Speaking on Asempa FM’s Ekosii Sen show, he explained that when the NPP left office on January 7, 2025, the cedi was trading at 14.

Oppong Nkrumah noted that a Bank of Ghana report confirmed the cedi’s recovery during the final quarter of 2024, largely driven by increased participation by commercial banks in the gold purchase programme for foreign currency.

“On January 7, when we were leaving office, the exchange rate for the cedi was 14. The appreciation began in the last quarter of 2024, driven by our Gold-for-Reserves programme, which benefited from a rally in gold prices.

“This allowed us to build up excess reserves. The Bank of Ghana report confirmed that the cedi recovered and appreciated during the last quarter due to increased participation from commercial banks in the gold purchase programme for foreign currency,” he said.

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Speaking at the 77th Annual New Year School at the University of Ghana, Dr. Asiama said the proposed workshop will bring together experts, market practitioners, and policymakers to undertake evidence-based analysis of the programme and incorporate diverse perspectives to strengthen its long-term sustainability.

Looking ahead to 2026, the Governor emphasised that the Gold-for-Reserves (G4R) initiative must be firmly anchored within the broader government framework as a national priority, with responsibility shared across institutions to ensure sustainability.

He explained that the DGPP was introduced at a time of acute economic vulnerability, when Ghana’s foreign exchange buffers were depleted and market confidence was weak. According to him, the programme played a strategic role by leveraging the country’s natural resources to rebuild external reserves, stabilise the cedi, and create fiscal space to support economic recovery.

Dr. Asiama noted that, judged against these objectives, the DGPP has been a key pillar of Ghana’s recent macroeconomic stability. However, he acknowledged that the gains came at a significant financial cost to the Central Bank.

“It is also important to be candid that this stability came at a cost. Indeed, that was a deliberate choice taken in the national interest,” he stated.

He explained that the Bank of Ghana had to absorb the financial burden of sustaining the Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) frameworks to protect the broader economy and restore confidence.

The Governor disclosed that in 2025, the Bank implemented major policy adjustments to optimise the programme, including the cancellation of the G4O scheme and further refinement of the G4R framework.

Key improvements, he said, included measures to reduce settlement risks through “payment before release” requirements, improved pricing via reduced discount agency charges, enhanced transparency through the introduction of a Gold FX option mechanism, and strengthened governance and risk management within the artisanal and small-scale mining sector.

Dr. Asiama stressed that from 2026, responsibility for the DGPP must no longer rest solely with the Bank of Ghana, but be shared across institutions to ensure the programme’s sustainability as a national priority.

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Trading activity was concentrated on the February 2027 and February 2030 benchmarks, which recorded volumes of GH¢ 522.74 million and GH¢539.96 million, respectively, anchoring price discovery.

Investor positioning stayed skewed toward the 2027-2030 bucket, which accounted for 75.2% of volumes and traded at a weighted-average yield of 14.96%.

Activity in the 2031-2034 segment was more measured, accounting for 15.7% of turnover at a weighted-average yield of 15.30%.

The 2035-2038 tenors remained thinly traded, accounting for 9.1% of total volumes, and cleared at a weighted-average yield of 15.35%.

Analysts expect trading activity to increase in the coming weeks, buoyed by improved market conditions

“We expect trading activity to strengthen in the coming weeks, supported by improved investor confidence following the USS709 million Eurobond coupon settlement. Looking ahead, we anticipate greater clarity on bond market reopening and the treasury’s issuance plans to support broader participation across the curve, improving liquidity and price discovery”, said Databank Research.

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Speaking on the JoyNews AM Show on January 6, during discussions on expectations for President Mahama’s second year in office, Mr Dankwah said his comments reflected voter sentiment rather than personal opinion.

“I expect them to create jobs; if you speak to voters today, the economy is no longer a threat to them. The economy is no longer the number one issue for them. It suggests that they are okay with the economy.”

He explained that voter priorities have shifted compared to the period leading up to the last election, when economic conditions dominated public discourse.

“The issue is job creation. If you look at the last election, before the election, the three top issues that bother voters was the economy, jobs, and education.”

