The agreement was contained in a joint communiqué issued on Friday, July 10, after a high-level meeting involving the Director-General of the GSA, Prof. Alex Dodoo, and the President of GUTA, Dr. Joseph Obeng, at the GSA headquarters in Accra.

The meeting followed a petition submitted by GUTA to the Chief of Staff, with a copy to the Minister for Trade, Agribusiness and Industry, expressing concerns about the programme’s implementation.

According to the communiqué, both parties held discussions in an atmosphere of mutual respect, transparency and collaboration and agreed on some measures to address the issues raised.

The GSA clarified that the Ghana EasyPass Programme is not a new policy or programme but has been in continuous operation for the past 10 years as an established conformity assessment scheme under the Ghana Standards Authority Act.

It explained that the recent introduction of a digital version of the EasyPass Programme does not constitute a new policy, law or regulatory requirement.

The Authority also reaffirmed that compliance with mandatory Ghana Standards is a legal requirement for all products placed on the Ghanaian market, irrespective of where they are manufactured. It said the EasyPass Programme is intended to help businesses demonstrate compliance with approved standards while improving consumer protection and market competitiveness.

The communiqué further clarified that participation in the programme is voluntary and that businesses that do not enrol can continue trading under existing conformity assessment arrangements.

The two institutions also agreed that the EasyPass Programme should not be interpreted as imposing new costs on manufacturers abroad or serving as a targeted measure against locally manufactured products. They explained that the initiative is intended to ensure fair competition and protect consumers from substandard goods.

The GSA acknowledged the concerns raised by GUTA and indicated that the issues outlined in the association’s July 7 petition had been satisfactorily addressed following the discussions.

Both parties pledged to maintain regular consultations and strengthen collaboration to ensure the effective implementation of the programme while safeguarding consumer protection, supporting business growth and promoting national development.

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PURC resolves 97% of utility-related complaints received during first half of 2026

National clean-up exercise: BoG Governor urges traders to keep cedi notes clean

The report said the regional office received 920 complaints from consumers and utility service providers between January and June, with 889 cases successfully resolved through amicable settlement within the stipulated resolution period.

According to PURC, the majority of the complaints were lodged by consumers against utility service providers, while only three cases were initiated by utility companies against consumers.

The Electricity Company of Ghana (ECG) accounted for the overwhelming majority of complaints, recording 890 cases, representing 96.74% of the total. Ghana Water Limited (GWL) recorded 27 complaints, representing 2.93%.

PURC attributed the few unresolved cases to challenges including broken electricity poles, faulty transformers, and the unavailability of electricity meters, which require additional time to address.

The report also revealed a significant increase in complaints compared to the corresponding period in 2025, when the regional office recorded 499 complaints.

According to the Commission, the increase reflects the impact of intensified public education and consumer engagement initiatives, which have empowered more consumers to report utility service challenges and seek redress through established complaint resolution mechanisms.

PURC reaffirmed its commitment to protecting consumers’ interests by ensuring the timely resolution of complaints while working closely with utility service providers and other stakeholders to improve the quality, reliability, and accessibility of electricity and water services across the Western and Western North regions.

The Commission said it will continue to strengthen consumer protection efforts and collaborate with utility providers to address emerging challenges and enhance service delivery.

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Deputy Lands Minister Sulemana Yusif joins Ministry staff for national clean-up exercise

The appeal follows the presentation of cash grants, start-up kits, educational support and working tools to 57 PWDs by the Kumasi Metropolitan Assembly (KMA) as part of efforts to help them establish sustainable livelihoods.

Speaking at a presentation ceremony, the Kumasi Metro Chairman of the GFD, Francis Lare, said many government and private facilities remained inaccessible to PWDs, limiting their movement and participation in economic activities.

According to him, hospitals, schools, Metropolitan, Municipal and District Assemblies (MMDAs), and ministries are among facilities that lack ramps, elevators and other disability-friendly features.

“We have observed that a lot of government buildings such as hospitals, schools, MMDAs and ministries are not accessible to us. When we visit some government offices, especially storey buildings like KMA, we find it difficult to access some departments because the facilities are not disability-friendly,” Mr Lare said.

He added that although support from the government and philanthropists to PWDs was commendable, true empowerment must also include equal access to physical infrastructure and public transport.

“Even accessing commercial vehicles, including the government metro buses, remains a major challenge,” he stated.

Mr Lare further appealed to transport operators and the Ministry of Transport to modify buses and terminals to accommodate persons with mobility challenges.

The beneficiaries received items including chest freezers, deep freezers, industrial and hand sewing machines, while others received cash ranging from GH¢5,000 to GH¢7,000 to establish businesses of their choice.

The support, provided under the District Assembly Common Fund Disability Programme through the Department of Social Welfare and Community Development, is aimed at helping beneficiaries earn a decent living, achieve economic independence and contribute meaningfully to national development.

Mr Lare said monitoring would be conducted to ensure that the cash grants and start-up packages were used for their intended purposes. He added that the move would encourage the government to continue increasing support for PWDs.

Presenting the items, the Metropolitan Chief Executive (MCE) for Kumasi, Richard Ofori Agyemang Boadi, said the increased support followed President Mahama’s directive to raise the District Assembly Common Fund (DACF) allocation for PWDs from 3% to 5%.

He explained that the increase was aimed at ensuring PWDs felt included in society and could become self-reliant rather than depending on others for survival.

Mr Agyemang urged beneficiaries to use the support responsibly by investing in sustainable ventures that would improve their incomes and create long-term benefits for themselves and their families.

Meanwhile, Robert Aikins, Acting Convener for Social Services at KMA, said the items were procured based on the specific needs of beneficiaries after an assessment of qualified persons.

He added that an audit team had been established to monitor the use of the items.

Mr Aikins warned that sanctions would be applied to anyone found misusing the support.

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Chief applauds Project ETHICS, calls for values education beyond the classroom

The exercise underscores the bank’s commitment to promoting clean and healthy communities, and he used the occasion to reinforce the importance of proper handling of the Ghana Cedi to safeguard public health.

Speaking to participants after the clean-up activity, the governor emphasized that sustaining the initiative would bring long-term benefits to the country:

“The Bible says cleanliness is next to godliness, but I think cleanliness is godliness! So it is mandatory, even as individuals, to ensure that we are clean and that our environment is clean.”

Governor Dr. Asiama also highlighted how poor sanitation practices can affect the handling of the Cedi, with potential public health implications.

“We want our banknotes to always be clean, because research has shown that bacteria can be present on banknotes if they are not properly handled.”

Reaffirming the Bank’s long-term commitment to good environmental practices and sustainability, Dr. Asiama pledged the Bank’s continued support for future clean-up exercises.

The Bank of Ghana remains committed to supporting initiatives that promote environmental sanitation, public health, and responsible currency handling for the benefit of all Ghanaians.

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The operation, carried out on Thursday, July 9, 2026, forms part of the Authority’s ongoing efforts to safeguard domestic revenue and enforce compliance with Ghana’s tax laws.

According to the GRA, the enforcement team discovered that Super Plaza had been issuing receipts that were not approved by the Authority.

When officials requested documentation to prove that the company had obtained authorization or special permission to use the receipts, company representatives were unable to provide any evidence.

The company explained that it had applied to be integrated into the required GRA system but attributed the delay to technical challenges.

However, the GRA noted that the application has remained pending since February 2025, insisting that technical difficulties could not justify a delay of more than a year.

Preliminary checks also revealed additional compliance concerns.

As part of ongoing investigations, the enforcement team collected selected company records to compare with its tax filings and determine whether there had been any under-declaration of taxes.

Following the exercise, the GRA partially sealed the company’s warehouse but allowed retail operations to continue.

Super Plaza has been given one week to rectify the identified breaches and regularise its tax affairs.

The GRA reaffirmed its commitment to ensuring that all businesses comply with the country’s tax regulations.

The Head of the DTRD Enforcement Unit stressed that businesses must obtain the necessary approvals and integrate with GRA systems within the required timelines to promote transparency, accountability and voluntary tax compliance.

The customs division said vehicle valuation was based on several factors, including trim level, accessories, engine specifications, age and other unique characteristics, rather than the make and model alone.  

Mr Michel Adu Manu, the Senior Revenue Officer at the Customs Technical Services Bureau’s Vehicle Valuation Unit, GRA, said many importers assumed identical vehicles should attract the same duties, but that is not always the case.  

Mr Manu explained that while two vehicles might share the same make, model and year of manufacture, differences in trim levels and factory-installed features could result in different customs values.  

“You can bring in the same Toyota Corolla 2017, but there is what we call the ‘trim level or special feature,” he said.  

He said if two vehicles had the same trim level, age and specifications, the valuation system would assign them the same value and they would attract similar duties.  

Speaking at a media forum powered by the Ghana Ports and Harbours Authority (GPHA), he indicated that where differences existed, the customs value and the duties payable would also differ.  

Mr Manu said features such as leather seats instead of fabric seats, upgraded interior fittings and other factory-installed accessories increased the value of a vehicle, adding that even differences in paint finish could affect the assessed value because they formed part of the vehicle’s overall specifications.  

Mr David Agyakwa Mensah, the Senior Revenue Officer at the Customs Technical Services Bureau’s Vehicle Valuation Unit, said Customs also did not rely on auction prices when assessing imported vehicles.  

Mr Mensah explained that accepting auction prices would create inconsistencies because identical vehicles could be purchased at different prices under varying market conditions.  

“We have standardised the way we assess these vehicles so that there will be fairness in the system,” he said.  

Mr Mensah said every imported vehicle, including those received as gifts, was subject to valuation to ensure fairness and consistency in the assessment of import duties.  

The customs officials encouraged prospective importers to familiarise themselves with Ghana’s vehicle valuation system to better understand how import duties were determined.

Nkoko Nkitinkiti: Review first phase before launching the second – Gov’t…

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According to him, the Ministry of Food and Agriculture must take seriously the concerns raised by poultry farmers and other stakeholders and address the implementation challenges that emerged during the initial rollout of the programme.

