The meeting focused on strengthening the strategic partnership between Ghana and the IFC, particularly in commercial agriculture, industrialisation, infrastructure and job creation.

In a Facebook post, President Mahama said discussions placed strong emphasis on increasing commercial production in cocoa, oil palm and poultry.

He said government remained committed to adding value to Ghana’s raw materials, reiterating its policy to process at least 50% of the country’s cocoa, farm produce and mineral resources locally.

“Reaffirming our commitment to industrialisation, I reiterated our firm policy to process at least 50% of our cocoa, farm produce, and mineral resources to create sustainable jobs for our youth.”

President Mahama said the policy forms part of efforts to expand local industrial capacity while creating sustainable employment opportunities for young Ghanaians.

The President and the IFC Managing Director also explored investment opportunities under the government’s Big Push programme, particularly in railways, aviation and road infrastructure.

“We also explored opportunities under The Big Push programme to overhaul our infrastructure, specifically in railways, aviation, and road network development.”

He said these infrastructure investments would be complemented by critical interventions in energy, digital connectivity and education.

On the education front, President Mahama disclosed that Ghana had secured a $300 million financing package from the World Bank to support efforts to permanently end the double-track system in Senior High Schools by the end of 2027. MyJoyOnline has separately reported that the facility is being used to expand infrastructure and support the construction of new senior high schools.

“Through our collaboration with the World Bank, we have secured a $300 million financing package to permanently end the double-track system in Senior High Schools by the end of 2027.”

The President further used the engagement to highlight what he described as improvements in Ghana’s economic performance since his administration took office.

“Despite the severe economic crisis we inherited, our commitment to prudent management and fiscal discipline is already yielding positive results. We are seeing a sharp decline in inflation, reduced national indebtedness, and a strong resurgence of investor confidence.”

The engagement comes during Mr Diop’s visit to Ghana from September 15 to 17, 2026, which is focused on mobilising private capital and supporting Ghana’s development priorities.

The IFC has also disclosed plans for a potential $1.2 billion investment pipeline in Ghana across key sectors, following discussions between Mr Diop and Finance Minister Dr Cassiel Ato Forson.

The event, held under the theme “MSME Unlocked: Powering Ghanaian Businesses for Sustainable Growth,” brought together entrepreneurs, business owners and industry stakeholders to equip them with practical knowledge and financial solutions to support business expansion.

The clinic forms part of GCB Bank’s commitment to promoting entrepreneurship and enhancing the growth of Ghana’s micro, small and medium-sized enterprises, which play a vital role in the country’s economy.

Speaking at the event, the Head of Micro and Small Enterprises, Gabriel Owusu Siaw, said the initiative is designed to better understand customers’ needs and co-create solutions that will help businesses grow.

He said the bank has identified three main challenges facing SMEs, including business structure, access to financing, and lack of collateral.

To address this, he announced that the bank has introduced an SME Unsecured Business Loan where customers without collateral and without financial statements can access funding based on their account activity.

According to him, under the new initiative, customers only need to open a GCB business account to access up to GH¢1 million to start or expand their businesses.

“We have introduced what we call the SME unsecured business loan, where the MSME who doesn’t have collateral can access financing, and even without financial statements. All we need is for you to channel your business through your account with us.

“We will use your account activity to determine how much we can give you. Today we can give up to one million Ghana Cedis without collateral and without financial statements,” he disclosed.

He added that for customers who need more than GH¢1 million, there are other products that also do not require collateral.

He emphasised that beyond financing, GCB Bank is also providing non-financial support to entrepreneurs, including training on bookkeeping, business management and business formalisation to ensure sustainability and repayment.

“Our focus goes beyond financing to ensuring business sustainability. Many entrepreneurs lack the requisite business acumen and management skills, including knowing when to access credit and when not to. A business goes through three critical phases – the start-up phase where you build the foundation, the growth phase and the maturity phase. At every stage, you need a banker who can provide guidance to help your business thrive. That is why we bring in specialists to train them on bookkeeping and effective business management,” he stated.

Mr Siaw added that the bank has also expanded its digital services to enable businesses to receive payments, make transactions, issue invoices and improve operational efficiency through technology.

The Head of Business Development and Ecosystems at GCB Bank PLC, Mr Abdul Mugiss Ahmed, said the initiative is designed to better understand customers’ needs and co-create solutions that will help businesses grow.

He said it also forms part of efforts to reposition the bank not just as a traditional bank, but as a transformed bank ready to support small and medium enterprises.

“Today people know GCB to be another bank, but we want people to know that GCB is a changed bank, a new branded bank that wants to go far. We want people to know that we have all the available products for our SMEs and MSMEs to transact business with us,” he stated.

Mr Ahmed explained that the focus on Micro, Small and Medium Enterprises is strategic because the sector contributes more than 90 per cent of Ghana’s economy.

“If you look at MSMEs, they are about 90 percent of the businesses in the country. They employ up to 80 percent of the workforce that we have in the country and they contribute 70 percent to our GDP. So it’s a lifeblood issue, it’s the heartbeat of the country,” he revealed.

He urged all SMEs and MSMEs to partner with GCB Bank for their banking needs to benefit from its tailored financial solutions and business advisory support.

“GCB is our bank, GCB has come to stay, GCB is the biggest bank in Ghana. We want all customers to come and experience what we have for them. We have very good products for them and as the biggest bank we are ready to provide financing to our SMEs,” he stressed.

The activation concluded with practical sessions on business growth, financial management, digital banking and access to finance.

The Caravan created opportunities for meaningful conversations where business owners shared their ambitions, discussed challenges and received practical guidance on managing cash flow, accessing finance and building stronger businesses.

GCB Bank PLC is embarking on a nationwide SME and MSME caravan business clinic to engage customers and create awareness about its new business products and rebranded image.

The IFC Managing Director, Makhtar Diop, made the disclosure after a meeting with Finance Minister Dr. Cassiel Ato Forson in Accra, where discussions focused on Ghana’s recent macroeconomic gains and opportunities to mobilise more private capital.

Mr. Diop commended the government for what he described as significant progress in macroeconomic management, particularly efforts to address inflation and debt challenges.

“In the last few years, Ghana has turned the tide. They have been able to do a solid adjustment, but also to put in place measures that will structurally, hopefully, help Ghana not to go back in a situation where the debt is a problem and inflation is affecting the economy.”

He said the progress had created an opportunity for Ghana to strengthen investor confidence and position itself as a more attractive destination for both domestic and international private capital.

According to Mr. Diop, the Finance Minister outlined several sectors in which the government wants the IFC to deepen its support, with energy, infrastructure and agriculture identified among the key priorities.

He disclosed that the IFC currently has a portfolio of about US$500 million in Ghana, alongside a pipeline of approximately US$1.2 billion, with the potential for further investments.

“We have now a portfolio of 500 million dollars, and we have a pipeline of 1.2 billion. But we will do more.”

Mr. Diop said the IFC was also looking to strengthen domestic businesses through its “Local Champion” initiative, which seeks to support investors from the continent to expand businesses within African markets.

Building a more resilient economy

The IFC Managing Director also called for greater local production as a strategy to strengthen Ghana’s resilience against external shocks, particularly amid heightened global and geopolitical tensions.

He said African economies needed to reduce their vulnerability to disruptions by identifying products that are currently imported but can be produced competitively on the continent.

“What I’m seeing right now is to see more and more how we can [take] things that were imported and can be produced in the continent at a competitive cost, produced locally,” he said.

Mr. Diop cited poultry production in Ghana as an example, noting that the country continues to import significant quantities of poultry despite the potential to expand domestic production.

He argued that strengthening local production would not only reduce exposure to external shocks but also support job creation and build a more resilient economy.

“One of the things that we have been doing is to be able to indigenise the production in certain sectors, which will be helping not only for job creation but to create a much more resilient economy and be able to be better prepared when shocks are happening.”

He identified pharmaceuticals, energy and other strategic sectors as areas where greater domestic production could contribute to economic resilience.

The comments come as the government seeks to consolidate recent macroeconomic improvements while pursuing measures to expand commercial agriculture, add value to locally produced commodities and create more jobs.

Dr. Cassiel Ato Forson has indicated that the government’s next phase of economic transformation will place greater emphasis on commercial agriculture, value addition and job creation.

Trading was concentrated in the belly, with 2031-2034 maturities accounting for 53.75% of turnover at an average yield of 13.90%.

The 2027-2030 segment contributed 45.06% at 12.01%.

Longer-dated bonds remained largely sidelined, with post-2035 maturities representing just 1.19% of activity at 14.78%.

Meanwhile, the newly issued September 2030 bond attracted GH¢320.99 million in turnover at a weighted-average yield of 11.94%, accounting for 7.8% of total secondary-market turnover.

Databank Research expects secondary-market activity to remain firm, supported by sustained trading interest in the newly issued 4- year Government of Ghana bond.

Market data and price quotes from several commercial banks show that the cedi depreciated by 1.86% in July, after appreciating by 3.30% against the dollar in June.

The June gain was largely attributed to increased foreign exchange support from the Bank of Ghana, which injected $2.01 billion into the market to meet demand and support stability.

However, the pressure returned in July, driven largely by increased demand for dollars to finance energy imports.

The situation has persisted into August. Market data show the cedi has recorded week-to-date and month-to-date depreciations of 0.52% and 1.66%, respectively. On a year-to-date basis, the cedi has depreciated by 8.06%.

Christmas Imports Add to Dollar Demand

The latest pressure is being linked to increased demand for dollars by businesses preparing for the December Christmas shopping season.

Market watchers have told JOYBUSINESS that the demand could remain elevated as businesses increase imports ahead of the festive season.

The pressure has also been compounded by crude oil prices and their impact on the amount of foreign exchange required to finance energy imports.

BoG Expects Cedi to Stabilise

The Bank of Ghana, however, has described the latest movements as normal market developments and maintains that the cedi is expected to remain relatively stable for the rest of 2026.

In its July Monetary Policy Report, the central bank said renewed foreign exchange demand ahead of the Christmas season could create pressure but expressed confidence in its ability to manage the situation.

“Over the medium term, the Ghana cedi is expected to remain relatively stable,” the Bank stated.

It added that foreign exchange interventions and remittance inflows would help ease pressure on the currency.

“FX intermediation is expected to moderate the pressures on the cedi, along with remittance flows,” it added.

The Bank of Ghana is expected to supply about US$500 million to the market in September through its foreign exchange intermediation programme.

The Ghana Gold Board is also expected to provide additional support, targeting US$1.4 billion in foreign exchange receipts during the month.

Of this amount, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.

The remaining US$700 million is expected to be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The central bank has also assured the market that it remains prepared to intervene when necessary to maintain orderly market conditions while allowing the exchange rate to remain flexible.

Also read:

• BoG expects cedi to remain stable despite rising demand for Christmas imports

• Bank of Ghana warns against misuse of cedi notes and coins

This was 38% year-on-increase over that of GH¢893.0 million recorded in June 2025.

The provision was classified as loan losses and depreciation.

According to the July 2026 Monetary Policy Report, the asset quality risks remained elevated in the banking sector in June 2026, notwithstanding improvements in key asset quality indicators.

The industry’s non-performing loan (NPL) ratio declined to 16.1% in June 2026 from 23.1% in June 2025.

Similarly, the NPL ratio, adjusted for the fully provisioned loan loss category, improved to 4.6% from 8.5% over the same period.

In addition, the stock of non-performing loans decreased to GH¢19.9 billion in June 2026, compared with GH¢20.7 billion a year earlier. These developments point to an improvement in credit risk conditions, although asset quality vulnerabilities remain a concern.

The decomposition of NPLs continued to reflect the dominance of private sector credit in banks’ loan portfolios.

The private sector accounted for the largest share of NPLs, with its contribution rising to 98.0% in June 2026 from 96.4% in June 2025.

In contrast, the share of NPLs attributable to the public sector declined to 2.0% from 3.6% over the same period.

The distribution of NPLs remains broadly consistent with the sectoral composition of industry credit exposures.

The research arm of Fitch Ratings said Ghana posted a US$4.3 billion merchandise trade surplus in the first half of 2026, significantly above the US$700 million average recorded during the first halves of the previous decade.

The strong showing was largely supported by robust gold exports and increased crude oil shipments.

The performance exceeded Fitch Solutions’ earlier expectations and prompted the firm to revise its previous 5.2% of GDP forecast upwards.

“As such, we have revised up our 2026 current account surplus forecast to 7.8% of GDP, from 5.2% previously,” the firm said.

Fitch Solutions, however, expects the surplus to narrow in 2027, although it projects Ghana will retain a sizeable positive balance.

The outlook highlights the continued importance of gold and other commodity exports to Ghana’s foreign exchange earnings and external position, while the sustainability of the surplus will remain exposed to global commodity prices and export performance.

Also read:

• Cocoa bean exports to EU: Ghana ranked 4th in Africa – Fitch Solutions

• Fitch Solutions predicts inflation to rise to 9% by end-2026 despite recent gains

The initiative, launched in collaboration with the Korklu Foundation, seeks to promote financial inclusion by supporting persons with disabilities to establish and grow sustainable businesses rather than relying on charity.

Speaking at CBG’s Disability Conference at the Du Bois Centre in Accra, Deputy Managing Director of CBG, Shella Azuntaba, said the initiative is aimed at addressing the challenges persons with disabilities face in accessing traditional lending opportunities.

