Bolgatanga Central MP insists that both the Central Bank and the Ministry of Finance are fully committed to restoring the institution’s financial health.

His remarks come amid heightened political debate following the release of the Bank of Ghana’s 2025 financial statements, which recorded a GH¢15.63 billion loss and a worsening negative equity position of GH¢93.82 billion.

The figures have raised concerns about the Central Bank’s long-term financial stability and the potential burden on taxpayers.

Mr Adongo maintained that the recapitalisation process is already grounded in law and forms part of a structured roadmap approved by Parliament.

He stressed that the government remains committed to complying with the legal framework governing the recovery of the Bank’s balance sheet and ensuring that the institution remains capable of carrying out its mandate effectively.

Speaking on Channel One TV on Wednesday, May 6, the Bolgatanga Central MP said, “The Central Bank and the Ministry of Finance agree that there must be a roadmap to recapitalising the bank and that will be done.”

He added that the Finance Minister had already presented the framework to Parliament and that there was no indication the government intended to disregard the law.

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The agreement was signed on behalf of the government by John Abdulai Jinapor, alongside Finance Minister Dr. Cassiel Ato Forson.

The term sheet establishes a framework of commercial principles to support the development of new gas infrastructure under the Offshore Cape Three Points Non-Associated Gas (OCTP NAG) Upgrade Project.

The latest agreement follows a Memorandum of Intent signed in September 2025, which committed the parties to collaborate on strategic investments aimed at strengthening Ghana’s energy sector and increasing domestic gas supply.

Under the proposed expansion, gas production from the OCTP project is expected to increase by up to 350 million standard cubic feet per day by 2028.

The upgrade will be driven by the development of the Gye Nyame field, as well as the installation of a booster compressor and a new non-associated gas system on the project’s floating production storage and offloading vessel.

The project is expected to enhance Ghana’s energy security, reduce dependence on imported fuels and support rising demand from industries and households.

Speaking after the signing ceremony, Mr Jinapor described the agreement as a significant milestone for Ghana’s energy future.

“Today’s signing sends a strong signal that Ghana’s upstream petroleum sector remains open, stable and ready for investment,” he stated.

He added that the government remains committed to creating a predictable and competitive environment for investors while ensuring that the country’s natural resources are developed responsibly for the benefit of all Ghanaians.

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This was largely driven by end-of-month portfolio rebalancing.

Trading activity remained concentrated in the front-to-belly of the curve, with the 2031-2034 maturities accounting for 56.34% of total turnover. This cleared at a weighted-average yield of 12.53%.

The 2027-2030 segment also saw meaningful activity, accounting for 43.62% of turnover at a weighted-average yield of 11.19%.

The long end remained largely sidelined, with the 2035-2038 maturities contributing just 4.0% of turnover at a weighted-average yield of 12.53%.

Meanwhile, the newly issued 7-year 2033 bond recorded modest turnover of GH¢1.04 million at a weighted-average yield of 12.37%.

Overall, Databank Research expects trading activity to remain selective, with investor demand concentrated in the front-to-belly segment as appetite for longer-duration bonds remains limited.

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The response comes after the release of the Bank’s audited financial results, which showed an operational loss of about GH¢15.63 billion for the 2025 financial year.

This represents a significant increase from the GH¢9.49 billion loss recorded in 2024, marking an estimated 65 per cent rise year-on-year, despite improvements in key macroeconomic indicators such as inflation and exchange rate stability.

Speaking on behalf of the Majority, the Member of Parliament for Amenfi West, Eric Afful, argued that the Bank’s financial performance should not be assessed using the same benchmarks as commercial banks.

“It is therefore important to emphasise that these financial outcomes do not impair the operational capacity of the Bank of Ghana. The Bank continues to effectively deliver on its core mandate,” he stated.

Mr. Afful explained that the primary responsibility of the central bank is to maintain macroeconomic stability rather than generate profit.

He further clarified that negative equity in central banking does not amount to insolvency, describing it as an accounting condition rather than an indication of financial distress.

“Negative equity is an accounting condition and does not imply insolvency. Central banks are not profit-making institutions,” he added.

According to him, the Bank’s balance sheet reflects the cost of policy interventions undertaken during a period of economic challenges.

“Simply put, the Bank’s balance sheet reflects the cost of stabilising the economy,” he said.

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In a detailed letter to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr Amin Adam said the Fund must pay closer attention to safeguarding gains made under the programme.

He commended the IMF’s support but stressed that “greater attention is paid to safeguarding the durability of these gains” as Ghana exits the programme.

He raised concerns over what he described as a worsening negative equity position at the central bank, citing figures showing an increase from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025 for the group, and GH¢61.32 billion to GH¢96.28 billion for the Bank of Ghana itself.

According to him, this reflects a situation where “meaningful balance sheet repair has not yet commenced in substance.”

Dr Amin Adam also highlighted rising losses and monetary policy costs, noting that “the Bank recorded a loss of GH¢15.63 billion in 2025, compared with GH¢9.49 billion in 2024,” driven largely by high open market operation expenses and other financial pressures.

He warned that such developments could have spillover effects on government finances and debt sustainability.

He urged the IMF to strengthen post-programme surveillance and ensure full transparency in central bank operations, insisting that “the durability of that progress will depend on whether fiscal consolidation is supported by transparent recognition of all public-sector obligations.”

He further called for clearer treatment of gold transactions, recapitalisation plans, and safeguards against monetary financing to protect Ghana’s economic gains.

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He is urging stronger transparency and tighter fiscal risk monitoring ahead of the programme’s conclusion.

In a letter to the IMF Mission Chief dated May 2, he recommended that the Fund require a “transparent central bank recapitalisation plan” based on the existing agreement between the Ministry of Finance and the Bank of Ghana.

The former Finance Minister said the plan should clearly define financing terms, repayment structure, and parliamentary approval processes.

The Karaga lawmaker also urged the IMF to include central bank recapitalisation in Ghana’s fiscal risk analysis, arguing that “the Government’s medium-term fiscal framework should explicitly recognise the central bank’s negative equity as a contingent or direct fiscal obligation.”

He warned that failure to do so could distort debt sustainability assessments.

On gold-related transactions by the Bank of Ghana, Dr Amin Adam raised concerns about volatility and transparency, stating that “the economic net benefit of the gold programme is therefore significantly smaller than the headline gains suggest.”

The former Finance Minister further called for clearer disclosure of transactions, including counterparties, approvals, and risk controls.

He also criticised what he described as inconsistencies in programme implementation and policy advice, arguing that “the Fund’s inconsistent positions on some policies… have been unhelpful in building policy consensus in Ghana.”

Despite his concerns, he acknowledged contributions from the IMF, World Bank, and other partners, while stressing the need to “protect the prohibition on monetary financing” and strengthen post-programme safeguards.

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The two-day economic forum is scheduled to take place at the historic Raffles London from June 1 to June 2, 2026, under the theme: “Restoring Investor Confidence to Unlock Opportunities and Shared Prosperity.”

The summit is expected to bring together government officials, global institutional investors, captains of industry and development finance leaders to strengthen economic cooperation, forge strategic partnerships and unlock investment opportunities between Ghana and the United Kingdom.

President John Dramani Mahama is expected to deliver the keynote address. Under his Reset Agenda, Ghana is pursuing policies focused on transparency, economic resilience, fiscal discipline and stronger collaboration with international investors.

Participants will also have access to bilateral meetings, sector-specific investment roundtables and direct engagement with senior government officials.

Why Ghana? Why Now?

Ghana remains one of West Africa’s most stable democracies and fastest-growing emerging economies.

With a youthful English-speaking population, a strong legal framework and a strategic position within the ECOWAS sub-region, the country serves as a gateway to a consumer market of more than 400 million people.

The presence of the African Continental Free Trade Area Secretariat in Accra further provides access to a continental market valued at approximately US$3.4 trillion.

The summit will spotlight investment opportunities across six key sectors:

• Agribusiness
• Trade and Infrastructure Financing
• Real Estate
• Fintech, Digital Assets and Innovation (including Business Process Outsourcing)
• Energy and Green Transition
• Critical Minerals and Carbon Markets

Organising Partners

The summit is being organised by the Ghana High Commission to the UK and Ireland in collaboration with the Ministry of Trade, Agribusiness and Industry and the Ghana Investment Promotion Centre.

Supporting partners include the British High Commission in Accra, the UK-Ghana Chamber of Commerce, and Invest Africa, reflecting the strong economic ties between Ghana and the United Kingdom.

Ghana Diaspora Townhall Meeting

Ahead of the summit, President Mahama will participate in a Ghana Diaspora Town Hall Meeting on Sunday, May 31, 2026.

The event, hosted by Ghana’s High Commissioner to the UK and Ireland, Sabah Zita Benson, will provide members of the Ghanaian diaspora with an opportunity to engage directly with the President on national development priorities and the role of diaspora investment in Ghana’s transformation agenda.

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The meeting was co-chaired by Finance Minister Dr. Cassiel Ato Forson and Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, bringing together key stakeholders across the mining value chain.

Speaking at the meeting, Dr. Forson said the policy is focused on reinforcing Ghana’s external buffers through a reformed gold acquisition framework, alongside stronger compliance mechanisms.

“Our focus is strengthening reserves and supporting a more stable cedi,” he stated.

He explained that under GANRAP, government is undertaking targeted reforms to improve gold acquisition processes while ensuring greater oversight and adherence to regulatory requirements.

The engagement was attended by leadership of large-scale mining companies, Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, and officials from the Minerals Commission.

Dr. Forson described the discussions as constructive, emphasising that the policy is being implemented in partnership with industry.

“This is a partnership. It is not anti-industry. It is pro-country,” he said.

GANRAP forms a central component of government’s strategy to build a stronger reserve position, reduce vulnerability to external shocks, and enhance currency stability over the medium term.

Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah called for an end to political debates over the central bank’s finances and urged stakeholders to focus on solutions.

“We are only living on borrowed time. We should stop the politics. We have to acknowledge that there is a problem and fix it once and for all,” he stated.

The lawmaker reiterated his claims that the central bank is facing serious financial difficulties, alleging that it has become “policy insolvent” and had to rely on proceeds from gold sales to stabilise its position.

He further disputed claims by the National Democratic Congress that the Bank’s losses stand at GH₵15 billion, insisting that a closer reading of the audited accounts indicates total losses of about GH₵34.9 billion.

According to him, the figure includes both core operational losses and additional losses captured under other comprehensive income.

Mr Oppong Nkrumah accused the government of downplaying the severity of the situation, describing the lower figure being circulated as misleading.

He stressed the need for transparency and decisive action to restore confidence in the central bank, warning that failure to act could worsen the situation.

“The narrative from the NDC is that there has been a loss of 15 billion Ghana cedis, but they claim there are some benefits to show for it. This is the propaganda they want to spread. If you look closely at the accounts, the actual loss amounts to no less than 35 billion Ghana cedis. The core loss is 15.6 billion Ghana cedis, while the hidden comprehensive income shows an additional loss of 19.8 billion Ghana cedis for the group, and 19.32 billion Ghana cedis for the bank alone. Therefore, to determine the true loss for the central bank, you need to add 15.6 billion cedis and 19.3 billion cedis, which totals 34.9 billion cedis,” he stated.

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According to him, the central bank’s financial position would have been worse, estimating that the real loss could be around GH₵44 billion.

Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah alleged that the Bank of Ghana became “policy insolvent” based on its internal management accounts compiled in September 2025.

He claimed that the subsequent sale of gold in November and December was a one-off measure intended to improve the bank’s financial position rather than a routine portfolio rebalancing exercise.

“If you take away the gold sales, the Bank of Ghana would be policy insolvent,” he stated.

The lawmaker further argued that the gold transactions helped reduce the reported losses, which he insists stand at GH₵34.9 billion rather than the GH₵15 billion figure being cited by the National Democratic Congress.

He also questioned the transparency of the central bank’s communication, suggesting that public briefings on the matter did not fully reflect the extent of the losses.

Mr Oppong Nkrumah reiterated concerns about what he described as attempts to downplay the financial situation, urging a more transparent presentation of the Bank of Ghana’s accounts to the public.

“The press conference was aimed at obscuring the actual financial loss. The official loss of the Bank of Ghana is GH₵34.9 billion, not the GH₵15 billion that was presented to the Ghanaian public. The GH₵15 billion figure quoted by the NDC is pure propaganda and should be disregarded,” he said.

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According to him, the GH₵15 billion figure being circulated by the National Democratic Congress does not reflect the full picture and should be disregarded.

Speaking on Ekosii Sen on Asempa FM, Mr Oppong Nkrumah argued that a detailed reading of the central bank’s audited 2025 annual report reveals significantly higher losses.

He explained that the reported GH₵15.6 billion represents only the core operational loss, while additional losses captured under other comprehensive income bring the total to about GH₵34.9 billion.

“When you go into the accounts, the loss is nothing less than GH₵35 billion. The GH₵15 billion being quoted is only part of the story,” he stated.

He further alleged that the presentation of the lower figure is a political narrative intended to downplay the extent of the losses.

Mr Oppong Nkrumah maintained that a proper interpretation of the financial statements is necessary to understand the true state of the central bank’s finances, cautioning against what he described as the politicisation of economic data.

“Because they are manipulating the figures, those who don’t read carefully may remain unaware. They are playing politics with these numbers. In accounting, remember that your assets are not part of your stock in trade,” he added.

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According to him, the report was improperly handed over to the National Democratic Congress instead of being presented to Parliament through the appropriate legal process.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Oppong Nkrumah explained that the established procedure requires the report to be submitted to the Finance Minister, who then reviews it and lays it before Parliament.

He argued that bypassing this process sets a dangerous precedent that could lead to the politicisation of the central bank.

“The official audited annual report for 2025 from the Bank of Ghana was given to the NDC to announce, instead of being presented to Parliament as required. Typically, the report is sent to the Finance Minister, who adds their comments and then submits it to Parliament. However, that process was not followed; instead, the report was handed directly to the NDC party.

“What they are doing is setting a precedent that will lead to the politicisation of the Bank of Ghana,” he stated.

Oppong Nkrumah further cautioned the leadership of the Bank of Ghana against allowing political influence to dictate how it complies with its legal obligations.

He described the development as a “blatant illegality” and insisted that such an occurrence should not be repeated.

“Are we supporting the bank’s independence and credibility, or are we undermining it? The governors should not allow the NDC party to dictate how they comply with the Bank of Ghana Act. This situation should never occur again, as it represents a blatant violation of established procedures,” he said.

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Speaking to a Pan-African audience at the Lafferty Retail Banking Council Africa Meeting, Mr. Quayson pointed to PBL’s own digital journey as proof, saying fintechs came in handy to close the gap on reach and service delivery almost overnight.

“At a time when our digital infrastructure was still developing, fintech partnerships enabled us to quickly bridge the gap in reach and service delivery,” he explained, citing mobile money integration and USSD-based services as key examples. “Prudential Bank was not a partner bank to any telco, yet customers needed mobile money services on the bank’s USSD platform. Instead of building everything from scratch, the bank turned to fintechs.

“They helped us narrow the gap quickly – in reach, speed to market, and value-added services,” he continued. “Within months, customers could buy airtime, pay TV bills, and settle utilities via USSD – something that would have taken years to develop on our own.”

He said the collaborations keep the bank competitive and responsive, while improving operational efficiency through faster transaction processing and reconciliation.

Mr. Quayson credited PBL’s leadership for being open to experimentation. “We made a deliberate policy to target the right fintechs,” he said. “That mindset – willing to trust, share revenue, and co-create – has turned Prudential Bank into a more agile, responsive institution.”

Successful partnerships, he noted, rest on trust, shared objectives, and mutual benefit. “It must be a win-win relationship,” extending beyond service delivery to joint business development and revenue sharing.

On fears that banks lose customer ownership to fintechs, Mr. Quayson disagreed. “The relationship is complementary, not competitive. Fintechs provide the tech backbone; the bank remains the primary customer interface.”

Mr. Quayson was blunt about the risks. Data protection and cybersecurity remain non-negotiable, he said. Any partnership must meet strict regulatory compliance and global standards to protect customer information and maintain trust. His closing warning: “Partnerships are not a free pass. Due diligence is everything.”

The session, themed “Partnerships and Scale: Progress of Fintech & Banking in Africa,” brought together banking leaders, fintech operators and other decision makers from across the continent.

Lafferty Retail Banking Council Africa is a confidential peer group for senior bank executives, established in 2015 by the Lafferty Group. Operating under Chatham House rules, it meets quarterly as a neutral forum to share best practice and drive digital innovation in African retail banking.

REaD aLSO:

The Central Bank maintains that it remains “policy solvent,” meaning it has the internal capacity to implement key monetary policy actions, such as controlling inflation and managing interest rates, without relying on emergency government support.

In its 2025 financial statement, the Bank explained that this position is supported by its ability to generate sufficient income from monetary policy operations, particularly open market operations used to manage liquidity, inflation and exchange rate pressures.

It argued that recent economic developments will require continued intervention through these operations, but stressed that it still has the capacity to finance them internally.

The Bank said structural improvements in its income base and an agreed recapitalisation programme with government underpin its outlook.

It noted that “its financial performance over the medium term is assessed against Ghana’s macroeconomic trajectory.”

Looking ahead, the Bank projected that between 2026 and 2030, the economy is expected to record sustained real GDP growth, lower inflation following a prolonged disinflation process, and a stabilised external sector.

These conditions, it said, are expected to strengthen its financial position over time.

“These conditions… are expected to progressively improve the Bank’s net interest income, reduce interest expense on reserve accumulation, and restore cumulative profitability over the forecast horizon,” it stated.

The Bank added that returns from its external reserves will continue to support income generation.

“As the external reserve portfolio continues to generate returns at prevailing global interest rate levels, its ability to run its operations should not be a challenge at all going forward,” it said.

It also explained that as monetary policy shifts towards easing, pressure on its earnings structure is expected to reduce.

“As the monetary policy cycle transitions to an easing phase, the compression in the net interest margin… is expected to moderate,” the statement noted.

The Bank further said its outlook is anchored on disinflation trends, structural improvements in income, and government-backed recapitalisation.

Equity Position concerns

The Bank of Ghana disclosed that its negative equity worsened to GHC 93 billion in 2025, attributing it mainly to the Domestic Debt Exchange Programme and monetary policy operations in 2024 and 2025.

It explained that government has acknowledged its obligation to restore the Bank’s capital base under the Bank of Ghana Act, 2002 (Act 612), as amended.

“A phased recapitalisation programme has been agreed between the Bank and the Ministry of Finance,” it stated.

Under the plan, government will inject instruments and/or cash between 2026 and 2032 to rebuild the Bank’s capital position.

“The recapitalisation inflows… are expected to result in positive net equity by 2032,” the Bank said, adding that this will restore reserves to a prudent buffer level.

It further noted that the programme will strengthen financial resilience and reduce sensitivity to short-term income fluctuations.

“The proposed recapitalisation plan will further strengthen the Bank’s financial resilience by augmenting its capital base,” it stated.

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Speaking on the Super Morning Show on Monday, 4 May, Mr Jackson said the central bank’s financial position must be understood within the context of its recent interventions, particularly efforts to curb inflation.

“I will say this clearly and definitely. It is a good justification. You can’t avoid that, I know there are all kinds of arguments, there are also all sorts of red flags we should be aware of,” he said.

He pointed to open market operations as a major cost driver, explaining that these interventions—used to mop up excess liquidity—have been essential in reducing inflation.

“Let us look at the two biggest costs that are in the Auditor’s accounts that they gave us. The biggest cost was the open market operations, which, in simple English, means the cost that the central bank incurs in mopping up money in the system so that inflation comes down,” he noted.

“That cost was GH₵16.73 billion. But let’s look at it, inflation came down from over 20 per cent to now less than 5 per cent. If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation….”

Mr Jackson’s remarks come amid an ongoing public debate over the central bank’s financial performance, particularly in relation to its gold trading and stabilisation programmes.

Recent figures indicate that the Bank of Ghana recorded multi-billion cedi losses linked to its Domestic Gold Purchase Programme (DGPP), with reported losses rising from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025. While some officials have described these as strategic costs incurred to support macroeconomic stability and the cedi, critics have raised concerns about their long-term implications.

Mr Jackson has previously questioned aspects of the central bank’s approach, particularly persistent trading losses, warning that they could undermine confidence in the institution if not properly managed.

The Bank of Ghana, however, has rejected claims of mismanagement, maintaining that the losses reflect calculated interventions designed to cushion the economy against external shocks and stabilise the currency.

The debate unfolds against broader concerns about structural weaknesses in Ghana’s economy. Mr Jackson has highlighted issues such as foreign exchange leakages from the extractive sector, which he argues continue to exert pressure on the cedi despite periods of trade surplus.

His latest comments reinforce the argument that while the central bank’s losses are significant, they may represent the cost of achieving short-term macroeconomic stability.

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Addressing a press conference in Parliament, led by Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, the Minority said its review of the Bank’s 136-page report confirms concerns it had long raised about the institution’s direction.

“We have come here not to gloat about the things we forewarned,” Mr Oppong Nkrumah said, “but to share with the Ghanaian people the numbers that the government wanted to hide and the worrying implications those numbers reveal.”

The caucus also took issue with an earlier briefing by the Majority, which sought to explain anticipated losses before the official accounts were released. The Minority described that move as improper and politically motivated, arguing that it undermines established procedures.

“What happened was not only irregular but a blatant attempt to politicise the Bank of Ghana and shape public opinion before the facts were known,” they said.

At the heart of their concerns is the claim that the central bank can no longer sustain its core monetary operations from its own income. The Minority argued that while the Bank reported operational income of GH¢22.2 billion against open market operation costs of GH¢16.7 billion, the figures are misleading because they include a one-off gain of GH¢9.6 billion from gold sales.

Removing that income, they say, leaves operational earnings at GH¢12.7 billion, creating a deficit of about GH¢4 billion.

“A central bank that needs to sell gold to avoid insolvency is operating on borrowed time,” Mr Oppong Nkrumah warned.

The caucus further disputed the widely reported GH¢15.6 billion loss, insisting the actual figure is much higher when all components are considered.

They pointed to an additional GH¢19.3 billion recorded under Other Comprehensive Income, pushing total losses to about GH¢34.9 billion, and argued that when adjusted for the gold sale proceeds, the underlying loss could reach GH¢44 billion.

