According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by about 20%.

The government received GH¢4.20 billion bids from the investors. This was against a target of GH¢5.27 billion. It, however, accepted all the bids tendered.

The 91-day bill was once again the most subscribed, as GH¢2.25 billion of the bids were tendered, representing 53.6% of the total bids.

The 182-day bill recorded bids worth GH¢802.87.

For the 364-day bill, GH¢1.146 billion was tendered.

Meanwhile, interest rates continue to rise on the yield curve.

The yield on the 91-day bill increased by 26.0 basis points to 5.30%.

That of the 182-day bill also went up to 7.13% from 7.08%.

Similarly, the yield on the 364-day increased by 39.0 basis points to 11.36%.

According to the airline, the move reaffirms its long-term commitment to Ghana and supports the country’s growing demand for travel and global connectivity.

The new service will complement Emirates’ existing daily operation and respond to sustained growth in air travel demand to and from Accra.

Details of the new service

From July 12, Emirates’ direct service, operating as EK789, will depart Dubai at 03:30 hrs (local time) and arrive in Accra at 07:40 hrs (local time). The return flight, EK790, will depart Accra at 10:25 hrs (local time) and arrive in Dubai at 22:40 hrs (local time).

Operated by a Boeing 777-300ER aircraft, the flights will run on Tuesdays, Thursdays, Saturdays and Sundays.

The additional service has been scheduled to provide convenient connections for travellers from Accra to major commercial and tourism destinations, including Beijing, Seoul, Sydney, Perth, Mumbai, Singapore, New York (JFK) and Jeddah.

The flights will also offer travellers more convenient options when connecting to Accra via Dubai, particularly from destinations such as Delhi, Boston, Los Angeles, and several cities across Germany and the United Kingdom.

According to Emirates’ Country Manager for Ghana, Salem Almana, “For more than two decades, Emirates has proudly connected Ghana to the world.

“The introduction of this additional service demonstrates our continued confidence in the Ghanaian market and our commitment to supporting the country’s growing travel needs.”

He added that the expansion would go beyond improving convenience for passengers.

“Beyond providing greater convenience for our customers, this expansion will strengthen business, tourism and trade links between Ghana and key markets across our global network, while contributing to the continued growth of Ghana’s aviation sector.”

“Through Dubai, travellers will enjoy seamless access to close to 140 destinations worldwide, while visitors from around the world will have even greater opportunities to experience Ghana,” the Emirates Country Manager added.

With the introduction of flights EK789 and EK790, Emirates will operate 11 weekly flights to Ghana using its wide-body Boeing 777-300ER aircraft. The airline will offer customers eight private suites in First Class, 42 lie-flat seats in Business Class, and 304 spacious seats in Economy Class.

Passengers travelling to and from Ghana will continue to benefit from Emirates’ award-winning services and products across all cabin classes. These include regionally inspired meals, complimentary beverages, and the airline’s ice inflight entertainment system, which features up to 6,500 channels of on-demand entertainment in more than 40 languages. The platform also includes Ghanaian content such as Kotoka, Part Time Woman and Ghana Map.

Beyond passenger travel, the additional flights are expected to boost cargo operations through Emirates SkyCargo. The airline currently transports significant volumes of fresh-cut fruit from Ghana to European destinations such as Prague and Zurich, alongside electronics, textiles and pharmaceutical products.

According to Emirates, the increased bellyhold cargo capacity will further support trade, stimulate economic activity and provide Ghanaian businesses with faster and more reliable access to global markets.

On Friday, 8 May 2026, global credit rating agency Fitch Ratings delivered what many economists, policymakers, and market observers had been watching for with cautious optimism: a formal upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) from ‘B-‘ to ‘B’, with a Positive Outlook.

This announcement, made amid a backdrop of global economic turbulence, did not arrive by accident.

It is the culmination of years of painful but necessary fiscal reform, disciplined monetary policy, a successful debt restructuring journey, and a renewed commitment to macroeconomic stability.

For a country that, as recently as 2022, was staring down a debt-to-GDP ratio approaching 93% and inflation spiralling past 50% in early 2023, this milestone carries enormous symbolic and practical weight.

This article unpacks the significance of the Fitch upgrade, the evidence that earned it, and what it portends for Ghana’s economy, its financial sector, and its people.

Understanding what the rating ‘b with positive outlook’ means

Credit ratings assigned by agencies like Fitch, Moody’s, and S&P serve as a measure for sovereign creditworthiness, i.e., a country’s ability and willingness to meet its financial obligations.

The rating scale descends from investment-grade territory (AAA, AA, A, BBB) into speculative or “junk” grade (BB, B, CCC and below).

A ‘B’ rating places Ghana firmly in the speculative-grade category, meaning the country carries an elevated credit risk.

However, within the speculative tier, ‘B’ represents meaningful ground above distress territory.

Crucially, the Positive Outlook attached to the rating is Fitch’s forward signal, an indication that, based on the current trajectory, a further upgrade to ‘B+’ within the next 12 to 24 months is plausible, if not likely.

For context, Ghana entered Restricted Default status in late 2022 following suspension of payments on its Eurobonds.

The journey from Restricted Default → B- (June 2025) → B with Positive Outlook (May 2026) represents three distinct rating improvements in under two years. That trajectory is, by any standard, remarkable.

Pillars of the upgrade

Fitch’s upgrade was not a gesture of goodwill. It was grounded in a clearly articulated set of macroeconomic and fiscal indicators that demonstrate Ghana’s structural transformation. Five pillars underpin the decision.

1. Fiscal consolidation and record primary surpluses

Perhaps the most striking evidence of Ghana’s fiscal discipline is the primary surplus of 2.9% of GDP recorded in 2025, which Fitch described as a record-breaking achievement.

A primary surplus means the government is collecting more in revenue than it is spending before accounting for interest payments, a signal that the underlying fiscal position is sound.

Looking forward, Fitch projects Ghana will maintain primary fiscal surpluses of 1.5% of GDP in both 2026 and 2027.

The agency explicitly acknowledged improvements in public financial management, noting that these reforms reduce the risk of short-term fiscal slippages that plagued Ghana in earlier years.

2. Successful debt restructuring and declining debt burden

Ghana’s $13.1 billion Eurobond debt restructuring served as a foundational precondition for the upgrade, marking one of the most significant sovereign debt operations in recent West African history.

Completed through the Domestic Debt Exchange Programme (DDEP) in 2023 and subsequent external restructuring, the process has placed Ghana’s debt trajectory on a sharply downward path.

Fitch projects Ghana’s public debt to fall to 46% of GDP by 2027, down from a staggering 93% of GDP in 2022.

This halving of the debt ratio over a five-year period would, if achieved, represent one of the most dramatic debt consolidations in sub-Saharan African economic history.

The agency also noted that T-bill yields have fallen to historically low levels since early 2025, and Ghana successfully reopened its bond market in April 2026, issuing a GHS 3.8 billion seven-year bond, which is its first domestic bond issuance since the DDEP, a testament to restored investor confidence.

3. Surging international reserves and external position

External liquidity has historically been Ghana’s Achilles’ heel. That vulnerability has materially diminished.

International reserves grew by $5.4 billion in 2025 alone, reaching $12.3 billion, a level Fitch deems sufficient to contain external liquidity risks, even with rising debt service obligations on the horizon.

In 2025, the nation’s current account surplus reached a historic 8.2% of GDP, primarily propelled by robust gold export revenues due to sustained high global gold prices.

Fitch anticipates that this surplus will diminish in 2027 due to moderating gold prices and increasing imports associated with economic growth.

However, the external position continues to be markedly stronger than the median of the ‘B’ category, which generally exhibits a current account deficit of 3.4% of GDP.

4. Inflation at historic lows

The inflation story in Ghana has been nothing short of dramatic. Having peaked above 50% in early 2023, inflation declined for 15 consecutive months, reaching 3.2% in March 2026; the lowest level since 1999.

While April 2026 saw a marginal uptick to 3.4%, the first increase since December 2024, partly attributed to global oil price pressures and regional supply disruptions, Fitch views this uptick as a temporary development and expects the downward trend to persist.

Lower inflation has multiple compounding benefits: it rebuilds household purchasing power, enables the Bank of Ghana to ease monetary policy (lowering borrowing costs), stimulates consumer confidence, and reduces the fiscal burden of inflation-linked expenditures.

5. Strong and sustained real GDP growth

Ghana’s underlying growth engine continues to perform. Fitch recorded real GDP growth of 5.7% in 2024 and projects approximately 5% annual growth through 2027, driven by gold mining output, improved consumer confidence, lower inflation and easing lending rates.

The economy’s diversified commodity base, i.e., gold, oil, and cocoa, together with an increasingly vibrant services sector, provides a resilient buffer against sector-specific shocks.

What the positive outlook signals

A Positive Outlook from a rating agency is more than a footnote. It is a formal, forward-looking signal that Fitch believes conditions exist for another upgrade if the country maintains its reform trajectory.

Specifically, the Positive Outlook reflects expectations that Ghana will:

• Maintain prudent fiscal policies and meet its primary surplus targets
• Continue strengthening public financial management
• Sustain macroeconomic stability, particularly on inflation and the exchange rate
• Further reduce its debt burden as projected
• Manage external debt service obligations without major disruptions

These signals demonstrate growing institutional confidence not just in current numbers, but also in the structural and systemic reforms that produced them.

It is a vote of confidence in Ghana’s institutions: the Ministry of Finance, the Bank of Ghana, and the IMF programme architecture supporting the recovery.

Peer validation: A chorus of positive signals

The Fitch upgrade is not an isolated event. It follows a broader wave of positive sovereign rating actions:

• Moody’s took positive action on Ghana’s rating, citing its strong fiscal position
• S&P Global Ratings currently assesses Ghana at B-, trailing Fitch’s assessment and signalling potential room for further positive movement in subsequent review cycles

This alignment across all three major rating agencies is significant. When Fitch, Moody’s, and S&P move in the same directional current, it dramatically amplifies the signal sent to global capital markets.

It reduces the divergence premium that investors often price in when agencies disagree, and it reinforces the legitimacy of Ghana’s macroeconomic narrative.

Practical implications for Ghana: Access to capital markets

An elevated credit rating directly reduces the cost at which Ghana can secure international loans. The reopening of the domestic bond market in April 2026 indicated forthcoming developments.

As Ghana advances towards ‘B+’ status, now distinctly within reach, the Eurobond market becomes increasingly accessible at narrower spreads, alleviating the debt service burden that has traditionally absorbed a disproportionate portion of government revenue.

Interest payments as a percentage of revenue, which reached a maximum of 48% in 2021, had decreased to 25% by the time of the B-upgrade in 2025.

Foreign Direct Investment

Credit ratings influence foreign direct investment (FDI) flows in tangible ways.

Institutional investors like pension funds, sovereign wealth funds and development finance institutions operate under mandates that restrict or penalise investment in lower-rated sovereigns.

As Ghana climbs the rating ladder, an expanding universe of global capital becomes available.

This is particularly consequential for Ghana’s infrastructure, extractive industries and emerging technology and financial services sectors.

Exchange rate stability and cedi confidence

The Ghanaian cedi has long been battered by periodic crises of confidence. The combination of rising reserves, a strong current account, and improving credit ratings creates a self-reinforcing cycle of currency stability.

A more stable cedi reduces import costs, lowers inflation, and rebuilds the confidence of domestic savers and foreign investors alike.

Banking sector and domestic credit

An improved sovereign rating has direct portfolio implications for Ghana’s banking sector, including institutions like Stanbic Bank Ghana that have weathered the turbulence of the DDEP.

Banks hold substantial quantities of government securities; as those securities reprice favourably with improving sovereign credit quality, bank balance sheets strengthen.

Improved credit conditions also stimulate demand for credit across retail, corporate, and public sector segments, supporting loan book growth and earnings.

Investor and business confidence

Perhaps most underappreciated is the confidence multiplier that comes with a credit rating upgrade.

Businesses make investment decisions based on long-term risk perceptions. As Ghana’s rating improves, the risk premium attached to doing business here declines.

This will make the country more competitive as a destination for regional headquarters, shared service centres, and expansion capital.

Risks and cautionary notes

To its credit, Fitch did not present a rose-tinted picture. Several risks to the outlook were explicitly flagged:

High debt servicing costs: As DDEP bonds begin amortising in 2027 and the second-largest Eurobond ($2.9 billion) commenced amortisation in January 2026, debt service costs are projected to rise to 6.8% of GDP by 2027, up from 4.6% in 2025. Managing this surge without fiscal slippage will require sustained discipline.

External shocks: Ghana remains a commodity-dependent economy. A sustained decline in gold or oil prices, or a worsening of global financing conditions, could quickly erode current account gains.

Inflation risks: The April 2026 uptick in inflation, the first since December 2024, is a reminder that global supply shocks and oil price volatility can quickly reverse domestic price stability gains.

The government’s decision to reduce taxes and levies on hydrocarbon products to cushion fuel prices is prudent but carries a fiscal cost.

Fiscal management continuity: The upgrade rests partly on Fitch’s assessment of improved public financial management.

Sustaining this improvement demands institutional continuity and protection against political economy pressures in election cycles.

These risks are real, but they are manageable provided discipline and reform momentum are maintained.

“This is only the beginning.” – Finance Minister’s response:

Finance Minister Dr. Cassiel Ato Forson received the upgrade with measured but unambiguous pride.

His response captured both the achievement and the challenge ahead: “I assure you this is only the beginning.