She said CBG is committed to including persons with disabilities in its financial plans and providing the support needed to help them build sustainable businesses.

Ms Azuntaba explained that the five percent interest rate is being introduced as a pilot programme and urged beneficiaries to make effective use of the opportunity to enable the bank to consider expanding the initiative to other regions.

The report references an audit that found that 87 percent of contracts under COCOBOD’s cocoa roads investment portfolio were directly awarded without competitive tendering.

The finding forms part of broader concerns raised about financial oversight and governance within state-owned enterprises.

Beyond the procurement process, the IMF report points to weaknesses in project costing and contract management, saying these shortcomings contributed to additional financial pressures.

The concerns come as government continues to manage fiscal risks associated with SOEs, particularly entities operating in sectors with significant liabilities and financial challenges.

The IMF is advocating stronger governance and financial controls across state-owned enterprises to reduce the risks their operations pose to public finances.

Among the measures proposed are stronger board appointment practices, improved coordination between the Ministry of Finance and the State Interests and Governance Authority, and closer monitoring of investments undertaken by SOEs.

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• How IMF capped forex intervention to $80m a month, lifted restriction in 2025 after…

• Bright Simons raises questions over COCOBOD’s GH¢5.1bn profit in SIGA report

The affected apps are Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, MoniLend, Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.

According to the central bank, the operations of these platforms breach regulatory requirements, including customer data privacy and consumer protection standards.

The BoG said it is working with relevant state institutions to trace and investigate the operators behind the applications, with enforcement action to follow.

It has consequently warned members of the public against using the flagged platforms and encouraged anyone who comes across unlicensed digital lending activities to report them to the central bank.

“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity, safety, and stability of the financial sector.

“The general public is therefore strongly advised not to engage with unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) are also cautioned against facilitating or processing transactions on behalf of unlicensed loan providers. Members of the public who become aware of the activities of unlicensed loan providers are encouraged to report them to the Bank of Ghana,” the statement said.

The latest move is part of efforts by the BoG to clean up Ghana’s rapidly expanding digital credit sector and shield consumers from potentially exploitative or unauthorised lending platforms.

Under the BoG’s Directive on Digital Credit Services, issued in September 2025, companies offering digital credit services in Ghana are required to secure the appropriate licence or authorisation before commencing operations.

The central bank maintains that any digital lender operating without the required regulatory approval is in violation of the directive.

Also read:

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They will also be prohibited from issuing cheques for at least three years if they are classified as repeat offenders.

The sanctions apply to customers who issue dud cheques for a third time.

The BoG announced the revised measures in a Dud Cheque Notice issued on September 7, 2026.

Under the new framework, repeat offenders will also be charged a levy equivalent to 20% of the face value of the dud cheque.

The central bank said it will notify all banks and Specialised Deposit-Taking Institutions (SDIs) when a customer is banned from accessing new credit.

For a first offence, banks and SDIs are required to impose a levy of 10% of the face value of the dud cheque.

The financial institution must also issue a warning to the customer outlining the consequences of repeating the offence.

The offence must further be reported to the Credit Reference Bureaus and the Bank of Ghana.

For a second offence within one year of the first, the levy increases to 15% of the cheque’s face value.

The bank or SDI must again issue a warning to the customer and report the offence to the Credit Reference Bureaus and the Bank of Ghana.

The BoG has also reminded banks and SDIs to continue submitting information on customers who issue dud cheques to Credit Reference Bureaus in accordance with Section 25(c) of the Credit Reporting Act, 2007 (Act 726).

Banks and SDIs are required to submit monthly returns on dud cheques to the BoG by the 10th day of the following month.

Institutions must also submit a nil return in months when no dud cheques are recorded.

The central bank said the revised directive became necessary because the practice of issuing dud cheques continues despite earlier warnings.

According to the BoG, the practice has undermined public confidence in cheques as a means of payment.

The revised measures are therefore aimed at addressing the problem and restoring confidence in the payment system.

The BoG defines a dud cheque as “a cheque drawn on an account by a customer for which there are insufficient funds to pay the amount specified on the cheque.”

According to the Bank of Ghana, the increase in broad money growth was largely driven by a significant build-up in Net Foreign Assets (NFA), as well as growth in Net Domestic Assets (NDA).

In its July 2026 Monetary Policy Report, it said the contribution of NFA to total liquidity growth increased to 14.8% in June 2026 from 9.5% in June 2025, reflecting an increase in the rate of foreign asset accumulation in the banking sector during the period under review.

The contribution of NDA to M2+ growth also increased to 13.7% in June 2026, from 6.1% in June 2025. According to the Bank of Ghana, the stronger contribution of NDA in June 2026 was largely driven by increases in Net Claims on Government (NCG) and Claims on the Private Sector.

The contribution of NCG to NDA growth was 4.9% in June 2026, compared with negative 3.0% in June 2025. This reflected in part increased banking sector holdings of Government of Ghana (GoG) securities, while credit to the private sector (including public enterprises) also increased to 11.3%, from 2.1% during the review period.

In terms of the composition of M2+ growth, the contribution of demand deposits increased to 11.8% from 8.1% during the review period, consistent with continued deposit mobilisation by banks.

Similarly, foreign currency deposits (FCDs) contributed significantly to money supply growth, contributing 5.9% in June 2026, compared with negative 6.3% in June 2025, mainly driven by the discontinuation of the dual currency CRR policy.

In contrast, the contribution of currency outside banks declined to 3.6% from 4.7% in June 2025, reflecting subdued demand for cash holdings.

The contribution of savings and time deposits also declined to 7.2% from 9.2% over the same comparative period.

Also read:

• BoG expects cedi to remain stable despite rising demand for Christmas imports

• Bank of Ghana warns against misuse of cedi notes and coins

In its latest Monetary Report, the central bank said it expects the local currency to remain stable over the medium term.

“Over the medium term, the Ghana cedi is expected to remain relatively stable,” the Bank stated.

It said foreign exchange interventions and remittance inflows would help ease pressure on the currency.

“FX intermediation is expected to moderate the pressures on the cedi, along with remittance flows,” it added.

The outlook comes amid renewed demand for dollars from businesses seeking to finance imports ahead of the December festivities.

Cedi outlook

The Bank of Ghana believes the cedi has recovered from the pressure it faced earlier in May.

Market supply is also expected to improve in the coming months.

The central bank is expected to supply about US$500 million to the market in September through its foreign exchange intermediation programme.

The Ghana Gold Board is expected to provide additional support.

GoldBod is targeting US$1.4 billion in foreign exchange receipts in September as part of efforts to support market stability and build reserves.

Of this, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.

Another US$700 million will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Bank has also assured the market that it remains prepared to intervene when necessary to ensure orderly market conditions while preserving exchange rate flexibility.

Cedi performance

Despite the improved outlook, the cedi recorded significant losses during the first half of 2026.

On the interbank market, the currency depreciated by 7.9% against the US dollar, 6.5% against the pound and 5.3% against the euro on a year-to-date basis.

This contrasts sharply with the same period in 2025, when the cedi appreciated by 42.6% against the dollar, 30.3% against the pound and 25.6% against the euro.

The Bank of Ghana attributed the pressure earlier in the year partly to higher energy-related imports.

The cedi had depreciated by a cumulative 9.5% against the dollar as of July 17, 2026.

However, the central bank said the currency was less volatile during the first 140 trading days of 2026 than in the corresponding periods of the previous four years.

According to the latest figures, the cedi recorded a cumulative depreciation of 7.11% at the end of August.

Despite the losses, the Bank of Ghana maintains that increased foreign exchange supply and remittance flows should help moderate pressure on the currency in the months ahead.

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• Bank of Ghana warns against misuse of cedi notes and coins

• I’m shocked by extent of damage; it runs into millions of cedis – Sammi…

The government accepted GH¢3.15 billion of the bids, representing 70.57% of the total amount tendered, while the auction recorded a bid-to-cover ratio of 1.41 times.

The bond cleared at a yield of 12.00%, at the lower end of the pre-auction market expectation of between 12.00% and 13.50%.

The latest Bank of Ghana auction results indicate that the clearing yield was about 130 basis points above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of approximately 10.7%.

However, it was 50 basis points below the 12.50% yield on the seven-year government bond issued in March/April 2026, pointing to continued investor appetite for medium-term government securities.

The cedi-denominated bond, expected to mature in 2030, opened on September 1, 2026, through a book-building process and was primarily marketed to resident investors. However, non-residents were also eligible to participate.

The bond is expected to be listed on the Ghana Stock Exchange, with Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital and Stanbic Bank serving as active bond specialists.

Also read:

• COCOBOD settles GH¢2.3 billion, completes 2026 DDEP bond obligations

• Government to open book-build for four-year Treasury Bond on September 1

His warning follows a sharp turnaround in the financial performance of SOEs in 2025.

According to the State Interests and Governance Authority’s (SIGA) 2025 State Ownership Report, SOEs recorded a consolidated net profit after tax of GH¢19.80 billion, reversing a GH¢2.25 billion loss in 2024. Revenue also rose from GH¢137.64 billion to GH¢176.43 billion.  

However, Dr Atuahene says the figures should be examined more closely before being interpreted as evidence of significant operational efficiency.

“As Professor Isaac Boadi of UPSA said, I look at it, and he called it a miracle. But if you dive deep into it, it’s not operational efficiency. It’s completely, it’s not operational efficiency.”

He said a major factor behind the improved results was foreign exchange gains.

“If you are moved by foreign exchange gains by 60%, then you are not talking about efficiency. So, for me, it’s not so much the profit, but are we talking about operational efficiency?”

Dr Atuahene warned that the gains could quickly be reversed if the cedi loses its current stability.

“Because other than that, when the reality comes, you’re going to have a hit. When I mean the reality, should the cedi begin to go downwards, then you’ll begin to see that we have a big problem.”

The SIGA report indicates that the performance of the cedi helped reduce SOEs’ finance costs by 42.49 per cent.

The entities also recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a foreign exchange loss of GH¢12.01 billion in 2024.  

Dr Atuahene also raised concerns about the scale of debt accumulated by state enterprises.

“And also, the magnitude of the debt, 282 billion. If you run an economy with such a debt overhang, I don’t know what you can do.”

He noted that SOE liabilities accounted for about GH¢282 billion of the wider debt burden.

“Debt overhang of over ¢700 billion; ¢ 282 billion is by the state enterprises. That is where we should have a little bit of concern and worry.”

The SIGA report puts total SOE liabilities at GH¢281.99 billion, with ECG alone accounting for GH¢82.31 billion.  

Dr Atuahene said the government must therefore treat SOE reforms as a priority, particularly under the IMF programme.

“That is the reason why, in the IMF’s PCI, one of the ten fundamental reforms that we are being required to do is to look at these SOEs, which is very, very important.”

He warned that the underlying problems in state enterprises could eventually pose a wider threat to the economy.

“If we go the way we are going with SOEs, one day we will get up, and the country will come to a grinding halt.”

He questioned whether profitability should be measured solely by financial statements, given that some enterprises continue to struggle to deliver basic public services.

“Produce the figures, talk about profit, but the reality, like Professor said, what is the output? You’re not getting your light on. You’re not getting your water.”

“Are we measuring it by what measure? What metrics are we using?”

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The regulators said operators of the platform are promising members of the public huge returns on their investments as part of efforts to lure them into the scheme.

According to the BoG and SEC, a doctored video is currently circulating on social media in which President John Dramani Mahama is falsely portrayed as endorsing the investment platform.

The two institutions, acting in accordance with Sections 8 and 52 of the Anti-Money Laundering Act, 2020 (Act 1044), said the invitation to the public to invest in the scheme amounts to deposit-taking under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Under Section 4(i) of Act 930, only a body corporate licensed by the Bank of Ghana is permitted to conduct deposit-taking business.

The BoG stressed that it has not licensed any individual or entity to engage in crypto investment, warning that persons involved in such activities are committing an offence.

It said offenders could be penalised and required to refund all funds received from members of the public.

They could also face an administrative penalty of between 500 and 100,000 penalty units under Section 53(3) of Act 1044.

The regulators further warned that individuals or entities engaged in such activities could be reported to law enforcement agencies for investigation and possible prosecution under Sections 1, 2, 3, 4 and 5 of Act 1044.

Public urged to verify investment platforms

The Bank of Ghana has urged the public to verify the licensing status of individuals and entities with the central bank or other relevant authorities before depositing funds with them.

It reminded the public to place deposits only with institutions licensed by the Bank of Ghana and other relevant regulatory authorities.

The central bank has also directed media houses, including radio, television and online platforms, not to advertise the services of the purported “foreign investors” behind the scheme.

Media organisations have been encouraged to verify the licensing status of such entities with the Bank of Ghana before advertising their products or services.

The BoG and SEC said they would not hesitate to seek the assistance of law enforcement agencies to arrest and prosecute persons found culpable.

Members of the public who come across such illegal activities are encouraged to report them to the Bank of Ghana through its Financial Stability Department.

The public has therefore been urged to exercise caution and avoid engaging with the “Daily Wealth Guide” investment scheme.

The results, presented by Chairman of the Board of Directors, Patrick Amannor Buckor, at the Bank’s 45th Annual General Meeting, highlighted improvements in profitability, assets, deposits, lending and shareholders’ funds.

Net operating income surged by 45 percent to GH¢59.8 million in 2025, up from GH¢41.3 million in 2024. The growth was driven by increased interest income from loans and investments, as well as steady growth in fees and commissions.

