This is based on the price outlook of the various products released by the Chamber of Oil Marketing Companies(COMAC) on May 29, 2026, and sighted by Joy Business.

Breakdown

Based on data picked up from the COMAC, the price of petrol is expected to go up between 4.20% and 6.20 %. This could result in a litre going for GH¢15.92 at the pumps.

LPG, on the other hand, could go up by as much as 2.24 %, resulting in a kilogrammee going for GH¢17.30  

Diesel, however, is expected to go down between 1.65% and 2.00%, resulting in a litre going GH¢17.21

 These projections are based on oil marketing firms that are buying the various petroleum products on credit from the bulk oil distributors.

Reasons for Mixed Price Reviews at Pumps

According to the Chamber of Oil Marketing Companies (COMAC), the mixed price reviews was due to lower global prices and continued Government-Industry interventions.

COMAC added that the Joint Government-Industry measure that was extended from May 16, 2026, had played a significant role in the pricing outlook for this week, including the margin of increase for petrol.  

Under the revision, the intervention has been zeroed out for petrol and reduced to GH¢1.07 for diesel. This should mean that consumers continue to receive some cushioning from the full impact of the higher global market prices, while prices progressively adjust towards prevailing international market prices.

Interestingly, oil prices on average, have decreased in late May from $112.07 a barrel to $110.59

Refined Petroleum products prices on the international market have also shown mixed movements for the 1st June pricing window. LPG recorded the steepest decline at 5.53%, followed by diesel at 5.35%, while petrol increased moderately by 3.0%.

Similarly, the Ghana cedi has depreciated slightly against the major trading currencies. For June 1^st, 2026,  the local currency rose from GH¢11.30 to GH¢ 11. 59 per gallon.

The cedi’s depreciation has been driven by dollar demand, dividend repatriation, gold export disruption and a cautions Bank of Ghana intervention. 

Price Floor

The National Petroleum Authority on May 28, 2026, announced the price floor for June 1 to June 16 window, which showed that no oil marketing company should sell a litre of petrol below GH¢15.20. This actually marks an increase from the price quote at the last pricing window.

On the other hand, diesel has been set at GH¢15.49, from the May 16, 2026, quote. 

This should mean that OMCs should sell below this price at the pumps from June 1, 2026.

The award, presented by the Ghana CEOs Network in partnership with the University of Ghana, PwC, Ernst & Young, Deloitte, the Ghana Investment Promotion Centre, Margins Group, Media General and the Multimedia Group, recognised Mr. Kombat’s “exceptional leadership, strategic vision and unwavering commitment to advancing operational excellence and transformation at TOR in support of Ghana’s petroleum and energy sector.”

The recognition follows a major operational milestone by the refinery, which recently received approximately one million barrels of Bonga crude oil aboard the MT Cap Felix in Tema. The shipment, purchased from Shell and supplied through TOR’s tolling partner, Fujairah/Triangle Commodities Trading (TCT), forms part of efforts to revitalise the refinery’s operations and ensure a steady supply of petroleum products to the Ghanaian market.

President John Dramani Mahama attended the event as Special Guest of Honour and delivered the keynote address.

Mr. Kombat, who assumed office about a year ago, has been widely praised for bringing results-driven leadership and renewed excellence to the once struggling refinery.

A lawyer and serial entrepreneur with extensive investments in the energy and agribusiness sectors, he holds a Master of Public Administration from the Harvard Kennedy School as an Edward S. Mason Fellow, a Bachelor of Laws degree from the Ghana Institute of Management and Public Administration (GIMPA), and a First Class degree in Political Science from the University of Ghana.

He is a member of the Ghana Bar and holds a Qualifying Certificate in Law from the Ghana School of Law. He is also a Partner at BidzakinKombat Chambers and a licensed stock analyst with the Ghana Stock Exchange.

This development follows the latest pricing outlook released by the National Petroleum Authority (NPA), which factors in movements on the international market as well as other prevailing market conditions.

In the first pricing window of June, the petrol price floor stands at GH¢15.20 per litre, reflecting an increase of GH¢0.60 compared to the GH¢14.60 per litre recorded in the second pricing window of May.

LPG is also set to record an upward adjustment, with the price floor increasing to GH¢13.48 per kilogram from GH¢13.16 in the previous window, representing a rise of GH¢0.32.

A slight decline is expected in diesel prices, with the price floor set at GH¢15.49 per litre, reflecting a drop of GH¢0.32 from the GH¢15.81 per litre recorded in the second pricing window of May.

The price floor refers to the minimum pricing level at which petroleum products may be retailed by Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs).

In line with the Petroleum Products Pricing Guidelines (PPPG), all OMCs and LPGMCs are mandated to adhere to the approved price floors for the pricing window under review.

The NPA indicated that the price floors do not factor in premiums applied by International Oil Trading Companies (IOTCs) nor the operating margins of Bulk Import, Distribution, and Export Companies (BIDECs) or the margins retained by marketers and dealers, as these are set separately by each entity.

The recent adjustments follow a government review of fuel relief measures introduced to shield consumers from rising fuel prices driven by tensions in the Middle East.

Under the revised intervention, the government has removed the GH¢0.36 per litre subsidy on petrol while reducing the GH¢2.00 per litre support on diesel to GH¢1.07 per litre at the beginning of the second pricing window in May.

The updated relief measures will apply for two pricing windows and may be reviewed further depending on how market conditions evolve.

• The cedi came under intense pressure;
• inflation rose to painful levels while investor confidence deteriorated sharply;
• external reserves were strained; and
• Ghana lost access to the international capital market.

9. As a result, credit rating agencies responded by repeatedly downgrading Ghana’s sovereign rating in 2022 to levels never seen in the country’s history:

• In February 2022, Moody’s downgraded Ghana to Caa1;
• In August, S&P downgraded Ghana to CCC+;
• Again in August, Fitch downgraded Ghana to CCC;
• In September, Fitch further downgraded Ghana to CC; and
• In October 2022, Ghana lost access to the international capital market as Eurobond spreads widened to an all-time high of 3,400 basis points.

10. This further deepened the economic and financial crisis to the point that COCOBOD was unable to secure a syndicated loan for the first time in many years.
11. Some domestic commercial banks also struggled to obtain external funding or establish letters of credit because international banks declined to confirm those instruments.
12. Mr. Speaker, on 5th December 2022, following the announcement that Ghana could not meet its maturing domestic debt obligations, the previous administration introduced the Domestic Debt Exchange Programme (DDEP), imposing significant haircuts on domestic bondholders.
13. On 13th December 2022, Ghana formally requested debt treatment under the G20 Common Framework to restructure its bilateral debt portfolio of more than US$5 billion.
14. On 19th December 2022, Ghana also defaulted on the servicing of its external commercial debt obligations.
15. The far-reaching haircuts affected:

• The Bank of Ghana;
• commercial banks;
• non-bank financial institutions;
• pension funds;
• insurance companies;
• individual bondholders; and
• pensioners.

16. Mr. Speaker, ordinary Ghanaians bore the heaviest burden of that crisis. The consequences were felt across households, businesses and institutions through:

• rapid depreciation of the cedi;
• runaway inflation exceeding 50 percent;
• erosion of disposable incomes and savings;
• painful haircuts on domestic bondholders, including pensioners;
• punitive interest rates that constrained private sector activity;
• the imposition of taxes including the E-Levy, Betting Tax, COVID-19 Levy and Emissions Tax;
• job losses, business distress and weakened investor confidence; and
• rising poverty and economic insecurity.

17. Rt. Hon. Speaker, despite the hardships imposed on Ghanaians, the government of the day remained bloated, inefficient, and riddled with waste and corruption.
18. By December 2024, those responsible had also undermined the IMF programme they signed onto by missing targets and commitments under the programme.
19. That, Dr. Forson said, was the depth of the crisis inherited by the Mahama administration.
20. Mr. Speaker, he stressed that recounting the crisis was not to dwell on the past but to remind the country of the heavy price of fiscal indiscipline and economic recklessness.
21. Rt. Hon. Speaker, some painful experiences cannot be taught. They must be lived to be understood. But once experienced, they should never be repeated.
22. “Never again! Never again!! Never again!!!”
23. Mr. Speaker, upon assuming office, President Mahama’s administration moved swiftly to reset the economy and bring the IMF-supported programme back on track.
24. According to Dr. Forson, the IMF programme was recalibrated to ensure fairer burden-sharing and deeper structural reforms.
25. Among the principal measures undertaken were:

• introduction of the Public Financial Management (PFM) commitment authorisation system to control expenditure;
• auditing of government arrears and payables to eliminate recycled IPCs and overpayments;
• ending the misuse of the tax refund account to finance schemes such as SML;
• amendments to the PFM Act to institutionalise a 1.5 percent primary surplus target and a 45 percent debt-to-GDP ceiling by 2034;
• introduction of GOLDBOD to strengthen foreign exchange stability and reserve accumulation;
• operationalisation of the Sinking Fund with dedicated cedi and US dollar buffers to manage future debt maturities;
• removal of taxes such as E-Levy, Betting Tax, Emissions Levy and VAT on motor insurance;
• establishment of the Office of Value for Money to improve public expenditure efficiency;
• establishment of the Independent Fiscal Council to monitor compliance with fiscal rules;
• renegotiation of Independent Power Producer agreements, generating savings of more than US$250 million while clearing over US$1 billion in legacy arrears;
• reduction in the number of ministers from 123, later revised to 88, to 60; and
• reduction in the number of ministries from 30 to 23.

26. Mr. Speaker, Dr. Forson said the measures have produced “clear and measurable results”:

• Real GDP growth reached 6.0 percent in 2025, marking the highest expansion in the post-pandemic period;
• Non-oil GDP growth climbed to 7.6 percent, the highest in 14 years;
• Ghana’s economy crossed the US$100 billion threshold for the first time in 2025;
• Ghana became the eighth-largest economy in Africa;
• Per capita income rose to US$3,385 for the first time;
• The primary balance recorded a surplus of 2.5 percent of GDP in 2025;
• Public debt-to-GDP ratio declined from 61.8 percent in 2024 to 44.7 percent by the end of 2025;
• Ghana achieved the 45 percent debt-to-GDP target ahead of schedule;
• Debt service-to-domestic revenue ratio declined from 55.7 percent in 2022 to 28.8 percent in 2025;
• Ghana moved from a high risk to a moderate risk of debt distress;
• Inflation declined from 23.8 percent in December 2024 to 3.4 percent in April 2026;
• The 91-day Treasury bill rate declined from 28.4 percent in January 2025 to 4.8 percent in April 2026;
• The 2-year, 3-year and 5-year bonds traded within the range of 11.0 percent to 12.6 percent compared to 20 percent previously;
• The monetary policy rate declined from 27 percent in January 2025 to 14 percent in April 2026;
• The current account balance recorded a surplus of 8.3 percent of GDP in 2025; and
• The cedi appreciated by 40.7 percent against the US dollar in 2025.

27. Mr. Speaker, Dr. Forson maintained that the results affirm the importance of fiscal prudence and discipline.
28. He argued that macroeconomic stability is the foundation for jobs, incomes, investor confidence and national prosperity.
29. According to him, the lessons from the 2022 crisis must guide Ghana’s future economic management.
30. “Prudence does not mean we are failing to spend. We can only spend what we have. Prudence is the difficult road to wealth creation,” he said.
31. Recalling remarks by President Mahama at the 77th Annual New Year School on 6th January 2026, Dr. Forson quoted the President as saying:

“It is my hope that this will be the very last time we will ever go for a bailout from the IMF… It must be the 17th and the last time that Ghana goes for a bailout from the IMF.”

32. President Mahama also stated:

“We’ll continue our collaboration with the IMF under Article 4 and other instruments… But it will definitely be the last time we go on our knees to beg for a bailout.”