We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”

The sentiment is fitting. Ghana has done the hard work of returning from the brink.

But the real dividend of macroeconomic stability, i.e., broad-based improvements in living standards, job creation, affordable credit, and a stronger cedi must now be translated from balance sheets into the lived experience of ordinary Ghanaians.

Conclusion: A turning point, not a destination

Fitch’s upgrade of Ghana to ‘B’ with a Positive Outlook is more than just a rating action.

It is a chapter in one of the more instructive fiscal recovery stories in recent African economic history, a story of a nation that confronted the consequences of a decade of fiscal profligacy, underwent painful structural reform and is now being recognised by the world’s premier credit risk arbiters for the progress made.

The journey from Restricted Default in 2022 to a ‘B’ rating with an upward trend in 2026 exemplifies the accomplishments of enduring policy discipline, even when politically challenging.

It affirms the IMF programme framework, the debt restructuring discussions, the Bank of Ghana’s monetary contraction and the fiscal consolidation efforts undertaken over three years.

Ghana has regained credibility. What remains now is the harder, longer work of converting that credibility into prosperity for the banking sector, for businesses, and above all, for the millions of Ghanaians whose daily lives are the ultimate measure of what macroeconomic recovery truly means.

The writer, Daniel Afari-Djan, is the Business Development Manager in charge of Personal & Private Banking at Stanbic Bank Ghana. He is also holds an MSc in International Business from the University of Ghana Business School.

The beneficiaries were trained in beekeeping, mushroom cultivation, and snail farming, and were also provided with start-up equipment to help them establish and run their own businesses.

The initiative, implemented by the non-governmental organisation Write for World, forms part of efforts to equip young people with practical skills while promoting environmentally friendly economic activities.

Speaking at the graduation ceremony in an interview with Adom News, Milliam Esenam Donkor, Administrator for Write for World, said the programme reflects the organisation’s commitment to tackling youth unemployment through practical entrepreneurship training.

She explained that the initiative was designed to expose participants to viable green business ventures with strong growth potential, while also ensuring they become self-reliant.

“This programme is about empowering young people with skills that can sustain them and also contribute to environmental sustainability,” she noted.

She urged the beneficiaries to take the training seriously so they can become self-reliant and independent in their respective communities.

She further encouraged the graduates to remain focused, innovative, and committed to environmental sustainability as they begin their entrepreneurial journeys.

The beneficiaries expressed gratitude to the organisation for the opportunity, describing the training as both transformative and timely. They pledged to apply the skills and knowledge acquired to establish successful enterprises and contribute to the economic development of their communities.

Some participants also noted that the start-up equipment provided would significantly ease the challenges of setting up new businesses and enable them to begin operations immediately.

The programme is part of broader efforts to promote green entrepreneurship among young people, strengthen economic resilience, and support sustainable community development in the South Tongu District.

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GoldBod was specially invited to participate in a high-level roundtable of the International Bullion Centres (IBC) Association in recognition of Ghana’s growing importance in the global gold value chain.

Representing GoldBod, Richard Nunekpeku presented Ghana’s GoldBod regulatory model and ongoing reforms aimed at strengthening responsible sourcing, traceability, local refining, and ASM formalisation.

A key outcome of the discussions was LBMA’s recognition of Ghana’s increasing strategic role in the global precious metals market and its commitment to explore policy frameworks that will support greater international recognition of Ghana as a significant market participant.

LBMA also expressed strong support for GoldBod’s traceability and ASM formalisation agenda, recognising these initiatives as critical to strengthening responsible sourcing and enhancing the integrity of Ghana’s gold supply chain.

As part of this commitment, LBMA pledged to work closely with GoldBod in advancing internationally aligned traceability systems, responsible sourcing standards, and compliance frameworks for the artisanal and small-scale mining sector.

The association further indicated its intention to support the development of practical tools and industry best practices to promote transparency, improve auditability, and facilitate the progressive integration of Ghana’s ASM sector into global responsible gold supply chains.

Commenting on the outcome, Richard Nunekpeku noted that the discussions reflect growing international confidence in Ghana’s reforms and reinforce the country’s ambition to become a leading responsible gold-producing nation.

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The committee has been tasked with formulating regulations to guide the quality, regulation, and use of bitumen in the country’s road construction sector.

According to the NPA, although the bitumen industry has operated in Ghana for several years and plays a critical role in the development and maintenance of road infrastructure, there is currently no dedicated regulatory framework governing key activities such as importation, storage, transportation, distribution, and quality assurance.

The committee will be chaired by Mr. Abass Tasunti, Director of Economic Regulation and Planning at the NPA, while Ms. Bridgette A. Turkson, Acting Director of the Licensing Directorate, will serve as Co-Chair.

Membership of the committee comprises representatives from the NPA’s Quality Assurance, Licensing, Inspections Monitoring, and Health, Safety and Environment (HSE), and Economic Regulation and Planning Directorates. It also includes stakeholders from the Ghana Highways Authority, Ghana Standards Authority, Ghana Revenue Authority, and the Ministry of Roads and Highways.

Speaking at the inauguration ceremony, Mr. Tameklo said the establishment of the committee is an important step towards strengthening oversight of the bitumen industry and ensuring that products used in road construction meet required standards.

He noted that the committee’s work will help guarantee that bitumen produced locally or imported into the country complies with established quality requirements, thereby supporting the delivery of durable and reliable road infrastructure.

The committee is expected to engage relevant stakeholders and develop recommendations that will form the basis of a regulatory regime for the sector.

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Madam Ayeele Adjei, a tomato trader, said farmers should be trained in modern cultivation practices, including seed selection, nursery management, pest control, irrigation, and post-harvest handling.

She told the Ghana News Agency (GNA) that improved farming techniques could help increase yields, reduce losses, and enhance food security.

According to her, farmers should be encouraged to cultivate tomato varieties suited to local climatic conditions and capable of withstanding transportation and storage challenges.

Madam Adjei said continuous training and technical support would enable farmers to improve productivity, particularly during the dry season when tomato supply often declines.

She also advocated improved packaging, grading, and handling practices to reduce post-harvest losses and improve the quality of tomatoes supplied to urban markets.

Madam Mary Amoako, another trader, attributed the current high prices of tomatoes partly to supply disruptions from Burkina Faso, which remains a major source of imported tomatoes during periods of low domestic production.

She said insecurity and logistical challenges in the neighbouring country had affected supplies and contributed to price increases on the Ghanaian market.

Madam Doris Adama, also a trader, said consumers continued to express concern over the rising cost of tomatoes.

She noted that some buyers now spend between GH¢10 and GH¢20 on only a few tomatoes, depending on size and quality.

The traders appealed to the Ministry of Food and Agriculture and other stakeholders to intensify support for local farmers to increase production and improve the year-round availability of tomatoes.

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BoG converts all Rural Banks into Community Banks in major sector…

On a month-on-month basis, the Producer Price Inflation decreased by 1.4%, indicating a short-term easing in price pressures between April and May 2026.

According to the Ghana Statistical Service, the increase in the year-on-year producer inflation was largely driven by Mining and Quarrying, the largest Sub-sector, with a weight of 43.7%, which rose significantly from 5.6% in April to 11.0% in May 2026.

The Manufacturing sub-sector, which makes up 35.0% of the PPI weights, increased from -0.7%in April to 0.7% May 2026, representing a rise of 1.4 percentage points.

Similarly, the Transport and Storage sub-sector increased slightly from -6.6% in April to 7.7% in May 2026, indicating a reversal of earlier price declines.

Providing some recommendations for consumers the Ghana Statistical advised households to compare prices across outlets and take advantage of promotions or discounts, particularly on durable and household goods, to mitigate the gradual impact of rising production costs on retail prices.

For businesses, the Ghana Statistical Service said the modest year-on-year increase in the PPI signals emerging upward pressure on input costs in the medium term.

 The Ghana Statistical Service advised firms to consider securing key inputs through forward contracts or bulk purchasing where feasible.

The service advised government to strengthen inflation monitoring and surveillance, particularly along supply chains, to track cost pass-through risks. Close monitoring of key sectors such as mining, transport, and manufacturing remains important for managing inflationary pressures.

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The central bank said the conversion takes immediate effect under the Guideline on the Revised Microfinance Sector Framework, 2026 (Notice No. BG/GOV/SEC/2026/03), with all existing Rural Banks now officially designated as Community Banks.

In a statement issued on June 17, the BoG described the move as a significant milestone in the ongoing transformation of Ghana’s microfinance industry.

According to the central bank, all affected institutions are required to complete statutory name changes, corporate rebranding and other regulatory adjustments by December 31, 2026.

The reform coincides with the 50th anniversary of rural banking in Ghana and is expected to usher in a new era of community-based financial intermediation.

“Through this conversion, the Bank of Ghana is repositioning the Community Banking sector as a modern banking segment to deepen inclusive finance in both rural and urban communities and integrate them into the national financial architecture,” the statement said.

Rural banking was introduced in Ghana in 1976 through a partnership between the Government of Ghana and the Bank of Ghana to improve access to banking services in underserved communities and facilitate their participation in the formal financial system.

Over the past five decades, the sector has grown into a key pillar of Ghana’s financial inclusion agenda and banking industry.

The Bank of Ghana noted that the sector currently comprises 147 licensed institutions operating nearly 1,000 branches nationwide and serving more than eight million customers.

The central bank attributed the sector’s growth to sustained policy support, a development-oriented regulatory framework and the community ownership model that has guided many of the institutions.

BoG said the conversion forms part of broader efforts to modernise the country’s financial sector while ensuring greater access to banking services in both rural and urban areas.

Although the central bank did not indicate whether the change would affect ownership structures or day-to-day operations, it stressed that all Community Banks must comply with the required regulatory and branding changes before the end of 2026.

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Speaking on JoyNews’ PM Express amid growing discussions about whether Ghanaians should be allowed to work longer before accessing pension benefits, Biney acknowledged that demographic shifts had strengthened the case for extending the retirement age, but said other factors could not be ignored.

“I agree that the demographic numbers have shifted rapidly. A lot more people today in Ghana are living longer, are much stronger even after 60. But a decision to extend retirement goes beyond just that. You need to consider factors like your employment rate, unemployment numbers, and availability of jobs,” he said.

He warned that keeping older workers in employment longer could create a significant backlog for young Ghanaians seeking to enter the workforce.

“How do we just weigh that against probably creating another backlog of five to seven years on unemployed youth who could have come into the employment bracket?” he asked.

Biney also noted that while extending the retirement age would reduce immediate pension payouts and increase contribution inflows, benefiting the pension fund, those financial gains had to be weighed carefully against the impact on the labour market.

He stressed that any decision on the retirement age should only be made after broad national consultation, rather than being driven by any single institution.

“We all need to go and sit together as stakeholders, brainstorm, deliberate, and ultimately come to the point where we all make a decision, rather than an individual institution like SSNIT deciding, ‘guys, let’s run,'” he said.

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The Chief Executive Officer of Ghana National Gas Limited Company (Ghana Gas), Ms Judith Adjobah Blay, led a delegation to the NPA on Tuesday, June 16.

The visit follows an earlier meeting held in August last year, aimed at exploring areas of cooperation to promote mutual benefit and strengthen Ghana’s petroleum downstream sector.

Discussions focused on enhancing the smooth operations of Ghana Gas and strengthening partnerships between the two organisations, among other key issues.

Ms Blay noted that such engagements are essential to ensuring both institutions remain aligned as strategic partners.

“Following the meeting we had in August last year, we agreed to meet again and discuss a few more technical issues that have a bearing on the work of both the NPA and Ghana Gas.

“This is because we serve businesses, and these meetings are necessary to ensure that we remain on the same page in how we support the companies that rely on our services,” she said.

Responding, Mr Tameklo thanked Ghana Gas for the courtesy call and assured the company of the NPA’s commitment to supporting its operations.

“I personally want to thank the CEO of Ghana Gas for the visit, and we want to assure you that the NPA will return the favour.

“We will intensify our operational efforts in the areas where we need to make your work less difficult and ensure that your operations continue smoothly.

“I am confident that we have agreed on decisions that will benefit both organisations collectively, and the NPA will deliver on its part of the bargain for the greater good of the sector,” he said.

The meeting reaffirmed the strong partnership between the National Petroleum Authority and Ghana Gas, highlighting their shared commitment to collaboration, operational efficiency, and the sustainable growth of Ghana’s energy sector.

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The commitment was contained in a Joint Declaration issued by Ivorian President Alassane Ouattara and Ghana’s President John Dramani Mahama at the Côte d’Ivoire–Ghana High-Level Summit on the Future of the Cocoa Economy held in Abidjan on Tuesday, June 16, 2026.

The two leaders acknowledged that their countries account for about 60 percent of global cocoa production and therefore share a responsibility to shape the future of the sector while improving the welfare of cocoa farmers.

Under the agreement, the two countries pledged to harmonise farm-gate price policies to optimise producer remuneration, reduce market distortions, and deepen commercial cooperation. The initiative will include greater market synergy, alignment of premiums, and harmonisation of crop-season calendars.

The move is expected to reduce unhealthy competition across borders and strengthen the bargaining position of both countries in the global cocoa market.

In the declaration, the Heads of State reaffirmed that fair remuneration for cocoa farmers is essential for the long-term sustainability of the sector and for promoting economic justice and social stability in cocoa-growing communities.

They also highlighted the achievements of the Côte d’Ivoire–Ghana Cocoa Initiative (CIGCI), including the introduction of the Living Income Differential (LID), efforts to harmonise marketing and price announcements, and cooperation on traceability and sustainable cocoa standards.