“This is the figure they did not want Ghanaians to see,” the Minority said, accusing authorities of relying on accounting adjustments and asset sales to soften the headline loss.

They also raised concerns about the accounting standards used in preparing the financial statements, noting that the accounts were not fully aligned with International Financial Reporting Standards but rather based on the Bank’s internal policies.

According to them, this approach allowed significant losses, particularly those linked to foreign exchange revaluation, to be shifted into Other Comprehensive Income, thereby reducing the reported deficit.

The Minority said the latest figures mark a reversal of a recovery trend recorded in previous years, citing official data that showed losses declining from GH¢13.23 billion in 2023 to GH¢9.49 billion in 2024, before rising again to GH¢15.63 billion in 2025.

“The central bank was healing. Now it is deteriorating,” Mr Oppong Nkrumah stated.

They attributed the situation to policy decisions, including changes to the cash reserve ratio framework, foreign currency reserve requirements, and the gold purchase programme—moves they say have increased sterilisation costs and pushed interest payments to commercial banks above GH¢14 billion.

In what they described as a troubling development, the Minority argued that the Bank’s operations have effectively resulted in a transfer of public resources to private banks.

“This is not monetary policy; this is a wealth transfer from the public balance sheet to private balance sheets,” they said.

They added that the situation is having real consequences for the broader economy, including tight liquidity, weak private sector credit growth, rising living costs, youth unemployment, and mounting pressure on key sectors.

“Stability of numbers is not the same as stability of livelihoods,” Mr Oppong Nkrumah stressed.

The caucus also pointed to what it sees as a contradiction in earlier positions taken by the opposition, recalling past criticisms of the central bank over smaller losses.

“By their own standards, what should be said today?” they questioned.

Despite the strong criticism, the Minority said its goal is to push for urgent reforms rather than assign blame, adding that it will present policy alternatives aimed at restoring the Bank’s financial health and safeguarding its independence.

“There is no triumph in being right when your country is bleeding,” Mr Oppong Nkrumah said. “What matters now is that we act to prevent further damage.”

The debate is expected to intensify in the coming days as questions mount over the true state of the central bank and the long-term sustainability of current economic policies.

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The new kid on the block, established through the Ghana Gold Board Act, 2025 (Act 1140), was set up to oversee, monitor and undertake the buying, selling and export of gold and other precious minerals. It was also to promote value addition, support responsible mining, accumulate gold reserves for the Bank of Ghana, and help generate foreign exchange.

It effectively replaced the Precious Minerals Marketing Company, but with greater monopoly powers over the trade of gold and other minerals. GOLDBOD, per its Act, was to be the sole exporter of gold in the country.

On face value, the numbers pointed to a state institution that delivered on its mandate. But reading those numbers alongside the Bank of Ghana’s own 2025 financial results tells a very different story.

The same programme that produced GOLDBOD’s surplus handed the central bank a GH¢9.05 billion net loss — deepening the hole in an already precarious financial position.

How GOLDBOD was to operate

GOLDBOD was to be funded by a $279 million revolving fund allocated in the 2025 budget, which would allow it to buy doré gold directly from artisanal and small-scale miners on its own balance sheet and trade independently.

That fund only arrived in December 2025.

For the entire year, GOLDBOD did not carry active trading positions on its own books. It operated primarily as an intermediary — collecting funds from the Bank of Ghana, going into the field to buy gold on the central bank’s behalf, and earning service charges and fees on every transaction after assaying the gold.

For twelve months, the Bank of Ghana supplied the capital and absorbed any losses. GOLDBOD collected transactional fees and kept its balance sheet intact.

That is the structure that produced two very different sets of financials for the same year, under the same programme.

The IMF alarm

Even before the full financial damage had been tallied, the IMF raised the flag.

In its fifth review of Ghana’s economic recovery programme, the Fund disclosed that losses from the artisanal and small-scale doré gold transactions had already reached $214 million by the end of September 2025 alone — about 0.2 percent of GDP — mostly trading losses, with a small portion in GOLDBOD’s fees.

The Fund warned that the domestic gold purchase programme posed risks to the financial sustainability of the BoG and that those losses should not be borne by the central bank.

The policy design that was never going to balance

Despite the original plan of a revolving fund for GOLDBOD, the government and the central bank continued an existing arrangement — one that had operated between the PMMC and the BoG under the now-defunct gold-for-oil programme. That programme was itself discontinued in March 2025 over its cost to the bank’s balance sheet, having incurred a total net loss of GH¢2.14 billion across 2023 and 2024.

Under that arrangement, the Bank of Ghana provided foreign exchange to PMMC at the official BoG rate to buy gold from small-scale miners. The problem was that miners were paid at the unofficial forex rate, under the justification that no miner accepts the BoG rate.

The gold purchased was also not refined bullion. It was raw doré, which trades at a discount on international markets to account for refining, assay risk, transport, and financing costs. The offtaker discount offered by the BoG initially stood at 2.25% below world market prices, later reduced to 1.25% in the last quarter of 2024 and further to 1.1% in 2025.

On top of that, the central bank paid PMMC a 0.5% ad valorem service fee and a 0.258% assay fee on every transaction.

The BoG was buying at a premium, selling at a discount, and paying fees throughout. The losses were essentially built into the design.

That arrangement did not end with the establishment of GOLDBOD. It simply escalated. GOLDBOD became the sole exporter of ASM gold, inheriting the same fee structure — 0.5% ad valorem and 0.258% assay fee — until December 2025 when those were reduced to 0.4% and 0.2% respectively.

More significantly, GOLDBOD was buying at spot — sometimes above spot, to deter smuggling — while the Bank of Ghana was selling below it.

JoyNews Research data shows that in October 2025, when the global gold price averaged $4,054 per ounce, Ghana realised $3,919 — a shortfall of $135 on every ounce.

The losses were therefore expected but the bigger question was always how deep.

What the BoG’s full accounts revealed

When the Bank of Ghana finally opened its books last week, the number was no longer $214 million.

The net loss of the Domestic Gold Purchase Programme had ballooned to GH¢9.05 billion for the year.

But even that headline failed to tell the full picture.

Whereas the three-month loss from the discontinued gold-for-oil arrangement was GH¢203.03 million, the central bank incurred a gross loss of GH¢21.89 billion on its doré gold trade with GOLDBOD. So although GOLDBOD, through its assayer role, exported ASM gold valued at $10.8 billion, that came at a cost of GH¢21.89 billion — approximately $2 billion — to the Bank’s balance sheet.

Per the financials of both parties, the BoG paid GOLDBOD over GH¢827 million in charges in 2025, with nearly GH¢560 million comprising service charges alone. That meant, excluding the government’s GH¢4.5 billion grant to GOLDBOD, approximately 82% of GOLDBOD’s 2025 revenue came directly from the Bank of Ghana.

But those fees are a relatively small portion of the GH¢21.89 billion gross loss. The single largest contributor was the rate gap — embedded in every single transaction from the start.

Atta Issah, MP for Sagnarigu and member of Parliament’s Finance Committee, who uncharacteristically broke the news of the Banks’ losses sought to explain the core mechanism:

“Bank of Ghana gives money to GOLDBOD to go and purchase the gold. BoG purchases at an International Traded Currency, USD. So it will give USD to GOLDBOD at, for example, $1 to GH¢10. But when they go into the field, you and I know that no gold trader will sell his gold at BoG rate. So the difference between the forex market and BoG rates reflects the loss.”

Here is a clean explanation of a messy problem.

If the cedi was GH¢10 at the BoG window but GH¢11 on the forex market, then for every GH¢11 the central bank gave GOLDBOD, it received gold worth GH¢10. When the cedi strengthened and paradoxically widened the gap between the BoG rate and the retail rate, the Bank paid more for less gold. And with the programme scaling dramatically — doubling in volume from 56 tonnes to 111 tonnes — that meant more transactions, a wider gap, and a bigger loss.

Simply put, as GOLDBOD’s revenue grew and export volumes rose, the BoG’s expenditure deepened and its capital depleted even more rapidly.

The central bank took on the full currency risk, the full price risk, and the full market execution risk. The underlying trade was structured in a way that made losses almost unavoidable.

The GH¢21.89 billion gross loss only improved to GH¢9.05 billion on the central bank’s income statement after being partially offset by a GH¢5 billion government cost-share intervention and GH¢7.9 billion in realised gains on gold bullion sales reclassified from reserves.

The way forward

GOLDBOD’s CEO announced late last year that the Board was expected to fully take over the artisanal and small-scale gold trading programme from January 2026, and no longer operate as an intermediary for the Bank of Ghana.

Under this arrangement, GOLDBOD would be responsible for purchasing, trading, and selling gold on its own — giving the central bank’s balance sheet some much-needed breathing space.

But with the full financial risk now back on GOLDBOD, the programme needs structural fixes before it scales further.

The practice of indexing field purchase prices to the forex rate rather than a published market benchmark must be reconsidered. Cocoa prices are indexed to the BoG rate, and farmers receive accordingly. Gold cannot be treated differently under the guise of preventing smuggling. The cost of smuggling must be made expensive through enforcement — not by paying above-spot prices that hollow out the central bank.

GOLDBOD has in recent times explored discount buying, but needs to be firmer and braver with that decision. The fear of market resistance and a short-term drop in export volumes is understandable. But the potential financial cost far outweighs any temporary dip in numbers. If the arrangement cost the central bank over GH¢20 billion in gross trade losses in a single year, the question worth asking is how many months — perhaps days — it would take GOLDBOD to exhaust its GH¢4.5 billion working capital simply to maintain the same pace of exports.

The full picture, now told

While GOLDBOD may have had a good year on its own books, the Bank of Ghana paid for it.

The argument that Ghana needed the reserves is never in doubt, but a programme structured so that one entity captures the gains while another absorbs the losses is a programme that needs to be fixed.

The cost to the BoG will eventually be borne by Ghanaians through taxes. That is the part GOLDBOD’s “beautiful” financials did not show.

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Reacting to the Bank of Ghana’s 2025 financial statements, Dr Boako said the IMF’s safeguards assessments were intended to prevent “quasi-fiscal leakage,” yet the Fund continued to endorse the Bank’s foreign exchange intermediation framework.

“The IMF continues to endorse the Bank’s FX intermediation framework while simultaneously warning that the losses are unsustainable,” he stated.

The MP questioned whether the IMF’s continued support for the framework affected the institution’s credibility.

“What is the IMF doing here? Waiting for BoG to come back to the IMF again for the 18th time?” he asked.

Dr Boako argued that Ghana did not need what he termed a “crisis-management partnership” with the IMF, but rather a “policy-discipline partnership” that would strengthen economic resilience.

He also accused the Bank of Ghana of becoming increasingly politicised, alleging that policy choices were being driven by “optics over solvency” and “narrative-management over transparency.”

According to him, the Bank’s 2025 financial statements amounted to “a confession” that revealed a central bank abandoning its own recovery path.

He listed what he described as key concerns, including a weakened balance sheet, a liquidity strategy that subsidised banks instead of stabilising markets, and foreign exchange and gold operations that generated losses.

“A central bank that loses GH¢36 billion in a non-crisis year, and would have lost GH¢44 billion without selling gold, cannot credibly claim that it is being attacked,” he stated.

Dr Boako maintained that the Bank of Ghana should focus on accountability rather than political defence.

“It should be answering questions, not deflecting them,” he said.

