Presented by the Ghana Chamber of Mines, the award honours companies that demonstrate exceptional reliability, safety, and operational discipline in servicing large-scale mining operations.

For ZEN Petroleum, this latest recognition adds to a history of sector leadership: the company has now secured five wins and three first-runner-up positions since the category’s inception 11 years ago, making it one of the most consistently recognised suppliers in Ghana’s mining industry.

ZEN has earned a reputation for delivering high-quality fuel and lubricants reliably to remote and demanding mining sites. Its integrated supply chain – spanning procurement, storage, transport, and on-site support – has been central to this performance.

The company also operates a transport division run entirely by women drivers, a model that has drawn attention for both its safety outcomes and contribution to gender inclusion.

Speaking after the ceremony, Managing Director William Tewiah said the award reflects the company’s long-term commitment to disciplined operations.

“This award is a reflection of the dedication and discipline our teams apply every single day. Supplying the mines requires precision and consistency, and we have built systems that allow us to meet that responsibility without compromise. It is encouraging to see that effort acknowledged by the industry,” he said.

Safety remains one of ZEN’s defining attributes. The company has achieved more than seven million accident-free hours in its mining operations and earlier this year received the Corporate Excellence Award at the inaugural National Safety Awards, organised by the Ghana National Fire Service in collaboration with TD-TIMAWT.

While its mining achievements continue to attract sector recognition, ZEN is also expanding within Ghana’s retail fuel market. The company currently operates 63 retail stations, with plans to increase to 80 by the end of 2026.

Commercial Manager Mercy Belbah Smith said the company’s retail strategy mirrors the high standards developed in its mining operations.

“What we have built in the mines – strong systems, safety leadership, and reliable supply – is exactly what we are bringing to our retail customers. Consumers deserve the same level of assurance, and our expansion reflects that commitment,” she noted.

ZEN’s latest award highlights two key achievements: its sustained leadership in a technically demanding industrial sector and its growing influence in Ghana’s nationwide fuel retail market. With the mining industry expanding and retail competition intensifying, ZEN is well-positioned to shape both sectors with a model grounded in reliability, safety, and disciplined growth.

About ZEN Petroleum

Founded in 2010, ZEN Petroleum Limited is the flagship company of the ZEN Group – an integrated, wholly Ghanaian-owned enterprise and a leader in the country’s downstream oil and gas sector. ZEN is the fuel and lubricant supplier of choice for Ghana’s mining industry and operates a growing retail network of 63 stations nationwide.

Through its subsidiaries – including Astra Oil Services (BDC), ZEN Terminals (33,000MT depot), ZEN Transport, and Ladybird Logistics – the ZEN Group provides end-to-end fuel importation, distribution, logistics, and bunkering services.

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In a statement dated December 15, 2025, TAGG described the decision as the fulfilment of a campaign promise and a significant step toward easing the financial burden on traders, businesses, and importers.

The group said the removal of the levy reflects the government’s commitment to stabilising the economy and supporting trade facilitation.

TAGG also urged the government to build on the move by introducing further reforms, including the harmonisation of benchmark values at the ports to reduce costs, curb corruption, and boost business growth.

The group expressed optimism that continued pro-business policies will help position Ghana as a hub for trade facilitation and drive sustainable economic development.

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The figure represents a 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023, highlighting the country’s growing reliance on mobile money for daily financial transactions.

The Bank of Ghana said the composition of transaction values remained largely unchanged from previous years. 

Agent-to-agent transactions dominated, accounting for 34.8 per cent of total value. Third-party transfers followed with 15.4 per cent. 

Cash-out withdrawals accounted for 10.9 per cent, cash-in transactions 9.9 per cent, and bank-to-wallet transfers 7 per cent.

Transaction volumes also rose sharply. Total volumes increased by 18.9 per cent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023. 

The central bank said the growth reflects the increasing use of mobile money for frequent, low-value payments.

The average transaction value climbed to GH¢372 in 2024, a 32.3 per cent rise from the GH¢281 average recorded in 2023.

Data released by the Bank of Ghana show that the momentum continued into 2025. In the first ten months of the year, mobile money transactions reached GH¢3.6 trillion, covering the period from January to October. 

The figures were published in the Bank’s latest Economic and Financial Data following the recent Monetary Policy Committee meeting.

The report shows strong month-on-month growth. Transactions stood at GH¢406 billion in September and rose to GH¢436 billion in October. 

By comparison, total mobile money transactions for the same January to October period in 2024 amounted to GH¢2.368 trillion. 

In 2023, transactions for that period stood at GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions reached GH¢1.775 trillion.

The report also recorded strong growth in internet banking. The total value of internet banking transactions rose by 114.9 per cent to GH¢212 billion in 2024, up from GH¢98.9 billion in 2023. 

Transaction volumes increased by 93.0 per cent to 26,063,456 from 13,501,492 over the same period.

Mobile banking transactions also expanded significantly. The total value of mobile banking transactions grew to GH¢165 billion in 2024 from GH¢80.4 billion in 2023.

Transaction volumes increased to 154,289,101 from 66,941,069. The average daily volume of internet banking transactions rose by 93.04 per cent to 71,407, while mobile banking transactions jumped by 130.5 per cent to 422,710.

The Bank of Ghana attributed the growth in internet and mobile banking to the introduction of new digital banking services by some banks in 2024, as well as rising customer demand across the sector.

Inbound remittance services also saw notable growth. The central bank approved 14 inbound remittance services in 2024, up from seven in 2023, a 100 per cent increase.

The report said inbound remittances remain a key contributor to national income, with banks increasingly partnering with money transfer operators to credit funds directly into bank accounts and mobile money wallets through the GhIPSS Instant Pay platform and other fintech solutions.

The report further showed an expansion in card-related services. The Bank of Ghana approved four new payment card services in 2024, up from two in 2023. 

These included the issuance of Mastercard prepaid and credit cards, a Visa card direct service, and two virtual prepaid card products.

In addition, the Bank approved one financial institution to offer basic banking services through WhatsApp, as financial service providers continue to leverage social media platforms to expand access to banking services.

Speaking in an interview with Adom News, Mr. Tufuor appealed to Members of Parliament to approve the 2026 national budget, noting that the Finance Minister has made provisions aimed at supporting farmers across the country.

He explained that sustained investment in farm mechanisation would not only improve efficiency and yields within the agricultural sector but also create employment opportunities, particularly for the youth.

Mr. Tufuor further urged the government to collaborate closely with BonAgro to ensure the supply of modern farming machinery to farmers. According to him, access to advanced agricultural equipment would ease the burden on farmers, enhance large-scale production, and stimulate job creation along the agricultural value chain.

“Mechanisation is critical to transforming agriculture and making it attractive to the younger generation. With the right support and partnerships, we can significantly reduce unemployment while strengthening food security,” he stated.

He expressed optimism that increased government commitment to mechanisation, coupled with stronger private sector collaboration, would contribute meaningfully to Ghana’s agricultural development and overall economic growth.

The event brought together farmers, processors, exporters, financial institutions, government agencies, and development partners from the Volta and Oti Regions to discuss opportunities, challenges, and strategies for strengthening the agribusiness value chain. Participants explored ways to enhance market access, promote value addition, and boost job creation across the two regions.

Dr. Betty Annan, Country Director, told Adom News that the dialogue would inform national-level planning as the government works to build a resilient, export-driven agricultural sector that supports economic growth. She emphasized the need for increased investment in processing facilities, improved access to credit, and adoption of modern technologies to raise productivity, as well as stronger public–private collaboration to address constraints slowing agribusiness development.

Kwame Oppong Ntim, Country Director for Agribusiness, reaffirmed the government’s commitment to supporting the sector through better policies, infrastructure expansion, and targeted financial interventions.

Participants expressed optimism that the discussions would lead to practical policies and programs benefiting farmers and agribusiness operators in the region. They commended the Ministry and its partners for creating a platform that fosters inclusive engagement and knowledge sharing.

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Speaking during an engagement with staff at the Legon Tax Service Centre, Dr. Forson stressed that revenue generation must go beyond passive methods.

“Revenue must not depend on waiting for taxpayers to walk into our offices,” he said, urging officers to take the initiative in enforcing compliance. “We must go out, engage, enforce compliance, and collect what is due to the state.”

