Speaking in an interview on Dwaso Nsem on Adom FM, he described the price slash as disappointing and discouraging.

“It is not going well for young farmers in this country. The reduction has made us very disappointed,” he said. “How will this encourage us to continue in the cocoa farming business? It has become a serious worry for us.”

Mr. Adu argued that the cut is excessive and unfair but noted that farmers have no option but to accept it.

“The slash is too much and unacceptable, but we have no choice. We can’t carry cocoa around town like cassava or corn and sell it ourselves. If that were possible, we would have gone round selling it,” he stated.

He acknowledged that global cocoa prices have declined but questioned the extent of the local reduction.

“We know cocoa prices have fallen on the global market, but why slash it this way? It looks like they are more concerned about their own interest and not how this affects us,” he said.

According to him, this is not the first time global cocoa prices have dropped, yet previous governments did not reduce the producer price.

“This is not the first time cocoa prices have gone down, but our leaders did not reduce it like this. This is the first time in history something like this has happened. How do they expect young people to go into cocoa farming happily?” he asked.

Mr. Adu also pointed out that the 2025/2026 purchasing season has not yet closed, and farmers had already planned their budgets based on the earlier announced price of GH¢3,625 per bag.

“That was the price we used to prepare our budgets for the season. If I hire someone to work on my farm, I plan based on that figure. Now you have reduced it drastically,” he explained.

He calculated the financial impact.

“On one bag of cocoa, I am losing more than GH¢1,000. If I produce 100 bags, that means I am losing over GH¢10,000. That is a huge loss.”

The government has reduced the producer price of cocoa to GH¢41,392 per tonne and GH¢2,587 per bag for the remainder of the 2025/2026 crop season.

Announcing the decision at a press conference in Accra on Thursday, February 12, 2026, Finance Minister Cassiel Ato Forson said the adjustment was necessary due to a sharp fall in global cocoa prices and mounting liquidity pressures in the sector.

He explained that the new price reflects current international market realities while seeking to protect farmers’ incomes as much as possible.

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The Financial Stock Index also recorded a 6.14% return for investors.

According to the monthly report from the GSE, the number of transactions rose to 38,477, marking a 406.74% increase compared to the same period last year.

There were six top gainers for the month. They included CalBank PLC (15.71%) GCB Bank (1.36%), Enterprise Ghana PLC (0.28%). Ecobank Ghana PLC (0.14%), Benso Oil Palm Plantation PLC (0.06%) and Standard Chartered Bank Ghana PLC (0.03%).

On the losing side were TotalEnergies Marketing Ghana PLC (-0.12) Societe Generale Ghana PLC (-4.46%) and New Gold (-5.67%).

On the Fixed Income Market, the total traded volume increased to 36.91 billion, marking a 118.45% rise compared to the 16.89 billion traded during the corresponding period last year.

Treasury Bills accounted for 37.75% of volume traded, whilst the Government Bonds contributed 60.91% with Corporate Bonds making up the remaining 1.34%.

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Speaking at a press briefing in Accra, Finance Minister Cassiel Ato Forson said government will seek parliamentary approval to restructure the debt in order to restore COCOBOD’s financial health and improve its balance sheet.

“Government will seek parliamentary approval to restructure approximately 5.8 billion cedis in legacy debt owed by COCOBOD to the Bank of Ghana and the Ministry of Finance as part of measures to restore stability to the cocoa sector”, he said.

According to him, the restructuring is expected to ease pressure on the cocoa regulator, strengthen investor confidence and support broader reforms aimed at reviving Ghana’s cocoa industry.

Ending quasi-fiscal activities

Dr. Forson explained that road construction and other quasi-fiscal expenditures have over the years contributed significantly to COCOBOD’s financial challenges, as the Board undertook responsibilities beyond its core mandate.

To address this, government is proposing reforms under a new Cocoa Board Bill which will prohibit COCOBOD from engaging in quasi-fiscal activities going forward, including road construction.

The Minister stressed that the objective is to refocus COCOBOD strictly on cocoa production, regulation and marketing, while restoring fiscal discipline to the institution.

“Over the years, COCOBOD assumed significant quasi-fiscal responsibilities, particularly in road construction, which has contributed substantially to its current financial challenges.”

“Going forward, COCOBOD must focus strictly on its core mandate — cocoa production, regulation and marketing”, he stated.

Forensic and Criminal Audit

In a related move, Dr. Forson disclosed that the Office of the Attorney General will begin a concurrent forensic and criminal audit of COCOBOD’s activities over the past eight years.

The audit will examine the Board’s financial management and procurement decisions as part of efforts to ensure accountability and transparency within the cocoa sector.

“The Office of the Attorney General will commence a concurrent forensic and criminal audit of COCOBOD’s activities over the past eight years.”

“This audit is intended to promote transparency, accountability and ensure that any financial irregularities are properly addressed.”

Government maintains that the debt restructuring, legislative reforms and forensic review together form a comprehensive strategy to reposition COCOBOD and secure the long-term sustainability of Ghana’s cocoa value chain.

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In its February 12, 2026 statement, the group demanded the implementation of what it described as a clear campaign promise of “not less than GH¢6,000 per 64kg bag.”

The CDM also called for urgent engagement with cocoa farmers and their unions to address concerns arising from the price reduction.

The group argued that the decision reflects a troubling disconnect between government policy and the realities faced by rural communities.

“At a time when the cost of living is soaring and farm inputs are extremely expensive, the government has chosen to further impoverish farmers instead of empowering them,” the statement said.

Describing the reduction as “not merely an economic error but a moral failure and a political betrayal,” the CDM maintained that cocoa farmers deserve respect and economic dignity, rather than broken promises.

The group pledged to continue advocating for fair pricing and transparent policies within the cocoa sector.

“The cocoa farmer deserves respect, justice, and economic dignity — not broken promises and policy punishment,” the statement concluded.

The group argued that making cocoa farming less profitable may push farmers into environmentally destructive activities.

In a statement dated February 12, 2026, the CDM described the policy as “a direct threat to the fight against galamsey,” stressing that economic hardship often drives farmers to abandon cocoa cultivation for illegal mining.

“When cocoa farming becomes unprofitable, farmers abandon their farms and turn their farmlands into galamsey sites,” the group stated.

The CDM cautioned that the price reduction could accelerate the destruction of cocoa farmlands, intensify water pollution and worsen land degradation.

It further warned that such a development would undermine national anti-galamsey efforts and deepen environmental insecurity.

“The government cannot claim to be fighting galamsey while simultaneously creating the economic desperation that fuels it,” the statement said.

The group emphasised that policy coherence is essential in addressing both economic and environmental challenges.

Calling for an urgent reconsideration of the new price, the CDM maintained that safeguarding cocoa farmers’ incomes is not only an economic imperative but also a critical component of Ghana’s environmental protection strategy.

In a statement issued on Thursday, February 12, the group expressed what it termed “deep outrage, disappointment and total condemnation” of the policy decision.

According to the CDM, the reduction represents “a monumental betrayal of public trust” and a “heartless assault on the dignity, livelihood and survival of Ghana’s cocoa farmers.”

The group argued that the decision comes at a time when farmers are already grappling with rising input costs, high labour expenses and the impact of climate change on yields.

The statement recalled campaign assurances made during the 2024 general election by then presidential candidate John Dramani Mahama, who pledged to “restore dignity to the cocoa farmer by ensuring that the price of cocoa is increased substantially.”

It further cited campaign claims that cocoa farmers would earn “not less than GH¢6,000 per bag” under an NDC government.

The CDM also referenced past comments attributed to the current Finance Minister, Dr Cassiel Ato Baah Forson, who, while in opposition, reportedly described the then cocoa price as “unacceptable” and promised an upward review to reflect “the true value of the farmer’s labour and sacrifice.”

Describing the reduction as “one of the most shocking policy reversals in Ghana’s recent political history,” the group urged the government to immediately reconsider the decision, warning that it risks eroding trust between the state and rural farming communities.

The statistic has renewed calls for stronger governance structures and deliberate succession planning to safeguard long term sustainability. Many family businesses struggle with leadership transition, governance gaps, unmanaged growth risks and maintaining family cohesion, factors that often undermine their continuity and legacy.

Speaking on the sidelines of the 3rd IFC Family Governance Workshop, the Senior Country Manager for Ghana and Liberia, Kyle Kelhofer, stressed the need for a strategic re-evaluation of governance systems within family owned enterprises.

“Family owned businesses are the engine of business and the engine of growth in most markets around the world,” he said. “Whether you’re working with the first or second generation, or even the fourth, fifth and in some cases like Japan, the twentieth generation, governance is fundamental to their sustainability.”

He noted that the private sector accounts for about 90 percent of job creation globally, making strong governance in family owned businesses essential to sustaining employment and private sector development.

“Ensuring solid governance in family owned businesses helps sustain job creation and private sector development in markets around the world, including here in Ghana,” he added.

Family owned enterprises play a critical role in economic growth, particularly in emerging markets where they dominate the private sector landscape. However, experts say that without structured leadership transition frameworks and clearly defined governance systems, many of these businesses risk collapse within a few generations.

The IFC Family Business Governance Workshop was held under the theme, “Passing the Baton, Preserving Purpose: Managing Generational Transitions,” and focused on equipping family businesses with the tools needed to navigate succession and strengthen institutional structures.

The workshop forms part of IFC’s broader efforts to support sustainable private sector growth and enhance access to finance for domestic enterprises.

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Speaking on Adom FM’s morning show Dwaso Nsem, Dr. Okrah explained that the officers will ensure that all players in the sector are properly registered and licensed before engaging in production or export activities.

“Before anyone becomes part of this industry, they need to be registered and licensed by the TCDA,” he said. “We have observed that some people are operating without paying taxes or levies, and today we are ensuring that the system is regulated properly.”

He stressed the importance of quality control in exports.