According to Mr Dankwah, improvements in economic conditions and stability in the education sector have reduced public anxiety in those areas.

Despite progress in the economy and education, Mr Dankwah stressed that unemployment remains the most serious unresolved issue facing the government.

“On points one and three, which were the top three issues, they are having success in doing that. But the problem they have is job creation, which is the biggest threat. We’ve been told that it’s a national security threat for many years. It still remains. A chunk of the youth have no job.”

He argued that the government must prioritise creating an enabling environment for employment and deliver tangible results, regardless of the approach adopted.

“Whatever the government needs to take to create jobs, the environment that will create jobs, they have to. There’s no excuse for them. The people will be disappointed, but in the second year, if nothing happens, I can tell them for a fact.”

Mr Dankwah emphasised that job creation should be the government’s primary focus going forward, noting that voters are less concerned about how employment is generated than about seeing visible outcomes.

“So if they have any focus that they have to pay attention to, that should be job creation.
And as to how they do it, I’ve been hearing them talking about mechanised agriculture and stuff. I don’t care what it means to get the jobs. The jobs must be there.”

He warned that while eliminating unemployment may not be realistic, measurable progress is essential to maintaining public confidence.

“They can’t resolve unemployment, no. They must be seen to have made substantial improvement or gains in reducing the rate of unemployment. If they don’t, that will be the biggest hurdle they have to confront next election.”

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Desmond Tyro, the Chief Executive Officer (CEO), said the stability of the Ghanaian Cedi against major international currencies over the last year, and the abolition of some taxes, such as the COVID-19 recovery levy, should translate into a more favourable cost of doing business.

Mayor’s Tap deals in computers, mobile phones and accessories.

Mr Tyro said: “Last year, the government did well in terms of the cedi stability, and we know they have also abolished certain taxes like the COVID-19 recovery levy, so I expect that all these will bring us a good climate for our businesses to thrive in 2026.”

According to him, the government must build on the economic growth recorded in 2025 to help ensure a continued, positive trend this year.

Mr Tyro also commended the government for the reduction in the prices of petroleum products, saying, “One of the government’s new year gifts to us was reducing fuel prices, which I think is one of the major economic indicators that we are on the right path.”

He, however, expressed worry over the increase in utility tariffs, noting that such hikes could have adverse effects on businesses.

The Public Utilities Regulatory Commission (PURC) announced an upward adjustment of electricity tariffs by 9.86 per cent and water tariffs by 15.92 per cent, effective January 1, 2026.

The CEO of The Mayor’s Tap stated that this increase would significantly affect small businesses and households.

Mr Tyro therefore urged the government to implement stringent measures to make utility tariffs more affordable, ensuring the growth and sustainability of SMEs.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Opoku attributed the losses to gold purchases for national reserves and widespread smuggling in the artisanal mining sector.

According to the minister, 45.3 tonnes of gold were purchased for reserves in 2024, valued at approximately 3.1 billion dollars at the time. However, the Bank of Ghana later reported losses amounting to 4.84 billion cedis, which he said translates to roughly 460 million dollars.

Mr. Opoku explained that these losses and supply gaps prompted the introduction of GoldBod, a system designed to curb smuggling and ensure transparency between gold supply and profits. He added that companies operating under the new system, including Bawarock, have passed all required assessments and are fully guaranteed.

The minister also defended National Communications Officer of the NDC, Sammy Gyamfi, against criticisms over the Bank of Ghana’s reported 214 million dollar losses. He attributed the attacks to Gyamfi’s long-standing criticisms of the NPP, insisting that Gyamfi had done nothing wrong.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Opoku commended Ghanaian farmers for their resilience despite challenges, describing their performance as exceptional.

According to the minister, the country currently has adequate buffer stocks to meet future needs. He further highlighted that the agriculture sector has been a major driver of economic growth, contributing significantly to the reduction of food inflation and general food prices.

Mr. Opoku also disclosed that the government is working to improve agricultural roads to ease transportation challenges and enhance access to markets.

