from natural resources. At the same time, tax regimes viewed as overly burdensome may discourage investment or shorten the lifespan of mining projects.

Until the government releases detailed fiscal modelling behind the proposal, uncertainty surrounding the policy is likely to persist — both among mining companies and Ghana’s international partners.

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Ghana’s Upcoming 5G Rollout to Open Door for Better Enterprise Solutions

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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.

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