Dr Opoku made the call while reacting to concerns raised by the President of the Poultry Farmers Association of Ghana, George Dassah, who questioned aspects of the programme’s implementation and warned that it may fail to achieve its intended objectives if key problems are not addressed.

Speaking in an interview on Joy FM’s Top Story, Dr Opoku said he agreed with the concerns raised by poultry farmers and believed the ministry should suspend the distribution of birds to Members of Parliament under the Nkoko Nkitinkiti initiative until the first phase has been thoroughly assessed.

“I think, yes, I would support what the poultry farmers’ president said. I stated in my earlier submission that the minister should take our advice on board, conduct a comprehensive review of the first phase, and address the challenges identified before rolling out the second phase,” he said.

The Nkoko Nkitinkiti programme forms part of the government’s efforts to boost local poultry production and reduce the country’s dependence on imported chicken. Under the initiative, birds are distributed to households and farmers to support local poultry production and encourage reinvestment in the sector.

However, the programme has recently come under scrutiny, with poultry farmers citing weak market linkages, inadequate beneficiary orientation and poor implementation as major obstacles.

Dr Opoku said evidence from some constituencies suggests the programme may not be delivering the expected results.

“If you want to conduct any assessment, I will urge the minister to take my constituency, for example. In fact, the programme is virtually non-existent in my constituency,” he said.

He further claimed that in some cases, beneficiaries received as few as two birds, raising questions about the scale and impact of the intervention.

“We also received two birds, and some of them did not survive. So, I will tell you the success rate is very low,” he said.

Although his remarks highlighted challenges with the distribution and survival of the birds under the programme, Dr Opoku maintained that the government should not proceed with the next phase until it has taken stock of the lessons from the first.

He described the review as necessary to determine what worked, what failed and what adjustments are needed to improve outcomes in subsequent phases.

“My humble plea is that they should conduct a comprehensive review and address the challenges we faced in the first phase before rolling out the second phase,” he said.

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Appearing before Parliament’s Committee on Assurances on Thursday, July 9, the Minister said interventions being implemented under the government’s agricultural programme are expected to significantly boost tomato production across the country.

According to him, government is already putting measures in place to manage the anticipated surplus and prevent post-harvest losses.

Mr Opoku disclosed that an off-take system is being established to guarantee a ready market for tomato farmers, while discussions are underway with tomato processing companies to purchase excess produce.

“We have put in place a lot of measures and within the next three to four months, the results will be there for everyone to see. This is another big assurance. We are anticipating a glut of tomatoes in the coming months and are thinking about how we can get processors to off-take from our farmers,” he said.

The Minister also revealed that government is investing in solar-powered boreholes across the country to support year-round irrigation and enable farmers to cultivate tomatoes beyond the traditional growing season.

“We are doing a lot of solar-powered boreholes across the country,” he added.

Mr Opoku expressed confidence that the interventions would strengthen domestic tomato production, improve market opportunities for farmers and gradually reduce Ghana’s dependence on imported tomatoes.

He said the measures form part of government’s broader strategy to enhance food security, increase agricultural productivity and create sustainable livelihoods for farmers across the country.

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He said the move forms part of efforts to avoid debt distress and ensure that Ghana does not return to the challenges that led to the country’s debt restructuring programme.

Speaking during a working visit by the Vice President, Dr Forson disclosed that government has already built sufficient financial buffers to settle two major DDEP repayments due this year.

According to him, government paid GH¢10 billion in February and is preparing to settle another GH¢10 billion repayment expected in the first week of August.

“Ten billion, ten billion Ghana cedis each. So we paid one in February and one is also due first week in August — another GH¢10 billion. But I’m proud to say that we are prepared to make that payment because we have built enough buffers to be able to pay that,” he said.

The Finance Minister, however, said next year will present a bigger challenge, with significant debt obligations falling due.

“Next year alone we are seeing debt repayment. DDEP alone, we have to service debt about GH¢54 billion,” he stated.

Dr Forson added that government must begin preparations early because failure to meet debt obligations could have severe consequences for the economy.

“In February, we have to pay about GH¢39 billion in one day — GH¢39 billion Ghana cedis. And so that means that we have to begin saving ahead of those bullets because we all know the repercussions of not servicing your debt and going into debt default, and we’ve seen it recently in 2022,” he said.

The Finance Minister said Ghana’s recent economic difficulties demonstrate the dangers of pursuing an unsustainable fiscal path.

He compared excessive borrowing and spending without adequate planning to a temporary relief that eventually comes with long-term consequences.

“As for an unsustainable fiscal path, if you go on that path you’ll pay a difficult price for it. I’ve always said that it’s like alcoholism. The good effect comes early, and the hangover comes later,” he said.

Dr Forson said the government’s objective is to return the country to a path where economic growth and job creation become the main drivers of development.

“You borrow, you spend, you go happy one week, one day, and afterwards the hangover will be there for a long time, and everybody else will pay for that,” he added.

The Finance Minister said the government anticipated that restoring stability would require two years of strong fiscal consolidation.

He explained that Ghana has completed about 18 months of the adjustment programme, with approximately six months remaining before a shift towards a growth-focused economic strategy.

“We have always been aware that the problems we inherited would require two straight fiscal years of major consolidation. And so we went through that path, and we’ve seen 18 months of it,” he said.

“We are left with six months, and I’m sure after the six months we’ll have to change the course and move from shock therapy to what I call the new economy, where growth and jobs would drive the new order.”

The comments come after the Finance Ministry recently announced the early settlement of a $700 million Eurobond obligation, following external debt payments totalling $1.4 billion in 2025.

Dr Forson said the government’s approach is to strengthen fiscal credibility while creating the conditions for sustainable growth.

Energy Commission signs MoU with Abu Dhabi’s Global South Utilities

The fraudsters don’t use hacking, they play on our minds –…

The agreement was signed in Accra by Ms Adwoa Serwaa Bondzie, Acting Executive Secretary of the Energy Commission, and Mr Ali Al Shimmari, Managing Director and Chief Executive Officer of GSU, following approval by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor.

The signing was witnessed by the UAE Ambassador to Ghana, His Excellency Dr Abdulla Almandoos, and took place on the sidelines of a high-level visit to the Presidency by a UAE delegation led by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State of the UAE.

Under the agreement, both institutions will explore areas of collaboration including technical cooperation, knowledge exchange, and investment opportunities to support Ghana’s energy transition agenda.

Ms Bondzie said the partnership would help identify “practical areas of collaboration that deliver tangible value for Ghana’s energy sector.”

Mr Al Shimmari also affirmed GSU’s commitment to supporting Ghana’s energy transition efforts and long-term economic growth.

Both parties expressed confidence that the MoU will contribute to strengthening energy infrastructure resilience and expanding access to sustainable, reliable, and affordable energy in Ghana and the wider region.

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Not every staff implicated in fraud steals money – Bank of..

EOCO releases former NAFCO boss

The Head of the Fraud Investigations and Reporting Unit at the Bank of Ghana, Eric Cab-Beyuo, said financial institutions are required to conduct proper investigations and give affected staff a fair hearing before taking disciplinary action.

Speaking on Joy FM’s Super Morning Show, he said the process is guided by the legal principle of audi alteram partem, which requires that both sides of a matter are heard before a decision is made.

“When it comes to fraud, when a fraud incident occurs, there’s something that in the legal circle they say audi alteram partem. You need to give fair hearing to the other side,” he said.

Mr Cab-Beyuo explained that the focus of fraud investigations is to establish the root cause of an incident and determine the specific role played by individuals involved.

“When a fraud incident occurs, the institutions are supposed to investigate to find out the root cause. So it’s not in all cases that you have this staff implicated,” he stated.

According to him, some employees become implicated because of negligence or failure to follow internal controls, rather than because they directly benefited financially from the fraud.

“These staff have not directly benefited from the fraud incident in terms of monetary value. Some were due to a certain form of negligence which got them implicated,” he said.

He added that disciplinary committees assess cases individually, with sanctions depending on the findings of each investigation.

“Upon investigation and going through the disciplinary committee, there would be some sanctions that will be meted out — and not necessarily a dismissal,” he noted.

Mr Cab-Beyuo, however, disclosed that a significant number of employees implicated in fraud cases have faced severe disciplinary action.

He said available data indicates that about 75 per cent of staff linked to fraud incidents were dismissed, reflecting the seriousness with which financial institutions treat such breaches.

“That is how we can have some 75 per cent have been dismissed out of that total number,” he said.

The BoG official stressed that while institutions must take firm action against fraud, disciplinary measures must be based on evidence and the individual responsibility of each staff member involved.

Speaking at the official launch of the project at the Ghana High Commission in London on Wednesday, July 8, 2026, the High Commissioner said the initiative goes beyond a ceremonial event, describing it as a national statement of intent to use global platforms to advance Ghana’s development objectives.

“Today’s event is not merely a launch ceremony. It is a national statement of intent. It is a declaration that Ghana is prepared to use every available international platform to promote its economy, its culture, its investment opportunities, its tourism potential, its creative industries, its youth, and its sporting excellence,” he said.

He explained that the Ghana House Project gives practical expression to Ghana’s economic diplomacy agenda by creating opportunities for investment, trade promotion, tourism development, and international partnerships.

According to him, modern diplomacy must move beyond traditional state-to-state relations and focus on opening markets, connecting investors, supporting exports, and empowering young people.

“The Ghana House Project gives practical meaning to Ghana’s economic diplomacy agenda. It demonstrates that diplomacy today must go beyond formal engagements between states. Diplomacy must create opportunities. It must open markets. It must connect investors. It must promote exports. It must support tourism. It must empower the youth. It must project the national brand,” he stated.

The High Commissioner noted that although the Commonwealth Games are primarily a sporting event, Ghana House will provide an opportunity to leverage global attention around the competition to promote the country’s broader development agenda, including trade, investment, tourism, culture, and creative industries.

He encouraged the Ghanaian diaspora, business leaders, investors, and development partners to actively support the initiative, stressing that their participation would be key to its success.

The Ghana House Project, a platform established to promote trade, tourism, investment, culture, and diaspora engagement during the 2026 Commonwealth Games in Glasgow, was officially launched at a press event in London by the Deputy Head of Mission of the Ghana High Commission, Aquinas Tawiah Quansah.