Despite these gains, the declaration noted that the sector continues to face major challenges, including price volatility, illegal gold mining, climate change, the increasing use of cocoa substitutes, and stricter international sustainability requirements.

Beyond price harmonisation, the two countries agreed to strengthen scientific cooperation in combating cocoa diseases, particularly Cocoa Swollen Shoot Virus Disease, expand cocoa processing and value addition, and promote greater regional consumption of cocoa products.

They further announced plans to expand the Côte d’Ivoire–Ghana Cocoa Initiative to include other African cocoa-producing countries, with the aim of enhancing regional cooperation, harmonising sector policies, and strengthening Africa’s collective bargaining power in the global cocoa economy.

Complete Farmer deepens agritech Innovation with farmer and buyer focused platforms

Complete Farmer launches CF Grower and CF Buyer to deepen digital…

The platforms are designed to support farmers with better production guidance while giving buyers a more reliable and transparent way to source agricultural commodities.

Together, they seek to reduce some of the long-standing challenges in agriculture, including limited technical support, weak market access, inconsistent supply, and poor visibility across the value chain.

Chief Technology Officer of Complete Farmer, Kola Olajide, said the platforms incorporate
artificial intelligence tools that allow farmers to assess crop health using their mobile phones.

“Now you can use your phone to scan a crop and it can tell you where the deficiencies are,” he explained.

According to him, the technology has been designed with smallholder farmers in mind,
especially those operating in areas with limited internet connectivity.

He noted that Complete Farmer has developed a network of field agents and offline functionality to ensure farmers are not excluded from the benefits of digital agriculture.

“Our agent network can use the app even in areas without internet access. Once
connectivity is restored, the data synchronizes automatically,” Olajide said.

The CF Grower platform supports farmers with services such as land mapping, soil analysis,
crop recommendations and crop-specific agronomic guidance.

CF Buyer, on the other hand, helps buyers connect more directly with farmers and build more reliable sourcing relationships.

Marketing Manager of Complete Farmer, Weetsa Adinku, said the platforms represent more
than a technology rollout. According to her, the company’s focus is on improving the entire
agricultural journey.

“At the heart of everything we do is agriculture, and at the heart of agriculture is the journey from farm to table,” she said.

“Every connection we create, every transaction we enable, and every solution we build is designed to make that journey more efficient, transparent and rewarding for everyone involved.”

She added that the platforms are intended to empower farmers, expand market access, improve transparency and create opportunities across the agricultural ecosystem.

Executive Director of the Kosmos Innovation Center, Benjamin Gyan-Kesse, also
commended Complete Farmer’s growth, describing it as evidence of how innovative ideas can become impactful businesses when given the right support.

“Nine years ago, when I met Desmond, it was just an idea. Today it is a full-blown African business,” he said.

“Young start-ups come with energy, ambition and conviction. At the time, there was no proof, but today we are seeing the results.”

For farmers, the value of the platforms lies in having a more guided and less stressful way to manage production. For buyers, it is the ability to source with greater confidence and transparency.

For the wider sector, it points to a future where agriculture becomes more connected, efficient and data-driven.

As Ghana continues to focus on food sustainability and agribusiness growth, CF Grower and
CF Buyer offer a practical example of how technology can support local production, improve
market linkages and create greater value across the agricultural ecosystem.

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The platforms, launched in Accra on June 11, 2026, are designed to connect farmers, buyers, and other players in the agricultural value chain through a more structured digital system.

For Complete Farmer’s Chief Executive Officer, Desmond Koney, the platform is personal. He said his background in a farming family shaped his desire to build a system that improves the experience of farmers and helps them earn more value from their work.

“My dad was a farmer, my grandfather was a farmer, and I felt the need to change the narrative of farmers,” he said.

Koney explained that Complete Farmer is building a bridge between farmers and buyers, making it easier for both sides to transact smoothly.

He noted that farmers often need support not only to grow successfully, but also to sell successfully.

Speaking on behalf of the Director of PIAA, Dr Peter Boamah Otokunor, Programmes
Coordinator Emmanuel Owusu said Ghana’s growing use of technology creates a strong
opportunity for digital agriculture to thrive.

He expressed confidence that farmers and agribusiness professionals would embrace platforms that improve productivity and market access.

Early users of the platform have also praised its simplicity. In a video shared during the launch, one farmer described the experience as refreshing, saying it reduces the stress of moving from one market to another in search of agro-inputs.

The user also noted that the platform provides clear steps to guide farmers from planning through to contract completion.

Chief Technology Officer of Complete Farmer, Kola Olajide, said the platform includes
artificial intelligence tools that allow farmers to scan crops with their phones and identify
nutrient deficiencies.

“Now you can use your phone to scan a crop and it can tell you where the deficiencies are,” he explained.

He added that the system was built with smallholder farmers in mind, including offline
functionality supported by field agents. This allows data to be collected in areas with poor
connectivity and synchronised once internet access is restored.

With CF Grower and CF Buyer, Complete Farmer is positioning itself to support a more
structured agricultural value chain, where farmers can access guidance and markets more
easily, and buyers can source produce with greater confidence.

The launch marks another step in Ghana’s digital agriculture journey, offering a practical
model for how technology can improve production, strengthen market linkages and create new opportunities across the sector.

CF Grower focuses on the farmer’s production journey. It supports land mapping, soil and
crop recommendations, crop-specific agronomic guidance and other tools that help farmers
make better decisions from planning to harvest. The platform is available for download on
the Google Play Store and Apple App Store.

CF Buyer, on the other hand, is built to improve commodity sourcing by connecting buyers
directly to farmers and supporting more transparent supply relationships across Ghana and
beyond. Buyers can access the platform through the Complete Farmer website at
www.completefarmer.com.

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Dr Dominic Naab, Acting Deputy Commissioner for Strategy and Research and Head of VAT Administration at GRA, made the comments during the first edition of the GRA Connect Radio Show on Joy FM’s Super Morning Show, where he also traced the origins of the authority back to its 2009 establishment under Act 791 of Parliament.

Before GRA was created, Ghana’s revenue collection was split across three separate agencies: the Internal Revenue Service, the VAT Service, and the Customs and Excise Preventive Service. Dr Naab said the fragmented structure created inefficiencies and quiet rivalry between institutions that should have been working together.

“There was that subtle competition instead of collaboration,” he said. “It was thought that if they came together as one, then there would be synergy and reduction or elimination of duplicated services.”

On the informal sector, Dr Naab acknowledged that taxing individuals in that space had proven difficult, but said GRA was not prepared to leave them outside the system.

“They are making income, but they have to be taxed anyway,” he said. “The modified taxation basically are persons whose turnover are so small that we still would want them to actually contribute.”

He clarified that the scheme applies only to individuals, including sole proprietors who do not file accounts with the Registrar of Companies, and not to registered companies, which remain subject to the standard corporate tax framework.

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Speaking during the opening session of the Korea High-Level Invitational Visit by the Ghanaian delegation under the Ghana Tax Modernisation Project (2023–2026) in the South Korea, Mr. Ampem said the improvement reflects gains being made through ongoing tax and public financial management reforms.

According to him, the government remains focused on sustaining macroeconomic stability following the successful completion of Ghana’s IMF-supported bailout programme while pursuing policies aimed at strengthening domestic revenue mobilisation and promoting inclusive economic growth.

While welcoming the improvement in revenue performance, Mr. Ampem noted that Ghana still has work to do to bring its tax effort in line with countries at similar levels of development.

“Ghana’s tax-to-GDP ratio, although improving from approximately 12.3 percent to about 14 percent in 2025, remains below the average for countries at similar levels of development,” he said.

He stressed that the situation underscores the need for continued reforms to improve efficiency, reduce revenue leakages, expand the tax net, and strengthen voluntary tax compliance.

The Deputy Minister identified modern and integrated revenue administration systems, stronger institutional capacity, enhanced collaboration among state institutions, and greater use of technology as critical elements required to sustain progress.

He said this is why the Ghana Tax Modernisation Project has become strategically important to the government’s revenue mobilisation agenda.

The project, being implemented with support from the Korea International Cooperation Agency, the Korea Institute of Public Finance, and other partners, seeks to transform Ghana’s tax administration system through innovation, technology, institutional strengthening, and capacity development.

Mr. Ampem, who chairs the project’s Steering Committee, said the initiative is expected to culminate in a comprehensive Tax Modernisation Master Plan that will guide future reforms and support the creation of a more efficient, transparent, and citizen-centred revenue administration system.

He noted that beyond improving revenue collection, the broader objective is to establish a modern, technology-driven tax administration framework that enhances efficiency, promotes transparency, strengthens public trust, and supports Ghana’s long-term development agenda.

The Deputy Minister also expressed appreciation to the Government of Korea and its development partners for their continued support, describing the partnership as critical to Ghana’s efforts to consolidate recent economic gains, strengthen fiscal sustainability, and accelerate institutional reforms.

He expressed confidence that lessons from Korea’s development experience and the recommendations emerging from the project will help Ghana build a more resilient and effective tax system capable of financing the country’s development priorities.

Mahama expected in Abidjan for high-level cocoa summit with Côte d’Ivoire

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Addressing stakeholders at a meeting of the Côte d’Ivoire–Ghana Cocoa Initiative (CIGCI) in Abidjan, Dr. Abbey stressed that sustained collaboration between the world’s two largest cocoa-producing countries is critical to improving farmer incomes, enhancing market influence, and promoting the long-term sustainability of the cocoa sector.

He noted that while both countries have made progress through the Initiative, future success depends on stronger mutual confidence and a shared strategic direction on key industry issues, particularly cocoa pricing.

“Ghana and Côte d’Ivoire have a unique opportunity to shape the future of the global cocoa industry. However, this can only be achieved if we continue to work together in a spirit of openness, honesty, and trust,” Dr. Abbey stated.

He emphasized that as producers of more than 60% of the world’s cocoa, Ghana and Côte d’Ivoire have significant leverage within the global cocoa value chain and must move beyond dialogue to coordinated action that protects farmers’ interests.

“With one accord, the two countries can achieve a lot in terms of price on the international market,” he added.

Dr. Abbey cautioned that fragmented pricing and market strategies could weaken efforts to secure fair value for cocoa producers, while stronger cooperation would enhance bargaining power and improve export returns.

He further stressed that transparency remains essential to sustaining the partnership, noting that trust is the foundation of effective collaboration.

“The discussions we hold must be matched by practical actions and mutual confidence. Without trust and transparency, it becomes difficult to achieve the common objectives we seek for our farmers and our economies,” he said.

Dr. Abbey also highlighted the need for continued cooperation on sustainability, traceability, climate resilience, and farmer welfare, as part of broader efforts to strengthen the cocoa sector.

The Côte d’Ivoire–Ghana Cocoa Initiative serves as a platform for both countries to address shared challenges in the cocoa industry and promote policies that improve livelihoods for cocoa farmers.

Industry observers believe stronger collaboration between the two leading cocoa producers will be key to improving global market influence and ensuring fairer returns for farmers across West Africa.

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Responding to questions on how confident the petroleum industry is that the reported diplomatic breakthrough will hold and keep prices on a downward path, Dr. Oppong said recent developments in the international market have given industry players reason to be hopeful.

“Regardless of whatever we have seen now with oil prices coming down, we are very optimistic about prices falling even below $80 under normal market conditions once these agreements are fully implemented,” he said on Joy FM’s Midday News.

Crude oil prices have dropped sharply this month, falling from about $110 per barrel to $97 per barrel, representing a decline of roughly 12%.

The decline has been attributed to weaker Chinese imports, record-high US oil exports, and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).

According to Dr. Oppong, crude oil prices have been declining over recent pricing windows, a trend he said could continue if geopolitical tensions in the Middle East ease further and disruptions to global oil supply chains are resolved.

He noted that reports of compensation arrangements involving Iran, the United Arab Emirates, and the United States, coupled with efforts to release vessels affected by regional tensions, were positive signals for the global energy market.

“If these developments continue and international shipping routes operate normally again, benchmark oil prices are likely to decline further, which will eventually be reflected in fuel prices at the pumps,” he stated on June 15.

The COMAC CEO said lower crude oil prices would bring relief to consumers and businesses, particularly in countries such as Ghana, where fuel costs significantly influence transportation and general living expenses.

Speaking as Chair of the 7th Steering Committee Meeting of the Côte d’Ivoire-Ghana Cocoa Initiative in Abidjan, Dr. Forson stressed that the future of the cocoa industry depends on deeper cooperation between the world’s two largest cocoa-producing nations.

“The cocoa sector deserves to be transformed into one that is more resilient, prosperous, and profitable for the benefit of both our countries and our farmers,” he stated.

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has stressed that closer collaboration between Ghana and Côte d’Ivoire is critical to safeguarding the long-term sustainability of the cocoa sector and improving the livelihoods of millions of cocoa farmers.

He noted that although both countries face similar challenges, including market volatility, climate-related risks, and production threats, stronger cooperation can help them anticipate disruptions, protect their economies, and shape the future of the global cocoa industry.

“As the world’s two leading cocoa-producing countries, we must engage more consistently and strategically to protect our economies. By doing so, we can better anticipate challenges, mitigate shocks, and shape the future of the industry rather than merely reacting to its disruptions,” Dr. Forson said.

The Finance Minister emphasized that sustained dialogue between Ghana and Côte d’Ivoire should be seen not as an end in itself, but as a means of delivering tangible benefits to farmers and future generations.

