Connect with us

Business

Mahama Announces Talks with Russia Over Ghana’s First Nuclear Power Station

Published

on

President John Dramani Mahama has announced that Ghana has begun discussions with Russia’s state-owned nuclear energy corporation, Rosatom, over the establishment of the country’s first nuclear power station.

The announcement was made on Thursday, October 29, during the Third Russia–Africa Summit in Moscow, where Mahama highlighted the importance of reliable and affordable electricity in supporting industrialisation and economic development across Africa.

The proposed partnership forms part of Ghana’s broader strategy to diversify its energy sources by combining nuclear power with renewable energy to meet the country’s growing electricity needs.

Mahama said Ghana was pursuing a diversified energy mix while laying the groundwork for the peaceful use of nuclear technology. He indicated that Russia’s experience in nuclear energy could provide opportunities for cooperation as Ghana seeks to strengthen its electricity supply and expand industrial production.

Ghana looks to nuclear power to support industrialisation

The President has repeatedly emphasised that Ghana’s industrial ambitions, particularly the processing and refining of minerals such as gold, bauxite and manganese, will require a dependable supply of electricity.

Moving beyond the export of raw materials towards local processing could increase demand for power. Nuclear energy is being considered as one potential source to support this transition, alongside solar and other renewable technologies.

A nuclear power station could eventually contribute to the country’s long-term electricity supply. However, the latest announcement concerns discussions with Rosatom and does not establish that a construction contract has been signed or that a final project timetable has been agreed.

Ghana and Russia have a history of nuclear cooperation

Mahama also recalled the longstanding nuclear relationship between Ghana and Russia, dating back to 1964, when the Soviet Union supplied Ghana with a two-megawatt nuclear reactor for scientific research.

He noted that Ghanaian nuclear scientists had also received training in Russia to operate the research reactor, highlighting an existing foundation for technical cooperation between the two countries.

IAEA Commends Ghana on Nuclear Power Programme Progress - World-Energy

Suggested image caption: An artist’s impression of a proposed nuclear power facility in Ghana. Image for illustration; it does not represent a confirmed construction site or final plant design.

Financing, technology and implementation remain key questions

Although the discussions could open a new chapter in Ghana–Russia energy relations, several important issues remain to be clarified before the project can move forward.

These include the cost of construction, financing arrangements, the choice of reactor technology, regulatory approval, nuclear safety requirements, radioactive waste management and the development of a skilled local workforce.

Ghana will also need to determine how a potential Russian partnership would fit into its wider nuclear power programme and existing international cooperation.

The discussions therefore represent an important development in Ghana’s nuclear ambitions, but further technical, financial and regulatory decisions will be necessary before a plant can be built.

Mahama seeks broader economic cooperation

Beyond nuclear energy, the President used the Russia–Africa Summit to encourage stronger economic relations between Ghana and Russia.

He identified opportunities for collaboration in agriculture, agro-processing, fertiliser production, healthcare, pharmaceuticals, transport infrastructure and digital technology. He also called for measures to improve trade and facilitate legitimate transactions using local currencies and digital payment systems.

Ghana’s engagement with Russia reflects its search for partnerships that can support energy security, industrial development and economic diversification. Whether the nuclear discussions translate into a concrete project will depend on the outcome of negotiations and the arrangements ultimately agreed by both sides.

Business

MTN Reaffirms Commitment to Network Expansion as Ghana’s Digital Demand Grows

Published

on

MTN Ghana has reaffirmed its commitment to strengthening the country’s telecommunications infrastructure, describing its investment in 5G technology as a strategic move to sustain network quality and support the increasing demand for digital connectivity.

The telecommunications company says the investment reflects its determination to provide reliable and improved connectivity as more Ghanaians embrace digital services for business, education, communication and other essential activities.

According to MTN, the deployment of 5G technology forms part of its broader commitment to enhancing network performance and supporting Ghana’s growing digital economy.

The company believes that sustained investment in modern telecommunications infrastructure will be critical to meeting the evolving needs of consumers and businesses while creating opportunities for innovation.

MTN has also emphasised the importance of maintaining network quality as demand for faster and more reliable internet services continues to grow.

The renewed commitment comes at a time when digital connectivity is increasingly becoming an important driver of economic activity, with businesses and individuals relying on telecommunications services for their daily operations.

