E-Financial
Improved Access to Affordable Trade Finance Could Increase Exports & Imports by $26B Annually in West Africa – IFC and WTO Study

Lowering trade finance costs could provide billions in economic benefits in four West African countries, according to a new report released today by the International Finance Corporation (IFC) and the World Trade Organization (WTO).
The report, Trade Finance in West Africa, examined the major barriers to trade finance in the four largest economies of the region – Côte d’Ivoire, Ghana, Nigeria, and Senegal – which face a trade finance shortage of up to $14 billion annually.
The analysis showed that while trade flows have been on the rise in the four countries, their potential remains constrained by limited and costly access to trade finance.
Lowering costs and increasing availability of trade finance could boost exports and imports in the four countries by up to $26 billion annually. Most opportunities lie in trade within the Economic Communication of West African States (ECOWAS), trade with other African countries, and with developing countries outside the continent.
“Global trade finance gaps increased during the pandemic. Supply chain pressures, inflation, and the war in Ukraine have only exacerbated the problem,” said IFC Managing Director Makhtar Diop.
“This study couldn’t be timelier. There is enormous potential for an economic boost in West Africa by harnessing intra-Africa trade, but we will need coordinated action from governments, the private sector, and multilaterals to build the capacity of local lenders and improve access for SMEs.”
The report also found that most banks provide finance for consumer goods but sectors such as agriculture and infrastructure are underserved.
And while trade finance supports 40 percent of Africa’s imports and exports, and up to 80 percent globally, the trade finance market in the four countries studied only supports 25 percent of merchandise trade.
This low coverage is mainly due to expensive offerings and high rejection rates from banks, which fall disproportionately on small and medium-sized enterprises, particularly those owned by women.
Financial institutions, meanwhile, perceive many applicants as high-risk and lacking collateral, while also reporting difficulties in meeting requirements of foreign correspondent banks and shortages of low-cost funding.
IFC and WTO identified five opportunities than can increase the provision of trade finance, including expanding the range of firms that can access trade finance through efforts like IFC’s Africa Trade Recovery Initiative.
Other opportunities include building capacity of local lenders and local firms; integrating trade finance into the implementation of the African Continental Free Trade Area; strengthening foreign correspondent banking relationships; and supporting decision-making through better data and analytics.
“Trade finance is the indispensable oil for trade and the WTO is proud to be part of an effort to provide evidence-based solutions to help close the trade finance gap,” said WTO Director-General Ngozi Okonjo-Iweala. ”
“At the WTO, we are happy to act as a conduit for a dialogue on trade finance, bringing together governments, banks, SMEs, and professional organizations. We look forward to partnering with financial institutions to transfer this knowledge locally.”
The joint IFC-WTO report surveyed nearly all financial institutions providing trade finance in Côte d’Ivoire, Ghana, Nigeria, and Senegal, conducted an in-depth background analysis of importers and exporters performance, and built forward-looking scenarios to study the effects of improving access to affordable trade finance.
E-Financial
Ghana’s Economy Shows Signs of Revival, Fueled by a Surging Cedi