The MP concluded by calling on Ghanaians to demand greater transparency and discipline from the central bank, warning that the country could not afford to treat financial credibility lightly.

In a statement reacting to the Bank’s 2025 financial statements, Dr Boako argued that the central bank’s handling of Open Market Operations (OMO) contributed significantly to its heavy losses while commercial banks recorded strong profits.

“BoG booked the losses, commercial banks booked the profits,” he stated.

According to him, the Bank’s OMO costs rose sharply from GH¢8.2 billion in 2024 to GH¢16.73 billion in 2025 after it abandoned the dynamic Cash Reserve Ratio mechanism.

He described the move as a return to “the most expensive liquidity-management tools” despite declining inflationary pressures.

“This is not monetary policy. This is a wealth transfer from the public balance sheet to private balance sheets. And it is indefensible,” the Tano North MP asserted.

Dr Boako further accused the central bank of reversing foreign exchange reserve-holding rules in a manner that injected liquidity back into the financial system, only for the Bank of Ghana to mop it up again at high interest rates through OMO instruments.

He maintained that such decisions unnecessarily weakened the Bank’s balance sheet.

The MP also criticised the Bank’s foreign exchange and gold operations, claiming they were being conducted at a “structural loss.”

He alleged that the BoG recorded a GH¢9 billion loss under its gold purchase programme and questioned why the Bank sold 18 tonnes of gold reserves while still ending the year with substantial losses.

“The Bank buys FX or gold at market rates but values or sells them at an artificially lower official rate,” he said.

Dr Boako argued that such practices amounted to “policy-manufactured losses” rather than unavoidable economic outcomes.

He warned that continued losses at the central bank could undermine confidence in Ghana’s financial system and damage institutional credibility.

“Credibility, once broken, is expensive to rebuild,” he added.

In a detailed Facebook post on Friday, May 1, the Karaga MP said the central bank’s reported GH¢15.6 billion net loss did not fully reflect its underlying financial challenges because gains from the sale of gold reserves were recognised as income.

Dr Amin Adam stated that the Bank reportedly sold about 18 tonnes of gold reserves, generating around GH¢40.3 billion in proceeds and a net gain of GH¢9.57 billion.

He contended that the gains were transferred from equity into the profit and loss account, thereby reducing the scale of the reported deficit.

“If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GH¢25 billion,” he wrote, adding that the figure could potentially be higher depending on the treatment of the gold transactions.

The former Finance Minister questioned the rationale behind the gold sales, saying the explanation that the transaction was intended to rebalance reserves did not align with the country’s previous policy direction of building gold reserves.

According to him, the financial statements suggest the sales were necessary to support the Bank’s monetary policy operations.

He pointed specifically to sterilisation costs, which he said reached GH¢16.73 billion in 2025.

“The Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he quoted from the financial report.

Dr Amin Adam argued that without the gold sales, the Bank’s operating income would have been inadequate to absorb those costs.

He also used the occasion to defend the Domestic Gold Purchase Programme introduced during the previous administration led by former Vice President Mahamudu Bawumia.

He said the programme had become “a major buffer” for the central bank despite criticism from the current administration.

The Karaga MP further accused the current management of the central bank of relying on accounting measures to conceal deeper structural weaknesses.

“Using gold reserves to offset operational losses does not eliminate the problem — it only masks it,” he wrote.

He warned that the strategy could delay necessary policy adjustments and obscure the true cost of monetary interventions.

In a Facebook post on Friday, May 1, Dr Amin Adam claimed the central bank’s reported net loss of GH¢15.6 billion would have been significantly higher if gains from gold sales had not been recognised in its profit and loss account.

According to him, the Bank sold about 18 tonnes of Ghana’s gold reserves accumulated under the previous New Patriotic Party administration, generating approximately GH¢40.3 billion in proceeds and a net gain of GH¢9.57 billion.

He argued that although the Bank explained the transaction as a reserve portfolio rebalancing exercise, the published financial statements raise questions about that justification.

“There was no obvious macroeconomic need for such rebalancing, especially under a policy framework that had previously been approved to build—not reduce—gold reserves,” he wrote.

Dr Amin Adam further claimed that the GH¢9.57 billion gain from the gold sale was reclassified from equity and recognised as realised income.

“This is critical,” he stated.

“Therefore, the GH¢15.6 billion net loss reported in 2025 must be interpreted in context. If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GH¢25 billion.”

He added that the Bank’s monetary operations remained expensive, citing sterilisation costs of GH¢16.73 billion in 2025.

“The financial report notes that the Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he said.

According to him, without the gold sales, the Bank’s operating income would have been insufficient to cover the sterilisation costs.

Dr Amin Adam also defended the Domestic Gold Purchase Programme introduced under former Vice President Mahamudu Bawumia, describing it as a major support for the central bank.

“One policy by Dr Bawumia — the Domestic Gold Purchase Programme — has clearly been a major buffer for the Bank of Ghana,” he stated.

He accused the current management of the central bank of prioritising “optics over sound balance sheet management,” warning that using gold reserves to offset operational losses only conceals deeper policy challenges.

“The losses — driven largely by costly monetary interventions — raise serious questions about policy efficiency,” he added.

When Dr. Boako, who also serves on Parliament’s Finance Committee, warned in January 2026 that the Bank of Ghana’s audited accounts would reveal deeper losses linked to the GoldBod programme than the $214 million already flagged by the International Monetary Fund, some critics dismissed his comments as politically motivated.

However, with the release of the central bank’s delayed 2025 audited financial statements, those warnings appear to have been confirmed.

The Bank of Ghana’s 2025 accounts, published on Thursday, April 30, 2026, after securing a statutory deadline extension from Finance Minister Dr. Cassiel Ato Forson, showed that the institution recorded another substantial operating loss for the year.

The development came as Dr. Boako had earlier predicted, reinforcing his claims about the central bank’s financial exposure to the Ghana Gold Board gold-for-reserves initiative.

In January 2026, while the IMF’s Fifth Review report under Ghana’s Extended Credit Facility programme had already highlighted $214 million in GoldBod-related trading losses up to the third quarter of 2025, Dr. Boako argued that a second and larger stream of losses would emerge.

“The losses are coming from two streams. The $214 million loss is from GoldBod’s trading activities. But there is another leg of the loss that will come up in the BoG’s audited accounts, and it will be higher,” he said at the time.

He further explained that the Bank of Ghana was operating what he described as a multiple exchange rate system — a practice criticised by the IMF — where reserve gold was acquired at Bloomberg market rates but held at a lower internal valuation.

According to him, once auditors reassessed those holdings, exchange losses would reflect on the balance sheet.

He maintained that the losses were structural and linked to exchange rate policy rather than GoldBod’s operational model.

Months later, following the release of the report, the lawmaker reacted on his X page, writing:

“I hear the long-awaited Bank of Ghana something something is out but the PR is championed by the NDC Majority in Parliament rather. Ah! Why? Do you remember my prediction on the BoG loss a few months ago?”

According to the traders, the initiative will offer eggs at farm gate prices and is expected to significantly boost sales while encouraging more Ghanaians to include eggs in their daily diets. They noted that despite the nutritional value of eggs, consumption levels have not been as high as expected in recent times.

They explained that the discounted sale presents an opportunity for families to purchase eggs at reduced prices, especially at a time when the cost of living continues to rise. The sellers expressed optimism that such initiatives will also help sustain their businesses by increasing demand.

The Greater Accra Poultry Farmers Association has also engaged Multimedia Group Limited to reactivate the egg sales initiative, describing it as an opportunity to strengthen public engagement while supporting a key local industry.

The initiative will feature the sale of eggs at farm gate prices as part of efforts to improve affordability and boost consumption.

The promotion is scheduled as follows:
Date: Friday, May 1, 2026 (Public Holiday – Workers’ Day)
Time: 6:00 AM – 6:00 PM
Venue: Joy FM Car Park

The sellers further encouraged the public to participate in the event, stressing that regular egg consumption contributes to improved health, particularly for children and the elderly.

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The informal sector contributes about 27.4% to the country’s GDP, yet its contribution to total tax revenue is less than 5%.

The GRA in the region extended its campaign to educate players in the informal sector at the Kejetia Market in Kumasi on the need to pay their taxes for national development.

The event forms part of its Tax and Good Governance Month, an annual return filing period aimed at educating business owners and individuals on their obligation to file returns and comply with tax regulations.

Ashanti Regional Area Director of the GRA, Agnes Adu Gyamfi Adjei, underscored that taxpayer education is a continuous process, particularly for the informal sector.

She noted that the GRA has established permanent points of presence within the market to ensure sustained engagement with traders.

“We have a point of presence here at the Kejetia ‘Dubai’ Market. Our team moves from shop to shop daily to ensure that once you are earning income and selling taxable products, you are duly registered,” she explained.

Under existing regulations, businesses that meet a turnover threshold are required to register for Value Added Tax (VAT), which is administered in accordance with the law, including provisions for exempt goods and services.

Failure to comply attracts sanctions, including daily penalties added to outstanding tax liabilities.

As part of efforts to improve accessibility, the Authority has expanded its operational footprint in the region, upgrading facilities such as Tafo-Pankrono and Bekwai into fully functional taxpayer service centres.

The new centres bring the total number of tax outlets in the region to ten.

Mrs Adu Gyamfi Adjei emphasised that while enforcement remains necessary, the primary focus is on education and voluntary compliance, especially among small-scale enterprises.

She reiterated that taxes remain the backbone of national development.

“Taxes are what the government uses to run the machinery of the country. Roads, schools, hospitals, and markets are all funded through tax revenue. That is why we are committed to educating the public,” she asserted.

The exercise also provided an opportunity for on-the-spot tax payments, particularly for individuals with outstanding VAT and personal income tax obligations for the first quarter.

Free Health Screening

In a move to give back to taxpayers, the GRA incorporated a free health screening into the programme, deploying a medical team from Accra to attend to participants.

According to Mrs. Adu Gyamfi, the gesture reflects the Authority’s recognition of the link between citizens’ wellbeing and their economic productivity.

“We are always taking from taxpayers. This time, we have brought healthcare services to them. When they are in good health, they can work and contribute meaningfully through taxes for national development,” she noted.

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Speaking on Ekosii Sen on Asempa FM, Mr. Nurudeen claimed that the current administration inherited a “collapsed power sector” alongside a debt of about $1.5 billion.

According to him, the previous government failed to make substantial investments in the energy sector during its eight years in office, despite the steady growth in electricity demand.

“In eight years, there was no significant investment in the energy sector. Demand is not static, it grows by about 20 percent annually, and you need excess capacity to manage losses,” he stated.

He explained that Ghana requires at least 2,000 megawatts above its dependable capacity to address transmission losses and ensure stable supply.

Mr. Nurudeen also rejected claims that the country is experiencing “dumsor,” describing the current situation instead as intermittent power cuts.

“If intermittent power cuts are what we call dumsor, then it started during the Nana Akufo-Addo administration,” he argued.

He further urged critics to allow the current government time to address the challenges, insisting that efforts are underway to stabilise the sector.

“They should remain quiet and allow us to do what they were unable to achieve in their eight years,” he added.

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The Minister formally received the IMF Mission team led by Dr. Ruben Atoyan in Accra.

