Author: MIL-OSI Publisher

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The years prior to 2024 proved to be very difficult globally. In Ghana, we saw the most ignoble deterioration of the economy and broader societal well-being. Inflation galloped, exchange rate depreciated sharply and remained volatile. Interest rates rose and credit became simply unaffordable. Ghana, therefore had no option but to seek support from the IMF through the Extended Credit Facility (ECF) programme on the heels of an expansive domestic and external debt restructuring which had severe consequences.

In that context, the year 2024, being an election year, was uniquely significant. The Government set for itself macro-economic targets focused on re-anchoring fiscal and debt sustainability. The promise was to course-correct the misalignment in key indicators to support the economy.

Despite the progress made under the IMF programme, the macroeconomic environment remained fragile. The economy remained fragile, with 2024 recording significant fiscal slippages. The Primary deficit worsened, and the year ended with accumulation of huge central government arrears amounting to GH¢67.5 billion representing 5.7 percent of GDP.

The lessons from this challenging national economic experience are there for everyone: fiscal slippages are costly and far-reaching. These experiences validate the prudence in requiring the preparation of the Annual Budget Performance Report (BPR) as part of the Public Financial Management Act, 2016 (Act 921), as amended. Beyond meeting the requirements of the PFM Act, the BPR enables us to assess the performance and impact of our policy choices and take corrective measures where necessary. Furthermore, in accordance with the provisions of Section 27 of the PFM Act, stakeholders will receive updates on the actions taken to implement the recommendations of Parliament in respect of the report of the Auditor-General as well as updates on multi-year expenditure undertaken in 2024.

I must state that the key lessons from this BPR will guide our choices in the post-2024 era as we work to reset economy towards the Ghana we want. We must, and we will, build a new culture that promotes and sustains fiscal discipline.

As is always the case, this BPR is the product of cross-sectoral collaborations. The Ministry of Finance is thankful to the Ministries, Departments and Agencies who provided critical inputs and validated information. The efforts of the staff of this Ministry, who have coordinated the preparation of this BPR, are also acknowledged. Your sense of professionalism and commitment to the national cause is indeed endearing. As a Ministry, we will stand ready to provide clarification and respond to any related queries through the established channels, including the Right to Information Platform.

A new era is upon us. We have a great opportunity to rewrite our most recent economic history in a positive light. Let us join forces and work together to build the Ghana we want. It is our promise and duty to do so.

Distributed by APO Group on behalf of Ministry of Finance – Republic of Ghana.

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Teddy Lwamba, Minister of Hydraulic Resources and Electricity of the Democratic Republic of Congo (DRC), has confirmed his participation as a speaker at African Mining Week (AMW), taking place from October 1–3, 2025, in Cape Town under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth.

Minister Lwamba will join the panel, Powering Africa’s Mining Operations with Renewables, highlighting the DRC’s efforts to integrate renewable energy and modern infrastructure into its mining value chain.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

The event provides a strategic platform for Minister Lwamba to emphasize growing collaboration between the mining and power sectors, aimed at unlocking the DRC’s estimated $24 trillion in untapped mineral wealth. The DRC is currently the world’s leading cobalt producer, accounting for over 70% of global supply, and Africa’s largest copper producer.

In June 2025, the DRC began construction of the 64 MW Katende Hydroelectric Power Plant (http://apo-opa.co/3FY1EQV), set to power key mining areas including Kananga, Bunkonde, Tshimbulu and Mbuji-Mayi. In partnership with the African Development Bank’s Mission 300 energy access initiative, the DRC aims to triple GDP by expanding electricity access for residential, industrial, and mining users. Through the $340 million Moyi Power Metro-Grids project (http://apo-opa.co/4ehPCOS), the government will also deliver reliable electricity to over one million people and businesses in Bumba, Isiro and Gemena.

Further advancing the country’s energy ecosystem, a $634 million government-backed program (http://apo-opa.co/4eFqxhf) – supported by the World Bank and Green Climate Fund – was launched in March 2025 to expand generation capacity and rehabilitate transmission networks across 14 towns.

Under Minister Lwamba’s leadership, the Ministry has also fostered an enabling environment for private investment. Canadian mining firm Ivanhoe Mines (http://apo-opa.co/4erkLQa) has committed $200 million to stabilize the southern DRC grid, while mining firms including CMOC and ERG are investing in dedicated on-site generation and transmission infrastructure.

