2024 has been a year of twists and turns for Ghana’s business and economic landscape. From bold policy initiatives to deals cutting across all major sectors of the economy. As the year draws to a close, The High Street Journal is here to take you back memory lane on the major stories that made headlines. Join us as we unpack the year’s biggest stories that shaped industries, and impacted livelihoods.
Let’s start from the economy and finance front. The year 2024 started with the government continuing with bold steps to restore macroeconomic stability, fiscal consolidation, and structural reforms after Ghana secured the IMF bailout in May 2023.
After the completion of the Domestic Debt Exchange Program, the Eurobond Debt Exchange was initiated this year achieving 98% success giving the government a breathing space. Ghana completed the restructuring of $13 billion in US dollar bonds, reducing its debt by over $4 billion and exiting a nearly two-year debt default, signaling a significant turnaround for the nation’s economy
In February 2024, a major reshuffle occurred with the most talked about one being the removal of then-Finance Minister, Ken Ofori-Atta. He was replaced by Dr. Mohammed Amin Adam. The changes came almost a year after the #KenMustGo debacle when some NPP MPs rose against him calling for his removal citing poor management of the economy.
The year 2024 also witnessed an unprecedented threat by the entire Organized Labour to shut down the entire economy should the government fail to act decisively on the galamsey menace. However, the mass strike action was averted after the government made some concessions.
In November, the National Pensions Regulatory Authority (NPRA) restricted private pension fund managers from investing in offshore assets, citing concerns over potential pressure on the Ghanaian cedi.
The Monetary Policy Committee of the Bank of Ghana announced two policy rate cuts. First in January and the second in September 2024 reducing the rate to 27%.
The Bank of Ghana, this year launched the Ghana Gold Coin as part of initiatives to mop up excess liquidity in the system by promoting investment in the gold coin.
In the energy sector, the government continued with the restructuring of the energy sector debt. The negotiation talks were marred by entrenched disagreements as some IPPs abandoned the negotiation table. Sunon-Asogli proceeded to shutdown. After cool heads prevailed, the talks resumed.
Springfield Exploration and Production (SEP) in partnership with GNPC, successfully completed the appraisal well test of the Afina discovery announcing significant reserves in commercial quantities in 2024. This was historic as it marked the first independent Ghanaian and African energy company to operate a deep-water asset and make significant discovery.
Ghana launched the “Petroleum Hub” project in the Jomoro district, aiming to become the leading oil refiner in West Africa. The project, estimated at $60 billion, plans to construct three refineries with a total capacity of 900,000 barrels per day by 2036.
In the agricultural sector, an intensive dry spell coupled with the spillage of the Bagre destroyed large hectares of farmland threatening the food security of the country. A national response led to the importation of food and the distribution of relief items to mitigate the impact.
The cocoa sector also saw two significant increments in prices as part of efforts to curb smuggling and better the lives of farmers.
The year 2024 also witnessed a debacle between COCOBOD and the Minister for Finance over the cocoa syndication loan. While the CEO of COCOBOD announced plans to abandon the age-old practice of syndication, the Minister later opposed the announcement insisting COCOBOD will continue with the practice. This brought confusion and uncertainty among industry players.
Moreover, the devastation caused by galamsey, climate change, and other factors forced COCOBOD to revise downwards its cocoa production projection from 810,000 metric tons to 650,000 metric tons in 2024.
On the front of mining, Newmont announced the sale of its Akyem gold mine in Ghana to China’s Zijin Mining for up to $1 billion, as part of its strategy to divest non-core assets following its acquisition of Newcrest in 2024.
The government also cancelled the mining license of Future Global Resources, operators of the Bogoso-Prestea mines after several agitations by the Ghana Mines Workers Union. FGR was accused of failure to develop the mine and inability to pay the wages and benefits of workers.
Cassius Mining, an Australian gold miner, filed a $443 million claim against the Ghanaian government in the Court of International Arbitration in London. The company alleges that the non-renewal of their prospecting license led to substantial financial losses.
In the aviation sector; Virgin Atlantic announced plans to launch daily flights from London Heathrow to Accra’s Kotoka International Airport, starting May 1, 2025. This move aims to serve the significant Ghanaian diaspora in the UK.
GACL announced plans to remodel Terminal 2 at Kotoka International Airport for both domestic and international use in 2024, aiming to enhance passenger experience and accommodate increasing traffic.
After the numerous controversies, the historic London-Kumasi direct chartered flight arrived at the Prempeh International Airport marking a significant milestone in the country’s aviation industry.
PANAF AIR received its Air Carrier License from the Ghana Civil Aviation Authority, marking a significant development in domestic and regional air travel within West Africa.
GACL closed McDan Aviation’s Fixed Base Operator terminal at Kotoka International Airport, citing an outstanding debt exceeding $3.9 million. However, McDan Aviation refuted the claim, expressing disappointment over the terminal’s closure amid ongoing discussions about financial obligations in 2024.