Reflecting on Ghana’s recovery since the 2022 economic crisis, Finance Minister Dr. Cassiel Ato Forson said the partnership between government and the International Monetary Fund (IMF) has delivered strong and measurable outcomes.

“It has been a long, demanding, but ultimately transformative journey,” he said, noting that the programme has helped stabilise the economy, restore credibility, and renew hope among Ghanaians.

He expressed appreciation to the IMF on behalf of the President and the people of Ghana, describing the progress as significant and anchored on discipline and difficult policy decisions taken in the national interest.

While acknowledging the gains made, the Finance Minister stressed that government remains focused on sustaining momentum and consolidating the recovery.

“Progress does not permit complacency,” he stated.

Dr. Forson emphasised that the next phase of the programme will prioritise policies that unlock private sector growth at scale, with the aim of translating macroeconomic stability into tangible outcomes for citizens.

“We must ensure that stability translates into more investment, more jobs, and more opportunities for all,” he said, adding that the true test of the recovery lies beyond headline economic indicators.

He noted that although key macroeconomic indicators have improved significantly, government’s focus is now on the trajectory ahead, including shaping the next phase of reforms.

According to him, critical decisions will be taken before the conclusion of this IMF mission to define the direction of Ghana’s economic reform agenda, with a strong emphasis on policy credibility, reform discipline, and investor confidence.

The IMF team described the review as a significant milestone and commended Ghana for the progress achieved under the programme, acknowledging the government’s strong reform efforts.

Present at the meeting were Deputy Finance Minister Thomas Ampem Nyarko, Chief Director of the Ministry of Finance Patrick Nomo, Governor of the Bank of Ghana Dr. Johnson Asiama, and First Deputy Governor Dr. Zakari Mumuni.

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Data from the Chamber of Oil Marketing Companies shows petrol could drop by up to 0.51% per litre. This could see some Oil Marketing Companies (OMCs) retail petrol at around GH¢14.51 per litre, particularly those that purchase products on credit from Bulk Oil Distributing Companies.

Diesel is projected to record one of the steepest reductions in recent months, falling by 6.77% and likely selling at about GH¢15.87 per litre.

In contrast, LPG is expected to rise by as much as 10.41% per kilogramme, despite generally lower international prices.

The Chamber explained that the increase reflects “the delayed effect of the current tender arrangement, which cushioned earlier price hikes, but is now beginning to reflect in market prices.”

Reasons for mixed pricing outlook

According to the Chamber, the downward movement in petrol and diesel prices is largely driven by falling international market prices and ongoing joint government–industry interventions aimed at cushioning consumers.

Global crude oil prices fell significantly during the pricing window, from $129.80 per barrel to $113.80 per barrel, representing a 12.33% decline.

Market sentiment has also shifted, with traders increasingly confident that the kinetic phase of the US–Iran conflict is easing or has passed.

Prices of refined petroleum products also declined internationally for the May 1 pricing window. Diesel recorded the steepest drop at 14.16%, followed by LPG at 13.11%, and petrol at 1.08%.

However, these declines were not strong enough to fully offset the impact of the cedi’s depreciation during the period.

The Ghana cedi weakened slightly against major currencies, moving from GH¢11.1324 to GH¢11.2057 per US dollar, representing a 0.65% dip.

NPA price floor and industry response

Attention is now shifting to how OMCs will respond to the new pricing window, especially as May 1 falls on a public holiday.

The National Petroleum Authority has set price floors under its guidelines. Petrol has been pegged at GH¢13.25 per litre, excluding additional margins and charges.

Diesel has a floor price of GH¢14.30 per litre, while LPG is set at GH¢13.02 per kilogramme. Kerosene and Marine Gas Oil Local are pegged at GH¢16.13 and GH¢15.41, respectively.

Compared to the previous mid-April window, petrol has seen a marginal 2 pesewas drop, while diesel has declined significantly by GH¢1.80 per litre.

In a notice to OMCs, the Authority stated: “As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are entreated to comply with the above price floors for the window under consideration.”

It clarified that the quoted prices exclude premiums charged by International Oil Trading Companies, as well as margins for Bulk Import, Distribution and Export Companies and retailers.

“These will be independently determined by the companies as pertains under the PPPG,” the Authority added.

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Trading was concentrated in the front-to-belly segment of the curve, with the 2031-2034 maturities accounting for 51.14% of total turnover, clearing at a weighted-average yield of 12.50%.

The 2027-2030 segment comprised the remaining 48.86% of activity, with trades executed at a lower weighted-average yield of 11.06%.

In contrast, the long end (2035–2038) remained largely inactive, underscoring continued aversion to extended duration.

The newly issued 7-year (2033) bond attracted some light interest with turnover of GH¢15.52 million at a weighted-average yield of 12.10%.

“We anticipate a pickup in secondary market activity this week, driven by end-of-month portfolio rebalancing flows, which should support improved liquidity and stronger turnover across the curve”, said Databank Research.

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The local currency recorded volatility of approximately 0.5% compared to a historical weekly average of approximately 2.1%.

In the interbank market, the Ghana cedi weakened by 0.54% to a mid-rate of GH¢11.09 against the dollar, while the pound and the euro declined by 0.95% and 0.47% to GH¢14.99 and GH¢12.99, respectively.

The retail rates mirrored this with steeper drops of 2.10% depreciation of the cedi to dollar to trade at GH¢ 11.93. The cedi also depreciated by 2.50% against the pound to sell at GH¢15.78, whilst the euro appreciated by 3.09% against the cedi to trade at GH¢ 13.78.

Since the beginning of the year, the cedi has lost approximately 2.55% of its value against the American greenback with a month-on-month depreciation of 0.79% between March 2026 and April 2026.

Broadly in line with its earlier view, Databank Research said the mounting import demand continues to weigh on the cedi as traders restock ahead of mid-year consumer demand.

“In the first week of the next review window, we expect this buy-side pressure, together with relatively cautious FX [foreign exchange] supply, to keep the market under mild strain.”

It added that the sentiment should improve in the second week if the IMF staff mission concludes positively, potentially unlocking about US$385 million, subject to IMF Board approval.

“We believe this would help ease negative expectations and give the Bank of Ghana more room to support the market, keeping the cedi fairly stable, reinforced by modest inflows from GoldBod. We forecast the pair to trade within GH¢10.95-11.35 band by the end of the fortnight”, it stated.

Meanwhile, the cedi began this week going for GH¢11.85 to the US dollar at the forex bureaus.

The Chief Executive Officer of Royal Gold Refinery Limited, Eric Frimpong Santeng, said the 24-hour model would expand opportunities for young Ghanaians seeking full-time employment.

His remarks follow a visit by the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, who toured the private refinery to explore a possible operational agreement with the company.

“It’s our vision to support the President’s vision, and the 24-hour economy is what we want to do here, to make sure our youth gain full-time employment. As I mentioned, we’ve had the privilege of engaging experienced technical people to train our local team. Once they learn, they take over,” he said.

According to Mr Santeng, the facility, when operating at full capacity, will employ about 27 people per shift.

On his part, Mr Gyamfi noted that GoldBod has engaged a technical expert to assess the facility and advise on the viability of a refinery agreement.

“Our expert will be working with them on a daily basis, following up and assisting where necessary. He has a clear understanding of the system we will be working with,” he said.

He expressed optimism that both parties would soon finalise an agreement for the full operationalisation of the refinery.

“We are very optimistic we can resolve these issues and have an agreement in a matter of weeks. Please work with us. Next time I come here, I may come with the Finance Minister, the Lands and Natural Resources Minister, and maybe the Governor. He is a shareholder, and that’s our plan,” he added.

The Royal Ghana Gold Refinery, commissioned on August 8, 2024, has the capacity to refine 400 kilograms of gold daily.

The Accra-based facility can refine gold up to 24 carats with a purity level of 99.99 per cent, marking a key milestone in efforts to move Ghana from raw mineral export to value addition.

In a related development, Ghana has also strengthened its gold value chain through a partnership between GoldBod and Gold Coast Refinery, with technical support from South Africa’s Rand Refinery.

Under that arrangement, GoldBod will supply at least one metric tonne of gold weekly to Gold Coast Refinery from February 1, 2026, with production expected to scale up over time. The refinery has an annual processing capacity of up to 180 tonnes.

The refined gold will meet a minimum purity of 99.5 per cent, with capacity for up to 99.999 per cent purity. Exported bars will carry hallmarks from Gold Coast Refinery, GoldBod, the Ghana Standards Authority, and the Bank of Ghana to ensure international credibility and traceability.

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In a statement signed by Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at ACEP, on April 27, 2026, the think tank noted that households, businesses, and institutions have endured over a month of escalating power cuts. It said the situation has been compounded by a recent fire incident at the Ghana Grid Company’s Akosombo substation.

According to ACEP, the incident has taken out approximately 960 megawatts of relatively cheaper and reliable generation capacity, triggering widespread load shedding across the country.

The policy think tank criticised the quality of communication from power sector operators, stating that updates on outages have been irregular, inconsistent, and unreliable, with blackouts often extending beyond announced areas.

The organisation also questioned explanations linking the outages to ongoing transformer upgrades, noting that similar claims in the past by the Electricity Company of Ghana were later found to be inaccurate following independent audits by the Public Utilities Regulatory Commission.

It argued that the scale and duration of the outages point to deeper systemic challenges, including constraints in natural gas supply and processing, inadequate maintenance, and inefficiencies in planning within the power sector.

ACEP urged the Minister for Energy and Green Transition to avoid short-term emergency measures that could create long-term financial and operational risks, and instead focus on addressing structural weaknesses in the sector.

The statement further called for a thorough and credible investigation into the Akosombo substation fire, saying such an incident raises serious concerns about safety standards and operational oversight.

“A fire of that scale should not occur where proper safety systems and modern operational standards are in place,” the statement noted.

As part of immediate measures, ACEP called on authorities to publish a reliable load-shedding timetable to enable households and businesses to plan effectively.

It also urged system operators to provide a clear timeline for restoring full power supply, while calling on the Public Utilities Regulatory Commission (PURC) to exercise its oversight mandate by conducting an independent investigation into both the fire incident and the broader power crisis.

The organisation further demanded full public disclosure of all investigation findings, including any evidence of misconduct or systemic failure, to ensure accountability and restore public trust in the energy sector.

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This was contained in an internal circular issued from the Office of the Chief Executive on April 24, 2026, and addressed to all staff of the company.

According to the circular, in his absence, Frank Otchere, Acting Deputy Chief Executive in charge of Engineering and Operations (E&O), will assume responsibility for the day-to-day administration of the company in addition to his regular duties.

Management has directed all staff to offer their full support and cooperation to Ing. Otchere to ensure the smooth running of operations during the period.

The notice forms part of routine administrative arrangements within the company to maintain continuity in leadership and operations.

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The visit aimed to provide first-hand insight into the company’s innovative extraction of cocoa sweatings for the production of cocoa juice—an emerging value-added process creating new opportunities within the cocoa sector.

Discussions during the engagement focused on strengthening collaboration between COCOBOD and the Swiss-based company to scale up the initiative across other cocoa-growing regions. The move forms part of broader government efforts to diversify cocoa products and enhance value addition within Ghana’s cocoa industry.

Speaking during the visit, Dr. Abbey expressed strong enthusiasm about the initiative, noting that it would increase awareness among farmers of the full economic potential of cocoa while providing additional income streams.