The company maintains that continued investment in network infrastructure will be essential to supporting Ghana’s digital transformation agenda.

Continue Reading

Business

Ghana Faces Growing Youth Employment Challenge as Joblessness Surpasses 32%

Published

on

Youth unemployment in Ghana has exceeded 32 per cent, highlighting the growing challenge of providing sustainable employment opportunities for the country’s young population.

Figures attributed to the Ghana Statistical Service indicate that approximately 12 million Ghanaians are between the ages of 15 and 35, placing significant pressure on the country’s labour market to create jobs and expand economic opportunities.

Ghana’s youth population continues to represent a significant proportion of the country’s human resource potential, but concerns remain over the limited employment opportunities available to many young people.

With approximately 12 million Ghanaians aged between 15 and 35, the country faces increasing pressure to develop policies and interventions that can translate its youthful population into productive economic contributors.

The reported youth unemployment rate of more than 32 per cent raises concerns about the ability of the economy to absorb young people entering the labour market.

The situation also highlights the need to strengthen technical and vocational education, expand entrepreneurship support, improve access to funding and encourage private-sector investment.

For many young people, securing decent and sustainable employment remains a major challenge, despite their educational qualifications and professional skills.

Stakeholders have therefore been urged to intensify efforts towards job creation, skills development and policies that support businesses to employ more young people.

As Ghana seeks to harness the potential of its youthful population, addressing unemployment will remain critical to economic growth, poverty reduction and national development.

Important statistical clarification

The headline needs a little adjustment to avoid misleading readers. According to the GSS:

  • 32.4% – Average unemployment among young people aged 15–24 during the first three quarters of 2025.

  • 21.9% – Average unemployment among those aged 15–35.

  • About 12 million – Ghanaians aged 15–35 in 2025.

  • Nearly 2 million – Young people aged 15–35 were not in employment, education or training in the third quarter of 2025.
Continue Reading

Business

Ghana introduces 22 laws to protect economic reforms – Ato Forson

Published

on

Ghana’s Finance Minister, Dr Cassiel Ato Forson, has disclosed that the government has introduced approximately 22 laws over the past 18 months as part of efforts to protect the country’s economic gains and ensure that ongoing reforms remain sustainable.

According to the minister, the legislative measures are intended to give the government’s economic policies a stronger legal foundation and make it more difficult for future administrations to reverse key reforms.

Dr Forson made the disclosure during a New Economy engagement at the University of Ghana on Friday, October 30, 2026.

He was responding to a question from Professor Fred Dzanku, Head of the Economics Division at the university’s Institute of Statistical, Social and Economic Research (ISSER), who sought to know how the government could ensure that its policies and development agenda would continue beyond its period in office.

The Finance Minister explained that the government’s approach involved introducing new legislation, repealing existing laws and amending current ones to protect important policy decisions.

He indicated that some of the proposed amendments would require a two-thirds majority in Parliament before they could be changed, thereby creating additional safeguards against policy reversals.

Dr Forson said the intention was to ensure that Ghana did not lose the economic progress achieved through the ongoing reforms or return to the difficulties experienced during the 2022–2024 economic crisis.

“We are trying to put these reforms into law,” he explained, adding that the government was working to make the progress sustainable.

Public Financial Management Act among key reforms

Dr Forson identified the ongoing amendments to the Public Financial Management (PFM) Act as one of the important measures being pursued to institutionalise the government’s reforms.

The legislation provides a framework for managing public finances, including government expenditure and fiscal responsibilities.

He argued that policies without legal backing could easily be changed by successive governments, making it necessary to establish stronger legislative protections.

The minister also pointed to his experience in Parliament and policymaking as an important factor influencing his approach to sustaining economic reforms.

He maintained that institutionalising policies through legislation would help ensure that critical economic decisions were not abandoned whenever political leadership changed.

The disclosure highlights the government’s efforts to move beyond short-term economic interventions and establish a framework that could preserve policy continuity across successive administrations.

However, the long-term effectiveness of the measures will depend on their implementation, institutional enforcement and the ability of future governments to maintain the reforms.

Continue Reading

Business

Why Cooking Gas Prices Are Falling Despite Rising Global Costs – NPA Explains

Published

on

Ghanaian households using liquefied petroleum gas (LPG) are benefiting from a monthly import arrangement that helps protect consumers from sudden increases in international prices, the National Petroleum Authority (NPA) has explained.