He urged members of the Steering Committee to focus on practical solutions and concrete actions that would strengthen the partnership between the two countries and advance the interests of cocoa-producing communities.

Dr. Forson also revealed that the Presidents of Ghana and Côte d’Ivoire, John Dramani Mahama and Alassane Ouattara, are expected to hold a high-level meeting to reaffirm their strategic partnership and shared commitment to the cocoa sector.

The meeting brought together senior government officials, industry stakeholders, and representatives from both countries, including the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, to discuss strategies aimed at strengthening cooperation, improving farmer incomes, and addressing emerging challenges confronting the cocoa industry.

Chairing the meeting, Dr. Forson underscored the importance of sustained dialogue and stronger cooperation between Ghana and Côte d’Ivoire, noting that the partnership remains critical to safeguarding the future of the cocoa sector.

“While we may not be able to resolve all our challenges here today, our collective determination to make a genuine and lasting positive impact on our farmers, our countries, and future generations should remain the driving force that guides our work,” he stated.

“The relevance and necessity of this collaboration are undeniable, and we must ensure that it succeeds.”

Dr. Forson stressed that as the two leading cocoa-producing nations globally, Ghana and Côte d’Ivoire have a shared responsibility to shape the future of the industry rather than merely react to global market disruptions.

“As the world’s two leading cocoa-producing countries, we must engage more consistently and strategically to protect our economies. By doing so, we can better anticipate challenges, mitigate shocks, and shape the future of the industry rather than merely reacting to its disruptions,” he said.

The Finance Minister called on participants to focus on practical and actionable solutions that would strengthen the partnership and deliver tangible benefits to cocoa farmers.

“The cocoa sector deserves to be transformed into one that is more resilient, prosperous, and profitable for the benefit of both our countries and our farmers,” he emphasized.

Also addressing the meeting, Côte d’Ivoire’s Minister of Agriculture, Rural Development and Food Production, Bruno Nabagné Koné, highlighted the importance of collective action in tackling the challenges facing the cocoa sector.

“We have gathered because we are combining our efforts. I do count on your spirit of responsibility,” he said.

Minister Koné stressed the need to guarantee decent incomes for cocoa farmers through closer coordination and greater harmonisation of cocoa pricing policies between the two countries.

“Ensuring decent income and justice through harmonisation of prices is critical. Cocoa must first of all guarantee a worthy lifestyle for farmers,” he stated.

The Côte d’Ivoire-Ghana Cocoa Initiative was established jointly by the Governments of Ghana and Côte d’Ivoire to coordinate cocoa policies, strengthen their position in the global cocoa market and improve the livelihoods of millions of cocoa farmers whose incomes depend on the sector.

The 7th Steering Committee Meeting is expected to produce concrete recommendations aimed at deepening cooperation between the two countries and advancing efforts to build a more sustainable, resilient and profitable cocoa industry.

In a supervisory directive issued on June 12, 2026, signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank expressed concern over the growing operation of fiat currency wallet arrangements denominated in foreign currencies and supported through bank transfers, payment cards and other payment channels provided by regulated financial institutions.

According to the Bank of Ghana, these services typically involve activities that require regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.

The central bank noted that the crypto platforms offering such services have not been authorised to undertake those activities in Ghana.

As a result, banks, specialised deposit-taking institutions, electronic money issuers, payment service providers and other regulated financial institutions have been instructed not to establish or maintain arrangements that facilitate the funding, operation, settlement or customer access to the unauthorised foreign currency wallet services.

The directive further requires institutions currently providing banking, payment, card acquiring, settlement or related support services to such platforms to take immediate steps to discontinue those services.

The Bank of Ghana warned that failure to comply with the directive could attract supervisory sanctions or enforcement actions against the affected institutions.

The move forms part of the central bank’s efforts to strengthen oversight of financial services and ensure compliance with existing regulations governing payment systems, foreign exchange transactions and digital financial services.

The Bank of Ghana also advised institutions seeking clarification on the directive to contact its Virtual Asset Service Provider (VASP) registration support desk.

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The seven-week campaign, launched during this year’s Mother’s Day celebrations, aimed to celebrate women whose selfless actions have positively impacted lives and communities across the country.

The grand finale brought together 10 finalists, family members, supporters, corporate partners, and invited guests for the climax of the nationwide initiative.

According to the Geisha brand team, 147 nominations were received from Ghanaians on social media, with each entry highlighting inspiring stories of women who have mentored, supported, and uplifted others in their communities. After weeks of public voting, 10 finalists emerged to compete in various tasks and performances on the night.

Media personality Gifty Anti graced the occasion as guest speaker and encouraged women to continue making an impact regardless of their titles or status in society.

Geisha Ghana also announced that Mrs Patience Abbah will enjoy an all-expense-paid trip to Zanzibar as part of her prize package.

Marketing Manager for Skin Cleanse and Skin Care at Geisha Ghana, Frederick Asare, explained that the Mama G initiative was inspired by the overwhelming stories shared during this year’s Mother’s Day celebrations. He said the brand seeks to extend the celebration of motherhood beyond a single day by recognising women who consistently demonstrate care, sacrifice, and resilience.

The initiative honours not only biological mothers, but all women who embody care, service, and strength. Mrs Patience Abbah, the 2026 winner, was nominated by her daughter, Sheila.

The organisers expressed optimism that the Mama G initiative will become an annual event, encouraging more Ghanaians to celebrate women whose contributions often go unnoticed but continue to make a meaningful impact in society.

The initiative seeks to bridge the gap between classroom theory and real-world enterprise by giving students hands-on experience in running micro-businesses within their schools.

The pilot phase is currently underway in the Ashanti Region, with 25 out of 38 Technical and Vocational Education and Training (TVET) institutions participating.

Held under the theme “Empowering Youth Through Practical Entrepreneurship,” the project provides learners with practical exposure in product development, business planning, financial management, and customer engagement.

Speaking on the sidelines of the event, the Ashanti Regional Director of the Ghana TVET Service, Engr. Richard Addo-Gyamfi, said the initiative is timely as Ghana expands TVET to align more closely with industry needs.

He stressed that schools should serve not only as centres of learning but also as hubs for innovation, enterprise, and skills development.

“We want to make the teaching and learning of entrepreneurship very practical. That is why the RANT School Enterprise Project is being rolled out as part of the programme,” he said.

Engr. Addo-Gyamfi noted that managements of TVET institutions have been directed to form student entrepreneurship clubs to establish businesses on their campuses.

“We’ve instructed schools offering entrepreneurship courses to set up businesses that align with their environment’s strengths, weaknesses, and internal assessments. The goal is to help them identify viable business opportunities where students can also get involved,” he added.

He further revealed that TVET institutions in Ghana are recording growing enrolment, reflecting a gradual shift in public perception toward skills-based education.

According to him, some institutions are now unable to admit all qualified applicants due to rising demand.

“We are now in the 21st century, an era defined by skills, and this is where employment opportunities lie. The long-standing perception that TVET is meant for the less academically inclined is gradually changing,” he said.

RANT Academy’s Founder and Programmes Director, Lizzy Lambie, also noted that Ghanaians possess a strong entrepreneurial spirit, but expressed concern about increasing migration in search of jobs abroad.

She cautioned that securing employment in countries such as the United Kingdom comes with significant challenges and encouraged young people to build businesses locally.

“When we started this programme, the students’ first request was for us to take them to the UK to work after graduation. But I told them that with the skills they have and the resources available in Ghana, they could achieve much more at home,” she said.

Lambie said many Ghanaians engage in informal side ventures but often fail to scale them into sustainable enterprises.

She urged a shift in mindset, particularly in the agricultural sector, noting its untapped potential for wealth creation.

“As a Ghanaian, I believe we have a natural entrepreneurial spirit… Agritech is a big industry, and the world is getting rich off our agriculture. So why aren’t we getting rich off our own agriculture?” she asked.

She encouraged young people to remain confident and pursue entrepreneurship despite challenges.

As part of the event, RANT Academy honoured participating students and facilitators of the entrepreneurship clubs with citations and plaques.

RANT Passport, a digital platform developed by RANT Academy, was also launched to connect TVET students with employers.

The platform allows students to upload their profiles, work experience, and video CVs showcasing practical skills, enabling employers to assess candidates more effectively.

By embedding enterprise practice into TVET, stakeholders hope to reduce graduate unemployment and stimulate local economic activity.

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The Bank said the extension would give existing operators more time to complete their registration and ensure their operations were in line with its guidelines.

In a notice issued to the public, the Central Bank urged all IMTOs in the country to use the extra time to submit the needed documents and regularise their activities.

It warned that any operator that failed to register by the new deadline would not be allowed to operate in Ghana.

The BOG added that any partnerships between unregistered operators and banks, specialised deposit-taking institutions, and payment service providers would be cancelled after July 31.

Such operators could face further regulatory action, it said.

The directive applies to all financial institutions, which are expected to follow the rules and ensure compliance.

The BoG has advised operators to contact its Payment Systems Department for support during the registration process.

The association says many farmers are unable to fully commence farming activities due to the delay, raising concerns over production levels and incomes.

President of the Peasant Farmers Association of Ghana, Douglas Annor, said the group has petitioned government for urgent intervention, warning that growers risk financial distress if subsidised inputs are not made available within weeks.

“We have formally written to the Ministry of Food and Agriculture about this critical issue, but we have not received a response,” he said.

Farmers across the country continue to grapple with high production costs, which are eroding their profit margins. Mr. Annor added that without subsidised fertiliser, many farmers are either forced to purchase inputs at high market prices or reduce their cultivated acreage.

Kwaku Ntiamoah, a farmer in Goaso, said he is considering scaling down his farm size due to the delays. He described his farmlands as “hungry” and in need of nourishment.

“Without fertiliser, the crops cannot grow well. Without good harvests, we cannot take care of our families,” he said.

Farmers in major agricultural districts report similar challenges, noting that they have not received subsidised inputs since 2025 despite expectations of improved support to the sector.

The situation has raised fears of reduced yields if the delays persist. According to sources, the Ministry of Food and Agriculture says it is unable to fully implement the programme due to delays in the release of funds.

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The latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC) and sighted by Joy Business indicates that petrol, diesel and LPG will all record reductions during the second pricing window of June.

Petrol Leads Price Decline

Petrol is expected to see the largest reduction, with prices projected to fall by up to 9.31%.

If oil marketing companies fully apply the projected reduction, a litre of petrol could sell for about GH¢14.72, making it one of the steepest fuel price cuts seen in recent times.

Diesel prices are also expected to decline, with a litre likely to sell around GH¢17.02, particularly among oil marketing companies that procure products on credit from Bulk Oil Distributors.

LPG prices are projected to ease marginally, with a kilogram expected to sell at about GH¢17.20.

Joy Business understands that the reduction margin for diesel remains relatively small due to the full removal of the government-industry intervention mechanism, while LPG prices continue to be influenced by existing tender arrangements.

Industry players say the decline could have been even steeper if not for the recent depreciation of the cedi. According to COMAC, the local currency weakened from GH¢11.59 to GH¢11.80 per US dollar during the pricing period, representing a 2.45% loss in value.

NPA Slashes Price Floor

The National Petroleum Authority (NPA) has also announced new price floors for the June 16–30 pricing window.

The price floor for petrol has been reduced from GH¢15.20 per litre in the first half of June to GH¢13.39 per litre. Diesel’s price floor has also dropped from GH¢15.49 to GH¢15.11 per litre.

The NPA has directed industry players to comply with the new price floors, meaning no oil marketing company is expected to sell below the approved rates.

However, given the intense competition currently prevailing in the market, industry watchers believe some major players, including GOIL and Star Oil, could price their products very close to the new floors.

Why Prices Are Falling

According to COMAC, the projected reductions are driven primarily by falling crude oil prices and declining prices of refined petroleum products on international markets.

Crude oil prices have dropped sharply this month, falling from about $110 per barrel to $97 per barrel, representing a decline of roughly 12%.

The decline has been attributed to weaker Chinese imports, record-high US oil exports and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).

Prices of finished petroleum products have also recorded their biggest declines this year. COMAC estimates that LPG prices fell by 19.94%, petrol by 15.21% and diesel by 10.17% on the international market.

There are also indications that crude oil prices could ease further following reports of a new agreement aimed at ending the conflict in the Middle East, a development that could provide additional relief for consumers in the coming pricing windows.

The MP, who also serves as Deputy Minister for Transport, said the initiative is expected to improve livelihoods, create jobs and enhance trading activities in the area.

According to her, women, who play key roles in managing households and businesses, will particularly benefit from the project as the 24-hour market system will offer flexibility to balance both family and economic responsibilities.

Madam Affo-Toffey made the remarks during the sod-cutting ceremony for the construction of the market at Elubo. The event was attended by the Municipal Chief Executive, Benedict Boadi, NDC constituency executives, the President of the Western Nzema Traditional Council, Awulae Kwasi Armachie III, and residents of Jomoro.

“This landmark project is a clear demonstration of the commitment of President John Dramani Mahama and the government to delivering jobs, expanding economic opportunities and transforming communities through the 24-Hour Economy agenda,” she stated.

She added that Elubo’s strategic position as a border town with Côte d’Ivoire makes the project a game changer that will stimulate trade, expand the township and attract more development.

Madam Affo-Toffey explained that the market will be a mini version of the Kejetia Market in Kumasi, designed as an ultra-modern facility with key amenities such as a daycare centre, a women’s bank, a clinic and a fire station.