The launch was attended by the President of the Ghana Olympic Committee (GOC) and the Chairman of the Ghana House Project Coordination Committee.

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He says digital payments, fintech platforms and mobile money services should first be used to build an inclusive and productive economy.

Prof. Bokpin argues that if government places taxation ahead of the broader benefits of digitisation, consumers and businesses may respond negatively.

“We should not only look at it from the perspective of taxation. We should look at it in terms of the broader economic benefit. If you always put tax ahead of digitisation, the market will react differently,” he indicated.

Prof. Bokpin was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.“

The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.

The forum will bring together regulators, banks, fintech companies, telecommunications firms, security agencies and consumers to examine whether Ghana’s regulatory system is keeping pace with the growth of digital finance.

Prof. Bokpin said Ghana’s large informal sector and unbanked population make digital finance critical to economic transformation.

“For a country like Ghana, with a huge informal sector and a huge unbanked population, these avenues allow the economy to rope in the unbanked, who traditionally would not be comfortable opening a bank account to do transactions,” he said.

He explained that many informal-sector workers struggle to meet the documentation requirements of conventional banking.

“These days, when you want to open a bank account, they still ask you for certain documents that the average Ghanaian in the informal sector may not be able to provide. So, digital payments, digital apps and fintech open up the market and rope in all these people,” he indicated.

According to him, the real value of digitisation lies in financial inclusion, greater transaction flows and a stronger foundation for economic activity.

“The real benefit is that it increases financial inclusion and helps to ensure that there is increased flow within the financial system, which can also aid intermediation. If government is able to put in place the right structure, we are able to trace transactions and formalise the informal sector in a certain way that allows us to build an inclusive economy,” he added.

Prof. Bokpin said taxation should follow from a stronger and more formal economy, not be the first signal government sends to users of digital platforms.

“The government’s goal should not be that we want to leverage this to tax you. Let us look at how we want to leverage it to grow an economy, a taxable economy that allows the state to get the maximum tax revenue from that. That is the approach we should adopt,” he further said.

His comments come as Ghana’s digital payment ecosystem continues to grow rapidly.

The Bank of Ghana’s 2024 Payment Systems Oversight Report shows that payment service providers processed about 8.1 billion transactions valued at approximately GH¢3 trillion in 2024. The Bank said the growth reflected increased adoption of digital payments and stronger oversight of players in the space.

But the growth has also created new risks. The Bank of Ghana’s 2024 fraud report shows that banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.

Payment service providers recorded 15,673 fraud cases, representing a seven per cent increase from 2023, while the value at risk rose by 18 per cent to approximately GH¢19 million.

Prof. Bokpin said fraud and mistrust could weaken public participation in digital finance and push some users back to cash.

He cited traders who reject mobile money payments because of concerns about fraud. The economist said when people lose confidence in digital channels, the broader gains from digitisation are affected.

“We know that in Ghana, because of fraud associated with mobile money here and there, there are communities and traders who do not want to accept mobile money payment. It is simply because they do not have confidence in the system. It may also be because they have had one experience or another, directly or indirectly. One direct effect is unwillingness to participate. What that means is that they will prefer to do more cash-based transactions,” he said.

Prof. Bokpin said this is why government must treat trust as a central part of digital policy.

For him, digital finance should not be framed mainly as a revenue-collection tool. It should be used to reduce transaction costs, deepen financial inclusion, expand the formal economy and support growth.

He said once that broader economy is built, government will be better positioned to mobilise tax revenue sustainably.

The issue will form part of discussions at the maiden Digital Economy Forum as regulators, banks, fintech companies, telecommunications firms, security agencies and consumers examine how Ghana can protect confidence in the digital economy while expanding its benefits.

The platform said the reported numbers have been linked to various forms of scams, including e-commerce fraud, investment and job scams, romance scams, impersonation and recruitment fraud.

TrustGH allows members of the public to report suspicious phone numbers, which are then assessed using international scam-detection parameters. Each reported number is assigned a risk score ranging from 0% to 100%, indicating the likelihood of its involvement in fraudulent activities.

According to the company, more than half of the numbers reported on the platform have received a risk score of 100%, suggesting a very high likelihood of scam activity.

The reports submitted to TrustGH come from several sources, including TikTok, Facebook, WhatsApp, Google Business profiles, phone calls, SMS messages and fake websites.

TikTok accounts for the highest proportion of reported cases, contributing about 50% of complaints, followed by SMS and WhatsApp-related scams.

TrustGH said investigations have revealed that more than 90% of reported scam cases involve attempts by fraudsters to demand mobile money payments or gain access to victims’ mobile money accounts.

The platform also noted that many scammers create fake social media pages that closely imitate legitimate businesses to deceive unsuspecting individuals and steal significant amounts of money.

“These numbers show just how widespread and organised scam activity has become in Ghana, particularly on social media,” a TrustGH spokesperson said.

“Our goal is to give the public a reliable, data-driven way to verify a number before they engage with it, so they can protect themselves and their money.”

TrustGH, which is a licensed platform, works with the Cybersecurity Authority and the Cyber Crime Unit of the Ghana Police Service to help combat scam activities and support investigations into reported numbers.

The platform is urging the public to verify unfamiliar phone numbers on trustgh.com before making payments, sharing personal information or engaging in business transactions.

It also encouraged users to report suspicious numbers to help strengthen its database and improve protection against fraud.

Agriculture Minister commissions 506 Feed Ghana brigades to boost food production

Financial fraud cases in Ghana rise by more than 63% in…

The brigades, comprising 420 men and 86 women, will provide extension services, technical support and promote the adoption of modern farming practices among farmers across the country.

Speaking at the commissioning ceremony on Wednesday, July 8, Mr Opoku said the success of the Feed Ghana Programme would depend largely on the commitment, discipline and professionalism of the brigades as they work with farmers to transform the country’s agricultural sector.

“My dear brigadiers, you are stepping into your roles at a defining moment. The country expects much from you, and you must therefore serve with humility, discipline, honesty, patriotism and urgency,” he said.

The Minister urged the officers to see their assignment as a national responsibility aimed at strengthening food security, creating jobs and improving livelihoods.

“We are not waiting for the future; we are building it now. We are not waiting for others to feed us, but preparing to feed ourselves. We are creating jobs through production, organisation, training and investment to transform agriculture,” he stated.

According to Mr Opoku, the Feed Ghana Programme is a key government initiative designed to modernise agriculture, improve yields and support farmers with the technical expertise needed to increase local food production.

He expressed confidence that the deployment of the brigades would help accelerate the implementation of the programme and contribute to the country’s broader agenda of achieving agricultural transformation and self-sufficiency in food production.

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The Central Bank’s 2025 Fraud Report shows that reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) increased from 15,164 in 2022 to 24,778 in 2025. Over the same period, the total value at risk rose from GH¢82 million to GH¢101 million, highlighting the growing threat fraud poses to Ghana’s financial system.

The Bank of Ghana said the increase has been driven largely by the rapid expansion of the payment service provider sector, where the widespread adoption of mobile money and other digital payment platforms has created new opportunities for fraudsters.

“Fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users, notwithstanding the sector’s significant contribution to financial inclusion.”

The report noted that while fraud cases have continued to rise across the financial sector, banks and specialised deposit-taking institutions have recorded significant improvements in controlling fraud. Between 2022 and 2025, both sectors experienced reductions in fraud incidents and overall exposure, in contrast to payment service providers, which recorded a 98 percent increase in fraud cases and a 42 percent rise in the value at risk over the four years.

In 2025 alone, total fraud cases rose by 48% from 16,733 in 2024 to 24,778, while the value at risk increased from GH¢99 million to GH¢101 million. The Central Bank said the sharp rise in reported cases was driven almost entirely by developments within the PSP sector.

The regulator said the evolving fraud landscape underscores the need for financial institutions to strengthen cybersecurity, improve fraud detection systems and intensify customer education, particularly as more Ghanaians adopt digital financial services.

It stressed that tackling financial fraud will require sustained collaboration among regulators, financial institutions, law enforcement agencies and the public.

“Effectively addressing fraud within Ghana’s financial sector demands a unified and sustained effort from all stakeholders (financial institutions, law enforcement agencies, regulatory bodies, and the public).”

It added that fraud risks will continue to evolve alongside digital innovation, making stronger internal controls and continuous vigilance essential to safeguarding confidence in Ghana’s financial system.

“As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary”, I added.

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According to the Central Bank’s 2025 Fraud Report, the number of employees involved in fraud across banks and specialised deposit-taking institutions (SDIs) dropped from 365 in 2024 to 219 in 2025, representing a 40% decline.

Of the 219 staff implicated in fraud, 139 cases, representing 63%, were linked to cash theft and cash suppression, down from 75% recorded the previous year.

However, despite the decline in staff involvement, the Bank of Ghana said only 75% were dismissed in 2025, representing 34% of all staff implicated in fraud. The figure is also a 52% decline from the 155 dismissals recorded in 2024.

The Central Bank noted that 44 of the 75 dismissals, representing 59% were linked to cash theft and cash suppression.

Although banks accounted for just 22% of all cash suppression cases recorded across banks and SDIs, the Bank of Ghana said those cases represented approximately GH¢40.7 million, or 96% of the total value at risk associated with cash suppression, highlighting the significant financial impact of insider fraud within the banking sector.

The Bank of Ghana further disclosed that the sharp increase in the value at risk from cash suppression was largely driven by one outlier case involving GH¢36 million.

The regulator said the figures demonstrate that while financial institutions have made progress in reducing employee involvement in fraud, insider-related financial crime continues to pose a major risk because of the high values involved.

It stressed that addressing fraud requires stronger collaboration among all stakeholders in the financial ecosystem.

“Effectively addressing fraud within Ghana’s financial sector demands a unified and sustained effort from all stakeholders (financial institutions, law enforcement agencies, regulatory bodies, and the public).”

It added that the continued growth of digital financial services makes it imperative for financial institutions to strengthen their internal controls and fraud prevention systems.

“As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary.”