The Finance Minister charged the officers to take full ownership of their targets and be deliberate in expanding the tax net, noting that domestic revenue mobilisation is critical to national development.

“Ghana needs the revenue, and the work you do is critical to funding public services and driving national development,” he stated.

Dr. Forson expressed confidence that improved results are achievable, adding, “With focus, discipline, and commitment, we can mobilise the resources required to support growth, deliver essential services, and secure a stronger future for our country.”

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The proposal was made during his visit to the Kinbu Tax Service Centre, part of his nationwide engagements with frontline revenue officers.

Dr. Forson explained that the initiative is designed to boost morale and strengthen the efficiency of Ghana’s revenue administration. He added that the retained funds “would be used by the specific tax centres to upgrade facilities and address the logistical and welfare needs of their staff.”

“A motivated and well-resourced workforce is essential to delivering the level of revenue mobilisation the country urgently requires,” he said.

Dr. Forson also commended the Kinbu team for their dedication and expressed confidence that, with the right motivation, Ghana’s revenue performance could see significant improvements.

Chairman of the GRA Board, Hon. Kweku Ricketts-Hagan, welcomed the Minister’s visit and reaffirmed the Board’s commitment to retooling and reforming the authority while enhancing staff welfare nationwide.

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Speaking at the India-Ghana Business Conclave in Accra, he said the target could be reached early, as the figure had already exceeded $3 billion by the first half of 2025.

Highlighting other areas of future collaboration, Mr Gupta reiterated the Indian government’s commitment to supporting Ghana and other African nations to leverage the African Continental Free Trade Area (AfCFTA) through initiatives in renewable energy, green industrialisation, agriculture, and food security.

“India stands ready to work together with the Government of Ghana in advancing the ‘Reset Ghana’ agenda, which emphasises macroeconomic stability, job creation through a 24-hour economy, and strategic infrastructure development under the ‘Big Push’ initiative,” he said.

“India’s development cooperation is demand-driven and focuses on building local capacity and creating opportunities within Ghana. Our approach is not just to invest but to empower. Together, we progress in an environment of trust and collaboration.”

Mr Gupta cited the recently inaugurated Tema-Mpakadan Railway line as the largest Indian development cooperation project in Ghana, stressing that there were opportunities for more development as both nations continued to deepen economic partnership.

“Nearly $2 billion in Foreign Direct Investment (FDI) in over 900 projects and another US$1 billion through concessional LOCs/Buyers Credit at the intergovernmental level have been Indian investments in Ghana during the last two decades, making it a prime economic partner,” he noted.

The High Commissioner encouraged Indian and Ghanaian businesses to explore innovative avenues for growth and expansion in areas such as agriculture, food processing, skill development, mining and infrastructure.

Highlighting some business challenges, he called for the development of cost-effective logistics chains and a reduction in the cost associated with banking and financial transfers.

“It is equally important to derisk investments, provide effective hand-holding and reduce entry barriers for potential investors.

“Expanding banking channels and improving access to finance are crucial, especially to harness the potential of young demographics in India and Africa to promote digital and green markets,” he said.

Mr Gupta proposed that India’s Digital Public Infrastructure could be replicated in Ghana and across the sub-region to improve governance, transparency, and inclusion.

“Ghana is at the cusp of an opportunity in the services sector. It has the wherewithal not only to cater to its domestic market but also to emerge as a powerhouse for the subregion,” he said.

“India stands ready to assist by sharing skills, technology, and knowledge transfer in this endeavour,” he added, and commended Indian business for making significant contributions to Ghana’s economy.”

The business conclave provided a platform for open discussion, exploring new areas of collaboration, strengthening business and investment linkages, and highlighting the challenges faced by businesses.

Mr Augustus Goosie Tannoh, the Presidential Advisor for the 24-Hour Economy and Accelerated Export Development, hailed Ghanaian and Indian businesses for supporting local manufacturing, job creation, and the expansion of the service sector.

He said the 24-Hour Economy programme had secured land, basic infrastructure, and project designs for investor parks across the country.

Mr Tannoh cited the Volta Economic Corridor as one of the government’s major logistics and industrial development plans. He encouraged Indian firms to explore opportunities in production facilities, contract manufacturing, and logistics projects.

Mr Stephane Miezan, the President of the Ghana National Chamber of Commerce and Industry (GNCCI), reiterated the association’s support for local and international businesses.

The forum brought together representatives from leading Indian companies with panellists proposing ideas for growth and enhancing the business environment.

Under the revised rules, pensioners who retire at age 60 or voluntarily at 55 must renew their certificates every year during their birth month to ensure uninterrupted pension payments. SSNIT says the measure aims to strengthen the integrity of the pension scheme and ensure payments reach only eligible and living beneficiaries.

Renewals can be completed through the SSNIT Mobile App using facial verification, the SSNIT Virtual Branch, partner banks, or any SSNIT office nationwide. For pensioners with mobility challenges, SSNIT has arranged home visits, which can be scheduled by calling the SSNIT Contact Centre on 0302 611 622.

The Trust confirmed that pensioners will receive reminders at least a month before their birth month via SMS, email, or other approved channels, and encouraged all beneficiaries to comply with the new arrangement.

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Speaking on Joy FM’s Super Morning Show on Thursday, December 11, Mr Nikpe explained that a major contributor to heavy traffic in the capital is the refusal of some commercial drivers to join transport unions. This, he said, allows them to operate without using designated stations and terminals, leading to indiscriminate stopping along major routes in search of passengers.

He stressed that commercial drivers must not operate outside union structures, noting that compliance with union and government directives is essential to streamlining public transport operations.

Mr Nikpe indicated that the 11-member task force currently assessing the public transport system will submit its report by Saturday, December 13. The Ministry will then implement measures to ensure all public transport operators join recognised unions such as the GPRTU of TUC and PROTOA and comply with station-based loading guidelines.

He said the move will help decongest roads by ensuring that passengers know where and when to access vehicles, while restoring order and improving traffic flow in the capital.

The Minister warned that drivers who refuse to comply will face sanctions, emphasising that regulating loading points is vital to enhancing commuter safety and improving the overall transport experience in Accra.

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Speaking at the Regional Agribusiness Dialogue on Tuesday, December 9, 2025, at the Global Dream Hotel in Tamale, Northern Region, Dr. Acquaye noted that the new allocation, amounting to approximately GH¢13 billion, is ten times higher than the previous year’s.

However, he cautioned that without addressing Ghana’s persistent post-harvest losses, the increased investment may not yield the desired transformation. Ghana’s post-harvest losses are estimated at US$1.9 billion annually.

“It is important to mention that in the 2026 budget, we have seen a significant allocation for agriculture and agribusiness. The 2025 budget was so small that it represented about 0.5% of the national budget. In 2026, it has increased to about 5%, which is very substantial—about ten times what was allocated in 2025. This is commendable, and we appreciate the government for that,” he said.

“Now that we have increased the budget to about GH¢13 billion, covering agriculture, agribusiness, and fisheries, it represents only about 50% of our post-harvest losses. This shows how huge the losses are. Until we address them, any investment in agriculture will only add to the existing wastage.”

Recurring Droughts and Gluts

Dr. Acquaye also raised concerns over Ghana’s recurring cycle of food shortages during droughts and gluts in periods of good rainfall, describing it as a long-standing systemic failure that requires urgent correction. “When there is drought, we have a challenge; when it rains, we have a challenge. This problem existed before I was born, and today it remains the same. It cannot continue,” he stressed.

He highlighted the disconnect between production and processing, noting, “When farmers produce, they don’t have agro-processors. When processors establish factories, they don’t have raw materials. There is a clear disconnect.”

Dr. Acquaye warned that unless Ghana strengthens critical infrastructure such as roads, irrigation, storage facilities, and market access, gluts and shortages will persist, leaving farmers unable to benefit from their hard work.

Northern Ghana’s Potential

The agribusiness expert called for urgent policy reforms and deeper investment in agricultural infrastructure in Northern Ghana, arguing that the region, which accounts for over 40% of the country’s land surface, has the potential to feed the nation but suffers from severe under-investment.

He noted that Northern Ghana produces key crops such as rice, maize, soya, yam, groundnut, sorghum, and cotton, yet the region has very few agro-processing facilities to add value to these products.