Pre-tax profit more than doubled, rising by 135 percent from GH¢6.5 million in 2024 to GH¢15.4 million in 2025. Profit after tax also increased significantly by 131 percent, from GH¢4 million to GH¢9.3 million.

Operating expenses rose by 28 percent to GH¢44.4 million, reflecting higher credit impairment provisions, investments in human capital and increased operational costs.

The Board said the additional provisions were prudent measures to mitigate emerging credit risks following the Bank’s expanded lending activities.

The Bank’s balance sheet also strengthened, with total assets increasing by 27 percent to GH¢335.1 million, compared with GH¢263 million in 2024.

Customer deposits grew by 27 percent to GH¢288.3 million, indicating increased confidence among customers. Gross loans and advances expanded by 35 percent to GH¢99.6 million, while the investment portfolio increased by 28 percent to GH¢187.6 million.

Shareholders’ funds also improved by 47 percent to GH¢27.5 million, while the Capital Adequacy Ratio rose from 14.36 percent to 16.92 percent, comfortably above the Bank of Ghana’s minimum requirement of 10 percent.

Dividend declaration

In recognition of the strong performance, the Board recommended a dividend of GH¢0.0504 per share, amounting to GH¢2.33 million.

The proposed dividend represents 25 percent of profit after tax, compared with GH¢1.53 million paid in 2024.

Mr Buckor said the proposal strikes a balance between rewarding shareholders and retaining sufficient earnings to finance expansion and strengthen the Bank’s capital base.

“The progress achieved in 2025 reinforces our belief that the Bank is well positioned to deliver on its strategic aspirations,” he said.

He added that the institution remained committed to creating lasting value for shareholders, customers and communities.

CSR and sustainability

Beyond its financial performance, the Bank invested GH¢393,313 in Corporate Social Responsibility initiatives during the year.

This included GH¢103,000 in scholarships for brilliant but financially disadvantaged students.

The Bank also advanced its sustainability agenda with the development of a comprehensive Environmental, Social and Governance (ESG) Policy aligned with the Bank of Ghana’s Sustainable Banking Principles.

Transition and capital expansion

A major milestone in 2025 was the transition from Manya Krobo Rural Bank PLC to Manya Krobo Community Bank PLC.

The change formed part of broader reforms aimed at repositioning community banks as modern and inclusive financial institutions.

With stated capital of GH¢7.7 million, which is above the regulatory minimum, the Bank plans to increase its capital base to GH¢11.9 million by 2028 to support future expansion.

Mr Buckor expressed confidence that the Bank’s strong capital position, liquidity and resilient business model provide a solid foundation for sustained growth.

Digital transformation

The Chief Executive Officer of Manya Krobo Community Bank PLC, Godfred Asante Hanson, said future growth would depend largely on improving operational efficiency.

He said management would adopt a strategy focused on digital transformation, streamlined processes and enhanced staff capacity.

“By leveraging technology to reduce turnaround time and improve customer service delivery, the Bank would position itself as a competitive player in the community banking sector,” he noted.

Mr Hanson said increasing the Bank’s capital base remained a priority to enable it withstand future regulatory changes.

He said management would pursue a deliberate share mobilisation strategy by encouraging existing shareholders to increase their stakes while attracting new investors.

According to him, the approach would strengthen the Bank’s resilience, help it meet regulatory thresholds and provide a buffer against shocks in the financial environment.

Focus on profitability

On profitability, Mr Hanson said the Bank would focus on maximising returns while meeting shareholder expectations.

He said management would build on the operational performance recorded in 2025 by prudently expanding its loan portfolio, diversifying income streams and strengthening risk management practices.

“These measures,” he said, “would ensure sustainable growth and improved value creation for shareholders.”

Mr Hanson also appealed to prospective investors to consider Manya Krobo Community Bank PLC as a reliable partner for financial growth.

He assured stakeholders that the Bank remained committed to improving efficiency, strengthening its capital base and enhancing profitability to deliver consistent returns and contribute to the socio-economic development of the communities it serves.

Strategic outlook

Looking ahead, the Bank’s 2026–2028 Strategic Plan identifies digital transformation, operational efficiency, enhanced risk management and improved customer service as key priorities.

A flagship project under the plan is the construction of a new banking complex at Ashiyie in Accra, which management says will strengthen the Bank’s physical presence and operational capacity.

According to the 2025 Payment Systems Oversight Annual Report, the total volume of internet banking transactions also increased to 47,587,105 in 2025 from 26,063,456 in 2024.

Similarly, mobile banking transactions recorded significant growth in both volumes and values of transactions in 2025.

The value of mobile banking transactions grew significantly by 130.5% year-on-year in 2025, whilst the volume of transactions grew by 31.6%.

The strong performance of internet and mobile banking reflected the growing public confidence in digital funds transfer services and underscored the ongoing shift from cash-based transactions to more efficient cashless payment channels.

The Bank of Ghana explained that Ghana’s electronic payment landscape has undergone significant transformation, driven by continuous technological innovation, proactive banking sector initiatives, and strong regulatory support.

Together, it added that these efforts have established a robust and dynamic payment ecosystem in which Automated Teller Machines (ATMs) remained essential touchpoints for accessing cash and cashless services, while POS terminals have increasingly become central to the nation’s transition to a more efficient cash-lite economy.

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According to the 2025 State Ownership Report, the state-owned development finance institution increased its loans and advances to customers by 20.14 per cent, from GH¢1.30 billion in 2024 to GH¢1.56 billion in 2025.

The expansion reflected increased financing for export-oriented businesses and other strategic sectors of the Ghanaian economy.

Loans to customers as a proportion of the bank’s total assets also increased from 55.9 per cent in 2024 to 63 per cent in 2025, demonstrating a stronger allocation of resources to its core development-finance mandate.

The report said the bank maintained adequate liquidity, improved credit quality and expanded its financing operations during the year.

Interest income rises 90%

GEXIM Bank’s interest income increased by 90.21 per cent, from GH¢80.91 million in 2024 to GH¢153.90 million in 2025.

The report attributed the growth mainly to higher interest earned on loans and financial placements.

Funding costs, meanwhile, fell sharply by 99.08 per cent, from GH¢26.99 million to GH¢250,000.

The combination of higher interest income and lower funding costs resulted in a 184.98 per cent increase in net interest income, which rose to GH¢153.65 million in 2025.

The bank generated total operating revenue of GH¢898.04 million, supported by substantial non-exchange revenue, despite lower fees and commission income and a net trading loss during the year.

GEXIM Bank posted a profit before tax of GH¢467.56 million in 2025. Its net profit for the year also stood at GH¢467.56 million, compared with GH¢547.17 million in 2024.

Although the figure represented a decline from the exceptionally high profit recorded in 2024, the report described the bank’s profitability as robust.

Assets and equity increase

GEXIM Bank’s total assets increased by 6.72 per cent, from GH¢2.32 billion in 2024 to GH¢2.48 billion in 2025, reflecting continued business growth.

Earning assets also rose from GH¢1.67 billion to GH¢1.89 billion over the period.

The bank recorded a significant improvement in its equity position, with shareholders’ funds increasing by 28.63 per cent, from GH¢1.63 billion in 2024 to GH¢2.10 billion in 2025.

The growth was driven largely by retained earnings and statutory reserves.

At the same time, the bank’s total debt and liabilities declined from GH¢689.62 million in 2024 to GH¢378.01 million in 2025, representing a reduction of about 45 per cent.

Financial leverage also improved, with the equity multiplier declining from 1.4 times to 1.2 times. This indicated that the bank was relying less on debt financing and had developed a stronger equity base.

According to the report, GEXIM Bank’s stronger capital position, reduced leverage and sustained profitability reinforced its long-term financial resilience and enhanced its capacity to fulfil its development-finance mandate.

Capital adequacy rises to 75.3%

The bank’s capital adequacy ratio increased significantly from 53.7 per cent in 2024 to 75.3 per cent in 2025.

The ratio remained substantially above the regulatory minimum, providing the institution with considerable capacity to absorb potential losses and support future lending to Ghanaian businesses.

The improvement also strengthened GEXIM Bank’s ability to undertake further interventions in export-oriented industries and other sectors considered critical to Ghana’s economic transformation.

Cash position improves

GEXIM Bank maintained a sound liquidity position during the year, supported by growth in its cash holdings and loan portfolio.

Cash and cash equivalents increased by 1.75 per cent, from GH¢230.82 million in 2024 to GH¢234.85 million in 2025.

Investment securities, however, declined by 13.08 per cent, from GH¢375.32 million to GH¢326.24 million.

The report said the reduction indicated a modification in the bank’s portfolio management strategy, involving a partial reallocation of assets from investment securities towards lending activities.

Net cash flow from operating activities stood at GH¢15.40 million, while net cash used for investment activities was GH¢11.37 million.

Credit quality strengthens

GEXIM Bank also recorded an improvement in some of its credit-risk indicators.

Impairment charges on financial assets declined by 32.11 per cent, from GH¢26.75 million in 2024 to GH¢18.16 million in 2025.

The impairment-loss-to-loans ratio improved from 18.2 per cent to 17.3 per cent, while the loan-loss ratio declined from 15.4 per cent to 14.7 per cent.

Under the International Financial Reporting Standard 9 Expected Credit Loss model, Stage 1 exposures—loans regarded as carrying low credit risk—increased from GH¢68.45 million to GH¢81.86 million. The report said this reflected growth in performing loan exposures.

Stage 2 exposures, involving loans with significantly increased credit risk, declined from GH¢20 million to GH¢17.74 million, signalling an improvement in this category.

Credit-impaired Stage 3 exposures, however, increased from GH¢147.65 million to GH¢170 million, indicating that some borrowers remained in financial distress despite the broader improvement in the bank’s impairment ratios.

Profitability moderates

Despite maintaining strong profitability, GEXIM Bank recorded declines in some profit and return indicators compared with the exceptionally high levels achieved in 2024.

Its net operating margin declined from 23.56 per cent to 18.87 per cent, while return on assets decreased from 23.56 per cent to 18.87 per cent.

Return on equity also fell from 33.51 per cent in 2024 to 22.26 per cent in 2025.

The bank’s cost-recovery ratio moderated from 229.8 per cent to 208.61 per cent, but remained strong, indicating that the institution continued to generate more than enough income to cover its operating costs.

Operating expenses increased during the year, driven partly by higher personnel costs. However, the reduction in impairment charges and strong income generation helped the bank maintain its profitability.

Established under the Ghana Export-Import Bank Act, 2016 (Act 911), GEXIM Bank is mandated to support Ghana’s transition towards an export-led economy by financing trade, developing export-oriented businesses and improving the country’s competitiveness in international markets.

The initiative, according to the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, is intended to close a significant gap in Ghana’s financial system by strengthening mechanisms for monitoring and investigating foreign currency seized by the authorities.

He said substantial amounts of foreign currency were reportedly moving through the country’s borders without the required declaration.

Dr Asiama said undeclared currency flows posed risks to the integrity of Ghana’s financial sector, creating opportunities for money laundering, tax evasion and other illicit financial activities.

“Undeclared currency flows create room for money laundering, tax evasion and other illicit activity,” he said.

He added that such movements also weaken the financial intelligence available to authorities to monitor the financial system, while currency moved outside declared channels diverts funds away from the formal market.

The Bank of Ghana is working with the Ghana Revenue Authority, Ghana Airports Company Limited, National Security, the Economic and Organised Crime Office (EOCO), the Financial Intelligence Centre and the Attorney General’s Office to safeguard Ghana’s borders, markets and resources.

For many Ghanaians, the mention of GH¢21.89 billion in connection with the Domestic Gold Purchase Programme (DGPP) naturally raises concern. At a time when households are still recovering from economic hardship, inflation, currency depreciation and high interest rates, any reference to a multibillion-cedi “loss” can understandably cause anxiety.

But economics cannot be understood through headlines alone. To properly appreciate what has happened, we must ask: What exactly does the GH¢21.89 billion represent? Was that amount actually lost in cash? What did Ghana receive in return? Why was gold purchased at market prices? And what has the programme contributed to the wider economy?

The answers present a much more nuanced picture.

The challenge Ghana was trying to solve

Ghana’s economic vulnerabilities did not begin with the Domestic Gold Purchase Programme. One longstanding challenge has been the country’s need for foreign exchange.

Ghana imports fuel, machinery, pharmaceuticals, industrial inputs, vehicles and technology. These imports require dollars and other foreign currencies. When demand for foreign exchange persistently exceeds supply, pressure builds on the cedi.

A weaker cedi makes imports more expensive, and those costs eventually find their way into transportation, food, manufacturing and household expenditure. This is why exchange-rate stability is not merely an issue for economists; it directly affects the daily lives of Ghanaians.

Ghana therefore needs sustainable ways of building its foreign-exchange reserves. This is where gold becomes strategically important.

Central banks across the world are rethinking their reserve portfolios as geopolitical fragmentation raises concerns about the accessibility of foreign-held assets, while dollar-funding pressures continue to influence global financial stability.

Ghana, therefore, needs to follow the example of other countries by diversifying its reserve base and reducing excessive dependence on foreign currencies to mitigate volatility linked to instability in the foreign-exchange market.

Turning Ghana’s gold into economic strength

The Domestic Gold Purchase Programme sought to purchase gold produced domestically, export it and convert the proceeds into foreign exchange that becomes part of Ghana’s reserves.