The Bank of Ghana reaffirmed its commitment to strengthening regulatory oversight, enhancing supervision and supporting fraud prevention initiatives to ensure a resilient and secure financial sector.

Ghana needs resilient policies, not repeated IMF bailouts – KNUST economist

Ghana secures UAE, Saudi markets for semi-finished cocoa products

He observed that the country’s continuous return to the IMF has largely focused on finding short- and medium-term solutions rather than implementing lasting measures for economic stability and transformation.

Ghana is currently under the IMF’s Policy Coordination Instrument (PCI) after successfully concluding its $3 billion Extended Credit Facility (ECF) programme.

The PCI allows the country to commit to economic policies aimed at preventing future crises and ensuring macroeconomic stability.

Prof. Oteng Abayie believes Ghana’s economic turnaround will only be possible if government implements resilient policies that create jobs, improve labour productivity and promote inclusive growth.

“It looks like the IMF is looking at short- and medium-term solutions but not economic transformation. If we are not stable and we are not building resilience into our policies, we will always go back and never take off into economic transformation — which is where real development, sustainable job creation, increased labour productivity, economic growth leading to inclusive economic development will happen,” he said.

He made the remarks in an interview with the media after a session with the IMF Resident Representative, Dr Adrian Alter, and faculty members and students of the Department of Economics at KNUST.

Prof. Oteng-Abayie identified low labour productivity, limited adoption of technology and inefficiencies in public spending — particularly in infrastructure, education and healthcare — as major constraints affecting Ghana’s economic progress.

The economist further highlighted the need for a coordinated national effort to integrate Artificial Intelligence (AI) into Ghana’s education system, warning that failure to prepare students for an AI-driven economy could worsen graduate unemployment.

“Students are going into a world driven by artificial intelligence. If we are not upskilling them in AI, we risk a mismatch. Those who can match up will get the jobs, and those who cannot may remain unemployed for years,” he noted.

The engagement with the IMF included a presentation on the economic outlook for the Sub-Saharan African region, providing insights into Ghana’s economic reform efforts and the IMF’s approach to engaging local stakeholders in economic policy discussions.

The IMF Resident Representative, Dr Adrian Alter, said aligning tertiary education with labour market demands and easing some financial constraints facing small and medium-sized enterprises (SMEs) are key to building a stronger economy.

“What is key is to merge graduates with the demand for jobs in the labour market. Tertiary education should be tailored to the job demands from the private sector. Diversifying the economy is crucial. Start-ups are required to provide collateral when seeking financial aid. Relaxing some of these financial constraints is key for developing start-ups and creating jobs,” he said.

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The agreements, signed on July 7, 2026, cover products including cocoa liquor, cocoa butter, cocoa cake and cocoa powder, and are expected to guarantee demand for output from Ghana’s existing cocoa processing facilities.

According to CMC, the commitments were secured through engagements led by its Managing Director, Dr Wisdom Dogbey, as part of efforts to diversify Ghana’s cocoa export destinations and create sustainable markets for value-added cocoa products.

In Dubai, the CMC delegation held discussions with the Dubai Multi Commodities Centre (DMCC) to explore opportunities to connect Ghanaian cocoa products with processors and traders across the Middle East and Asia.

The company said the engagements focused on expanding market access for locally processed cocoa products and strengthening Ghana’s presence in key international commodity markets.

In Riyadh, CMC secured commitments to supply Ghanaian cocoa products to Saudi Arabia, where demand is expected to grow alongside the country’s expanding confectionery and food-processing industry under its Vision 2030 economic diversification programme.

CMC said the new market opportunities will support the government’s objective of processing at least 50 per cent of Ghana’s cocoa locally, while increasing the utilisation of domestic processing capacity.

The company noted that securing reliable international demand for semi-finished cocoa products is critical to promoting value addition, reducing reliance on raw cocoa bean exports, and enhancing returns from Ghana’s cocoa industry.

According to CMC, the agreements represent an important milestone in its strategy to diversify Ghana’s cocoa markets and ensure that investments in local processing are supported by sustainable global demand.

The company added that it remains committed to building new markets for Ghanaian cocoa products and strengthening the country’s position in the global cocoa value chain.

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In a press release issued on Monday, July 7, 2026, and signed by the Head of Corporate Communications, Richard Ernest Kirk-Mensah, the company described the allegations as “false and misleading.”

“The current Management had no role whatsoever in the acquisition of the said property. The property was acquired under the previous administration and was subsequently the subject of adverse findings contained in the 2024 Auditor-General’s Report,” the statement said.

Ghana Gas confirmed that the transaction is under investigation by the Economic and Organised Crime Office (EOCO) and other state investigative agencies.

“We are aware that matters relating to this transaction are currently under investigation. Ghana Gas remains fully committed to cooperating with these investigations and is confident that the facts will establish that the current Management had no involvement in the acquisition of the property,” the statement added.

The company urged the media and the public to disregard what it described as “false and misleading publications” and encouraged stakeholders to verify facts before circulating or publishing such claims.

“Ghana Gas remains steadfast in its commitment to the highest standards of transparency, accountability, good corporate governance, and the prudent management of public resources,” Mr Kirk-Mensah said.

The rebuttal follows recent publications alleging that Ghana Gas’ current executives purchased the Airport West property at an inflated price. The company has clarified that the transaction predates the current management and was flagged in the 2024 Auditor-General’s Report.

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The shortfall comes despite a firm assurance given by the Board’s Head of Public Affairs, Jerome Sam, during an interview on JoyNews’ PM Express on June 15 that the arrears would be almost entirely settled before the end of the month.

“Before the end of this month, if all farmers or all LBCs who are owed are not paid, I’m sure it will be left with an insignificant amount to be owed,” Mr Sam said during the interview.

When pressed to confirm that the remaining balance would be cleared by the end of June, he responded: “Yes, that’s what I’m saying.”

However, figures released by COCOBOD after the deadline indicate that the Board has not fulfilled that commitment.

GH¢2.6bn released, but only part goes to arrears

In a statement announcing fresh financing for cocoa purchases, COCOBOD disclosed that it had released GH¢2.6 billion to Licensed Buying Companies.

According to the Board, GH¢1.4 billion has been earmarked to pay cocoa farmers who were still owed for cocoa supplied on credit in previous crop seasons, while GH¢1.2 billion will reimburse LBCs that pre-financed cocoa purchases from farmers.

Before this latest disbursement, COCOBOD had acknowledged arrears exceeding GH¢6 billion owed to farmers and LBCs.

Based on the Board’s own figures, the GH¢2.6 billion released represents about 43% of the outstanding obligations, leaving approximately GH¢3.4 billion, or 57%, yet to be paid.

Promise falls short

The latest payment means COCOBOD has reduced its arrears but has not achieved the near-complete settlement it publicly promised.

Instead of the “insignificant amount” projected by management, more than half of the acknowledged debt remains outstanding.

The unpaid balance continues to weigh on Licensed Buying Companies, many of which financed cocoa purchases with borrowed funds while awaiting reimbursement from the Board. Delays in repayment can increase financing costs and constrain the liquidity needed to purchase cocoa in subsequent seasons.

For cocoa farmers, delayed payments can also affect household incomes and their ability to finance farm maintenance and inputs ahead of the next production cycle.

The latest figures, therefore, suggest that while progress has been made in reducing the debt burden, COCOBOD missed the timeline it publicly committed to just over two weeks earlier.

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This was relative to what was observed in the corresponding period a year ago.

In total, 2,818 job adverts were recorded as compared with 3,388 for the same period in 2025, indicating a decline of 16.8% year-on-year.

On a month-on-month basis, the number of job vacancies in April 2026 declined by 5.7% from the 2,988 jobs advertised in March 2026.

Cumulatively, for the first four months of 2026, the total number of advertised jobs dipped by 5.4% to 12,326 from 13,036 recorded during the same period in 2025.

Meanwhile, the total number of private sector SSNIT contributors, which partially gauges employment conditions, improved by 5.4% to 1,135,379 in March 2026.

This is compared with 1,077,569 for the same period in 2025.

On a month-on-month basis, the total number of private sector SSNIT contributors remained largely unchanged from the 1,132,225 individuals recorded in February 2026.

According to auction results by the Bank of Ghana, investors bought T-bills worth a little over GH¢4 billion, as against a target of GH¢3.37 billion.

The government, however, accepted about GH¢3.1 billion of the bids.

The 364-day bill was once again the most subscribed bill as GH¢1.85 billion of the bids were tendered, representing 44.5% of the total bids.

The uptake was, however, GH¢1.09 billion.

The 182-day bill received bids of GH¢618.90 million. A little above GH¢435 million was accepted.

For the 91-day bill, GH¢1.68 billion of the bids were tendered. A little above GH¢1.63 billion of the bids were accepted.

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

The yield on the 91-day bill went up by 14 basis points to 5.87%.

That of the 182-day bill also increased to 7.78% from the previous week’s 7.69%.

Similarly, the yield on the 364-day surged by 10 basis points to 12.92%.

Speaking at the Republic Day Senior Citizens’ Luncheon in Accra, President Mahama said his administration is committed to rebuilding the economy while ensuring that retirees who contributed to national development enjoy a dignified standard of living.

“I pledge to our senior citizens that as the economy improves, we will improve not only wages and salaries for the active working population but also improve pensions for those who have sacrificed tirelessly for our dear nation, Ghana,” he said.

The President explained that government is laying the foundation for long-term economic growth through the implementation of the 24-Hour Economy and Accelerated Export Development Programme, which aims to increase production, create jobs and expand exports.

“We’re investing in skills, technology, manufacturing and value addition because we believe that Ghana must become a nation that produces more, exports more and creates prosperity for all,” he stated.

Mr Mahama said restoring macroeconomic stability remains a key priority of his administration, adding that the benefits of the economic recovery will be shared by both workers and pensioners.

He stressed that recognising the contributions of senior citizens goes beyond organising annual events, noting that the greatest honour government can bestow on them is to build a prosperous and resilient nation.

The President also highlighted government’s efforts to improve healthcare, strengthen education, modernise agriculture, deepen democratic governance and ensure prudent management of public resources.