Highlighting the scale of post-harvest losses, Dr. Acquaye revealed that the losses of yam alone equal about 30% of the entire 2026 agriculture budget, underscoring the urgent need for infrastructure investments. Poor road networks, inadequate irrigation, and seasonal flooding continue to exacerbate vulnerabilities for farmers.

“This region should be the breadbasket of the entire nation,” he emphasized. He urged the government and private sector to prioritise processing plants, storage systems, and post-harvest infrastructure to unlock the region’s full potential.

Deputy Minister Highlights Government Interventions

Also speaking at the event, the Deputy Minister for Trade, Agribusiness and Industry, Sampson Ahi, reaffirmed the government’s commitment to repositioning the agribusiness sector as a key pillar for Ghana’s industrial transformation and the envisioned 24-hour economy.

In a speech delivered on his behalf by Mr. George Owusu Ansah Amoah, Director of the Research, Statistics and Information Management Directorate (RSIM) at the Ministry, Mr. Ahi noted that Ghana stands at a defining moment as global agribusiness opportunities expand. He referenced projections indicating that the global agribusiness market—currently valued between US$3.4 trillion and US$3.5 trillion—is expected to reach US$4.4 trillion to US$5.8 trillion by 2033.

“We have a unique opportunity to tap into this expanding market through innovation, value addition, contract farming, and sustainable agribusiness practices,” he stated.

The Deputy Minister explained that the realignment of the Ministry—from the Ministry of Trade and Industry to the Ministry of Trade, Agribusiness and Industry—signals a deliberate shift toward strengthening linkages between agriculture and industry.

To support agro-industrialisation, he announced a two-phased strategy to improve access to agricultural machinery. “In the short term, government will waive taxes on agro-processing machinery to lower costs and incentivize investment,” he revealed.

The Agribusiness Dialogue forms part of the Ministry’s efforts, with support from partners including Agri-Impact Limited, to seek inputs for the formulation of a national agribusiness policy for Ghana.

Ghana signs seventh bilateral debt restructuring agreement with Czech Republic

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The agreement was formalised today by Ghana’s Finance Minister, Dr. Cassiel Ato Forson, and Mr. René Jakl, Director of the Claims and Recoveries Department at the Export Guarantee and Insurance Corporation (EGAP), representing the Czech Republic.

Dr. Forson expressed Ghana’s gratitude to the Czech government and people, highlighting that the long-standing relationship between the two countries continues to strengthen.

Mr. Jakl described the agreement as the start of a new chapter in bilateral cooperation, paving the way for future collaborations and additional support.

The signing ceremony was attended by the Czech Republic’s Ambassador to Ghana, Mr. Pavel Bílek, along with officials from Ghana’s Ministry of Finance.

During a working visit, Dr. Forson said his purpose was to listen, encourage, and help chart a clear path toward improving revenue performance.

He noted that the national revenue targets set for the year are conservative and achievable with renewed commitment.

“What we need now is commitment, discipline, and integrity in the way we mobilise revenue,” he told the staff.

The Minister outlined three key priorities for strengthening revenue collection: reducing external interference, tightening compliance, and expanding the use of electronic systems to seal loopholes and enhance efficiency.

Dr. Forson reaffirmed his stance on performance-based accountability, stressing that he is committed to rewarding hardworking officers who deliver results while holding accountable anyone whose actions or inactions undermine the work of the tax offices or the broader national revenue effort.

“Ghana cannot afford anything less,” he emphasised, urging personnel to rise to the challenge as the country pushes for a stronger, fairer, and more sustainable revenue system.

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Describing the new law as a major milestone, the Authority said it would enhance transparency, fairness, and cost-effective governance within Ghana’s shipping and logistics sector.

Under the Act, shipping service providers — including shipping lines, freight forwarders, terminal operators, and clearing agents — are now required to submit all proposed fees, charges, and tariffs to the GSA for approval before implementation.

Speaking to the media, the Manager of the Middle Zone Office in Kumasi, John Glover, emphasized the importance of ongoing nationwide sensitisation to ensure shippers fully understand the Authority’s expanded mandate and its benefits.

“We are going across the country to educate importers, exporters, and stakeholders across the value chain so they appreciate the law and the support GSA provides,” he stated.

Mr. Glover noted that the GSA now has full regulatory powers to protect shippers from unlawful or excessive charges.

“With the new law, we can regulate the commercial shipping industry to ensure the right fees are charged. Any company that overcharges or flouts the regulations can be sanctioned,” he explained.

Highlighting early achievements under Act 1122, he disclosed that the GSA played a key role in the recent abolition of the COVID-19 Import Levy after submitting a policy paper to the government.

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Dr. Forson, who paid a working visit to the Centre on Monday, said that while the government has made significant gains in expenditure control and the Bank of Ghana continues to perform strongly, revenue generation must now “rise to the challenge.”

Addressing staff, the Minister stressed that his visit was meant to encourage and not to interfere with their work.
“I will not obstruct revenue collection, no matter whose ox is gored,” he assured.

He noted that improving compliance and strengthening collection is far more sustainable than resorting to tax increases.
“It pains me anytime we resort to higher taxes instead of widening compliance and improving collection. We cannot keep piling taxes on an already burdened taxpayer,” he said.

Dr. Forson announced that next year, the Ministry will deploy new electronic tools to enhance efficiency in revenue administration.

To incentivise staff, the Minister pledged to approve all bonuses due them—provided they meet their targets.
“Together, we can build a fairer, stronger, and more sustainable revenue system for Ghana,” he added.

Dr. Martin Kolbil Yamborigya, Acting Commissioner for the Domestic Tax Revenue Division, welcomed the Minister and expressed excitement on behalf of the team, noting that the visit was both timely and motivating.

The Chairman of the GRA Workers Union, Theophilus Ehun, also assured Dr. Forson of the staff’s commitment, saying they will work diligently to achieve the targets set for them.

The visit forms part of the Finance Minister’s renewed push to strengthen compliance, modernise tax administration, and reduce Ghana’s reliance on tax increases by improving efficiency and fairness within the revenue system.

He warned that the issue is a critical national security concern that demands immediate dialogue.

This follows an announcement by the Public Utilities Regulatory Commission (PURC) of a 9.8% electricity and 15.9% water tariff increment, a decision that has drawn anger from labour unions.

Speaking on The Pulse on JoyNews today, Monday, December 8, 2025, Mr. Gamey emphasised that the tariff hikes are macro-level issues that require non-adversarial negotiations, rather than a confrontation.

Mr. Gamey, drawing on his background, stated that the government must lead by convening urgent discussions to resolve the impasse, which has seen organised labour demand a reversal of the price increases.

Mr. Gamey’s core message was a plea for the government to drop any perceived insensitivity and immediately initiate a multi-sectoral dialogue to find common ground.

He emphasised that the stakes are too high for inaction or confrontation, as the entire country relies on the stability of these services.

“I will urge the government to get to the table, leave out the insensitivity aspect of the whole thing and talk it over. I think they can find a solution that satisfies all,” he suggested.

He continued: “The government is supposed to be proactive when it comes to issues of labour. Labour is a national security issue, and therefore, I am pretty sure, knowing the calibre of the government in place, they will have to trigger their proactive approach in calling for a national tripartite committee meeting.”

Mr. Gamey classified the utility rates as a macroeconomic problem that affects the entire nation, requiring broad consultation beyond the scope of traditional salary negotiations.

The consultant argued that both the government/utility providers and the TUC have valid concerns, necessitating a conversation aimed at finding a comprehensive solution, not determining a winner or loser.

He highlighted the complex position of the TUC, noting that the utility workers themselves are members of the union.

He pointed out that these workers understand the need for financial stability within their sectors:

“And so they are also not oblivious of the fact that these monies are there to, in one way or another, ensure that we have a stable power for all other workers to be able to work in their various industries. So both parties have a case,” he concluded.

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In an exclusive, wide-ranging interview with the China Global Television Network (CGTN), the President outlined a vision for a manufacturing-focused partnership, moving beyond traditional resource extraction and infrastructure funding.

President Mahama stated that Ghana’s goal is to transition from merely exporting raw commodities—such as cocoa, timber, and mineral ores—to exporting higher value-added, finished, or semi-finished products.