By Austin Kwesi Okere
On June 4, 2025, Bloomberg.com drew global attention with the headline: “World-Beating Cedi Slows Ghana Inflation to Three-Year Low.” Defying expectations, the cedi has appreciated over 42% against the U.S. dollar since January, making it the world’s best-performing currency this year. This rally has not only boosted investor confidence but also helped reduce inflation and restore economic momentum.
What’s Driving the Rally and Can It Be Sustained?
Early signs suggest the rally is rooted in more than market forces. Under President John Dramani Mahama, Ghana appears to be undergoing a significant shift in governance, with an emphasis on real economic growth and social development rather than short-term optics.
At the heart of this shift is Mahama’s eight-pillar economic strategy, which includes:
- Completing the IMF program with fiscal discipline,
- Reopening capital markets,
- Strengthening sovereign wealth and local government financing,
- Clearing arrears and improving public investment,
- Reforming public financial management,
- Boosting exports via the Ghana Exim Bank,
- Positioning Ghana as a regional trade hub, and
- Reviving infrastructure development.
These efforts are beginning to pay off. Ghana has indicated it will exit the IMF program as scheduled in May 2026. At a press briefing in Washington, IMF Communications Director Julie Kozack noted that Ghana had achieved its debt-to-GDP target of 55% three years early and surpassed its international reserves goal, reaching GH¢10.6 billion by April 2025. The cedi’s strength has also helped slash Ghana’s debt stock by about GH¢150 billion.
President Mahama, speaking to the Ghana National Association of Teachers, reaffirmed his focus on stability and inclusive prosperity. GDP growth reached 5.4% in the first quarter, reinforcing the view that the economy is back on a growth path.
Monetary Policy and Inflation Management
The Bank of Ghana has played a key role in managing inflation and currency stability. In March, it raised the benchmark interest rate by 100 basis points to 28%, a reduction from its 30% peak in 2023. From January to April 2025, it absorbed GH¢79.8 billion in liquidity – up 76.6% from the same period the previous year, demonstrating its commitment to macroeconomic stability.
These measures have had visible results: inflation fell to 18.4% in May, its lowest level in three years, down from 21.2% in April.
Everyday Impact: The Cedi’s Gains in Real Terms
The appreciation of the cedi is beginning to improve everyday life for Ghanaians. Industrial importers, for instance, are now able to buy machinery at significantly lower prices. One contractor, who paid GHS25,000 for a block molding machine last year, paid just GHS13,000 for the same model in June—a 48% price drop.
Fuel prices have dropped by about 15%, with some Oil Marketing Companies (OMCs) selling petrol for under GH¢12 per litre. This has led to a 15% reduction in transport fares, as announced by the Road Transport Operators Association in May.
Food and commodity prices are also falling.
The Food and Beverage Association of Ghana reports that the price of a bag of “Dubai” rice has dropped from GH¢460 to GH¢370, and a 50kg bag of imported rice that once sold for GH¢950 is now GH¢750. Cooking oil has fallen from GH¢1,000 to GH¢680 per gallon, and cement prices from GH¢120 to GH¢82 per bag.
In short, the stronger cedi is improving purchasing power, easing cost pressures, and lowering the cost of doing business.
What’s the Ideal Currency Level?
Despite the positive momentum, policymakers stress the need for balance. President John Dramani Mahama has underscored the importance of balance, cautioning that an overly strong cedi could harm exports. He suggests an optimal exchange rate range of 10 to 12 cedis per U.S. dollar – a level that supports both importers and exporters while preserving competitiveness.
Beyond interest rate adjustments, the sustained performance of the currency depends on broader structural and governance-related factors.
Three critical elements driving the cedi’s performance include:
- A government focused on real, inclusive growth;
- Reforms grounded in substance, not optics;
- Trustworthy, transparent governance.
This combination fosters domestic investment, reduces capital flight, and boosts economic confidence, setting off a cycle of growth and social cohesion.
Is the Cedi’s Rise a Temporary Spike or a Structural Shift?
Some analysts argue that Ghana’s currency rally reflects deeper structural improvements rather than a short-lived spike. Prof. Eric Oteng-Abayie of the Kwame Nkrumah University of Science and Technology points to several domestic drivers behind the rally.
The Bank of Ghana’s Gold4Oil and GoldBod programs have increased Ghana’s gold reserves by 40.6% between May 2024 and April 2025. A requirement that 20% of gold export proceeds be converted to cedis before accessing dollars has stabilized forex supply and bolstered reserves.
Meanwhile, the removal of distortionary taxes such as the E-levy and the planned phase-out of the COVID-19 levy, combined with prudent public spending, have strengthened fiscal credibility.
Ghana’s debt restructuring has also offered relief. With the next major external repayment not due until July 2025, foreign exchange pressure has eased. Complementing this, the central bank injected $490 million into the forex market in April 2025 to support the cedi.
External Factors Working in Ghana’s Favor
Global trends have also benefited Ghana. The U.S. dollar has weakened—dropping 10% on the DXY index—amid global trade tensions and fears of a slowdown. This shift has favored emerging market currencies like the cedi.
Record-high prices for Ghana’s key exports – gold at $3,400 per ounce and cocoa at $10,000 per ton – have significantly boosted foreign exchange inflows. The formalization of small-scale mining has further increased legal gold exports, strengthening Ghana’s external position.
Relations with Commercial Creditors Normalised:
Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘Restricted Default’ (RD), with Stable Outlook.
This was announced on their website on June 16, 2025. The upgrade of Ghana’s Long-Term Foreign-Currency IDR to ‘B-‘ from ‘RD’ reflects Fitch’s assessment that Ghana has normalised relations with a significant majority of external commercial creditors.
Ghana restructured its USD13.1 billon Eurobonds in October 2024. About USD2.6 billion of non-performing external debt still needs to be restructured. Of this, Fitch considers USD700 million to be commercial debt, representing 5% of total external commercial debt initially included in the restructuring perimeter. According to Fitch, “Ghana is negotiating with these outstanding commercial creditors, and we assess holdout risks as small.”
Can Ghana Sustain the Momentum?
While the outlook appears promising, the sustainability of this recovery will depend on disciplined policymaking, focused execution and the ability to maintain public trust. The early signs are encouraging, but in my view, “the jury is still out.”
Ghana’s case may well become a model for how transparent governance, strategic reforms, and global tailwinds can come together to drive economic revival – if the momentum can be maintained.
Austin Kwesi Okere is the Founder of CWG Plc and the Ausso Leadership Academy. In recognition of his contributions to business education and knowledge transfer across the continent, Austin was appointed to the Advisory Board of the Global Business School Network.
E-Financial
First Bank Spends N15Bn to Guard Systems against Hackers in 5 Months –CEO

First Bank HoldCo Plc has disclosed that it spent over ₦15 billion to protect its banking systems from cyberattacks between January and June this year, as digital threats to financial institutions continue to rise across Nigeria.