He reaffirmed his administration’s commitment to improving the welfare of older persons, saying economic recovery must translate into better living conditions for retirees who devoted their lives to serving the country.

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He explained that “we are not sacking them, but rather they have to stay home as long as we have not been able to put our offices back in shape”.

He disclosed this on PM EXPRESS BUSINESS EDITION on 3 July 2026 with host George Wiafe on JOYNEWS.

According to him, most of its members have been badly affected, thus they may have to take some drastic action n to save the situation.

“Some of our members in the manufacturing space, their raw materials have been destroyed, their stocks have been affected, and the process to organise themselves will take a while”.

“Even though most of these enterprises have insured their products, making the required claims for things to be restored may even take a while”, he added.

 While communities, persons affected by these floods will get some support from the state or government, he said same cannot be said for businesses in communities affected by the floods.

Speaking on the same programme,  the Managing Director of Bedrock Insurance, Ernest Frimpong, said insurance firms are moving fast to ensure that claims are paid to businesses affected by the disaster.

“We are working with a target of five days, and we are moving fast to deal with this challenge” he added

According to him, most of these payments had delayed because the affected businesses have not submitted the required documentation to fast-track the process.

For his part, the Chief Executive of the Ghana Bankers Association, John Awuah, said banks are committed to engaging businesses that are affected to re-negotiate their credit facilities.

Mr. Awuah added that “the commercial banks did it during the COVID-19 time and we will do it again this time round”.

“For the banks, we have been impacted badly, and that will be reflected when it comes to our loan booked and the performance of our credits, but we will survive”, he added.

All the panellists on the show took turns to express their frustrations about the floods, which they believe is “manmade’ and avoidable, arguing that never again should we be hit by this challenge”.

Vice President Jane Naana Opoku-Agyemang disclosed this in a speech delivered on her behalf by her Chief of Staff, Alex Segbefia, at the CIRAWA International Conference on Agroecology and Nature-Based Solutions for Sustainable Food Systems in Africa, held in Accra.

According to the Vice President, the four-year Feed Ghana Programme will promote sustainable farming practices, including crop diversification, agroforestry, improved soil fertility management, the use of bio-fertilisers and bio-pesticides, farmer-led irrigation, simple mechanisation and improved seed systems.

“The Government of Ghana has committed, through its flagship Feed Ghana Programme, to promoting and mainstreaming agroecological practices as part of the country’s wider agricultural transformation agenda,” she stated.

Professor Opoku-Agyemang noted that despite decades of investment in agriculture by governments and development partners, food production across Africa continues to face significant challenges, making it necessary to adopt more sustainable approaches.

She explained that while conventional farming methods have helped improve global food production, they have also contributed to environmental degradation, making agroecology and nature-based solutions essential to the future of agriculture.

“The production and consumption of adequate, nutritious, safe and affordable food for all remain serious and persistent challenges across Africa and beyond. We must not only halt this destruction, but degraded ecosystems must also be rehabilitated and restored,” she said.

The Vice President also called for the development of a National Agroecology Strategy and increased training for agricultural researchers and extension officers to support Ghana’s transition to more sustainable food systems.

She further urged civil society organisations, researchers and development partners to collaborate in developing practical solutions that will promote sustainable agriculture and enhance food security across Africa.

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In a statement issued on Thursday, July 2, COCOBOD said the funds are intended to ensure that farmers receive payments for cocoa supplied through the approved cocoa purchasing system.

According to the Board, it has paid a total of GH¢34.52 billion to Licensed Buying Companies since the start of the 2025/26 crop season for onward payment to cocoa farmers.

Out of the GH¢2.6 billion released, approximately GH¢1.4 billion has been earmarked to clear the outstanding balance owed to farmers for cocoa that was purchased on credit by the LBCs.

COCOBOD said it is working closely with the buying companies to ensure that all affected farmers receive their payments promptly.

The Board also disclosed that it has put in place monitoring mechanisms to ensure that the funds are paid directly to the farmers who are owed.

COCOBOD acknowledged the patience and resilience demonstrated by cocoa farmers during the payment delays and assured them that no farmer would be denied payment for cocoa legitimately sold through the approved purchasing system.

The Board encouraged farmers with outstanding payments to engage the Licensed Buying Company through which they sold their cocoa while efforts continue to settle all outstanding obligations.

According to COCOBOD, the release of the funds reflects the government’s commitment to protecting the welfare of cocoa farmers and preserving the integrity of Ghana’s cocoa industry.

The Board reaffirmed its commitment to working with government and industry stakeholders to strengthen the cocoa value chain, improve farmer welfare and ensure the long-term sustainability of Ghana’s cocoa sector.

COCOBOD also expressed appreciation to cocoa farmers for their continued dedication and contribution to Ghana’s economy.

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The programme is designed to equip young people with the knowledge, practical skills, mentorship and leadership experience needed to transform their ideas into successful businesses and impactful careers.

Launching the initiative in Accra, the Minister for Education, Haruna Iddrisu, described Ghana’s youth as the country’s greatest asset and urged them to take full advantage of the opportunity.

According to him, while academic qualifications and technical competencies remain essential, the country’s future depends on young people who also possess integrity, accountability, creativity and the courage to lead.

He noted that developing such qualities among the youth is critical to Ghana’s socio-economic transformation and commended Ecobank Ghana for complementing government’s efforts through impactful corporate social responsibility initiatives.

The Minister said partnerships between the private sector and government are vital in building a skilled, resilient and innovative workforce capable of driving national development.

Managing Director of Ecobank Ghana, Abena Osei-Poku, said the Rising Leaders Programme forms part of the bank’s broader commitment to investing in Ghana’s future by preparing the next generation of business and community leaders.

She explained that the initiative seeks to identify high-potential young people and equip them with the competencies required to excel in leadership roles within today’s fast-changing business environment.

Head of Marketing at Ecobank Ghana, Regina Ofori, said the Rising Leaders Programme is open to all young people regardless of their educational qualifications.

She explained that the initiative is targeted at young entrepreneurs, innovators and aspiring leaders who have a business, project or innovative idea, have identified a need for mentorship and guidance, and are prepared to commit themselves to personal and professional growth.

According to her, participants will have the opportunity to sharpen their leadership abilities while gaining practical knowledge that will help them build sustainable enterprises.

Ms. Ofori added that applications for the programme will be submitted through Ecobank Ghana’s online platform, ensuring that young people from every part of the country have equal access to participate.

Participants, she said, will benefit from executive coaching, financial leadership training, digital innovation sessions, networking opportunities and mentorship from accomplished business executives and industry experts.

According to Mrs. Osei-Poku, the programme is not only intended to develop leadership capacity but also to help participants expand their professional networks, build sustainable businesses and create employment opportunities for others.

She expressed confidence that the initiative would contribute significantly to developing a new generation of ethical, innovative and resilient leaders capable of driving economic growth and social transformation in Ghana.

The launch of the Rising Leaders Programme reinforces Ecobank Ghana’s commitment to youth empowerment and entrepreneurship, offering ambitious young Ghanaians a unique platform to develop their leadership potential and contribute meaningfully to national development.

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According to the 2025 Bank of Ghana Annual Report and Financial Statement, the sub-sector recorded Capital Adequacy Ration (CAR) of 3.5% at in December 2025, increasing from -0.6% at the end of December 2024, below the prudential minimum of 10.0%.

The Non-Performing Loan (NPL) ratio decreased to 11.8% in December 2025, from 15.0% at the end of December 2024.

The total number of licensed Savings and Loans stood at 26 at the end of December 2025.

Total assets also stood at GH¢12.63 billion at the end of December 2025, representing a year-on-year growth of 31.2%.

Meanwhile, the total number of licensed microfinance institutions (MFIs) was 172 at the end of December 2025.

The total assets of MFIs amounted to GH¢3.06 billion, reflecting a year-on-year growth of 55.5%, compared to 35.7% the previous year.

Deposits increased by 27.8% year-on-year at the end of December 2025.

The average CAR and NPL ratios stood at 22.1% and 26.4%, respectively, as of the end of December 2025. Overall, profitability improved during the review year.

The presentation ceremony, held at The Bank Square, follows the successful conclusion of GhIPSS’ Annual General Meeting.

Welcoming the Board and Management of GhIPSS, Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, said the ceremony marks “an important governance milestone, providing the opportunity for GhIPSS to formally present its approved dividend to its sole shareholder.”

He congratulated the Board, Management and Staff “on another successful year and for their continued commitment to strengthening Ghana’s national payments infrastructure and supporting the growth of the country’s digital financial ecosystem.”

In closing, the Governor formally received the dividend and commended GhIPSS for its performance: “I commend the Board, Management and Staff of GhIPSS for this achievement and for their continued commitment to operational excellence, innovation and sound corporate governance”.

“As a shareholder, we appreciate not only the financial return presented today but also the value GhIPSS continues to create through the development of secure, resilient and interoperable payment infrastructure that supports Ghana’s financial sector and the broader economy.”

Dr. Asiama encouraged the Board and Management “to remain focused on sustaining this performance and advancing the strategic priorities that will position GhIPSS for continued success.”

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Despite the increase, inflation remains significantly lower than the 13.7 percent recorded in June 2025, indicating that price pressures are still easing compared to the same period last year.

Data released by the GSS today showed that the Consumer Price Index increased to 270.8 in June from 257.3 in the corresponding period last year.

On a month-on-month basis, inflation slowed to 0.2 per cent, down from 1.1 percent in May, suggesting that while prices continued to rise, the pace of increase moderated.

Non-food inflation remained the main driver of overall price increases, climbing to 6.3 per cent from 4.1 per cent in May and accounting for 68.5 per cent of total inflation. A breakdown of non-food inflation shows that transport fares recorded the highest contribution, accounting for 10.5 per cent of headline inflation.

Rents followed closely, contributing 8.4 percent, while secondary school fees contributed 7.2 per cent. Other notable contributors included accommodation services such as hotels at 4.0 per cent. The non-food category was largely driven by services inflation, which stood at 9.4 per cent, reflecting continued pressure in the services sector.

Food inflation also edged up, rising to 3.9 percent from 3.3 percent the previous month.