The programme generated US$13.8 billion in reserves, accumulated from domestic production rather than external borrowing. That distinction matters.

Borrowing dollars gives a country foreign exchange today but creates a repayment obligation tomorrow. Gold production, when properly captured within the formal economy, can provide a domestic source of foreign exchange.

In simple terms, Ghana is attempting to use what it produces at home to strengthen its reserves rather than continually relying on external borrowing.

So, what is the GH¢21.89 billion?

This is perhaps the most misunderstood part of the debate.

The GH¢21.89 billion is primarily an accounting adjustment, not a GH¢21.89 billion cash outflow. An accounting adjustment occurs when an asset is recognised in financial statements using a particular valuation and differences arise because of changes or differences in applicable exchange rates.

In this case, gold was purchased from miners in cedis at prevailing market prices but recorded in the Bank’s books at the official Bank of Ghana exchange rate in accordance with International Accounting Standard (IAS) 21.

Pricing close to the bureau rate is also consistent with Section 3(h) of the Ghana Gold Board Act, 2025 (Act 1140), which requires measures to discourage illegal gold trading.

Gold is acquired at the prevailing market rate because pricing below that level does not effectively reduce the cost to the State. It risks displacing the gold out of the formal economy.

The difference between those rates created an exchange-rate adjustment.

The key point is simple: an accounting loss is not necessarily the same as a cash loss.

The gold was acquired, exported and sold to offtakers, with the resulting foreign exchange becoming part of Ghana’s reserves.

Indeed, after accounting for the government’s GH¢5 billion cost share and GH¢7.9 billion in realised gains on gold bullion sales, the net cost recognised in the Bank’s accounts was GH¢9.05 billion.

Therefore, GH¢21.89 billion represents the gross programme cost, while GH¢9.05 billion represents the Bank’s net share carried in its profit-and-loss account.

Why was the figure so large in 2025?

The framework remained the same from the inception of the DGPP. However, in 2025, two factors operated in the same direction.

First, the cedi appreciated by approximately 40.7% during the year. Appreciation widens the divergence between the market acquisition rate and the official recording rate because the market takes time to adjust. The stronger the cedi, the larger the resulting accounting adjustment in cedi terms.

Second, the programme approximately doubled in scale, from 56.47 tonnes in 2024 to 110.99 tonnes in 2025, with a value of US$11.4 billion.

A wider divergence applied to twice the volume naturally produces a substantially larger figure. Across 2024, the divergence averaged under 5%. Across 2025, it averaged approximately 12%, and considerably more during the second half of the year.

Why not simply buy the gold at the official exchange rate?

This is where economic reality becomes important.

Gold producers operate in a competitive market. If a formal buyer offers significantly below the prevailing market price, the seller has another option: sell to informal buyers or smugglers.

Ghana has experienced this before.

Following the introduction of a 3% withholding tax in 2021, official artisanal and small-scale gold exports fell from 39.3 tonnes to 3.4 tonnes, a 91% decline in one year.

The evidence suggests that production did not simply disappear; rather, gold declarations into the formal system collapsed.

The lesson is clear: if Ghana tries to buy its own gold too cheaply, Ghana may simply lose the gold to informal channels. That means losing the foreign exchange, taxes, traceability and reserve accumulation associated with formal transactions.

What did Ghana gain?

The gains are significant.

Formal artisanal and small-scale gold exports increased from 63.6 tonnes in 2024 to 103 tonnes in 2025.

An independent assessment by economists from the University of Ghana and the University of Ghana Business School suggests that the additional 39.4 tonnes was plausibly gold previously lost to smuggling and subsequently captured within the formal framework.

At 2025 prices, this represented approximately US$3.54 billion in gold redirected from illegal traders into Ghana’s reserves.

That is why the debate should not stop at the accounting adjustment.

We should also ask: How much foreign exchange did Ghana gain? How much gold was brought into the formal economy? How much smuggling was displaced? And how much reserve accumulation was achieved without external borrowing?

Those questions provide a fuller picture of the programme’s economic impact.

Why this matters for the cedi, inflation and interest rates

Stronger foreign-exchange reserves improve the Bank of Ghana’s ability to manage periods of pressure on the cedi.

A more stable cedi can reduce imported inflationary pressures. Lower inflation improves household purchasing power and gives businesses greater certainty in planning.

Lower inflation can also create room for interest rates to decline over time.

This matters enormously.

High interest rates make borrowing expensive, discourage business expansion and constrain investment. Lower interest rates, when supported by sustainable disinflation and macroeconomic stability, can make credit more accessible and create better conditions for businesses to invest, expand and create jobs.

Therefore, a stable exchange rate, lower inflation and declining interest rates are not isolated statistics. Together, they establish the foundation upon which sustainable economic growth can be built.

The Bank of Ghana’s responsibility is not simply to “keep the dollar rate down.” Its broader mandate is to help create the monetary and financial conditions necessary for stability, confidence and sustainable growth.

The weaknesses are being addressed

Acknowledging the gains achieved through the programme does not mean suggesting that it was perfect. It means recognising both its achievements and the reforms being undertaken to address its weaknesses.

Transaction charges reportedly fell from approximately 17% of transaction value before 2025 to 7.25% by February 2026, and subsequently to 5% effective August 1, 2026, with the latter borne by the Ministry of Finance and allocated in the budget.

The Bank also moved towards multiple approved offtakers, increasing competition and improving commercial terms.

The GoldBod service fee was reduced from 0.50% before 2025 to 0.40% in 2025 and subsequently to 0.10%.

More importantly, from July 1, 2026, GoldBod introduced a benchmark pricing framework using international LBMA AM and PM prices.

This is intended to reduce reliance on informal market quotations, improve transparency and ultimately narrow the exchange-rate gap that generated much of the accounting adjustment.

The way forward

Ghana should not respond to the GH¢21.89 billion figure by abandoning the programme. The answer is to make the programme better.

We must continue reducing transaction costs, strengthen transparent benchmark pricing, maintain competition among offtakers, improve disclosure around programme revenues and costs, and intensify the fight against gold smuggling.

Most importantly, Ghana must ensure that the foreign-exchange reserves generated through such programmes contribute to broader macroeconomic stability and, ultimately, improved living standards.

The GH¢21.89 billion debate should therefore become an opportunity for economic education, not merely political confrontation.

Ghanaians deserve accountability and transparency. But they also deserve the complete story.

Economic recovery is not built by one policy or one institution. It is built by fixing vulnerabilities one after another: strengthening reserves, stabilising the currency, reducing inflation, lowering the cost of credit, restoring confidence, encouraging investment, expanding production and creating jobs.

The Bank of Ghana should never be above scrutiny. But it should also not be judged through a single headline number stripped of its economic context.

The real question is whether Ghana is becoming more financially resilient, better able to generate its own foreign exchange, more stable in its currency, less vulnerable to external shocks and better positioned for sustainable growth.

That is the bigger story.

On that journey, the work of the Bank of Ghana matters. The task now is to consolidate the gains, correct the weaknesses and keep moving forward.

The Bank of Ghana deserves a fair hearing and commendation for a programme that generated well over US$13 billion in reserves. The full and honest disclosure by the Bank of Ghana regarding the DGPP also deserves commendation.

By Nelson Cudjoe Kuagbedzi
BSc, MPhil, MBA, GSE, CA, MCIT, ACIB, ACI, MIoD
Finance and Tax Analyst
Cknellynelson@gmail.com

The World Bank’s Division Director for Ghana, Liberia and Sierra Leone, Dr Robert Taliercio O’Brien, disclosed the figure at the launch of the World Bank’s Tenth Ghana Economic Update in Accra.

According to IERPP, the figure is a serious indictment of the pattern of Ghana’s economic recovery, arguing that the benefits of growth have yet to reach a significant proportion of households.

Dr Taliercio noted that Ghana’s economy grew by 6.0% in 2025, the fastest growth recorded since 2019, and accelerated further to 6.4% in the first quarter of 2026.

Inflation also declined sharply from 23.2% in February 2025 to 3.2% in March 2026 before edging up to 4.6%.

However, IERPP said the strong macroeconomic indicators mask a deeper challenge, as growth has largely been driven by sectors with limited capacity to absorb Ghana’s rapidly growing labour force.

The Institute described the situation as “narrow growth”, where expansion is concentrated in capital-intensive and extractive-led sectors that boost output and headline economic figures without generating enough jobs, wages and broad-based household income.

“Ghana is not experiencing artificial growth in the sense of manufactured statistics. The GDP and inflation numbers appear genuine, but it is experiencing narrow growth,” IERPP said.

It said such growth creates a recovery visible in national accounts but one that many households do not feel in their pockets.

The Institute referenced Dr Taliercio’s description of a “disconnect between the headline growth that is yet to reach most of the population.”

Poverty trend raises concern

IERPP said the current poverty situation should also be viewed against Ghana’s longer-term trend rather than as a one-off development.

It noted that World Bank and Ghana Statistical Service data from the 2016/17 Ghana Living Standards Survey (GLSS 7), the country’s last full household survey, placed the national poverty rate at 23.4%.

According to the Institute, Ghana’s poverty reduction gains were subsequently affected by a series of economic shocks, including the COVID-19 pandemic, the 2021–2022 inflation and cedi depreciation crisis, and the 2023 Domestic Debt Exchange Programme implemented alongside the IMF-supported reform programme.

IERPP, however, cautioned against interpreting the 56.4% figure as a direct doubling of the 2016/17 poverty rate.

It explained that the World Bank’s latest figure reflects a broader measure of deprivation than the narrower national poverty line used in 2016/17.

It also noted that Ghana has not conducted a new full household survey since GLSS 7, meaning recent poverty estimates are modelled rather than directly measured.

“Even allowing for this measurement caveat, the direction of travel — rising vulnerability alongside recovering headline growth — is precisely the disconnect the World Bank itself is now flagging,” IERPP said.

Call for job-rich growth

IERPP is urging the government to make the composition of economic growth a key measure of policy success, rather than focusing primarily on GDP growth rates.

The Institute argued that a lower GDP growth rate spread across labour-intensive sectors could have a greater impact on household welfare than higher growth concentrated in extractive industries.

It called for greater policy attention to agriculture and value addition, manufacturing, construction and MSME-led services, which it said have greater potential to generate employment and raise household incomes.

IERPP also called for a new full-scale Ghana Living Standards Survey, arguing that policymakers need up-to-date household-level data to effectively assess poverty and design interventions.

The Institute further urged government to adopt targeted measures for Northern Ghana, where poverty rates, according to the World Bank, exceed 50% and are widening in comparison with the south.

IERPP said the situation requires a regionally targeted response rather than policies based solely on national averages.

It welcomed the World Bank’s assessment and said Ghana’s economic recovery remains “structurally incomplete.”

“A recovery that leaves 56.4% of citizens in poverty is not yet a recovery for Ghana; it is a recovery for Ghana’s growth statistics,” IERPP said.

The Institute is therefore calling on government to make inclusive, job-rich growth the true measure of economic policy success going forward.

According to the Bretton Woods institution, though Ghana’s status as an oil producer and major gold exporter may help cushion the economy, the prolonged global trade disruptions from the Middle East conflict could weigh on macro-financial stability”.

These concerns were captured in the World Bank’s 10th Ghana Economic Update Report.

The report is on the team “Reset for Growth: Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation”

Despite these concerns, the World Bank is projecting that Ghana will end  2025 with a growth rate of  4.8%, adding that  “medium-term outlook is broadly positive, though growth is expected to moderate”.

However, on the medium term, the growth is expected to converge toward its estimated potential of around 5%.

Inflation is also expected to remain within the Bank of Ghana’s  8 ± 2% target band, whilst the current account is projected to remain in surplus in 2026, and the primary surplus target of 1.5% of Gross Domestic Product is achievable provided revenue reforms are implemented as planned.

The World Bank, however, warned that “These projections are achievable—but they are not guaranteed, and the downside risks to this outlook are material”.

They represent the defining features of Ghana’s medium-term vulnerability.

Risks Tilted to Downside

The Bank went ahead in the report to state that risks to macroeconomic stability are tilted to the downside.

It also stated that “externally, gold price volatility, geoeconomic fragmentation, and the Middle East conflict—which elevates energy, food, and agricultural input costs—are the primary concerns potentially weighing on potential growth, eroding fiscal revenues, and driving inflationary and exchange rate depreciation pressures.”

The World Bank was worried that the policy slippages in the energy and cocoa sectors, along with fiscal pressures from extending temporary relief measures such as fuel price interventions, could erode recent macroeconomic gains and jeopardize debt sustainability objectives.

It again stated that increasing debt service payments in 2027–2028 continue to pose rollover risks given the reliance on short-term debt instruments.

However, it maintained that “The reopening of the domestic bond market that started in April 2026 is expected to relax these financing pressures with longer-maturity instruments”.

Policy Recommendations

The World Bank is therefore proposing some policy recommendations to deal or manage the expected risks going forward.

First, on revenue-led fiscal consolidation, the Bank believes that the domestic revenue mobilization agenda is a central pillar for fiscal sustainability.

The Bank added the primary surplus has been achieved largely through underspending rather than broad-based revenue growth.

Therefore, the reform priority is to broaden the base, improve compliance, and build a tax administration system capable of capturing revenues from all segments of the economy on a fair and equitable basis.