33. Dr. Forson consequently declared that no further IMF financial bailout would be required in the foreseeable future.
34. “We have evolved from a position of ‘supplicant’ to one of ‘partner’,” he stated.
35. The Finance Minister further announced that Ghana had successfully concluded the final review of the current IMF bailout programme, pending approval by the IMF Executive Board.
36. Mr. Speaker, Ghana’s engagement with the IMF will now transition from the Extended Credit Facility to a reform-focused, non-financing Policy Coordination Instrument (PCI).
37. Dr. Forson explained that the PCI is designed for countries that no longer require IMF financing but seek a credible framework for reforms, regular policy reviews and stronger signals to investors and development partners.
38. He said the transition marks an important shift from seeking financial bailout to engaging the IMF as a credible reform partner.
39. According to him, the PCI will help Ghana leverage the IMF’s regular policy assessments and expertise to strengthen investor confidence and improve the country’s credit ratings.
40. “In other words, Ghana has moved from the intensive-care unit (ICU) to the wellness center,” Dr. Forson declared.
41. Mr. Speaker, to build on the foundation of stability, the Mahama administration has also designed a new economic programme known as “The New Economy,” to be unveiled in the 2027 Budget.
42. The programme, according to the Finance Minister, will move Ghana from stabilization to transformation with emphasis on sustainable jobs, higher productivity, resilience and broad-based prosperity.
43. Dr. Forson said President Mahama remains deeply grateful to Ghanaians for their sacrifice, patience and resilience during the difficult adjustment period.
44. “We do not take their support for granted,” he added.
45. He assured Parliament that the government would not become complacent and would continue working toward building “the Ghana We Want.”
46. “May God bless our homeland Ghana. I thank you, Mr. Speaker.”

Addressing Parliament on Thursday, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, announced that the country had completed the final review of the IMF-supported Extended Credit Facility programme, pending formal approval by the IMF Executive Board.

The announcement signals the end of Ghana’s period under an IMF financial bailout arrangement and the beginning of a new phase of engagement with the Bretton Woods institution.

“Ghana has successfully concluded the final review of the current IMF financial bailout programme,” Dr. Forson told the House, describing the moment as a significant milestone in the country’s economic recovery and reform efforts.

According to the Finance Minister, Ghana’s relationship with the IMF will now transition from a financing arrangement to a reform-driven Policy Coordination Instrument (PCI), a non-financing programme designed for countries seeking to maintain economic discipline and investor confidence without direct IMF financial support.

Dr. Forson explained that the PCI framework is intended for economies that no longer require IMF bailout funding but still want the credibility, policy guidance, and periodic assessments that come with IMF engagement.

He said the transition represents a profound shift in Ghana’s economic standing.

“For Ghana, this marks an important shift—from seeking financial bailout to engaging as a credible reform partner,” he said.

The Finance Minister stressed that the new arrangement would allow Ghana to continue benefiting from the IMF’s technical expertise, regular policy reviews, and external validation, while also strengthening confidence among investors and development partners.

He noted that the PCI would serve as a powerful signal to global markets that Ghana remains committed to fiscal discipline, macroeconomic stability, and structural reforms.

In one of the most memorable moments of his address, Dr. Forson likened Ghana’s economic recovery to a patient leaving intensive care.

“In other words, Ghana has moved from the intensive-care unit (ICU) to the wellness center,” he declared to applause in Parliament.

The statement captures the government’s broader narrative that the economy has moved beyond crisis management and is now entering a period of consolidation and long-term transformation.

Dr. Forson also revealed that President John Dramani Mahama’s administration is preparing a new economic blueprint known as “The New Economy,” which will be officially unveiled in the 2027 Budget Statement.

According to him, the programme is designed to move Ghana “from stabilization to transformation,” with emphasis on sustainable job creation, productivity growth, resilience, and inclusive prosperity.

“The New Economy will move Ghana from stabilization to transformation, with a clear focus on sustainable jobs, higher productivity, greater resilience, and broad-based prosperity,” he stated.

The Finance Minister used the occasion to acknowledge the sacrifices made by Ghanaians throughout the difficult economic adjustment period, including inflationary pressures, debt restructuring, and fiscal reforms implemented under the IMF programme.

He said President John Dramani Mahama remains deeply grateful to citizens for their patience and resilience during what has been one of the country’s most challenging economic periods in recent history.

“We do not take their support for granted,” Dr. Forson said.

He assured Parliament that the government would not become complacent despite recent gains in macroeconomic stability and improving investor sentiment.

“Our solemn pledge is that we will not be complacent; we will continue the hard work of building the Ghana We Want,” he added.

Delivering a statement in Parliament on Thursday, Dr. Forson said the administration of President John Dramani Mahama inherited an economy in distress but acted decisively upon assuming office to restore stability, reset fiscal management, and bring Ghana’s IMF-supported programme back on track.

“Upon assuming office, President Mahama’s administration moved with clarity and purpose to reset the Ghanaian economy,” the Finance Minister told lawmakers, adding that the government recalibrated the IMF programme to ensure “fairer burden-sharing and deeper structural reform.”

In a sweeping account of the government’s economic recovery programme, Dr. Forson outlined a series of fiscal, institutional, and structural reforms implemented over the past year, many of which he said were aimed at restoring discipline in public finance management and rebuilding investor confidence.

Among the key interventions highlighted were the introduction of Public Financial Management commitment authorisation controls to curb excessive spending, an audit of government arrears to eliminate recycled payment claims and overpayments, and amendments to the PFM Act to institutionalise a 1.5 percent primary surplus target and a 45 percent debt-to-GDP ceiling by 2034.

The government also operationalised the Sinking Fund with dedicated cedi and dollar buffers to prepare for future debt repayments, established the Office of Value for Money to improve expenditure efficiency, and created an Independent Fiscal Council to monitor compliance with fiscal rules.

Dr. Forson further pointed to the introduction of GOLDBOD to support foreign exchange stability and reserve accumulation, as well as the removal of several taxes including the E-Levy, Betting Tax, Emissions Levy, and VAT on motor insurance.

The Finance Minister said the government also undertook aggressive expenditure rationalisation measures by reducing the number of ministers from 123 — later revised to 88 under the previous administration — to 60, while cutting the number of ministries from 30 to 23.

In the energy sector, he disclosed that government concluded renegotiations with Independent Power Producers, generating savings of more than US$250 million, while clearing over US$1 billion in legacy arrears.

According to Dr. Forson, the reforms have yielded what he described as “clear and measurable results.”

He announced that Ghana’s real GDP growth reached 6.0 percent in 2025, representing the highest post-pandemic expansion, while non-oil GDP growth climbed to 7.6 percent — the strongest performance in 14 years.

“For the first time, Ghana’s economy crossed the US$100 billion threshold in 2025,” he said, adding that the country is now ranked as the eighth-largest economy in Africa.

Per capita income, he noted, rose to US$3,385 for the first time.

On fiscal performance, Dr. Forson disclosed that the primary balance recorded a surplus of 2.5 percent of GDP in 2025, while the public debt-to-GDP ratio declined sharply from 61.8 percent in 2024 to 44.7 percent by the end of 2025.

He stressed that Ghana had achieved its 45 percent debt-to-GDP target far ahead of both the IMF programme timeline and the statutory target set for 2034 under the amended PFM Act.

The Finance Minister also highlighted a major improvement in debt sustainability indicators, revealing that debt service-to-domestic revenue had fallen from 55.7 percent in 2022 to 28.8 percent in 2025 despite the resumption of full Eurobond debt obligations.

He added that Ghana had moved from a “high risk” to a “moderate risk” of debt distress under the Debt Sustainability Analysis framework.

Inflation, which stood at 23.8 percent in December 2024, has declined to 3.4 percent as of April 2026, according to the Minister.

Treasury bill rates and bond yields have also fallen sharply, with the 91-day Treasury bill dropping from 28.4 percent in January 2025 to 4.8 percent by April 2026.

Similarly, the monetary policy rate has been reduced from 27 percent to 14 percent over the same period.

Dr. Forson also touted Ghana’s external sector performance, stating that the country recorded a current account surplus of 8.3 percent of GDP in 2025, while the cedi appreciated by 40.7 percent against the US dollar.

“These results affirm a simple but enduring truth: fiscal prudence and discipline always deliver results,” the Finance Minister declared.

He argued that macroeconomic stability should not be viewed as an abstract policy goal but rather as the foundation for jobs, incomes, investment, and long-term prosperity.

Referencing remarks made earlier this year by President Mahama at the 77th Annual New Year School, Dr. Forson reiterated the administration’s determination to end Ghana’s dependence on IMF bailouts.

“It is my hope that this will be the very last time we will ever go for a bailout from the IMF,” President Mahama had stated at the event, according to the Finance Minister.

Dr. Forson then delivered the government’s strongest signal yet on the future of Ghana’s engagement with the IMF.

“Consequently, no further IMF financial bailout will be required in the foreseeable future,” he declared.

“I repeat, no further IMF financial bailout will be required in the foreseeable future.”

He concluded with a symbolic declaration of Ghana’s new economic posture.

“We have evolved from a position of ‘supplicant’ to one of ‘partner’,” the Finance Minister told Parliament to loud approval from the Majority side.

Delivering a statement in Parliament on Thursday, Dr. Forson said Ghana was transitioning from “crisis management to stability” and from dependence on financial bailouts to a reform-driven partnership with the IMF under President John Mahama’s Reset Agenda.

“This is a consequential moment in the life of our nation,” the Finance Minister told Parliament. “It signifies Ghana’s passage from crisis management to stability, from dependence on financial bailout to partnership in reform, and from uncertainty to renewed confidence in our economic future.”

The statement marks one of the clearest official declarations yet from the Mahama administration that Ghana’s economy is emerging from the severe turbulence that culminated in the country’s debt default and IMF bailout under the previous administration.

Recounting Ghana’s Economic Crisis

Dr. Forson used a significant portion of his address to recount the scale of the economic crisis Ghana faced beginning in 2022, describing it as “profound, if not traumatic.”

According to him, the previous NPP administration sought IMF assistance on July 1, 2022, after what he called “gross mismanagement” of the economy pushed Ghana into fiscal, balance of payments and debt crises.

He recalled that the cedi came under intense pressure, inflation surged to painful levels, external reserves weakened sharply and investor confidence deteriorated, ultimately causing Ghana to lose access to the international capital market.

The Finance Minister also detailed a series of sovereign credit rating downgrades that hit Ghana in 2022, pushing the country into deep junk territory.

He noted that Moody’s downgraded Ghana to Caa1 in February 2022, while S&P later downgraded the country to CCC+. Fitch subsequently downgraded Ghana twice within months, first to CCC and later to CC.

According to him, Ghana’s Eurobond spreads widened to an unprecedented 3,400 basis points in October 2022, effectively shutting the country out of international capital markets.

“That further deepened the economic and financial crisis,” Dr. Forson said.

COCOBOD, Banks and Pensioners Hit

The Finance Minister painted a grim picture of the ripple effects of the crisis across the financial sector and the wider economy.

He disclosed that COCOBOD was unable to secure its syndicated loan facility for the first time in many years, while some local commercial banks struggled to obtain external funding or establish letters of credit because international banks refused to confirm those instruments.

Dr. Forson also revisited the controversial Domestic Debt Exchange Programme (DDEP) introduced in December 2022 after the previous administration announced Ghana could no longer meet its domestic debt obligations.

He said the programme imposed significant haircuts across the financial sector, affecting the Bank of Ghana, commercial banks, pension funds, insurance companies, non-bank financial institutions, individual bondholders and pensioners.

The Finance Minister further reminded Parliament that Ghana formally requested debt treatment under the G20 Common Framework in December 2022 to restructure more than US$5 billion in bilateral debt before later defaulting on external commercial debt obligations.