He emphasised that this strategy is vital for job creation, technology transfer, and stabilising Ghana’s economy by reducing its reliance on volatile global commodity prices.

President Mahama says Ghana wants Chinese industries to partner with Ghanaian businesses to process raw materials for export back to the Chinese market.

This shift aligns with Ghana’s long-term industrialisation agenda, which seeks to boost the manufacturing sector’s contribution to the national Gross Domestic Product (GDP).

During the interview, President Mahama took time to commend Beijing for its central role in driving development across the African continent, particularly through major infrastructure projects.

China has financed and executed numerous large-scale projects in Ghana, including hydroelectric dams, road networks, and port expansions, often through concessional loans and government-to-government agreements.

President Mahama described China as a true friend, emphasising that the partnership has enabled African countries to invest in important infrastructure and advance their development goals.

This partnership is seen by many African leaders as a necessary alternative to traditional Western development models, offering faster delivery of essential projects.

The interview also covered historical and international topics, including the lasting effects of slavery and colonialism.

The President used the platform to reiterate Ghana’s firm stance on recognising the transatlantic slave trade as the ultimate historical transgression.

He confirmed a major diplomatic effort planned for the next year:

He reiterated that Ghana will next year move a motion at the United Nations General Assembly asking the world to recognise the slave trade as the greatest crime against humanity.

This planned motion underscores Ghana’s historical importance as the “Gateway to Africa” and its role as a moral leader in seeking global acknowledgment and restorative justice for the horrors of the slave trade.

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The backlash follows the Public Utilities Regulatory Commission’s (PURC) announcement of a 9.86% increase in electricity tariffs and a 15.92% rise in water tariffs, effective January 1, 2026, under its 2026–2030 multi-year tariff review.

While PURC maintains that the adjustments are necessary to cover investment gaps, inflation, and exchange-rate pressures, the Minority insists that the government’s failure to address longstanding inefficiencies in the power sector is the root problem.

Speaking to journalists in Accra on Monday, December 8, Ranking Member on the Energy Committee and MP for Asene Manso Akroso, George Kwame Aboagye, criticised what he described as a cumulative 28.14% rise in electricity tariffs over a short period, despite persistent commercial and technical losses estimated at 32%.

He called the hikes “a direct assault on the livelihoods of ordinary Ghanaians and the survival of businesses,” accusing the government of shifting its failures onto already struggling consumers.

According to Aboagye, the increases will nullify the recently approved 9% wage adjustment for 2026 and push more households into “utility poverty.” He warned that many small and medium enterprises could collapse under escalating operational costs.

“These tariff hikes are not reforms—they are punishments,” he said.
“They are symptoms of failed leadership and poor policy choices. We call on the government to halt these incessant increases. The hikes must be reversed immediately.”

Aboagye also questioned why power sector losses continue to rise despite stable demand, noting that with a peak demand of 4,080 megawatts and an average of 3,500 megawatts, the country loses millions annually to inefficiencies.

“If you deduct 30% losses—12% technical and 20% commercial—you can see the magnitude of money lost. We are losing about 80 to 90 million dollars,” he said.
“Can’t this money be used to offset debts? When you talk about a ‘review,’ it can be downward or upward. So why not downward?”

The Minority insists that ordinary Ghanaians cannot absorb any further tariff shocks and has urged the government to withdraw the increases without delay.

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Speaking at a meeting with Chief Directors and senior audit officials from ministries, departments, and agencies, Dr. Forson expressed concern over persistent financial waste in the public sector, warning that it erodes confidence in Ghana’s governance and economic stability.

“Persistent waste sends the wrong signal about our nation and risks undermining the peace, stability, and confidence we have all worked hard to restore,” he cautioned.

The Minister noted that many infractions highlighted in audit reports are entirely avoidable, urging public sector leaders to take the matter seriously. “We cannot continue to lose scarce national resources through completely preventable breaches. Ghana truly deserves better,” he said, calling for financial violations to be reduced “to the barest minimum.”

Dr. Forson also reminded officials that the government has established specialised financial and economic courts to prosecute breaches of financial laws swiftly and effectively. He described their creation as part of a broader effort to instill discipline in public financial management. “This is a new chapter. Accountability will no longer be optional,” he declared.

Reiterating his commitment to protecting the public purse, the Finance Minister stressed that responsible financial stewardship is not just a bureaucratic obligation but a duty to every Ghanaian. “Discipline in public financial management is not just a requirement; it is a duty we owe to every Ghanaian,” he concluded, urging officials to rise to the challenge.

According to data from the Bank of Ghana, the yield on the 91-day and 182-day bills went up marginally.

The government got GH¢8.01 billion, as against a target of GH¢5.80. It, however, accepted GH¢6.95 billion of the total bids.

A little over 61% of the bids came from the 91-day bill.  About GH¢4.9 billion of the bids were tendered. The uptake was GH¢4.0 billion.

For the 182-day bill, GH¢2.09 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.85 billion.

Also, GH¢1.01 billion of the bids were tendered for the 364-day bill. A little over GH¢1.0 billion of the bids were accepted.

Meanwhile, the yield on the 91-day and 182-day bills continued to increase marginally on the yield curve.

The yield on the 91-day bill increased by 3.0 basis points to 11.08%.

That of the 182-day bill also jumped to 12.55%, from 2.43%, from the previous week.

The yield on the 364-day bill fell to 12.70% from 13.08%.

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He described the situation as alarming and a threat to the livelihoods of cocoa farmers as well as the nation’s cocoa sector.

Speaking to the media during the 2025 Farmers’ Day celebration at Antokrom in the Suaman District, Mr. Azi said that despite the efforts of CHED and other stakeholders to promote best agronomic practices and boost cocoa production, illegal smuggling of cocoa beans continues to undermine these initiatives.

He revealed that some farmers and middlemen are allegedly collaborating with smugglers to transport dried cocoa beans through unapproved routes into neighbouring countries in search of higher prices, resulting in significant losses for Ghana.

Meanwhile, the District Chief Executive for Suaman, Obour Vasco, stated in his address that the district assembly, in collaboration with security services, has set up a task force to combat these criminal activities.

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Speaking at the National Farmers’ Day celebration in Ho, President Mahama said high-interest rates have hindered farmers from expanding their operations and fully benefiting from their work.

“Currently, the capital and credit available to our farmers come at such high interest rates that if they take a loan, they virtually end up working for the bank, not for themselves,” he stated.

He emphasized that addressing this challenge is a key priority for his administration.

“One of our prime objectives is to get credit to our farmers at the best possible rate—single-digit interest rate,” the President said. “Credit for agriculture must be at a single-digit interest rate, and this government will work to bring it below 10 percent so farmers can access cheaper credit to produce more and feed our nation.”

President Mahama praised the theme for this year’s celebration, “Feed Ghana, Eat Ghana, Secure the Future,” but expressed concern that the country’s high food import bill continues to undermine efforts to achieve food security.

“Our food import bill of about $3 billion is still too high,” he noted. “We need to grow more food for ourselves, and we can only do this if we provide a ready market for our farmers.”

He described as unacceptable the practice of procuring imported rice for the School Feeding Programme while local farmers struggle to sell their produce.

“It is unacceptable that suppliers of the School Feeding Programme buy rice from Vietnam to feed our schoolchildren when Ghanaian farmers are sitting on rice inventories from last year,” he said.

To address this, President Mahama revealed that he has issued a directive to ensure that key food items used in the programme are sourced locally.

“That is why I directed that for rice, maize, and poultry, at least these three products used in our School Feeding Programme must be procured from our local farmers,” he added.

Speaking on Friday, December 5, after receiving the top honour at the 41st National Farmers’ Day celebration, the 82-year-old farmer highlighted the potential of vast fertile areas such as the Afram Plains to become Ghana’s major food basket if farmers have reliable access to water for year-round cultivation.

He described irrigation development as “critical to the sustainability of the agriculture sector,” adding that he was encouraged by government’s plan to incorporate irrigation projects into the Feed Ghana Programme.

“This, to me, is a step in the right direction towards achieving the goal of the Feed Ghana, Eat Ghana, and Secure the Future agenda,” he said.

Opanyin Adusei also commended President John Dramani Mahama for committing to build a bridge over the Afram River and rehabilitate road networks in the Afram Plains, noting that such interventions would enhance productivity, improve rural economies, create jobs, and transform livelihoods.