“The quality of these products going outside the country is very important to us. That is why we need to register operators and issue licences. For example, to transport coconuts from the source to the exit point, you need a conveyance certificate,” Dr. Okrah said.

The newly trained task force will work closely with Customs, Immigration, the Police, National Security, District Assemblies, and other state institutions to enforce standards and bring order to the sector.

“The 85 compliance officers will not intimidate people,” Dr. Okrah emphasized. “Their role is to ensure that anyone exporting crops has the necessary documents, has paid their taxes, and contributed the development levy so the country benefits as much as the exporter.”

The training for the officers covered a wide range of topics, including:

• Physical drills and operational management
• Basic agronomy of six selected tree crops
• TCDA legal and regulatory frameworks
• Compliance monitoring and leadership
• Intelligence gathering and public order management
• Media engagement, stakeholder relations, and professional ethics
• Customer service, financial and auditing management
• TCDA conveyance certification system and field practicals

Dr. Okrah also noted the government’s planned support for farmers.

“The government is coming to give free cashew seedlings worth over 12 million cedis this year. All this will come from the levies paid by exporters, so it’s important that people comply.”

He added that the TCDA is seeking local investors to expand operations in the sector. “We already have some investors in the country, but we need to grow. The upcoming investment summit will provide opportunities for people to meet investors and explore business partnerships,” he said.

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Delivering a keynote address at the Ghana Showcase event in Cape Town, Mr. Buah described Ghana as Africa’s leading gold producer and the sixth largest globally.

“Our name being synonymous with gold is not a historical footnote; it is our current reality,” he said.

He noted that Ghana is endowed with bauxite, manganese, diamonds, iron ore, cobalt, and nickel, among other minerals, with further exploration confirming significant prospects critical to the global energy transition.

The Minister emphasised Ghana’s strong democratic credentials and stable political environment, assuring investors that their rights would be protected regardless of political transitions.

Key investor protections include stability agreements against retroactive policy changes, respect for contract sanctity, and tax exemptions on selected mining equipment.

According to him, Ghana’s mining sector has attracted over US$20 billion in investments over the past two decades, with nineteen large-scale mining companies currently operating in the country.

These include global giants such as Newmont, AngloGold Ashanti, Gold Fields, Zijin, and Perseus Mining.

He further highlighted Ghana’s strong regulatory institutions, including the Minerals Commission, Environmental Protection Authority, and Ghana Revenue Authority, which ensure oversight and compliance across the mining value chain.

Mr. Buah added that Ghana’s position as host of the African Continental Free Trade Area provides investors access to a unified African market of over 1.3 billion people.

“Ghana is open for business. Our doors are open, the data is available, and the opportunity is now,” he declared.

However, he stressed that Ghana seeks more than just capital, calling for ethical and innovative partners committed to sustainable mining and long-term value creation.

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Deputy Commissioner in charge of Communications and Public Affairs, Florence Asante, explained that GRA and GUTA had previously agreed to establish a joint technical committee to address the challenges posed by the new tax regime.

“We met with GUTA leadership a while ago, and together we issued a release confirming the formation of a joint technical team to address their concerns,” she said in an interview on Adom FM’s morning show Dwaso Nsem.

She added, “GUTA has already submitted the names of their representatives, and our team is on board as well. The framework has been established, but we have not met yet. We have called GUTA leaders this week, and a meeting will take place shortly.”

Madam Asante stated that GRA is responsive and acting within the law.

“It’s not as if we are ignoring them. The law gives us the mandate to review the tax, and we are only applying it. We cannot change the law on our own. We are partners with GUTA and other stakeholders, and we will meet them to ensure the law is implemented fairly,” she said.

Asked why major stakeholders appeared to have been left out of discussions, she said, “That is not the case. In all our previous engagements, we have worked closely with GUTA and other leaders. We will not deliberately omit anyone from these consultations.”

Reacting on the same show, GUTA President Clement Boateng acknowledged the cordial relationship with the GRA but expressed frustration over a lack of follow-up.

“Yes, we have a good working relationship with the GRA, but in this tax issue, we have only met with them once. Since then, we have not heard back, even though we agreed to engage on the challenges we are facing,” he said.

The new VAT regime replaces the previous 4% flat-rate system for some traders with a standard rate of about 20%, allowing full input tax deductibility.

While the policy aims to streamline tax administration, widen the tax net, and improve revenue mobilization, market traders, particularly at Abossey Okai and other major trading hubs, have raised concerns that the transition could disrupt business operations and push up prices if not properly managed.

GUTA has called on the GRA and the government to engage traders respectfully and transparently, warning that intimidation and sudden enforcement could hurt compliance and destabilize the market.

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Speaking in an interview on Adom FM’s morning show Dwaso Nsem, Mr. Boateng said although an initial meeting was held with the GRA, there has been no follow-up engagement despite agreements reached.

According to him, the implementation of the new VAT law began during a holiday period, which made it difficult for traders to immediately respond.

“By the time the implementation started, it was a holiday. When we resumed, we approached the GRA because we foresaw that the new law would come with challenges,” he explained.

Mr. Boateng disclosed that at the end of their meeting with the GRA on January 5, both parties agreed to form a technical committee comprising three representatives each from GUTA and the GRA.

“We agreed to form a technical committee made up of three members from GUTA and three from the GRA. The committee was to monitor the implementation and address any challenges that would arise,” he said.

He added that GUTA submitted the names of its representatives on January 7, but since then, the GRA has not responded.

“As we speak, the GRA has not gotten back to us. That is a big problem for us. We have not had any meeting with the committee,” he stated.

Mr. Boateng noted that the committee was expected to work through the first quarter of the year, compile challenges encountered during implementation, and make recommendations to government on possible reviews.

“We gave ourselves the first quarter of the year. After that, the committee was to present its findings and recommendations to government on how to review the tax and ease the burden on businesses,” he explained.

He expressed surprise at the GRA’s recent public response to concerns raised by some traders, especially when a joint statement had earlier been issued after their meeting.

“Even after our meeting, we issued a joint release. So if a section of our members has raised concerns, I don’t understand why the GRA would respond the way they did. It looks like they don’t take the business community seriously,” he said.

His comments follow a press statement issued by the GRA on Tuesday, February 10, 2026, in which the Authority dismissed claims that the new VAT regime would lead to higher consumer prices and distort market competition, particularly among spare parts dealers.

The GRA was responding to concerns by the Abossey Okai Spare Parts Traders Association that the revised VAT framework under the Value Added Tax Act, 2025 (Act 1151), imposes an unfair burden on traders.

The Authority described the concerns as a “fundamental misunderstanding” of the revised system, explaining that under the previous 4% flat rate scheme, traders paid 21.9% input VAT on purchases, which was non-deductible and embedded in their cost structure.

However, Mr. Boateng insisted that traders are already experiencing difficulties under the new system.

“A lot of issues are happening, and it feels like government wants to push this down the throat of the business community. That is not fair,” he said.

He further revealed that the Finance Minister had earlier referred GUTA to the Deputy Minister for further engagement, but that meeting has also been delayed.

“The Finance Minister referred us to the Deputy Minister, but we are being told he is busy and can only meet us on Friday. We don’t even know what they want to do,” he added.

Mr. Boateng stressed that any policy that significantly affects the business community must be carefully reviewed through continuous stakeholder engagement to avoid unintended consequences.

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Speaking at Donkokrom during the distribution of 10,000 birds to local farmers under the initiative, the DCE told ADOM NEWS that the programme is critical to revamping poultry farming, which is facing severe challenges due to high levels of imported chicken.

“This initiative will not only strengthen poultry farming but also create jobs for our youth and provide wholesome chicken for our people,” Hafiz Dauda said. He added that the district assembly has put strategies in place to monitor all beneficiaries and ensure value for money.

Meanwhile, the Director of Agriculture for Asutifi North, Paul Boakye, advised beneficiaries to follow directives from agricultural officers to ensure the sustainability of the programme.

He assured that his office will continue to monitor and support farmers under the initiative, which he described as laudable and a step in the right direction to revive the collapsed poultry sector in the area.

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Analysts attribute last year’s rally to elevated gold prices, strong cocoa earnings, and increased foreign reserves, which allowed the Bank of Ghana to inject roughly $10 billion into the foreign exchange market.

Gold exports were a key driver, reaching $8.3 billion in the first half of 2025 alone—nearly double the previous year.

“Because the Ghana Gold Board is mandated to surrender its foreign exchange earnings to the Bank of Ghana, these inflows went directly to strengthening reserves rather than leaking into parallel markets,” the report noted.

The advisory cautions that 2026 will test the resilience of the currency.

“While gold prices should remain elevated, the Bank of Ghana is likely to allow the currency to resume its traditional gradual weakening trend to preserve Ghana’s external competitiveness,” EM Advisory said. By year-end, the cedi is projected to trade at GHS 12.0/USD, reflecting a modest depreciation from current levels.

Reserve adequacy remains a focus, with total gross international reserves reaching $13.8 billion, equivalent to 5.7 months of import cover.

The report warned, however, that reliance on a concentrated commodity export base—predominantly gold, cocoa, and oil—leaves Ghana vulnerable to global price swings.

The advisory recommends structural reforms to reduce commodity dependence and strengthen resilience. “Establishing a modern gold refinery and implementing traceability mechanisms across the supply chain would help capture more value domestically and reduce exposure to price volatility,” EM Advisory suggested.

The local gold refining initiative with Gold Coast Refinery is highlighted as a promising step toward this goal.

The programme aims to improve input availability, storage infrastructure, and market access across Ghana’s agricultural value chain.

Food prices are projected to rise sharply this year, with food inflation expected to exceed 16% by December. Analysts stress that improving agricultural productivity could stabilise prices while reducing the country’s import burden.

“Targeted interventions in agriculture not only reduce inflation but also strengthen rural incomes and support domestic food security,” the report noted.