“Ordinary Ghanaians Bore the Heaviest Burden”

Dr. Forson argued that ordinary citizens suffered the most during the crisis period.

He cited the rapid depreciation of the cedi, inflation exceeding 50 percent, erosion of incomes and savings, painful bondholder haircuts, soaring interest rates and worsening poverty as some of the harsh realities faced by Ghanaians.

He also criticized what he termed the proliferation of “nuisance taxes,” including the E-Levy, Betting Tax, COVID-19 Levy and Emissions Tax, saying they compounded the hardships faced by households and businesses.

“The consequences were felt across households, businesses, and institutions,” he stated.

The Finance Minister further accused the previous administration of maintaining a bloated and inefficient government structure despite the deepening crisis.

“In the midst of all these hardships imposed on the Ghanaian people, the government of the day remained bloated, purposefully inefficient, and riddled with waste and corruption,” he said.

“Ghana Must Never Return to That Path”

Dr. Forson said the Mahama administration inherited a weakened IMF programme in December 2024 after targets and commitments had been missed.

However, he stressed that recounting the crisis was not intended to dwell on the past, but rather to remind the country of the dangers of fiscal indiscipline and economic recklessness.

“That was the depth of the crisis we inherited,” he said.

“It is important to recount this not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness, and to affirm our collective resolve that Ghana must never return to that path.”

Yet beneath these headline achievements, the Bank of Ghana’s May 2026 Summary of Economic and Financial Data quietly tells a more uncomfortable story: the government is spending faster than it is collecting revenue, and the gap is wide enough to make new taxes in the mid-year budget not merely likely, but inevitable.

By the end of March 2026, cumulative total revenue and grants had reached only 3.6% of GDP. Tax revenue alone stood at just 3.0% of GDP. Over the same period, total government expenditure had already climbed to 3.9% of GDP, meaning that in the very first quarter of the year, before the budget had gathered any real momentum, the government was spending more than it was collecting.

The overall fiscal balance for Q1 2026 came in barely positive, and that fragile number masked sharper monthly volatility. January 2026 produced a slim surplus of 0.3% of GDP, only for the overall balance to swing back to a deficit of -1.0% in February. The structural picture is clear: Ghana’s revenue base is not generating enough income fast enough to cover the state’s obligations.

What makes this especially striking is that the economy is not stagnant. Real GDP growth reached 5.8% in Q4 2025, and non-oil GDP grew by 7.1%. The Composite Index of Economic Activity registered a real annual growth rate of 12.6% in March 2026. Business confidence and consumer confidence indices both remain well above 100. By conventional logic, a growing economy should produce growing tax receipts.

Yet Ghana’s tax revenue, at 3.0% of GDP after three months, is running at an annualised pace of roughly 12% of GDP, below the full-year 2025 outturn of 13.1% of GDP. Economic activity is expanding, but the tax system is not capturing it at the same rate.

This points to structural weaknesses that growth alone cannot fix. A large informal sector, estimated to account for more than half of economic activity, sits largely outside the tax net. Generous exemptions erode the VAT and corporate tax base. Compliance gaps persist across income taxes and import duties. The benefits of a stronger cedi and falling interest rates are accruing to businesses and households, but not proportionally to the Treasury.

It might be tempting to argue that the government should simply spend less. But that option is largely exhausted. Capital expenditure, the spending that builds roads, schools, clinics, and the productive infrastructure Ghana needs, reached only 1.4% of GDP for the entire year 2025, and a mere 0.5% of GDP in Q1 2026. These are already near-floor levels. Further compression would put the government in breach of its development obligations, jeopardise World Bank and AfDB project disbursements, and likely trigger public unrest.

Recurrent expenditure, wages, debt service, and health subsidies are equally rigid. Ghana’s NHIS arrears remain unresolved. Public sector wage bills cannot be arbitrarily frozen. And debt service consumes a formidable share of every cedi collected.

Ghana’s Extended Credit Facility programme with the IMF, which has disbursed approximately $2.8 billion and remains firmly on track, requires the government to maintain a primary surplus trajectory and meet agreed revenue benchmarks. If mid-year data shows revenue mobilisation falling materially behind target, the sixth ECF review, due in late 2026, could flag a deviation. That would threaten disbursements, damage the hard-won credit rating upgrades from S&P (B-) and Moody’s (positive outlook), and rattle the fragile return of investor confidence.

The IMF’s fiscal framework, in short, forecloses the option of borrowing the gap away or letting the deficit drift. The only remaining lever is revenue.

Taken together, these data points form a straightforward fiscal logic. Ghana is growing. But it is growing in sectors, services, informal trade, and digital commerce, that its existing tax architecture was not designed to capture efficiently. The tax-to-GDP ratio has been structurally low for years, and the current pace suggests 2026 will not decisively break that pattern without deliberate intervention.

A mid-year budget that introduces new or expanded revenue measures is therefore not a surprise. It is arithmetic. Whether the government opts for a digital financial services levy, an expanded VAT base, higher excise duties on alcohol and tobacco, a financial sector tax, or some combination, the direction is set by the numbers. The economy can bear new taxes—inflation is low, interest rates are falling, and growth is positive. What it cannot bear, without jeopardising the IMF programme and the hard-won macroeconomic stability of 2025, is a government that continues to spend ahead of what it collects.

The mid-year budget will not be a choice between taxing and not taxing. It will be a choice about who gets taxed, and how.

The event, held in Kumasi, equipped participants with the legal frameworks and investigative techniques needed to uncover cases where foreign investors use local proxies to circumvent ownership laws and hold offenders accountable.

The training session was held under the theme: “Promoting Transparency and Accountability in Ghana’s Investment Regime: The Role of Journalists,” highlighting the media’s role in ensuring accurate reporting and enforcement of investment laws.

Sections 27 and 28 of the Ghana Investment Promotion Centre Act, 2013 (Act 865) define the boundaries of foreign business participation in Ghana, categorizing enterprises reserved exclusively for Ghanaians and outlining conditions for non-citizen investors.

The GIPC has observed that some Ghanaian nationals are being used as fronts to bypass restrictions on certain business activities, a development that has triggered calls for urgent intervention.

Addressing participants, the Head of Finance at Transparency International Ghana, Benedict Doh, stressed the importance of the media in promoting transparency and deterring abuse of investment laws.

“Accurate and informed reporting is critical to protecting Ghana’s investment space. When journalists understand the laws and mechanics of fronting, they can expose violations that undermine local participation and fair competition,” he said.

He added that improved public education and media engagement would help attract more responsible investors and strengthen confidence in Ghana’s investment environment.

Speaking at the workshop, Michael Otchere, Deputy Director of the Ghana Investment Promotion Centre, cautioned against fronting in business registrations, describing it as illegal and harmful to the integrity of the investment system.

“We have observed that some Ghanaians front for foreign businesses, where a company is owned and controlled overseas but appears on paper to be Ghanaian-owned. This constitutes an offence,” he warned, adding that offenders would face prosecution.

He also noted concerns about businesses operating without full compliance with GIPC regulations, urging journalists to support efforts to identify and expose non-compliant entities.

The workshop forms part of broader efforts by TI Ghana and GIPC to strengthen compliance, encourage transparency, and ensure that foreign investment contributes to job creation, technology transfer, and local enterprise development.

Both institutions reaffirmed their commitment to continued collaboration with the media to monitor and report illicit business practices in Ghana’s investment sector.

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The crude oil cargo was purchased from Shell and supplied through TOR’s tolling partner, Fujeirah/Triangle Commodities Trading (TCT), under an arrangement aimed at supporting the refinery’s operational recovery and ensuring sustained petroleum product supply to the Ghanaian market.

In a statement, the oil refinery said the receipt of the Bonga Crude marks another significant milestone in TOR’s efforts to restore stable refining activities, improve national energy security, and reduce Ghana’s dependence on imported refined petroleum products.

Bonga Crude, known for its high-quality low-sulphur characteristics and favourable refining yields, is expected to produce substantial volumes of premium petroleum products including LPG, gasoline, diesel, kerosene, ATK and fuel oil for the domestic and regional markets.

“Management of TOR expressed appreciation to the Government of Ghana, regulatory institutions, financial partners, and all stakeholders whose support continues to contribute to the refinery’s operational resurgence”.

TOR further reaffirmed its commitment to transparency, operational excellence, environmental responsibility, and the long-term transformation of the refinery into a competitive and commercially sustainable energy hub for Ghana and West Africa.

It concluded that the refinery will continue to engage stakeholders and the public as operations progress.

The reports form part of government’s commitment to transparency, accountability and prudent economic management.

The documents presented include the Annual Report on the Management of the Energy Sector Levies and Accounts for the 2025 financial year, detailing the administration and utilisation of proceeds from energy sector levies.

Also laid before Parliament was the Reconciliation Report on the Petroleum Holding Fund for the 2025 financial year, providing an account of petroleum receipts, transfers and balances in line with the Petroleum Revenue Management Act.

The Finance Minister also presented the Annual Public Debt Management Report for the 2025 financial year, outlining developments in Ghana’s debt portfolio, financing operations and measures undertaken to maintain debt sustainability.

Additionally, Parliament received the Annual Report on Public-Private Partnership Projects for the 2025 financial year, highlighting the status and implementation of PPP initiatives across various sectors of the economy.

The presentation of the reports underscores government’s efforts to strengthen fiscal discipline, improve public financial management and enhance parliamentary oversight of key national programmes and accounts.

In a statement issued by its Accra Collective on May 26, 2026 signed by the Convener of the movement, Blaise Tulo, the movement said it “unreservedly supports” the position of the Trades Union Congress (TUC) against what it described as attempts to hand over ECG operations to private capital.

According to the SMG, Ghana’s transition from the International Monetary Fund’s Extended Credit Facility (ECF) programme into a Policy Coordination Instrument (PCI) arrangement still subjects the country to structural policy conditions, including private sector participation in ECG.

The group argued that although the government insists the arrangement is not a “wholesale privatisation” but rather “private participation,” the outcome would ultimately mirror previous failed concession arrangements.

Citing the 2019 Power Distribution Services (PDS) concession under the Akufo-Addo administration, the SMG said similar justifications were used at the time before the deal collapsed over issues relating to invalid insurance documentation.

“What they called ‘private sector management’ in 2019 is now called ‘private participation’ in 2026. The branding changes, however the consequences do not,” the statement said.

The movement further argued that private participation in ECG would lead to tariff increases, job losses, casualisation of workers and worsening services in low-income communities.

“Whether private capital takes ownership or takes management, the outcomes for the working class are structurally identical,” the statement noted.

The SMG also cited examples from other African countries including Nigeria, South Africa and Tanzania, where it claimed electricity privatisation and private management models had failed to improve service delivery.

According to the group, “the logic of capital” prioritises investor returns over public service delivery.

As part of its demands, the movement called for the immediate abandonment of all plans to transfer ECG’s operational control, management authority or revenue streams to private entities.

It also demanded full public disclosure of all IMF structural benchmarks relating to ECG under both the ECF and PCI arrangements, including timelines and compliance conditions.

The SMG further called for a parliamentary review into the failed 2019 PDS concession and proposed legislation requiring parliamentary approval and public consultation before any future utility concession agreements are undertaken.

The group additionally urged government to reject any structural benchmark requiring the “marketisation” of public utilities and guarantee job security and improved wages for ECG workers.

“ECG was built by the taxes and labour of the Ghanaian people. It belongs to the people,” the statement stressed.

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Speaking at the launch of the Association’s nationwide anti-fraud campaign, dubbed #ShineYourEye: Securing Ghana’s Digital Financial Future, Mr. Awuah said the banking industry, together with key state security institutions, is fully committed to cracking down on financial crimes and protecting customers.

The campaign, launched in collaboration with the Police, Judiciary, and BNI, is aimed at tackling the rising cases of fraud affecting banks and mobile banking platforms across the country.