Second, regarding expenditure quality, the Bank pointed out that it is very important that policy actions were introduced in 2025 to bring fiscal consolidation back on track. They were amendments to the Public Financial Management (PFM) and Public Procurement Acts aimed at strengthening commitment controls and preventing future slippages.

However,  the World Bank warned that repeated compression of capital investment, infrastructure maintenance, and social transfers risks eroding the medium-term foundations of the recovery.

“Priority , must therefore must be  placed on safeguarding high-return public investment, preserving priority social spending, and strengthening PFM to improve efficiency—recognizing that fiscal discipline and growth-supportive expenditure are complementary, not competing, objectives”.

Key priorities, the World Bank stated that should include developing a more robust fiscal risk architecture covering systematic disclosure of contingent liabilities, integrating risk scenarios into budget planning, and strengthening SOE accountability mechanisms.

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He said Africa had for decades supplied the world with raw materials, including cocoa, gold and bauxite, while importing finished products at significantly higher costs, a situation that has constrained value addition, job creation and economic transformation on the continent.

“We have lit up other continents while over 600 million of our own people remain in darkness,” he stated as keynote speaker at the Future of Energy Conference 2026 in Accra. “Africa cannot industrialise in the dark.”

Dr Donkor said achieving Africa’s industrialisation agenda would require deliberate policymaking, stronger coordination and substantial investment in energy infrastructure.

He stressed that no industrial revolution could take off without a robust and dependable energy system capable of supporting manufacturing and other productive sectors.

According to the African Development Bank (AfDB), Africa requires about $25 billion annually to achieve universal access to electricity, highlighting the scale of investment needed to close the continent’s energy deficit.

Dr Donkor said EBID, recognising energy as central to Africa’s industrialisation, had committed more than $1 billion of its resources across the energy value chain as of June 2026.

“We have invested in electricity generation, both conventional and renewable, transmission and distribution projects, while also supporting fuel procurement to keep economies running,” said Dr Donkor.

He said the bank’s Growth, Resilience and Optimisation Strategy would see it commit a minimum of $2 billion to the energy sector by 2030.

Dr Donkor proposed a four-pronged approach to addressing Africa’s energy deficit and creating the foundation for industrialisation.

The approach includes strengthening national and regional grid systems, deploying large-scale renewable energy systems, exploiting domestic natural gas resources and expanding embedded generation capacity within industries.

“Effective industrialisation in Africa requires a mixed energy system consisting of reliable electricity, renewable energy, natural gas, regional power pools and distributed energy solutions. The objective is not merely to increase electricity access but to ensure that industries receive affordable, reliable and sufficient energy to drive manufacturing, value addition, employment creation and economic transformation,” he said.

From minerals to industrial value chains

The Africa Mineral Development Centre (AMDC) also underscored the need for Africa to move beyond the extraction and export of raw minerals and develop industries capable of converting its vast natural resources into higher-value products.

Interim Director-General of the AMDC, Claudine Sigam, said Africa already possessed many of the mineral resources required to participate meaningfully in the global energy transition.

She said the key challenge was to develop the energy, industrial capacity, skills and markets required to transform those resources into materials, competitive enterprises, jobs and sustainable prosperity.

“When the global conversation focuses on minerals, Africa must broaden into materials, value chains and markets. Minerals alone do not create industrialisation. We need competitive energy to transform minerals into materials, industrial capabilities to transform materials into products, and markets capable of sustaining those industries,” she said.

Ms Sigam said Africa’s energy, mineral and industrial transformation should therefore be treated as an integrated development agenda aimed at maximising value creation on the continent.

The Future of Energy Conference 2026 is being held in Accra on the theme: “Powering Africa’s Industrial Transformation: Energy Systems for Value Addition and Competitiveness”.

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The IMF Resident Representative in Ghana, Dr Adrian Alter, said the country’s immediate focus should be on consolidating the gains made from its debt restructuring and strengthening domestic financing rather than rushing into fresh external commercial borrowing.

Ghana’s debt position has improved considerably under the IMF-supported programme, with the latest Debt Sustainability Analysis moving the country from a high risk of debt distress to a moderate risk.

Dr Alter said central government debt had also fallen to about 45% of GDP, a level the IMF had initially projected Ghana would only achieve by 2034.

He said the improvement provides Ghana with an opportunity to gradually regain access to international capital markets but stressed that restoring the country’s creditworthiness would be essential to securing affordable borrowing.

“I would say Ghana needs first to re-establish itself, and it needs to improve its rating,” Dr Alter said in an interview with Accra-based Channel One TV.

He explained that the government’s medium-term goal of attaining investment-grade status could help substantially lower the cost of borrowing both locally and internationally.

Dr Alter also pointed to the reopening of Ghana’s domestic bond market in March as an important step towards restoring investor confidence. Government subsequently issued a seven-year local-currency bond.

He noted that Ghana still faces significant financing needs, including debt refinancing and funding for development projects, which require a carefully managed approach to new borrowing.

The IMF representative stressed that reducing interest payments should remain a key priority, particularly because debt servicing currently accounts for about one-third of government expenditure.

According to him, lowering the cost of borrowing would create more fiscal space for the government to finance salaries, social interventions and capital projects.

He added that stronger domestic revenue mobilisation could provide additional resources for development spending.

Dr Alter said the IMF’s broader objective was to support Ghana in addressing its economic imbalances and restoring the country’s capacity to sustainably finance its needs through both domestic and international sources.

Also read:

• IMF report raises fresh questions over GoldBod’s losses – IERPP’s Economist

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 He made the call at a panel discussion at the Ghana AI Summit, where he explored the intersection of skills, talent, and the future of the workforce on the theme “AI, Skills, Talent, and the Future of the Workforce.”

Addressing participants, Mr Armah noted that digitalisation has become the new normal, driven largely by customer expectations and the rise in emerging technologies such as cloud computing, APIs, AI, and the Internet of Things.

These technologies, according to him, are reshaping industries and challenging traditional business models, particularly in banking. “Banking has changed so much in the past two decades that sometimes you wonder whether you are still working with a bank or another entity,” he remarked.

He traced the evolution of banking from physical branches to embedded financial services powered by AI.

“The banking I used to know when I used to accompany my mother to the bank was mainly over‑the‑counter transactions. Today, banking is embedded in virtually everything we do, and it is being powered by AI,” he said.

When asked about the skills needed for the future workforce, he emphasised that the shift in how we interact has also shifted the skills required. “We are looking for an analytic mind, creativity, the right attitude, which is a soft issue and a team player,” he said.

He noted that employers are now placing less weight on traditional academic qualifications and more on what candidates can demonstrate, saying the importance of AI literacy, particularly at the tertiary level, is critical and a must-have.

Mr Armah urged academia and industry to work more closely to nurture ideas and build local content.

“Usually, we attend conferences and get excited about what AI is doing, but we don’t follow through. The young folks have a lot of ideas because they are using AI. The challenge to academia is to collaborate with industry, and let’s start nurturing some of these ideas,” he said.

 He warned that without deliberate effort, Africans risk remaining consumers of AI rather than creators.

“We need to start building our content and developing our models. The language you hear is biased towards those who develop it. Are we going to leave our people who cannot speak English out of this movement?” he asked.

He concluded by affirming that while AI is transforming the world of work, the human element remains irreplaceable. “There is still a strong element of human‑centredness, because it is the human that drives the AI after all,” he said.

The Ghana AI Summit brought together industry leaders, academics, and policymakers to explore the opportunities and challenges of artificial intelligence in Ghana.

He said the country had faced a challenging period as global developments affected its reserves and forced the central bank to provide support to critical sectors of the economy.

“The past three to four months have been quite challenging for us when it comes to the country’s International reserves.”

Dr Asiama added: “I am therefore not surprised that we lost 1.2 billion reserves.”

According to the July Economic and Financial Data released by the Bank of Ghana, Ghana’s international reserves fell from US$14.1 billion to US$12.9 billion.

Dr Asiama disclosed this during Part Two of Time with the Governor, an engagement with students from the Department of Economics, University of Ghana, and the University of Ghana Business School (UGBS).

The students participated in the 131st Monetary Policy Committee Meetings as part of the MPC Educational Observership Programme.

Building up reserves

Dr Asiama used the engagement to stress the importance of maintaining strong reserves to cushion Ghana against global economic shocks.

“This is why we can say that one of the good things we did last year was to build some high reserves for interesting times like this.”

He said maintaining adequate reserves was particularly important at a time of heightened global economic uncertainty.

Dr Asiama described the decisions required to manage such pressures as difficult choices that countries must make when confronted with external shocks.

On rebuilding the reserves, the Governor pointed to the need to increase earnings from cocoa exports and non-traditional exports.

He noted that non-traditional exports currently account for about 10% of Ghana’s exports and argued that this should be increased to 15%.

The Governor also highlighted the potential of remittances to support the country’s reserves and broader economic development.

He made a case for channelling the more than US$8 billion received through remittances into productive investments rather than consumption.

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Following an encouraging opening day that attracted visitors eager to explore opportunities in Ghana’s housing and construction sector, organisers are preparing for another full day of exhibitions, expert engagements and opportunities for patrons to connect directly with businesses shaping the housing market.

The three-day mini-fair, which runs from Friday, August 21 to Sunday, August 23, is being held under the theme “Dream it. Explore it. Own it.”

More to explore on Day 2

Day Two is expected to provide patrons with another opportunity to engage exhibitors and explore solutions spanning home ownership, property investment, construction, building materials, home improvement and related services.

Visitors can interact directly with participating businesses, ask questions, compare available options and seek practical guidance as they plan their next steps towards acquiring, building or improving a home.

For prospective homeowners, the fair offers an opportunity to move beyond simply dreaming about owning a house to exploring the products, services and professional support needed to make that ambition achievable.

Property investors and industry professionals can also use the platform to engage businesses and explore opportunities across Ghana’s housing ecosystem.

A weekend of housing opportunities

The strong turnout on Friday has set the pace for what promises to be an engaging weekend at the Achimota Mall, with organisers encouraging members of the public who missed Day One to make Saturday an opportunity to discover what the fair has to offer.

The event will be open from 8 a.m. to 8 p.m. today and tomorrow, Sunday, August 23.

The mini-fair is being organised in partnership with Republic Bank, under its brand promise “We’re the one for you!”, and powered by Drive EV GH, which promotes sustainable mobility.

Other partners supporting the initiative are Virtual Security Africa, Akwaaba Building Materials, Lesh Fortune Ltd, MTN, Door Masters, Ayuda, Western Vilas, CTECHI Ghana LTD, Saint-Gobain Ghana, Sintex Tank, Interplast and Clifton Homes.

Their participation brings together different components of the housing and construction value chain, giving patrons an opportunity to discover a broad range of products and services under one roof.

Building towards the main Habitat Fair

The mini-fair also serves as part of the activities leading up to the main Republic Bank JoyNews Habitat Fair 2026, which seeks to connect prospective homeowners with businesses and professionals within Ghana’s housing and property sector.

The initiative is therefore positioning the weekend event not simply as an exhibition, but as a platform where ideas, expertise and opportunities can meet.

For visitors, the message from organisers remains simple: “Get a house, make it a home.”

With two days still available, patrons have the opportunity to visit the Achimota Mall, explore the exhibition stands, engage industry players, and take practical steps towards turning their housing aspirations into reality.

According to him, the banking sector has become more robust and resilient, with banks recording sound capital and liquidity positions.

Speaking at the 2026 CEOs Connect organised by the Canada-Ghana Chamber of Commerce, Dr Asiama said the improvement in the sector’s asset quality was also contributing to stronger bank balance sheets.

“The banking sector is also robust and resilient, with all banks now well capitalised. All 23 banks are now fully capitalised. Capital and liquidity positions remain sound, while the improvement in asset quality provides a stronger balance sheet,” he said.

He noted that the development formed part of Ghana’s broader progress in restoring macroeconomic stability over the past two years.

Dr Asiama said the stability achieved must now be translated into increased productive investment, stronger private sector growth, higher exports and quality employment.

He further stressed the need for banks to deepen their participation in Ghana’s capital market to improve access to long-term funding.

According to him, a stronger presence of banks in the capital market could broaden their access to long-term funding, strengthen transparency and governance, and contribute to a deeper financial system.

The Governor also encouraged greater diversification of financing sources, including long-term debt and equity, trade finance, syndicated lending, private equity, leasing, export finance, development finance and green and sustainability-linked financing.

He said these financing options were necessary to support businesses, particularly those seeking to expand across borders.

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As part of the fellowship, Dr Addison will lead four student seminar sessions in October, where he is expected to reflect on his eight-year tenure as Governor of the Bank of Ghana and his experience navigating some of Ghana’s major economic challenges.

The seminars will examine macroeconomic policies implemented during his tenure, including measures that contributed to periods of strong economic growth and the clean-up of Ghana’s financial sector.

Dr Addison will also discuss Ghana’s response to major economic shocks, including the COVID-19 pandemic and the economic impact of the Russia-Ukraine war.

He is expected to share insights into how the shocks affected Ghana’s economy and the policy measures adopted by the central bank in response.

Dr Addison retired from the Bank of Ghana in March 2025 after serving as Governor from 2017.

During his tenure, the central bank oversaw the resolution of nine banks and 347 other financial institutions, while introducing stronger capital and supervisory requirements aligned with Basel III standards.

The Harvard seminars will also examine the economic challenges Ghana faced during the latter part of Dr Addison’s tenure, particularly after the country lost access to international capital markets following a series of credit-rating downgrades, rising public debt and deteriorating fiscal conditions.