“I believe we need to applaud Ghanaian farmers for their remarkable achievements despite the challenges they face. There have been no food shortages, and we maintain a buffer stock to ensure we are prepared for rainy days. Preliminary data indicates that we have exceeded our expectations,” Mr. Opoku said.

He added, “Agriculture has been a key driver of growth in our economy. Food inflation has decreased, and overall food prices have gone down. We are also working on improving agricultural roads to facilitate easier transportation.”

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The appointment was made public in a press release issued in Accra on Monday, January 5, 2026. Mr. Adu brings decades of executive and board-level leadership experience, particularly in the financial services sector.

He previously served as Managing Director of CAL Bank PLC for 20 years, overseeing major transformations and sustained growth.

Mr. Adu currently serves as Chairman of the National Investment Bank and has held several board and leadership roles, including at Legacy Bonds Limited, Quality Insurance Company Limited, University of Ghana Enterprises Limited, the Ghana Stock Exchange, and the FOCOS Foundation.

He succeeds Mr. Tutu Agyare, who steps down after nine years as Board Chairman. Under Mr. Agyare’s leadership, ZEN Petroleum recorded significant growth and strengthened its governance and community impact initiatives.

Commenting on the appointment, Managing Director of ZEN Petroleum, Mr. William Tewiah, said Mr. Adu’s experience and governance expertise align with the company’s values and long-term vision, positioning it for its next phase of growth.

ZEN Petroleum is a leading indigenous oil marketing company in Ghana, ranked as the fourth largest by sales volume, with over 60 filling stations nationwide and a strong presence in mining supply and fuel infrastructure development.

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Dealing with money laundering risks
Through the UK-Ghana Gold Programme, a UK Home Office support to Ghana in dealing with the illegalities in the small-scale mining sector, we have helped to address substantial money laundering risks in the sector and helped to prepare the country for its next GIABA mutual evaluation, working closely with the Financial Intelligence Centre.

The GIABA mutual evaluation which assesses money laundering risks and associated with it, the financing of Serious Organised Crimes (SOC) begins this month. There will be consequences for the country, if we fail this evaluation. We could be Grey-listed or black-listed with prescribed sanctions.

Role of CSOs in governance
It is important to understand that CSOs are not set up to fight governments.They are partners in nation-building. They only fight when a government proves intransigent and non-responsive to citizens demands, like we saw under the previous regime. On a good day, CSOs, through their research and analysis, contribute to the search for viable policy alternatives, such as the GoldBod, and support their implementation.

I call on all well-meaning Ghanaians to support this well-intended efforts at ensuring that Ghana’s gold benefits Ghanaians and not foreigners.

Steps to reduce losses
The GoldBod has recently consulted with key stakeholders on a mutually acceptable discount and will be proceeding to adopt a pricing policy this year.

Advise to GoldBod
Going forward, I will advise the management of the GoldBod to be more proactive in providing information on its activities to sustain public trust in its work. It’s trading policies must be published and explained timeously.

On that note, I say a Happy New Year to all those who genuinely wish this country well.

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Mr Bentil says GoldBod has had some influence on the local currency, but its effect accounts for less than 10 per cent of the cedi’s recent gains.

He attributed a significant part of the appreciation to broader global trends, particularly the weakening of the United States dollar.

“GoldBod has made some contribution, but its effect on the cedi is less than 10 per cent. Globally, the dollar itself has been depreciating,” said Mr Bentil, who is also a private legal practitioner.

Touching on President John Dramani Mahama’s positive approval ratings in his first year back in office, Mr Bentil said the development was not unexpected.

However, he cautioned that the real test of governance would emerge over the remaining years of the President’s term. “It is not surprising. The real challenges are what will happen in the next three years,” he noted.

His comments align with earlier observations by IMANI Africa’s Honorary Vice President, Bright Simons, who also acknowledged GoldBod’s role in supporting currency stability in 2025 but stressed that it was not the dominant factor.

Mr Simons explained that exchange rate movements are influenced by multiple variables, including commodity prices, noting that Ghana’s heavy reliance on gold exports means the more than 70 per cent rise in global gold prices in 2025 played a significant role in supporting the cedi.