The advisory highlighted prior successes in Ghana’s agricultural sector, particularly in cocoa and staple crops, which benefited from favourable weather and higher international prices in 2025. Scaling up such interventions is seen as critical to ensuring consistent supply and moderating seasonal price spikes.

Private sector participation is also considered vital. By facilitating logistics, financing, and storage solutions, agribusinesses can complement government efforts.

“The combination of public investment in infrastructure and private sector efficiency can deliver meaningful improvements in food availability and affordability,” analysts said.

The Feed Ghana initiative also carries long-term strategic significance. Reducing dependency on food imports will strengthen the current account, build resilience against external shocks, and create sustainable employment opportunities.

“Agricultural modernisation is not just about food—it is central to economic stability and rural development in 2026,” EM Advisory concluded.

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The advisory noted that the recovery of global travel and renewed cultural interest presents a unique opportunity to monetise Ghana’s rich heritage. The “Year of Return” campaign, they said, demonstrated strong diaspora engagement and demand for cultural tourism.

“Investments in air connectivity, hotel capacity, and destination marketing could position Ghana as a premier African destination for tourists and creative professionals,” the report said.

Tourism and the arts also create jobs quickly, particularly for youth. From hospitality and transport to content creation and event management, these sectors can absorb labour faster than manufacturing or agriculture.

“In a country with youth unemployment exceeding 13%, these sectors could provide meaningful pathways to income,” analysts emphasised.

Moreover, tourism generates foreign exchange without the volatility associated with commodities such as gold or cocoa.

With supportive policies—including visa facilitation, creative industry incentives, and heritage site development—Ghana could leverage tourism and the arts to boost both GDP and export earnings.

EM Advisory concluded that realising this potential requires consistent engagement from both government and the private sector.

“2026 is a year to accelerate investments in tourism and the creative economy. Success in these sectors would diversify revenue streams, create jobs, and enhance Ghana’s global brand,” the report stated.

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Past experience shows that Ghana has processed only a handful of PPPs annually, often hindered by poor risk allocation and weak project appraisal. Analysts emphasise that 2026 must be the year the government strengthens PPP execution. “The private sector must step up with well-packaged projects that meet Ghana’s infrastructure needs,” EM Advisory said.

The advisory highlights areas where PPPs can have an immediate impact, including roads, water, power, and logistics. Effective PPP structuring could reduce the government’s fiscal burden while ensuring timely project completion.

“Government must cut bureaucracy and create fast-track approval processes for deals that deliver genuine value for money,” the report stated.

Successful PPPs also attract foreign investment and enhance operational efficiency.

“Infrastructure delivery through properly structured PPPs will bolster Ghana’s industrialisation agenda and improve service delivery,” EM Advisory noted.

The report concludes that PPP readiness and execution discipline are critical to translating budget allocations into visible improvements in citizens’ daily lives.

“Ghana’s fiscal constraints make private sector participation essential; 2026 is the test year,” the advisory said.

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Analysts say financial services, telecommunications, and trade will continue expanding, even as manufacturing and oil production face constraints. The 2025 turnaround, they note, created a solid foundation for services-led growth.

“Non-oil GDP growth of 5.0% demonstrates the underlying strength of the productive economy,” the advisory stated, highlighting improvements in domestic trade, banking, and ICT services.

Agriculture and manufacturing are projected to contribute more moderately, with manufacturing growth at 5% due to high financing costs and power supply challenges.

In contrast, the oil and gas sector is expected to contract by 15.6% in 2026, reflecting natural declines in mature fields and delays in new production.

“While oil output slows, the resilience of services and industry helps cushion the overall economy,” EM Advisory analysts said, emphasizing the importance of non-oil sectors for stable growth.

Fiscal and monetary policies will also influence sectoral outcomes. With a projected policy rate of 14% by mid-2026, lending costs are expected to remain high, potentially slowing private investment in capital-intensive industries.

The advisory urges supply-side interventions and improved infrastructure to sustain services expansion. Analysts stress that 2026 will be a pivotal year for translating macroeconomic stability into tangible results.

“Executing flagship programmes like the Big Push and 24-hour economy at a moderate pace could strengthen services, manufacturing, and trade, ensuring growth is both inclusive and sustained,” the report concluded.

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EM Advisory warns that the country’s historic pattern of expenditure expansion post-programme could derail recent macroeconomic gains if not carefully managed.

The advisory highlights several potential triggers, including overrun of the public sector wage bill, underperformance in tax revenues, and rising interest payments.

“Our sensitivity analysis identifies that each 5% tax revenue shortfall is associated with a deficit deterioration of approximately 0.7 percentage points of GDP,” the report said.

Combined with a 5% wage overrun, the cash deficit could rise to 5.7% of GDP, breaching the Fiscal Responsibility Act limits.

Policy execution is also critical, particularly regarding flagship initiatives such as the Big Push Infrastructure Programme and the 24-hour economy. “If the government cannot demonstrate visible progress on its priorities, the optimistic growth scenario of 6% becomes unattainable,” EM Advisory noted.

Commodity price volatility remains another key risk. Gold, which represents 62% of export earnings, has surged above $5,000 per ounce, but history shows prices can correct sharply.

“The government must leverage this opportunity to reduce overreliance on a single export commodity and accelerate economic diversification,” the report advised.

EM Advisory concludes that 2026 will be a crucial year for Ghana’s credibility.

“The political capital exists to pursue difficult but necessary reforms—rationalising the wage bill, broadening the tax base, and delivering reliable public services.

Whether these opportunities are seized will define Ghana’s medium-term trajectory,” the report concluded.

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In 2025, the cedi strengthened by 30% against the dollar, supported by high gold prices, cocoa exports, and central bank interventions.

Analysts caution that sustaining this performance will require careful management amid rising fiscal and external risks.

“The cedi’s strength last year was remarkable, but 2026 will test whether stability can be maintained without IMF oversight,” the report said.

Ghana’s reserves, bolstered by domestic gold purchases and FX interventions, reached $13.8 billion, providing a buffer of 5.7 months of import cover. However, structural exposure to raw commodity exports and limited hedging capabilities could amplify vulnerability to external shocks.

“Reliance on gold, cocoa, and oil leaves the economy exposed to global price swings and regional instability,” EM Advisory analysts noted.

The report also flags security concerns in the Sahel, including rising jihadist activity, which may force increased expenditure on border security and disrupt trade routes.

“Fiscal space is limited, so rising security costs could pressure reserves and challenge monetary stability,” the advisory said.

Analysts recommend policy measures that support gradual currency management, diversification of exports, and strengthening of domestic reserves.

“2026 is the year Ghana must solidify external resilience, leveraging reserves, gold refining, and fiscal prudence to maintain macroeconomic stability,” EM Advisory concluded.

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This fund, allocated to Landing Beach Committees (LBCs), was meant to improve infrastructure and living conditions for coastal fishing communities between 2017 and 2024.

According to the report, the shortfall in terms of losses to the government amounts to GH₵13,753,300.00.

This amount was identified as the failure of 132 Landing Beach Committees (LBCs) to account for the 53% Community Development Fund (CDF) despite receiving premix fuel during the period from 2017 to 2024.

This significant loss stems from the failure to allocate these funds correctly for community projects such as the construction of drains to address flooding, toilets to combat open defecation, schools to improve access to education, and other vital infrastructure.

These projects could have brought substantial improvements to the fishing communities, addressing critical issues such as cholera outbreaks, flooding, and educational access.

These losses, therefore, represent a massive setback to the government’s development efforts, particularly in remote and underdeveloped regions that rely heavily on these resources for growth.

The audit, commissioned by the Ministry of Fisheries and Aquaculture and carried out by its Internal Audit Unit, revealed substantial infractions, including mismanagement of funds, lack of proper documentation, unauthorized withdrawals, and non-compliance with the approved distribution mechanisms.

The Ministry emphasized that these lapses largely reflect weak controls and non-compliance during the previous administration.

In response, the Minister for Fisheries and Aquaculture stated, “This government will not look away from the institutional weaknesses we inherited. We are taking firm steps to recover public funds, restore confidence in the premix system, and ensure that resources meant for fishing communities are properly protected.”

She also disclosed that recovery actions have already begun, including the issuance of demand notices to affected LBCs and engagement efforts aimed at restitution and compliance.

The Minister stressed that the goal is corrective, not punitive, focusing on safeguarding livelihoods while enforcing accountability.

The Administrator of the National Premix Secretariat, Mr. Ebow Mensah, confirmed that recovery processes are now underway, supported by new enforcement measures.

“Recoveries have started, and structured repayment arrangements are being pursued where appropriate,” Mr. Mensah said. “This audit gives us the moral and legal authority to act decisively and fix long-standing governance gaps.”

As part of the broader reform, the Secretariat is restructuring governance at the landing-beach level, tightening controls over community funds, and aligning CDF management with the Premix Fuel Automation System to prevent future leakages.

These measures are intended to ensure that resources allocated to these communities are spent on essential development projects.

The government has also announced plans to introduce a nationwide Community Development Fund accountability and protection framework starting in February 2026.

This framework will introduce clearer signatory rules, mandatory reporting, and enhanced oversight to ensure that premix revenues are reinvested in community development projects.

This audit is being positioned as a turning point in the management of the premix fuel programme.

It highlights the government’s commitment to transparency, recovery, and long-term reform, seeking to turn past governance challenges into an opportunity to rebuild public trust.

The Secretariat notes that by combining the disclosure of these findings with concrete recovery actions and forward-looking safeguards, the government aims to ensure that similar lapses do not occur in the future.

The unaccounted losses highlighted in the report could have funded vital community development projects, including drainage systems, sanitation facilities, schools, and infrastructure, all of which would improve living conditions and support the SDGs, particularly those focused on poverty alleviation, education, and clean water.

