“We will start on Monday, July 14,” the Ministry’s spokesperson, Richmond Rockson, confirmed when asked about the commencement date on Joy FM’s Super Morning Show on Friday.

According to him, the current administration inherited a sector burdened with massive debts and structural inefficiencies. He stressed that the levy is a necessary corrective measure aimed at sustaining power generation and ensuring long-term energy security.

“This government inherited a very difficult energy sector—and it’s not just the power sector—the petroleum sector as well, both downstream and upstream. It will take all of us as citizens to sacrifice in order to bring the sector back,” he said.

The announcement of the GH₵1 fuel levy months ago sparked widespread public outcry, with many Ghanaians, especially members of opposition political parties, expressing concern over the rising cost of living.

Meanwhile, the Energy Ministry insists that the levy is necessary to revamp the sector and has since authorised the Ghana Revenue Authority to collect it.

Source: Albert Kuzor

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The figures were presented at the 15th Annual General Meeting of the Ghana Association of Savings and Loans Companies (GHASALC) held in Accra.

The Chief Executive Officer of GHASALC, Tweneboah Kodua Boakye, attributed the strong performance to disciplined lending practices and customer-focused strategies.

“Some of our members are recording single-digit non-performing loan rates, which is very commendable,” he said.
“Our approach is simple: stay close to the customer, understand their needs, and lend within what they can realistically afford and repay on time. That way, we reduce default and free up more credit for others.”

According to the Association’s 2024 financial report, the sector’s total assets grew by 30.6 percent—from GH¢7.37 billion in December 2023 to GH¢9.63 billion in December 2024.

Customer deposits also saw strong growth, increasing by 39.4 percent year-on-year to reach GH¢6.1 billion, while net loans rose by 20.5 percent, reflecting renewed confidence in the sector’s lending capacity.

Mr. Boakye noted that by prioritizing manageable loan sizes and building strong customer relationships, savings and loans companies are helping to widen access to credit—particularly for MSMEs and underserved individuals—while maintaining financial stability.

Source: Joy Business

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Speaking at the swearing-in ceremony on Wednesday, Dr Forson declared, “I made it clear that the era of excessive salaries and bloated board allowances in State-Owned Enterprises will not be entertained under our administration.”

He urged the board to demonstrate financial discipline and lead by example.

The Finance Minister’s caution comes amid growing public scrutiny over compensation packages within SOEs, many of which have received substantial government support.

Dr Forson also encouraged the CBG board to prioritise accountability, performance, and value for money in all their operations.

Source: Ernest Arhinful

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In a statement shared via social media on Wednesday, July 9, Dr Forson reaffirmed his commitment to strengthening the bank’s financial foundation.

“I want to assure the board and management that I will capitalise ADB next year,” he stated.

The announcement comes at a time when ADB is being called upon to play a stronger role in financing agriculture and agro-processing initiatives across the country.

The bank, established to champion agricultural development, remains a key pillar in Ghana’s broader agricultural transformation agenda.

Dr Forson’s commitment is expected to boost confidence in ADB’s capacity to support large-scale agricultural investments and value-chain development in the years ahead.

Source: Ernest Arhinful

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Speaking at the ceremony on Wednesday, July 9, Dr. Forson underscored the critical role of agriculture in national development.

“As I emphasised during the ceremony, no country develops without sustained agricultural development,” he said.

He further charged the board to be purposeful in the execution of their duties.
“I have therefore tasked the new board to remain focused and guided by their primary mandate—serving Ghana’s agricultural sector,” he added.

The newly constituted board is chaired by Mr. Kenneth Kwamina Thompson, with Mr. Edward Ato Sarpong as the Managing Director.

Other members of the board include:

• Andrew Dari Chiwitey

• Mr. Siisi Essuman-Ocran

• Dr. E. Prince Arhin

• Hon. Misbahu Mahama Adams

• Wing Commander Samuel J.A. Allotey

• Mr. Courage Akanwunge Asabagna

• Mr. Abdul Nasir M. Saani

Source: Ernest Arhinful

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GPHA launches full 24-hour operations at Tema and Takoradi ports

Bank of Ghana spent GH¢206 million on travel in 2024, double…

This revelation comes at a time of increased scrutiny over public expenditure and cost control, especially as the central bank recorded a GH¢9.4 billion loss in 2024. While this marks an improvement from the GH¢13.2 billion loss in 2023, the sharp rise in travel costs has sparked concern.

On February 7, 2025, President John Mahama issued a directive banning first-class travel for all government appointees, a move expected to help moderate official travel expenses going forward.

The GH¢206 million spent in 2024 represents the highest travel expenditure by the central bank since at least 2015. That year, travel costs stood at GH¢30 million and rose to GH¢48 million in 2019. The figure dipped to GH¢20 million in 2020 and GH¢28 million in 2021, largely due to COVID-19 travel restrictions.

In 2022, travel expenses jumped to GH¢76 million before soaring to GH¢206 million in 2024.

Although the Bank has not released a breakdown of the 2024 travel expenditure, Ghana’s participation in the International Monetary Fund (IMF) programme may partly account for the increase. Frequent missions to Washington and other international financial engagements could have contributed significantly.

Still, without detailed disclosures, the exact drivers of the doubling in travel expenditure remain unclear.

Source: JoyNews Research

Source: Ernest Arhinful

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He gave the assurance during the official inauguration ceremony held on Wednesday, July 9.

“Today, I had the honour of inaugurating the new nine-member Board of Directors for the National Investment Bank (NIB),” Dr. Forson stated.

“Under this new leadership, NIB will operate with the independence and professionalism it deserves.”

He described the moment as a turning point for the institution, as the government takes steps to strengthen the bank’s role in national development financing.

Dr. Forson further announced that the government has made a bold decision to recapitalise the bank.

“I am pleased to announce that the government has made a bold decision to recapitalise NIB,” he disclosed, adding that more details of the comprehensive recapitalisation plan would be presented during the upcoming mid-year budget review.

He extended his congratulations to the newly inaugurated board, chaired by seasoned banker Mr. Frank Adu Jnr.

The board comprises:

• Dr. Doli-wura Awushi Abdul-Malik Seidu Zakaria (Managing Director)

• Dr. Othniel Ekow Kwainoe

• Ebenezer Kwaku Addo

• Dr. Mrs. Mercy Naa Aku Ofei-Koranteng

• Dr. Shani Bashiru

• Mr. Max George Cobbina

• Dr. Kwasi Akyem Apea-Kubi

• Dr. Alfred Attuquaye Botchway

Dr. Forson expressed confidence in their collective expertise to steer the bank toward renewed relevance and national impact.

Source: Ernest Arhinful

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Finance Minister inaugurates reconstituted NIB Board

Speaking at a brief ceremony, Dr. Forson emphasised the government’s commitment to ensuring that NIB is steered with independence and professionalism.

“Today, I had the honour of inaugurating the new nine-member Board of Directors for the National Investment Bank (NIB),” the Minister announced.

“Under this new leadership, NIB will operate with the independence and professionalism it deserves.”

He also extended his congratulations to the incoming board, chaired by seasoned banker Frank Adu, who also assumes the role of Managing Director.

Dr. Forson further disclosed that the government has taken a bold step to recapitalise the bank to restore confidence and improve its operations.

“I am pleased to announce that the government has made a bold decision to recapitalise NIB,” he stated.

“Fuller details of this comprehensive recapitalisation plan will be unveiled during our upcoming mid-year review.”

The newly constituted board includes several high-profile professionals:

• Dr. Doli-wura Awushi Abdul-Malik Seidu Zakaria (Managing Director)

• Hon. Dr. Othniel Ekow Kwainoe

• Hon. Ebenezer Kwaku Addo

• Dr. Mrs. Mercy Naa Aku Ofei-Koranteng

• Dr. Shani Bashiru

• Mr. Max George Cobbina

• Dr. Kwasi Akyem Apea-Kubi

• Dr. Alfred Attuquaye Botchway

The Finance Minister expressed confidence in the board’s ability to reposition NIB as a viable and trusted financial institution.

Source: Ernest Arhinful

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The signing ceremony took place at Ghana’s Ministry of Foreign Affairs on July 7, 2025. Ghana’s Minister for Foreign Affairs signed on behalf of the government, while the Chinese Ambassador to Ghana, His Excellency Tong Defa, signed on behalf of the Chinese Government.

A similar grant from China was previously used to construct the impressive Kotokuraba Market in Cape Coast during the Mills/Mahama administration.

The new Aflao market is expected to serve as a key commercial hub, linking the Ho and Lomé markets while revitalising trade in the border enclave, which is already recognised as a major West African trading hub.

The project is anticipated to boost economic activity, create jobs, and improve livelihoods across the Volta Region and beyond.