According to Mr. Awuah, comprehensive measures have been put in place to combat fraudulent schemes while also intensifying public education on how customers can protect themselves.

“We are ready for the fraudsters. We will come after you. This campaign is not only about awareness but also about taking action against people who are destroying confidence in the financial sector,” he told Adom News.

He explained that the initiative will focus heavily on educating the public on the tactics used by fraudsters and the steps customers must take to avoid falling victim.

Mr. Awuah noted that Ghana’s digital financial sector has expanded significantly over the years, improving convenience and financial inclusion for millions of people. However, he said the growth has also exposed users and financial institutions to increasingly sophisticated fraud schemes.

“In response to this critical challenge, the Ghana Association of Banks is rolling out a comprehensive six-month public education and behavioural change campaign to equip Ghanaians with the knowledge, tools, and awareness needed to identify, prevent, and report fraudulent activities,” he said.

He added that the initiative is designed to safeguard bank accounts and mobile banking platforms nationwide while restoring public confidence in digital financial services.

The President of GAB and Chief Executive Officer of Stanbic Bank Ghana, Kwamina Asomaning, also stressed that the fight against fraud requires collective effort from all stakeholders, not just individual banks.

“Fraud prevention is a shared responsibility. The banks are ready to support this campaign fully, but customers and the general public must also play their role by staying vigilant and reporting suspicious activities,” he stated.

As part of the campaign, GAB outlined key objectives including reducing fraud cases across banking and mobile money platforms, restoring consumer trust in digital financial services, driving behavioural change through public education, and empowering victims to report fraud promptly.

The campaign will also target major fraud-related issues such as identity theft, vishing and social engineering, internet banking fraud, business email compromise, and card and ATM fraud.

The Association further reminded customers never to share PINs, passwords, or One-Time Passwords (OTPs), stressing that no legitimate bank official would ever request such sensitive information.

It also urged customers to verify all requests through official bank channels before acting and to report suspected fraud cases immediately to support investigations and help law enforcement track down offenders.

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In a Facebook post on Tuesday, May 26, Dr Boako described the engagement as a “crisis meeting,” signalling growing unease within the banking sector over the central bank’s recent policy direction.

According to him, the meeting is expected to focus on the impact of the revised CRR policy on bank charges and foreign exchange deposits.

The Tano North MP indicated that the outcome of the discussions could have significant implications for both financial institutions and customers, particularly as banks continue to adjust to tightening liquidity conditions imposed by the regulator.

Dr Boako suggested that concerns raised by commercial banks may centre on operational pressures created by the new reserve requirements and the possible effect on the cost of banking services.

He also hinted at broader concerns over the handling of foreign exchange deposits, an issue that has generated public debate in recent weeks amid fears of increased restrictions within the financial sector.

The Deputy Ranking Member further disclosed that he would later provide a detailed analysis of the meeting and its possible outcomes.

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FFAG welcomes BoG’s directive suspending proposed 0.75% wallet-to-bank transfer charges

As key players within Ghana’s international trade and logistics value chain, freight forwarders depend heavily on mobile money and digital financial transactions to facilitate day-to-day port and cargo clearance activities.

Wallet-to-bank and bank-to-wallet transfers have become indispensable tools for operational efficiency within the freight forwarding sector, particularly in areas such as customs payments, port charges, transport coordination, supplier payments, emergency operational transactions, and cross-border trade settlements.

The proposed 0.75% charge would have imposed a significant additional financial burden on freight forwarders, transport operators, importers, exporters, and small businesses operating within the port ecosystem.

Beyond the direct cost implications, such charges risk slowing transactional efficiency, increasing the cost of doing business, and ultimately affecting trade competitiveness at Ghana’s ports.

The freight forwarding industry operates in an already high-cost environment characterised by multiple statutory charges, operational delays, and rising logistics expenses. Additional transaction costs on digital payments would inevitably be passed on to importers and consumers, with broader implications for trade facilitation and national economic activity.

FFAG therefore welcomes the intervention of the Bank of Ghana in directing the suspension of the proposed charges pending further stakeholder engagement.

The Association believes the decision is in the best interest of businesses, financial inclusion, digital trade growth, and the wider Ghanaian economy.

FFAG also respectfully called on Mobile Money Fintech Ltd and all relevant financial sector stakeholders to engage more extensively with industry players, including freight forwarders, before implementing policies that carry substantial operational and economic consequences for businesses.

Digital payment platforms have become central to modern port operations and trade facilitation. It is therefore important that any policy affecting these platforms be carefully evaluated through broad consultation, impact assessment, and industry consensus.

FFAG reaffirmed its commitment to supporting policies that promote efficient trade, financial accessibility, and efforts to reduce the cost of doing business in Ghana.

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In a press release issued on Tuesday, May 26, 2026, the central bank said the suspension was to allow for broader stakeholder engagement and review, and formed part of efforts to ensure fairness in the mobile financial services ecosystem.

“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial wellbeing,” the Bank of Ghana stated.

The proposed fee had sparked public debate over its potential impact on digital transactions and financial inclusion. The Bank of Ghana did not indicate when the consultations would conclude or whether the fee would eventually be revised or withdrawn entirely.

Read the full statement below:

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In a text message sent to customers on Monday, the company said MoMo-to-bank account transfers will now attract a fee of 0.75 percent per transaction, capped at GHS 5.

The message stated: “From June 1, 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GHS 5.”

According to MTN Ghana, the new charge is intended to support improvements in service delivery.

“This will help us continue to serve you better,” the company said.

The announcement is likely to spark discussions among mobile money users, particularly business owners and individuals who rely on MoMo-to-bank transfers for daily transactions, salary payments, and other financial activities.

Under the new arrangement, customers transferring money from their MoMo wallets into bank accounts will pay a percentage-based fee, although the amount charged on a single transaction will not exceed GHS 5.

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The visit was aimed at engaging and motivating staff and management of the PHDC in their ongoing work.

The PHDC is a body corporate established under the Petroleum Hub Development Corporation Act, 2020 (Act 1053), to promote and develop a petroleum and petrochemical hub for the West African subregion and beyond.

The Corporation was created to help address the growing demand for petroleum and petrochemical products and services on the continent through research and the development of innovative technologies in the sector. It also seeks to build a value chain that fosters economic linkages and creates business opportunities for Ghanaians and other African nationals.

The PHDC is located in the Jomoro Municipality within the Western Nzema Traditional Area of the Western Region.

Madam Affo-Toffey, who also serves as Deputy Minister for Transport, said she visited the office to interact with management and staff working diligently on activities relating to the project lands.

“I paid a working visit to the Petroleum Hub Office in my constituency, where I interacted with management and staff diligently undertaking activities relating to the project lands,” she said.

She commended their commitment and reaffirmed her continued support for the initiative, which she described as transformational with the potential to drive economic growth, job creation, and renewed hope for the people.

She further assured that “together, we shall build a more prosperous Jomoro and a stronger Ghana.”

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Speaking on Joy FM’s Super Morning Show on Monday, May 25, following a recent Reuters report on currency movements, Prof Asuming said the cedi’s depreciation has so far remained within a manageable range.

“So far, we haven’t seen the wide range when we study the system. The Central Bank has been able to moderate swings. I think it is generally kept at a low level, and on that note, I don’t think we should start raising alarms,” he said.

He explained that concerns should only arise when the currency comes under sustained pressure and records sharp, repeated depreciation over a short period.

“If we begin to see so much pressure on the currency that, within a two-week period, we experience massive losses, then you begin to worry because that is when things get out of control,” he stated.

Prof Asuming stressed that exchange rate fluctuations are normal in any economy and should be assessed within the broader macroeconomic context rather than treated as isolated events.

The meeting also featured a field engagement with the Golden Bean Cocoa Farmers Cooperative at Tetekasum-Amanfrom in the Suhum District.

A key focus of the engagement was to align policy discussions with on-the-ground realities in cocoa farming. It also introduced reforms in Ghana’s cocoa financing system aimed at ensuring farmers receive at least 70% of the Free On Board (FOB) price.

According to the National Chairman, Charles Owusu-Appiah, the market-linked financing model is designed to reflect global cocoa prices and improve long-term sustainability in the sector.

Farmers were sensitised on how the new pricing system will enhance transparency and stabilise incomes. The initiative aligns with the Ghana Cocoa Board’s objective of improving farmer earnings while maintaining industry competitiveness. Farmers were encouraged to remain patient as regulatory measures are strengthened to support price stability and livelihoods.

For the first time, COSSA-CHED executives, led by Chairman Charles Owusu-Appiah Jnr, engaged directly with members of the Golden Bean Cocoa Farmers Cooperative. The interaction helped farmers better understand how the 70% FOB policy is linked to productivity and income stability.

The outreach also emphasised Good Agronomic Practices (GAPs) as a key driver of improved productivity and resilience. Farmers called for more training in climate-smart cocoa farming techniques, including pruning, pest and disease control, soil fertility management, and proper input use.

The engagement further highlighted climate change challenges and the need for greater inclusivity in the cocoa sector. The Vice Chairperson, Doreen Vida Gyamfuwaa, stressed the importance of empowering women through access to land, training, and resources.

Overall, the initiative reinforced that combining fair pricing, improved agronomic practices, and inclusivity will strengthen Ghana’s cocoa sector and improve livelihoods.

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This follows a Court of Appeal ruling ordering the restoration of the licence of GN Savings and Loans Company Limited.

The development comes after the Appeals Court, in a unanimous decision on May 21, 2026, quashed the High Court’s ruling that had upheld the Bank of Ghana’s revocation of the company’s licence.

The court further directed that the Receiver hand over possession, management, and control of the company’s assets and operations to its shareholders.

JOYBUSINESS reports that although the Bank of Ghana had requested a copy of the ruling, any decision on whether to comply or appeal will depend on legal guidance from its external counsel, who handled the case, as well as input from the Receiver.

The Receiver’s advice is expected to focus on the wider implications the ruling could have on other financial institutions affected by the banking sector clean-up exercise.

There are also considerations being weighed on how the judgment could impact previously revoked licences if the decision is allowed to stand.

Earlier reports had suggested that the central bank was preparing to proceed to the Supreme Court to challenge the ruling.

However, it is now unclear whether that option remains under active consideration.

Sources indicate that the Bank of Ghana may issue an official position on the matter later today or in the coming days.

The Court of Appeal ruling marks a major twist in a long-running legal battle over the fate of GN Savings and Loans, which was originally part of the banking sector clean-up exercise.

Banking consultant Nana Otuo Acheampong has said he expects the Bank of Ghana to escalate the matter to the Supreme Court, noting the complexity and length of litigation surrounding the sector’s restructuring.

He observed that multiple court cases have been filed over the years regarding the clean-up exercise, making it unlikely that the issue will end at the Court of Appeal.

He also noted that the Bank of Ghana acted under the legal framework governing the financial sector clean-up at the time.

Meanwhile, President of Groupe Nduom, Dr Papa Kwesi Nduom, has indicated that GN Savings and Loans is preparing for a phased return to operations, beginning with its first branch in Elmina.

He said the reopening will be gradual and structured across the country, stressing that the revival will follow a “calculated, step-by-step restoration strategy.”

“The first branch we will reopen will be in Elmina, and then from here on, step by step, we will get those branches opened over a period of time,” Dr Nduom said.

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.

On August 16, 2019, the Bank of Ghana revoked its licence and appointed a Receiver as part of the financial sector clean-up exercise, triggering legal action by Groupe Nduom challenging the decision in court.

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However, it pointed out that the continued fiscal discipline, relative exchange rate stability, and lower Value Added Tax (VAT) rate will cap inflation below 10.0% by the end of 2026, underscoring the rate-hold decision.