These initiatives would have empowered communities, boosted local economies, and driven widespread development.

To prevent future losses, the National Premix Fuel Secretariat is strengthening its transparency and accountability drive, which began last year.

The Secretariat is ensuring that all LBCs comply with new guidelines, using resources effectively and aligning with the government’s commitment to safeguarding public funds and delivering meaningful community development.

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The discussion formed part of NEIP’s broader efforts to deepen partnerships that enhance access to sustainable financing and strengthen the long-term viability of businesses supported under the programme.

It focused on identifying practical pathways through which Adwumawura beneficiaries can be better positioned to access funding that supports growth, scalability, and long-term impact.

Both institutions acknowledged that while access to finance remains critical, the ultimate objective is the development of sustainable enterprises capable of creating decent jobs and contributing meaningfully to Ghana’s economic transformation.

As a key member of the Grant Management Committee, the Venture Capital Trust Fund reaffirmed its commitment to the success of the Adwumawura Programme.

The VCTF also reported that it will establish a dedicated Adwumawura Fund targeted at high-impact businesses emerging from the programme. This initiative represents a significant step toward ensuring continuity of support for beneficiaries beyond the initial grant phase.

The Chief Executive Officer of NEIP expressed appreciation to the Venture Capital Trust Fund for its openness, commitment, and continued partnership. He reaffirmed NEIP’s readiness to collaborate closely with VCTF to align institutional strengths, resources, and expertise in advancing the objectives of the Adwumawura Programme.

He reiterated NEIP’s commitment to working with key stakeholders to ensure that entrepreneurship support in Ghana goes beyond short-term interventions and delivers lasting impact.

The engagement with the Venture Capital Trust Fund marks another important milestone in NEIP’s journey to empower entrepreneurs, strengthen businesses, and create sustainable livelihoods for Ghanaians through the Adwumawura Programme.

This initiative contributes directly to H.E. John D. Mahama’s RESET AGENDA, which is transforming Ghana’s economy and creating decent job opportunities for the youth.

According to the petition, the group intends to stage a peaceful demonstration to draw national attention to the financial hardships cocoa farmers are facing due to the prolonged delay in the release of their payments.

FADOS argued that the situation has left many farmers unable to cater for their basic needs, service debts, and adequately prepare for the next farming season.

Meanwhile, the 2024 LPG parliamentary candidate for Suaman, John Asare, has also appealed to the government to release funds to pay the cocoa farmers promptly.

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Speaking in an interview on Adom FM’s morning show Dwaso Nsem, Mr. Hammond questioned the rationale behind the move.

“I don’t understand why the government should cancel it. I don’t know their reason for doing that. If their reason is that the policy has no use, then they don’t understand it.”

He recalled that during their time in government, they had built on a framework set by Dr. Kwame Nkrumah, which established factories across districts.

“When we were in government, we said Nkrumah did a lot of factories, and we are not even seeing some of them again,” he noted.

Mr. Hammond explained that 1D1F was designed to encourage private sector investment rather than rely solely on government funding.

“The policy framework allowed individuals or organizations to start factories in the districts. The government’s role was to support these factories by helping them access bank financing. The banks would charge interest, and the government would take half while the factory owners retained the rest,” he said.

He added, “I don’t understand why the government had to cancel it. They just didn’t understand the policy, and instead of seeking explanations, they went ahead to cancel it.”

His remarks come after Mrs. Elizabeth Ofosu-Adjare, Minister of Trade, Agribusiness, and Industry, announced that the 1D1F programme, a flagship initiative of the previous NPP government, has been cancelled.

She explained that the ministry would now focus on agro-processing parks under the 24-hour economy policy, aimed at making Ghana’s economy vibrant around the clock.

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Either the country secures a strategic investor to modernise the smelter, or it risks watching one of its most historic industrial assets slide quietly into permanent shutdown.

Contrary to claims circulating in parts of the public space, VALCO is not being sold, Adomonline.com can authoritatively confirm through its sources at the Flagstaff house.

What is underway is a Cabinet-approved process to attract a strategic investor to inject capital, technology and global market access into a plant that urgently needs all three.

A cabinet decision, not a backdoor deal

In April 2022, the management of VALCO and the Ghana Integrated Aluminium Development Corporation (GIADEC) jointly submitted a memorandum to Cabinet, seeking approval to engage a strategic investor to retrofit, expand and modernise VALCO.

The proposal was clear: raise US$600 million through a mix of equity and debt to keep the smelter viable and competitive in a fast-changing global aluminium market.

Cabinet granted approval on 22 May 2022, authorising GIADEC and VALCO to initiate a transparent process to identify the best-suited strategic partner.

This was not a unilateral decision by any individual, nor was it a policy innovation of the current GIADEC leadership.

It was a collective government decision, taken in full awareness of VALCO’s condition.

The reality of VALCO’s condition

The document paints a sobering picture of VALCO’s current state: ageing infrastructure, declining competitiveness, and limited capacity to self-finance a turnaround.

Independent analysis supported by KPMG examined five financing options, including 100% debt financing.

That option was found to be high-risk and unsustainable for a company already under strain.

The conclusion was straightforward: a strategic investor with equity participation offers the most credible path to survival and growth.

Why a strategic investor makes sense

The expectations of a strategic investor are explicit and tightly defined. Such a partner is required to:

• Provide up to US$600 million for VALCO’s retrofit and expansion
• Bring modern, environmentally efficient aluminium smelting technology
• Open access to global raw material supply chains and markets
• Strengthen VALCO’s competitiveness through scale, networks, and operational expertise

Equally important, the process is structured to prevent asset stripping or opportunistic takeovers.

Safeguards are built into the phased investment model to protect Ghana’s interests, VALCO’s workforce, and GIADEC’s mandate.

Why personalising the debate masks the issues

Attempts have been made by some elements within VALCO to cast the CEO of GIADEC, Reindorf Twumasi Ankrah, as the architect of a supposed “sale”.

These attempts will however collapse under the weight of the facts.

The strategic investor approach predates the current management and flows directly from Cabinet approval and professional advisory work.

More importantly, the broader vision extends beyond VALCO alone.

GIADEC’s roadmap aims to establish Africa’s first Integrated Aluminium Industry, linking bauxite mining, alumina refining, and aluminium smelting into a single value chain.

VALCO is positioned as a guaranteed off-taker for a planned 1.5–2.5 million tonnes per annum alumina refinery, a project estimated at US$2.5–5 billion in total investment

In this context, weakening GIADEC’s leadership with misinformation does not protect national assets, it undermines them.

The bottom line

The process is unambiguous: VALCO is not for sale. It is seeking strategic investors to co-invest alongside government to secure its future.

Without this intervention, the plant’s ability to remain in production over the next four years is highly uncertain.

Ghana’s aluminium dream will not be realised through nostalgia or slogans.

It will be built through capital, technology, and partnerships, hard choices, made in the national interest.

Speaking in an interview on Adom FM’s morning show Dwaso Nsem, Mr Takyi Addo said although President John Dramani Mahama is performing, the decision to significantly increase the Value Added Tax (VAT) on spare parts is hurting traders and cannot be justified.

“The President is performing, but the percentage increase they are bringing is not helping us. For GRA to increase the VAT to this level is simply not fair,” he said.

His comments follow the implementation of the new VAT regime under the Value Added Tax Act, 2025 (Act 1151), which has raised VAT on spare parts from 4 per cent to 20 per cent for VAT-registered businesses.

Mr Takyi Addo expressed frustration that efforts to engage government officials and politicians on the matter have yielded no results, forcing the association to resort to speak publicly.

“Even if we try to call government officials or politicians to draw their attention to our concerns, we can’t even get them to listen. That is very worrying. That is why we are speaking on radio, so that the President will hear us,” he explained.

He argued that the GRA already stands to make significant revenue from Abossey Okai without imposing such a high VAT rate.

“Let’s assume Abossey Okai has about 20,000 shops. If GRA registers all of them under its laws and each shop pays just GH¢500 a year, you can imagine the amount of money they will raise annually from Abossey Okai alone,” he said.

Mr Takyi Addo accused the GRA of failing to properly enforce tax compliance nationwide, insisting that many registered taxpayers do not pay taxes, yet little is done to address the issue.

“Ghanaians who are registered with GRA are many, but only a few actually pay their taxes. What is GRA doing about that? They are too lazy. They’ve been given targets, so they are forcing us to help them meet those targets,” he alleged.

He further questioned what happens to excess revenue when GRA exceeds its targets.

“When they even get surplus after meeting their targets, what do they do with the surplus? They should come and tell us,” he demanded.

Under the previous tax arrangement, spare parts dealers paid 4 per cent VAT, which helped keep prices relatively stable. However, under the new regime, an item that previously sold for GH¢500 with GH¢20 VAT now attracts GH¢100 in tax, pushing the final price to GH¢600.

The Association also raised concerns about what it described as unequal treatment of businesses. While companies with annual turnover above GH¢750,000 are required to register for VAT and charge 20 per cent, smaller operators can sell the same items at lower prices despite sourcing from the same importers.

“This system penalises growth, efficiency and compliance, while unintentionally rewarding informality,” Mr Takyi Addo said.

The Abossey Okai Spare Parts Dealers Association has warned that it may embark on a one-week strike if the government fails to urgently review the new VAT policy.

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Mr Kotter, together with two other officials of the WLA, Lucas Esposito, WLA Executive Director and Francois Pellaud-Pautrot, WLA Events Coordinator, paid a working visit to Ghana to conduct a recce in Accra on the possibility of holding the World Lottery Summit in Ghana in 2028.

The WLA President, in an interaction with the Director-General of NLA, Mr. Mohamed Abddul Salam, the Deputy Director-General of NLA, Mr. Eric Yeboah Wadie, and the Executive Management, expressed his excitement at meeting the team in Ghana and praised the Authority for its work.