Source: AdomOnline

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This was captured in the National Petroleum Authority’s (NPA) Oil Marketing Companies Performance Statistics from January to May 2025, seen by JoyBusiness.

Star Oil has now overtaken state-owned company GOIL, which for years held the title of market leader in petroleum sales across the country.

While Star Oil has occasionally led the market in select months in the past, the latest figures suggest the company is now firmly cementing its dominance in the sector.

Market Performance Breakdown

From January to May 2025, Star Oil sold a total of 336.3 million litres of petroleum products. Data on its half-year performance shows it sold 403 million litres, broken down as follows:

• Petrol – 193.9 million litres

• Diesel – 139.3 million litres

• LPG – 3.1 million litres

In comparison, GOIL sold 271.3 million litres during the same period:

• Petrol – 156 million litres

• Diesel – 111 million litres

• LPG – 3.6 million litres

Other key players’ sales figures from January to May 2025 include:

• Vivo Energy (Shell): 206 million litres

  • Petrol – 110 million litres

  • Diesel – 96 million litres

• TotalEnergies: 149 million litres

  • Petrol – 71 million litres

  • Diesel – 75 million litres

  • LPG – 2.3 million litres

• Zen Petroleum: 82 million litres

  • Petrol – 46 million litres

  • Diesel – 42 million litres

Additional performance data shows rising competition:

• Moari Oil: 85 million litres

• Benab Oil: 77 million litres

• Frimps Oil: 56 million litres

Industry Rankings (Jan–May 2025)

1. Star Oil

2. GOIL

3. Vivo Energy (Shell)

4. TotalEnergies

5. Zen Petroleum

In total, over 2.4 billion litres of petroleum products were sold by more than 200 oil marketing firms nationwide within the first five months of the year.

Star Oil’s Financial Performance

According to its published financials for the first half of 2025, Star Oil paid GH¢1.1 billion in taxes to the government.

The company also reported employing 2,546 direct staff and operating 240 fuel stations across the country.

Source: JoyBusiness

In a briefing to the National Premix Fuel Committee during a stakeholder visit on Monday, July 7, 2025, TOR’s technical team explained that premix fuel is not a generic or off-the-shelf product, but rather a carefully calibrated blend of gasoline and condensate.

According to TOR, this is a precision process involving controlled mixing ratios to ensure optimal performance for marine engines.

The refinery emphasized that the formula and safety protocols are key to maintaining both fuel efficiency and engine longevity for fishing communities.

The clarification forms part of TOR’s broader push for transparency and public education on its role in the premix value chain.

As Ghana’s sole producer of premix fuel, TOR has often been blamed for issues ranging from supply inconsistencies to product quality challenges—problems the refinery says are frequently beyond its control.

By shedding light on the technical aspects of premix production, TOR aims to correct misinformation and reassert its expertise and credibility in fuel blending operations.

The refinery also reaffirmed its commitment to improving national supply through infrastructure upgrades, including the construction of additional storage tanks and the modernization of its loading gantry system.

The National Premix Fuel Committee, chaired by Nelson Dafeamekpor, commended TOR’s openness and professionalism during the visit, and pledged to work closely with the refinery in implementing new reforms to enhance delivery and oversight.

Source: Myjoyonline.com

The survey further showed that 48 percent of CEOs are optimistic about their respective companies’ revenue growth in the same year.

According to the report, while 70 percent of Ghanaian CEOs believe the national economy will expand in 2025, a significantly smaller proportion—48 percent—are equally confident in their own companies’ revenue prospects.

“More instructive is the finding that Ghana’s CEOs are less pessimistic about their businesses’ short-term prospects than when we posed that question to them just 12 months earlier—65% of Ghana’s CEOs at that time were very confident or extremely confident about their company’s 2024 revenue prospects,” the report noted.

The report surveyed 4,701 CEOs across 109 countries and territories, including Ghana, between October 1 and November 8, 2024.

While the global and regional figures were weighted in proportion to each country’s nominal GDP for representativeness, PwC indicated that “Ghana’s data is based on unweighted data from the sample.”

In his foreword, Country Senior Partner at PwC Ghana, Vish Ashiagbor, explained that the survey offers a window into the minds of CEOs, revealing what keeps them awake at night as well as what fuels their hope.

“With more CEOs in Ghana participating in the survey compared to last year, we trust that the sentiments expressed in the results are representative of the points of view of the CEO community in general,” he stated.

He highlighted that the key concerns among Ghanaian CEOs include economic uncertainty, geopolitical tensions, artificial intelligence (AI)/Generative AI, and climate change.

Ashiagbor further explained that CEOs are facing a mix of short-term shocks and long-term disruptions whose effects, though gradual, could have significant implications for businesses and their customers.

“What the findings from the survey confirm is that shocks do not only throw up challenges—they produce opportunities too. And CEOs see these opportunities. However, not all businesses are agile enough to pivot and take advantage of the opportunities that arise in the wake of these shocks,” he noted.

He cautioned CEOs not to become complacent about recent economic improvements, such as the relative stabilization of the cedi and a drop in inflation.

“Our suspicion is that this optimism might have led more CEOs in Ghana to believe their businesses would survive the next decade without the need to reinvent their business models. If true, this could be fatal for most CEOs,” Ashiagbor warned.

Source: Lawrence Segbefia

In a social media post, he urged the nation to rise against what he termed a “nation-wrecking act” that has gone unchecked for far too long.

“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana,” Dr Forson stated.

He warned that failure to act could further weaken the country’s financial stability and limit future development opportunities.

His comments follow alarming revelations about the scale of gold smuggling, which has reportedly cost Ghana an estimated $12 billion over the last decade.

According to the Minister, smuggling operations have not only deprived the nation of vital foreign exchange but also undermined efforts to stabilise the economy during moments of crisis.

“Ghanaians deserve better,” he said, emphasising that the fight against smuggling is not merely an economic issue but a matter of national integrity and justice.

Dr Forson maintained that defeating gold smuggling syndicates would empower the state to take full control of its natural resources and redirect revenues into key developmental projects.

“This is about protecting the future of Ghana. We cannot allow a few to rob the entire nation,” he said.

Source: Ernest Arhinful

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In a public statement shared on social media, the Minister described the Board’s work as crucial to Ghana’s economic recovery and long-term development.

“As the sector Minister, I make a solemn pledge to support the Ghana Gold Board,” Dr. Forson stated, acknowledging the impressive performance of the agency in the first half of the year.

He noted that Goldbod’s interventions are already beginning to yield results in the fight against gold smuggling, which has cost the nation billions of dollars in lost revenue over the past decade.

Dr. Forson’s assurance comes at a time when the government is intensifying efforts to track and prosecute smugglers through a newly inaugurated task force.

He believes the task force, working closely with Goldbod, will be critical in reversing the trend of illicit gold exports.

“Things can only get better with the inauguration of this task force to go after the smugglers,” he added.

The Minister further stressed the importance of strong institutional backing for Goldbod, noting that its success is vital to ensuring that Ghana fully benefits from its natural wealth.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources,” he said. “Goldbod has my full support to lead that charge.”

Source: Ernest Arhinful

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Finance Minister backs Ghana Gold Board, commends progress

He made this revelation in a social media post, highlighting the scale of illicit gold trade and its devastating impact on the national economy.

“This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated.

Dr. Forson noted that the value of the smuggled gold was nearly half of the $3 billion bailout Ghana secured from the International Monetary Fund (IMF) to stabilise the economy.

He lamented that such smuggling operations have deprived the country of much-needed foreign exchange and development resources.

“Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote, referencing the estimated 600 tonnes of gold believed to have been smuggled over the past decade.

The Finance Minister underscored the urgency for bold action, calling for firm and decisive measures against those sabotaging Ghana’s economy.

“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he declared.

He expressed hope that curbing smuggling would allow the country to regain control over its gold resources and ensure maximum benefits for its citizens.

Dr. Forson also pledged continued support for the Ghana Gold Board, which he said has shown impressive progress in the first half of the year.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources,” he noted.

He added that the recent inauguration of a special task force to combat smuggling would enhance efforts to tackle the problem and recover lost revenue.

Source: Ernest Arhinful

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In a social media post, Dr. Forson said the Board’s recent operations mark a positive shift in Ghana’s efforts to safeguard its mineral wealth.

“As the sector Minister, I make a solemn pledge to support the Ghana Gold Board,” he declared.

The Minister’s endorsement comes amid heightened government efforts to combat illegal gold exports and protect national revenues.

He also announced the formation of a special task force to track and intercept smugglers.

“Things can only get better with the inauguration of this task force to go after the smugglers,” he stated.

Dr. Forson emphasised that sustained political will and operational vigilance are essential to dismantling gold smuggling syndicates.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources and ensure that Ghana benefits fully,” he concluded.