The Bank of Ghana’s Monetary Policy Committee (MPC) voted by a majority decision to leave the policy rate unchanged at 14.0% during its May 2026 meeting, being the first rate-hold decision in exactly a year.

According to IC Insights, the decision aligns with its call for a rate hold at this MPC meeting, which it expressed in its April 2026 inflation note.

“We opined that although inflation is firmly anchored, upside risks are emerging and the authorities would seek to maintain sufficient policy headroom to accommodate future inflation shocks. This reasoning and the inflation outlook appeared visible in the MPC’s deliberation, justifying the decision to maintain the current stance of double-digit real policy rate”.

As expected, the potential spillovers from the ongoing Middle East war were a dominant theme at this month’s MPC meeting, and this reflected in the Committee’s press statement.

IC Insights said “We got the impression that the authorities’ view and expectation of the war is shifting from a short-lived conflict to a protracted crisis which will pose upside risk to near-term inflation. In his responses to questions, the Governor seemed to suggest a 24-month modelling for the war with crude oil prices above US$100 per barrel but probably capped at US$120 per barrel. The MPC also viewed the quarterly increases in utility tariff as an upside risk to inflation in the months ahead with further push from unfavourable base effect (which we expect to begin from the June 2026 CPI).”

It continued that underlying pressure remains anchored despite recent uptick in headline inflation. “Encouragingly, we noticed a 20bps [basis points] decline in core inflation (CPI excluding energy & utilities) to 2.7% year-on-year in April 2026 despite the much-publicised uptick in the headline rate. This indicates continued low underlying price pressure which has been clouded by the energy price shocks, albeit with marginal pick-up in inflation expectation which requires cautious policy path”, it added.

According to the report, the Bank of Ghana is expected to slow the pace of its interest rate cuts and adopt a cautious stance amid mounting inflationary pressures.

It added that food inflation may rise in the coming months due to seasonality, as supply of staple crops such as maize, rice, and cassava is reduced, putting upward pressure on the food index.

Similarly, non-food inflation is expected to inch upwards due to rising housing, utility, and transport costs. “The pressures from potential exchange rate volatility affecting imported goods and upward adjustments in service costs could also heighten inflationary pressures on this sub-index”.

Inflation shot marginally by 0.2 percentage points to 3.4% in April 2026, marking the first increase after 15 consecutive months of decline.

The month-on-month inflation also accelerated, reaching 1.0% from 0.1% in March 2026, the highest monthly increase since February 2025.

Also, the year-on-year food inflation fell to 2.2% from 2.3% in March 2026. This was driven by improved domestic supply conditions, favorable seasonal factors for agricultural produce like okra, kontomire, watermelon, garden eggs, and sustained stability of the cedi reducing imported input costs.

Again, the non-food inflation increased to 4.2% from 3.9% in March, due to higher fuel prices leading to an increase in transport costs and structural rigidities in housing, utilities (water/gas/electricity).

The top five divisions with the highest inflation rates in April 2026 were Housing, Water, Electricity, Gas and Other fuels (12.48%); Insurance and Financial Services (7.9%), Education Services (7.5%); Restaurants and Accommodation Services (7.5%) and Recreation, Sports and Culture (4.8%).

According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by 5.9%.

Investors bought T-bills worth a little over GH¢4.21 billion, as against a target of GH¢4.48 billion. The government, however, accepted about GH¢3.9 billion of the bids.

The 91-day bill was once again the most subscribed bill, as GH¢2.52 billion of the bids were tendered, representing 59.8% of the total bids. The uptake was, however, GH¢2.51 billion.

The 182-day bill recorded bids of GH¢877.72 million. A little above GH¢723 million was accepted.

For the 364-day bill, GH¢ 817.12 million of the bids were tendered. About GH¢ 699 million of the bids were accepted.

Meanwhile, interest rates declined across the yield curve.

The yield on the 91-day bill went down by 1.0 basis points to 4.91%.

That of the 182-day bill, however, remained unchanged at 7.04%.

On the other hand, the yield on the 364-day dropped by 2.0 basis points to 10.37%.

According to multiple analyses, including publications by Reuters using data from the London Stock Exchange Group (LSEG), the cedi has suffered a steady decline so far in 2026, thereby assuming the unenviable position of the worst-performing currency in West Africa on a year-to-date basis.

At the time of the reports last week, which rated the cedi as having declined by 10.28% year-to-date, it traded at 11.36 cedis to the dollar, with a Reuters report particularly predicting a further decline in the week ahead.

“Ghana’s cedi is being dragged down by persistent corporate foreign-currency demand, particularly from the energy sector,” the Reuters report said, showing trends of consistent decline of the cedi in recent weeks using data from LSEG.

The report predicted further decline in the weeks ahead and, true to the prediction, the slump continued, as the cedi closed trading last week at a further depreciated rate of 11.61 to the dollar, maintaining its high year-to-date percentage decline among West African currencies.

The cedi is one of nine currencies in West Africa, including the CFA franc, which is used by eight West African countries.

Among the currencies in West Africa, the cedi has so far, in 2026, recorded the biggest year-to-date decline of 10.28% as of the beginning of May, which also places it among some of the continent’s worst-performing currencies in 2026, such as the Libyan dinar, which recorded a 17.21% decline against the US dollar.

Positive indicators, weak currency

The continuous decline of the cedi, despite assurances by the Bank of Ghana, contradicts recent positive economic indicators — a situation that continues to raise anxiety and concern.

Despite inflation declining significantly, the cedi continues to underperform, with traders paying far above official rates used for the analysis on the forex market.

This situation has contributed to soaring prices of goods despite the significant drop in the inflation rate.

As the Reuters report noted, demand for forex from importers is fuelling a “steady” slide of the cedi.

The cedi, the report concluded, “is on a depreciating path due to persistent FX demand, with traders expecting the trend to continue.”

According to the President, government is making steady progress toward establishing the specialised financial institution aimed at supporting women, particularly market women and small-scale entrepreneurs across the country.

Speaking during a citizens’ engagement at Ndewura Jakpa Senior High School in the Savannah Region on Saturday, May 23, 2026, President Mahama said the Vice President would present a Cabinet report outlining the framework and progress made so far toward setting up the bank.

“Work is progressing very fast. Indeed, at the next Cabinet meeting, the Vice President is supposed to table the resolution on the Women’s Development Bank. She will be giving a Cabinet report on the Women’s Development Bank,” he said.

President Mahama explained that the establishment of a financial institution requires several regulatory and administrative procedures supervised by the Bank of Ghana.

“The thing is, for financial institutions, you don’t just get up and set up a financial institution. You have to go through a process, and that process is supervised by the Bank of Ghana to make sure that you set it up properly,” he stated.

The President further revealed that government has already secured seed funding for the project.

According to him, the Minister of Finance has allocated GH¢450 million as initial capital for the bank.

“But as you are aware, the Minister of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH¢450 million can be the capital of the bank,” he added.

President Mahama said the proposed Women’s Development Bank forms part of government’s broader efforts to economically empower women and expand access to financial support for small businesses across the country.

The state has subsequently rolled out a series of aggressive structural measures designed to strengthen the resilience of the wider energy sector while simultaneously pulling in critical foreign direct investment to jumpstart stagnant oil and gas fields.

The Energy Minister, Mr John Jinapor, dropped the hint during President John Dramani Mahama’s high-profile “Resetting Ghana” citizens’ engagement tour in the Savannah Region on Saturday, 23 May 2026.

Addressing local chiefs, youth groups, and industry stakeholders, the Minister explained that recent capital-intensive investment frameworks executed by the state would directly boost operational output and reverse the chronic downward trend that has plagued national crude numbers since 2021.

The $3.5 Billion Injection

To demonstrate the government’s commitment to reviving the sector, Mr Jinapor disclosed that the state has successfully secured two monumental financial agreements aimed at expanding existing infrastructure and exploring new offshore blocks.

The first is a $1.5 billion Memorandum of Understanding (MoU) signed with Italian energy conglomerate Eni. This is paired with an additional $2 billion development agreement clinched with the Jubilee Partners.

These twin investments, totalling $3.5 billion, are engineered to breathe fresh life into the country’s upstream petroleum sector, finance deep-water drilling technologies, and support a comprehensive recovery in national production levels.

Confronting the structural deficit head-on, the Energy Minister delivered a firm assurance to the nation regarding the immediate future of Ghana’s oil fields:

“For five consecutive years, petroleum production has been declining. This year, let me assure you, petroleum production is not going to decline. It’s going to pick up and rise again,” Mr Jinapor stated confidently.

Navigating Systemic Reforms

The Minister conceded that while the broader energy sector continues to present complex, deep-seated economic challenges, the current administration’s ongoing institutional reforms and new capital injections are finally beginning to yield positive results.

The massive capital injection from Eni and the Jubilee Partners is expected to significantly augment the state’s fiscal space through increased oil royalties, corporate taxes, and job creation within the local content supply chain.

With the Savannah Region engagement serving as the platform for the announcement, independent energy analysts are already looking forward to the mid-year production data from the Ghana National Petroleum Corporation (GNPC) to verify the initial impact of these multibillion-dollar interventions on the national grid.

In a social media post shared on Friday, May 22, Dr. Boako suggested that ongoing financial and regulatory adjustments within the banking industry would soon have direct implications for customers.

“And oh, know also that bank charges are going to go up from 4th June,” he wrote.

The lawmaker, who has recently commented on Bank of Ghana policy decisions and the Cash Reserve Ratio framework, hinted that his latest prediction is based on broader financial sector trends and internal market developments.

He ended the post with the statement: “I observe in whole and analyse in whole.”

Dr. Boako’s latest comments come amid ongoing discussions on monetary policy adjustments, banking sector reforms, and the impact of regulatory decisions on financial institutions and customers across the country.

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Addressing the media after the central bank’s 130th Monetary Policy Committee meeting in Accra, Dr. Asiama said recent gains in the foreign exchange market reflect stronger economic fundamentals and coordinated policy interventions.

“We do not foresee a return to the era of sustained depreciation of the cedi,” he assured.

According to the Governor, improved foreign exchange inflows, rising reserve buffers and fiscal discipline have played a major role in stabilising the local currency in recent months.

He added that increased gold export earnings, remittance inflows and renewed investor confidence are also contributing to the cedi’s relative stability against major trading currencies.

“The stability we are witnessing is backed by stronger macroeconomic conditions and prudent policy measures,” Dr. Asiama explained.

He stressed that the central bank remains committed to maintaining tight monitoring of the foreign exchange market to prevent excessive volatility and preserve stability.

“We will continue to implement the appropriate measures necessary to maintain confidence and stability in the currency market,” he added.

The assurance comes after the Monetary Policy Committee maintained the policy rate at 14 percent amid easing inflation and improving economic indicators.

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Speaking at the launch of the 2027 World Cocoa Foundation Partnership Meeting, Chief Executive Officer of COCOBOD, Dr Randy Abbey, said the Finance Ministry and its partners are working together to ensure the financial viability and long-term survival of the cocoa sector, which remains a key contributor to Ghana’s economy.

According to him, the sustainability of the cocoa industry should not rest solely on producing countries.

Dr. Abbey noted that at the 2027 Partnership Meeting, COCOBOD will again call on international partners, chocolate manufacturers, and buyers to step up efforts to ensure fairness in the global cocoa value chain, stressing that compliance with regulations should not become a burden on farmers.

“We need a fair, transparent pricing structure that reflects the true cost of sustainable production,” he stated.

Touching on challenges facing cocoa production, he said the sector continues to struggle with disease outbreaks, climate change pressures, supply disruptions, farmer income concerns, and long-term sustainability issues.

He further explained that government will continue to introduce various interventions to support farmers and maintain a sustainable cocoa industry.

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The announcement was made on Wednesday, May 21, 2026. The meeting is scheduled to take place from March 16 to March 18, 2027.