“Cocoa as a fruit has numerous benefits. This initiative highlights its wide-ranging value—from health and cosmetic applications to chocolate and juice production—demonstrating why cocoa must not be underestimated,” he stated.

He further emphasised that such innovations could significantly improve livelihoods across all cocoa-growing regions, while underscoring the importance of maintaining Ghana’s reputation for premium cocoa quality.

“Ghana’s cocoa quality gives us a competitive advantage on the international market. Therefore, all processes must be carefully managed to preserve this standard,” he added.

Addressing these concerns, the Chief Executive Officer of KOA Impact, Anian Schreiber, assured that the extraction of cocoa sweatings does not compromise the quality of cocoa beans. He explained that maintaining high standards largely depends on farmers, hence the company’s strong focus on farmer education.

“We train farmers on good agronomic practices, proper fermentation techniques, and sustainable methods to ensure that bean quality is consistently maintained,” he said.

Mr. Schreiber further revealed plans to expand operations into additional cocoa-growing regions, positioning cocoa juice extraction as a key avenue for value addition. He also highlighted the company’s commitment to promoting organic cocoa cultivation and dynamic agroforestry systems to ensure environmental sustainability and long-term benefits for farmers.

The visit underscores growing partnerships aimed at unlocking the full cocoa value chain while positioning Ghana as a leader in innovative and sustainable cocoa production. The delegation also toured the KOA Impact processing facility as part of the visit.

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This is compared with GH¢2.0 billion in the same period a year earlier, a 24.1% increase in growth year-on-year.

Similarly, profit-before-tax (PBT) recorded a growth of 21.0% in February 2026 relative to a growth of 20.7% in February 2025.

According to the March 2026 Monetary Policy Report (MPR), with the exception of other income, all income lines grew in February 2026, but at a slower pace compared to the same period last year.

Growth in net interest income was lower at 6.2% in 2026 from 11.0% in 2025. This reflected the decline in growth in interest income, which was due to the decline in lending rates and rates on money market instruments during the review period.

The fees and commissions, however, contracted by 0.6% in 2026 relative to a growth of 35.8% in 2025.

Similar declines in growth in cost lines outweighed the impact of the decline in growth in income lines on the bottom line.

The banking industry’s operating expenses grew by 6.1% in February 2026, compared to 24.7% in 2025. This reflected the moderation in growth in staff costs and non-staff related expenses.

The provisions for depreciation, bad debt, and impairment losses on financial assets also grew by 43.4% in February 2026 compared to the 55.5% contraction recorded in February 2025.

ROA and ROE

The profitability indicators for the banking sector declined in February 2026.

The sector’s Return on Assets (ROA) declined marginally to 4.6% in February 2026 from 4.7% in February 2025.

In addition, banks’ Return on Equity (ROE) decreased to 24.3% in February 2026 from 28.5% in February.

However, the undersubscription was marginal, nearly one percent.

According to the auction results by the Bank of Ghana, the bids tendered by the investors were estimated at GH¢4.43 billion, against a target of GH¢4.47 billion.

The government, however, accepted about GH¢3.8 billion of the bids.

The 91-day bill was once again the most subscribed bill as GH¢2.75 billion of the bids tendered. This represented 62.1% of the total bids. The uptake was, however, GH¢2.71 billion.

The 364-day bill recorded bids of about GH¢960 million. The uptake was GH¢522.4 million.

For the 182-day bill, GH¢717.6 million of the bids were tendered. About GH¢664 of the bids were accepted.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill decreased by 2.0 basis points to 4.92%.

That of the 182-day bill, however, went up to 6.96% from the previous week’s 6.90%.

In contrast, the yield on the 364-day bill remained unchanged at 10.12%.

Speaking to Adom News, the farmers said the lack of proper storage is leading to significant post-harvest losses, as large quantities of yam rot before they are sold, resulting in major financial setbacks.

They also highlighted poor conditions at the market, noting the absence of basic amenities such as toilet facilities, urinals, and office space, despite the market’s contribution to Internally Generated Funds (IGF) for the municipality.

The farmers are therefore urging authorities to invest in storage structures, provide sheds to protect traders from harsh weather, and level the market with gravel to prevent flooding during the rainy season.

The Chief of Lanja, Naa Bukali Nantogma, also appealed to government to give the market a facelift, stressing that it has the potential to become one of the largest yam markets in the region if properly developed.

He further called for improved security on market days to ensure safe and smooth business transactions.

The programme took place on April 25, 2026 at the Joy Prime studios and aired live on Hitz 103.9 FM and Joy Prime television from 2pm to 4pm. 

It featured four business professionals and eight young entrepreneurs who are listeners of Hitz FM.

The resource persons shared their success stories, challenges and offered practical business tips to the audience. The panel comprised Oheneba Yaw Boamah, Founder and Lead Creative of Abrantie The Gentleman; Sherif Ghali, CEO of the Ghana Chamber of Young Entrepreneurs; Christiana Dankwah, CEO of Foodbank/Kula Bristo; and Michael Marmon-Halm, Managing Director of FairAfric Ghana Limited.

The eight participants, Augustine Nkrumah Boamah, Jennifer Annan, Derrick Antwi, Edmond Sarpong, Christian Barnes, Stephen Gbande, Abdul Samed and Naomi Oppong, also engaged the panel and asked questions.

The programme which targets small and medium scale enterprises was themed “Building Smart Businesses, Growing Strong.”

‘My Hustle’ is a quarterly radio and television programme, powered by Hitz FM, that celebrates entrepreneurial journeys, provides practical business guidance, and connects young entrepreneurs with mentors, industry professionals and a youthful audience.

According to DJ Black, Programmes Manager of Hitz FM, “some young people are building brands, launching start-ups, monetising skills, and turning passion into enterprise. They are doing this with limited capital, changing markets, and stiff competition. Yet their stories are rarely told in well-structured, empowering formats that educate and inspire others. A lot of business-oriented programmes target much older business people and fully-fledged enterprises. That is the reason we have created this platform,” he said.

The programme was hosted by Doreen Avio and produced by Kwame Dadzie, Arnold Dei and Debby Sway.

Managing Director of ECG, Ing. Kwame Kpekpena, said the company is undertaking both immediate and long-term system upgrades.

These include the upgrade of distribution lines between its bulk supply points and substations, as well as the installation of at least 300 additional transformers.

The Managing Director of the Electricity Company of Ghana, together with a team from the head office of the company, have behasn a working visit to the Ashanti region, assessing the region’s recent power challenges.

Many parts of the region continue to experience intermittent power cuts, consequently impacting businesses and household activities.

But under its 3.46-billion-cedi capital investment Programme, the ECG is undertaking critical power infrastructure upgrades to guarantee sustained and reliable power supply to the region.

The ongoing investment programme covers key components of the electricity distribution value chain, including bulk supply points (BSP), high-voltage transmission lines, primary substations, power transformers, distribution transformers, low-voltage networks and customer metering systems.

The Boadi – Kaase – Ridge high-voltage transmission lines are seeing an upgrade of its 265theiruare mm to 400 square mm AAAC (All Aluminium Alloy Conductor) at an estimated cost of 6.8 million dollars.

To improve reliability, the company is also constructing a critical link from the Anwomaso BSP to the Airport substation, which will help stabilise supply across the metropolis and provide an alternative route during faults – estimated to cost about 10.5 million dollars.

Although the projects are ongoing, Manager for Special Projects at ECG, Ing. Frederick Kwabena Bediako, explains some challenges delaying their early completion.

“We’ve started overhead, going up with the towers. We’re going to put conductors on them. Because we are sharing the same right of way with GRIDCo, which is also constructing bigger towers and converting their lines into double circuits, there is an obstruction,” he noted.

However, the Managing Director of ECG, Ing. Kwame Kp, Ekpena, is positive of an improved power supply in the region within the next six months as they undertake some immediate power infrastructure upgrades.

“Each projecits their specific timeline. Within six months, residents of Kumasi should start seeing real improvement in power supply. Also, by the end of the year, we hope to resolve all bottlenecks,” Ing. Kpekpena assured.

In March alone, the outages in the region have drastically reduced the output of the Ghana Water Limited, slashing its productivity at the Barekese Water Treatment plant by 30%.

But the ECG has assured of completing new transmission lines to the dam in the next three months, to provide sustained and alternative power distribution routes for improved water production to Greater Kumasi.

Commending the company for its interventions to resolve the power challenges, Regional MiniDrr, Dr Frank Amoa, Kohene, urged management to expedite works to improve power reliability.

He emphasized the need for the power company to ensure timely updates on planned outages and maintenance.

Meanwhile, the ECG says plans are underway for the construction of a third Bulk Supply Point as they search for funds to begin works.

The new BSP would augment the transmission and distribution of power to the region.

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This came during a courtesy call by members of the Ghana CEO Network at the Presidency, where the President outlined key progress in the country’s economic recovery.

He disclosed that Ghana’s Gross Domestic Product (GDP) has risen to an estimated $114 billion, making the country the eighth-largest economy in Africa.

President Mahama attributed the gains to fiscal discipline, reduced waste, and renewed investor confidence, assuring business leaders of government’s readiness to sustain collaboration with the private sector.

He emphasised the significance of flagship initiatives such as the 24-Hour Economy Policy and the Accelerated Export Agenda, urging industry players to focus on value addition and diversification rather than exporting raw materials.

According to the President, savings from ongoing fiscal reforms are being redirected into major development programmes, including the Big Push infrastructure initiative, the Adwumawura entrepreneurship programme, and the Free Primary Healthcare Programme.

He noted that these interventions are aimed at boosting productivity and ensuring inclusive economic growth.

Leader of the delegation, Ernest De-Graft Egyir, commended the government for its economic management and extended an invitation to President Mahama to serve as Guest of Honour at the upcoming Ghana CEO Summit 2026 scheduled for May 28, 2026.

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The AI-driven system has, in recent weeks, triggered intense debate among stakeholders in the import and export sector, with several trade groups calling for its immediate suspension over concerns about its potential impact on port operations, costs, and the ease of doing business.

But government officials insist the initiative is essential to strengthening revenue mobilisation and improving transparency within customs processes.

Speaking at the 2026 Annual Conference of the Controller and Accountant-General’s Department, Mr. Ampem outlined the rationale behind the policy, citing longstanding inefficiencies within Ghana’s public financial management framework.

He explained that the rollout of the Publican AI system forms part of a broader strategy to modernise revenue collection systems and address persistent loopholes that have historically led to significant financial losses.

According to him, government has already begun institutionalising key reforms aimed at enhancing fiscal discipline and accountability across the public sector.

“The Ministry has, since March 2026, set up the PFM Systems Division. The focus is to ensure that the planned rollout of structural and system PFM changes is done on time, within scope, and on budget.

“This high priority for systemic changes in PFM is what informed our decision to introduce an AI-powered system to strengthen Customs administration, detect undervaluation, and close long-standing revenue leakages at our ports,” he explained.

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The support was announced at the launch of the government’s ‘Nkoko Nkitinkiti’ initiative in Kpalbe, in the North East Gonja District of the Savannah Region.

The intervention, delivered through the EU-funded Food Security Response Northern Ghana Project, is being implemented by the UN Food and Agriculture Organisation (FAO) in partnership with the Ministry of Food and Agriculture (MoFA).