The President of the Western Nzema Traditional Council, Awulae Kwasi Armachie III, urged residents to put aside their differences and support the project for the benefit of the area.

“We should put aside litigation and focus on development for Jomoro and Ghana. Litigation has not always yielded results, so we must unite and support this development agenda,” he said.

The Member of Parliament for Jomoro Constituency in the Western Region, Dorcas Affo-Toffey, has assured traders in the municipality, particularly those at Elubo along the Côte d’Ivoire border, of a major economic transformation following the commencement of the flagship 24-Hour Economy Market Project.

The MP, who also serves as Deputy Minister for Transport, said the initiative is expected to improve livelihoods, create jobs and enhance trading activities in the area.

According to her, women, who play key roles in managing households and businesses, will particularly benefit from the project as the 24-hour market system will offer flexibility to balance both family and economic responsibilities.

Madam Affo-Toffey made the remarks during the sod-cutting ceremony for the construction of the market at Elubo. The event was attended by the Municipal Chief Executive, Benedict Boadi, NDC constituency executives, the President of the Western Nzema Traditional Council, Awulae Kwasi Armachie III, and residents of Jomoro.

“This landmark project is a clear demonstration of the commitment of President John Dramani Mahama and the government to delivering jobs, expanding economic opportunities and transforming communities through the 24-Hour Economy agenda,” she stated.

She added that Elubo’s strategic position as a border town with Côte d’Ivoire makes the project a game changer that will stimulate trade, expand the township and attract more development.

Madam Affo-Toffey explained that the market will be a mini version of the Kejetia Market in Kumasi, designed as an ultra-modern facility with key amenities such as a daycare centre, a women’s bank, a clinic and a fire station.

The President of the Western Nzema Traditional Council, Awulae Kwasi Armachie III, urged residents to put aside their differences and support the project for the benefit of the area.

“We should put aside litigation and focus on development for Jomoro and Ghana. Litigation has not always yielded results, so we must unite and support this development agenda,” he said.

According to the Association, despite the growing importance of pig farming in Ghana’s agricultural economy, the subsector continues to receive limited policy attention compared to cattle and poultry.

The concerns were raised during the inauguration of the Asante Akyem Central Municipal branch of the Association.

Speaking in an interview, the Ashanti Regional Chairman of PFAG, Daniel Yaw Saim, said government livestock interventions have historically focused on poultry and cattle, leaving pig farmers to face challenges such as disease outbreaks, poor feed quality, limited veterinary support, and weak market linkages.

“The government currently has no dedicated policy for pig farmers. As an association, our priority is to push for a comprehensive policy to guide Ghana’s pig-farming industry. We’re battling finance gaps, poor veterinary services, poor-quality feed, frequent disease outbreaks, and weak market connections,” he said.

He noted that unlike poultry farmers who receive compensation when birds die, pig farmers do not benefit from any similar support.

Mr. Saim also appealed for government assistance in the form of starter piglets, which he referred to as “Prako Nkitinkiti,” similar to the “Nkoko Nkitinkiti” poultry support programme.

He explained that such an intervention would help smallholder farmers build their herds, increase productivity, and expand local pork production.

“Pork is gaining popularity, with some people even referring to it as ‘Borga Meat.’ We are contributing to the economy by providing an affordable protein source. Since the government spends foreign currency to import protein sources, investing in pig farming could reduce that burden and strengthen the local economy,” he added.

He further stressed that farmers had hoped for a pig-focused intervention similar to the poultry initiative, and were urging government to consider it.

At the event, the Agric Municipal Director for Asante Akyem Central, Martha Ashami Armah, addressed misconceptions about pork consumption and pig farming.

She rejected claims that pork is unsafe, explaining that when properly handled and cooked, it is a safe and nutritious source of protein.

She also challenged the belief that pigs are “dirty animals,” noting that their hygiene depends largely on farming practices.

“When raised in hygienic conditions and fed quality feed, pigs are no dirtier than any other livestock,” she said.

The Municipal Chief Executive for Asante Akyem Central, Rev. Dr. Ebenezer Ekow Aidoo, encouraged young people to venture into pig farming, describing it as a viable source of income and a solution to youth unemployment.

He also commended the formation of the association, saying it would help farmers better access government support and address industry challenges.

The Association is therefore urging policymakers to integrate pig farming into national agricultural development plans through targeted interventions, investment incentives, and structured support to unlock the sector’s full economic potential.

Speaking at one of the world’s premier energy conferences, Ms. Adjobah Blay highlighted Ghana Gas’ pivotal role in strengthening the country’s energy security, driving economic growth, and advancing regional energy integration. She outlined key strategic initiatives and investment opportunities positioning Ghana as an emerging energy hub in West Africa and the wider African market.

Ms. Adjobah Blay noted that Ghana Gas operates the country’s primary midstream gas infrastructure, responsible for the gathering, processing, and transmission of natural gas to power generation and industrial demand centres.

According to her, Ghana Gas contributes approximately 84 percent of the fuel supply used by thermal power plants, which account for at least 60 percent of Ghana’s total electricity generation mix. This contribution translates into an estimated annual fuel cost saving of about US$1.3 billion, alongside an additional US$60 million in savings from the supply of Liquefied Petroleum Gas (LPG).

She further explained that the Gas Processing Plant, constructed by SINOPEC in collaboration with Canada’s Thermo Design Engineering Ltd. (TDE), also produces Condensate (Naphtha), which serves as a blend stock to produce premix fuel used by fishermen. This initiative, she said, has reduced premix fuel costs and government subsidy expenditures by more than 60 percent.

Addressing the importance of regional energy integration, Ms. Adjobah Blay highlighted Ghana Gas’ strategic partnership with the West African Gas Pipeline Company (WAGP). Through an interconnection at Ghana’s gas supply hub in Takoradi, the partnership facilitates reverse gas flow to Tema, the country’s key industrial and thermal power generation centre.

She explained that the successful integration of Ghana Gas’ infrastructure with the West African Gas Pipeline in 2018 enabled bidirectional gas transmission, transforming Ghana from a terminal gas-importing destination into an active participant in the regional gas transmission market.

Beyond the WAGP interconnection, Ms. Adjobah Blay disclosed that Ghana Gas is also a stakeholder in the proposed African Atlantic Gas Pipeline project, which is expected to connect Nigeria and Morocco with several African countries, including Ghana. Under the initiative, Ghana Gas is expected to provide pipeline interconnections and compression stations, creating significant investment opportunities and enhancing energy trade between Africa and Europe.

The Ghana Gas CEO emphasized that Liquefied Natural Gas (LNG) remains a critical component of the country’s long-term energy security strategy.

She stated that future LNG investments would be guided by commercial viability, affordability, and the need to maintain stable electricity tariffs for consumers. Ghana, she noted, has already invested in LNG regasification infrastructure and terminal facilities and is prepared to receive LNG imports when market conditions become economically favourable, particularly with respect to pricing and payment arrangements.

Highlighting future growth plans, Ms. Adjobah Blay announced that Ghana Gas is preparing for a major expansion phase and invited investors to participate in several strategic projects.

Key among these projects are the construction of a Second Gas Processing Plant (GPP II), the development of a 300-kilometre onshore gas transmission pipeline, and the Pentane Monetization Project.

She noted that while the existing Gas Processing Plant has successfully supported Ghana’s energy needs, increasing demand necessitates additional processing capacity. The proposed onshore transmission pipeline is expected to connect major industrial zones and natural resource corridors, further strengthening the country’s energy infrastructure.

She further announced that, unlike most gas processing facilities where pentane is flared, Ghana Gas is working assiduously to eliminate the flaring of large volumes of hydrocarbons naturally associated with gas processing by investing in stabilization and conditioning technology to stabilize the volatile hydrocarbons for safe market disposal. This, she said, will be a game-changer and align with the company’s ESG principles.

She expressed confidence in Ghana’s attractiveness as an investment destination, citing the country’s strong legal framework, independent judiciary, competitive and deregulated market environment, and stable exchange rate and investment climate. She stressed that Ghana’s strategic geographic location positions it to become a major transit and aggregation hub within the regional gas value chain. She also assured investors that Ghana’s long-standing respect for property rights and absence of expropriation risks provide a secure environment for long-term investments.

Concluding her address, Ms. Adjobah Blay reaffirmed Ghana Gas’ commitment to supporting Ghana’s energy security, industrial development, and regional energy transformation agenda.

She emphasized that through continued investments in transmission infrastructure, regional partnerships, and future LNG capabilities, Ghana Gas is positioning itself as both Ghana’s national energy champion and a strategic gas transmission hub for West Africa.

“Ghana Gas is committed to creating value for investors while advancing Ghana’s energy security and strengthening regional energy integration across West Africa,” she stated.

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According to him, since food constitutes a significant portion of the basket computing the Consumer Price Index (CPI), the expected harvest season could impact inflation going forward.

Dr. Alhassan Iddrisu disclosed this on PM EXPRESS Business Edition on June 16 2026 with host George Wiafe.

“We are heading towards the main harvest season and historically that brings prices down. And that should give us some comfort,” he explained.

He stated that “we don’t expect things to stay at these high levels forever; at a point in time, things will slowdown”.

The assurance from the Government Statistician is coming at a time that food inflation has been rising.

The development has heightened concerns inflation could be going up in the coming months and will go beyond the single-digit band by December.

Food inflation rose to 3.3 % in May 2026 from 2.2 % in April 2026 (Year -on-Year Inflation), while from April to May 2026 it increased to 2.0 %, the fastest that the country has recorded in a single month.

The drivers of this spike were rising tomato prices, cooking fuel like charcoal and ginger, as well as some supply issues that hit other foodstuffs in the country.

But speaking on PM Express the Government Statistician said despite this spike, some other food prices have dropped.

“What we have seen is not all about explosive prices, but the situation has been mixed,” the Government Statistician added.

He noted that inflation is coming down and “we don’t see things getting out of hand going forward”.

Outlook

Another development the Government Statistician captured was the recovery of the Ghana cedi in recent days. “This could affect imported inputs used by farmers and imported food items”.

Dr. Alhassan noted that going forward the government should maintain fiscal discipline, invest in food systems especially storage, irrigation, and transport, and address regional inequalities in market access.

“We believe that, if these measures are implemented that could deal with any unforeseen circumstances in the coming months, that affect the inflation numbers”, he stated

Agric Sector and the Economy

The first quarter Gross Domestic Product (GDP) estimates showed that the sector slowed from 6.6% in the first quarter of 2025 to 4.4 %.

The Fishing sub-sector contracted by -18.5% year-on-year and -3.8% quarter-on-quarter seasonally adjusted.

The development has again raised concerns about the fortunes of the sector and its implication on food security going forward.

But the Government Statistician disagrees, sayings things are rather picking up.

“We should note that apart from fishing that went down in terms of contracting, all the other sub-sectors recorded some moderate growth”, Dr. Alhassan added.

The Government statistician also said the seasonal effect of agriculture sector performance and increasing production could impact the sector’s fortunes going forward.

H, however, urged the government to take some drastic measures to deal with fishing sub-sector, to help turn around its dwindling fortunes.

“We believe that the sector could be doing, much better, than its current performance”, he stressed.
He called for more investments in the agric sector to help address the challenge and put in place programmes aimed at correcting the inherent challenges facing the sector.

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John Dumelo, Deputy Minister of Food and Agriculture, made this known on the floor of Parliament on Thursday.

Earlier, Mr Dumelo disclosed that the government, through the Ghana Buffer Stock Company, had registered 45 licensed buying companies (LBCs) to purchase grains directly from farmers at guaranteed minimum prices.

The initiative aims to address the recurring glut of grains, particularly rice, maize, and soya, while safeguarding farmers’ incomes.

Mr Dumelo, while responding to an urgent question posed by Mr Eric Edem Agbana, Member of Parliament for Ketu North, said the government budgeted GHS100 million in November 2025 and additional GHS200 million in 2026 to purchase excess grains.

The question centred on the government’s plans to deal with grain surpluses that often lead to post-harvest losses and price volatility.

The funds will be used to purchase, process, and store grains, thereby cushioning farmers against market shocks.

He said the guaranteed minimum price scheme would ensure that farmers receive fair compensation for their produce, regardless of market fluctuations.

This, he noted, would encourage increased production and strengthen food security across the country.

The Deputy Minister further revealed that the government was partnering with the World Bank Group to refurbish food storage warehouses nationwide.

The collaboration is expected to expand storage capacity, reduce wastage, and stabilise grain supply throughout the year.

Mr Dumelo emphasised that the refurbished warehouses would serve as a strategic reserve, enabling the country to manage excess production and prevent sudden price drops that disadvantage farmers.

He added that the initiative would also enhance Ghana’s preparedness against food shortages.

According to him, the government’s intervention was part of a broader agricultural modernisation agenda that seeks to integrate farmers into structured markets. By linking producers directly with licensed buyers, the policy aims to eliminate exploitative middlemen and ensure transparency in grain trading.

Mr Agbana, who posed the urgent question, welcomed the measures but urged the government to ensure timely implementation. He stressed that farmers in grain-producing regions had long suffered losses due to inadequate storage facilities and unstable market conditions.

The Deputy Minister assured Parliament that the Ministry of Food and Agriculture was committed to swiftly rolling out the programme.

He noted that the Ghana Buffer Stock Company had already begun engaging the registered LBCs to operationalise the purchase scheme.

The initiative, Mr Dumelo concluded, would not only protect farmers but also contribute to national food security, stabilise grain prices, and reduce Ghana’s dependence on imports.