The resulting liquidity and debt crisis eventually led Ghana to seek another IMF-supported programme and undertake a major debt restructuring exercise.

Dr Addison is expected to provide his perspective on the role of the central bank during the crisis, including corrective measures implemented in 2023 and 2024 and efforts to strengthen Ghana’s foreign exchange reserves.

A key focus will be the Domestic Gold Purchase Programme, which contributed to an increase in foreign exchange reserves and supported the cedi while helping Ghana move closer to debt sustainability targets under its IMF programme.

Through the seminars, Dr Addison will offer students a first-hand account of the successes and challenges of his tenure, particularly the difficult policy choices involved in managing inflation, financial instability, debt pressures and external shocks.

His appointment also provides an opportunity to place Ghana’s recent economic experience within a broader international policy discussion on the role of central banks in navigating periods of economic uncertainty.

Speaking at the National Youth Mentorship Summit held in Accra, Mr Nteh called on young professionals to adopt disciplined financial habits early in their careers, warning that without a plan, money will find its own plan to leave.

Addressing the audience on the theme “Personal Finance Tips for the Young Professional,” he noted that while earning an income is important, financial success ultimately depends on how effectively individuals manage their finances. He introduced the concept of “paying yourself first”; setting aside a portion of your income for savings before spending on anything else.

“It doesn’t matter how much you save,” he said. “What matters is consistency. Before you pay everyone else, make sure you pay yourself. The same way you would pay for transport, food and clothes. That is what you will use in the future.”

He urged participants to develop spending plans before receiving their income, stressing that budgeting helps individuals align their spending with their financial goals while avoiding unnecessary expenses.

He further advised the young professionals to automate their savings through standing orders, saying that removing the temptation to spend first makes it easier to build healthy financial habits.

“If on the day you are paid, the deduction goes through automatically, after some time you will get used to using whatever is left. You will adjust and manage on what remains,” he explained.

Mr Nteh also cautioned against get-rich-quick schemes and speculative investments that promise unrealistic returns, urging the youth to exercise patience and make informed financial decisions.

Additionally, he encouraged participants to resist lifestyle inflation by increasing their savings as their incomes grow rather than matching every salary increment with higher spending.

Mr Nteh left the young professionals with a charge: “Be consistent. Be patient. Start small but start now. The habits you build today will determine the wealth you have tomorrow.”  

The National Youth Mentorship Summit brought together students, graduates and young professionals to engage with industry leaders on career development, leadership and financial empowerment.

A review of that only Zenith Bank moved into the top tier banks category in 2026.

However, the remaining five have maintained their positions from 2025.

Who are First Quartile Banks in Ghana?

According to the professional services firm, the first quartile banks are the top-tier, largest lenders in the country.

They hold the biggest share of total operating assets, customer deposits, and market power.  

In terms of asset sizes, these banks control the largest percentage of total operating assets in Ghana’s banking sector.

These banks also command a lot when it comes to financial strength – deposit mobilization and strong profit margins.  

According to the survey, banks in the first quartile achieved notable improvements in profit-before-tax margins in 2025, notwithstanding the declining interest rates.

Their performance was underpinned by average growth of 46% in trading income, 21% in interest income, and 19% in fees and commission income.

The report added that Ghana’s banking sector demonstrated sustained profitability in 2025 despite a contracting interest rate environment. With the policy rate falling to 18% and the Ghana Reference Rate dropping below 20%, quartile analysis shows year-on-year improvements compared to 2024.

This positive trend highlights banks’ strategic success in adapting through operational efficiency.

Return on Equity

For return on equity (ROE), several banks in the first quartile recorded improved profitability in 2025.

Notably, GCB achieved the highest ROE among the first quartile banks, increasing from 29.8% in 2024 to 34.0% in 2025.

Zenith Bank recorded the largest improvement from 22.0% in 2024 to 32.7% in 2025

Banks Performance in 2025

The report pointed out that Ghana’s banking sector operated in a much more supportive macroeconomic environment in 2025, underpinned by easing inflation, exchange rate stability, stronger economic growth and improved fiscal conditions.

The industry recorded strong balance sheet growth, improved liquidity, and sustained profitability.

Asset growth was driven by continued deposit mobilisation, increased allocation to debt securities, and further growth in lending activity.

Earnings remained robust, supported by stronger core banking revenues, higher trading income, and growth in fees and commissions.

Even so, the outlook for earnings is becoming more challenging as lower interest rates narrow margins and reduce the benefit previously derived from a high-yield environment.

It added that revenue patterns across the industry are also evolving, with a rising contribution from fees, commissions, and digitally enabled channels.

In parallel, banks are investing in technology and operating infrastructure to improve service delivery, deepen customer engagement, and strengthen long-term competitiveness.

Challenges Ahead

The report alluded that the challenge ahead is not simply to navigate a lower interest rate environment while keeping existing business models intact, but to deliberately reposition for it.

“Whether as factories, distributors, advisors, enablers, funders, segment specialists, or scaled conglomerates, banks will need to make clear choices about where they can win, invest in the capabilities that support those choices, and build business models capable of generating value beyond the interest-rate cycle”.

“Such choices must be informed, at the root, by the respective purposes for their establishment as banks and their core values. Banks that move earliest and most decisively may be best placed to shape the industry’s next chapter”, it concluded.

According to the professional services firm, the challenge ahead is not simply to navigate a lower-rate environment while keeping existing business models intact, but to deliberately reposition for it.

“Whether as factories, distributors, advisors, enablers, funders, segment specialists, or scaled conglomerates, banks will need to make clear choices about where they can win, invest in the capabilities that support those choices, and build business models capable of generating value beyond the interest-rate cycle”, it disclosed.

Such choices, the report said must be informed, at the root, by the respective purposes for their establishment as banks and their core values. “Banks that move earliest and most decisively may be best placed to shape the industry’s next chapter”.

Meanwhile, Ghana’s banking sector operated in a much more supportive macroeconomic environment in 2025, underpinned by easing inflation, exchange rate stability, stronger economic growth and improved fiscal conditions.

The industry recorded strong balance sheet growth, improved liquidity, and sustained profitability. Asset growth was driven by continued deposit mobilisation, increased allocation to debt securities, and further growth in lending activity.

Earnings remained robust, supported by stronger core banking revenues, higher trading income, and growth in fees and commissions.

Even so, PwC, said the outlook for earnings is becoming more challenging as lower interest rates narrow margins and reduce the benefit previously derived from a high-yield environment.

According to the President, currencies must be periodically updated to make it more difficult for criminals to reproduce them. He, however, stressed that the authority to redesign or replace the cedi rests with the Bank of Ghana.

“Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it,” President Mahama said during the Resetting Ghana Tour in the Upper East Region.

He explained that security features on banknotes must be updated from time to time to keep pace with increasingly sophisticated counterfeiting techniques.

“And so this particular currency is long overdue for refreshing,” he said.

President Mahama disclosed that he is aware of plans by the Governor of the Bank of Ghana to refresh the currency, adding that the central bank would announce the details to the public at the appropriate time.

“I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it,” he said.

Currency refresh not a redenomination

A currency refresh would primarily involve updating the security features of Ghana’s banknotes to make counterfeiting more difficult.

It would not, by itself, alter the value of the cedi or amount to a redenomination.

For consumers and businesses, the immediate benefit would be stronger protection against counterfeit notes and greater confidence in the security of cash transactions.

President Mahama, however, cautioned against confusing the physical appearance or security of the currency with its underlying economic strength.

He maintained that the value and performance of the cedi are ultimately influenced by the management of the wider economy.

“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.

The President pointed to the government’s economic policies as a key factor behind the cedi’s recent performance against major international currencies.

“Your currency is as strong as your economic management and because of the good policies we put in place, the cedi is holding its own against other major currencies,” the President added.

Bank of Ghana to determine timing

While a currency refresh could help Ghana stay ahead of increasingly sophisticated counterfeiting methods, it would not, on its own, strengthen the cedi.

The broader performance of the currency will continue to depend on key economic fundamentals, including inflation, foreign exchange supply, fiscal management and monetary policy.

For now, the timing and scope of any currency refresh remain with the Bank of Ghana.

President Mahama said the government would continue implementing policies aimed at supporting the strength of the cedi, while the central bank determines when and how the currency should be refreshed.

“We will continue to make sure that the economy bolsters the strength of the cedi. But, like I said, at the appropriate time, the Governor will apprise us of any plans that he has for replacing the currency,” he said.

Data from JOYBUSINESS on the foreign exchange market shows a significant improvement in the local currency’s value.

Some commercial banks were quoting the dollar at about GH¢11.30 on indicative rates, while Bloomberg showed about GH¢10.96. The Bank of Ghana was quoting the dollar at GH¢10.98.

The latest rates represent a sharp improvement from earlier this month, when some commercial banks were selling the dollar for more than GH¢12.

The recovery follows sustained pressure on the cedi from last month into early August.

Reasons for the recovery

JOYBUSINESS understands that the recent gains have been supported by improved Bank of Ghana interventions, inflows from the extractive sector and offshore investors seeking to purchase local bonds.

Market players have also pointed to easing demand for dollars from businesses.

For instance, on Tuesday, August 11, the Bank of Ghana offered US$125 million to commercial banks through an auction. However, bids received totalled only US$85 million.

A similar trend was recorded on Thursday, August 13. The central bank offered another US$125 million, but commercial banks bid for only US$94 million.

The development suggests that demand for foreign exchange may be easing.

It remains unclear whether recent regulatory measures affecting the dollar holdings of commercial banks have also contributed to the improved market conditions.

Outlook

Some banks engaged by JOYBUSINESS expect the cedi’s recent gains to continue in the coming weeks.

They cite improved foreign exchange inflows and easing demand from businesses as key factors.

Donor inflows have also supported the market, with additional inflows expected in the coming weeks. These could further strengthen Ghana’s reserves.

The Bank of Ghana has told JOYBUSINESS that the recent recovery is in line with its Exchange Rate Management Framework.

Sources close to the central bank also expect the cedi to strengthen further this week.

The Bank of Ghana has assured businesses that there is no need to panic whenever the cedi comes under temporary pressure. It has pointed to the country’s strong reserve position as evidence of its ability to intervene and support the foreign exchange market.

Ghana’s reserves stood at US$12.9 billion at the end of June.

BoG market support tops US$8 billion

Recent market data and JOYBUSINESS calculations show that the Bank of Ghana has sold more than US$8 billion into the foreign exchange market between January and July 2026 to improve liquidity, meet demand and support the cedi.

The central bank sold about US$7.45 billion through its FX Intermediation Programme between January and July.

It also deployed about US$811 million through its FX Intervention Programme between January and June.

This brings total market support to more than US$8.2 billion so far this year.

The figure could approach US$9.2 billion by the end of August if the Bank proceeds with plans to sell up to US$1 billion through its FX Intermediation Programme this month.

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The rates, which are based on the average interbank rates used by commercial banks at the close of business on Thursday, August 13, are as follows:

• US Dollar: Buying – GH¢10.9745 | Selling – GH¢10.9855
• British Pound: Buying – GH¢14.8101 | Selling – GH¢14.8260
• Euro: Buying – GH¢12.6550 | Selling – GH¢12.6664

The Bank of Ghana publishes the rates to reflect the average interbank exchange rates applicable to transactions by commercial banks.

He said relative exchange rate stability, declining inflation, easing financial conditions and narrowing interest margins were creating a more favourable environment for businesses and financial institutions.

Speaking at an engagement with chief executives of banks in Accra on Wednesday, August 12, Dr Asiama said the improvements were already contributing to a rebound in credit creation.

“Inflation has declined significantly, the exchange rate has remained relatively stable, financial conditions have eased considerably, and interest margins have become increasingly compressed. Against this backdrop, we are beginning to see a strong rebound in credit creation,” he said.

The Governor, however, acknowledged that access to finance remained a major challenge for many small and medium-sized enterprises, particularly those operating within the agricultural value chain.

He urged banks to develop credit products that reflect the operating realities of businesses, especially those in agriculture where income and cash flows are often seasonal.

According to Dr Asiama, repayment structures aligned with borrowers’ cash-flow patterns could improve access to credit while enabling banks to manage lending risks more effectively.

He said the gains from improving macroeconomic conditions must translate into increased productive activity, business expansion and job creation.

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He said government must maintain expenditure restraint and mobilise the revenue needed to support the economy.

He also identified prudent debt management and fiscal discipline as essential to sustaining debt and strengthening investor confidence.

“Prudent debt management and fiscal discipline will be critical to preserving debt sustainability, strengthening investor confidence, and reducing fiscal risks to the macroeconomic outlook,” he said.

Dr Asiama made the remarks at a meeting with Managing Directors and heads of commercial banks at the Bank Square in Accra.

He said government’s fiscal performance in the first quarter of 2026 had provided an important anchor for macroeconomic stability.

“Fiscal performance in the first quarter of 2026 broadly reflected strong expenditure restraint, notwithstanding revenue shortfalls, resulting in better-than-targeted balances on a cash basis.”

The Governor also highlighted improvements in Ghana’s external position, noting that gross international reserves reached US$12.9 billion at the end of June 2026, equivalent to 5.0 months of import cover.

Despite recent pressures on the country’s reserves and developments in the Middle East, Dr Asiama said the economy continued to perform strongly.