It aims to cut the country’s reliance on poultry imports, bolster food and nutrition security, and create jobs.

Each beneficiary will also receive feed and essential veterinary services.

Ghana currently spends between $300m and $400m annually on chicken imports. The government says the scheme is part of a wider push to achieve self-sufficiency in poultry within three years.

Speaking at the launch, Food and Agriculture Minister Eric Opoku urged farmers not to treat the birds as a short-term handout.

“The birds are layers. So, after a month, they will start laying eggs for you and the layers are also for you,” Mr Opoku said.

“You can sell the eggs, keep some in the house to improve your nutrition, and make some money from the sales. But we – the EU and Ghana – don’t expect you to go and consume the birds in the first month.”

He added: “This is an investment and we want you to make income from it and use it as an opportunity to enhance your livelihoods. It’s not meant for everybody but the vulnerable, and we want to bridge the gap between the poor and the rich in society.”

Mr Opoku said boosting local production would reduce import costs and make poultry more affordable for Ghanaians.

EU Ambassador to Ghana, Rune Skinnebach, said agriculture and food security remained central to the EU’s support for Ghana.

“Through this delivery, the EU works with the government and our partners at FAO to reduce Ghana’s dependence on imported poultry, boost farmers’ incomes sustainably and create jobs across the value chain with all inputs sourced locally,” Mr Skinnebach said.

FAO Representative to Ghana, Priya Gujadhur, said beneficiaries had already been equipped with practical skills.

“Beneficiaries of the project have been given hands-on poultry management and business skills to succeed,” she said.

“Empowering the farmers to produce their own eggs and chicken promotes both sustainability and practical training.”

The community leaders have welcomed the move. The Chief of Kakpande, Kakpandewura Kayiti, described the initiative as timely, citing poor harvests and rising food prices.

“Because the recent drought and current low food prices are making crop farming unattractive compared to animal farming, this initiative is timely,” he said.

“I encourage all farmers to take advantage of rearing a small number, especially the poultry, to supplement our livelihoods.”

The Food Security Response Northern Ghana Project was launched in September 2023 with €10m in EU funding.

It aims to support more than 50,000 farmers affected by the fallout from Russia’s war against Ukraine while building climate resilience in northern Ghana.

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The engagement, held at the Alisa Hotel on April 23, 2026, brought together industry players, policymakers, and the media under the theme of fostering dialogue and inspiring initiatives for a thriving ecosystem.

The Country Director of the Rainforest Alliance Ghana, Nicholas Jengre, underscored the organisation’s commitment to promoting sustainable land use and improving livelihoods within cocoa-growing communities.

“Sustainability is no longer optional; it is essential to the future of Ghana’s cocoa sector. Our work is focused on protecting biodiversity while ensuring farmers can earn a decent and stable income,” he said.

He noted that the Rainforest Alliance continues to support farmers through certification programmes, climate-smart agriculture training, and partnerships that promote environmental conservation.

The Rainforest Alliance operates globally to tackle pressing environmental and social challenges, including deforestation, climate change, and rural poverty.

In Ghana, its interventions have been particularly prominent in the cocoa sector, where sustainability concerns ranging from child labour to forest degradation remain critical.

Also speaking at the roundtable, Leslie Agyapong highlighted the need for stronger institutional backing to complement private sector efforts.

“Supporting cocoa farmers requires a coordinated approach. Government interventions, access to finance, and technical support systems must align to ensure farmers are not left behind,” she explained.

She added that empowering farmers with knowledge and resources is key to improving productivity while maintaining environmental standards.

Stakeholders at the meeting emphasized the importance of partnerships across government, development agencies, and the private sector to build a resilient cocoa ecosystem.

The roundtable forms part of broader efforts by the Rainforest Alliance to engage the media as a strategic partner in amplifying sustainability issues and driving public awareness around responsible production practices.

Participants expressed optimism that sustained dialogue and policy alignment would help Ghana maintain its position as a leading global cocoa producer while meeting evolving sustainability standards.

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Speaking on Joy FM’s Super Morning Show on Thursday, April 23, Mr Akrofi explained that the artificial intelligence tool only provides suggestions to guide customs processes, stressing that its outputs remain subject to human review and verification.

He noted that in several instances, recommendations generated by the system are reassessed and amended where necessary, adding that the AI is designed to support rather than replace decision-making at the port.

“Let me say it here that the decisions made by the Publican are not sacrosanct. We can criticise it, and we do that all the time. We can change it, we can set it aside,” he said on the show while discussing the fate of the new system in the country’s port.

His comments come in response to growing public concern from traders, especially the Ghana Union of Traders’ Association (GUTA), who have criticised the system, claiming it is not effective and is increasing the financial burden on import businesses.

Mr Akrofi further indicated that traders who are dissatisfied with outcomes generated by the system have the right to object and request a formal review, ensuring that disputes can be addressed through established administrative processes.

“Even if CUSTOMS has given you the response, as in the amount of duty that you have to pay, you have two options, the first option is to accept the money that is given to you and pay, the second option is to object, and in objecting, you attach these documents (original receipts, credit notes, bank transactions, contracts, letters of credit) that I have mentioned and when we independently authenticate it, we will set aside the AI suggestions,” he explained.

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The Bank of Ghana has trimmed its benchmark Monetary Policy Rate (MPR), which stood at a punishing 30% at the close of 2023, in consecutive reductions through 2025 to reach 14.0% by March of this year.

Inflation, meanwhile, has plunged to 3.30% well below the central bank’s target band and the cedi has appreciated over 40% against the US dollar from 2025 to date.

This confluence of improved macroeconomic fundamentals is a structural opening for industry, manufacturing, and enterprise to flourish.

KEY INDICATORS AT A GLANCE

↓  14.0%                        3.30%  ↓                                  ↑    6.0%

MPR (Mar. 2026)              Inflation (Feb. 2026)              GDP Growth (Q4 2025)

The great unshackling: From 30%+ to 14.0%

Ghana’s current easing cycle did not happen overnight. It is the product of painful structural reforms, credible fiscal consolidation under an IMF-supported recovery programme, and persistent disinflation driven by tighter monetary policy over the preceding two years.

From a peak of 30% in late 2023, the Bank of Ghana’s MPR (monetary policy rate) stood at 27% at the close of 2024.

Then, in a series of increasingly bold moves through 2025, the committee slashed the rate by 300 basis points in July, another 350 basis points in September, and a further 350 basis points in November, bringing the MPR to 18%, its lowest level in several years.

The policy pivot reflects a broader macroeconomic reset, improved external buffers, a strengthening cedi, and growing domestic confidence.

Ghana’s 91-day Treasury bill rate, a key short-term benchmark that directly influences commercial lending, had similarly declined to around 4.76% by March 2026, down from the high-twenties territory that had frozen credit access for most businesses.

The trajectory is evident: Ghana’s monetary policy has become accommodative, with the private sector poised to reap the most benefits. To understand the magnitude of the current opportunity, one must recall the recent past.

In 2024, policy and commercial lending rates peaked at a staggering 47%, a level that made credit a luxury few businesses could afford.

This resulted in a vicious cycle, trapping companies in “survival mode” and preventing them from investing in new equipment, expanding capacity, or even maintaining optimal inventory.

Unlocking cheaper capital: The first gear of industrial growth

The primary conduit for the transmission of lower policy rates to industrial growth is the cost of credit. When the Bank of Ghana sets a lower benchmark rate, commercial banks, which borrow from the central bank, can in turn reduce the cost of loans extended to businesses.

For years, Ghana’s lending rates hovered between 30 and 40%, effectively shutting out small and medium enterprises (SMEs), start-ups, and even mid-sized manufacturers from the formal credit market.

Businesses that could not self-finance had to contend with debt servicing costs that consumed a disproportionate share of revenues.

The easing cycle changes this calculus materially. Even a reduction of several hundred basis points in commercial lending rates can shift investment decisions from negative to positive net present value (NPV), unlocking factory expansions, equipment upgrades, and working capital injections that were previously unviable.

For Ghana’s manufacturing sector, which represents a critical pathway to economic diversification, this is especially significant.

The Bank of Ghana itself cited credit-sensitive sectors; manufacturing, construction, and agribusiness, as primary targets of the monetary easing, signalling a deliberate intent to catalyze productive investment.

Beyond the headline rate, falling interest rates improve the overall financial environment for businesses by reducing their weighted average cost of capital.

Companies looking to raise equity financing also benefit indirectly, as lower rates tend to compress required returns and boost asset valuations, making Ghana a more attractive destination for foreign direct investment and domestic institutional capital alike.

The Bank of Ghana’s benchmark rate now stands at 14.0%, and this is already translating into lower commercial lending rates.

The Ghana Reference Rate (GRR), a key benchmark for bank loans, was recently reduced to 11.71%, a move that the Ashanti Business Owners Association (ABOA) hailed as a “timely and strategic intervention”.

A Competitive edge for Ghana’s manufacturing sector

Ghana’s manufacturing sector has long operated under a triple burden: high input costs, expensive energy, and prohibitively priced capital. The current rate environment addresses the third constraint directly.

With lending rates beginning to track downward, manufacturers can more feasibly finance plant and machinery, invest in automation and technology adoption, and expand production capacity to serve both domestic and regional markets.

Sectors with strong potential stand to gain enormously. Agro-processing, where Ghana has abundant raw materials in cocoa, cashew, shea, and palm oil has been constrained by the inability to invest in value-added infrastructure, which has limited the sector’s growth and competitiveness in international markets.

Cheaper credit enables processing firms to move up the value chain, export finished goods rather than raw commodities and capture a larger share of the global value chain.

The same logic applies to textile and garment manufacturing, light assembly industries, and the growing pharmaceutical sector.

It is worth noting that real GDP in Ghana expanded by 6.0% year-on-year in the last quarter of 2025, with non-oil GDP accelerating to 7.1%.

Agricultural and services growth were primary drivers, but the signal from the broader economy is one of momentum and lower interest rates provide the fuel to sustain and broaden that momentum into the industrial and manufacturing base.

Strengthening the ecosystem: SMEs and the banking sector

Small and medium enterprises (SMEs) are the backbone of Ghana’s economy, accounting for the overwhelming majority of businesses and a significant share of employment.

Yet they have historically been the segment most disadvantaged by high interest rates. Banks, wary of lending to smaller borrowers who lack collateral or credit histories, price risk heavily into SME loans making formal credit essentially inaccessible.

As benchmark rates fall and liquidity conditions ease, this access gap can begin to narrow. Lower rates reduce the risk-adjusted return required by lenders, making it economically viable to extend credit to a broader base of businesses.

Government-backed credit guarantee schemes and development finance institutions can help more businesses get affordable credit in this lower-rate environment, especially in sectors that are productive but often overlooked.

Furthermore, the banking sector itself is becoming a more willing partner in growth. As Kwamina Asomaning, Managing Director of Stanbic Bank Ghana, noted, lower interest rates lead to lower loan defaults because businesses become more viable and their ability to repay improves.

This creates a positive feedback loop: banks, seeing a healthier borrower base, are more inclined to lend, further accelerating business expansion.

Attracting investment: The foreign direct investment multiplier

Interest rate trends are among the variables foreign investors and multinational corporations consider when evaluating emerging market destinations.

A country with a stable, declining rate environment signals macroeconomic credibility, lower operational risk, and a business climate that is improving rather than deteriorating.