He reiterated the government’s resolve to support farmers as a cornerstone of economic growth and rural development.

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Global growth is forecast to slow to 2.5% in 2026, down from 2.9% in 2025. Forecasts for two-thirds of economies have been downgraded relative to January of this year. Global growth is expected to improve to 2.8% in 2027 but will remain 0.4 percentage point below the average during the 2010s.

Weak growth in developing economies has stalled progress toward advanced-economy income levels. By 2028, developing economies other than China and India will have collectively experienced nearly a decade of no progress on narrowing their per capita income gap with advanced economies, the report finds.

“Developing countries have faced a series of challenges over the last decade,” said Ajay Banga, President of the World Bank Group. “The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow. In response to the current shock, we are providing liquidity where it is needed now — and we are ready with additional financing, guarantees, and private-sector solutions if pressures deepen. Our job is to help countries steady the ship, keep reforms moving, and emerge stronger on the other side.”

According to the report, the closure of the Strait of Hormuz has severely disrupted energy markets, with Brent crude oil prices projected to average $94 a barrel in 2026, 36% above 2025 levels, assuming the worst disruptions abate in July. Fertilizer prices are forecast to increase significantly this year, with knock-on effects for food prices. Together, these pressures are pushing up global inflation, which is expected to rise to 4.0% this year, up substantially from 3.3% in 2025.

Yet downside risks are significant. If energy supply disruptions prove more severe than currently assumed and are accompanied by substantial financial stress, global growth could fall to just 1.3% in 2026, and inflation would rise to 4.4%.

This year, growth in developing economies is expected to drop to a post-pandemic low of 3.6%, down from 4.4% in 2025, before recovering to 4.2% in 2027. Economies in the Gulf that are directly affected by the conflict are expected to take the biggest hit as their growth tumbles from 3.9% in 2025 to close to zero in 2026. The report predicts growth will rebound in these economies—to about 5% in 2027–28—as trade recovers and spending on reconstruction begins.

The World Bank Group is committed to supporting all developing countries as they confront crises. In response to the conflict in the Middle East, it is immediately making up to $50–60 billion available through existing instruments, including $25 billion of pre-arranged financing. This can support social safety nets for the most vulnerable people, boost fiscal capacity, and provide working capital and liquidity support for firms and farms. To date, over 30 countries are actively working with the World Bank Group to enhance readiness and enable a rapid response to the crisis under this response plan. If the conflict and its economic fallout persist, the World Bank Group can scale up its support to $80–100 billion over 15 months.

South Asia is expected to see the strongest growth of any region in 2026, but even its growth will register a significant slowdown—from 7% in 2025 to 6.3% in 2026, the report finds. Sub-Saharan Africa’s growth is also slowing, with the biggest pressures coming through inflation, including high food prices due to the fertilizer supply shortages and price hikes.

“The conflict has taken a toll on global activity, but every crisis also brings an opportunity,” said Ayhan Kose, the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group. “This moment should be used to strengthen policy frameworks, invest in infrastructure, accelerate business-enabling reforms, and mobilize private capital to support job creation at scale.”

The report’s special-focus chapters examine fiscal challenges in developing economies. About two-thirds of developing economies—and nearly 90% of low-income countries—are commodity exporters. Yet these economies tend to have weaker fiscal positions than other developing economies, as they face more volatile and less diversified revenues. Five years after a positive commodity price shock, much of the revenue windfall is spent, rather than saved to strengthen fiscal positions. To manage commodity price volatility, policy makers should rely on frameworks, such as well-designed fiscal rules and sovereign wealth funds with clear stabilization mandates, alongside improved domestic revenue mobilization and greater economic diversification.

The other chapter explores how rising debt levels are making it harder for countries to respond to crises and invest in long-term development priorities—and driving up borrowing costs in the process. Since 2010, aggregate government debt in developing economies has climbed from under 40% of GDP to over 70%. The analysis finds that the more indebted a country already is, the more sharply its borrowing costs rise with additional debt. The effect is particularly acute in more vulnerable countries. For countries with elevated debt-to-GDP ratios, reducing debt levels can yield meaningful financial rewards: greater fiscal space to invest in infrastructure, health, and education, fueling economic growth and job creation.

In a statement issued on June 11, 2026, regional executives of the association alleged that some fuel stations, particularly Shell and TotalEnergies outlets, have increased pump prices despite no official review of fuel prices for the current pricing window.

According to the association, its monitoring indicates that the price of fuel, which previously sold at GH¢15.60 per litre, has risen to about GH¢15.90 per litre.

The group argued that the increase has come at a difficult time for commercial drivers, transport operators, and commuters who are already struggling with rising living costs and operational expenses.

“This unexpected increase is causing significant hardship for commercial drivers, transport operators, and the general public, who are already grappling with the high cost of living and operational expenses,” the statement said.

C-DAG is therefore urging the NPA and other relevant stakeholders to investigate the circumstances surrounding the price adjustments and ensure that all Oil Marketing Companies comply with established fuel pricing regulations.

The association maintained that fuel prices should only be adjusted in line with approved pricing mechanisms and within designated pricing windows.

It further reaffirmed its commitment to advocating fair fuel pricing policies and protecting the interests of drivers and commuters across the country.

Read the statement below:

FOR IMMEDIATE RELEASE
11th June, 2026

CONCERNED DRIVERS ASSOCIATION OF GHANA (C-DAG) REGIONAL EXECUTIVES
CONCERN OVER UNAUTHORIZED FUEL PRICE INCREASES.

The Regional Executives of the Concerned Drivers Association of Ghana wish to draw the urgent attention of the National Petroleum Authority (NPA) and all relevant stakeholders to the recent increase in fuel prices at some fuel stations, particularly Shell and TotalEnergies outlets across the country.

Our monitoring has revealed that the pump price of fuel, which was previously selling at GH¢15.60 per litre, has increased to approximately GH¢15.90 per litre despite the fact that the current pricing window has not officially been reviewed or opened for an upward adjustment.

This unexpected increase is causing significant hardship for commercial drivers, transport operators, and the general public, who are already grappling with the high cost of living and operational expenses.

We respectfully call on the National Petroleum Authority to investigate the circumstances surrounding these price increases and ensure that fuel pricing regulations are strictly adhered to by all Oil Marketing Companies.

The Concerned Drivers Association of Ghana remains committed to advocating for fair fuel pricing and protecting the interests of drivers and commuters nationwide.

Signed:
Regional Executives Concerned Drivers Association of Ghana (C-DAG)

Nii Ashie Greater
Accra Regional Chairman
0244722641

Akwadaa Nyame
Ashanti Regional Chairman
0245132673.

Kwesi Arhin
Central Regional Chairman
0242126365

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Speaking at the 5th Joint Meeting of ECOWAS Ministers of Trade and Industry in Accra, the minister said non-tariff barriers are adding an estimated 15 to 20 per cent to the cost of cross-border trade despite ongoing efforts by member states to deepen regional integration and economic cooperation.

“Non-tariff barriers remain the most stubborn obstacle in all of this, adding an estimated 15 to 20 per cent to the cost of cross-border trading in West Africa,” she stated.

According to the minister, tariff barriers are generally easier for businesses to anticipate and factor into their operations because they are visible and predictable.

“I keep saying I am not afraid of tariff barriers. If it is five per cent, you can factor it into your cost of production,” she said.

She explained that the greater challenge lies in the hidden and often unpredictable nature of non-tariff barriers, which continue to frustrate traders and businesses operating across borders.

“But with respect to faceless non-tariff barriers, it continues to create a challenge for us to resolve it,” she added.

Mrs Ofosu-Adjare stressed that the impact of such barriers extends beyond traders, affecting businesses throughout the value chain and ultimately increasing costs for consumers.

“The premium is paid by our traders and absorbed by businesses and passed on to consumers,” she noted.

Her remarks come as member states of Economic Community of West African States intensify efforts to boost intra-regional trade and maximise opportunities under the African Continental Free Trade Area.

The Accra meeting has brought together trade and industry ministers from across West Africa to discuss strategies aimed at removing trade bottlenecks, promoting industrialisation and strengthening economic integration within the region.

Participants at the meeting noted that eliminating non-tariff barriers remains critical to reducing the cost of trade, improving competitiveness and unlocking the full potential of the West African market.

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The GhIB Board, controlled by the Government of Ghana through the Bank of Ghana, told him only last Sunday that his services were no longer needed. An official announcement to staff followed the next day.

While the Board frames his dismissal as Adansi having ‘assumed leave’, his replacement- Ian Owulakwao Greenstreet, an investment banker and international expert in financial risk management, has already been named and welcomed to the post.

Bank of Ghana Governor, Dr Johnson Asiama who chairs the GhIB Board, in official communications announcing the new CEO, noted how delighted he was “that Ian Greenstreet has agreed to become Chief Executive Officer of Ghana International Bank,” subject to regulatory approval.

The official communication was silent on the outgoing CEO who served in the capacity for about seven-and-a-half years.

GhIB was established in 1959 as the London branch of Ghana Commercial Bank, two years after Ghana’s independence.

Bank of Ghana holds more than 50% of shares, with the balance held by Ghanaian financial institutions, including GCB Bank, SSNIT, and ADB.

The bank was once on the brink of failure and placed on a regulatory watchlist by UK authorities in 2016.

Adansi, appointed CEO in 2019 and approved by the UK Prudential Regulation Authority “PRA” and Financial Conduct Authority “FCA” as Chief Executive under the Senior Managers & Certification Regime “SMCR”, emailed senior staff confirming his immediate and sudden departure and referencing what appears to be a shocking turnaround.

In his parting note, seen by Myjoyonline, Adansi highlighted GhIB’s turnaround under his tenure.

“We grew trade revenues by over 300% and maintained a clean loan book with a strong LCR and CAR. We reached our goal of $100 million in revenues in five years and we’re looking forward to doubling the size of the business in another five years – while managing our modest capital closely.”

He also praised frontline staff “who have led us to the point of recovery” and said the board had approved a strategy focused on non-interest income, funding diversification and modernisation.

Questions over PRA and FCA compliance
Questions have been raised within governance and regulatory circles about whether the transition aligns with procedural requirements under the UK’s PRA/FCA Senior Managers Regime, which governs the appointment and departure of senior banking executives.

The rules require formal notifications and regulatory approvals for changes to senior management functions.

As at 4:30 am Thursday, June 11, 2026, the bank’s website still listed Mr Adansi as the CEO of GhIB, suggesting that formal filings were yet to be updated.

The bank has, in recent years, undergone regulatory remediation processes, including a period of voluntary business restrictions and a Section 166 review initiated by UK regulators, which section empowers the Financial Conduct Authority and the Prudential Regulation Authority to require a regulated financial firm to appoint an independent third party to produce a report on specific aspects of its business.

Some industry observers say the latest leadership change could attract further scrutiny given the institution’s recent regulatory history.

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The programme is funded by the African Development Bank (AfDB), with the Ministry of Finance serving as the executing agency and the Social Investment Fund (SIF) acting as the implementing agency.

The launch brought together key stakeholders, including Deputy Minister for Finance Thomas Nyarko Ampem, AfDB Country Director Halimah Hashi, and Chief Executive Officer of the Social Investment Fund, Abass Nurudeen.

The initiative seeks to tackle youth unemployment, promote women’s economic empowerment and strengthen social cohesion through sustainable livelihood opportunities, particularly in vulnerable and underserved communities.

Addressing participants at the launch, Mr. Nurudeen said the programme is anchored on the belief that empowering women and young people with skills, financing opportunities and hope is critical to national development.

“At the heart of this programme is the idea that when women and young people are empowered with skills, financing opportunities and hope, nations thrive,” he stated.

He noted that youth unemployment and underemployment remain among the greatest threats to economic progress and social stability in Ghana and across Africa. According to him, the growing number of young people who are not in education, employment or training is largely driven by a lack of market-relevant skills, while many women entrepreneurs continue to face barriers in accessing finance, technology and markets.

Mr. Nurudeen explained that the GWYESCO Programme has been designed to address these challenges through three key interventions: promoting market-driven training aligned with industry needs and emerging sectors; expanding access to financial and non-financial services for women- and youth-owned micro, small and medium-sized enterprises (MSMEs); and strengthening institutional capacity and accountability systems to ensure sustainable programme delivery.

Under the programme, beneficiaries will receive training in STEM, digital technology, technical and vocational skills, agribusiness and the creative industries. Additionally, TVET centres across the country will be renovated, constructed and equipped to enhance skills development. Women- and youth-owned businesses will also benefit from entrepreneurship support, business development services and improved access to financing.

By 2029, the programme aims to support more than 22,000 women and young people into wage or self-employment, train over 28,000 beneficiaries in STEM, digital and creative industry skills, assist 10,000 women- and youth-owned MSMEs with entrepreneurship and business development services, provide financing access to 8,000 businesses, and construct, renovate and equip ten TVET centres nationwide.

Mr. Nurudeen highlighted the programme’s Results-Based Financing (RBF) mechanism as one of its distinguishing features. Under this approach, funding is tied directly to measurable and verified outcomes rather than simply activities undertaken.

“This is a shift from financing inputs to financing impact,” he said, explaining that the model places accountability, transparency, performance and measurable results at the centre of programme implementation.

While acknowledging challenges often associated with Results-Based Financing across Africa, including bureaucratic delays, weak institutional coordination, procurement bottlenecks and limited technical capacity, he stressed that such obstacles should serve as motivation for stronger collaboration and innovation among stakeholders.