“I saw your vision, that Ghana wants to have footprints and to become an organization of choice for blueprint in Africa. I think this is the right way, and you will get every support that you can get from me as a person to fulfil this vision,” Mr kotter said.

Commending the NLA for its operations and the impact it has made in society through its corporate social responsibility activities, Mr. Kotter also congratulated the NLA for gaining the trust of the Executive Committee of the WLA as a viable option for hosting the World Lottery Summit in 2028 and possibly hosting a WLA Executive Committee Meeting in June 2026. 

“We are here for two reasons: to gain a good appreciation of Accra, the conference facilities, and the infrastructure, and to gain practical knowledge of what we have seen theoretically. We also want to send a signal to Africa. The Executive Committee has discussed it several times at our meeting, what signal we want to send and to which continent. I personally think it’s a good way to show confidence in Africa, as it is a place with a lot of potential. We have WLA members we want to support, and that is why we are here in person and bringing executives of this calibre who can communicate this at a high level.  I’m very honoured and proud of what we have seen today, not only the conference centre but also learning about Ghana’s history, and I’m carrying these memories back home with me”.  Mr. Kotter said.

The Director General of NLA, Mr. Mohammed Abdul-Salam, who shared the Authority’s history and operations with the team, also expressed his sincere gratitude to the WLA President for the visit and for the honour of being considered to host the two major events.

“Let me, on behalf of my Management, sincerely thank you not only for considering Ghana as a potential host for the World Lottery Summit (WLS) but also for physically coming to experience firsthand what Ghana has to offer. It is a memory we will treasure and never forget. It will remain with us that the President of the WLA once visited the NLA on a mission to consider us for hosting a significant event in the future”. Mr. Abdul-Salam said.

As part of the visit, the WLA delegation also visited Ghana’s Parliament House to observe the day’s proceedings and was duly acknowledged by the First Deputy Speaker, Hon Bernard Ahiafor, who was chairing the session. The delegation also called on Hon. Samuel Awuku, the Member of Parliament for Akuapim North Constituency and the immediate past Director-General of the NLA. They discussed ways the WLA can assist Ghana and Africa in combating illegal lottery activities and promoting responsible gaming, particularly regarding underage gambling.

WLA delegation

The President of the WLA, Mr. Andreas Kotter, is also the CEO of West Lotto, the largest lottery company in Germany, and chairs Euro Jackpot, a multi-jurisdictional game across 19 European nations. He is the first German to be elected as WLA President in October 2024 and is poised to strengthen the WLA as the global exchange and knowledge platform in gambling.

Mr. Lucas Esposito, WLA Executive Director, is also the General Secretary of the United Lotteries for Integrity in Sports (ULIS), formerly known as the Global Lottery Monitoring System, and has extensive knowledge and experience in technology in betting.  Mr. Francois Pellaud-Pautrot oversees the coordination of the WLA’s events.

Ghana, a potential choice

Ghana could become the first West-African country to host the World Lottery Summit in 2028, if approved by the WLA Executive Committee. The National Lottery Authority will proudly add the WLS event to its list of hosted events if approved. The Authority recently hosted the African Lotteries Association (ALA) Board of Directors meeting in Accra in December 2025.

The Authority also hosted the ALA Seminar on Responsible Gaming in December 2022, which featured Madam Rebecca Paul, the immediate past WLA President, and Ms. Lynne Roiter, the General Secretary, along with other leaders from the WLA, European Lotteries (EL), and ALA. The event was attended by over 150 delegates from North America, Europe, and Africa.

Speaking on Adom FM’s morning show Dwaso Nsem, Mr. Adimado disclosed the urgent need for the Ghana Cocoa Board (COCOBOD) to address delays in payments to Licensed Buying Companies (LBCs), which in turn affects farmers across the country.

“Government must, as a matter of urgency, secure a facility to pay for an estimated 300,000 metric tonnes of cocoa in a phased manner between now and September. Wherever COCOBOD can get the money, they should try and get it to us so we can pay our members, and our members can also pay the farmers” he said.

Mr. Adimado explained that the sector’s funding challenges are having serious consequences for both farmers and LBCs.

Many companies have been forced to pre-finance cocoa purchases using local bank loans, which carry high-interest rates of about 29.8 percent, due to delays in COCOBOD payments.

“The traditional syndicated funding has failed, and a hybrid funding model is needed to prevent further delays in payments to farmers,” Mr. Adimado added.

He also appealed directly to COCOBOD, stressing the need to settle outstanding payments for cocoa beans already supplied by LBCs.

His warnings come amid reports of an ongoing financial crisis in the Ghanaian cocoa industry, which threatens to disrupt the livelihoods of thousands of cocoa farmers if immediate action is not taken.

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This was, however, achieved at a reduced target of GH¢4.9 billion.

According to the auction results by the Bank of Ghana, total bids tendered were estimated at GH¢17.2 billion, but the government accepted GH¢5.8 billion.

The majority of the bids came from the 364-day bill, with an estimated GH¢6.9 billion tendered. This represented 40.2% of the total bids.

The uptake was GH¢2.0 billion. 

For the 91-day bill, GH¢6.5 billion of the bids were tendered. The bids accepted were to the tune of GH¢2.5 billion.

Similarly, GH¢3.7 billion of the bids were tendered for the 182-day bill. A little over GH¢1.3 billion of the bids were accepted.

Meanwhile, interest rates fell sharply across the yield curve.

This shows how interest rates are aligning with the policy rate cut.

The yield on the 91-day bill dropped by 86 basis points to 9.96%.

That of the 182-day bill also declined to 11.81%, from 12.38% the previous.

Again, the yield on the 364-day bill eased by 76 basis points to 12.06%.

In its Economic and Market Outlook and Strategic Investment Orientation for 2026, MIIF notes that the global economy is entering a phase where inflation is moderating across major regions, giving central banks room to gradually adjust tight monetary conditions.

The report says this shift is expected to influence capital flows, borrowing costs and investor appetite across both developed and emerging markets, including Ghana.

According to MIIF, macroeconomic performance in 2026 will be defined not only by policy changes but also by structural challenges such as global supply chain realignments, energy security concerns and geopolitical tensions.

These factors, the firm explains, will continue to affect trade, currency stability and commodity pricing.

The outlook reviews prospects across key asset classes, including equities, fixed income and commodities. On equities, MIIF anticipates selective opportunities as companies adjust to lower inflation and evolving consumer demand. Fixed income markets are also expected to benefit from potential interest rate adjustments, which could improve yields and pricing for bonds. In commodities, the report points to renewed interest driven by global industrial demand and energy transition requirements.

For Ghana, MIIF says domestic market performance in 2026 will depend on fiscal discipline, currency stability and continued reforms to restore investor confidence. The firm highlights that Ghana’s economic conditions will play a major role in shaping returns in local equities and fixed income instruments, especially as government policy and external financing conditions evolve.

The report further identifies priority investment themes that are likely to influence strategic positioning. These include the rapid growth of artificial intelligence, the global energy transition agenda, and rising demand for critical minerals used in technology and renewable energy infrastructure.

MIIF cautions, however, that risks remain significant. These include geopolitical conflicts, policy uncertainty, volatility in commodity prices and potential shocks to global growth. At the same time, the firm says the changing environment presents opportunities for investors who adopt informed, data-driven and forward-looking strategies.

Overall, MIIF’s 2026 outlook encourages investors to balance caution with innovation, leveraging emerging sectors while managing exposure to macroeconomic and geopolitical uncertainties to support sustainable investment decisions.

Chief Executive Officer of COCOBOD, Dr. Randy Abbey, who disclosed this at press briefing said that the proposed framework is expected to transform how the cocoa sector is financed.

He added that the framework will support local processing of cocoa beans and improve revenue generation across the value chain.

Dr. Abbey made the announcement, pledging that cocoa farmers who have not yet been paid for supplying cocoa beans will receive their funds next week.

According to him, the new financial model will help Ghana move away from the traditional system where cocoa beans are largely sold in their raw state to raise funds for the season.

“The strategy seeks to promote domestic processing, enhance industrial capacity, and allow the country to capture more value from its cocoa resources”, he assured.

Some industry analysts say the move could also ease pressure on syndicated loan arrangements that have historically been used to finance cocoa purchases, while opening opportunities for partnerships with local and international investors.

Dr. Abbey noted that discussions with government and finance stakeholders are ongoing, with details of the structure expected to be announced after broader consultations.

The initiative forms part of wider reforms within the cocoa sector aimed at improving sustainability, strengthen farmer incomes, and position Ghana as a leading hub for cocoa processing and chocolate manufacturing in the region.

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Speaking at the Ghana–Zambia Business Dialogue in Lusaka, President Mahama said sustained fiscal reforms have stabilised the economy, with inflation easing, foreign reserves strengthening, and confidence gradually returning.

He noted that the improving outlook positions Ghana to expand trade and investment, particularly within the framework of the African Continental Free Trade Area (AfCFTA).

According to the President, the government’s development agenda is anchored on five strategic pillars: industrialisation and value addition; export-led growth; modern infrastructure development; strong support for micro, small and medium-sized enterprises (MSMEs), women and youth entrepreneurs; and the creation of a predictable, transparent, and investor-friendly business environment.

“We have restructured our debt to invest in people, not just to service loans. This is what ‘Resetting Ghana’ means, and it is delivering results,” President Mahama said. He pointed to the sharp decline in inflation from over 23.4 per cent at the end of 2024 to 3.8 per cent in January 2026, as well as the restoration of currency stability, with the Ghanaian cedi appreciating by 32 per cent to rank among the world’s five best-performing currencies in 2025.

President Mahama added that Ghana has successfully renegotiated its debt obligations on terms that protect national sovereignty and ensure sustainability.

“We are steadily exiting the IMF’s Extended Credit Facility with dignity as partners, not as supplicants,” he stressed.