AMW 2025 presents a timely opportunity for Minister Lwamba to engage with key energy and mining stakeholders and forge new partnerships to scale up infrastructure and drive sectoral growth. His participation also reinforces the DRC’s commitment to sustainable resource development and regional energy cooperation.

Distributed by APO Group on behalf of Energy Capital & Power.

Africa’s premier energy event, African Energy Week (AEW) 2025: Invest in African Energies, will welcome Arne Jacobsen, CEO of international drilling contractor Northern Ocean, as a featured speaker. As operator of two of the world’s most advanced offshore drilling rigs, Northern Ocean’s participation is vital to discussions on Africa’s offshore hydrocarbons potential and the strategic role that service companies play in unlocking that potential. 

Under Jacobsen’s leadership, Northern Ocean has expanded its footprint across Africa with its Deepsea Mira and Deepsea Bollsta rigs supporting major offshore projects since 2022. Notably, the Deepsea Mira played a key role in appraising TotalEnergies’ landmark Venus oil discovery offshore Namibia in 2024 and continued operations in the Orange Basin with the Tamboti-1X exploration well in early 2025. 

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

In Q2 2025, the Deepsea Bollsta completed a one-well contract with a Chevron subsidiary in Namibia. Currently undergoing maintenance, the rig will remain stationed in Africa throughout 2025, underscoring Northern Ocean’s commitment to expanding its presence in the continent’s upstream oil and gas sector. In Ghana, Northern Ocean is advancing its strategic partnership with Springfield Group, following a successful well test on the Afina 1X appraisal well in Q4 2024. Plans are underway for a long-term field development contract utilizing the Deepsea Bollsta, expected to commence by mid-2025. 

“Increasing offshore exploration is key to unlocking Africa’s vast energy resources and driving sustainable economic growth across the continent. Northern Ocean’s advanced drilling capabilities and steadfast commitment will play a critical role in transforming Africa’s estimated reserves into tangible development outcomes that benefit millions,” says NJ Ayuk, Executive Chairman, African Energy Chamber.  

As major operators prepare to scale up exploration activities in South Africa and Namibia through 2025 and beyond, Northern Ocean is well-positioned to capitalize on this growth. AEW 2025: Invest in African Energies provides an ideal forum for Jacobsen to engage with governments, national oil companies and private sector leaders to forge long-term partnerships and secure new contracts. 

Distributed by APO Group on behalf of African Energy Chamber.

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Oando (www.OandoPLC.com), one of Africa’s leading indigenous energy solutions providers, has ended the first quarter of the year on a high with the publication of ₦933 billion revenue in its Q1 2025 unaudited results. This performance comes in the wake of its recent release of its 2024 FY Audited Financial Statement, where it reported a 44% year-on-year revenue increase to ₦4.1 trillion compared to ₦2.9 trillion in FY 2023 and a 267% increase in Profit-After-Tax to ₦220 billion.

Oando, like a few indigenous oil and gas companies in Nigeria, who keyed into the International Oil Companies (IOCs) divestment of onshore assets, has begun reaping the gains of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni.

An analysis of Oando’s financials shows that the company’s turnover grew by 2% year-on-year to ₦933 billion in Q1 2025 compared to ₦915 billion in Q1 2024. Additionally, the company posted a 172% increase of ₦85 billion in Gross Profit in Q1 2025 compared to ₦31 billion in Q1 2024, reflecting stronger E & P margins. In its upstream business, crude oil production rose 132% to 11,369 bopd, gas volumes grew by 56% to 25,185 boepd, and NGL production increased 30% to 1,040 bpd. The company recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. In addition, the company achieved average daily production of 37,595 boepd (within guidance), up 72% year-on-year, driven by the full consolidation of NAOC assets and well reactivations. The company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, Angola and expanding Oando’s African upstream footprint.

Speaking on the Q1, 2025 financial results, Wale Tinubu CON, Group Chief Executive, Oando PLC remarks  “Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution.

Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.”

There is evidence of a trend in the upward financial trajectory in the industry, as Seplat recorded revenues of N1.228 trillion, a 350% increase. Similarly, Aradel reported revenues of ₦199.9 billion, up 97.6%, and Profit after Tax of ₦34.2 billion, up 55.3%.

In its downstream trading business, Oando Trading reported six (6) crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from four (4) cargos (4.86 MMbbl) in Q1 2024, driven by stronger offtake execution.

In its renewable energy business, Oando Clean Energy (OCEL) recorded 53,941 EV rides in Q1 2025 and 42,779 kg of CO₂ emissions averted through two (2) operational e-buses under the electric mobility programme operating in Lagos.  It also successfully published Nigeria’s National Wind Resource Capacity Report, identifying state-level wind potential across the country.