The data further showed that locally produced items recorded a year-on-year inflation rate of 6.7 per cent, up from 5.0 per cent in May, contributing 86.6 per cent of headline inflation. In contrast, inflation for imported goods rose to 2.3 per cent from 0.9 per cent.

Services continued to experience stronger price growth than goods. Services inflation stood at 9.4 per cent, although it eased slightly from 9.9 per cent in May. Goods inflation, however, increased sharply to 3.7 per cent from 1.4 per cent.

Regionally, the North East Region recorded the highest inflation rate in June at 10.2 per cent, while the Bono East Region recorded the lowest at -4.4 per cent, reflecting a decline in average prices over the period.

In a message sent to customers via SMS, emails, letters, and its Facebook page, the bank said it had relocated its head office to No. 64 Independence Avenue, Ridge, and directed customers requiring branch services to visit the new Absa Place branch.

“Our new facility shares an entry point with the National Insurance Commission, before the Latter-day Saints’ Church Accra Temple. Kindly visit the Absa Place branch for your banking needs,” the bank said in the message.

The relocation marks a significant milestone for the bank, which is moving its corporate operations from its longstanding head office on High Street – where it has operated for over a century – to a purpose-built headquarters designed to support its future growth and enhance service delivery.

ABSA Ghana’s Old Head Office

Although the bank is already operating from the new premises, the facility is yet to be officially commissioned.

The new headquarters, named Absa Place, is located along Independence Avenue in Ridge, one of Accra’s key commercial and administrative districts. The move is expected to consolidate the bank’s operations while providing customers with access to a modern banking environment.

Over the years, Absa Bank Ghana has invested significantly in digital platforms, agency banking, SME support, and customer experience as part of its strategy to strengthen its position in Ghana’s banking industry.

The bank is expected to announce a date for the formal commissioning of the new headquarters in the coming weeks.

The extension covers second-quarter Corporate Income Tax (CIT), Personal Income Tax (PIT), as well as May 2026 Value Added Tax (VAT), National Health Insurance Levy (NHIL), and Communications Service Tax (CST) returns.

The affected tax returns were originally due on Tuesday, June 30, 2026, in line with Ghana’s tax calendar, which requires taxpayers to file by the last working day of the month following the taxable period.

In a statement, the GRA announced that the Commissioner-General had approved a new filing deadline of Monday, July 6, 2026, to provide relief to businesses and individuals whose operations were disrupted by the flooding.

The Authority assured taxpayers that no late filing penalties would be imposed on returns submitted within the extended period. However, it cautioned that the applicable sanctions under the tax laws would take effect after the July 6 deadline.

The GRA also encouraged taxpayers to take advantage of its digital platforms, particularly the Taxpayer Portal, to file their returns without the need to travel during the ongoing disruptions.

Businesses experiencing operational difficulties have been advised to contact their nearest Taxpayer Service Centre or tax office for support.

According to the Authority, the extension is a targeted relief measure intended to ease the burden on affected taxpayers while ensuring continued compliance with tax obligations.

The GRA further reaffirmed its commitment to supporting businesses through the challenging period while sustaining domestic revenue mobilisation to support Ghana’s development agenda.

The transfer follows President John Dramani Mahama’s directive to the Finance Minister, Dr. Cassiel Ato Forson, to mobilise resources from the Contingency Fund to support immediate relief efforts and strengthen flood mitigation measures.

In line with Article 177 of the 1992 Constitution, the Finance Minister first secured parliamentary approval through the Finance Committee for the withdrawal from the Contingency Fund.

Following Parliament’s approval, the Minister for Finance authorised the Controller and Accountant-General to release and transfer GH¢350 million from the Contingency Fund to the National Disaster Management Committee to implement the National Emergency Flood Response Programme.

Pursuant to the Minister’s directive, the Controller and Accountant-General opened a dedicated National Disaster Management Committee account at the Bank of Ghana and transferred the full GH¢350 million into the account. The designated account has therefore been fully credited with the approved amount.

Of the total amount, GH¢200 million will finance urgent relief efforts for flood victims and affected communities, while GH¢150 million will be used to undertake flood mitigation measures aimed at reducing the frequency and impact of flooding.

The transfer gives effect to President Mahama’s directive for an immediate government response to the flood emergency, providing timely assistance to affected communities while supporting long-term measures to reduce the impact of future flooding.

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MIIF surpasses GH¢5 billion in mineral royalties

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According to the Fund, the achievement is the result of sustained reforms and stronger collaboration with key institutions responsible for collecting and managing mineral revenues.

The development came into focus during a meeting between MIIF and the International Monetary Fund (IMF) in Accra, where both sides discussed ways to strengthen revenue mobilisation, improve governance, and formalise Ghana’s small-scale mining sector.

Chief Executive Officer of MIIF, Justina Nelson, said the Fund’s performance demonstrates the impact of enhanced revenue mobilisation efforts despite exchange rate movements and prevailing market conditions.

She credited the gains to closer cooperation with the Ghana Revenue Authority (GRA), the Minerals Commission, the Ghana Gold Board, and the Ghana National Association of Small-Scale Miners, noting that these partnerships have improved governance and boosted royalty collection.

Mrs. Nelson said the small-scale mining sector holds significant potential to drive economic transformation and stressed that ongoing formalisation initiatives would broaden the royalty base and improve compliance.

MIIF’s Head of Investment, Ernest Attiso, reiterated that the Fund’s core mandate is to maximise mineral royalty collections in partnership with the GRA while investing those revenues for the benefit of both present and future generations.

He explained that MIIF’s strategic plan through 2028 is focused on increasing royalty mobilisation, strengthening governance and compliance, enhancing risk management, and investing in mineral processing, exploration, beneficiation projects, and the formalisation of small-scale mining.

The IMF commended MIIF’s efforts, with its Resident Representative in Ghana, Dr. Adrian Alter, highlighting fiscal discipline, debt sustainability, and domestic revenue mobilisation as essential ingredients for maintaining macroeconomic stability and supporting long-term private sector-led growth.

Dr. Alter also underscored the need for greater transparency and stronger reporting standards, observing that although Ghana’s small-scale mining sector contributes significantly to mineral production, formal royalty collections remain relatively low due to informality and environmental concerns.

In its June 2026 Global Economic Prospects report, it said liquidity and rollover risks render interest rates more sensitive to additional debt, adding, high inflation is associated with a stronger linkage between spreads and debt, whereas weaker governance increases the estimated sensitivity of domestic-currency bond yields to debt.

“To examine the role of liquidity, the interaction between debt levels and two indicators of liquidity—holdings of foreign exchange reserves and the share of short-term debt—is examined. Larger foreign exchange reserves are associated with a slightly smaller sensitivity of both spreads and domestic-currency yields to debt. Conversely, higher shares of short-term debt are associated with substantial and statistically significant increases in debt sensitivity”, it said.

Inflation

In Emerging Markets and Developing Economies, the World Bank said capital flight and currency depreciation have often stemmed from inflationary financing, which has contributed to concerns about policy credibility, repayment risk, and financial stability.

To capture this effect, it pointed out that the analysis interacts public debt with the inflation rate. “Pe estimates show that higher inflation is associated with a greater sensitivity of sovereign spreads to debt, but no difference in the sensitivity of domestic-currency yields, perhaps because these yields already fully discount expected inflation”.

Governance and Institutional Quality

The World Bank said strong institutions enhance commitment to debt service and repayment, improve debt management, and reduce policy uncertainty.

It warned that weak governance, by contrast, will tend to amplify concerns about fiscal indiscipline, fiscal dominance, and discretionary and destabilising policy shifts, tending to steepen the debt–yield relationship.

This is proxied by interacting public debt with the International Country Risk Guide’s Bureaucratic Quality index.

It stated that per the estimates, the sensitivity of domestic-currency yields to debt is significantly larger in countries with weaker governance, but that the debt-spreads relationship is unaffected.

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Speaking at the 14th Annual General Meeting (AGM) of the Asunafo North Municipal Cooperative Cocoa Farmers and Marketing Union in Goaso on Thursday, June 25, Union President Emmanuel Sarpong demanded immediate and aggressive state interventions to permanently block all smuggling channels.

Mr. Sarpong warned that blending inferior, foreign-smuggled beans with authentic Ghanaian produce will severely dent Ghana’s hard-earned global reputation as the world’s premier producer of premium-quality cocoa.

Beyond the brand damage, he noted that the illegal influx permits foreign syndicates to unlawfully extract financial resources from Ghana’s economic system, thriving directly at the expense of hardworking local farmers.

He issued a warning to recalcitrant farmers, purchasing clerks, and transport companies operating within border communities, urging them to immediately desist from aiding traffickers and to safeguard the integrity of Ghana’s golden bean or risk being arrested and prosecuted.

The farmers’ outrage comes on the heels of a major security breakthrough in the region. National Security officials recently impounded heavy trucks loaded with 300 bags of illicit cocoa beans smuggled from neighboring countries into the border communities of the Asunafo North Municipality.

The drivers were arrested on the spot, and the contraband cargo was shipped directly to Accra for the Ghana Cocoa Board (COCOBOD).

However, regional stakeholders warn that this interception is merely a symptom of a deeper, systemic hemorrhage drain crippling the national economy.

The economic fallout of this underground market is backed by alarming institutional data. Official COCOBOD research data reveals that Ghana lost an estimated $1.1 billion over a recent three-year period due to rampant cross-border smuggling.

Unregistered cross-border syndicates capitalized on price disparities and currency fluctuations between Ghana and its West African neighbors.

In a single recent harvest season, an estimated 160,000 metric tonnes of cocoa were shaved off Ghana’s national output, severely hampering COCOBOD’s ability to fulfill forward-sales contracts and causing unprecedented financial constraints.

A recent COCOBOD assessment indicated an artificial, anomalous short-up in the volume of cocoa beans recorded as bought from the Ahafo region.

This inflation occurs because smuggled foreign beans are being blended into the pools of what local farmers originally grew, distorting supply metrics and endangering international traceability standards.

Despite these intense macroeconomic headwinds, the Asunafo North Cooperative Union has maintained its domestic support systems to shield its members.