Source: Ernest Arhinful

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Ghana’s reserves now cover 6 months of imports – Mahama

No one buys just because it’s from a 24-hour economy –…

“This is one of the highest that the country has recorded in the last 15 years,” he announced during a meeting with members of the Council of State at the Jubilee House.

He expressed hope that Ghana’s reserves could rise further, stating, “We are also looking forward to Ghana’s international reserves reaching 10 months of import cover.”

President Mahama explained that this growth will help build the necessary buffers to support cedi stability, adding that the improvement was the result of collaborative efforts between the government and the Bank of Ghana.

“We have instituted a lot of measures that have helped improve transparency around Ghana’s gold exports, and that is also boosting our forex earnings and inflows,” he said.

He attributed part of the progress to the establishment of the Ghana Gold Board, which he said has brought sanity to the sector and helped improve foreign exchange inflows.

“Looking at the way things are going, we are hopeful that the country’s international reserves could reach record levels in the coming weeks,” he reiterated.

Background

The Bank of Ghana, in its May 2025 Financial and Economic Data, reported Ghana’s international reserves at 4.7 months of import cover, equivalent to $10.6 billion.

According to the central bank, it is actively working to raise the reserves to record levels. Commercial bank data showed that as of the end of June 2025, the Bank of Ghana had advanced nearly $5 billion to support the cedi and meet the foreign exchange needs of businesses and financial institutions.

First Deputy Governor Dr. Mumuni Zakari recently told Joy Business that there are sufficient dollars available to support the banks and meet external debt obligations.

Mid-Year Budget

President Mahama also disclosed that the upcoming Mid-Year Budget, to be presented by Finance Minister Dr. Cassiel Ato Forson later this month, will provide further updates on the state of the economy.

“We will have a better view of what has been done over the past six months in terms of real economic data,” he said.

He reaffirmed the government’s commitment to stabilising the economy and outlined plans for continued fiscal and monetary reforms in the coming months.

Source: Joy Business

Mark Badu-Aboagye stated bluntly that “no one buys products just because it’s from a 24-hour economy.”

Speaking on PM Express on JoyNews, the Chamber boss stressed that without tackling the structural barriers facing Ghanaian businesses, the 24-Hour Economy model may not deliver the transformation it promises.

“Launching a 24-hour economy will not change the harsh business environment that we are facing now,” he said. “The first point for me is to look at how we can improve the business — talking about a harsh business environment.”

Host Kofi Agyei referenced recent macroeconomic improvements such as over 30% appreciation of the cedi, inflation falling to 13.7%, increasing reserves, and renewed business confidence.

But Mr. Badu-Aboagye was not impressed.

“It is a good start, but it’s not enough,” he insisted. “Having inflation down to 13.7% is a necessary condition, but not sufficient to change the structure of the economy.”

He emphasized the need for these macroeconomic gains to translate into tangible benefits for producers.

“We want to see how lower inflation will reduce the cost of credit. We want to see how it will reduce the cost of utility — electricity and water. These are key components when it comes to manufacturing.”

He lamented the high cost of utilities and borrowing in Ghana, which he says undermine the competitiveness of local manufacturers.

“In Ghana, the cost per kilowatt hour per manufacturing company, ranging from 12 to 15 cents, is among the highest. In other countries, it’s less than five cents,” he noted.

“If you have a policy rate of 28%, of course your interest rate will be around 30% and over. No company would want to manufacture and export under these conditions.”

Mr. Badu-Aboagye also questioned the practical focus of the 24-Hour Economy if it is aimed largely at serving the domestic market.

“If it’s for local consumption, then we don’t need a 24-Hour Economy, because we can produce much to feed ourselves,” he explained. “We want to export. That is why accelerated export is a component of the 24-hour economy.”

But, he added, the global market won’t accept uncompetitive products simply because they are made in Ghana.

“When you send your product abroad, people will not buy it because it’s coming from Ghana, because you have launched a 24-hour economy, hm?” he asked. “They will buy your product because one, it’s competitive; two, it’s of high quality.”

With African producers now competing under the AfCFTA, he warned that Ghana must act decisively to reduce production costs.

“You produce and you send it there, and you won’t get people to buy because it’s very expensive.”

He concluded with a call for a stronger link between macroeconomic stability and real benefits for businesses.

“Let’s look at how the improvements we are seeing now — the lower inflation and the cedi appreciation — will impact on the policy rate.”

Source: Abubakar Ibrahim

Speaking on JoyNews’ AM Show, Mr. Poku said the government must go beyond slogans and confront the real economic challenges Ghana faces.

“I believe we should stop this sloganism and deal with reality,” he said. “We need to differentiate between politics and the actual economic situation.”

He noted that the original idea of the 24-hour economy was vague and confusing, lacking a clear roadmap for implementation.

“When the 24-hour economy was launched, the idea seemed to revolve around job creation through multiple shifts, including night work. There was even a claim that welders working at night would enjoy cheaper electricity. But today, when you read the official policy document, the entire narrative has changed.”

Mr. Poku said the updated policy now focuses on economic expansion, industrialisation and productivity—but the name remains misleading.

“You cannot mandate a 24-hour economy in a demand-and-supply-driven market. It’s not a policy that can simply be enforced. What they have now is a comprehensive economic growth plan, but calling it a 24-hour economy is misleading.”

He raised concerns about funding, pointing out that the policy document estimates a cost of $4 billion. When added to other initiatives like the ‘Big Push’, Ghana will need $14 billion within a short period.

“President Mahama has only four years in office. After exiting the IMF programme next May, he will have about two and a half years to raise this money. Ghana just secured $3 billion from the IMF over three years—so where will $14 billion come from in 18 months?”

He argued that the private sector also lacks the capacity to provide such large investments quickly, especially under Ghana’s current economic conditions.

“No private investor will rush to inject a billion dollars in a short time. Our sovereign credit rating is B- with a positive outlook. Local companies can’t borrow at cheaper rates than the sovereign, and multinationals depend on their parent firms abroad for funding.”

Despite his criticisms, Mr. Poku acknowledged the policy document contains good ideas and advised that it be handed over to the National Development Planning Commission.

“The document contains brilliant ideas. But it should be integrated into a long-term national development plan. Trying to rush such an ambitious programme within a limited political term is unrealistic.”

Source: Kareen Tei

However, modest price gains were recorded across the General Category bonds.

Overall, the shorter end of the local currency yield (LCY) curve accounted for 49% of total volumes.

The weighted average yield to maturity (YTM) eased by 145 basis points to 20.63%.

The belly and tail segments made up 51% of volumes, with the average YTM closing at 20.44%.

Databank Research said it expects bond market pricing to strengthen further in the near term.

This will be supported by the recent World Bank financing and the upcoming August 2025 coupon payment.

Source: Joy Business

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In a statement issued after the Executive Board completed the Fourth Review under the Extended Credit Facility Arrangement, the Fund acknowledged the government’s commitment to restoring macroeconomic stability.

According to the IMF, the corrective measures, combined with ongoing reform efforts and an improved external position, are expected to support Ghana in achieving economic stabilisation, rebuilding resilience, and fostering higher and more inclusive growth.

“The authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages. They have passed a 2025 budget consistent with the programme’s objectives and enacted an enhanced fiscal responsibility framework,” the Fund stated.

It added, “Looking ahead, staying the course of fiscal adjustment and completing the debt restructuring are key to ensuring fiscal sustainability. This should be supported by continued efforts to enhance domestic revenue mobilisation and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets.”

The IMF further emphasised that improving tax administration, strengthening expenditure controls, and boosting the efficiency of State-Owned Enterprises (SOEs) are essential to sustain progress.

“In this context, forcefully addressing the challenges in the energy sector and addressing related arrears are critical to contain fiscal risks,” the Fund cautioned.

It also commended the government for significant strides in rebuilding international reserves and taking decisive steps to curb inflation.

“The Bank of Ghana should maintain an appropriately tight monetary stance until inflation returns to target, reduce its footprint in the foreign exchange market, and allow for greater exchange rate flexibility, including by adopting a formal internal FX intervention policy framework,” the Fund recommended.

On the financial sector, the IMF noted progress in tackling undercapitalised banks but called for further reforms.

“A further strengthening of financial sector stability requires fully implementing the plan to strengthen the National Investment Bank, finalising the reform strategy to support state-owned banks’ viability and sustainability, and developing contingency plans to address weak banks that fail to recapitalize,” it said.

The Fund urged the Bank of Ghana to intensify efforts to improve the crisis management and resolution framework, enhance financial sector safety nets, and resolve legacy issues affecting specialised deposit-taking institutions.

Source: Joy Business

Mark Badu-Aboagye, speaking on JoyNews’ PM Express on Monday, July 7, argued that producing more means nothing if local products cannot compete in the global market.

“Launching a 24-hour economy will not change the harsh business environment that we are facing now,” he said, calling for a hard look at structural barriers confronting Ghanaian manufacturers.