Real GDP grew by 6.4% in the first quarter of 2026, compared with 6.2% in the same period of 2025. He said the growth was largely driven by the services and industrial sectors.

“The Bank’s Composite Index of Economic Activity also points to sustained and broad-based momentum in economic activity,” he added.

Dr Asiama also raised concerns about the continued issuance of dud cheques, noting that the Bank of Ghana had observed a high level of non-compliance.

He urged commercial banks to strengthen their monitoring mechanisms, intensify customer engagement and promote confidence in the use of cheques as a payment instrument.

The Governor further disclosed that the Bank of Ghana had intensified efforts to tackle unlicensed digital lending activities.

He said the central bank had begun publishing weekly lists of entities providing digital credit services without the requisite approval.

“Relevant law enforcement and regulatory agencies are also taking further action to facilitate the removal of non-compliant operators from the market,” he stated.

Dr Asiama said the central bank would continue to create a regulatory and policy environment that supports the banking sector.

“Bank of Ghana, for its part, will continue to provide the regulatory and policy environment necessary to support a sound, resilient, and growth-oriented banking sector.”

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Data compiled by Joy Business from the Bank’s FX auction calendars and market communications show that the central bank sold about US$7.45 billion through its FX Intermediation Programme between January and July 2026.

The Bank also deployed about US$811 million through its FX Intervention Programme between January and June.

This takes the total market support to more than US$8.2 billion so far this year.

The figure could approach US$9.2 billion by the end of August if the Bank proceeds with plans to sell up to US$1 billion through its FX Intermediation Programme during the month.

The development comes as the cedi faces renewed pressure against the US dollar. The Bank of Ghana has put the cedi’s depreciation at 10.61% as of the end of July.

The FX Intermediation Programme is designed to improve liquidity and help reduce excessive volatility in the foreign exchange market when necessary.

It is particularly linked to activities under the Domestic Gold Purchase Programme.

Some market participants have argued that the cedi could have come under even greater pressure without the Bank’s interventions.

Data gathered by Joy Business from some commercial banks also indicate that demand for dollars from businesses has remained strong.

Some market participants have attributed the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products and payments to power producers.

Others have linked the pressure to limited dollar supply relative to demand from businesses.

Recent Bank of Ghana data indicate that Ghana’s international reserves have declined to a little over US$12 billion.

Despite the pressure, the central bank has maintained that businesses should not panic, describing the recent movements as temporary market pressures.

The Bank has also indicated that it remains capable of supporting the foreign exchange market when necessary and ensuring that critical imports are not disrupted.

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The move follows the bank’s successful transition from Atwima Mponua Rural Bank to a community bank, in line with the Bank of Ghana’s reforms aimed at strengthening the microfinance and community banking sector.

According to the bank’s 2025 Annual Report, Board Chairman John Yaw Gyedu Gyamerah said achieving the GH¢10 million capital target would position the bank to secure regulatory approval to operate in more urban communities and diversify its services.

“To better serve you and tap into new growth opportunities, our next strategic goal is to achieve a stated capital of GHS 10 million. This will qualify us to be registered as an Urban Community Bank, granting us the regulatory license to extend our footprint into more urban communities and diversify our offerings,” he said.

Mr Gyamerah added that the bank is currently in a strong position regarding capitalization.

The bank’s stated capital currently stands at GH¢5.6 million, up from GH¢2.5 million, exceeding the Bank of Ghana’s minimum requirement for existing community banks by GH¢603,354.

The bank is therefore encouraging shareholders and potential investors to acquire additional shares to support the recapitalisation drive.

Mr Gyamerah explained that regulations require shareholders of community banks to be Ghanaian, with local community participation accounting for between 20% and 30% of total shares to maintain local ownership.

“By increasing your stake in Atwima Mponua Community Bank PLC, you are not only helping us meet these regulatory requirements but also positioning yourselves to benefit from the higher returns that our expansion into urban markets will bring,” he said.

The reforms introduced by the Bank of Ghana have increased minimum capital requirements for existing community banks, expanded their operational reach and introduced stricter governance standards.

The ARB Apex Bank Ltd. has also been restructured to serve as a central service and supervisory institution for the community banking sector.

Meanwhile, Atwima Mponua Community Bank recorded strong financial performance in 2025, posting a profit after tax of GH¢17.3 million.

The bank’s total income increased by 39% to GH¢54.1 million, supported by a 43% rise in net interest income to GH¢47.8 million.

Its total assets grew to GH¢356.1 million, while customer deposits increased by 26.5%.

Loans and advances also more than doubled, rising by 104.1% to GH¢107 million, as the bank continued to support businesses in agriculture, trading and transport sectors.

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The Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), the scheme now folded into the Ghana Gold Board (GoldBod), lost US$1.7 billion, or 1.5 percent of Ghana’s GDP, in 2025 alone.

That is 17 cents lost for every dollar of doré gold the state sold on the international market.

This is not a rounding error. It is money that belonged to the Ghanaian people, generated from Ghanaian gold, and it disappeared into fees, discounts to exporters, and, overwhelmingly, the exchange-rate spread between what the state paid to buy gold and what it recorded on its own books.

THE NUMBERS THE IMF CONFIRMS

• 2024 losses: US$400 million (0.5% of GDP)
• 2025 losses: US$1.7 billion (1.5% of GDP), more than a four-fold increase in a single year
• Losses were “almost entirely related to G4R doré purchases”, the channel through which the state buys gold from small-scale and artisanal miners
• The cost of running the programme stood at 14.5 percent of the value of gold purchased in 2025, nearly three times the 5 percent ceiling the government itself says is acceptable.
• The Bank of Ghana’s shareholders’ equity collapsed from +GH₵6.2 billion at the end of 2021 to -GH₵93.8 billion at the end of 2025, a negative position equal to 6.7 percent of GDP

WHO IS RESPONSIBLE? THE HONEST ANSWER

IERPP will not pretend this problem was invented by the current administration. The DGPP was launched in 2021 under the previous NPP government, at the height of Ghana’s debt crisis, as an emergency tool to rebuild reserves and secure fuel imports when the country had lost access to international capital markets.

That origin is a matter of record, and IERPP has said so consistently.

But the IMF’s own data draws a hard line between then and now.

The programme’s massive scale-up, the point at which it went from a modest reserve-building tool to becoming, in the Fund’s words, the intermediary in “virtually all ASGM gold exports”, happened from 2024 into 2025, and the entirety of the $1.7 billion loss reported for 2025 was incurred under the current NDC administration.

Losses did not shrink as the country’s macroeconomic position stabilized, they quadrupled.

A government that inherited a wartime tool kept it running at wartime scale long after the emergency that justified it had passed, and the bill for that choice is $1.7 billion.

IERPP also notes that it took until November 2025, eleven months into this administration, and only with direct IMF technical assistance, for the Bank of Ghana to even adopt a transparent, pre-announced FX auction framework.

For most of 2025, the losses accumulated under the old, less transparent, ad hoc system.

THE RISK AHEAD IS BIGGER, NOT SMALLER

This is where IERPP’s concern turns from the past to the future. Under the government’s own Ghana Accelerated National Reserve Accumulation Policy (GANRAP), the authorities plan to double the volume of large-scale mine gold purchased by the state and push reserves to 15 months of import cover by 2028, more than double the six months the IMF itself assesses as adequate.

The Fund’s own estimate is that sterilising reserves at that scale will cost roughly 3 percent of GDP, up from 1 percent in 2025.

In plain terms: government is proposing to expand a programme that just lost $1.7 billion to a scale the IMF has not endorsed as necessary, at triple the sterilisation cost. Ghanaians deserve to know why.

IERPP’S DEMANDS

1. A full public accounting of the 2025 DGPP losses, broken down by fee, discount, and exchange-rate component, published by the Bank of Ghana and Ministry of Finance, not left to an IMF staff paper to surface eight months later.
2. Parliamentary scrutiny of the GANRAP reserve target and its projected sterilisation costs before any further scale-up of domestic gold purchases proceeds.
3. An independent value-for-money audit of GoldBod’s assumption of the DGPP, to confirm the promised reduction in operating costs to 5 percent of gold purchased is actually delivered and not simply relabelled.
4. Quarterly public disclosure of the spread between the forex bureau rate and the Bank of Ghana’s reference rate, given that this spread is now identified as the single largest driver of losses.
5. A clear timeline and funding commitment from government for the “transparent” absorption of DGPP costs it has promised, given the Bank of Ghana can no longer absorb losses of this size without further eroding its already deeply negative equity position.

Conclusion

Ghana’s gold wealth should be building the country’s reserves, not funding avoidable losses on gold Ghana already produces. IERPP will continue to track this issue and expects government to respond with data, not dismissal.

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The Central Bank said the reduction was necessary to strengthen financial stability, improve credit growth and support sustainable financing of businesses.

Dr Johnson Pandit Asiama, BoG Governor, reiterated the directive at a high-level forum organised by the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), Ghana, in Accra.

The forum, supported by the BoG, was on the theme: “Financing distressed companies: The impact of NPLs, IFRS nine standards and prudential regulations on post-commencement financing for distressed companies under rescue and possible interventions.”

In June 2025, the Central Bank directed all RFIs to keep NPL ratios at or below 10 per cent, noting that RFIs that would breach the directive after December 2026 must notify the regulator within 10 days and submit a board-approved reduction plan.

Dr Asiama said NPL ratios had declined to 16.1 per cent by June 2026 from more than 23 per cent in 2025 following regulatory measures introduced by the Central Bank.

“That is progress and not sufficiency, and 16.1 per cent remains too high, even if it is fully provisioned. Our regulatory measures require each regulated institution to reduce its ratio to no more than 10 percent by the end of December this year,” he said.

Dr Asiama said high levels of non-performing loans constrained banks’ ability to extend new credit, increased recovery costs and absorbed capital, particularly affecting smaller and higher-risk borrowers.

He said reducing NPLs was therefore not only a supervisory requirement but also part of efforts to support Ghana’s broader economic development objectives.

On financing distressed companies, the Governor said Ghana’s Insolvency and Restructuring Act provided a framework for restructuring viable businesses instead of liquidating them.

“Rescue must begin with a credible test of viability; banks must distinguish between firms facing temporary cash flow shocks and those postponing inevitable failure,” he said.

He cautioned that without proper viability assessments, lenders risked concealing losses and weakening credit discipline.

Dr Asiama encouraged banks to ring-fence and monitor new financing provided to distressed companies and ensure that such funds were directed towards productive activities, including retaining employees, securing inputs and completing contracts.

“Legal priority alone does not make a transaction prudent or bankable. Post-commencement financing must be structured with clear milestones, security arrangements, and transparent reporting,” he said.

Dr Asiama called for a predictable and risk-sensitive framework for rescue financing, urging collaboration among insolvency practitioners, bankers, accountants and regulators to establish clear rules, roles and accountability mechanisms.

“Ghana does not have to choose between liquidating every distressed business, or relaxing standard to keep businesses alive. A disciplined rescue framework can preserve viable businesses while protecting financial stability,” he noted.

Dr Ishmael Yamson, Chairman of the occasion and Board Chair of Scancom PLC (MTN Ghana), acknowledged the decline in NPLs but cautioned that some regulatory measures could discourage banks from providing rescue financing.

He said current requirements, including restrictions on dividends, bonuses and lending for banks with high NPL ratios, could affect institutions that provide post-commencement financing to distressed companies.

“Carve out commencement financing from the NPL ratio calculation and from the January 2027 loan portfolio growth restriction, for a defined rescue period. So, a bank financing a sanctioned rescue plan is not penalised by a directive meant to fix the problem PCF is trying to solve,” he said.

Dr Yamson said rescue financing after insolvency should remain a fallback option and urged policymakers to focus on strengthening businesses’ capacity to manage risks and avoid distress.

He called for prudential regulations that protect financial stability while allowing financing needed to preserve jobs, sustain enterprises and support economic growth.

Bank of Ghana’s gold purchase programme recorded $1.7bn loss in 2025…

Information gathered by JOYBUSINESS indicates that the planned auctions will be conducted under the Bank of Ghana’s Foreign Exchange Operations Framework.

The central bank has informed market participants that the move forms part of measures to operationalise the FX Operations Framework and will support the objectives of its reserve accumulation programme.

The FX Intermediation Programme, according to the Bank of Ghana, is designed to help reduce excessive volatility in the foreign exchange market when necessary, particularly through activities linked to the Domestic Gold Purchase Programme.

JOYBUSINESS understands that the dollar auctions will be conducted every two weeks and will be open to licensed commercial banks.

Cedi faces renewed pressure

The latest move comes as the Ghana cedi experiences fresh depreciation pressures, with demand for foreign exchange currently exceeding supply in parts of the market.

Data reported by JOYBUSINESS from some commercial banks suggest that businesses have been demanding more dollars than the market has been able to provide.

Some market participants have attributed the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products and payments to power producers.

Others believe the challenge is linked to a limited supply of dollars relative to business demand.

Recent Bank of Ghana data indicate that the country’s international reserves have declined to a little over $12 billion.

However, the central bank has maintained that businesses should not panic, describing the recent pressure as temporary market movements.

Officials have insisted that the Bank remains capable of supporting the market when necessary and ensuring that critical imports are not affected.

July FX support

The planned August auction follows the Bank of Ghana’s FX support programme in July 2026.

The central bank told commercial banks that the July operations were conducted in a “market neutral manner” on a spot basis through twice-weekly open auctions accessible to all licensed commercial banks.