The former Eastern Regional Best Farmer (2009) expressed deep appreciation to government for sustaining the tradition of honouring farmers, emphasising that the recognition belongs to all hardworking Ghanaian farmers.

“This distinguished recognition is not mine alone. It belongs equally to the thousands of hardworking Ghanaian farmers, men and women whose sacrifices feed our nation and strengthen our economy. To all of them, I say Ayekoo,” he added.

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Speaking at the 41st National Farmers’ Day Celebration in Ho on Friday, December 5, President Mahama said high-interest loans remain one of the biggest obstacles facing farmers, many of whom end up “working for the banks instead of working for themselves.”

According to him, farmers who borrow at prohibitive rates often lose most of their profits to loan repayments, undermining their ability to expand, invest in modern tools, or ensure stable income for their families.

“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” he stressed.

“Farmers should not be taking loans only to end up using all their profits to repay the banks.”

President Mahama emphasised that improved access to affordable financing would enhance productivity, strengthen food security, and encourage more young people to enter the agricultural sector.

He reaffirmed his administration’s commitment to supporting farmers through policies that reduce production costs, expand irrigation and mechanisation, improve market access, and modernise the agricultural value chain.

This means the economy will expand marginally next year.

According to the UK-based firm, this will be as a result of easing price pressures lifting private consumption, tempered by fiscal consolidation, slow credit pass-through and a firmer cedi.

In its November 2025 Sub-Saharan Africa Outlook, the UK-based firm said there will be robust growth in the coming year.

“We expect annual GDP to edge up from 5.8% this year to 5.9% in 2026 as easing price pressures lift private consumption, tempered by fiscal consolidation, slow credit pass-through and a firmer cedi”.

The second quarter growth came in at a solid 6.3% year-on-year, driven by household consumption and fixed investment, supported by a sharp drop in inflation.

This was up from a revised 5.7% in the same period in 2024, with strong growth in the services sector.

The services sector, encompassing finance, insurance, trade, and education, surged by 9.9% in the quarter compared to 2% a year earlier.

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The donated food items included bags of EVIVI Rice and EVIVI Soybean Oil, which the Ministry will distribute to support the celebration scheduled for Friday, December 5.

At a brief ceremony at MoFA headquarters in Accra, General Manager of Newage Agric Solutions Ltd, Martin Tettey Nartey, explained that the contribution was intended to show appreciation for Ghana’s hardworking farmers.

“We’re donating cash and locally produced rice and soybean oil worth GH¢30,000 from our subsidiary, EVIVI Foods Ltd, along with GH¢50,000 in cash, to support the 2025 Farmers’ Day celebration and recognize the farmers who ensure food security in our country,” he said.

Minister of Food and Agriculture, Eric Opoku, thanked the company for its support, emphasizing the importance of motivating farmers to continue contributing to national food security.

“We value Newage Agric Solutions Ltd as a major stakeholder in Ghanaian agriculture. This support will directly benefit farmers and ultimately strengthen our country’s food production,” he assured, adding that the donations would be distributed to farmers without diversion.

In a statement issued Friday, December 5, Minority Leader Alexander Afenyo-Markin said imported rice and fish, often repackaged by politically connected actors, are flooding local markets at prices far below domestically produced goods.

This, he argued, leaves farmers and fishers unable to compete, compounding the economic challenges they already face due to rising production costs, logistical constraints, and inadequate government support.

“Even as our farmers battle unsold produce and our fishers face scarcity at sea, cheap, expired, and smuggled products continue to destroy local markets. A nation blessed with fertile land and abundant waters cannot continue to allow this to happen,” the statement said.

The Minority is calling for urgent government action to enforce customs and import regulations, punish offenders, and create a level playing field for local producers.

It also urged the government to prioritise the purchase of unsold domestic grains, ensure reliable premix fuel for fishing communities, and strengthen national programmes that support modernised agriculture and aquaculture practices.

Mr. Afenyo-Markin stressed that Ghanaian farmers and fishers are the backbone of the country’s economy and food security, and protecting them from unfair competition is critical for long-term national development.

“Our producers deserve policies that safeguard their markets, support their livelihoods, and ensure they can compete fairly while feeding the nation,” he added.

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Inflation fell to 6.3 percent in November 2025, the lowest since the 2021 rebasing and marking the eleventh consecutive month of decline.

Dr. Forson said the numbers confirm that key economic reforms are yielding results, expressing particular satisfaction with the improvement in food prices.

“I am especially delighted by the sharp fall in food inflation, down from 9.5 percent in October to 6.6 percent in November,” he noted, adding that the drop will bring relief to households nationwide.

The Minister emphasised that the gains extend beyond food. “It is not just food. Price pressures are easing across the board,” he said.

According to the latest data, local inflation fell from 8.0 percent to 6.8 percent, while imported inflation decreased more sharply from 7.8 percent to 5.0 percent.

Describing the trend as a solid sign of economic recovery, Dr. Forson said, “This is real, measurable progress!”

Analysts say the sustained decline in inflation could further support economic stability and improve conditions for both businesses and consumers as the recovery strengthens.

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The move marks the first equities market IPO on the GSE since 2018, signaling renewed confidence in Ghana’s capital market and boosting expectations of increased activity on the Exchange.

GSE Managing Director, Abena Amoah, described the development as a major milestone, noting that it reinforces the Exchange’s role in helping institutions raise long-term capital for growth. “We are pleased to welcome First Atlantic Bank on its journey towards listing. This important step underscores growing confidence in our market,” she said.

The Exchange encouraged more companies to consider the capital market as a viable avenue for both short- and long-term financing.

First Atlantic Bank’s proposed listing is expected to deepen market activity and offer new opportunities to investors.

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According to the Central Bank, timely repayments and responsible application of loans are critical to maintaining financial stability.

“With increased access clearly comes greater responsibility and accountability, and borrowers must understand the agreements they sign, which is why this workshop is important. Honour the repayment obligations and apply the loans purposefully to strengthen their businesses,” Second Deputy Governor Matilda Asante-Asiedu said at a sensitisation programme on the Borrowers and Lenders Act for members of the Ghana National Chamber of Commerce and Industry.

She cautioned against misusing business loans for personal luxury, noting: “So the idea is not to take the loan and to buy the next beautiful car but it’s to take the loan and put it in the business because if you put that loan in the business, probability that the business will generate more and out of that you can then buy that beautiful car is very high.”

On his part, the President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, encouraged the Central Bank to enhance access to credit, especially for enterprises seeking capital at a time when interest rates are declining.

“The challenge is not the interest rate coming down. It is also access to finance, because if something is cheap and you cannot get it, then really it’s a zero-sum game,” he said. “So in as much as the Bank of Ghana is doing so well in putting in every effort to ensure that the cost of credit comes down, please put in every effort to make it accessible to those of us in industry and in business.”

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The two-day event, scheduled for December 3 to 4, 2025, is themed “Clean Green Investment” and will bring together policymakers, global organizations, investors, innovators, financiers, EV manufacturers, and mobility enthusiasts to explore Africa’s transition to sustainable transportation.

The ERA Conference (EV Revolution Africa), organized by Energy Quest Foundation in partnership with key institutions, is designed to advance the growth of the electric vehicle industry across the continent.

It will also serve as a platform for collaboration toward environmentally conscious transport solutions.

According to the organisers, the theme “Clean Green Investment” highlights the critical investments needed for Africa’s sustainable energy future, especially the integration of clean technologies such as electric vehicles.

Participants will examine innovative financial models, investment opportunities, and best practices to help Africa overcome its energy and transportation challenges.

The conference will feature exhibitions, an EV experience, expert panel discussions, and presentations on groundbreaking technologies and carbon mitigation strategies.

Partners for the event include the Ministry of Energy, Ministry of Transport, Ministry of Environment, Science, Technology and Innovation, EcoSecurities, COMAC, Global Compact Network Ghana, the Chamber of Mines, the Society of Petroleum Engineers (SPE), the National Insurance Commission, and Fidelity Bank.

The conference is hosted by Cubica Energy and Energy Quest Foundation, with media partners including EMG Multimedia, Joy Prime, and Joy News.