The event is expected to bring together leaders from across the global cocoa and chocolate sector at a pivotal moment for the future of cocoa.

It will convene representatives from government, cocoa and chocolate companies, farmer organisations, civil society, financial institutions, and international partners to address key challenges and opportunities in the sector, including climate resilience, crop diseases, farmer livelihoods, supply security, and long-term sustainability.

Under the theme “From Origin to Global Resilience,” the 2027 Partnership Meeting will focus on the critical role of producing countries and farming communities in shaping the future resilience of the global cocoa economy, while strengthening collaboration across the cocoa value chain.

Alongside the main conference, COCOBOD will host a commemorative event as part of its 80th anniversary celebrations, recognising eight decades of contribution to Ghana’s cocoa sector and the global cocoa economy.

President of the World Cocoa Foundation, Chris Vincent, said the WCF Partnership Meeting remains the leading global platform for collaboration across the cocoa value chain.

He explained that hosting the meeting in Ghana reflects the importance of bringing global discussions closer to major cocoa-producing countries and farming communities.

“At a time when the cocoa sector is facing significant challenges—from disease, climate pressure and supply disruption to farmer incomes and long-term resilience—the Partnership Meeting will provide an important opportunity for government, industry and partners to align on solutions and strengthen collective action for the future of cocoa,” he said.

Chief Executive of COCOBOD, Dr Randy Abbey, also noted that the occasion aligns with COCOBOD’s 80th anniversary.

“As COCOBOD marks 80 years of service to Ghana, we are pleased to welcome the global cocoa community to Ghana for discussions focused on resilience, sustainability and the future of cocoa farming communities,” he said.

The event was officially launched at Four Points by Sheraton, Accra Airport.

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In a Facebook post on Thursday, May 21, Dr Boako said he had earlier warned that the Bank’s audited financial statements would reflect substantial losses, a position he claimed was dismissed by some government communicators at the time. He maintained that the subsequent publication of the financial statements confirmed his prediction.

He argued that the losses were largely driven by revisions to the CRR on foreign deposits rather than what had been described as the “cost of stability.”

The lawmaker further pointed to the Bank of Ghana’s recent decision to revise the dynamic CRR framework and reverse earlier measures on foreign exchange deposits as evidence supporting his argument.

Dr Boako added that he expects further changes in the banking sector concerning foreign exchange deposits in the coming months.

“Later this week, I’ll share what I expect to happen in the banking system regarding FX deposits from next month. They’ll call it a lie again, but it will happen. I observe in whole and analyse in whole,” he stated.

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Responding to questions from journalists during the 130th MPC press briefing in Accra yesterday, Dr. Asiamah described the ongoing Middle East conflict as the “elephant in the room” influencing the central bank’s cautious policy stance.

According to him, although current economic indicators suggest there is room for further monetary easing, the MPC decided to pause and monitor developments due to uncertainties surrounding the global crisis.

“The committee evaluated other forms of risks. The elephant in the room here is the Middle East crisis,” the Governor stated. “Up to this time, one is not sure whether it is temporary or whether it is going to be long-lasting. If we assume that it will be longer-lasting, then you can imagine the impact on inflation expectations and the so-called second-round effects,” he added.

Dr. Asiamah explained that while real interest rate trends indicated possible space for further rate cuts, the MPC considered both domestic improvements and external shocks before arriving at its decision.

“That is why, in the wisdom of the committee, it was decided to pause and evaluate all incoming data so that at the next MPC round, the committee would take an appropriate decision,” he added.

The Governor also addressed concerns about the slow reduction in commercial bank lending rates despite falling benchmark interest rates, explaining that the current low-interest-rate environment remains relatively new to banks, forcing them to gradually adjust their portfolios and lending strategies.

“When interest rates are falling, it may take a while. You don’t just rush into giving loans. There has to be adequate bankable projects and you don’t compromise your credit appraisal standards,” he said.

According to him, banks are acting cautiously to avoid excessive credit risks, but lending rates are expected to adjust downward once the low-interest-rate environment is sustained.

Dr. Asiamah further justified the MPC’s decision to revise the dynamic cash reserve ratio to a uniform 20 percent reserve requirement in domestic currency, effective June 4, 2026.

He explained that the move follows a review of earlier liquidity management measures introduced about a year ago, noting that it would complement open market operations.

The Governor disclosed that the central bank will meet chief executive officers of commercial banks next week to explain the implications of the new policy measures. On recent oversubscription of Treasury bill auctions, he declined to comment on government borrowing strategies, saying such matters fall under the Ministry of Finance.

“You know it’s a market; it’s an auction. The banks and treasuries make those decisions based on market conditions and what they forecast going forward.”

Addressing concerns about the depreciation of the cedi, he stressed that Ghana operates a managed floating exchange rate regime and not a fixed system.

“The cedi is expected to move. It can depreciate or appreciate. Our concern is to avoid excessive volatility,” he said.

Dr. Asiamah attributed recent pressures on the currency mainly to increased foreign exchange demand arising from higher crude oil prices and dividend repatriation by multinational companies during the April–May reporting season.

Despite the pressures, he assured the public that the central bank has adequate foreign exchange buffers, noting that Ghana’s Net International Reserves have risen from US$10.9 billion in April to US$12.43 billion currently.

“We should be able to do what we have to do. What we will ensure is that we won’t see a return to the kind of volatility we saw in previous years,” he said.

On credit distribution, he said commerce continues to receive the largest share of bank credit, but all sectors stand to benefit if private sector lending growth is sustained.

He also revealed that the central bank is developing a digital credit framework that will allow individuals and businesses to access small loans via mobile phones under a regulated system.

“So very soon, no matter which sector you are involved in, you can just raise a loan on your mobile phone,” he said.

Dr. Asiamah further announced that Ghana could see the launch of its first non-interest banking institution before the end of the year, with the regulatory framework being developed in line with international best practices.

On non-performing loans (NPLs), he said the central bank has directed commercial banks to reduce bad loans by the end of 2026, noting that the gross NPL ratio currently stands at 18 percent, while the net figure is around 8 percent after provisions.

He stressed that banks must continue pursuing defaulters to recover loans, warning against moral hazard.

Regarding disruptions to gold exports linked to the Middle East crisis, he said temporary challenges affecting shipments to the United Arab Emirates had been resolved through alternative arrangements, with exports now ongoing.

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The figures show continued expansion in the country’s digital payments sector, rising from GH¢484.6 billion recorded in March 2026, reflecting sustained growth in mobile financial services usage nationwide.

The report also indicated an increase in registered mobile money accounts, which rose to 83 million in April 2026 from 80.5 million in December 2025. Active accounts stood at 26 million, while registered agents climbed to 992,000, with 534,000 actively operating.

Mobile money float balances also increased to GH¢36.7 billion in April from GH¢35.4 billion in March, signalling higher liquidity within the ecosystem.

Meanwhile, interoperability transactions recorded GH¢5.8 billion across 31.7 million transactions.

Other payment channels also saw significant activity, with cheque clearing valued at GH¢36.6 billion from 413,000 transactions and Automated Clearing House Direct Credit transactions reaching GH¢13.5 billion from 816,000 transactions.

Instant Pay transfers through the Ghana Interbank Payment and Settlement Systems rose to GH¢79 billion, up from GH¢71.5 billion in March, with nearly 19.9 million transactions recorded.

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Speaking after the Monetary Policy Committee of the BoG maintained the policy rate at 14 percent, Dr. Asiama explained that the relative stability of the cedi in recent months has largely been driven by improved market fundamentals, stronger inflows and growing investor confidence.

“We are not intervening in the market in a manner that distorts the exchange rate. What we are doing is building reserves and strengthening buffers for the economy,” he stated.

According to the Governor, Ghana’s reserve position has improved significantly, helping the country withstand external shocks and support confidence in the local currency.

“The reserve accumulation programme is progressing well and this is providing confidence to the market and supporting exchange rate stability,” he added.

Dr. Asiama further assured businesses and investors that the central bank remains committed to prudent monetary management and would continue to monitor developments in the foreign exchange market closely.

“Our objective is to ensure long-term macroeconomic stability and avoid a return to the era of sustained currency depreciation,” he stressed.

The Governor acknowledged that global uncertainties, particularly tensions in the Middle East and fluctuations in commodity prices, continue to pose risks to emerging market currencies, including the cedi.

However, he maintained that Ghana’s improving macroeconomic indicators, easing inflation and stronger foreign reserve position are helping to cushion the economy against external pressures.

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The concerns were raised by the Ghana National Cocoa Farmers Association during the signing of a strategic partnership agreement with the Produce Buying Company aimed at supporting the recovery of the cocoa purchasing firm and improving the welfare of cocoa farmers.

Speaking on behalf of the Association, GNACOFA President, Stephenson Anane Boateng, said persistent challenges including cocoa smuggling, illegal mining on cocoa farms and delays in payments to farmers continue to threaten the sustainability of Ghana’s cocoa industry.

“There are concerns involving public officials, particularly within COCOBOD, engaging in private buying operations that undermine confidence in the sector,” he stated.

According to the Association, such activities are weakening transparency within the cocoa value chain and creating unfair conditions for legitimate market players and farmers.

“These issues continue to distort Ghana’s cocoa business, disadvantage genuine cocoa farmers, and create opportunities for financial irregularities,” the Association stressed.

The concerns come at a time when Ghana’s cocoa sector is grappling with declining production levels, liquidity challenges and increasing pressure on Licensed Buying Companies, all of which continue to affect farmer incomes and operations across the industry.

GNACOFA said its partnership with PBC is intended to restore trust in the cocoa business while helping reposition the company as a stronger and more dependable player within the sector.

“This partnership marks a significant milestone towards ensuring the sustainability of Ghana’s cocoa business while supporting the revival and restoration of PBC as a strong institution within the cocoa sector,” the Association noted.

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According to him, the secretariat established to oversee the policy has become ineffective because funds allocated for its operations have not been released.

“The 24H Economy Secretariat is in coma as the government has not been releasing funds from the GHS110 million allocated to it this year,” he claimed.

Dr. Amin Adam argued that the failure to operationalise the secretariat raises serious concerns about the government’s commitment to the flagship policy.

He maintained that the initiative was introduced with significant public attention but has so far failed to deliver tangible results.

He further described the policy as unsustainable under the current implementation approach, insisting that the absence of funding and incentives for businesses undermines its prospects of success.

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According to the Karaga MP, the government cannot rely on the public sector to drive the policy because of the financial burden associated with expanding staffing and operations across state institutions.

“If anyone was expecting that the government would create jobs through the public sector approach, you must be reviewing your expectations because the government cannot fund it,” he stated.

Dr. Amin Adam maintained that the private sector should be at the centre of the initiative, but criticised the government for failing to roll out the incentive packages promised in the 2026 Budget to support businesses willing to operate under the policy.

“The policy, if it will survive, should be private sector-led, yet the government has failed to provide the incentive package promised in the 2026 Budget to the private sector almost half a year of the budget implementation,” he said.

He also alleged that the 24-Hour Economy Secretariat had become inactive because the government had not released funds allocated for its operations.

According to him, the delays undermine confidence in the policy and cast doubt on the government’s commitment to its implementation.

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The local currency traded at GH¢11.4125 to one US dollar in the first week of May, weakening from GH¢10.95 at the end of January. Against the British pound, the cedi depreciated by 7.5 per cent year-to-date, trading at GH¢15.2055 to the pound, while against the euro, the cedi also recorded a 7.5 per cent depreciation, closing at GH¢13.2695.

The Real Effective Exchange Rate, which measures the cedi’s value against a basket of trading partner currencies adjusted for inflation, stood at 93.5 in April 2026, indicating that the currency remains broadly competitive despite the nominal depreciation.