When host Kofi Agyei pointed to recent macroeconomic improvements such as the cedi’s appreciation, a drop in inflation to 13.7%, improved business confidence, and growing international reserves, Badu-Aboagye was firm in his response.

“It is a good start, but it’s not enough,” he said. “Having inflation down to 13.7% is a necessary condition, but not sufficient to change the structure of the economy.”

He stressed that Ghana needs to see how lower inflation translates into real benefits for producers.

“We want to see how lower inflation will reduce the cost of credit. We want to see how lower inflation will reduce the cost of utilities—electricity and water. These are key components when it comes to manufacturing.”

Mr. Badu-Aboagye revealed that the current electricity tariffs for manufacturers in Ghana are among the highest on the continent.

“In Ghana, the cost per kilowatt hour per manufacturing company, ranging from 12 to 15 cents, is among the highest. In [other countries], it is less than five cents.”

He warned that with a monetary policy rate at 28%, which translates into commercial interest rates above 30%, Ghanaian exporters are already priced out of competitive markets.

“No company would want to manufacture and export under these conditions.”

For Mr. Badu-Aboagye, the 24-Hour Economy must not be reduced to a slogan for self-sufficiency.

“If it’s for local consumption, then we don’t need a 24-Hour Economy, because we can produce enough to feed ourselves. We want to export. That is why accelerated export is a component of the 24-hour economy.”

But exporting, he stressed, will depend on cost and quality—not patriotic labels.

“When you send your product abroad, people will not buy it because it’s coming from Ghana, or because you have launched a 24-hour economy, hm? They will buy your product because, one, it is competitive, and two, it is of high quality.”

He urged policymakers to understand that Ghana’s products are competing with cheaper and equally high-quality goods from places like North Africa.

“So you produce and you send it there, and you won’t get people to buy because it’s very expensive.”

Mr. Badu-Aboagye concluded by calling for a sharper focus on how the gains in inflation and currency strength can impact the policy rate.

“Let’s look at how the improvements we are seeing now—the lower inflation and the cedi appreciation—will impact the policy rate.”

Source: Abubakar Ibrahim

The 24-hour banking service at the port is a strategic move by ADB to ensure the payment of GPHA handling charges at any time of the day or night and to meet the demanding needs of importers, exporters, freight forwarders, and customers.

Speaking on the development, the Managing Director of ADB, Edward Ato Sarpong, noted that the initiative was to complement the government’s 24-hour (24H) economy programme, which is aimed at job creation, boosting exports, and transitioning the economy toward higher productivity and value addition.

“The 24-hour economy is not just about working round the clock, but it’s about creating added value and decent jobs towards higher productivity,” the MD said.

Ato Sarpong explained that the Bank’s 24-hour service is expected to particularly benefit freight forwarders, customs clearing agents, shipping companies, traders, and customers who often work across irregular hours to meet tight logistics schedules.

“By providing 24-hour banking service, ADB is ensuring port stakeholders have convenient access to perform financial transactions needed to keep their operations moving efficiently,” he said.

The ADB MD indicated that plans were far advanced to extend the 24-hour service to other payment collection points across the country to boost economic activities.

This latest offering, Ato Sarpong mentioned, is in line with the Bank’s new tagline, “Beyond Banking…” which reflects the Bank’s commitment to going beyond traditional banking to offer innovative, customer-focused solutions that enhance customer experience across all sectors.

Edward Ato Sarpong urged customers and the general public to leverage the ADB 24-hour service at the Tema Port for payment of their handling charges to facilitate their businesses.

Source: ADB

The approval, announced by Ghana’s Finance Minister, Dr. Cassiel Ato Forson, represents the fifth tranche of funding under the ECF arrangement and comes as Ghana continues to demonstrate measurable progress in implementing comprehensive economic reforms.

“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” the Finance Minister stated in announcing the news. “Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports.”

The IMF’s decision follows a thorough review of Ghana’s economic performance and adherence to programme targets.

The approval demonstrates that Ghana has successfully met the Fund’s benchmarks for fiscal consolidation, debt sustainability measures, and structural reform implementation.

Ghana entered the ECF Programme as part of broader efforts to stabilize its economy and restore macroeconomic balance following significant fiscal challenges. The programme has focused on reducing the fiscal deficit, improving debt management, and implementing structural reforms to enhance economic resilience.

The $370 million disbursement will provide crucial budgetary support as Ghana continues its economic recovery trajectory. The funds are expected to help the government maintain essential public services while continuing to implement reform measures designed to promote sustainable economic growth.

“Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working — it’s exceeding expectations and rebuilding confidence in our nation’s financial future,” the Finance Minister emphasized.

The approval comes at a time when Ghana has been working to restore investor confidence and demonstrate its commitment to sound economic management.

The successful completion of the 4th Review under the ECF Programme is seen as a positive indicator of the country’s reform progress and fiscal discipline.

Source: Finance Ministry

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IMF Board to consider Ghana’s 4th programme review today

This is what JoyBusiness has picked up from persons with knowledge of Ghana’s programme with the IMF.

JoyBusiness understands that the government has met almost all the necessary conditions needed for the Board to meet on Ghana’s programme.

Sources say all the documents needed for the Executive Board of the IMF have been sent this week to help meet at least the four-day target before the Board meets.

The Fund is also taking Ghana’s programme to its Executive Board after the government reached a staff-level agreement on the fourth review of Ghana’s economic programme in April 2025.

Impact on Ghana’s Economy

Sources say the IMF Board will go ahead and pass Ghana on the fourth review when it meets next week.

The development will result in the Fund disbursing some US$370 million, which could hit the Bank of Ghana’s account by July 11, 2025.

The disbursement could bring the total amount that the IMF has disbursed to Ghana under the Extended Credit Facility, since government signed up to the Programme in May 2023, to more than $2.3 billion.

Some analysts have maintained that the development could increase the Bank of Ghana’s international reserves by the end of July 2025.

This is because some $370 million will hit Bank of Ghana’s account next week, while another $360 million should come from the World Bank to support the economy by the end of July 2025.

IMF Programme Targets

Ghana’s economic programme, supported by the ECF arrangement, has three key objectives: restoring macroeconomic stability, ensuring debt sustainability, and laying the foundations for higher and more inclusive growth.

One of the key targets includes reducing Ghana’s debts to sustainable levels by 2028.

This should result in Ghana’s debt-to-GDP ratio reducing to 55% of GDP by that time.

However, the latest data released by the Bank of Ghana showed that as of the end of April 2025, Ghana’s debt-to-GDP ratio had reduced substantially to 55% of GDP.

This is as a result of the cedi’s sharp appreciation against the US dollar for this year.

Data from commercial banks showed that the cedi has appreciated by more than 40% against the US dollar since the beginning of 2025.

President John Mahama, during a recent engagement at the African Development Bank in Ivory Coast, revealed that Ghana’s total debt stock has gone down by 150 billion as a result of the cedi’s appreciation against the US dollar.

Another critical target that Ghana has met before the completion of the IMF programme is Ghana’s international reserves.

Data from the Bank of Ghana’s Economic Report released in May showed that the country’s international reserves ending April 2025 stood at 10.6 billion.

This represented 4.7 months of import cover, way higher than Ghana achieved after the completion of the IMF programme .

Source: Joy Business 

Dr. Alter is expected to formally assume office on September 2, 2025.

He will take over from the current Country Representative, Dr. Leandro Medina, whose tenure of office will end in August 2025, after three years of service with the IMF in Ghana.

Dr. Medina, who was appointed in September 2022, played a key role in Ghana’s current Extended Credit Facility programme with the IMF, which is expected to end in May 2026.

JOYBUSINESS understands that Dr. Alter will be in Accra in August to aid the smooth transition and handover.

Who is Dr. Adrian Alter

Dr. Alter is currently part of the IMF Mission Team that is currently supervising Ghana’s Extended Credit Facility.

He is a senior economist at the IMF, where he works at the intersection of finance, policy, and development.

He has over a decade of experience at the IMF. Dr. Alter has supported countries across Africa and beyond in navigating complex economic challenges, including those related to financial stability, inflation, and sovereign debt.

His work has contributed to IMF-supported programmes in Ghana, Serbia and Tunisia, among others, where he has engaged closely with national authorities to design policies that promote macroeconomic stability, durable growth and resilience.

Dr. Alter brings a deep commitment to equitable development and sustainable progress.

Prior to joining the IMF, he held positions at the European Central Bank, Deutsche Bundesbank, and UBS Investment Bank.

Educational Background

He holds a Ph.D. in Economics and a Master’s Degree in Finance, and has completed executive training in financial stability at Yale University.

His research focuses on macroprudential and monetary policies, as well as the nexus between governments and financial institutions—critical areas for building stronger, more inclusive economies.