He called on implementing partners, financial institutions, development partners and government agencies to work collaboratively and effectively to ensure the programme achieves its intended objectives and delivers lasting impact for women and young people across Ghana.

The exercise is expected to provide a more accurate picture of the economy and ensure that key economic indicators better reflect current consumption patterns and economic activity.

Government Statistician, Dr Alhassan Iddrissu, disclosed this when he appeared before Parliament’s Economic and Development Committee on June 9, 2026.

He said the timeline is achievable, provided funds from the Ministry of Finance are released on schedule to support the remaining stages of the exercise.

Dr. Iddrissu acknowledged the support the Ministry of Finance has already provided towards the process.

According to him, the rebasing exercise is critical because it will help policymakers and stakeholders make decisions based on more relevant and up-to-date data.

He also appealed to Parliament and the public to view the production of economic data as a key national infrastructure requirement that deserves sustained investment.

Current Progress

The GSS has already completed significant groundwork for the rebasing exercise, including collecting fresh data to update the weights and structure of both the GDP and inflation calculations.

Earlier this year, Dr Iddrissu explained in an interview with JoyBusiness that the current CPI basket is largely based on data from the Ghana Living Standards Survey 7, conducted in 2017.

He noted that while the weight reference period remains 2017, the price reference period was updated to 2021 to incorporate the six new regions created in Ghana.

According to him, data collection for the Ghana Living Standards Survey 8 has been completed and will provide the foundation for the new CPI and GDP estimates.

“The last one we did was in 2017, and it did reflect the consumption pattern at that time, so this new one will definitely affect the consumption pattern of consumers,” he said.

At present, inflation is measured using a basket of 307 items purchased by households from 57 markets and 8,337 outlets nationwide. The items are classified into 13 divisions, 44 groups, 98 classes and 156 subclasses.

Impact on Inflation and GDP Estimates

The introduction of a new base year is expected to affect how inflation and GDP are measured.

Economists say the revised methodology could result in a lower inflation rate, a higher one, or figures that more accurately reflect prevailing market conditions.

The rebasing could also significantly alter Ghana’s GDP estimates.

A similar exercise in 2010, when the GDP base year was changed from 1993 to 2006, increased Ghana’s GDP by more than 60% and helped move the country into lower-middle-income status.

Analysts believe the upcoming exercise could again reshape perceptions of the size and structure of Ghana’s economy.

Speaking recently on JoyNews’ PM Express Business Edition, Dr Iddrissu acknowledged that the rebasing exercise “will definitely change the dynamics going forward.”

Recent Inflation Trends

Ghana’s inflation rate has fallen sharply over the past year, dropping from 23.5% in January 2025 to 3.7% in May 2026.

However, inflation has started edging up after several months of continuous decline.

Dr Iddrissu recently attributed the slight increase to rising food prices and stressed the need for the government to maintain fiscal discipline while investing in food systems, storage infrastructure, irrigation and transportation.

He also called for measures to address regional inequalities in market access to help contain future price pressures.

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Speaking before Parliament’s Committee on Economy and Development during a public hearing on the 2024 National Annual Progress Report, Mr. Nyarko Ampem said the Ministry of Finance is implementing deliberate measures to prevent a return to the economic challenges experienced between 2022 and 2024.

The Deputy Minister assured the Committee that the government remains focused on maintaining fiscal discipline and supporting growth-enhancing investments.

“I can give you the fullest assurance of Dr. Ato Forson that he will continue to manage the finances of this country very well in order that we do not see what we saw in 2022, 2023 and 2024 again,” he stated.

According to him, the government has consistently reinforced monetary policy with responsible fiscal measures since 2025, in line with recommendations from the NDPC aimed at bringing inflation under control and strengthening economic stability.

He explained that expenditure has been tightly managed while efforts to mobilise revenue have been intensified.

“We have constrained expenditure, we are aggressively pursuing revenue mobilisation, and we are directing expenditure to the right areas that will give us the growth that we require,” he said.

Mr. Nyarko Ampem stressed that the administration is determined to protect the progress made so far.

“And so we will do everything possible to sustain the gains that we have made. We are guarding it jealously,” he told the Committee.

The Deputy Minister also underscored President John Dramani Mahama’s commitment to leaving behind a strong economic legacy by the end of his tenure.

“President Mahama every day talks about his legacy. He wants to leave the management of this country in 2028 with a very high record that will be difficult for anybody to maintain,” he said.

He concluded by assuring Parliament that the commitment to sound economic management remains strong at the highest levels of government and that Ghanaians would continue to see improvements across all sectors of the economy.

“And so that commitment is there at the highest level. I want to assure you that you will continue to see good performance in every sector of the economy going forward,” he added.

The eight-member board paid a courtesy call on the Speaker to brief him on developments within the company and formally introduce the Board Chair, Kuukua Maurice Ankrah. The meeting formed part of the board’s broader stakeholder engagement programme following its inauguration in August 2025.

Speaking during the engagement, GRIDCo’s Chief Executive, Ing. Frank Asirifi Otchere, outlined ongoing restoration works following the recent fire incident at Akosombo and disclosed plans to establish a permanent state-of-the-art control room to strengthen operational resilience. He also highlighted operational challenges facing the company, including the impact of illegal chainsaw activities and illegal mining operations on transmission infrastructure.

“For me, it was eye-opening listening to the Speaker share the history behind GRIDCo and the energy sector. It was clear he has been deeply involved from the beginning,” Ing. Otchere said on the sidelines of the meeting.

“We believe this engagement will deepen collaboration with Parliament as we work to strengthen Ghana’s power infrastructure and support economic growth.” On energy financing and tariff discussions, he stressed the need for sustained investment in the power sector to support industrialisation and long-term economic development. “Ghana’s economic growth is tied to reliable power supply. To grow the economy, we must continue investing in the energy sector,” he added.

Board Chair Kuukua Maurice Ankrah said the current board brought together a strong blend of expertise and experience, adding that the response to the Akosombo incident had demonstrated the technical capacity within GRIDCo. She also called for greater female representation in leadership positions, noting that she was currently the only woman on the board.

“We the board are positioned to lead management in the transformation of GRIDCo. The recent fire outbreak and our swift and efficient response is testament to what is achievable with the right support. I strongly believe that with greater female representation in leadership positions across various sectors of the economy, Ghana’s progress is more than guaranteed. Mr. Speaker, I am the only female board chair in all the agencies and institutions under the Energy Ministry. We need to improve upon that,” she said. 

Speaker Bagbin underscored the importance of energy security to Ghana’s economic stability and industrial ambitions, urging GRIDCo to position itself for rising demand driven by industrialisation. He encouraged the company to expand public education on electricity consumption and energy efficiency while leveraging its assets to support recapitalisation and infrastructure expansion.

The Speaker also called for stronger implementation of the Affirmative Action and Gender Equity framework to increase women’s participation in leadership. He further disclosed that Parliament was exploring opportunities in solar energy deployment and welcomed GRIDCo’s technical support in that effort. The engagement reflects growing attention on the resilience of Ghana’s power infrastructure as policymakers and energy sector leaders seek to secure stable electricity supply to support industrial growth, attract investment and sustain economic activity.

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The cedi, according to the latest market update, weakened in both the interbank and retail foreign exchange markets, with analysts attributing the depreciation to heightened demand for US dollars amid moderate foreign exchange supply.

The cedi traded at GHS 11.85 to the US dollar, down from GHS 11.63 recorded in the previous review period in the interbank market and also depreciated against the British pound and the euro, with exchange rates rising to GHS 15.85 per pound and GHS 13.66 per euro from GHS 15.62 and GHS 13.49, respectively.

The depreciation was also felt in the retail market, with the cedi losing 0.81 percent against the dollar, 1.83 percent against the pound, and 1.40 percent against the euro, closing at mid-rates of GHS 12.30 per dollar, GHS 16.35 per pound and GHS 14.30 euro.

Despite the foreign exchange interventions of approximately $1.1 billion by the Bank of Ghana in May, the cedi depreciated by an average of 4.18 percent between April and May 2026, compared to the 3.23 percent decline recorded at the end of April.

According to a report by citinewsroom.com, analysts have attributed the weakness to demand for foreign currency consistently outpacing supply, compounded by growing global appetite for the US dollar as central banks liquidate non-dollar assets to meet rising import costs driven by persistently high crude oil prices.

Looking ahead, market observers expect speculation in the foreign exchange market to remain relatively contained in June, supported by an announced $1.2 billion monthly foreign exchange support programme.

Analysts, however, warn that the cedi could face additional pressure in the coming weeks as multinational companies begin repatriating profits and dividends during the second-quarter repatriation period.

“Corporate demand typically peaks during the Q2 repatriation window, driven by multinational dividend and profit outflows,” the report noted.

The dollar-cedi exchange rate is expected to weaken further beyond the current interbank level of GHS 11.85 unless foreign exchange inflows strengthen significantly.

Meanwhile, in South Africa, the rand also came under pressure during the review period, weakening by 1.15 percent to close at ZAR 16.28 per US dollar.

Analysts attributed the decline to elevated oil prices and renewed geopolitical tensions that have dampened investor risk appetite and increased concerns over import costs.

The outlook for the rand remains cautious, with elevated crude oil prices and uncertain global market conditions expected to keep the currency under pressure in the near term.

The event brought together key stakeholders from government and the energy sector to highlight the role of LPG as a cleaner energy source and to promote greater public awareness, safety compliance, and accessibility.

Speaking at the event, NPA Chief Executive Officer Godwin Kudzo Tameklo stressed that accelerating LPG adoption requires a coordinated approach anchored on effective regulation, sustained public education, and shared responsibility among all players in the value chain.

He noted that collaboration among stakeholders remains essential to achieving the country’s clean energy goals.

Delivering the keynote address, John Abdulai Jinapor reiterated the government’s commitment to increasing local LPG production and expanding clean cooking initiatives nationwide.

He highlighted plans to promote the use of LPG in secondary schools through the Renewable Energy Fund as part of efforts to encourage cleaner and more sustainable energy consumption.

Industry players at the event called for stronger collaboration to address challenges affecting LPG penetration, identifying affordability, investment, public awareness, and regulatory support as critical areas requiring attention.

The Director of Gas at the NPA, Ntiwaa Kwakye, reaffirmed the Authority’s role in coordinating stakeholders, strengthening safety advocacy, and advancing Ghana’s clean energy transition through a unified national LPG agenda.

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In the interbank market, the cost of obtaining a dollar edged up to GH¢11.85 from GH¢11.63, while the prices for a pound and a euro increased to GH¢15.85 and GH¢13.66 from GH¢15.62 and GH¢13.49, respectively.

These losses were reflected in the retail market, where the cedi lost 0.81%, 1.83%, and 1.40% of its value, closing at mid-rates of GH¢12.30 to a US dollar, GH¢16.35 against the pound and GH¢14.30 to the euro, respectively.

On a month-on-month basis, the cedi depreciated by an average of 4.18% from April 2026 to May 2026, a 0.95 percentage point increase from the 3.23% recorded by the end of April 2026. This comes despite approximately US$1.1 billion in forex intervention for May 2026.

“Tracking close to our expectations, bearish sentiment amid moderate FX supply conditions underpinned the cedi’s upward adjustment against the three major currencies. Compounding this effect is the increasing demand for US dollars as central banks continue to liquidate non-dollar assets to meet higher import costs, driven by persistently elevated refined crude oil prices”, said Databank Research.

In the coming weeks, it expects speculation to remain relatively anchored, supported by the announced US$1.2 billion monthly forex support for June 2026.

“However, we foresee the USD/Ghana cedi pair weakening further beyond GH¢11.85 in the interbank market, as corporate demand typically peaks during the Q2 [quarter 2] repatriation window, driven by multinational dividend and profit outflows”, it added.

Meanwhile, the cedi started this week going for GH¢12.40 to one dollar at the forex bureaus. It has depreciated by about 1.05% to the American greenback.

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The Centre says efforts to increase Ghanaian participation in large-scale mining are not a signal of hostility toward foreign investors, but rather the next phase in the evolution of the country’s mining industry.

The clarification comes amid discussions over the renewal of Gold Fields’ mining lease for the Tarkwa Mine, one of Ghana’s largest gold-producing assets, which expires in 2027. The issue has divided opinion, with some policy groups pushing for greater Ghanaian ownership of the mine when the lease expires, while industry players warn that uncertainty surrounding the renewal process could rattle investor confidence.

Speaking at a recent media engagement, GIPC Chief Executive Simon Madjie argued that Ghana’s long mining history has produced a strong base of local companies ready to play a bigger role in the sector — not just as service providers and contractors, but as mining operators in their own right.

“Ghana has been mining gold for a very long time, maybe 120 to 130 years. Throughout this period, we have seen the natural growth of Ghanaian businesses that have done well in the mining services sector. So it is only a matter of time that at some point, those that have the ability to do this mining will step up,” he said.

Madjie was quick to dismiss suggestions that the push for local ownership signals a retreat from foreign direct investment.

“It doesn’t mean that the country is anti-foreign direct investment. We are pretty much pro-foreign direct investment into the mining sector,” he said, adding that the government simply wants to test whether Ghana’s private sector can take on a greater role in mineral extraction alongside — not instead of — foreign investors.

“We’ve only gotten to a point where we want to see if Ghana’s private sector can really also take up the mandate of mining to see what the prospects will be for us,” he said.

He described the moment as a turning point, saying Ghana was entering “that defining moment in history where we want to see Ghana’s private participation in the mining sector.”