Inflation hits 3.4 per cent in April

Consumer inflation continued its downward trajectory, falling to 3.4 per cent year-on-year in April 2026, up marginally from 3.2 per cent in March but still within striking distance of the central bank’s single-digit target band. Food inflation stood at 2.2 per cent, while non-food inflation rose slightly to 4.2 per cent.

The disinflationary trend has been driven by base effects from the previous year, stable exchange rates, and tight monetary policy. The Monetary Policy Rate was reduced to 14.0 per cent in April 2026, down from 15.5 per cent in January and sharply lower than the 28.0 per cent rate recorded in April 2025.Business News Analysis

Monthly inflation remained subdued, with April recording a 0.9 per cent increase in consumer prices, driven by a 0.8 per cent rise in food prices and a 1.1 per cent increase in non-food prices.

Gold and oil prices diverge

International commodity prices presented a mixed picture. Gold prices surged 9.4 per cent year-to-date to US$4,724.10 per fine ounce in April 2026, providing strong support to Ghana’s export revenues. The realised gold price averaged US$4,466.20 per ounce, up 6.7 per cent for the year.

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Brent crude oil prices rallied sharply, climbing 67.4 per cent year-to-date to US$103.20 per barrel in April, raising concerns about potential imported inflation and additional pressure on the cedi from higher fuel import bills. The realised crude oil price stood at US$110.70 per barrel.

Cocoa prices continued their long-term decline, falling 43.2 per cent year-to-date to US$3,350.10 per tonne, as global supply conditions improved following two years of production shortfalls.

Interest rates fall across the curve

The Bank of Ghana’s policy rate reductions have fed through to the broader economy, with the average lending rate falling to 16.33 per cent in April 2026, down from 27.40 per cent a year earlier. The 91-day Treasury bill interest rate fell to 4.90 per cent, while the 182-day and 364-day bills traded at 6.84 per cent and 10.02 per cent respectively.Ghanaian Culture Blog

The interbank weighted average rate declined to 10.36 per cent in April, reflecting improved liquidity conditions in the banking system.

External reserves remain adequate

Gross international reserves stood at US$13.95 billion in April 2026, sufficient to cover 5.5 months of import cover, well above the conventional adequacy benchmark of three months. Net international reserves were recorded at US$10.99 billion.

The country’s total public debt stood at GH¢674.1 billion as of March 2026, equivalent to 42.2 per cent of GDP. External debt accounted for GH¢313.6 billion (19.6 per cent of GDP), while domestic debt stood at GH¢360.4 billion (22.6 per cent of GDP).

Stock market rallies on favourable conditions

The Ghana Stock Exchange Composite Index surged 72.5 per cent year-to-date to 15,130.5 points in April 2026, reflecting renewed investor confidence in the economy. Market capitalisation rose to GH¢281.8 billion, up 63.8 per cent since the beginning of the year.

The GSE Financial Stock Index performed even more strongly, gaining 90.2 per cent year-to-date to 8,839.4 points, as banking sector stocks continued their remarkable recovery following the Domestic Debt Exchange Programme.

Mobile money transactions surge

Mobile money transaction values reached GH¢493.2 billion in April 2026, with 967 million transactions processed during the month. Registered mobile money accounts grew to 83 million, with 26 million active accounts. The value of mobile money interoperability transactions stood at GH¢5.8 billion for the month.

Outlook

The sharp depreciation of the cedi, combined with the dramatic rally in crude oil prices and persistent weakness in cocoa revenues, presents ongoing risks to the external accounts. However, the continued decline in inflation and the reduction in interest rates provide a favourable backdrop for private sector credit growth and economic expansion.

The Bank of Ghana’s next monetary policy committee meeting will be closely watched for signals on the future direction of interest rates and any potential interventions to stabilise the local currency.

The support forms part of the foundation’s efforts to promote entrepreneurship and reduce unemployment within communities affected by mining activities.

Speaking on behalf of the Paramount Chief of Ntotroso during a brief presentation ceremony, Nana Asante Gyambibi said many people in the community struggle to secure capital to either establish or expand their businesses.

According to him, the gesture by the foundation comes as a major relief to residents and demonstrates the commitment of Newmont Ahafo Development Foundation to improving livelihoods in the area.

He noted that unemployment continues to be a challenge in the community despite the operations of Newmont Ghana Gold Limited, but expressed optimism that initiatives such as the business support scheme would help reduce joblessness over time.

Nana Asante Gyambibi also advised the beneficiaries to use the funds responsibly to ensure the sustainability of their businesses and encouraged the foundation to extend similar support to more residents in the future.

Some beneficiaries, including Akosua Gyemfua and Oheneba Adusei Yeboah, expressed gratitude to the foundation for the support.

They assured the foundation that they would comply with the conditions attached to the funds and make productive use of the capital to grow their businesses.

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According to the May 2026 Summary of Economic and Financial Data by the Bank of Ghana, the average lending rate stood at 20.58% in January 2026, but fell to 19.17% in February 2026 and subsequently to 17.74% in March 2026.

Similarly, the Ghana Reference Rate has also fallen sharply to 10.06% in April 2026, from 15.68% in January 2026.

This is on the back of a significant cut in the policy rate of the Bank of Ghana since 2025.

In March 2026, the Bank of Ghana slashed its policy rate by 150 basis points to 14%, citing sustained improvements in macroeconomic conditions despite lingering global uncertainties.

Announcing the new policy rate, the Governor of the Bank of Ghana said the continued recovery and stability in the economy provided room for a gradual easing of the previously tight monetary policy stance.

Average Lending Rates Vary Among Banks

The average lending rates, however, vary among the banks and the respective sectors they lend to.

Some banks offer loans equivalent to the Ghana Reference Rate, whilst others will charge rates as high as 39%.

This, however, depends on the risk profile of the customers.

Presently, some banks are offering structured loans to employees at about 14% on the average.

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This is equivalent to 42.2% of Gross Domestic Product (GDP).

In dollar term, the public debt stock stood at US$63.1 billion in February 2026.

According to the Bank of Ghana’s May 2026 Summary of Economic and Financial Data, the country’s debt stood at US$61.3 billion (GH¢641.1 billion) in December 2025 and US$60.6 billion (GH¢663.4 billion) in January 2026.

In December 2025, the debt to GDP ratio was however 44.7%.

The data showed that the external debt stood at US$29.3 billion in February 2026, slightly lower than the US$29.4 billion in January 2026 and US$29.4 billion in February 2026 respectively.  

This represents 19.6% of GDP.

However, the domestic debt increased to GH¢360.4 billion in February 2026, from GH¢341.0 billion in January 2026, about 22.6% of GDP.

In December 2026, the domestic debt stood at GH¢333.8 billion.

For the government’s fiscal operations, the fiscal deficit-to-GDP stood at 0.3 % in March 2026.

The primary balance, however, stood at a surplus of 1.2% of GDP in March 2026.

In a statement issued on May 15, 2026, the Authority said it had observed that some operators were paying commissions above the approved rate under the guise of incentives and bonuses.

According to the Authority, “any commission payment above the approved 25% is illegal.”

The NLA explained that the current 25 percent commission structure took effect in August 2024 following a review aimed at improving the sustainability of the lottery business.

It stressed that any additional payment linked to retailer compensation falls under its regulatory oversight.

The Authority has therefore directed operators to stop paying commissions above the approved rate and to seek written approval before introducing any incentive or promotional packages.

It also warned that failure to comply could lead to sanctions, including suspension or revocation of operating licences.

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He said the model was part of efforts to strengthen the country’s cocoa financing system.

The proposed funding model, which comes amid efforts to revive the cocoa sector after the reduction in farmgate cocoa prices earlier in 2026, is expected to reduce dependence on foreign borrowing and external lenders, while boosting domestic financing capacity.

The initiative is also expected to deepen the local capital market, attract greater participation from institutional investors and strengthen confidence, following the successful resumption of domestic treasury bond issuance earlier this year.

The new financing arrangement would mobilise capital through instruments such as commercial paper and commercial notes, while tapping into domestic liquidity sources.

Opening the 130th meeting of the Monetary Policy Committee (MPC) of BoG at the central bank’s head office, Bank Square, in Accra yesterday, the Governor stated that the new model would mark a major shift in Ghana’s cocoa financing strategy by promoting price stability, sustainable farmer incomes and longer-term government debt management.

“This is a significant shift to reduce reliance on dollar funding and foreign lenders,” he observed.

The 130th MPC

The MPC is the primary decision-making body of the BoG responsible for setting policy rates and managing money supply to achieve price stability and support economic growth.

The 130th MPC meeting, which began yesterday, is expected to conclude on May 20, 2026.

A press conference will be held to announce the committee’s decision on the policy rate will be announced.

The six-member committee is expected to be supported by advisors, experts and key stakeholders, including the Presidential Advisor on the Economy, Seth Terkper, as well as representatives from the Ghana Association of Bankers (GAB) and the Association of Ghana Industries.

The policy rate, which represents the rate at which the central bank lends to universal banks, currently stands at 14 per cent.

Major risks

Dr Asiama identified rising global energy prices and inflationary pressures as major risks likely to influence upcoming monetary policy decisions.

The Governor stated that the prolonged Middle East conflict had triggered sustained increases in global crude oil prices, creating renewed pressure on fuel costs, transportation and consumer prices in the country.

He explained that the convergence of external commodity price shocks and domestic energy supply challenges could weaken inflation control efforts and disrupt the country’s recent macroeconomic gains.

“The committee would carefully assess measures needed to keep inflation expectations anchored while sustaining economic stability and credit growth within the economy,” he said.

Policy trade-offs

Dr Asiama stated that Ghana’s economic conditions had improved meaningfully since the previous MPC meeting in March this year, largely due to sustained reform efforts undertaken over recent years.

However, he explained that the gains were now being tested by a deteriorating external environment, driven mainly by the ongoing Middle East conflict and its impact on global energy and commodity prices.

He stressed that the closure of the Strait of Hormuz had intensified global oil price pressures, with inflationary spillovers already evident across advanced and emerging economies.

The Governor pointed out that those developments had created new policy complexities that required careful balancing of domestic stability gains against external shocks.

IMF engagement

Dr Asiama stated that the country had continued its engagement with the International Monetary Fund (IMF) following the conclusion of the sixth and final review under the Extended Credit Facility (ECF) programme in Accra last Friday.

He said the IMF had acknowledged significant stabilisation gains, including lower inflation, improved external buffers, stronger cedi performance and enhanced debt sustainability.

Despite the gains, the global outlook remained uncertain due to the ongoing Middle East conflict, which was expected to sustain pressure on energy, food and fertiliser prices, Dr Asiama stated. 

36-Month PCI

The Governor stated that discussions had progressed towards the 36-month non-financing Policy Coordination Instrument (PCI) which was intended to strengthen reforms, improve policy credibility and reduce dependence on IMF financing, while deepening domestic ownership of the economic programme.

He stressed that the PCI was considered a credible next step in Ghana’s engagement with the international financial architecture, as it preserved the signalling benefits of IMF engagement while reinforcing reform ownership and fiscal discipline.

“Of particular relevance to the Bank of Ghana, the PCI will incorporate commitments relating to the BoG’s monetary policy framework, improve on the transmission mechanism, enhance the liquidity forecasting framework, and maintain conditionality around the inflation targeting regime, with continued emphasis on forward-looking policies and the anchoring of inflation expectations.

“The corridor reform under discussion at this meeting is directly consistent with the PCI’s monetary framework pillar,” Dr Asiama added.

Again, he said, the PCI would also focus on strengthening the BoG’s balance sheet over the medium term by limiting quasi-fiscal activities, improving transparency and oversight of the Domestic Gold Purchase Programme (DGPP). 

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According to him, the government has continued to release funds to ministries, departments and agencies (MDAs) in line with approved budgetary allocations while maintaining prudent economic management.