2016 – Programme on Financial Stability, Summer Institute, Yale School of Management, New Haven

2013 – PhD in Quantitative Economics and Finance (magna cum laude), University of Konstanz, Germany

2009 – MSc in Finance, HEC Lausanne, Switzerland

Previous Work Experience

2012/05 – 2012/11: European Central Bank, Frankfurt am Main, Germany (PhD Internship) Financial Stability Surveillance Department (DG-F) – contributed to the Financial Stability Review – Dec 2012, Surveillance Notes, the European Banking Union

2011/07 – 2012/04: Deutsche Bundesbank, Frankfurt am Main, Germany (Visiting Scholar) Banking Supervision Department – analyzed interbank interconnectedness, systemic risk, and bank capital buffers from a network perspective using the German Credit Register

2009/02 – 2009/07: UBS Investment Bank, Zürich, Switzerland (Internship) European Equities Trading Floor – contributed to reports for the Swiss Equities Management using data applications such as Bloomberg and Reuters

Dr. Adrian Alter’s Focus and priority Areas

Dr. Alter is expected to coordinate affairs locally on Ghana’s current programme with the IMF.

He may play important role on ongoing tax reforms being led by the IMF.

Dr. Alter is also expected to act as the local spokesperson for the IMF and engage other stakeholders like the government, the Finance Ministry, and the Bank of Ghana, as well as civil society groups.

Source: Joy Business

This was revealed by MiDA’s Chief Executive, Mr. Alexander Kofi-Mensah Mould, in an exclusive interview.

Grow24, recently launched by President John Dramani Mahama, is a bold agricultural policy under the broader “24hr+” development agenda.

At its core is the Volta Economic Corridor project, which aims to irrigate over two million hectares of land for intensive and commercially viable farming.

Originally established to implement the U.S.-funded MCC Compact, MiDA will now assume an expanded role as a national delivery agency for agricultural transformation.

According to Mr. Mould, MiDA’s extensive experience in infrastructure, energy, and agro-industrial development makes it ideally positioned to spearhead large-scale agricultural initiatives across the country.

“Through the MCC Compact, we developed proven, high-impact models ready for nationwide implementation,” he stated. “We’re now building on that foundation to support food security, economic diversification, and rural industrialization under Grow24.”

One of the key achievements of the MCC Compact was its $189 million Agriculture Project, which included the Land Tenure Facilitation (LTF) Activity. This pilot programme improved land tenure security, encouraged investment in agriculture, and boosted productivity.

Mr. Mould explained that core components from the Compact—such as land preparation, irrigation engineering, and integrated agronomic systems—will be adapted and scaled to meet Grow24’s ambitious goals.

He highlighted ongoing efforts to clear and level land using precision methods, alongside the design of advanced irrigation systems tailored to diverse landscapes. These interventions combine agricultural science, economics, and engineering to create sustainable, large-scale farming enterprises.

The Volta Economic Corridor, seen as a flagship under the Grow24 policy, is expected to become a major food production hub, enhance export capacity, and create thousands of jobs in rural communities.

MiDA’s role, Mr. Mould added, will be to provide the technical and managerial backbone necessary to ensure the long-term success of the initiative.

“Grow24 represents a bold new vision for agricultural development in Ghana, and MiDA is fully prepared to deliver on that promise,” he concluded.

As Ghana embarks on this new chapter of agricultural growth, MiDA’s renewed mandate under Grow24 could reshape the future of farming and agribusiness across the nation.

Emmanuel Sarpong, the President of the Union, stated that the escalating threat of illegal mining and lumbering is not only degrading fertile lands but also severely jeopardising the future of cocoa production and the economic well-being of thousands of farmers.

He indicated that they can no longer sit idly by while their farms are destroyed, adding that their members have started forming community action groups to peacefully resist and push out illegal miners from their lands.

Mr. Sarpong made these remarks on Thursday at Goase in the Ahafo Region, during the Union’s 13th Annual General Meeting (AGM). The meeting served as a platform to review past performance, present the previous year’s financial statement, and make strategic decisions for the upcoming year.

The Union President cited a recent success, noting that “illegal miners brought their equipment to cocoa farmlands at Tweapease. Our farmers there mobilised themselves, and with the backing of the Union, drove them away.”

Mr. Sarpong also appealed to government agencies, security services, and environmental groups to intensify efforts in clamping down on illegal logging activities that are rapidly eroding forest reserves and farmlands across the country.

According to him, these destructive practices not only degrade the land but also endanger the livelihoods of thousands of farmers who depend on cocoa farming for survival.

He stressed the urgent need for collective action to safeguard the environment and ensure the sustainability of cocoa production, a vital component of Ghana’s economy.

Mr. Sarpong highlighted that the Union has been at the forefront of empowering its members to resist illegal mining activities within the Asunafo South Municipality.

The Union is not only leading this grassroots defence but also offering critical support to its members. He detailed various initiatives, including educational support, economic empowerment programmes, access to soft loans, and a welfare scheme, all aimed at strengthening the resilience of cocoa farmers.

The union president emphasised that by empowering farmers economically and socially, they are better positioned to reject the temporary allure of quick money offered by illegal mining operators and instead focus on sustaining their cocoa farms for long-term benefit.

The cocoa farmers of Asunafo have sent a clear and strong message: they are prepared to defend their lands, their livelihoods, and the future of Ghana’s cocoa industry.

The Union continues to call on government authorities, environmental agencies, and community leaders to join forces in preserving farmlands and protecting the cocoa industry, an essential pillar of Ghana’s economy.

Source: Myjoyonline

Government issues final ultimatum to NGIC over 5G rollout deadline

Labena unveils new album “Life in Roses” at Bayview Village

Failure to meet this deadline will trigger an immediate review and potential renegotiation of the company’s operating licence—marking a critical moment in Ghana’s digital development.

This decisive warning from the Ministry of Communications, Digital Technology and Innovation follows NGIC’s failure to meet two previous rollout deadlines: November 2024 and June 2025. NGIC was initially awarded the mandate to deliver nationwide high-speed 5G services under a pioneering shared infrastructure model.

Speaking at a press conference in Accra, Minister Samuel Nartey George left no room for ambiguity about the government’s position.

“Let me declare that we have agreed with NGIC that there will be no further extensions to this rollout deadline. If the company fails to meet the Q4 deadline commitment, the ministry will immediately initiate a review and possible renegotiation of the licence term,” Mr George firmly stated.

Despite the delays, the Minister acknowledged some progress. NGIC has reportedly deployed 16 5G-ready sites and secured full regulatory approval from the National Communications Authority (NCA) for its core network infrastructure.

With the clock ticking, the government expects visible results. By the end of Q4 2025, NGIC is mandated to have at least 50 operational 5G sites in Accra and Kumasi, Ghana’s two largest cities.

“We have set a final deadline of Q4 2025, where at least 50 live 5G sites are expected in Accra and Kumasi,” Mr George reiterated. “These milestones reflect meaningful progress following earlier delays in 2024.”

The deployment of 5G is not just a technological upgrade—it is a critical pillar of Ghana’s broader digital transformation agenda. As the fifth generation of wireless technology, 5G promises significantly faster internet speeds (up to 10 Gbps), ultra-low latency (vital for real-time applications), and vastly improved capacity to connect multiple devices simultaneously.

These benefits are poised to transform sectors including education, healthcare, finance, urban planning, and entertainment—serving Ghana’s population of over 34 million.

Minister George highlighted the strategic value of Ghana’s unique 5G deployment model.

“The national rollout model is a deliberate policy shift to reduce infrastructure duplication, lower data costs, and accelerate universal 5G access for all Ghanaians,” he explained.

The shared infrastructure approach seeks to avoid the inefficiencies and high costs of duplicative network builds by competing telecoms, aiming instead for affordability, efficiency, and broader coverage.

The government has pledged to work closely with NGIC to ensure a transparent, efficient, and customer-focused implementation.

As the final deadline approaches, attention now turns to NGIC to deliver on its promise and usher Ghana into a new era of high-speed digital connectivity.

Source: Myjoyonline

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He is proposing the introduction of fixed monthly data packages that offer unlimited access to digital services for all Ghanaians.

Mr Opoku, who serves on Parliament’s Communications Committee, made this call during an interview on Channel One News on Friday, July 4. He described the proposal as essential for achieving true digital inclusion and ensuring long-term price stability in the telecommunications sector.

READ ALSO: 5G or Lose License – Government Issues Final Ultimatum to NGIC as Q4 2025 Looms

His comments follow a recent intervention by the Minister for Communication, Digital Technology, and Innovation, Samuel Nartey George, who on Thursday, July 4, directed MultiChoice Ghana to reduce its DStv subscription fees by 30%.

Earlier, the minister had engaged telecommunications companies to revise internet packages by increasing data volumes without changing the cost to consumers.