He further noted that Ghana’s economic recovery has positive implications beyond its borders, contributing to regional confidence and integration.

Describing Zambia as a natural partner, the President said complementarities between the two economies—particularly in mining, agriculture, energy, and manufacturing—offer strong prospects for joint ventures, value-chain development, and expanded bilateral trade.

Speaking at the Ghana–Zambia Business Dialogue in Lusaka on Friday, February 6, President Mahama highlighted easing inflation, stronger foreign reserves, and renewed investor confidence as evidence of the country’s economic recovery following recent fiscal reforms.

He noted that the stabilising economy positions Ghana to expand trade and investment, particularly under the African Continental Free Trade Area (AfCFTA).

“These gains provide a solid foundation for Ghana’s development agenda, which focuses on five strategic pillars: industrialisation and value addition; export-led growth; modern infrastructure development; strong support for MSMEs, women and youth entrepreneurs; and a predictable, transparent, and investor-friendly business environment,” President Mahama stated.

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Speaking on Joy News’ PM Express Business Edition on Thursday, he said Ghana’s repeated reliance on IMF programmes has become a national embarrassment.

According to him, the country must maintain fiscal discipline and the reforms that typically accompany such arrangements.

“If we [Ghana] continuously do what we are doing, then that means that we should be under IMF for life,” he said.

He argued that if Ghana exits an IMF programme and still fails to manage its economy, then the country has effectively surrendered its sovereignty and should stop pretending otherwise.

“If after the exit of the IMF, we cannot manage our economy, then the IMF should bring their head office here and control us,” he stated.

Mr Badu-Aboagye said the private sector’s frustration is rooted in Ghana’s long-running cycle of economic instability, in which reforms are embraced only under external pressure and quickly abandoned once the programme ends.

He maintained that Ghana has already implemented key IMF-backed measures, and there is no justification for walking away from them simply because the country has “exited” the programme.

“This is because all the things that they have asked us to do, that we have done, I think we should continue,” he said.

The GNCCI CEO warned that deviating from the “fundamental changes” introduced under IMF supervision is exactly why Ghana keeps returning to the Fund.

“There shouldn’t be any reason why we should deviate from these important fundamental changes that the IMF have brought to us; that is why we keep going there,” he stressed.

Badu-Aboagye also criticised the political narrative that often surrounds IMF engagement, where the Fund is portrayed as an enemy or an unwanted force, even though governments repeatedly seek its support when the economy runs into trouble.

He noted that Ghana has gone to the IMF “17 times,” yet public discourse still treats IMF programmes as a humiliation rather than a corrective framework for discipline.

“I mean 17 times, and anytime you go there, it’s as if the IMF is a devil, that when they come, we don’t want to go there,” he said.

His comments come amid renewed debate over Ghana’s economic direction and whether the country can maintain stability without resorting to external bailouts.

For the private sector, the GNCCI CEO’s remarks reflect a deeper concern: that Ghana’s policy inconsistency and weak commitment to reforms continue to undermine investor confidence and long-term planning.

Mr Badu-Aboagye’s central argument was that Ghana’s problem is not a lack of knowledge about what must be done, but an inability to sustain those actions beyond IMF supervision.

By insisting that the reforms should continue even after an exit, he positioned the IMF not as the source of Ghana’s hardship, but as a mirror reflecting Ghana’s own failure to sustain discipline.

His warning was simple: if Ghana cannot manage after an IMF programme, then the country has no business celebrating exits, because the dependency has already become permanent.

He says while the Ghana Statistical Service’s report of the lowest inflation rate since 2021 looks good on paper, market prices remain unchanged.

Speaking on Nhyria FM’s Kro Yi Mu Nsem show, the former Roads Minister expressed concern that the 3.8 percent inflation rate recorded in January 2026 is not translating into relief for ordinary Ghanaians.

Mr. Asenso-Boakye argued that inflation figures should reflect real-life economic conditions, but Ghana’s situation appears different.

“I’m surprised inflation is declining but not reflecting in the markets. When you go to Bantama Market, Kejetia Market, Asafo Market, Makola Market, and other markets, you can see that prices of goods remain unchanged or have even gone higher,” he told the host, Barima Kofi Dawson.

The lawmaker cast doubt on the reliability of the statistics, suggesting the need for a closer look at the figures, which he said raise red flags and could point to flaws in the data collection process.

“If the reduction in inflation is genuine, why is it not reflecting in our pockets?” he quizzed. “This has a lot of Ghanaians, especially policy observers, raising concerns that the reports in Accra don’t match what’s happening in the markets. We’re beginning to doubt the accuracy of the figures; it seems they’re being manipulated.”

The MP also rejected claims that traders are solely responsible for failing to reduce prices, insisting it is the government’s duty to ensure inflation reductions translate into lower market prices.

He urged the government to involve the Ministry of Trade in engaging leaders of traders’ associations and unions to push for price reductions.

“It is the responsibility of the government to ensure that inflation reductions are felt on the ground by engaging the unions of traders,” he said.

Background

According to the Ghana Statistical Service, consumer inflation slowed for the 13th consecutive month to 3.8 percent year-on-year in January 2026, down from 5.4 percent in December 2025.

The 1.6 percentage point drop was driven largely by a decline in food inflation, which fell to 3.9 percent.

This represents the lowest inflation rate recorded since Ghana’s Consumer Price Index was rebased in 2021.

In a statement, the sector Minister, Elizabeth Ofosu-Adjare, welcomed the decision, describing it as a timely intervention that will protect jobs and stabilise confidence in Ghana’s export sector amid heightened tariff pressures.

According to the Minister, the extension—signed by the Donald Trump administration on Tuesday, February 3, 2026—will “safeguard thousands of Ghanaian jobs,” particularly in garments, agro-processing, cocoa derivatives and light manufacturing, while strengthening Ghana’s standing as “a reliable trading partner in the U.S market.”

The Ministry’s statement frames the extension as the outcome of sustained engagement between the Mahama administration and U.S. authorities, following a wave of tariff measures that threatened to disrupt trade flows and weaken investment certainty.

“It would be recalled that since the imposition of the 10% universal tariff, the Government of His Excellency John Dramani Mahama… through the Minister… engaged the US counterparts through both diplomatic and direct engagement to mitigate the impact on Ghanaian businesses,” the statement said.

The Trade Ministry also said the Minister held “a series of meetings including stakeholder engagements” to assure exporters of the government’s determination to prevent trade disruptions and protect investment decisions.

The U.S. tariff measures referenced in the statement date back to April 2025, when the United States announced the imposition of a “10% universal tariff,” effective April 5, 2025, covering imports from all countries, including Ghana.

The pressure intensified months later. The Ministry said that on August 7, 2025, the U.S. imposed a new “15% tariff on Ghanaian exports,” as part of a wider trade policy aimed at addressing trade deficits and promoting reciprocal trade practices.

The Trade Ministry’s press release suggests that the one-year AGOA extension provides Ghana with breathing room, especially for exporters whose products rely heavily on preferential access to the U.S. market.

AGOA, enacted in 2000, has long served as a central framework for U.S.-Africa trade. The Ministry described it as “a cornerstone of US-Africa trade,” offering duty-free access to the American market for 32 eligible African countries as of the end of 2024.

For Ghana, the agreement remains a key channel for exporting value-added products. The Ministry said “most of the Ghanaian exports to the US market enjoy the duty-free quota-free market access through the AGOA,” describing it as “a non-reciprocal preferential trade agreement between the USA and eligible African countries, including Ghana.”

Beyond the economic impact, the Trade Ministry also presented the extension as a product of regional and multilateral coordination.

The Minister commended the Ministry of Foreign Affairs, the World Trade Organisation (WTO), and other West African countries for what she described as “their collective effort and unwavering support to attain this feat.”

The Minister also acknowledged exporters’ role, praised their resilience during a difficult period, and urged them to seize the opportunity created by the extension.

She “further appreciates the exporters for their resilience over the period and encourages them to leverage the Accelerated Export Development Programme to boost Ghana’s exports to the US market.”

The Ministry’s message to exporters is clear: the extension may be temporary, but it offers a strategic window for Ghana to consolidate its market position, expand export volumes, and strengthen value chains in sectors that remain heavily dependent on AGOA’s duty-free access.

For the government, the statement signals an effort to reassure businesses that diplomatic engagement can still deliver tangible economic results, even amid a tightening global trade environment.

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Dr. Forson undertook the visit alongside the Chief Executive Officer of GoldBod, Sammy Gyamfi, and the Deputy Chief Executive Officer, Richard Nunekpeku. They were received and guided around the facility by Dr. Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.

Speaking after the tour, the Finance Minister commended the management and staff for establishing and operating a world-class gold processing facility, noting that the project reflects a long-standing national aspiration to move Ghana beyond the export of raw minerals.

“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation,” Dr. Forson stated. “I commend the management and staff for establishing and operating such an impressive refinery.”

He explained that the refinery embodies a vision first articulated by President John Dramani Mahama in 2016 — that Ghana must refine its own gold locally and retain greater value from its natural resources rather than exporting unprocessed bullion.

According to Dr. Forson, with a refining capacity of up to two tonnes of gold per week, the country is gradually shifting from exporting raw gold to exporting fully refined Ghanaian gold. He emphasised that this transition will deepen value addition in the mining sector, create skilled employment opportunities, and significantly boost the nation’s foreign exchange earnings.

The Finance Minister also revealed that government is collaborating with GoldBod to establish a modern fire assay laboratory before the end of the year, aimed at enhancing scientific verification of gold quality and valuation within the country.

“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold,” he noted. “This will improve royalty assessments, enhance transparency, and boost national revenue.”

Dr. Forson stressed that the initiative forms part of a broader economic reset strategy focused on institutional strengthening and maximising the benefits derived from Ghana’s natural wealth.