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In a statement dated January 5, the Association said the situation sharply contradicts assurances from port management that previous challenges had been resolved. FABAG noted that its members, who handle a large share of Ghana’s bulk food and beverage imports, continue to face serious disruptions that are crippling port operations.

According to the Association, internal reports from the bulk and bagged cargo terminal show a dramatic collapse in discharge rates, with vessels now offloading about 200 metric tonnes per day—down from a previous minimum average of 2,000 metric tonnes per day. This represents a 90 percent drop in operational efficiency.

FABAG further stated that the introduction of a 24-hour shift system has failed to improve operations, citing inadequate staffing, low worker morale, and unresolved labour grievances as key factors undermining productivity.

The Association also expressed concern over worsening vessel turnaround times, including prolonged berthing, slow cargo evacuation, and irregular loading and offloading schedules. These delays are increasing demurrage, storage, and logistics costs. At least three vessels currently discharging bulk and bagged cargo are already incurring significant demurrage charges, which will ultimately be passed on to importers, manufacturers, and consumers.

FABAG cautioned against what it described as a widening gap between official statements and realities at the port, stressing that downplaying the situation only deepens uncertainty and erodes confidence among port users.

Highlighting the strategic importance of Tema Port, the Association said operational inefficiencies have direct implications for food security, inflation, industrial competitiveness, and overall economic growth. It called for urgent and transparent engagement involving the Ghana Ports and Harbours Authority, port management, labour unions, key user groups, and independent verification of operational data, including cargo dwell times and vessel turnaround.

The Association urged swift corrective measures to restore efficiency and reliability at the port, insisting that public relations assurances must be matched by tangible improvements. FABAG emphasized that it remains open to constructive dialogue but will continue to speak out whenever operational failures threaten businesses and the welfare of Ghanaian consumers.

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The Association credited the central bank’s policies for the strong recovery of the cedi and improved trading conditions in 2025.

Speaking at a media engagement and New Year meeting in Accra on Saturday, January 3, IEAG Executive Secretary Samson Asaki Awingobit said claims about alleged losses by the Bank of Ghana and the Gold Board had overshadowed the central bank’s contribution to stabilising the economy.

He noted that while public debate is essential in a democracy, some negative reportage had failed to appreciate the technical nuances of monetary policy and its impact on economic recovery.

According to Mr. Awingobit, the cedi recorded a significant turnaround in 2025, strengthening by more than 40 per cent against the US dollar by mid-year. He said the appreciation eased import costs and reduced exchange-rate pressures on traders.

He explained that the currency’s performance reflected improved foreign exchange buffers and a rebound in export earnings, with gross international reserves rising to over 11 billion dollars by mid-2025, providing nearly five months of import cover.

From the perspective of importers and exporters, the IEAG stressed that the cedi’s appreciation resulted from disciplined monetary policy, improved market confidence, and increased activity in the foreign exchange market.

Mr. Awingobit also highlighted strong export performance, including trade surpluses and an estimated 60 per cent growth in export earnings in the first half of 2025, as key factors supporting currency stability and reducing the cost of doing business.

The Association commended the Bank of Ghana for its steady leadership during a challenging economic period, noting that observable outcomes reflect purposeful efforts to strengthen macroeconomic resilience and ensure trade continuity.

Looking ahead to 2026, the IEAG expressed optimism about Ghana’s economic outlook and called for continued prudent monetary policy, stronger collaboration between policymakers and the private sector, and balanced, informed media reporting on economic issues affecting currency stability and key state institutions.

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Commenting on developments in Ghana’s gold trading system and broader economic management, Mr. Cudjoe praised the leadership of key state officials, describing them as patriots committed to advancing the national interest.

He singled out the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi; the Minister for Finance, Dr. Cassiel Ato Forson; and the Governor of the Bank of Ghana, Dr. Johnson Asiamah, for what he described as their instrumental roles in driving positive economic outcomes.