CEO of Cubica Energy and Founder of Energy Quest Foundation, Lesley Arthur, in the conference foreword, emphasized that ERA aims to propel Africa toward a cleaner, greener mobility future by bringing together the continent’s foremost energy and EV stakeholders.

Organisers are encouraging the public, industry players, investors, and EV enthusiasts to attend the event and contribute to shaping Africa’s sustainable and prosperous mobility future.

More details are available at www.eramobilityconference.com, or through the conference hotlines +233 (0) 593 858 168 and +233 (0) 59 691 2922.

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The award was presented at the 14th AGI Ghana Industry and Quality Awards, held on Saturday at the Accra International Conference Centre.

The ceremony celebrated organisations and individuals who have demonstrated exceptional performance in promoting quality and industrial standards in Ghana.

This year’s awards were held under the theme: “Creating a Conducive Business Environment and Quality Standards for Industrial Competitiveness in a 24-Hour Economy,” highlighting the importance of adherence to standards in boosting industrial productivity and fostering consumer confidence.

The NPA was lauded for its robust regulatory frameworks and initiatives that ensure petroleum products in Ghana meet safety and quality standards. Through its oversight functions, the Authority has protected consumers and maintained integrity within the petroleum sector.

Receiving the award, NPA officials reaffirmed their commitment to upholding national standards and enhancing the efficiency of Ghana’s petroleum industry.

They also urged stakeholders across the sector to prioritise quality and compliance as a collective responsibility to achieve sustainable industrial growth.

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This is according to the latest Economic and Financial Data released by the Bank of Ghana after last week’s Monetary Policy Committee meeting.

The figure represents the total reported by telecom operators to the Bank of Ghana covering transactions from January to October 2025.

The report also highlights strong month-on-month growth this year, with September’s transactions recorded at GH¢406 billion, rising to GH¢436 billion in October.

Year-on-Year Performance

In the first 10 months of 2024, the total value of mobile money transactions hit GH¢2.368 trillion.

The 2025 figure, therefore, marks a significant jump over last year’s performance.

For context, total transactions for the same period in 2023 stood at GH¢1.367 trillion.

In the first eight months of 2024 alone, mobile money transactions amounted to GH¢1.775 trillion.

Reasons

Industry players have linked the growth to more people turning to mobile money for payments.

The Bank of Ghana and commercial banks have also intensified efforts to promote a cashless economy.

Additionally, more institutions now accept mobile money as a mode of payment.

According to analysts, these developments have contributed to the surge in total transaction value.

Mobile Money Performance

Data from the Bank of Ghana shows that as of October 2025, total registered mobile money accounts stood at 79.1 million, with 25.3 million active.

The sector employs about 949,000 registered agents.

Total transactions from January to October 2025 reached 893 million.

Regarding mobile money interoperability, GH¢40 billion was transferred across platforms within the same period.

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Acting Head of Banking Supervision at the BoG, Ismail Adam, who spoke on behalf of the Governor at a stakeholder engagement in Accra, said the central bank recognises the sector’s potential to deepen financial inclusion and diversify Ghana’s financial landscape.

He noted that non-interest banking and finance has become a strategic tool globally for expanding access to finance, particularly among underserved communities and SMEs.

According to him, Ghana stands to benefit significantly if the right expertise and regulatory support are harnessed.

“We are committed to creating an enabling regulatory environment that allows non-interest financial institutions to thrive. This includes building capacity and drawing on both local and foreign expertise to strengthen the sector,” he said.

Mr Adam added that the BoG is working closely with industry players to ensure the continuous development of robust frameworks that support innovation while safeguarding financial stability.

The Director-General of the Securities and Exchange Commission (SEC), James Klutse Avedzi, also underscored the importance of collaboration between regulators and market operators.

He said a well-regulated and well-resourced non-interest financial ecosystem can significantly boost investor confidence and broaden the country’s capital markets.

“We stand ready to collaborate with the central bank to ensure the full roll out of the non-interest banking and finance He stated

The engagement brought together financial institutions, regulators, and stakeholders to assess progress and identify ways to unlock more opportunities within the emerging sector.

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The projection was captured in the latest Chamber of Oil Marketing Companies (COMAC) outlook report, which guides the pricing decisions of oil marketing companies, as seen by JOYBUSINESS.

Projected Increase

The Price of Petrol is expected to increase between 1.97% -3.30%, bringing the pump price per litre to  GH¢12.91.

Diesel should also be increased between 2.85% -5.15 % potentially resulting in a litre at the pumps, going for GH¢13.37 per litre

That of Liquefied Petrol Gas (LPG ) should be increased by as much as 3.10%  per Kilogram,  which may lead to a kilogram going for GH¢13.80

Reasons

According to the Chamber of Oil Marketing Companies, the increase has been influenced marginal increase in the price of finished petroleum products on the international market and the recent pressure on Ghana over the past two weeks.

Prices of Finished Petroleum products have been going up on the international market over the past weeks.

The data put together by the Chamber of Oil Marketing Companies showed that Petrol increased by 1.26%, Diesel rose by  2.28 % and LPG edged up by0.07 %

 Diesel prices are expected to rise further in the coming days, largely driven by uncertainties surrounding product availability.

COMAC also stated in its report that the cedi’s performance over the past two weeks had played a major role.

“The cedi depreciated marginally from GH¢10.94 to GH¢11.14, marking a 1.76 % depreciation,” the report added

Analysts say the recent pressure on the Ghana Cedi on rising corporate foreign Exchange demand and end-of-year pressures.

The Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, in a recent interview with JoyBusiness, noted that a favourable pricing outlook will depend on the performance of the Ghana cedi going forward. 

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The maiden award ceremony took place on 29th November 2025, where the President’s representative, Engr. John Bentoom, First Vice President of IET-GH, presented awards to three outstanding graduates of Cape Coast Technical University (CCTU) at the university auditorium.

The award recipients were:

1. Theresah Gabriel – Best Graduating IET Student in B.Tech Mechanical Engineering (CGPA: 3.90)
2. Anita Mensah – Best Graduating IET Female Student in Agricultural Engineering (CGPA: 3.86)
3. Asuako Junior Sekyi – Overall Best Graduating IET Male Student

Each awardee received a citation, an outstanding award certificate, and a cash reward of one thousand Ghana cedis.

In his inaugural remarks, the new IET-GH President reaffirmed the Institution’s commitment to advancing engineering excellence and assured students that IET-GH stands ready to guide and support them as they transition into trainee engineers.

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The allegations, raised by the Traders Advocacy Group Ghana (TAGG), suggest that officers demanded additional payments from importers after intercepting containers bound for Kumasi, claiming undervaluation. Importers, however, insist the payments were unjustified.

In a statement, the GRA said it takes the matter seriously and has initiated a thorough internal investigation.

The Authority assured the public that the findings will be made known once the process is complete and encouraged stakeholders to report any suspected malpractice through the appropriate channels.

GRA reaffirmed its commitment to integrity, transparency, and fairness in all its operations.

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Presenting the final wrap-up during the budget approval debate, the Minister for Finance, Dr. Cassiel Ato Forson, highlighted key allocations designed to support households, stimulate local economies, and strengthen national resilience.

The budget earmarks GH¢1.1 billion for the Livelihood Empowerment Against Poverty (LEAP) programme to cushion vulnerable families, including persons with disabilities, the elderly, and extremely poor households.

An additional GH¢401 million has been set aside for the newly established Women’s Development Bank, targeted at expanding access to finance for women-led micro, small, and medium-scale enterprises.

Local governance and district development will also receive a significant boost, with GH¢8.9 billion allocated to the District Assemblies Common Fund (DACF) — at least 80 percent of which is expected to directly fund priority projects within communities across the country.

In addition, GH¢500 million has been allocated for district housing and relocation support for victims affected by the Akosombo dam spillage, a move aimed at rebuilding lives and restoring livelihoods.

The 2026 Budget further commits GH¢20 million each to the Creative Arts Fund and the Film Fund, offering direct backing to the creative economy and its job creation potential.

Health-sector protection measures will be strengthened through GH¢2.3 billion for MahamaCares, a programme that provides support for citizens living with chronic diseases.

Education infrastructure remains a front-line priority, with GH¢3.0 billion allocated for textbooks, school furniture, transportation, and other essential learning materials for millions of school children nationwide.