“This is how we reset the economy — by adding value to our resources, strengthening our institutions, and ensuring that Ghana’s natural wealth benefits the Ghanaian people first,” he said.

The inspection underscores government’s renewed emphasis on downstream mineral processing as a pillar of economic diversification, revenue mobilisation, and sustainable industrial growth.

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Cocoa farmers across the country have been waiting for the past three months to receive payment for cocoa beans they sold to COCOBOD through licensed buying companies.

The prolonged delay has left many farmers considering drastic measures, including smuggling their produce to neighboring countries or selling their farmland to illegal miners.

Speaking on Luv FM, Professor Aidoo warned that such actions could have devastating long-term effects on the environment and the livelihoods of farming families. He emphasized the urgency for government intervention to prevent irreversible damage to the cocoa sector and rural communities.

“Cocoa has taken care of Ghana over the years. So, at a point where gold is also bringing in resources and we are facing this challenge, what stops us from getting money from the gold programme to immediately pay the farmer, while we try to find all the rough edges of this new trading model that COCOBOD is trying to implement,” Professor Aidoo stated.

He urged COCOBOD to collaborate with the Bank of Ghana to leverage resources from the gold sector to address the backlog in payments to farmers.

“Bank of Ghana should work together with the Ministry of Finance, and we know COCOBOD is under Ministry of Finance, so that they try to get some resources from the gold programme to sort out our farmers immediately,” he suggested.

As a medium-term solution, Professor Aidoo recommended a blended approach, combining smaller syndicated loans with increased private sector participation to mobilize the necessary resources to pay farmers.

“Why can’t we have a blended approach, where we go for a syndicated loan, but not to the tunes we were taking before, and then we also encourage some private sector actors to also come in with resources and then we are able to pay the farmer?” he proposed.

Professor Aidoo concluded by stressing that prompt payments are essential not only for the welfare of cocoa farmers but also for safeguarding the future of Ghana’s cocoa industry.

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Government Statistician Alhassan Iddrisu attributed the 1.6 percentage-point decline mainly to falling food prices, with food inflation easing to 3.9%. He noted that this is the lowest inflation rate since the Consumer Price Index was rebased in 2021, confirming Ghana’s steady return to macroeconomic stability.

The sustained disinflation bolsters the case for further monetary policy easing by the Bank of Ghana, which has already cut its policy rate by 12.5 percentage points since July last year. Inflation has now fallen below the central bank’s 8% target, even as the country continues its recovery from the worst economic crisis in decades under an IMF-supported programme due to end in August.

He said the proposed bills are aimed at consolidating recent gains, strengthening institutions, and creating a more competitive business environment.

Among the key bills before the House are the Ghana Cocoa Board (Amendment) Bill, the Ghana Investment Promotion Authority Bill, and the Ghana Deposit Protection (Amendment) Bill, which seeks to align Ghana’s deposit protection framework with international standards.

Mr. Ayariga also mentioned the Exemptions (Amendment) Bill, 2026, and the Income Tax (Amendment) Bill, 2026.

“These bills are not just technical exercises,” the Majority Leader said. “They are about improving confidence in our financial system, protecting depositors, and ensuring that our tax regime supports growth rather than stifling it.”

He added that the Extractive Industry Fiscal Reforms Bill would modernise the sector and ensure that mineral wealth benefits local communities.

Mr. Ayariga also highlighted ongoing VAT reforms, including the abolition of the COVID-19 Health Recovery Levy and the reduction of the effective VAT rate. He said these measures would lower the cost of doing business and ease the burden on households.

“We are deliberately shifting from crisis management to growth-oriented reforms,” he noted.

He urged Members of Parliament on both sides of the House to approach the consideration of the bills with a sense of national responsibility.

“Differences of opinion enrich our democracy, but division must never obstruct national progress,” he said, calling for constructive debate anchored in solutions rather than stalemate.

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These are UMB and Prudential Bank Ghana.

According to the Governor of the Bank of Ghana, Dr. Johnson Asiamah, some commitments have been made to ensure that the two banks receive the necessary capital as soon as possible.

For UMB, he disclosed that the recapitalisation plans have been extended to end-March 2026. This is to enable other key shareholders such as SSNIT and SIC to make good the proposed capital injections.

He added that discussions are ongoing between the Bank of Ghana on one hand and SSNIT, SIC and the Ghana Amalgamated Trust on the other hand.

For Prudential Bank Limited, the Governor said the government intends to close the bank’s capital gap.

This is in line with the Overarching Restructuring Strategy and Plan developed by the Government, Bank of Ghana and Prudential Bank Limited.

Meanwhile, Dr. Asiamah says the Government of Ghana remains the majority shareholder of ADB.

It has a shareholding of 88.16% whilst the Bank of Ghana has 9.66% shares.

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This is based on data from the Bank of Ghana and the Ministry of Finance, which track petroleum receipts over the years.

The $769 million realised in 2025 was derived from total petroleum receipts across all sources, including liftings, royalties, carried and participating interests, corporate income tax, surface rentals, and other inflows.

Government, in the 2026 Budget presented to Parliament in November 2025, projected petroleum receipts of US$1.01 billion by the end of the year.

The Finance Minister, Dr Cassiel Ato Forson, noted in the Budget that the amount realised would represent a 35.7 per cent decline from the $1.07 billion recorded over the same period in 2024.

Ghana’s total petroleum receipts for 2024 stood between $1.35 billion and $1.36 billion, representing a 27.8 per cent increase over the $1.06 billion recorded in 2023.

Reasons for the Decline

Explaining the downturn in the 2026 Budget, Finance Minister Dr Ato Forson said the reduction in petroleum receipts was mainly driven by a lower average achieved crude oil price of US$75.0 per barrel, compared to $82.3 per barrel during the same period in 2024.

He also attributed the decline to a reduction in the number of liftings, resulting from lower production levels at mature oil fields.

Some market analysts have similarly pointed to production challenges in Ghana’s oil fields and unfavourable international developments as key contributors to the revenue decline in 2025.

Despite the downturn, the Finance Minister maintained that petroleum receipts remain a critical component of Ghana’s fiscal framework, supporting the Annual Budget Funding Amount (ABFA), the Ghana Stabilisation Fund, and the Ghana Heritage Fund.

However, he acknowledged that declining output and volatility in global oil prices highlight the need for accelerated investment in field development, energy diversification, and stronger revenue management to sustain the sector.

Dr Forson also noted that the government remains committed to accelerating ABFA utilisation in the final quarter of the year, to ensure petroleum revenues translate into job-creating infrastructure and improved local development across all regions.

2025 Petroleum Receipt Report

Despite the overall decline in petroleum revenue in 2025, corporate income tax accounted for a significant share of total receipts. Ghana realised approximately $346 million in corporate taxes in 2025, compared with over $500 million in 2024.

Surface rentals also contributed approximately $863 million, while earnings from crude oil exports were approximately $416 million.

Meanwhile, the closing book value of investments under Ghana’s Petroleum Funds stood at $1.5 billion as of December 2025.

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This reflected steady but selective participation.

Investor flows remained concentrated in the belly of the curve, where 2031 2034 maturities accounted for 60.9% of traded volumes at a 15.59% weighted-average yield.

The 2027–2030 segment accounted for 25.3% of activity, at a weighted-average yield of 14.43%.

The long end saw limited participation, with 2035–2038 tenors contributing just 13.7% of volumes at a 15.98% weighted-average yield.

“We believe the recent policy rate cut reset the pricing backdrop, driving a broad repricing lower across the curve. In the coming weeks, we expect investor activity to remain anchored in the belly of the curve”, said Databank Research.

Returns will remain attractive without materially increasing duration risk.

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According to the Semi-Annual Report on the Petroleum Holding Fund (PHF), the amount represents combined inflows from crude oil liftings and petroleum-related taxes.

However, it fell below the US$369.25 million realised from crude oil liftings alone in the second half of 2024, pointing to weaker overall performance in the sector.

The report indicates that revenue between July 1 and December 31, 2025, was drawn from two main sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million, following the lifting of two Jubilee cargoes and one SGN cargo by the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC).

Corporate income taxes and interest income contributed a further US$201.40 million, made up of US$198.09 million in taxes and US$3.31 million in interest on the PHF.

The BoG noted that proceeds from the 25th cargo from the TEN field, valued at US$60.79 million, were not captured in the reporting period as the funds, expected in November 2025, had not been received by year-end.

Despite the drop in inflows, total petroleum revenue distributed during the period amounted to US$493.40 million, exceeding receipts through the use of accumulated balances.

Of this amount, the Annual Budget Funding Amount (ABFA) received US$285.06 million to finance government programmes, while the Ghana Stabilisation Fund and the Ghana Heritage Fund were allocated US$115.99 million and US$49.71 million respectively.

The GNPC received US$42.63 million to meet equity financing obligations and participating interests.

The report further showed positive investment performance for Ghana’s petroleum savings. The Ghana Petroleum Funds recorded a net realised income of US$28.11 million, with returns of 2.28 per cent for the Heritage Fund and 2.51 per cent for the Stabilisation Fund.

As at December 31, 2025, total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.

Looking ahead, the Bank of Ghana adopted a cautious outlook for 2026, noting that Brent crude prices declined from US$66.61 to US$60.81 per barrel by the end of 2025.

While the International Monetary Fund projects global growth of 3.3 per cent, the report warned that Ghana’s petroleum revenues remain exposed to geopolitical developments in the Middle East and OPEC+ production decisions, with oil prices expected to average about US$62.13 per barrel in 2026.

The agreement was signed with the AfDB’s outgoing Country Manager in Ghana, Eyerusalem Fasika.

The grant will support detailed feasibility studies, including full designs, costings, and environmental and social impact assessments, for a proposed interchange at the 37 Military Hospital, aimed at easing traffic congestion in Accra.