“But seriously, Sammy Gyamfi, Ato Forson and Dr. Asiamah are true patriots. The GoldBod has brought us substantial reserves which have not only helped absorb the huge losses Ghana incurred through the Gold-for-Oil (G4O) programme, but are also supporting our debt service obligations,” Mr. Cudjoe said.

According to him, the strengthened reserves have helped offset losses associated with the G4O programme while easing pressure on the country’s debt servicing.

He further noted a significant improvement in Ghana’s debt position, attributing the progress to fiscal discipline and effective coordination between the Ministry of Finance and the Bank of Ghana.

Mr. Cudjoe pointed out that Ghana’s debt-to-GDP ratio had declined sharply within a year, describing the development as both remarkable and encouraging.

“It is instructive to note that the Finance Minister has diligently reduced the debt of Ghana from 61 per cent of GDP to 45 per cent in a year,” he said.

“I think we should be loaning money to the IMF so they can help other less endowed countries,” he added.

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The government received about GH¢4.7 billion of the bids, but accepted a little over GH¢4.7 2 billion of the short-term instruments. The target for the auction was estimated at GH¢3.9 billion.  

A little over 40% of the bids came from the 91-day bill.  About GH¢1.948 billion of the bids were tendered. The uptake was GH¢1.943 billion.  

For the 182-day bill, GH¢1.2 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.0 billion.

Similarly, GH¢1.60 billion of the bids were tendered for the 364-day bill. GH¢1.26 billion of the bids were accepted.

Meanwhile, interest rates surged across the shorter end of the market.

The yield on the 91-day bill increased by 7.0 basis points to 11.16%.

That of the 182-day bill also went up to 12.55%, from 12.52% the preceding week.

However, the yield on the 364-day bill declined by a basis point to 12.93%.

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In a post on his social media account on Sunday, Mr. Cudjoe said it was evident that the current administration had made deliberate efforts to avoid repeating past mistakes associated with similar programmes.

“Having followed the Gold-for-Oil and GoldBod programmes, it is clear significant lessons have been learned by the current government in order not to repeat past mistakes,” he stated, adding that GoldBod, the Bank of Ghana, and the Finance Ministry “deserve enormous commendation.”

However, Mr. Cudjoe cautioned that the current structure of the GoldBod system makes transaction losses unavoidable, particularly due to currency conversion between dollars and cedis during gold purchases and sales.

According to him, while he understands why GoldBod may be reluctant to classify such losses on its books, given its intermediary role between the BoG and gold aggregators, these losses should still be recognised as transactional or trade losses.

“But they are losses—transactional or trade losses,” he stressed.

Mr. Cudjoe noted that the reported US$214 million loss in Gold-for-Reserves scheme is significant and warrants full disclosure to help the public understand how, when, and where the losses occurred, including details on buyers involved and the extent of losses per transaction.

He explained that transparency would serve two purposes by helping authorities minimise future losses and preventing potential manipulation or abuse of privileged information, commonly referred to as insider trading.

“I think the Bank of Ghana should provide answers to how the $214m loss happened and what they will do to minimise it in future transactions,” he said.

Mr. Cudjoe also expressed concern that the information about the losses only became public after it appeared in an International Monetary Fund (IMF) report.

“My worry though is that it had to take the IMF to receive this information and then publish it for us to be knocking our heads discussing what name to call it,” he remarked.

She said this would be achieved in collaboration with the Fund’s stakeholders to secure value for both present and future generations.

Mrs Nelson made the commitment in her New Year message shared across MIIF’s official social media platforms.

“Last year marked a defining phase in our transformational journey, delivering strong institutional reforms aligned with the standards of a world-class sovereign wealth fund. In 2026, together with our stakeholders, we will build on the successes of 2025—strong financial performance, robust internal systems, sound compliance and risk management, and strategic investments that secure value for both present and future generations. Wishing you a Happy and Prosperous New Year,” she said.

The message follows a successful year for the Fund, which undertook major institutional reforms that resulted in significant improvements in royalty receipts.