These interventions were prompted by the Ghanaian cedi’s significant appreciation—about 30% against major international currencies over the past five months—a period during which public frustration grew over stagnant service prices.

While commending Minister Nartey George’s efforts, MP Davis Ansah Opoku emphasized the need for a more sustainable approach to protect consumers from future economic shocks.

“I think it is very welcoming. When data prices are reduced, it is something that the Ghanaian people will be excited about. As the minister said, the DStv directive is a result of the appreciation of the Ghana cedi, and this is something that we expected the telcos to have done, and so for him to have prompted them is commendable,” Mr Opoku stated.

He added, “We are looking forward to some pragmatic steps, so that even if the dollar depreciates, we will still have reduced prices. I am looking forward to a fixed rate where Ghanaians enjoy unlimited services every month. So this is a good step, and we commend him for that.”

Mr Opoku’s proposal seeks to address the recurring issue of fluctuating data costs, which are often tied to the cedi’s performance against foreign currencies.

In a country with over 40 million mobile subscriptions and a rapidly growing digital economy, reliable and affordable internet access is no longer a luxury—it is a fundamental necessity for education, business, and social engagement.

Currently, many Ghanaians spend a significant portion of their income on data, with most packages offering capped volumes that limit extensive digital participation.

The call for unlimited fixed-rate data packages aligns with similar initiatives in other digitally advanced nations and could significantly boost Ghana’s digital literacy, innovation, and economic productivity.

Such a move would require coordinated efforts between government, regulatory agencies like the National Communications Authority (NCA), and major telecom providers such as MTN Ghana, Vodafone Ghana, and AirtelTigo, which together serve the majority of the mobile market.

Implementing this policy could not only improve consumer welfare but also align with the government’s broader digital transformation and inclusion agenda.

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Designed to bridge the gap between buyers and sellers, Oysloe offers a simplified, secure, and scalable platform for buying and selling in Ghana.

What is Oysloe?

Oysloe is an all-in-one online marketplace built specifically for the Ghanaian market.

It allows individuals, entrepreneurs, and businesses to list, discover, and purchase a wide range of products and services — from electronics and fashion to vehicles and property — all through a single mobile app.

Whether you’re a small business owner looking to grow your customer base or a shopper seeking convenience and competitive prices, Oysloe aims to make your experience seamless.

What makes Oysloe different?

Oysloe is built with features tailored to local needs:

Integrated delivery service: Sellers don’t have to worry about logistics — Oysloe handles delivery right to the customer’s doorstep.

Flexible payment options: Users can pay via mobile money, card, or direct transfer.

Buy now, pay later: Oysloe introduces an installment plan system that allows buyers to spread payments over time.

Secure & verified sellers: The platform emphasizes safety, ensuring that users transact with verified and credible sellers.

Service listings: Beyond physical products, sellers can also offer services, making Oysloe a diverse hub for all kinds of commerce.

Who is Oysloe for?

Oysloe is for everyone — sellers who want visibility and reach, buyers who want convenience and trust, and even service providers who want to go digital. It’s a platform designed to empower Ghana’s digital economy.

As of now, Oysloe is gearing up for an official launch. The platform is actively registering sellers and partners ahead of its release, offering early access and training to ensure a smooth start. Businesses are encouraged to onboard early and get listed before the public launch.

Seller registration is now open — and it’s completely FREE. Get your business ready for launch in just three easy steps:

Sign up

Visit www.oysloe.com and register your interest. Fill in your business details and create your seller account.

Training

Once you’ve registered, you’ll receive a short orientation or training session.

This will guide you on how to use the app, manage your listings, and maximize your success on the platform.

Get listed

After your training and verification, your store will be listed on the Oysloe platform — ready to go live as soon as the app officially launches.

Don’t miss the opportunity to be part of Ghana’s most exciting online marketplace platform. Join early. Grow your business smarter and grow it bigger.

OYSLOE – buy, sell, deliver effortlessly.

The move forms part of a broader government initiative to mechanize agriculture and make farming equipment more accessible to farmers through a Farmer Service Centre model.

During a working visit to the company’s production facility in Istanbul, Hon. Opoku toured the Hattat Traktör factory to assess its manufacturing capacity and the suitability of its products for Ghana’s agricultural terrain.

Hattat Traktör, a well-established name in the tractor manufacturing industry, has an annual production capacity of 2,500 units and employs 3,097 workers.

Accompanied by his technical adviser, Mr Kwasi Etu-Bonde, the Minister explored how Ghana could benefit from the company’s expertise. He also personally tested some of the tractors to evaluate their performance under conditions similar to Ghanaian soil.

Impressed by the company’s understanding of Africa’s agricultural challenges, Minister Opoku noted that Hattat Traktör produces tractors designed for mechanical rather than electronic operation—a practical approach given the continent’s unique farming needs.

“The company understands the African terrain and produces tractors that are robust, simple to operate, and ideal for small- to medium-scale farmers. This is exactly what Ghana needs,” the Minister said.

A key highlight of the visit was Minister Opoku’s pitch for the establishment of a tractor assembly plant in Ghana. Following successful discussions, Hattat Traktör agreed to provide technical support to its Ghanaian partner, 10G Globaltech Ltd, to set up the plant in collaboration with the Ministry of Food and Agriculture.

This partnership is expected to play a pivotal role in mechanizing Ghana’s agriculture sector, reducing dependence on imported farm machinery, and ensuring sustainable access to affordable, locally-assembled tractors for farmers.

Hattat Traktör expressed satisfaction with the discussions and affirmed its readiness to collaborate with Ghana to boost food production through innovation and localized support.

The initiative aligns with the Ministry’s broader agenda to modernize agriculture, create jobs, and enhance food security through strategic partnerships and investments in agro-industrial infrastructure.

Source: AdomOnline

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“Dollar depreciation is not being felt at all. We look at it from two angles. Considering the past, when the cedi depreciated from ¢3.80 to about ¢16, you can imagine how much businesses and investors lost—along with the country itself,” he said on JoyNews’ PM Express on Thursday, July 3.

According to him, while the cedi’s appreciation is positive on the surface, many businesses are still recovering from earlier financial shocks.

“So, for the cedi to appreciate again, you have to consider how much was lost during the depreciation. It’s like being hit with one bullet that strikes you twice. It’s complicated. Some may see it as a gain, but for others, it’s a loss,” he noted.

Aggrey said that for businesses to truly benefit from the cedi’s recovery, the government must step in with meaningful tax reforms.

“It’s a good thing that the cedi is gaining strength, but we’re looking to the government to reduce certain taxes so people can feel the real impact,” he explained.

He argued that until government cushions importers through policy adjustments—especially at the ports—businesses will continue to suffer despite the cedi’s improved performance.

“If we say the cedi has gained, and we leave it at that, we risk reversing the gains. Whatever was done to strengthen the cedi must be sustained,” he stressed.

Aggrey also pointed to earlier policy decisions—particularly tax hikes at the ports—that, in his view, contributed to the cedi’s previous depreciation. He called for a complete overhaul of the tax system.

“Let’s not forget what triggered the depreciation of the cedi in the first place. It was the introduction of certain taxes and levies at the ports. That’s where you really see the impact,” he said.

He recalled a meeting with then-Finance Minister Ken Ofori-Atta, where concerns were raised over plans to fully restore benchmark values.

“We told him, ‘This will be a disaster for the country. Take it easy and let the cedi stabilise.’ But he didn’t listen. He went ahead and increased taxes, which raised import duties—and then the cedi started falling again.”

Aggrey concluded with a firm call for policy change.

“We need to take a bold step to reverse some of these policies. There are almost 21 different taxes imposed on a single item. We need an overhaul of the tax system to bring real relief to businesses.”

Source: Myjoyonline

According to data from the Bank of Ghana, the reserves have increased by 8.05% since the beginning of the year. The country started 2025 with 30.53 tonnes, which rose to 30.62 tonnes by January 31 and has continued to rise steadily month-on-month.

From just 8.78 tonnes in May 2023, the Central Bank’s gold reserves have grown significantly, contributing to the stability of the cedi.

The accumulation has been largely driven by the Domestic Gold Purchase Programme—a strategic policy aimed at strengthening foreign exchange reserves, boosting investor confidence, stabilising the currency, and creating a favourable environment for foreign direct investment and economic growth.

In an earlier communique, the Central Bank noted:
“The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.”

The programme also aims to leverage these assets to secure more affordable financing options, thereby improving short-term foreign exchange liquidity without overreliance on external debt markets.

Source: Joy Business

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He accused Mr Adu of deliberately ignoring evidence that justified the overhaul of the banking sector.

According to the former organiser, the Bank of Ghana and the IMF’s Asset Quality Reviews identified multiple undercapitalised banks in 2014/15, prompting the establishment of statutory reforms through Act 930.