Abass Tasunti, Director of Economic Regulation and Planning at the NPA, says the country’s LPG import tender programme allows the purchase price of each consignment to remain fixed throughout a one-month supply period.

Speaking on Joy News’ PM Express Business Edition, Mr Tasunti explained that each imported cargo typically covers the country’s LPG requirements for approximately one month. Once the purchase price is agreed, it remains locked in during that period.

The arrangement has helped explain why LPG prices in Ghana have declined despite significant increases in international market prices ahead of the next pricing window.

According to Mr Tasunti, Ghana had already secured its current supply at a comparatively lower price before the latest international price increases.

He said this allowed consumers to benefit from the earlier import arrangement rather than immediately absorbing the higher costs being experienced on the global market.

Relief could be temporary

However, the NPA official cautioned that the arrangement does not permanently protect consumers from international price movements.

He explained that the same system had previously contributed to a sharp increase in local LPG prices when a new consignment was purchased at a higher cost after the previous supply arrangement expired.

This means that when the current supply period ends, the cost of the next imported cargo could influence prices in the subsequent pricing window.

The monthly arrangement therefore provides temporary protection depending on the price secured for each consignment.

Why diesel prices face different pressures

Mr Tasunti also addressed developments in the diesel market, explaining that supply disruptions affecting major international sources have contributed to pressure on availability and prices.

He pointed to the Russia-Ukraine conflict and attacks on Russian refineries as factors affecting global diesel supplies.

He explained that when major supply sources experience disruptions, reduced availability can create supply-and-demand pressures that influence market prices.

For LPG consumers, the immediate outlook remains linked to the cost of the imported cargo already secured, while future pricing will depend on the terms of subsequent import arrangements.

The NPA’s explanation highlights how the timing and cost of fuel imports can influence prices at the domestic level, even when international market conditions are moving in the opposite direction.

Source: National Petroleum Authority’s Director of Economic Regulation and Planning, Abass Tasunti, speaking on Joy News’ PM Express Business Edition.

Continue Reading

Business

Ghana and Burkina Faso Target Expanded Cross-Border Trade and Industrial Growth

Published

on

Ghana is seeking to strengthen its economic and industrial relationship with Burkina Faso through a proposed bilateral trade and investment agreement aimed at expanding cross-border commerce, supporting local industries and creating new opportunities for businesses in both countries.

The proposal was announced by Ghana’s Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, during the opening ceremony of the 18th International Arts and Crafts Fair of Ouagadougou (SIAO 2026) on Friday, October 30, in Burkina Faso.

Speaking as Ghana’s representative and Guest of Honour at the event, the minister highlighted several areas where the two neighbouring countries could deepen cooperation, including agro-processing, handicrafts, shea production, cotton, leather manufacturing and agricultural value chains.

She disclosed that formal trade between Ghana and Burkina Faso exceeded US$1 billion last year, describing the existing commercial relationship as an important foundation for further economic collaboration.

Ofosu-Adjare also stressed the importance of improving border management, harmonising product standards and simplifying procedures for transporting goods between the two countries. These measures, she indicated, could reduce trade barriers and make cross-border business more efficient.

Ghana’s proposed agreement is expected to provide a framework for stronger investment partnerships, industrial development and increased participation by businesses from both countries.

Beyond trade negotiations, Ghana is using its participation at SIAO 2026 to showcase its cultural heritage and locally manufactured products. Exhibitors from all 16 regions are presenting a wide range of Ghanaian products, including Kente fabrics, Adinkra-inspired items, traditional fugu clothing, Bolgatanga baskets, beads, pottery, leather products and contemporary fashion.

The fair, which runs from October 30 to November 8, 2026, is being held under the theme of African crafts and industrialisation, with a focus on improving the organisation, production and international marketing of locally made products.

The event also provides an opportunity for African countries to explore ways of transforming traditional craftsmanship into commercially competitive industries.

For Ghana and Burkina Faso, the discussions represent an opportunity to build on their existing trade relationship while encouraging local manufacturing, value addition and stronger regional economic integration.

As the exhibition continues, attention will be on whether the proposed bilateral agreement can translate into concrete business partnerships and improved trading opportunities for enterprises in both countries.

Continue Reading

Trending