At the AGM, Mr. Sarpong highlighted the critical lifelines the union continues to extend to local families, including the yearly distribution of educational materials and cash grants for schooling, free pesticides, agricultural inputs, and a subsidized credit scheme allowing farmers to borrow capital for farming activities and repay post-harvest.

The union’s corporate social responsibility footprint remains equally robust despite national market strains. Mr. Sarpong announced the commissioning and handover of a four-unit teachers’ quarters at Manukrom, a three-unit classroom block for the Anwianwia Methodist JHS, and a three-unit Kindergarten block for the Edwinase D/A Basic School.

The union also extended financial support to the region for Independence Day and National Farmers’ Day celebrations.

Looking ahead, the union has committed to constructing a modern water facility for Boakeri this year, alongside targeted community development projects in Kyenkyenhene and Boakyeasua.

To encourage institutional loyalty and resilience amid the border crisis, the AGM concluded with a celebration of local excellence.

Prestigious awards were presented to the best youth male and female farmers, the overall male and female farmers of the year, the purchasing clerk of the year, and outstanding office staff for their dedicated service to advancing the union’s mission.

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Despite the increase, inflation remains significantly lower than the 13.7% recorded in June 2025, indicating that price pressures are still easing compared to the same period last year.

Data released by the GSS showed that the Consumer Price Index (CPI) increased to 270.8 in June from 257.3 in the corresponding period last year. On a month-on-month basis, inflation slowed to 0.2%, down from 1.1% in May, suggesting that while prices continued to rise, the pace of increase moderated.

Non-food inflation remained the main driver of overall price increases, climbing to 6.3% from 4.1% in May and accounting for 68.5% of total inflation.

Food inflation also edged up, rising to 3.9% from 3.3% the previous month.

The data further showed that locally produced items recorded a year-on-year inflation rate of 6.7%, up from 5.0% in May, contributing 86.6% of headline inflation. In contrast, inflation for imported goods rose to 2.3% from 0.9%.

Services continued to experience stronger price growth than goods. Services inflation stood at 9.4%, although it eased slightly from 9.9% in May. Goods inflation, however, increased sharply to 3.7% from 1.4%.

Regionally, the North East Region recorded the highest inflation rate in June at 10.2%, while the Bono East Region posted the lowest inflation rate at -4.4%, reflecting a decline in average prices over the period.

The latest figures suggest that although inflation has ticked upward after several months of moderation, Ghana continues to maintain relatively low inflation compared to the same period last year.

Economists will be watching closely to see whether the June increase signals the beginning of renewed price pressures or a temporary adjustment driven by non-food items

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According to the Ghana Statistical Service’s June 2026 inflation report, ginger was the biggest price gainer among the top 10 high-inflation items, surging by 102.5% year-on-year. It was followed by shrimps at 90.8%, mangoes at 87.2%, and bananas at 47.8%.

Other items that recorded strong price increases included avocado pear (43.8%), fresh coconut (39.3%), palm fruits (37.8%), rake (34.1%), cashew (29.2%), and dried fish (Koobi).

At the same time, several common food items posted notable declines in prices. Kontomire/Afefu led the list of low-inflation items with a fall of 38.0%, while garden eggs dropped by 33.1%. Maize fell by 32.1%, millet by 23.0%, and pawpaw by 22.4%.

Other items that eased in price were beans (-21.3%), guinea corn/sorghum (-19.3%), lime (-18.3%), foreign apples (-17.5%), and solid fuels such as firewood (-16.6%).

The report also identified the key items pushing inflation higher in June. Bus and trotro fares were the biggest contributor, accounting for 10.5% of inflation pressures, followed by payment for rents (8.4%) and secondary school fees (7.2%).

Food items also played a major role in driving prices, including ginger (7.0%), fish (river) (6.6%), cooked rice (5.3%), fresh tomatoes (5.2%), yam (5.1%), hotel accommodation (4.9%), and green plantain (3.8%).

The figures show that while some food crops are becoming cheaper, transport, housing, education and select food items continue to exert pressure on household budgets. The report points to a price environment where consumers may be feeling relief at the market for some products, but still face rising costs in essential services and high-demand foods.

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The main occupations of residents in Gulumpe are peasant farming and charcoal production. Because charcoal offers quick returns, almost every household is engaged in it. This has led to widespread deforestation and the loss of economic trees such as shea and mango.

If unchecked, this trend could result in future environmental degradation and economic hardship.

To address the challenge, the newly enskinned Chief of the Wasipe Traditional Kingdom engaged the Tree Crops Development Authority to facilitate the planting and nurturing of 1,000 hectares of economic trees, including shea, mango and cashew. The initiative aims to reduce deforestation and combat desertification in the area.

The project was officially launched at the chief’s coronation ceremony in Gulumpe on Sunday.

Tantanlawura Alhaji Darrison Dramani expressed appreciation to the TCDA for the partnership, describing it as a timely opportunity to protect both the environment and the livelihoods of his people.

Meanwhile, Dr Kofi Twum Antwi, who represented the Chief Executive Officer of TCDA, revealed that the Authority has targeted 16,000 hectares of land for the cultivation of six economic tree crops across all 16 regions of Ghana.

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Market leader GOIL has reduced petrol prices from GH¢13.87 to GH¢12.79 per litre.

Diesel has also been reduced from GH¢15.95 to GH¢15.35 per litre.

Another major player, Star Oil, has told JOYBUSINESS it will soon cut prices at the pumps. The company said petrol is likely to be sold at the price floor announced by the National Petroleum Authority (NPA).

Several other OMCs have also indicated they will move quickly to reduce prices.

There are currently more than 200 OMCs operating in Ghana.

According to the NPA, no OMC should sell a litre of petrol for less than GH¢12.79. This follows the regulator’s announcement of new price floors for the first pricing window of July 2026, representing a reduction from GH¢13.39 in June.

The NPA also reduced the minimum price of diesel from GH¢15.11 to GH¢13.54 per litre, representing a 10.4% decline.

Liquefied Petroleum Gas (LPG) also recorded a significant reduction, with the minimum selling price falling from GH¢13.23 to GH¢10.11 per kilogram, a decrease of GH¢3.12 or 23.6%.

Industry Projections

Data from the Chamber of Oil Marketing Companies (COMAC) indicates that petrol prices are projected to decline by between 1.94% and 9.31%, potentially bringing the pump price to around GH¢14.14 per litre.

Diesel is expected to fall by as much as 10.20%, with a litre projected to sell at about GH¢15.29.

LPG is projected to decline by between 24.50% and 26.86% per kilogram.

COMAC described the latest development as the steepest two-week decline in fuel prices since the COVID-19 oil market collapse in 2020.

The Chamber also noted that previously stranded tankers exiting the Strait of Hormuz have increased expectations that the global oil market could shift rapidly from a supply deficit to a surplus.

Reasons for the Price Cuts

According to COMAC, the sharp reduction in fuel prices has been driven by falling international crude oil prices and the cedi’s strong performance over the past month.

The Chamber said global crude oil prices declined by 19.69%, while refined petroleum product prices also fell significantly.

LPG recorded the largest drop at 15.96%, followed by diesel at 15.18% and petrol at 6.92%.

Crude oil prices fell from US$97.32 per barrel to US$78.16 per barrel in late June, marking the sharpest two-week decline since the 2020 pandemic-induced oil market crash.

The decline followed the June 17 memorandum of understanding between the United States and Iran, which paused hostilities, reopened the Strait of Hormuz and extended a ceasefire for 60 days to allow further negotiations.

However, fresh military strikes and mutual accusations on June 27 and June 28 have renewed pressure on the agreement.

Meanwhile, the Ghana cedi also strengthened against major trading currencies.

For the July 1, 2026 pricing window, the local currency appreciated from GH¢11.8035 to GH¢11.4333 against the US dollar, representing a 3.24% gain.

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The presentation formed part of a meeting led by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, who disclosed in a Facebook post on Tuesday, June 30, that the engagement was aimed at establishing a coordinated approach to addressing challenges within the petroleum, electricity, and renewable energy sectors.

Dr Jinapor explained that each agency outlined its ongoing programmes, strategic priorities, and areas where additional government support would be required to fast-track implementation.

He said the discussions reflected government’s determination to build a stronger and more resilient energy sector capable of meeting the country’s growing development needs.

The Minister indicated that the engagement aligns with President John Dramani Mahama’s vision of resetting Ghana’s energy sector through effective planning, stronger institutional collaboration, and targeted investments.

“Each agency presented its strategic roadmap, outlining ongoing reforms, key priorities and the support required from government to accelerate delivery across the petroleum, power and renewable energy sectors,” he said.

Dr Jinapor expressed confidence that the strengthened partnership between the Ministries of Energy and Finance would help deliver improved energy infrastructure, expand access to electricity, promote clean energy development, and create lasting benefits for businesses and households across the country.

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According to the latest industry pricing notice, the minimum price for petrol has been reduced from GH¢13.39 per litre during the second pricing window of June to GH¢12.79 per litre for the first pricing window of July.

The GH¢0.60 reduction represents a 4.5 per cent decrease and could translate into lower prices at the pumps if Oil Marketing Companies (OMCs) adjust their retail prices accordingly.

Diesel recorded the largest reduction among liquid fuels, with its price floor dropping by GH¢1.57 per litre—from GH¢15.11 to GH¢13.54 per litre—representing a 10.4 per cent decline.

Liquefied petroleum gas also saw a substantial cut, with the minimum selling price falling from GH¢13.23 per kilogram to GH¢10.11 per kilogram, a decrease of GH¢3.12 or 23.6 per cent.

The NPA explained that the published price floors represent the minimum prices at which OMCs and LPG Marketing Companies (LPGMCs) are permitted to sell petroleum products during the pricing window, in line with the Petroleum Products Pricing Guidelines (PPPG).

However, the Authority noted that the price floors exclude charges such as premiums imposed by International Oil Trading Companies (IOTCs), the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and marketers’ and dealers’ margins. As a result, actual retail prices may vary depending on individual companies’ pricing decisions.

The latest downward adjustments come on the back of declining international crude oil prices, which have retreated to about US$70 per barrel following easing supply concerns linked to recent geopolitical tensions in the Middle East.