“These institutions… had lost their franchise value,” he stated, and needed resolution before causing a wider systemic collapse.

He praised the NPP’s 2017 financial sector clean-up for preventing a full-blown banking crisis and safeguarding investments, including those in Cal Bank—a move he said also benefitted Mr Adu.

“No one was ready to invest in an entity that had lost its franchise value… The exercise of consolidation was to save deposits and as many jobs as possible,” he explained, noting that Mr Adu’s own investment was protected by government intervention.

He concluded by pointing to the sector’s impressive post-clean-up performance—stating that the financial industry’s total asset base grew by 33.8%, deposits rose by 28.8%, and liquidity ratios improved.

“All the performance indicators show that the sector… returned to profitability at the end of 2024,” he concluded, challenging Mr Adu to revisit the factual record before making further claims.

Source: Myjoyonline

Ghana fully up to date on 2025 Eurobond debt service obligations

15% VAT on Non-Life Insurance Premium is not a new tax…

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Speaking on JoyNews’ AM Show, David Lartey-Quarcoopome, Chief Revenue Officer and Commissioner at the Domestic Tax Revenue Department Secretariat, explained that the tax was originally included under Act 870, which was passed earlier but later scrapped by the New Patriotic Party government in 2017. It was subsequently reintroduced through amendments in 2023.

“So indeed, it’s not a new tax, and why would I say so? When Act 870 was passed, insurance or taxation of financial services was included, under which insurance falls,” he emphasized.

He added that the GRA is now mandated to fully enforce the tax following the legislative update. The delayed rollout was necessary to develop adequate systems and frameworks for smooth implementation to minimize disruptions for insurance providers and policyholders.

“The GRA had to work on the modalities and various arrangements. We don’t work alone; we collaborate with stakeholders to issue practice notes and allow them to prepare their own systems to capture the tax appropriately,” he said.

Importantly, motor vehicle insurance premiums are exempt from this VAT. Mr Lartey-Quarcoopome confirmed that the government excluded motor insurance from the affected non-life insurance segments.

This move aligns with government efforts to broaden the tax base and enhance domestic revenue collection, particularly within the formal insurance sector.

Speaking on Joy FM’s Super Morning Show on Wednesday, July 3, Mr. Tanoh said the river was deliberately chosen because of its potential to drive agricultural transformation and significantly reduce the high cost of logistics in the country.

“If you look at the end product of most of our food — what you eat at your table, what goes to the factory as raw material or for export — about 60% of the cost is from logistics,” Mr. Tanoh explained. “That’s even more than the cost of the material being transported.”

He noted that globally, the average logistics cost as part of total production is about 15%, meaning Ghana is operating at a 45% disadvantage in terms of efficiency.

“If we are able to improve the supply chain, we’re basically bringing down the cost of food, potentially reducing it by 45% just to reach the global average,” he added.

Mr. Tanoh further explained that using the Volta River for transport is not only environmentally sustainable but also economically smarter.

He pointed out that water transport has historically been the backbone of industrial and agricultural growth in many developed economies.

“Look at the Mississippi River, the Thames, the Danube, the Nile, and even the Congo, with all its challenges. Water transport supports both agriculture and industry because it offers power and connectivity,” he said.

According to Mr. Tanoh, Ghana’s Volta River has a shoreline of about 3,283 miles, offering a vast natural transport corridor that can connect regions from north to south and east to west — at a fraction of the cost of road transport.

“It costs one-eighth of what it takes to transport goods by road. One barge with a tugboat can carry 700 tonnes. To move the same amount from Accra to Tamale by road, you’d need about 15 trucks, all emitting fossil fuels and worsening our carbon footprint as a country,” he explained.

He stressed that tapping into water transport through the Volta River will not only lower logistics costs but also unlock access to large tracts of fertile land, creating opportunities for both commercial and smallholder farmers.

“We are building an organisational framework that supports large-scale farming but also integrates smallholders through a formalised crop system,” Mr. Tanoh concluded.

Speaking on Joy FM’s Super Morning Show on Wednesday, July 3, Mr. Tanoh explained that Grow 24 will transform agriculture through advanced technology, climate-smart practices, and improved infrastructure — enabling continuous production and value addition.

Farmers face numerous challenges — limited access to fertiliser, mechanisation shortfalls, poor farm maintenance, and insufficient extension services, he said. Grow 24 is designed to overcome these barriers.

He added that extensive consultations with farmers, industry players, and state agencies made it clear that some key needs must be addressed first: secure land titles, reliable irrigation for year-round farming, digital connectivity, and good roads to ensure easy access to markets.

He emphasised that better logistics would reduce post-harvest losses and transport costs, helping to attract private investors.

Grow 24 is built around three pillars: modernising production to improve yields; improving supply chains through transport, storage, and logistics; and developing human capital by training skilled, disciplined, and ready farmworkers.

Without discipline and a robust work ethic, we cannot compete with dynamic Asian economies, Mr. Tanoh said. That’s why training and mindset development are essential.

He said tax relief, access to credit and equity, skilled labour, and incentives for targeted value chains would attract young people and industrial farmers alike.

What do I want as a farmer? Lower taxes, access to financing, skilled workers, and dependable infrastructure — water, power, land. That’s what Grow 24 is bringing.

The Volta Lake corridor is a key part of the plan. He noted that around 4 million hectares of arable land exist in the area after subtracting forest reserves — offering vast potential for agricultural development.

The government intends to develop agro-ecological parks along the corridor, working with large-scale “anchor” farmers who will support and integrate smallholders through cooperative models. These anchor farmers will offer machinery, extension support, and access to technology and inputs.

Through this private service centre model, farmers can rent equipment and services, reducing costs and risk. The Ghana Infrastructure Fund (GIF) will oversee land access and provide irrigation and energy in partnership with the Volta River Authority.

Anchor farmers will also serve as conduits for input credit to the smallholders they work with, he explained. Smallholders produce 90 percent of our food. We cannot ignore them. Through anchor partnerships, we will formalise and scale their efforts, provide skills and financing access.

Mr. Tanoh stressed that Grow 24 is not just an agriculture programme — it is an economic transformation tool to create jobs, boost food security, increase exports, and raise incomes.

By aligning infrastructure, finance, and policy, Grow 24 will unlock Ghana’s full agricultural potential and prepare the sector to compete globally.

Speaking on Joy FM’s Super Morning Show on July 3, Mr. Tanoh questioned the country’s continued reliance on importing basic farming equipment, urging a shift towards domestic manufacturing.

“Why should we import aboboyaa [tricycles] from anywhere? This is basic technology,” Mr. Tanoh asked rhetorically, extending the critique to disc ploughs and other essential agricultural implements.

He stressed that Ghana has the capacity to produce these tools locally, a capability the 24-Hour Economy policy intends to vigorously support.

A core component of the “Grow Ghana” programme—part of the broader 24-hour economy policy—is focused on “machinery and technology.”

Mr. Tanoh outlined plans to establish a cooperative system that would provide a clear business model for individuals and entities interested in agricultural mechanisation. This system, he said, would allow participants to own tractors and equipment and offer services such as ploughing to farmers at competitive but sustainable rates.

“You’re providing a business opportunity for those who want to do mechanisation support—own tractors and make money from tractors by ploughing for you—maybe one acre for GH¢400,” he explained, noting that service costs would be calibrated to ensure profitability.

He also pointed to Ghana’s existing “soft technology” and fabrication capabilities, particularly in informal industrial zones like Suame Magazine.

“What we’re doing in the fabrication component is to create an industry out of what already exists,” he said, citing the ingenuity of artisans in Suame who routinely carry out complex vehicle repairs and re-engineering.

According to Mr. Tanoh, this local expertise could be harnessed to produce implements such as threshers and combine harvesters tailored to Ghanaian farming conditions.

He also emphasised the need for customised equipment, explaining that many imported tools are unsuitable for local crops like Ghana’s shorter soybean varieties, which require specialised harvesting technologies.

Mr. Tanoh’s comments highlight a strategic move toward localising the agricultural supply chain, fostering mechanisation-related entrepreneurship, and cutting Ghana’s import bill.

This vision is central to the broader objectives of the 24-Hour Economy—to boost productivity, create sustainable jobs, and reduce the country’s dependence on imported goods by promoting continuous economic activity across key sectors.

The Ghana cedi portion of the debt was already transferred to the Bank of Ghana to support these payments.

Joy Business understands that the Bank of Ghana will make the payments through its corresponding banks in Europe and the U.S. to bondholders who agreed to the debt restructuring terms.

These payments are being made from Debt Service Accounts established specifically to facilitate coupon payments to Eurobond investors. Another payment is expected in August 2025.