On the development front, the landmark GH¢30 billion Big Push Infrastructure Programme is expected to drive large-scale connectivity, industrial expansion, and long-term economic growth.

In concluding remarks, the Finance Minister said the 2026 Budget resets the economy for growth, jobs, and transformation, reflecting a vision of fairness, prosperity, and national self-reliance under President Mahama’s leadership.

He expressed appreciation to Parliament for its engagement, adding that Ghana is back on track and is poised to sustain progress through collective effort.

Speaking during the closing debate of the 2026 Budget, the Minister described comments by Hon. Abena Osei-Asare as “unfounded and analytically weak,” insisting that the facts tell a different story.

According to Dr. Forson, the contraction in the industrial sector during 2025 was driven not by 1D1F adjustments, but by deep structural weaknesses in the petroleum sub-sector inherited from prolonged under-investment.

“The oil and gas sub-sector contracted by 18.1 percent in the first quarter of 2025 and 22.5 percent in the second quarter, averaging 20.1 percent in the first half of 2025,” he revealed. “That single structural shock pulled overall industry growth down to 3.4 percent.”

He explained that the decline was entirely traceable to falling upstream petroleum output and not to government policy shifts, adding that the previous administration’s failure to invest adequately in the sector left the economy vulnerable.

“What happened in oil and gas had nothing to do with 1D1F,” he stressed.

Contrary to claims that the withdrawal of government support under 1D1F weakened manufacturing, the Minister said the opposite occurred. The manufacturing subsector—where most 1D1F firms operate—expanded by 6.3 percent within the same period.

“If a business collapses after government support is withdrawn in just ten months, that business was never viable,” he argued. “Ghana cannot build an industrial future on handholding disguised as industrialisation.”

New Industrial Push Under the 2026 Budget

Dr. Forson maintained that the 2026 Budget expands industrial opportunity rather than constraining it, outlining a fresh wave of industrial policy tools:

• A US$500 million Oil Palm Development Finance Window
• Provision of over 4,000 agricultural machinery units across 50 districts
• New incentives for textiles, agro-processing, pharmaceuticals, and export manufacturing

He said ongoing VAT reforms will reduce distortions, unlock growth, and widen access to input credits—an intervention meant to spur scale, competitiveness, and long-term resilience.

“These are the real levers of industrial expansion,” he said. “The evidence does not support the claim that industrial decline resulted from changes to 1D1F. The data does not support it. And neither does the 2026 Budget.”

Finance Minister Rebuts Claims of Missed Fiscal Targets — “The Data Speaks, and It Disagrees”

The Minister for Finance, Dr. Cassiel Ato Forson, has firmly rejected claims by Hon. Gideon Boako that government missed “at least 50 percent” of its fiscal targets, describing the statement as inaccurate, unsupported, and contradicted by every macro indicator available.

Taking the floor during the closing debate on the 2026 Budget, Dr. Forson said the numbers paint a completely different picture — one of recovery, discipline, and restored confidence in Ghana’s economic management.

“It is a curious claim, because none of the macro data supports it,” he stated.

The Numbers That Refute the Claim

The Finance Minister listed five key indicators to illustrate Ghana’s performance trajectory in 2025:

• Growth hit 6.3 percent in the first half of 2025, far above the 4.0 percent target for the year.
• Inflation dropped sharply from 23.8 percent at the end of 2024 to 8 percent by October 2025 — outperforming the targeted 11.9 percent.
• The primary balance moved from a deficit of 3 percent of GDP to a surplus of 1.6 percent by September 2025 — almost triple the target.
• Public debt fell from 61.8 percent of GDP in 2024 to an estimated 45 percent by end-October 2025 — the strongest correction in more than a decade.
• Gross international reserves increased from four months to 4.8 months of import cover, boosting currency stability and investor confidence.

“These are facts — verified by the markets, recognised by rating agencies, and acknowledged by the IMF and the World Bank,” Dr. Forson emphasised.

“This is not the profile of a government missing half its targets. It is the profile of a government regaining credibility through discipline.”

Growth Projections Defended: “We Choose Evidence Over Wishful Thinking”

Responding to opposition members who described the 4.8 percent growth forecast for 2026 as “illogical,” Dr. Forson insisted the projection was measured, prudent, and grounded in reality — not politics.

“We prefer realism to wishful forecasting,” he said. “Our projections are credible because they are built on evidence, not bravado.”

He further addressed claims by Hon. Dr. Mohammed Amin Adam that the budget is “growthless” and “jobless,” describing the suggestion as detached from policy reality.

Inflation Is Falling for a Reason — And Policy Is Behind It

The Minister argued that Ghana’s disinflation is neither accidental nor cosmetic — it is the outcome of targeted supply-side interventions, especially in food production.

Government, he outlined, is rolling out:

• Feed Ghana input expansion and vegetable value-chain support
• Over 10,000 hectares of new irrigation coverage
• More than 4,000 mechanisation units through Farmer Service Centres

These are backed by 1,000 km of agricultural enclave roads, GH¢200 million for buffer stock operations, warehousing support, aquaculture facilities, and expanded market logistics to cut food transportation costs.

“This is what it means to let the data shape policy,” he stated.

A Budget That Creates Jobs — Not One Without Them

Contrary to opposition claims that the Budget holds no employment promise, the Minister highlighted that GH¢74 billion in government programmes is expected to generate approximately 800,000 jobs nationwide.

“The idea that a GH¢74 billion jobs engine is somehow ‘jobless’ is simply untenable,” he declared.

The Record, As He Says, Is Clear

With growth stabilising, inflation falling, debt receding, and reserves strengthening, Dr. Forson said the numbers now tell a single compelling story — Ghana is rebuilding credibility through discipline, data, and deliberate policy choices.

“The facts disagree with the narrative,” he concluded. “And Ghana deserves a debate anchored in evidence — not assumption.”

Speaking during the final debate on the 2026 Budget, he clarified that cocoa and gold prices did not surge suddenly in 2025 and were equally strong in 2023.

He noted that despite similar global price conditions in 2023, the economy faltered — the cedi weakened, reserves slipped, inflation escalated, and debt levels rose.

He stressed to Parliament that the contrasting outcomes between both years had little to do with commodities and much to do with the quality of economic management.

The Finance Minister referenced the rating agency Standard & Poor’s (S&P), which directly linked Ghana’s upgrade to improved fiscal discipline, stronger financial buffers and a credible consolidation trajectory.

In his remarks, he pointed out that these developments were policy-driven outcomes and were the result of deliberate strategic decisions by the Mahama-led Administration.

A Home-Grown Stability Strategy

He further addressed suggestions that economic stability only returned because of the International Monetary Fund program.

Dr Forson explained that the government had pursued a homegrown fiscal path anchored in expenditure discipline and protection of citizens from additional tax burdens.

He outlined measures taken to stabilise the macroeconomic environment, including resetting expenditure to 2023 levels, tightening commitment controls, auditing arrears, aligning cash releases to priority spending, and coordinating fiscal and monetary actions.

The Finance Minister maintained that these interventions rebuilt credibility, reinforced confidence in the economy, and contributed significantly to restoring currency stability and investor assurance.

His presentation concluded with the message that Ghana’s economic turnaround was the result of purposeful management, not external conditions.

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According to the Monetary Policy Committee (MPC) report, the Index continues to post strong gains. Industrial production, international trade activities, credit to the private sector, and consumption all contributed to the increase over the period.

The MPC noted that its latest confidence surveys, conducted in October 2025, reflected continued optimism regarding current and future economic conditions.

Additionally, Ghana’s Purchasing Managers’ Index improved due to new orders driven by the increased pace of economic activity.

“Taken together, these gains indicate that the negative output gap is closing,” the MPC stated.

The Central Bank concluded that if this momentum is maintained into December 2025, the Gross Domestic Product (GDP) growth outturn for the year will remain strong.

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This is compared to US$553.6 million for the same period in 2024.

According to the Monetary Policy Committee of the Bank of Ghana, the trade surplus increased to US$7.5 billion. This is on the back of a surge in gold and cocoa export earnings.

Private inward transfers remained high at U$6.0 billion at the end of the third quarter.

According to the Bank of Ghana, the current account surplus, together with favourable balances in the capital and financial accounts, translated into an overall balance of payment surplus of US$1.8 billion and supported an accumulation of reserve assets to US$11.4 billion in October 2025. This is equivalent to 4.8 months of import cover.