Ghana’s mineral revenue outlook showed strong momentum in 2025, with data indicating notable growth in royalty payments across all major mining segments during the first three quarters of the year.

The figures reflect strengthened regulatory compliance, improved production in key minerals, and sustained investor confidence in the country’s mining sector.

Large-scale gold mining remained the dominant contributor, generating royalties of US$291.87 million as of September 2025, representing a 40.18% increase from the US$208.20 million recorded over the same period in 2024.

The mid-tier gold mining segment also recorded strong growth, with royalties rising from GH₵40.61 million between January and September 2024 to GH₵59.44 million in 2025, a 46.38% increase.

The manganese sector emerged as a standout performer, recording a 170% surge in royalty inflows. Payments rose from US$4.72 million in 2024 to US$12.75 million in 2025, driven by improved production and stronger compliance by operators.

The quarry industry also posted gains, with royalties increasing by 13.12% from GH₵11.62 million to GH₵13.15 million, while the sand mining sub-sector recorded a 21.48% rise, growing from GH₵364,998.58 to GH₵433,406.41 over the same period.

2. They have earned the right to be triumphant: some analysts say that the Cedi enjoyed its best performance in over 30 years.

3. Readers of this site know that some of us believe that the Cedi became overvalued due to over-interference by the BoG, but that is an entirely separate debate.

4. For now, the issue is that the Cedi’s managers promised to hold it down and they found the resources and will to do it. Full stop.

5. For me that is a political outcome. Political leaders stepping up to “political accountability”. In the katanomics framework that I swear by though, that’s not everything. There is also POLICY ACCOUNTABILITY.

6. In this context, policy accountability means ensuring that exchange rate policy actually supports economic development and social welfare, while obsessing as much over how stability is sustained as over which rate is desirable.

7. Let me illustrate this in the context of industrialisation. There is a whole lot of research that shows that most of the countries that succeeded in industrialisation (especially in Asia) did so by attracting multinational manufacturers who brought capital, technology, knowledge, and discipline.

8. Ghana, like some other African countries, also attracted multinational manufacturers after independence. Some of them had been around during colonial times but mostly in trading. They shifted focus to manufacturing when post-independence leaders emphasised industrial transformation.

9. They include the likes of Unilever, Nestle, Cadbury, Guinness, PZ, etc. Even some automotive and electronics companies came in. Philips, Sanyo, Volkswagen, Siemens, Leyland, Fiat, IIT, and Tata.

10. If Ghana (like Nigeria) can be said to have failed whereas Taiwan, Korea, Vietnam, and Thailand succeeded in boosting the presence of multinationals, then learning the ropes themselves, and finally building up local champions to take over, a big part of the picture is summed up in the behaviour of the exchange rate.

11. To probe further, I gathered and analysed 30 years of financial and some operational data on Unilever’s business in Ghana. I can’t deny that my choice of period wasn’t influenced by the timeline of the Cedi’s success being celebrated today.

12. I got interested in this question when I saw that Unilever Ghana now imports Rexona deodorant from other Group affiliates in Italy and then re-export them all over the region. Its numbers are looking good again after a massive plunge during the COVID years but performance now seems to be driven by trade instead of manufacturing.

13. In 2014, Unilever Ghana doubled down on expanding manufacturing plants to make more personal care and beauty products.

The company has been shifting in that direction for years, moving slowly away from its historic focus on food.

14. Per its corporate vision of that time, Ghana ought by now to have become a regional hub making the likes of Rexona deodorant for regional sales. That didn’t happen. Even good old “Omo” is now being imported from all over the place by traders.

15. So, I decided to treat Unilever as a lagging bellwether for industrialisation in Ghana to the extent that it is a “loyal multinational” that kept faith with Ghana through thick and thin.

16. The central issue, however, is: did Unilever succeed in growing and compounding value (for all its stakeholders) over its 60 years of manufacturing history?

17. The headline answer is that it saw negative hard-currency growth over 30 years.

18. Unilever’s revenue in 1994 was $111 million. During the oil boom era of 2010 to 2013, it hovered in $180 million territory (proving that divestments of group entities isn’t the primary issue.) In 2024, it barely crossed $65 million.