Speaking in an interview on Asempa FM’s Ekosii Sen show, Mr. Ampem said the Finance Minister remains committed to Ghana’s development agenda and would not deny any ministry funding out of personal interest or vendetta.

“It is laughable to say that Ato Forson is not releasing funds to certain ministries. Every ministry has received its funds. Even the Ministry of Education has received 4.5 billion cedis from us,” he stated.

He stressed that all funding requests that fall within the approved national budget are being honoured, adding that government has already carried out significant budget allocations for MDAs.

“If there is anyone who has Ghana at heart and is committed to the development of the country, it is Ato Forson. He isn’t petty, and there is no way he would refuse to release funds because of personal vendetta,” he said.

Mr. Ampem disclosed that close to 40 percent of the budgetary allocation for MDAs has already been released, insisting that no ministry has been denied funding.

“We have done budget allocations and there is no ministry that has not received its funds,” he noted.

Addressing concerns about delays in employing trained teachers and nurses, the Deputy Finance Minister acknowledged the existence of a backlog but explained that government is unable to absorb all qualified personnel onto the payroll at once due to financial constraints.

“There are genuine concerns about a backlog of trained teachers and nurses who are not yet on the payroll. We gave the Education Ministry clearance for about 7,000, but the numbers are more than that and we cannot accommodate all at once,” he explained.

He further revealed that aside from staff compensation, the government has released approximately GH¢4.5 billion to the education sector to support ongoing operations and programmes.

“Education alone, apart from staff costs, has received about 4.5 billion cedis, and we are on course,” he added.

Mr. Ampem reiterated that the Finance Ministry remains focused on prudent economic management while ensuring that key sectors continue to receive the necessary financial support.

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According to him, the PCI arrangement is fundamentally different from traditional IMF support programmes Ghana has undertaken in the past because it does not involve borrowing.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Ampem explained that the government’s engagement with the IMF after the completion of the current programme is aimed at supporting economic reforms through technical expertise and policy coordination.

“We have not requested another IMF programme. What we requested is IMF technical support. Our PCI with the IMF is not another programme,” he stated.

He explained that unlike traditional IMF bailout arrangements Ghana has entered into multiple times, the proposed 36-month PCI does not involve financial assistance or additional borrowing from the Fund.

“The difference between the IMF programmes we are used to and have done for 17 times and the PCI is clear. The PCI that we are going to do for 36 months is different. We are not borrowing from the IMF,” he said.

Mr. Ampem noted that the IMF possesses technical expertise that is made available to countries seeking policy guidance and economic reforms, even in the absence of financial assistance.

“The IMF comes with conditions, but it also has technical expertise that is available to any country that needs it. So even though we are done with the IMF programme, we want to undertake a number of reforms in the country using their technical assistance,” he added.

The Deputy Finance Minister further explained that the PCI arrangement would allow the IMF to monitor and validate Ghana’s economic reform agenda, thereby strengthening investor confidence within the international community.

“The PCI is to work with the IMF on our programme so they will be witnesses for us in the international community,” he noted.

Mr. Ampem also reiterated President John Dramani Mahama’s assurance that Ghana will not return to another IMF bailout programme, insisting that the country has built sufficient reserves to manage its economy independently.

“Our President has assured us that we are not going back to the IMF. We have been able to build enough reserves,” he said.

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According to him, the current administration restored confidence in the programme and stabilized key economic indicators without seeking waivers or extending the programme period.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Ampem contrasted the government’s performance with that of the previous New Patriotic Party (NPP) administration, which he said had to renegotiate and extend the IMF programme after missing critical targets.

“We were able to meet our targets and even exceed them, unlike the NPP government, which sought a one-year extension of the IMF programme,” he stated.

Mr. Ampem explained that when Ghana entered the IMF programme in 2023, the country’s gross international reserves had nearly been depleted, creating severe economic challenges.

He noted that by the end of 2024, key programme targets were missed, including the inflation target of 16 percent, with inflation eventually ending the year at 23.8 percent.

“So the programme was derailed. When we came, we engaged stakeholders and went to Parliament to legislate measures that would help us achieve the targets, including a 1.5 primary surplus, to send a strong signal that the government was committed to bringing the programme back on track,” he explained.

The Deputy Finance Minister said the government implemented prudent financial management measures, fiscal consolidation policies, and closer coordination between fiscal and monetary authorities to stabilize the economy.

According to him, these interventions led to consistent reductions in inflation throughout 2025, improved debt sustainability, and greater exchange rate stability.

“Within 2025, inflation was going down every month. We committed to prudent financial management and fiscal consolidation, and through collaboration between the fiscal and monetary authorities, we were able to achieve those targets,” he said.

Mr. Ampem further disclosed that Ghana did not accumulate any arrears in 2025, while the country’s debt-to-GDP ratio reduced significantly and the cedi remained relatively stable.

“Now, for the first time, we have been able to finish the IMF programme and exceed the targets we set. The difference between us and the NPP is that they went to renegotiate the programme and extended it for another year. They also went for waivers. Today, we have met all the targets without waiver,” he added.

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The recently released 2025 Non‑Traditional Exports (NTE) Statistics Report points to a structural shift away from the export of raw produce toward value addition, processing and deeper industrial activity. In 2025, Ghana’s non‑traditional exports reached US$5.01 billion, representing a 30.7 per cent year‑on‑year increase. Yet the headline figure tells only part of the story.

What truly matters is how Ghana is earning this growth.

Cocoa is Still King—but No Longer Raw

Cocoa continues to dominate Ghana’s export earnings, but the nature of cocoa exports has changed fundamentally. In 2025, it was processed cocoa products—not raw beans—that drove export growth.

Cocoa paste alone generated nearly US$790 million, while cocoa butter and cocoa powder recorded growth rates exceeding 100 per cent compared to the previous year. Taken together, cocoa derivatives accounted for a substantial share of non‑traditional export earnings, reflecting both rising global demand and expanded domestic processing capacity.

This shift is economically significant. Unlike raw cocoa beans, processed cocoa products embed industrial activity within the local economy, skilled labour, energy consumption, packaging, logistics, quality control and financing. Each additional stage of processing retained locally deepens value creation, improves export margins and strengthens linkages across the economy.

Manufacturing Emerges as the Growth Engine

The clearest evidence of Ghana’s changing export structure lies in the composition of non‑traditional exports. In 2025, manufactured and semi‑processed goods accounted for approximately 83 per cent of total NTE earnings, far surpassing agriculture and handicrafts.

Beyond cocoa, strong export performance was recorded in products such as: aluminium plates, sheets and coils; articles of plastics; canned tuna; and shea‑based products.

These outcomes are not accidental. They reflect years of policy emphasis on industrialisation, import substitution and downstream value addition under initiatives such as the Accelerated Export Development Programme (AEDP) and the broader 24‑Hour Economy agenda.

Crucially, manufacturing‑led export growth also changes the nature of financing and infrastructure needs. Processing‑oriented exporters require reliable energy, logistics efficiency, trade finance and patient capital. This shift places financial institutions, development banks and state‑linked enterprises at the centre of Ghana’s export transformation.

What the Shift Means for Policy and Institutions

Ghana’s evolving export profile highlights the growing importance of industrial and resource‑based institutions in driving growth. Beverage processing facilities, aluminium smelting, energy provision, ports and trade facilitation agencies are no longer peripheral actors; they are essential enablers of value‑added exports.

In cocoa, rising local processing demands closer coordination among export promotion agencies, COCOBOD policy frameworks, energy planners and financiers. A similar pattern is emerging in aluminium, plastics and fisheries, where progress depends on alignment across mining, manufacturing, transport and power supply.

In effect, export success today is less about isolated sectors and more about how well key institutions work together.

A More Resilient Export Model

The move from raw exports to processed goods makes Ghana’s export sector more resilient. Value‑added products are typically less exposed to commodity price volatility and can access a wider range of markets. This is already evident in Ghana’s expanding export footprint across Europe, North America and African markets under AfCFTA.

Retaining more value domestically also strengthens Ghana’s position within global value chains and reduces vulnerability to external economic shocks that often affect commodity‑dependent economies.

Looking Ahead

The 2025 export figures suggest that Ghana is moving—gradually but deliberately—from a resource‑exporting economy toward a value‑creating, industrially anchored export model. Sustaining this momentum will require scaling up processing capacity, improving access to long‑term finance, strengthening standards compliance and ensuring smaller firms can integrate into industrial value chains.

Cocoa will remain central to Ghana’s economy. But its role is evolving. The future of export growth lies not in shipping raw beans abroad, but in processing, branding and capturing value at home. That transformation—more than the US$5 billion headline—is the real story behind Ghana’s export turnaround.

Short Profile – Oliver Tackie

The writer, Oliver Tackie, is a seasoned banker with over nineteen years of experience in Ghana’s financial and banking sector. He is currently the Sector Head, Government & Parastatals at Prudential Bank LTD. His work spans a broad range of areas, including financial institutions, investment analysis, private sector development, government and public sector, and the assessment of risk across diverse debt and equity financing structures. He is an award‑winning chartered banker and a chartered accountant, bringing a strong blend of technical expertise and strategic financial insight to his work.

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According to her, one of the key initiatives is implementing a framework for conglomerate supervision to improve oversight of financial groups operating across multiple sectors and reduce regulatory arbitrage.

She made the remarks in a speech delivered on behalf of the Governor of the Bank of Ghana, Johnson Asiama, during the launch of the 2025 Financial Stability Report.

Madam Asante-Asiedu also revealed that, following the passage of the Virtual Assets Service Providers Act, 2025 (Act 1154), the Financial Stability Council has tasked its Technical Committee with developing a risk matrix to monitor risks in the virtual assets space.

According to her, the move is intended to ensure that innovation in the digital financial ecosystem is balanced with financial stability considerations.

She further stressed that the Bank of Ghana would continue to collaborate with the Financial Stability Council to deepen policy coordination, sustain financial sector development, and preserve system stability.

The Financial Stability Review is an annual publication of the Financial Stability Advisory Council.

It assesses developments within Ghana’s financial system, with emphasis on policies introduced to address emerging risks to financial stability.

The 2025 report showed that Ghana’s financial sector recorded strong growth and resilience last year.

According to the report, total financial sector assets expanded by 23.2 per cent to GH¢647.25 billion, representing 45.1 per cent of Gross Domestic Product (GDP).

The report also noted that the sector remained resilient, supported by strong profitability and solvency levels across all four financial industry segments.

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Managing Director Afetsi Awoonor said the company has the systems, logistics network and storage facilities required to sustain round-the-clock fuel distribution as Ghana moves toward a continuous production economy.

Speaking at the launch of the 24-Hour Economy Pilot Programme for the petroleum downstream industry in Accra, Mr Awoonor described the policy as a bold national initiative capable of unlocking Ghana’s economic potential.

He said no country can successfully operate a 24-hour economy without a dependable energy backbone, stressing that fuel remains central to economic activity.

According to him, BOST has, over the years, invested heavily in storage, transmission and logistics infrastructure to guarantee that petroleum products remain available, accessible and secure at all times.

Mr Awoonor praised President John Dramani Mahama for championing the 24-Hour Economy agenda and also commended Energy and Green Transition Minister John Abdulai Jinapor for his efforts to strengthen the energy sector to support the policy.

He also applauded the National Petroleum Authority Chief Executive, Edudzi Kudzo Tameklo, for leading the pilot programme, saying the initiative demonstrates the regulator’s commitment to unlocking productivity through the efficient use of existing national assets.

Mr Awoonor stressed that collaboration would be critical to the successful implementation of the programme in the downstream petroleum sector.

He called for stronger coordination among security agencies, customs authorities, regulators and industry players to ensure that extended-hour operations remain safe, compliant and efficient.

He further noted that no single institution can build a 24-hour economy alone, describing it as a shared national effort aimed at boosting productivity and strengthening Ghana’s competitiveness in the global economy.

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