Reserves are also projected to increase further by the year-end.

The Central Bank said the reserve accumulation efforts have helped provide a cushion for the currency, with the cedi strengthening against the major trading currencies.

In the year to 21st November 2025, the cedi recorded an appreciation of 32.2% against the US dollar.

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This follows the reduction of the policy rate to 18%, the lowest since March 2022.

Announcing the development, the minister said the decision reflects the growing stability in the economy and declining inflation levels.

He noted that “the Bank of Ghana’s monetary policy easing continues,” referencing the sustained drop in inflation, which now stands at 8 per cent as of October, down sharply from 27 per cent in November 2024.

Dr Forson explained that the new rate represents a deep 350 basis point cut — a move he believes will boost lending and ease credit pressures on businesses and households.

He added: “This marks a drastic fall from the 27 per cent recorded in November 2024. The move reflects renewed economic confidence, and it means lower borrowing costs, improved access to credit, and greater room for businesses and individuals to grow, invest, and create jobs.”

The finance minister asserted that the policy shift signals stronger recovery momentum and a more enabling financial environment for growth, investment, and job creation.

Concluding on a positive note, he remarked: “The recovery is clearly strengthening, and it can only get better!”

Economists expect the move to stimulate private-sector expansion, support production, and deepen economic activity as credit becomes more affordable across sectors.

With inflation now within single digits and borrowing costs easing, many believe Ghana is entering a new phase of economic acceleration.

Announcing the development, the minister said the decision reflects the growing stability in the economy and declining inflation levels.

He noted that “the Bank of Ghana’s monetary policy easing continues,” referencing the sustained drop in inflation, which now stands at 8 percent as of October, down sharply from 27 percent in November 2024.

Dr Forson explained that the new rate represents a deep 350 basis point cut — a move he believes will boost lending and ease credit pressures on businesses and households.

He added, “This marks a drastic fall from the 27 percent recorded in November 2024. The move reflects renewed economic confidence, and it means lower borrowing costs, improved access to credit, and greater room for businesses and individuals to grow, invest, and create jobs.”

The finance minister asserted that the policy shift signals stronger recovery momentum and a more enabling financial environment for growth, investment, and job creation.

Concluding on a positive note, he remarked, “The recovery is clearly strengthening, and it can only get better! ”

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Speaking on Asempa FM’s Ekosii Sen show, Dr. Okrah disclosed that the initiative is part of a comprehensive national oil palm policy developed in consultation with the Ministry of Finance.

He said the programme, expected to run between 2030 and 2036, has the potential to be a “game changer” for Ghana’s tree crop sector.

“We now have a comprehensive integrated national policy targeting 100,000 hectares of oil palm and creating over 250,000 jobs for Ghanaians,” he stated.

Dr. Okrah added that the World Bank is already conducting a scoping mission to support the project. He noted that expanding local production will ensure processors and refineries have a steady and increased supply of raw materials.

He further revealed that the government is identifying suitable lands for cultivation, with a flagship project planned for the Volta Region.

“The soil there is fertile for oil palm. We only need to create the irrigation,” he said.

The TCDA believes the expansion will significantly reduce Ghana’s import dependence and position the country as a major player in the global oil palm industry.

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Speaking on Asempa FM’s Ekosii Sen show, Dr. Okrah explained that while these crops are cultivated by individuals, the government supports farmers with improved seedlings, fertilizers, and technical assistance. After production, the TCDA collaborates with farmers and stakeholders to determine fair prices.

“Price determination is the mandate of the TCDA. We regulate both prices and quality, and everyone involved must be licensed by the Authority,” he stated.

He added that the TCDA registers farmers, aggregators, traders, exporters, and processors, ensuring a smooth production chain and compliance with legal standards across the sector.

“We fix the farmgate price and make sure production proceeds smoothly,” he emphasised.

Dr. Okrah assured that the Authority remains committed to protecting farmers’ interests and promoting growth in Ghana’s tree crops industry.

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The bill replaces the existing flat-rate system with a unified VAT structure and increases the registration threshold for VAT-eligible businesses, a move expected to exempt many micro and small enterprises from VAT obligations.

During the debate, Minority Leader Alexander Afenyo-Markin cautioned that the revised framework could lead to additional taxes for businesses and increase the financial burden on the public.

However, Deputy Finance Minister Thomas Nyarko Ampem dismissed those concerns, insisting that the new VAT system is intended to simplify compliance rather than impose extra costs on businesses or consumers.

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According to the Central Bank, the rising cyber risks demand stronger oversight and more advanced protective systems to safeguard banks, payment service providers and millions of customers who rely on digital finance.

Speaking on behalf of Governor Dr. Johnson Asiama at the Visa–Bank of Ghana Cybersecurity Summit, Acting Head of Information Security, Daniel Klu, revealed that the Bank is rolling out a multi-layered strategy aimed at strengthening the sector’s resilience against increasingly sophisticated cyberattacks.

Mr. Klu explained that cybercriminals are adapting quickly to Ghana’s digital transformation, prompting regulators to deploy enhanced monitoring tools, tighter supervisory frameworks and targeted interventions to protect critical financial infrastructure.

“We are tracking emerging risks closely and rolling out targeted measures to bolster the security of the entire ecosystem,” he noted.

The summit brought together cybersecurity experts and industry leaders to examine fraud trends affecting digital payments and explore innovative solutions to counter them.

The Country Manager of Visa Ghana, Fabrice Konan, underscored the need for continuous vigilance, warning that trust in digital financial services depends heavily on the sector’s ability to stay ahead of cyber threats.

In a detailed presentation, Irene Auma, Visa’s Head of Risk for Sub-Saharan Africa, highlighted how artificial intelligence is transforming the fight against financial fraud.

She said AI-driven systems can detect unusual behaviour in real time, map emerging fraud patterns and flag suspicious transactions before they cause major breaches.

“Artificial intelligence gives us the speed and accuracy needed to detect fraud before it causes widespread damage,” she explained.

The Bank of Ghana says it will continue collaborating with global partners and financial institutions to build a stronger, more secure digital finance ecosystem as Ghana’s digital economy expands.

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A tour of local farms revealed stunted maize plants, dried leaves, shrinking cobs, and cracked soil—conditions farmers say they have rarely experienced.

“For many of us, the rains came too late,” said Yahaya Toure Mohammed, a maize farmer at Kutre No. 1. “Uneven moisture caused poor germination—some seeds grew, others didn’t. We planted with hope, but the soil was too dry.”

Agricultural officers warn that the early harmattan is worsening the situation, with dry winds rapidly stripping moisture from crops. Many plants now display brown, curled leaves—a clear sign of stress from intense heat and dryness.

Experts predict a 40–70% drop in maize yields if conditions persist, potentially driving up prices next year. Weeds, which thrive even in harsh conditions, are further competing with crops for scarce moisture, adding to farmers’ concerns.

Agric Extension Officer Alhassan Augustine has advised farmers to consider harmattan-resistant maize varieties and adopt tree-planting practices to improve microclimatic conditions and support rainfall retention.

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The decision was taken after the 127th meeting of the committee ended yesterday, November 25, 2025.

Speaking at press briefing at the headquarters of the Bank of Ghana in Accra, the Governor of the Bank of Ghana, Dr. Johnson Asiama announced that majority of the members of the committee voted for the huge reduction in the policy rate.

He explained that the committee is optimistic of maintaining price stability in the economy to help keep inflation in the single-digit band.

“The bank projects a continued stable inflation profile around the target and well into the first half of next year, 2026. This is against the backdrop that current risks in the outlook to shift the path of inflation away from target have moderated significantly”, he said.

Dr. Asiama added that the prevailing high real interest rate provides some hope to ease policy to further to boost the current growth recovery efforts.

“Given these considerations, the committee, by majority decision, voted to lower the monetary policy rate further by 350 basis points to 18.0%”, he announced.

He assured that the committee will continue to monitor development and take the appropriate policy decisions to ensure sound and stable macroeconomic conditions.

He stated that the Bank of Ghana will continue to use its various monetary policy tools to check inflation and keep prices stable.

“We have one additional measure. In addition to the policy rate reduction, the bank will now return to the use of the 14 day bill as its main instrument for conducting open market operations”.

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