JOYBUSINESS understands that the refinery will take delivery of approximately one million barrels of Jubilee crude, marking a major step in efforts to increase domestic refining capacity and reduce reliance on imported petroleum products.

Industry analysts view the move as part of the government’s broader strategy to encourage the local processing of Ghana’s crude oil, particularly amid ongoing geopolitical tensions in the Middle East that continue to create uncertainty in global energy markets.

The development is also expected to have implications for fuel pricing in Ghana.

Market watchers note that Bulk Oil Distribution Companies typically factor in freight and insurance costs when pricing imported petroleum products. Refining crude locally could help reduce some of these costs, creating room for more competitive pricing for consumers.

Speaking to JOYBUSINESS, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, described the initiative as timely given current developments in the Middle East.

He commended the government and the Ministry of Energy for facilitating the arrangement, describing it as one of the most significant interventions undertaken in recent times.

Mr Amoah also disclosed that the Tema Oil Refinery (TOR) is expected to receive another parcel of crude oil in July for processing.

Push for Local Processing

The latest development comes weeks after President John Mahama announced in London that TOR would begin processing Ghanaian crude oil in June 2026 as part of efforts to increase local value addition and reduce the country’s dependence on imported refined petroleum products.

According to the President, a shipment of crude oil from Ghana’s offshore fields would be delivered to TOR for processing, reviving an initiative first introduced during his previous administration.

The government has consistently argued that refining more of Ghana’s crude locally will help retain value within the economy, strengthen energy security and support industrial growth.

About Sentuo Refinery

According to information published by the company, Sentuo Oil Refinery has processed more than five million tonnes of crude oil since commencing operations in Ghana.

The refinery was developed under the framework of China’s Belt and Road Initiative and is located within the Tema Industrial Zone.

Phase One of the project, completed in 2022, established an initial processing capacity of two million tonnes per year, while Phase Two, completed in 2024, expanded capacity to five million tonnes annually.

The company says the project aligns with Ghana’s One District, One Factory industrialisation agenda and incorporates modern refining technology, energy-efficiency measures, environmental protection standards, and scalable production systems.

The arrival of the latest crude shipment is expected to further boost local refining activities and strengthen Ghana’s efforts to build a more resilient and self-sufficient petroleum sector.

Mr. Berle joined the Exchange as Manager, Finance and Operations, in January 2004 and rose through the ranks to become the Deputy Managing Director.

Over his distinguished 22-year career at the Exchange, he played a pivotal role in the growth, development and modernisation of the GSE and Ghana’s capital market.

During his tenure as a member of the management team, the Exchange achieved significant milestones, including strengthening its internal control systems and financial reporting mechanisms; enhancing surveillance and compliance activities; automating the trading and settlement system.

The Exchange also established the Clearing and Settlement Department; facilitating the establishment of the GSE Securities Depository and its subsequent merger with Central Securities Depository (GH) Limited; and supporting the introduction of the Ghana Alternative Market (GAX), the Ghana Fixed Income Market (GFIM), the Commercial Paper Market, and the Over-the-Counter Market.

In addition, Mr. Berle served in diverse roles across key functional areas, including Finance, Operations, Human Resource and Administration, Surveillance, and Clearing and Settlement. His extensive experience, dedication and institutional knowledge contributed immensely to the strengthening of the Exchange and the broader capital market.

Throughout his years of service, Mr. Berle demonstrated exceptional professionalism, commitment and leadership, earning the respect of colleagues, market participants and stakeholders.

The GSE Council, Management and Staff extended their sincere appreciation for his distinguished service and wished him every success in his future endeavours.

The exercise forms part of broader reforms being implemented to improve transparency, financial discipline and the management of the Community Development Fund, which is derived from 53 per cent of the margins generated from the sale of subsidized premix fuel and earmarked for development projects in fishing communities.

The accountability exercise follows findings from a special audit led by the Ministry of Fisheries and Aquaculture as part of Government’s bid to reflect its Reset Agenda for key sectors. The audit, which covered the period 2016 to 2024, revealed the need for the accountability series after uncovering financial irregularities, unauthorized transactions, weak record-keeping and weaknesses in the management of the Community Development Fund in some communities.

According to data compiled by the National Premix Fuel Secretariat, 167 Landing Beach Committees have so far been covered under the latest phase of the accountability exercise, with records from 34 committees fully verified.

Of the total amount accounted for by the Landing Beach Committees, GH¢4,189,444.92 represents current payments verified during the exercise, while GH¢486,566.22 represents balances brought forward from previous accounting periods.

The Administrator of the National Premix Fuel Secretariat, Mr. Ebow Mensah, described the exercise as a major intervention aimed at restoring confidence in the management of the Community Development Fund.

“This exercise goes beyond financial reconciliation. It is about promoting transparency, accountability, and responsible stewardship of resources intended to improve the lives of people in fishing communities,” he said.

According to him, the exercise is providing the Secretariat with a clearer understanding of financial management practices at the community level while identifying gaps that require corrective action, capacity building and stronger oversight.Mr. Mensah said steps have already been taken to prevent a recurrence of the irregularities identified through the audit and the ongoing accountability exercise.

These include stronger monitoring, improved account verification, bookkeeping support, compliance checks and closer collaboration with Metropolitan, Municipal and District Assemblies.

The exercise has revealed a number of operational challenges confronting some Landing Beach Committees.

In several districts, records are yet to be fully verified because changes in bank account signatories have delayed access to account statements and affected reconciliation processes.

The monitoring teams also observed that some committees are yet to deposit Community Development Fund proceeds because they are awaiting introductory letters from their respective Metropolitan, Municipal and District Assemblies to facilitate the opening of bank accounts.

Additionally, several committee members demonstrated limited understanding of bookkeeping procedures and bank documentation requirements, particularly in relation to bank statements and account reconciliation.

Mr. Mensah noted that these findings highlight the need for continuous training and support to strengthen financial management systems within Landing Beach Committees nationwide.

“The exercise is helping us identify areas where committees require additional support in bookkeeping, record management, and compliance with financial procedures. These are critical steps toward protecting community development funds and ensuring they are used for their intended purposes,” he stated.

The Secretariat cautioned all Landing Beach Committees to strictly adhere to L.I. 2233, which governs the operations of the premix fuel distribution system.

It said committees must ensure that all proceeds due the Community Development Fund are properly deposited, recorded and used only for approved community development purposes.

Minister for Fisheries and Aquaculture, Hon. Emilia Arthur (MP), has consistently emphasized the importance of accountability in the premix fuel distribution system, describing transparency and proper financial management as essential to the development of fishing communities and the sustainability of the fisheries sector.

The Secretariat said the exercise remains ongoing and will continue across the country as part of broader reforms aimed at improving governance, strengthening accountability mechanisms and ensuring that community development resources directly benefit fishing communities.

The National Premix Fuel Secretariat also said it will continue to deepen its oversight through the Metropolitan, Municipal and District Chief Executives.

It thanked the MMDCEs for their support and cooperation, noting that their role has been critical to the success of the accountability exercise.

The NPFS believes the exercise is already contributing to stronger financial management practices, improved record keeping and greater transparency within the premix fuel distribution system nationwide.

The Community Development Fund is intended to support community development projects in fishing communities across the country. These include CHPS compounds, schools, drainages, toilet and sanitary facilities, markets and other grassroots development projects that directly serve the needs of local fishing communities.

Under existing regulations, Landing Beach Committees serve as trustees of the Community Development Fund and are required to deposit the proceeds into designated community bank accounts and account for their utilization.

The fund is not meant for private use or unauthorized expenditure. It is intended to finance priority projects that promote grassroots development and improve the lives of people in fishing communities.

However, the audit covering 2016 to 2024 uncovered cases of financial irregularities, weak record-keeping, unauthorized transactions and non-compliance with established financial procedures in some communities.

The ongoing accountability exercise is therefore expected to correct these weaknesses, prevent a recurrence and ensure that Community Development Fund resources are used strictly for their intended purposes.

Michael Edem Akafia, the chamber’s outgoing president, who presented its 2025 annual report released late Friday in Accra, the country’s capital, said the performance was due to high output in the small-scale gold sector.

“Small-scale gold production rose by 63.82 per cent from 1.9 million ounces in 2024 to 3.11 million ounces in 2025. As a result, small-scale mining accumulated 52.4 per cent of national output, overtaking large-scale producers for the first time in more than a century,” he said.

Meanwhile, Akafia projected output for 2026 to reach at least six million ounces, with more investment going into the sector.

Ghana is one of the largest gold producers in Africa, with the precious metal remaining a key contributor to the country’s economy.

The “Tree for Life” initiative, a flagship programme launched by President John Dramani Mahama, seeks to promote afforestation and agroforestry nationwide.

As part of the programme, 30 million seedlings, including ornamental and food crop species, will be distributed to government institutions, private organisations, and the general public for planting.

The initiative is designed to raise awareness about the critical role trees play in protecting the environment, combating climate change, and restoring degraded lands and water bodies.

Speaking to Adom News during the launch of the programme, the Begoro District Forestry Manager, Vincent Appiah, said the 160,000 trees would be planted mainly in depleted forest reserves, particularly areas affected by human activities.

He underscored the importance of reforestation in maintaining ecological balance and ensuring a sustainable future, while calling on stakeholders and community members to support efforts to nurture and protect the trees.

The Fanteakwa North District Chief Executive, Osman Abubakar, described the initiative as a call to action for communities to work closely with the Forestry Department to restore and safeguard the environment.

He expressed confidence that the programme would help restore degraded ecosystems, increase public awareness about tree planting, and strengthen environmental conservation efforts across the district.

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The Governor stated that “we believe that our resilience now is far better than a year ago and we are hopeful things can be managed going forward, based on current data.”

Dr Asiama disclosed this in an interview with Bloomberg in London.

The Governor also assured that “they [BoG] do not see things getting out of hand, based on the work that we have done by building the necessary reserves to help withstand the shocks”.

He was also of the view that these assurances are based on the fact that the current crisis will be short-term and will not drag.

“What is happening now is actually based on our current projections, and we are not that worried,” the Governor added.

Asked about what will happen if the current shocks should drag, Dr. Asiama said “if it should continue, then the outlook could be impacted”.

Ghana’s Reserve Build-Up and Inflation Rate Spike

Ghana’s international reserves have witnessed a significant increase, reaching over US$14 billion in May 2026.

However, there are fears that the recent sustained depreciation of the Ghana cedi could pushed pressure on the reserves.

But the Bank of Ghana is of the view that embarking on a dollar accumulation programme will see a build-up of more reserves in the coming weeks.

 In its June 2026 FX intermediation notice to banks, the central bank said its actions will be guided by its newly approved foreign exchange operations framework.

This was after it increased its forex intermediation to US$1.2 billion in June 2026, compared with US$1.0 billion in May 2026.

The framework also supports foreign exchange intermediation under the Domestic Gold Purchase Programme.

Inflation

Inflation went up in May 2026 to 3.7 %, influenced by the rising prices of foodstuffs and some external developments.

A recent internal model by the central bank sighted by Joy Business suggested that the Bank of Ghana is concerned about inflation surging above 10 % by the end of this year, due to the rising crude prices.

There are also concerns about the impact of rising crude oil prices on petroleum products, the pass-through effect on transport fares, and the quarterly utility tariff review, all of which could add further pressure to inflation in the coming months.

The development could force the Monetary Policy Committee to increase its policy rate at the next meeting.

In a statement issued on June 6, 2026, the company said it had taken note of accusations made by some groups identifying themselves as civil society organisations, which alleged that the ICUMS platform suffers frequent downtimes that negatively affect trade facilitation activities.

However, Ghana Link, operators of the ICUMS platform, said the allegations are misleading and appear aimed at undermining confidence in a critical national trade facilitation system.

The company challenged the groups behind the claims to provide evidence of any system-wide downtime, insisting that no such incidents have occurred since January 2026.

“For the avoidance of doubt, the groups making these allegations have failed to point to a single verified instance of system-wide downtime on the ICUMS platform since January 2026,” the statement said.

According to Ghana Link, the accusers failed to provide dates, incident reports, affected transactions, technical records, or confirmations from relevant state institutions and port stakeholders to support their claims.

The company maintained that since the completion of its new data centre infrastructure, the ICUMS platform has experienced improved system stability, enhanced infrastructure resilience, and better service delivery.

It added that the platform continues to support customs processing, cargo clearance, risk management, and revenue mobilisation without the disruptions being alleged.

Ghana Link described it as unfortunate that groups claiming to support port sector reforms would make broad accusations without engaging the appropriate institutions or presenting verifiable facts.

“Serious national conversations about trade facilitation must be grounded in facts, not propaganda, conjecture, or politically motivated narratives,” the company stated.

The statement further emphasised that ICUMS remains a key component of Ghana’s digital trade infrastructure and plays a critical role in customs administration, revenue protection, and trade facilitation.

Ghana Link reiterated its willingness to engage constructively with stakeholders, including freight forwarders, customs officials, shipping lines, policymakers, and legitimate civil society organisations.

The company, however, insisted that allegations about the platform’s performance must be supported by credible evidence.

“We therefore challenge the groups behind these allegations to provide specific evidence of any system-wide downtime they claim has occurred since January 2026 or in the last month, or at any time after the completion of the new data centre,” the statement said.

“In the absence of such evidence, their claims must be treated for what they are: false, baseless, and without merit.”

Ghana Link reaffirmed its commitment to improving service delivery, maintaining operational transparency, and providing a secure and reliable customs management platform to support Ghana’s trade and revenue mobilisation agenda.

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