Speaking on the outlook for 2025, Wale Tinubu CON, commented “Following a transformative 2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year. These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience.”

Oando is targeting a full-year production of 30–40 kboepd maintained, driven by a balanced capital programme of three (3) new wells, nine (9) workovers, and six (6) rig-less interventions. The company is also projecting capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal. The company has set a trading guidance for its Trading subsidiary of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products. For its renewable energy arm, Oando targets the deployment of 50 electric buses and progress its solar PV module assembly plant toward Final Investment Decision (FID).

These plans are strengthened by the company’s recent announcement of the successful upsizing of its reserve-based lending (“RBL2”) facility to $375 million. This critical financing will significantly improve the Company’s ability to achieve its production target of 100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029.

These Q1 2025 results reinforce the growing momentum among indigenous operators in Nigeria’s upstream sector, who are beginning to demonstrate operational efficiency and financial resilience following recent asset acquisitions. With a 2% rise in revenue, a remarkable 172% surge in gross profit to ₦85 billion, and a 72% increase in average daily production, all within guidance, Oando’s performance signals not just the viability of the transition from IOC to indigenous ownership, but also the increasing capacity of local players to deliver value and drive long-term growth in Nigeria’s energy landscape.

Distributed by APO Group on behalf of Oando PLC.

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) today launched its flagship African Trade Report 2025, themed “African Trade in a Changing Global Financial Architecture”, during the Afreximbank Annual Meetings (AAM2025) in Abuja.

Download Document: https://apo-opa.co/3FY7kKJ

The report looks at the performance of Africa’s trade in a challenging global environment charaterised by rising geopolitical tensions, new trade barriers, and financial uncertainty—and analyses how the continent could leverage these challenges into opportunities to enhance its resilience and navigate the evolving landscape.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “This year’s report provides a compelling roadmap for Africa to reposition itself in a volatile global economy. From strengthening trade finance systems to accelerating the AfCFTA, the message is clear: Africa must turn global fragmentation into an opportunity for industrialisation, digital progress, and greater control over its financial systems.”

Dr. Yemi Kale, Afreximbank’s Group Chief Economist and Managing Director of Research, added: “Despite global headwinds, Africa’s trade rebounded strongly in 2024, with trade between African countries growing by 12.4% to reach US$220.3 billion, from a contraction of 5.9% in 2023. This shows the tangible benefits of AfCFTA implementation, even as the continent contends with rising inflation, sovereign debt risks, and a persistent trade finance gap.”

The report shows that Africa’s total merchandise trade recovered, surging by 13.9% in 2024, to US$1.5 trillion, following a 5.4% contraction in 2023. However, Africa still makes up only 3.3% of global exports. That’s a clear signal. The continent must do more by moving away from commodity exports and accelerating its industrialisation process if it is to enhance its integration into global value chains and boost intra-African trade. It also needs better access to trade finance to bridge the gap estimated at about US$100 billion.

While the global economy slowed to 3.3% growth in 2024 and is expected to dip further in 2025, Africa held steady. The continent’s economy grew by 3.2%, helped by strong commodity prices and better public finances. Still, growth remains uneven across the continent.

Afreximbank’s African Trade Report 2025 emphasises the importance of advancing the African Continental Free Trade Area (AfCFTA), which is becoming a foundation for trade resilience across the region. It also highlights the expanding use of the Pan-African Payment and Settlement System (PAPSS), which is helping to reduce reliance on foreign currencies and making cross-border trade more efficient.

In addition, the report offers practical guidance on making trade rules and regulations more consistent across countries, unlocking investment from African institutions like pension funds and sovereign funds, and using Africa’s new seat in the G20 to push for overdue global reforms. This includes ensuring a fairer share of global financial resources, such as Special Drawing Rights, an international reserve currency created by the IMF and increasing access to climate finance. It also calls for changes in credit ratings to better reflect the strength and potential of African economies.

The report highlights the growing significance of the Alliance of African Multilateral Financial Institutions (AAMFI), as it is increasing funding for development and helping to rebuild a financial ecosystem that works better for Africans. In 2024, Afreximbank alone disbursed more than US$17.5 billion in trade finance. It plans to increase that amount to US$40 billion by 2026.

As Africa faces a rapidly changing global environment, the report offers more than just analysis. It provides a clear and practical plan for building a stronger, fairer, and more resilient African economy, driven from within the continent.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com