Background

In October 2024, the government began servicing Eurobond debt after reaching an agreement with bondholders to restructure the debt. Last year, a total of US$520 million was disbursed, including a US$120 million consent fee paid to bondholders who agreed to exchange old bonds under certain conditions.

The John Mahama administration continued debt servicing in January 2025. The Eurobond Debt Exchange Programme was successfully concluded last year, with almost 100 percent of bondholders exchanging old bonds for new ones. This restructuring covered about US$13 billion owed to Eurobond investors.

This development allowed the government to resume debt servicing to creditors. However, repayments to bilateral creditors are expected to start in 2026.

Impact

Analysts suggest that this progress could positively influence Ghana’s credit ratings in the coming months, marking the third payment since the debt restructuring agreement.

Financial observers believe this may lower Ghana’s borrowing costs in the near future. This comes alongside ongoing fiscal consolidation and significant progress under the IMF programme, both expected to improve the government’s risk profile.

Source: Joy Business

The reforms, once finalised, will be implemented in the government’s 2026 economic policy and budget.

Commissioner of Domestic Revenue at the GRA, Edward Apenteng Gyamera, made this known to Joy Business after a stakeholder engagement with traders and business associations in Accra. The engagement forms part of a national consultation process to gather input from key players in the trade and business sectors.

The Ministry of Finance initiated the VAT reform following concerns over distortions in the current payment process, which has been in operation for over a decade.

Mr. Gyamera explained that the GRA is holding a series of consultations across the country to ensure that stakeholder views are captured and reflected in the final draft.

“This is part of the process to get every stakeholder’s input on the upcoming VAT reform by the Ministry of Finance. In all, we have four engagements in Accra and others in Kumasi, Takoradi, and Tamale before releasing the final draft in the next few weeks,” he said. “We should also bear in mind that these are just proposals and not final decisions.”

He assured that most of the contributions from stakeholders will be considered and that explanations will be provided in cases where specific suggestions cannot be incorporated.

The reform aims to broaden the tax base and increase VAT contributions to domestic revenue by over 20%.

Earlier this year, officials from the International Monetary Fund (IMF) met with the government and Finance Ministry to offer technical insights into the reform process.

According to the GRA, those recommendations will be carefully reviewed before any final decisions are made.

Source: Joy Business

Petrol prices have marginally decreased, while diesel prices have increased.

GOIL is now selling a litre of petrol at GH₵12.07, down from the previous price of GH₵12.38 quoted on June 9, 2025. However, diesel prices at GOIL have risen to GH₵13.20 per litre from GH₵12.88.

Shell, on the other hand, has increased the price of petrol to GH₵12.08 per litre from GH₵11.98. Diesel prices at Shell have also risen from GH₵12.85 (quoted on June 16, 2025) to GH₵13.25 per litre.

Another OMC, PETROSOL, is selling petrol at GH₵11.98 per litre, while diesel is priced at GH₵13.98 per litre.

These increases mark the end of a period of consecutive price declines at the pumps since February 2025.

Industry Projections

The Chamber of Oil Marketing Companies projected last week that petrol prices would increase by about 2 percent per litre, while diesel prices would rise by approximately 5 percent per litre.

However, the Chamber of Petroleum Consumers (COPEC) has argued that there is no justification for these hikes and insists that prices should have remained unchanged.

Industry observers are also forecasting a significant spike in prices in the coming weeks, particularly from July 16, 2025. This is due to the requirement for OMCs to begin charging the Energy Sector Recovery Levy of one cedi per litre, which will result in consumers paying an additional GH₵1.93 per litre.

Source: Joy Business

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Government Statistician Dr. Alhassan Iddrisu noted that inflationary pressures seen in previous months are easing. For the first time in a while, the overall price level from May to June recorded a deflation of 1.2 percent, meaning Ghanaians paid less for goods and services in June compared to May.

Dr. Iddrisu said, “The downward inflationary trend over the last six months provides some consistency and assurance of a real, sustained shift in prices.”

Regionally, the Upper West recorded the highest inflation at 32.3 percent, mainly due to food and utilities, while the Bono region had the lowest at 8.4 percent. Dr. Iddrisu emphasized the need to use detailed regional data to better understand and reduce inflation disparities across regions.

Food inflation dropped by 6.5 percentage points to 16.3 percent from 22.8 percent in May, while non-food inflation fell by 3 percentage points to 11.4 percent.

In a statement released on July 1, 2025, the SEC urged the general public to exercise vigilance and caution, and to desist from engaging with these unlicensed schemes.

According to the SEC:

• News GH is promoting an unlicensed investment product named “Gold AI Rise Platform.”

• Ghana News is advertising an unnamed investment product, promising unrealistic returns with no risk.

The statement clarified that neither News GH nor Ghana News has been licensed by the SEC to carry out capital market activities, as required under Section 3 of the Securities Industry Act, 2016 (Act 929) as amended.

“The SEC is currently collaborating with law enforcement agencies to clamp down on the individuals behind these entities,” the statement added.

SEC’s Role and Public Advisory

The Commission reiterated its commitment to monitoring activities in the securities market and protecting investors. It also pledged to continue publishing relevant information at regular intervals to educate and inform the public.

The SEC advised the public to verify the licensing status of any entity offering investment services or products by contacting the Commission directly through the following channels:

• Toll-free line: 0800-100065

• Main lines: 0302-768970 / 0302-768971 / 0302-768972

• Email: info@sec.gov.gh

The Commission emphasized that any promise of high returns with no risk is a red flag and urged investors to conduct thorough checks before engaging in any capital market activities.

This, along with other contributing factors, has played a major role in the appreciation of the Ghana cedi against the US dollar, according to the Bank’s Monetary Policy Report.

The report also revealed that the combined surplus in the current and capital accounts amounted to US$2.2 billion, placing Ghana in a net lending position with the rest of the world.

As a result, there was a net acquisition of financial assets in the financial account totalling US$2.1 billion in the first quarter of 2025, a sharp increase from the US$357.7 million recorded in the same period of 2024.

In terms of other investment, the report indicated a figure of US$1.4 billion, driven largely by increased currency and deposits in the nostro accounts of commercial banks.

At the end of April 2025, Ghana’s Gross International Reserves (GIR) stood at US$10.7 billion, equivalent to 4.7 months of import cover. This compares favourably with the US$9.0 billion recorded at the end of December 2024, which covered 4.0 months of imports.

Positive Outlook for External Sector

Despite the resumption of external debt servicing following Ghana’s external debt restructuring, the Bank of Ghana maintains a positive outlook for the external sector.

“Increased production volumes of Ghana’s key export commodities, high commodity prices, and improved remittance flows will drive strong external sector performance,” the report stated.

The Bank also emphasized that continued commitment to policy and reform implementation under the IMF programme will help restore investor confidence and attract more capital inflows.

In addition, the operationalization of the Ghana Gold Board (GoldBod) is expected to further enhance the central bank’s Gold for Reserves programme, supporting efforts to build long-term reserve buffers.

Sources familiar with Ghana’s ongoing programme with the IMF say the government has met almost all the necessary conditions for the Executive Board to proceed with its review.

All required documentation has reportedly been submitted this week, enabling the Board to meet the minimum four-day review window before the scheduled meeting on Monday, July 7.

The review follows a staff-level agreement reached in April 2025 on the fourth assessment of Ghana’s economic programme under the Extended Credit Facility (ECF).

Impact On Ghana’s Economy

According to sources, the IMF Board is expected to approve the fourth review, paving the way for the disbursement of US$370 million, which could reflect in the Bank of Ghana’s account by July 11, 2025.

If disbursed, this amount will bring total IMF disbursements to Ghana under the ECF programme—signed in May 2023—to more than US$2.3 billion.

Some analysts say the inflows will likely boost Ghana’s international reserves by the end of July. The country also expects an additional $360 million from the World Bank within the same period to support economic recovery.

IMF Programme Targets

Ghana’s economic programme under the IMF’s ECF arrangement aims to:

• Restore macroeconomic stability

• Ensure debt sustainability

• Lay the foundation for higher and more inclusive growth

A key target of the programme is to reduce Ghana’s debt-to-GDP ratio to 55% by 2028.

However, recent data from the Bank of Ghana indicates that this goal has already been achieved. As of April 2025, the country’s debt-to-GDP ratio had declined to 55%, aided largely by the cedi’s sharp appreciation against the US dollar.

Commercial bank data shows that the cedi has appreciated by over 40% since the beginning of 2025.

President John Mahama, speaking at a recent engagement with the African Development Bank in Ivory Coast, disclosed that the cedi’s gains had led to a ₵150 billion reduction in Ghana’s total debt stock.

Another key target Ghana has met is foreign reserves. According to the Bank of Ghana’s May Economic Report, the country’s international reserves stood at $10.6 billion as of the end of April 2025. This represents 4.7 months of import cover, a significant improvement compared to previous post-programme levels.