19. The revenue compound annual growth rate (CAGR) is MINUS 1.74% over 30 years.

20. A part of the story is explained by the company being forced to abandon more complex industrial operations in textiles, timber processing, heavy machinery etc. over time. But a good deal of it is just pure capital erosion.

21. Shareholder equity in 1998 was $54.2 million. It peaked at $64.3 million and then sank to a mere $6.3 million in 2022. Today, it is around $15.9 million.

22. But it wasn’t due to underinvestment, either. The company’s returns actually crashed during macro-stress periods following considerable reinvestment.

2018 shows extraordinary capital expansion (likely retooling / plant upgrade cycle). Yet profitability collapsed after the expansion push. By 2020, Capex falls below depreciation, indicating:

• defensive retrenchment
• cash preservation mode

Then dividends go to zero in 2020, to reinforce the distress response. This is a company being punished for good behaviour. Any surprise then that despite Africa’s surging demographics, Unilever no longer lists a single African region amongst its top 24 strategic markets where it intends to drive growth and performance through its beauty, personal care, and wellness segments?

23. Meanwhile, average net margin over the 30-year period sat around 5.5%. In 2020, it went all the way down to MINUS 11% (ROE: minus 139%).

If you think the 2020 number is just a super-rare one-off due to the COVID-19 black swan, think again. Such periods of extreme stress in the Unilever Ghana business actually tends to recur. In 2003 – 2004, for instance, operating profit crashed by nearly 55%.

24. Consider that the Unilever Group has had an underlying operating margin for the last decade of more than 16%. Peer benchmark long-term margins for global manufacturers that compounded value in the successful Asian economies were typically in the 12% to 15%. In tech, it even exceeds 45%.

25. The capital market verdict has been equally sobering. Unilver’s market cap grew from $19 million in 2000 to over $700 million in 2008 then began a long descent to less than $120 million today.

26. The key insight in all of this is the use of the dollar to gauge returns. That is why it is an exchange rate phenomenon. For example, in Ghana Cedis, Unilever’s market cap has actually grown by over 50% since 2008. The tragicomic situation is that an overvalued exchange rate actually hurts Unilever’s steadily growing trade and re-export business. All they crave for is currency STABILITY.

29. The exchange rate makes Ghana a bad bet for global multinationals. Which is why their commitment has been so lukewarm over the years. Yet, the historical reality is that multinationals like Unilever have tended to treat workers much better and offered upskilling opportunities that the rest of the private sector rarely offer.

30. And therein lies the real policy challenge: sustaining a long-run STABLE exchange rate.

Speaking to Adom News, the Vice Chairman of the Association, James Dadzie, said timely provision and distribution of farm inputs would reduce the financial burden on farmers and significantly improve productivity in the area.

He further urged government to support the community with a cocoa processing factory and the construction of a dam to enhance rice farming activities. According to Mr Dadzie, such interventions would motivate farmers to work harder and contribute meaningfully to the growth of the agricultural sector.

Meanwhile, a resident of Akutuase, Kwame Atta Owusu, noted that the area is a major producer of cocoa, plantain, and other food crops. He emphasised that residents will resist any attempts to convert farmlands into mining sites, stressing that agriculture remains the mainstay of the community’s livelihood.

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Speaking on JoyNews’ Newsfile today, Gyamfi said cocoa farmers receive fertilisers, chemicals, and rehabilitation support, which justifies pricing discounts of 30–40%.

In contrast, GoldBod provides no such incentives to miners, making it impossible to buy gold at a discount or trade it in the same way cocoa is traded.

“Cocoa farmers sometimes get prices that are 30, 40% discounted because of support like fertilisers and rehabilitation. Gold Board provides no gold rules or such incentives to miners and therefore cannot have a justification to buy gold at a discount or to trade gold the same way cocoa is traded. Understand that,” he said.

He also highlighted the difference, like the commodities, noting that cocoa is bulky and difficult to smuggle, while gold is compact and high in value.