It will also fund feasibility studies and designs for the redevelopment of four modern markets in Agbogbloshie, Techiman, Sekondi, and Mankessim, as well as comprehensive studies for Special Agro-Industrial Processing Zones in the Afram Plains, Nsawam, and Builsa.

Dr. Forson expressed gratitude to the AfDB “on behalf of President John Dramani Mahama and the people of Ghana for the Bank’s continued partnership.”

He commended Ms. Fasika for her meticulous and results-driven leadership, noting that “Ghana has secured significant financial resources and technical support from the AfDB through her stewardship.”

He expressed optimism that the feasibility studies would be completed in time to allow construction to begin, hopefully by the third quarter of this year.

In her remarks, Ms. Fasika thanked Ghana for the strong cooperation and support extended to the AfDB, noting that the Bank and the Government of Ghana have worked closely to achieve these milestones.

“Together, we have given it our best shot,” she said, reaffirming the AfDB’s commitment to Ghana’s development agenda.

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He said Ghana continues to serve as a strategic gateway for the Indian industry and remains a trusted partner in a shared quest for prosperity.

“Ghana has long been a true gateway for Indian industry and a trusted partner in our shared quest for prosperity. India now stands as one of Ghana’s foremost trading and investment partners, with Indian enterprises contributing over $2 billion in capital across more than 900 vital projects,” he said.

Mr Gupta noted that the impact of the renewed economic engagement is already evident.

“We set an ambitious goal to double our bilateral trade to USD 6 billion within five years. I am proud to share that we are ahead of schedule; our trade has surged to nearly USD 5 billion in the current fiscal year alone,” he said while addressing guests at a ceremony to commemorate India’s 77th Republic Day in Accra.

The celebration featured a colourful display of Ghana–India cultural exchange, democratic values and the growing partnership between the two countries.

More than 350 guests from government, Parliament, the diplomatic corps, traditional authorities, business, civil society, the media and the Indian community attended the event, hosted by H.E. Manish Gupta and his wife, Mrs Nimeesha Gupta, on January 27, 2026, at India House in Accra.

Among the dignitaries present were the Minister for Communications, Digital Technology and Innovations, Samuel Nartey George, who served as Chief Guest; the Minister for Tourism, Culture and Creative Arts, Dzifa Gomashie; the Minister for Labour, Jobs and Employment, Dr Rashid Pelpuo; and the Volta Regional Minister, James Gunu, alongside other senior officials.

Speaking briefly on behalf of the Ghanaian government, Samuel Nartey George traced the origins of the bilateral relationship to the early years of independence, highlighting the solidarity forged between Jawaharlal Nehru, India’s first Prime Minister, and Kwame Nkrumah, Ghana’s first President.

“The state visit of Prime Minister Narendra Modi to Ghana in July 2025 elevated our ties to a comprehensive partnership, our first in this region,” he said, quoting the Indian leader’s remark that “India is not just a partner, but a co-traveller in Ghana’s development journey.”

India is currently the world’s fourth-largest economy and is pursuing its long-term development agenda, Viksit Bharat 2047, which aims to make the country fully developed by the centenary of its independence. Indian authorities say this vision aligns with the broader goal of advancing the collective development of the Global South.

“Our partnership is no longer just historical; it is economic and strategic. Today, we celebrate on this occasion not only our own achievements but also the progress in Ghana, as we strive together to build a more equitable and prosperous world. We stand united in the pursuit of a better tomorrow,” the High Commissioner said while raising a toast to the enduring friendship between India and Ghana.

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He was speaking during a visit to the construction site of the University of Engineering and Agricultural Sciences at Bunso in the Eastern Region.

“We are just preparing to walk out of the IMF programme. Before the end of August or by the close of this year, we should be out,” the minister said.

He explained that exiting the IMF programme would enable the government to meet outstanding financial obligations, particularly on stalled infrastructure projects that were affected by Ghana’s debt exchange programme.

According to the minister, work on the University of Engineering and Agricultural Sciences, which started in 2022, was stalled as a direct consequence of the debt restructuring exercise, which constrained government spending and delayed payments to contractors.

“There is no doubt that the debt exchange programme caused long-term damage to the economy and affected the effective completion of projects like this,” he noted.

Haruna Iddrisu disclosed that of the $90 million committed by the government for the project, $28.6 million remains outstanding, including $9.8 million owed by the Ministry of Finance.

However, he expressed confidence that the outstanding payments will be honoured as Ghana transitions out of the IMF programme, citing assurances from the Finance Minister that concessionary financing from South Korea remains among the most favourable available to the country.

Mr Iddrisu also revealed that President John Dramani Mahama is expected to visit South Korea later this year, where additional financing to expand the university project will be pursued.

“With certainty, the President will ask for additional financing to escalate this project so we can get better numbers,” he said.

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Previously, the Minister for Finance, Dr Cassiel Ato Forson, had ruled out the use of taxpayer funds for the recapitalisation of the BoG, referencing a ¢53 billion recapitalisation Memorandum of Understanding signed under the former Ernest Addison-led administration.

He maintained that any capital restoration should be achieved through internal reforms and restructuring rather than direct budgetary injections.

However, speaking at the 128th Monetary Policy Committee (MPC) press briefing on Wednesday, January 28, 2026, Governor of the Bank of Ghana, Dr Johnson Asiama, said discussions with government on restoring the Bank’s financial health have been positive, stressing that recapitalisation remains critical to the Bank’s credibility and independence.

“I believe in the commitment of government to recapitalise the Central Bank following the hit it took to protect the economy amid the domestic debt restructuring programme. So far, discussions with government have been fruitful, and there is support to help repair the Bank’s balance sheet”, Dr Asiama said.

He explained that rebuilding the BoG’s capital base is essential for the effective execution of its core mandate, including price stability, financial sector regulation and overall macroeconomic management.

“It is only fair that the wounds suffered as a result are addressed,” the Governor noted, adding that the recapitalisation effort would protect the Central Bank’s operational independence and reinforce confidence in monetary policy.

Beyond the Central Bank, Dr Asiama also provided an update on the recapitalisation of the commercial banking sector, pointing to notable improvements in resilience across the industry.

He disclosed that as of the end of December 2025, 21 out of the 23 licensed banks had met the required capital adequacy thresholds, with the remaining two institutions granted until the end of March 2026 to comply.

“We have two more banks that are yet to meet the requirement, but they have been given until the end of March 2026,” he said.

“Overall, we have made significant progress on the recapitalisation strategy, and we are monitoring closely to ensure full compliance.”

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In a statement signed by Secretary-General Richard Amamoo on January 28, 2026, GUTA raised concerns over the imposition of mandatory insurance services on businesses, incomplete stakeholder engagement, and the limited competitiveness and track record of local insurers.

GUTA warned that penalising businesses for not insuring locally is unfair, especially when local insurance providers may lack sufficient capacity or experience to handle such responsibilities effectively.

The association has called on the National Insurance Commission and other relevant authorities to halt the directive’s implementation and engage stakeholders meaningfully to address these concerns.

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In a statement dated January 28, 2026, TAGG said the GRA sought parliamentary approval for the contracts without prior consultation with traders and importers who will be directly affected by their implementation.

The group described the process as being conducted in bad faith, arguing that it undermines principles of transparency, accountability and inclusiveness.

TAGG disclosed that following an appeal to the Presidency, the GRA was directed to review the contract. However, the Authority has since failed to formally communicate the outcome of that review to key stakeholders.

Instead, TAGG said the GRA organised a forum that focused largely on the economic benefits of deploying Artificial Intelligence (AI) systems in customs operations, without adequately addressing broader concerns relating to fairness, due process and stakeholder inclusion.

The group also questioned the capacity of TRUEDARE Investment Limited, noting that the company has no publicly known track record in managing AI-driven customs valuation and classification systems.

According to TAGG, traders are worried that experienced local technology firms were sidelined in the process, raising serious doubts about competence, value for money and the overall integrity of the procurement.

To ensure accountability, TAGG has submitted an application to the Right to Information (RTI) Commission requesting full disclosure of the contract details, stressing that the move is intended to safeguard the interests of traders and promote transparency in public procurement.

The group said it remains committed to constructive engagement with relevant authorities in the interest of maintaining a stable and peaceful business environment in Ghana.

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Data from the Bank of Ghana’s January 2026 Summary of Economic and Financial Data show the cedi trading at GH¢10.88 to the US dollar on the interbank market, compared with GH¢10.45 at the close of December 2025. This represents a depreciation of roughly four per cent over the period.

The local currency also weakened against other key trading currencies. It lost about 4.9 per cent against the British pound and 4.1 per cent against the euro, trading at GH¢14.77 to the pound and GH¢12.80 to the euro on the interbank market.

Movements across the foreign exchange market have been mixed over the past two weeks. In the retail segment, sustained demand pressures saw the cedi trading at around GH¢12.00 to the US dollar.

Over the same period, the dollar edged up from GH¢11.90 to GH¢12.15, while the pound and the euro strengthened further, closing at approximately GH¢16.30 and GH¢14.20, respectively.

Analysts attribute the January depreciation to seasonal foreign exchange demand, portfolio rebalancing at the start of the year, and the cedi’s sensitivity to global financial conditions.

Despite the slide, the scale of the decline is considered modest compared with the strong performance recorded in 2025.

The Bank of Ghana has maintained a cautious policy stance and continues to monitor foreign exchange market developments, with attention now focused on whether the early-year weakness will ease in the coming months or signal a more sustained adjustment following last year’s sharp appreciation.

The recent softening contrasts sharply with developments in 2025, when the cedi staged a notable recovery. After early losses in the first quarter, the currency rebounded strongly from April, gaining about 43 per cent against the dollar by May and ending the year with a cumulative appreciation of 40.7 per cent, supported by improved confidence, stronger foreign exchange inflows and tighter policy coordination.

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