Mr. Olusegun Alebiosu, CEO, First Bank
Mr. Olusegun Alebiosu, chief executive officer of the bank, revealed this on Wednesday while speaking on the sidelines of a two-day National Seminar on Banking and Allied Matters for Judges, held in Abuja.
Alebiosu said the bank invested ₦3 billion in cybersecurity measures in June alone, part of a broader commitment to safeguarding customer assets and maintaining trust in Nigeria’s banking system.
The News Agency of Nigeria reports that the CEO said the bank had the most robust cybersecurity framework in the country, which justified the substantial investment.
Speaking on the rising wave of cyberattacks targeting banking systems, Alebiosu assured First Bank customers that their funds remained secure.
He also expressed concern over the growing involvement of some Nigerians in cybercrime, stressing the urgent need for the country to tackle the menace decisively.
He said, “No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank. One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.”
Responding to customers’ complaints about delays in addressing cases of fraudulent transactions, Alebiosu explained that the bank must carry out thorough investigations involving multiple stakeholders.
He said the delays often stem from the need for collaboration between security agencies and the recipient banks to ascertain the facts surrounding each case thoroughly.
Alebiosu also advised customers to be cautious when handling and sharing their financial information.
“Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM. They compromised their password, so when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money,” he said.
“Some people even compromise their own ID on the system carelessly; some give their Bank Verification Number (BVN), and they use it against them.”
“Now, why does it take time for the bank to react? everything you give to the bank, the bank has to investigate it. The money might have gone to other banks, so you start tracking from other banks, but sometimes customers are impatient,” he said.
Regarding alleged fraud committed by staff, he stated that the bank uses internal employee fraud detection software to monitor staff activities on its systems.
He added. “If you knew how many of our staff we sack on a monthly basis, you wouldn’t believe it. So if there are triggers, people will be involved. It is for us to run faster than them and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively.”
He stated that curbing cybercrimes requires the active involvement of various stakeholders, including banks, law enforcement agencies, and the judiciary.
E-Financial
SEC Flags Zugacoin, Samzuga GPT as High-Risk Meme Coins

Securities and Exchange Commission (SEC) has declared Zugacoin and Samzuga GPT—along with their variants SZCB and SZCB2—as unlicensed and unauthorized to operate within Nigeria’s capital market.
This is in a decisive move to protect investors from emerging threats within the digital asset space.
In an official statement issued on Wednesday, the Commission warned that these cryptocurrency products are being falsely promoted online without any regulatory approval or valid operational credentials.
“The promoters or issuers of Zugacoin and Samzuga GPT are not registered to operate in any capacity in the Nigerian capital market, and also Zugacoin and Samzuga GPT are not approved by the Commission for issuance to the public,” the SEC cautioned.
Following preliminary investigations, the Commission classified both Zugacoin and Samzuga GPT as meme coins a category of crypto tokens often devoid of real-world utility, tangible backing, or intrinsic value.
“Meme coins derive their value largely from online hype and community speculation,” the SEC explained, adding that such assets are highly susceptible to “pump-and-dump” manipulation schemes designed to deceive retail investors.
In these schemes, promoters artificially inflate the value of a digital token through exaggerated or misleading marketing, luring investors into a price rally.
Once the price peaks, the initial promoters exit, triggering a value collapse that leaves ordinary investors with heavy losses.
Reinforcing its investor protection mandate, the SEC urged the Nigerian public to exercise caution when engaging with digital assets and to avoid unregulated cryptocurrency offerings.
“Accordingly, the public is advised to refrain from engaging in the purchase or promotion of Zugacoin and Samzuga GPT or any of their variants, as any person who invests in the scheme does so at his or her own risk,” the Commission stated.
The SEC also encouraged prospective investors to verify the regulatory status of any crypto platform or asset via its dedicated verification portal before committing funds.
This latest development underscores the SEC’s intensifying oversight of Nigeria’s crypto landscape, particularly as the country grapples with the growing prevalence of unregistered virtual asset schemes targeting unsuspecting investors.
As global interest in digital currencies surges, Nigerian regulators are keen to strike a balance between innovation and investor protection, especially amid reports of rising fraud, volatility, and misinformation in the crypto space.
For Zugacoin and Samzuga GPT, the SEC’s message is unequivocal: without regulatory legitimacy, there is no place for them in Nigeria’s financial markets.
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