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In a press release issued on Monday, June 29, 2026, the GRA acknowledged that the severe weather could disrupt transportation, delay the movement of goods, affect business operations and place additional pressure on businesses striving to meet customer and regulatory obligations.

The Authority, however, said measures have been put in place to ensure service continuity across the country’s ports, border posts and Taxpayer Service Centres (TSCs).

According to the GRA, its priority is to keep legitimate trade moving, minimise avoidable disruptions and continue serving taxpayers efficiently throughout the period of adverse weather.

The Commissioner-General of the Authority encouraged businesses to plan ahead, make use of the GRA’s digital platforms where possible, and factor in potential transportation delays as the rains persist.

The GRA also urged employers to prioritise the safety of their workers, stressing that no business activity is more important than protecting lives.

“The GRA is committed to supporting businesses during this period by maintaining service continuity and protecting the revenue that supports national development,” the statement said.

The Authority wished taxpayers a safe week and advised the public to follow guidance issued by the relevant emergency response and weather authorities as forecasts indicate that further rainfall is expected in the coming days.

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The exercise brought together staff from various branches and units of the bank, officials of the Forestry Commission, and media representatives to support ongoing efforts to restore degraded and deforested landscapes across the country.

Speaking at the event, the Executive Head of Operations, Felix Apau Awuku, said the initiative goes beyond symbolic tree planting and reflects the bank’s broader commitment to environmental stewardship.

“For us, it is not just a tree planting exercise, but a reflection of who we are as a bank. Prudential Bank is not only dedicated to financial growth, but we are also very much interested in environmental sustainability,” he said.

He disclosed that the bank has maintained two planting sites over the past six years — the Achimota Forest Reserve and another at Chipa in the Eastern Region — as part of its long-term sustainability programme.

“We came here this morning with our colleagues, and several of them are already in the forest planting trees. It shows our commitment, unity of purpose, and the responsibility we share as a corporate entity,” he added.

The Range Manager at the Achimota Forest Reserve, Emelia Oduro, welcomed the bank’s continued partnership and encouraged other institutions to emulate Prudential Bank’s example.

She noted that the Achimota Forest Reserve, which spans about 144 hectares, is the only remaining forest reserve in the Greater Accra Region and plays a key role in reducing erosion and moderating weather conditions.

“Today, we are planting mahogany, melicia and melina to restore degraded areas. This helps reduce the harsh effects of climate change,” she said.

Also speaking at the event, the Unit Head of Public Relations at Prudential Bank, Benett Frimpong, said the bank’s sustainability agenda extends beyond tree planting to include internal environmental practices.

“Our sustainability agenda goes beyond tree planting. It is reflected in our internal operations, waste management practices, energy conservation efforts, even the food we consume and what we use in eating them. We have an entire sustainability unit ensuring our practices are up to standard,” he said.

He called on corporate institutions to support environmental initiatives to help combat climate change.

“Climate change affects us all. We entreat corporate Ghana to come together to support initiatives like this so that collectively, we can make Ghana and the world a safer and more sustainable place,” he added.

The “Tree for Life Restoration” initiative forms a key part of Prudential Bank’s Environmental, Social and Governance (ESG) agenda, with continued collaboration with the Forestry Commission and staff participation.

The rain began on Sunday evening, easing later in the night before resuming at dawn on Monday, June 29 and continuing intermittently into the day.

The downpour has significantly affected movement and commercial activity, with traders and buyers staying away from the central business area as conditions remain unfavourable for trade.

“The rain started very early, so those who will travel from the nearby communities to come and make sales or buy things will surely be affected due to the nature of the roads and the heaviness of the rain,” the Ho Municipal Director of the National Disaster Management Organisation (NADMO), Christian Youngs, said.

“Today is a market day, and it is still raining. Earlier this morning, it was just drizzling, so I prepared my child for school, but upon reaching the school complex, it started raining heavily again. I am supposed to be in the market too, but I can’t,” Gifty Dzansi, a trader at the Ho Central Market, said.

Despite the disruption, there have been no reported incidents of flooding within the city. Residents say rainwater has largely drained away through existing channels, preventing the accumulation of floodwaters.

Mr Youngs said the city remains safe as there are no issues of flooding despite the ongoing downpour.

Meanwhile, the rainwater has rendered some untarred roads in the capital unmotorable, as motorists struggle to navigate the routes.

Market activity, which was expected to peak on Mondays in the city, has therefore been subdued, with businesses awaiting improved weather conditions to resume normal operations.

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In a customer notice issued on Saturday, June 27, the telecommunications giant explained the cause of the widespread disruption.

“MTN Ghana would like to inform our customers that undersea cable cuts off the coast of Abidjan, Côte d’Ivoire are affecting connectivity and internet services in Ghana and some countries in the subregion,” part of the statement read.

The outage is expected to impact a wide range of users, from everyday consumers to businesses that depend heavily on reliable internet, including banks, e-commerce platforms, and companies using cloud services.

MTN Ghana assured customers that it is working hard to restore services.

“We are actively engaging our international partners to resolve the issue as soon as possible,” the company added.

Subsea cable damages are not uncommon in the region and often cause temporary slowdowns or complete outages. Customers are advised to stay updated through MTN’s official channels as restoration efforts continue.

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Earlier in the year, before tensions between Iran, Israel and the United States escalated, Ghanaian consumers were briefly seeing relief.

Petrol was selling at about GH¢10 per litre, while diesel hovered between GH¢11 and GH¢12, among the lowest levels in months.

That stability tracked global oil prices, which were trading in a relatively narrow band of about $60 to $70 per barrel.

The situation shifted quickly when geopolitical tensions escalated. At the peak of the disruption, crude prices surged sharply, at one point approaching $120 per barrel. The impact filtered through to Ghana’s fuel market. Diesel prices rose above GH¢17 per litre at some stations, with petrol also moving higher across the country.

Now the direction has reversed again. With a ceasefire and easing tensions, crude oil has fallen back to around $72 per barrel.

In theory, that should bring relief to consumers at the pump. In practice, it has not yet done so.

The reason lies in how Ghana’s petroleum pricing system is structured.

The National Petroleum Authority operates a two week pricing window for fuel pricing.

Within each window, oil marketing companies are bound by a price floor that cannot be undercut, even if international prices fall in the meantime.

The current pricing window runs until next Tuesday, June 30. That means the recent decline in crude prices is not yet reflected in domestic pricing decisions. The adjustment only takes effect once the window expires.

At that point, the NPA reviews global oil prices, exchange rate movements and other cost factors before setting new price floors for the next cycle.

That is when consumers are more likely to see changes at the pump, potentially from Wednesday, July 1.

There is also a timing lag driven by inventories.

Most oil marketing companies are not selling fuel at current international prices. Instead, much of the fuel at stations today was imported and stocked days or weeks earlier, when crude prices were higher.

As a result, firms need to recover the cost of existing stock before lower global prices can fully pass through to retail prices.

The adjustment process is already shifting, however.

Companies currently restocking are doing so at lower international prices, which means the next pricing window is more likely to reflect the recent decline in crude. The relative strength of the cedi is adding further support to potential price declines.

Taken together, the signal from global markets is already clear. Oil prices have eased, and cost pressures are declining. But Ghana’s pricing system transmits those changes with a delay.

The result is a familiar one for consumers.

Relief tends to arrive, but not immediately. It is absorbed first through pricing windows and inventory cycles before it reaches the pump.

For now, the key point is timing rather than direction. Prices are moving lower in the global market. Ghana’s pump prices are likely to follow, but only from the next pricing cycle, rather than immediately.

In other words, the adjustment is coming. It is just not here yet.

The measures, contained in a notice issued on June 24, 2026, take immediate effect and supersede all previous directives on the matter.

The central bank said it had acted due to “grave concern” over the high incidence of dud cheques and their damaging effect on the acceptance of cheques for transactions.

The new framework introduces escalating sanctions based on the number of offences within one year:

A first-time offender will be levied 10 percent of the cheque’s face value, issued a warning, reported to Credit Reference Bureaus and the Bank of Ghana, and placed under surveillance for a minimum of one year.

A second offence within one year attracts a 15 percent levy, another warning, and further reporting to credit bureaus and the central bank.

A third offence within one year carries the harshest consequences, a 20 percent levy, a minimum three-year ban on cheque issuance nationwide, and a one-year prohibition on accessing new credit facilities from the banking system. The Bank of Ghana may also publish the names of third-time offenders and add them to a Directory of High-Risk Cheque Issuers.

Banks and Specialised Deposit-Taking Institutions (SDIs) are required to recall all unused cheque books from banned customers and stop issuing new ones until sanctions are lifted. Customers who fail to return unused cheque books within ten working days of notification will be reported to the Bank of Ghana, which may impose a ban on operating any current account.

Banks and SDIs must also display the notice in all banking halls and on their official websites, continue submitting data on dud cheque issuers to Credit Reference Bureaus, and file monthly returns to the Bank of Ghana by the 10th of each month. Failure to comply will attract sanctions under Section 92(8) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana said the measures were intended to discourage the issuance of dud cheques and restore public confidence in cheque-based transactions.

Under the arrangement, each large-scale mining company will sell the agreed percentage of its gold output to the GoldBod locally in doré form, at a discount of 0.55 percent and all purchases will be made in Ghana cedis at the Bank of Ghana Reference Rate.

The new deal replaces a previous 2022 arrangement between the Bank of Ghana and the Chamber of Mines and represents a significant shift in how Ghana manages its gold resources domestically.

All doré gold purchased by the GoldBod will be refined locally to ensure value retention within the country, before being shipped to an LBMA-accredited refinery for melting and stamping then delivered to the Bank of Ghana as part of the country’s gold reserves.

The GoldBod, in a statement, said the arrangement was strategically designed to help Ghana achieve LBMA accreditation for at least one local gold refinery by 2030, in line with President Mahama’s vision of achieving zero raw mineral exports by the same year.

It also forms part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets foreign reserves equivalent to 15 months of import cover by the end of 2028.

Full details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines will be published on Monday, July 29, 2026.