The Bank of Ghana also disclosed that as of the end of July 2026, the cedi had cumulatively depreciated by 10.61%.

During the same period, average daily trading volume in the interbank market stood at $22.64 million, contributing to a total monthly interbank volume of $498 million.

The central bank has reiterated its commitment to transparency, saying it will continue to disclose relevant information on its foreign exchange market operations, including activities under the FX Intermediation Programme.

The Bank has also maintained that there was no direct market intervention in July 2026.

History of FX Intermediation Programme

The Bank of Ghana began its revised FX Intermediation Programme in September 2025, with an initial $1.1 billion auction.

The amount increased to $1.3 billion in October 2025, while in November 2025, the central bank announced a $1 billion target and sold the full amount.

For December 2025, the target was reduced to $800 million.

The auctions have continued on a spot basis through twice-weekly, price-competitive sales open to all licensed banks.

Market watchers have linked the programme to the cedi’s strong performance in 2025.

In June 2026, the Bank of Ghana injected $2.01 billion into the foreign exchange market to meet demand and support the local currency.

JOYBUSINESS reported that $1.2 billion of that amount was sold through the Forex Intermediation Programme, while commercial banks submitted bids totalling $3.42 billion, reflecting strong demand for foreign exchange.

The amount was reduced to $1 billion in July and remains at the same level for August 2026.

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This is provided that consolidation remains supported by credible reforms.

According to the International Monetary Fund (IMF), this relaxation is supported by substantial in-built safeguards in staff’s fiscal space framework.

This includes a prudently calibrated debt anchor, set below the respective Debt Sustainability Analysis (DSA) thresholds to ensure a high probability that debt remains within safe bounds based on Ghana‑specific debt dynamics and allowing for volatility in interest‑growth differentials, primary balances, and sizeable stock‑flow adjustments.

In its country report on Ghana, the Fund also said Ghana’s large development needs and considerable debt sustainability gains warrant a reassessment of the appropriate medium-term fiscal stance.

In 2025, it pointed out that the authorities adopted Public Financial Management (PFM) Act amendments, including a 45% of GDP legislative debt anchor to be achieved by 2034, and an operational target of 1.5% of GDP primary surplus on a commitment basis.

“Recent debt reduction gains and large development needs have raised concerns about the excessively tight medium-term fiscal stance under the current operational target”, it explained.

It added that the lowering of the fiscal primary surplus will be supported by an ambitious package of fiscal structural reforms to contain quasi‑fiscal pressures and safeguard debt sustainability.

“Closing revenue administration gaps and improving tax compliance will help strengthen domestic revenue mobilisation.

On the expenditure side, the Fund said the strong PFM measures will help contain stock-flow adjustments. In addition, enhancing SOE oversight and advancing sectoral structural reforms will limit contingent liability risks, particularly in the cocoa and energy sectors.

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Speaking on behalf of President John Dramani Mahama at the official opening of First Atlantic Bank Liberia in Monrovia on Friday, July 31, 2026, Deputy Finance Minister Thomas Nyarko Ampem described the occasion as a new chapter in commercial cooperation between the two countries.

He said the expansion of First Atlantic Bank into Liberia represents another bridge connecting two sister republics whose shared history has contributed significantly to Africa’s political development.

“Liberia proved that African statehood was possible. Ghana proved that African freedom was inevitable. Together, our two nations inspired a continent,” he said.

Drawing from traditional wisdom in both countries, Mr Ampem said Liberia’s saying that “one broomstick cannot sweep the yard” and Ghana’s belief that “the strength of the broom is in its binding” demonstrate the importance of unity and cooperation.

He described the opening of First Atlantic Bank Liberia as a practical demonstration of Pan-Africanism through trade, commerce and finance.

Mr Ampem reaffirmed Ghana’s commitment to supporting African businesses with regional ambitions and encouraged Liberian companies to consider investing in Ghana.

“We welcome investments from Liberian companies into core sectors, including the rubber industry,” he said.

He urged First Atlantic Bank to build lasting confidence in Liberia by supporting women-owned businesses, financing young entrepreneurs, connecting farmers to markets and creating employment opportunities.

The Deputy Finance Minister said Ghana and Liberia should aim to be remembered not only as pioneers of Africa’s political emancipation but also as leaders in the continent’s economic and financial transformation.

“Let us build banks that connect markets, businesses that cross borders and partnerships that outlive governments,” he added.

First Atlantic Bank expands into Liberia as Ghanaian banks pursue regional…

Ghana calls for African capital to drive continental integration

Representing President John Dramani Mahama at the official opening of First Atlantic Bank Liberia in Monrovia on Friday, July 31, 2026, Mr Ampem said the move demonstrates the growing capacity of Ghanaian businesses to compete beyond national borders and contribute to Africa’s economic transformation.

He stressed that the bank’s entry into the Liberian market goes beyond the establishment of another financial institution.

“When a Ghanaian bank establishes itself in Liberia, this is not simply foreign investment. It is African capital investing in Africa. It is also expertise, opportunity and market confidence crossing borders,” he said.

According to him, the expansion reflects a shift where African institutions are increasingly becoming exporters of capital and financial services rather than relying solely on foreign investment.

Mr Ampem noted that Liberia’s banking sector already hosts successful African financial institutions from countries including Nigeria, Togo and Cameroon, adding that Ghana is joining that growing network through First Atlantic Bank.

He said the development aligns with President Mahama’s vision of creating an environment where Ghanaian businesses can expand and become regional and global champions.

The Deputy Finance Minister added that successful African enterprises demonstrate the continent’s ability to finance its own development, strengthen institutions and create opportunities for citizens.

Congratulating the board and management of First Atlantic Bank, Mr Ampem said the bank’s success in Liberia should not only be measured by profits and assets but also by the businesses it supports, entrepreneurs it finances and jobs it creates across West Africa.

President Joseph Boakai of Liberia officially inaugurated First Atlantic Bank Liberia at a ceremony attended by senior government officials from both countries, central bank governors, diplomats and business leaders.

Gideon Boako accuses gov’t of failing to use Energy Recovery Levy…

Cheque transactions totalled 406,000 during the period, with a value of GHS35.7 billion, according to the latest Summary of Economic and Financial Data.

The Bank of Ghana (BoG) reported that the value of mobile money transactions increased from GHS323.2 billion in June 2025 to GHS492.9 billion in June 2026.

Registered mobile money accounts rose from 76.4 million to 84.6 million over the period, while active accounts stood at 26.4 million in June 2026.

The balance held in mobile money wallets (float) increased from GHS28.9 billion in June 2025 to a record GHS40 billion in June 2026.

The report showed that the number of registered mobile money agents reached one million, with 546,000 active agents.

Transactions conducted through Mobile Money Interoperability, which enables transfers across different telecommunications networks, totalled 33.5 million and were valued at GHS6.2 billion in June 2026.

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Trading was firmly anchored in the short- to medium-dated segments, with 2027-2030 maturities driving 58.93% of turnover at an average yield of 14.28%.

The 2031-2034 segment followed closely, contributing 38.64% at 14.49%.

The activity beyond 2035 remained subdued, accounting for just 2.43% of trades at an average yield of 15.05%.

Databank Research expects secondary-market activity to remain supported by month-end portfolio rebalancing.

This momentum should be reinforced by the anticipated US$318 million International Monetary Fund (IMF) disbursement and approval of the proposed Policy Coordination Instrument.

In addition, the Mid-Year Budget’s GH¢30 billion sinking-fund commitment should ease near-term rollover concerns.

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The approval brings Ghana’s three-year bailout programme to a successful close, marking the end of the IMF-supported arrangement launched in May 2023 to restore macroeconomic stability following the country’s 2022 economic crisis.

With the programme now concluded, Ghana will transition to a new 36-month Policy Coordination Instrument (PCI). Unlike the ECF, the PCI does not provide financing but is designed to help sustain reforms, reinforce policy credibility and strengthen investor confidence.

However, the IMF has stressed that the end of the bailout does not mark the end of reforms. Instead, it has outlined a series of policy priorities aimed at consolidating Ghana’s economic recovery, safeguarding debt sustainability and strengthening long-term economic resilience.

Here are the key areas the IMF wants Ghana to focus on in the post-bailout period.

Sustain investor confidence through the PCI.

The IMF wants Ghana to use the new Policy Coordination Instrument as the anchor for its post-bailout reform agenda. Although the PCI does not provide financial support, it serves as an important signal to investors, development partners and credit rating agencies that Ghana remains committed to prudent macroeconomic management and structural reforms.

Intensify domestic revenue mobilisation

The Fund describes stronger domestic revenue mobilisation as essential to Ghana’s long-term fiscal sustainability. It wants the government to broaden the tax base, improve tax administration and increase domestic revenue collection to finance development while reducing dependence on borrowing.

Protect the independence of the Bank of Ghana

According to the IMF, preserving the credibility of monetary policy requires maintaining the operational independence of the Bank of Ghana (BoG). It wants the central bank to permanently discontinue quasi-fiscal operations and complete the transfer of the domestic gold purchase programme to GoldBod.

Recapitalise the Bank of Ghana by 2032

While acknowledging the significant decline in inflation under the programme, the IMF says Ghana must honour its commitment to recapitalise the Bank of Ghana by 2032. A stronger central bank balance sheet, it says, is vital to maintaining long-term financial stability.

Complete external debt restructuring

Although Ghana has reached agreements with official creditors and most commercial creditors, negotiations with a small group of external commercial creditors remain unresolved. The IMF wants these discussions concluded through good-faith negotiations to complete the country’s debt restructuring process.

Reform state-owned enterprises

The IMF continues to identify state-owned enterprises in the energy and cocoa sectors as major fiscal risks. It is urging the government to strengthen governance, improve financial oversight and implement reforms to prevent these entities from creating future debt burdens.

Keep public debt on a sustainable path

The Fund wants fiscal policy to remain firmly focused on Ghana’s objective of reducing public debt to 45 per cent of GDP by 2034. Even as fiscal pressures ease, government expenditure should remain consistent with long-term debt sustainability.

Strengthen the financial sector

Despite improvements in the resilience of Ghana’s financial sector, the IMF says vulnerabilities persist in some state-owned and private banks, as well as specialised deposit-taking institutions. It recommends stronger supervision, timely corrective measures, and the completion of the country’s financial sector crisis management and resolution framework.

Expand social protection

The IMF believes fiscal consolidation should be balanced with stronger social protection. It wants the government to channel improved fiscal performance into programmes that support vulnerable households while ensuring economic recovery remains inclusive and private sector-led.

Advance governance and anti-corruption reforms

Finally, the IMF says stronger governance will be crucial to sustaining investor confidence and public trust.

It is calling for the effective implementation of the reformed asset declaration framework and the timely passage of the Conduct of Public Officials Bill, which is currently before Parliament.

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Speaking at the Ecobank–JoyNews Business Financial Dialogue held at the Ecobank Auditorium on Tuesday, July 28, Dr. Annan said AI is fundamentally transforming digital finance by shifting cybersecurity from reactive defence to predictive, real-time automation capable of identifying and responding to threats before they cause significant damage.

“Artificial intelligence fundamentally alters digital finance by shifting from reactive defence to predictive real-time automation,” he said.

According to him, while information technology has evolved rapidly and transformed lives and businesses, the rise of cybercrime has slowed confidence in digitalisation, particularly in the financial sector.

“One of the technologies in human life which has really moved so fast is the information technology. However, when we got to the digitalisation space, when cybercrime was prevalent, it has slowed down the advancement of this technology in enhancing the lives of the people because of cybercrime,” he said.

Dr. Annan argued that as cybercriminals increasingly harness AI to launch sophisticated attacks, organisations must also adopt AI-powered security tools to defend their systems.

“Therefore, AI now becomes the only way to leverage and counter cybercrime because these criminals are using sophisticated algorithms that are difficult for humans to comprehend and also counter. But with the use of AI, we also leverage machine learning and other sophisticated algorithms to also counter the attackers,” he said.

He explained that one of the clearest examples of AI’s impact on cybercrime is the emergence of polymorphic malware, which continuously changes its characteristics as it moves through a computer system, making it difficult for traditional antivirus software to detect.

“The malware that we send traditionally will go through the process as it started. But now with AI, the malware will begin to mutate. As it’s going through the system, it is changing its behavior in the system. So, it renders antiviruses useless, which means that you also require an AI tool that will be able to detect the mutating nature of the malware, which now the antivirus, your normal antivirus cannot handle.”

According to Dr. Annan, AI-powered systems, including machine learning and large language models, are now essential to detecting and responding to these evolving threats.

“That is where now AI comes in, using large language models to also model something higher than for the attackers. So, we have defensive AI and attacker AI. The two are working together. They are all from the same lab, if I put it that way, because it is something we are dealing with,” he said.

He noted that cybersecurity has become a constant contest between those developing digital systems and those seeking to exploit their weaknesses.

“So, if I develop a system, another person also look at the loopholes in my system and then take advantage of it. What is now making things easy for these criminals is the use of AI. We should also leverage the same AI to counter them,” he added.

Dr. Annan further warned that AI-powered voice cloning and video cloning technologies are creating new avenues for fraud, making it increasingly important for organisations and regulators to strengthen cybersecurity frameworks.

“Importantly, now with voice cloning and video cloning, it is important that we also ensure that we have strong architecture. The regulatory framework ensures that we have a level playing field. Then we also remove ambiguity when something goes wrong,” he said.

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