Ghana’s current trajectory of declining inflation, a stable exchange rate, and a central bank confidently easing policy represents precisely this kind of favourable signal.

The cedi’s appreciation of 40% against the US dollar in 2025 further strengthens Ghana’s attractiveness as an investment destination.

For foreign investors, a strengthening currency reduces the risk of capital erosion on repatriated earnings and reduces the cost of importing capital goods, machinery, and technology needed for industrial projects.

Ghana’s progress under its IMF-supported programme has also restored institutional credibility, an underrated but powerful magnet for investment.

Multilateral endorsement of Ghana’s fiscal and monetary management reassures private sector actors that the policy environment is durable, not transient.

Infrastructure and construction: Building the backbone

Few sectors are as sensitive to interest rates as infrastructure and construction. Long gestation periods and high upfront capital requirements mean that even modest changes in borrowing costs have an outsized effect on project viability.

At a 30% interest rate, the internal rate of return (IRR) required to justify a major infrastructure project whether a logistics park, industrial estate, or energy facility is extraordinarily difficult to achieve.

As rates fall toward the high teens and eventually lower, an entire class of infrastructure projects that were previously unfinanceable becomes economically viable.

This shift matters enormously for Ghana’s industrialization agenda. Industrial estates and special economic zones require roads, utilities, warehousing, and connectivity infrastructure.

The IMF programme’s need for fiscal consolidation means that the public sector can’t pay for all of these projects on its own. Lower interest rates pave the way for public-private partnerships, sovereign bond issuances, and project finance structures that can mobilise private capital for critical infrastructure, thereby creating the physical foundation for industrial growth.

The construction sector itself is a significant employer and multiplier of economic activity. A revival of construction driven by lower financing costs generates jobs, increases demand for domestic building materials, and stimulates upstream and downstream economic activity across cement, steel, logistics, and professional services.

Challenges and the path forward

We must temper the optimism surrounding Ghana’s rate-easing cycle with a clear-eyed acknowledgement of residual risks.

The Bank of Ghana has itself cautioned that utility tariff adjustments could introduce renewed inflationary pressure, potentially complicating the disinflation narrative.

Global commodity price volatility, external demand shocks, and any slippage in fiscal consolidation could also interrupt the easing cycle or even force a policy reversal.

Critically, the transmission of lower policy rates into actual lending rates is not automatic or immediate. Commercial banks, still processing legacy non-performing loans from the crisis period, may remain cautious in their credit extension even as the policy environment improves.

Building a more competitive and efficient banking sector, one that passes on monetary easing rapidly and fully to borrowers remains a structural priority that complements the cyclical benefits of rate cuts.

The long-term interest rate on Ghana’s 10-year government bond also remains elevated relative to the policy rate, reflecting lingering risk premiums embedded in sovereign debt pricing.

As fiscal credibility deepens and the debt restructuring process matures, these long-term rates should decline, further reducing the cost of long-horizon capital that industrial projects require.

In this context, sustaining the rate-easing cycle requires continued vigilance on inflation, disciplined fiscal management, and structural reforms that enhance the business environment including improvements in the ease of doing business, land titling, and contract enforcement.

Monetary easing is a necessary condition for industrial growth; it is not, by itself, sufficient.

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.

He noted that such cooperation between regulators and Parliament strengthens oversight and ensures that institutions remain responsive to national priorities, particularly in the downstream petroleum sector.

The Chief Executive of the NPA, Godwin Kudzo Tameklo, underscored the critical role the downstream petroleum industry plays in everyday life, reaffirming the Authority’s mandate to regulate the sector effectively in the interest of consumers and the state.

He stressed the importance of compliance, consumer protection, and fuel quality assurance through initiatives such as the Fuel Marking Scheme, alongside regular inspections, while also highlighting that the Uniform Petroleum Pricing Policy promotes fair and equal access to fuel across the country.

The visit formed part of Parliament’s constitutional oversight responsibilities, with discussions also touching on ongoing efforts to review and update the legal framework governing the sector to keep pace with industry developments.

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They warned that without consistent financial backing, particularly for extension services, many government agricultural policies may fail to achieve their intended outcomes.

The call was made at the Conference of Regional Directors of Agriculture Ghana (CORDAG), held in Dambai, the Oti Regional capital.

The two-day engagement, themed “Sustainable Funding for Regional Agricultural Departments and District Agricultural Departments in a Decentralised System of Government,” brought together key agricultural leaders to examine funding gaps and identify practical solutions to strengthen operations at the local level.

Speaking to Adom News, O’Brien Nyarko, the Oti Regional Director of Agriculture, explained that the workshop is organised twice each year as part of efforts to strengthen the capacity of regional and district directors.

He noted that the sessions are designed to equip participants with practical strategies for mobilising resources, improving operational efficiency, and delivering stronger results within their respective jurisdictions.

The Oti Regional Director emphasised that agricultural extension officers remain central to transforming farming outcomes, as they serve as the direct link between research, policy, and farmers.

Through extension services, farmers gain access to improved farming methods, updated market information, and guidance on climate-smart practices.

According to him, inadequate and unreliable funding continues to restrict extension work, limiting officers’ ability to reach farming communities consistently.

He stressed that without adequate financial support for extension activities, agricultural policies may not translate into measurable impact on farms.

The Northern Regional Director of Agriculture, Hawa Musah, reinforced these concerns with accounts from the field.

She explained that many extension officers are assigned to wide operational areas and multiple communities but often lack basic logistical support such as motorbikes and vehicles.

As a result, some officers are compelled to walk long distances or pay transport costs from their own salaries—an arrangement that is neither sustainable nor fair.

The Northern Regional Director added that the agriculture department often feels “marginalised” within the chain of actors that includes farmers, extension officers, district directors, and regional directors, particularly when it comes to priority setting and resource allocation.

She maintained that sustainable funding would significantly enhance productivity and ensure that government interventions achieve their intended goals.

At the event, the Oti Regional Minister, John Kwadwo Gyapong, underscored agriculture’s central role in Ghana’s economy, noting that it engages nearly 80 percent of the population either directly or indirectly.

He stressed that strengthening the sector requires collective responsibility and sustained commitment from all stakeholders, including government institutions, development partners, and local authorities.

John Gyapong also highlighted the Oti Region’s strong agricultural potential, describing it as uniquely endowed with three ecological zones—forest, transition, and savannah—offering a comparative advantage for diverse agricultural production.

He suggested that with the right investments and effective decentralised support systems, the region can expand its contribution to food security, employment, and economic growth.

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Describing the meeting as a distinct honour, the Minister said discussions moved beyond traditional notions of finance to focus on how financial systems can genuinely empower individuals.

“Our conversation went beyond finance in its narrow sense. We spoke about financial inclusion, but more profoundly about financial health — where individuals are not merely connected to the financial system, but are empowered by it,” he noted.

Dr. Forson emphasised that Ghana’s economic philosophy is evolving to prioritise the lived experiences of citizens, rather than relying solely on macroeconomic indicators.

“At its core, an economy is not a compilation of figures. It is a living expression of human agency,” he stated. “It reflects whether people can withstand shocks, pursue opportunity, and plan their futures with confidence.”

He explained that the government’s reset agenda is guided by a clear framework: ensuring that macroeconomic stability translates into tangible benefits for households.

“Stability must translate into security for households. Growth must translate into opportunity for individuals. And access must translate into dignity for all,” the Minister stressed.

According to him, the government is committed to reshaping financial systems to be more inclusive, accessible, and responsive to the needs of citizens.

“Financial systems must not exist as distant structures that people navigate with difficulty. They must function as instruments that enable life to be lived with certainty, purpose, and hope,” he added.

Dr. Forson reiterated that Ghana’s long-term objective is to build an economy where inclusion is practical, participation is universal, and no citizen is excluded from opportunity.

“The true test of our progress is not the strength of our aggregates, but the strength of our people,” he said.

The engagement forms part of ongoing efforts by the government to deepen financial inclusion and advance policies that promote resilience, equity, and shared prosperity.

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He made the appeal during a stakeholder sensitisation programme held at Yeji, under the theme: “Stop illegal fishing now, our fish stock is fast depleting.” The event brought together traditional rulers from the Bono East, Savannah, Northern, and Oti regions to deliberate on the growing threat to livelihoods dependent on the lake.

Nana Pimampim Yaw Kagblese V stressed the need for collective responsibility among chiefs to protect the lake’s resources, warning that continued illegal practices could have severe economic and environmental consequences for communities.

Adding his voice, Nana Kwaku Danquah III, Omanhene of Mo Traditional Area, commended the Yeji Paramount Chief for initiating the dialogue.

He urged stronger collaboration between traditional authorities and the Ministry of Fisheries to intensify education and enforcement efforts across affected regions.

Meanwhile, Jayampe Wura Toti Abubakari, speaking on behalf of the Buipe Traditional Area, emphasized unity among chiefs as a critical tool in combating illegal fishing.

In an interview with Adom News, he called for a coordinated front to safeguard fish stocks for future generations.

The engagement marks a renewed commitment by traditional leaders to tackle illegal fishing and preserve the ecological and economic value of the Volta Lake.

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In a statement issued on April 22, 2026, the group described the move as a “decisive and long-overdue intervention” aimed at ending what it called the persistent exploitation of importers through arbitrary and excessive charges imposed by some shipping lines and their agents.

According to TAGG, the agreed administrative charge of GH₵550, arrived at through stakeholder consultations, represents a fair, transparent, and sustainable benchmark for port operations.

The group also welcomed the directive requiring that charges be quoted in Ghana cedis rather than foreign currencies, noting that the move would protect traders from exchange rate distortions and unjustified pricing.

TAGG stressed that there would be no justification for non-compliance, declaring that “the era of unregulated and inflated port charges is over.”

It further dismissed concerns that the directive could lead to revenue losses, insisting instead that the reforms would promote efficiency, accountability, and fairness within the sector.

The group warned that any attempt by shipping lines or their agents to undermine or circumvent the directive would be considered a direct threat to national economic interests and the trading community.

“We urge all shipping lines and their agents to comply immediately and fully. Resistance to this reform is unacceptable,” the statement said.

TAGG reaffirmed its commitment to supporting the Ghana Shippers Authority in restoring order and reducing the cost of doing business at Ghana’s ports.

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Since assuming office a year ago, Ms Blay has held extensive engagements with stakeholders, including off-takers in both the Sekondi-Takoradi and Tema enclaves. A few months ago, she embarked on a familiarisation tour of off-taker factories in Tema, including the Sentuo Oil Refinery.

On Tuesday, April 21, the CEO and her management team visited factories in the Western enclave to assess production lines of companies that rely on Ghana Gas for their operations. The team also toured showrooms to inspect finished products.

The first stop was Jintao Sanitary Ware Company Limited, manufacturers of ceramic wash-hand basins and toilet seats.

At Wangkang, a ceramic tile manufacturing firm, management highlighted the importance of gas supply to production and appealed to Ghana Gas and the government to review the cost of gas supplied to the company.

At Twyford Group, Ghana’s largest ceramics manufacturer, Managing Director Mr Li Wei thanked Ghana Gas for its continuous support.

He also requested additional gas supply for the company’s glass manufacturing line, which is under construction and expected to begin full production in August 2027.

Ms Blay described the engagements with the off-taker companies as fruitful.

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