“So you don’t manage cocoa the way you manage gold. When you are drawing parables in a debate like this, make sure you’re comparing like with like, not oranges with apples,” Gyamfi said.

Addressing the reports of a US$214 million loss, Gyamfi said GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure remained below GH₵120 million, based on unaudited management accounts.

He explained that, as a public institution, GoldBod does not declare profits but surpluses, and the Board is expected to report a conservative surplus of between GH₵700 million and GH₵800 million for 2025.

Gyamfi stressed that assessing the efficiency of a state enterprise must consider its objectives.

While the Cocoa Board often records losses, GoldBod was established primarily to generate foreign exchange and support the accumulation of Ghana’s gold reserves.

“In assessing the efficiency of our model, you don’t only look at cost, even if there were carrying costs, which there aren’t,” he said.

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Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi said the programme was introduced by the Bank of Ghana in 2022 and has, from its inception, remained fully funded and accounted for by the central bank.

“The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.

“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power,” he stated.

Mr. Gyamfi explained that the G4R accounts were never reflected in the books of the Precious Minerals Marketing Company (PMMC) and have always remained under the Bank of Ghana because it is a BoG-funded initiative.

“So where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?” he questioned.

He further described the Gold-for-Reserves initiative as a non-profit monetary policy tool introduced by the BoG to support its core mandate of price stability.

Mr. Gyamfi stressed that any reported losses under the programme cannot be attributed to GoldBod, nor should they be interpreted as evidence of mismanagement or incompetence at the central bank.

“That program, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG. Dr Asiamah [BoG boss] is a hero, he and that wonderful team at BoG, they have not through mismanagement or incompetence cause any loss,” he said.

He explained that the policy was intentionally structured to absorb strategic costs in pursuit of broader macroeconomic benefits, including currency stability.

“ So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No, that is the policy design, and it is so sad that those under whom the policy was introduced are now feeling ignorant about the policy objects and the policy design,” he added.

Mr. Gyamfi maintained that attempts to link GoldBod to losses under the Gold-for-Reserves programme are misleading and ignore the legal and operational framework governing the initiative.

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Speaking on JoyNews’ Newsfile on Saturday, January 3, Simons explained that the IMF’s conclusions stem from its surveillance role under Article IV consultations, which apply to all member countries, not only those on active IMF programmes.

“The IMF insists that we should call it trading losses. We did not use that term arbitrarily,” Simons said, stressing that IMF reviews are grounded in treaty obligations Ghana voluntarily signed up to as a member of the Bretton Woods institution.

His comments come amid public debate over reports that GoldBod, the state-linked gold trading entity, incurred losses amounting to US$214 million — claims that have been strongly denied by the government.

Simons clarified that IMF surveillance is not optional, even for wealthy or non-borrowing countries. “The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF surveillance function applies,” he said.

According to him, the Fund has the right to assess how countries manage their economies and to publish its findings, provided the engagement with authorities is reasonable.

He rejected suggestions that the issue could be reduced to a mere administrative or accounting problem. “You cannot all of a sudden convert a trading loss into something that’s a purely administrative matter. A trading loss means it’s a commercial loss,” Simons argued, adding that the IMF’s conclusions were based on careful examination of data and extensive engagement with Ghanaian authorities.

However, government officials have dismissed claims of losses at GoldBod.

Appearing on Newsfile the same day, Chief Executive Officer Sammy Gyamfi described reports of a US$214 million loss as “false and misleading.”

“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Sammy Gyamfi stated.

He disclosed that GoldBod generated more than GH₵960 million in revenue in 2025, while its total expenditure stood at less than GH₵120 million, based on unaudited management accounts.

“From all indications, we are on course to declaring an income surplus,” he added.

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Speaking on JoyNews‘ AM Show on January 2, 2025, Mr. Alhassan said the government’s commitment to fiscal discipline has resulted in a significant reduction in inflation, which he says has now dropped to single-digit levels.

He explained that throughout last year, the government exercised restraint in public spending, avoiding what he described as unnecessary payments and expenditures that had previously placed pressure on the economy.

Mr. Alhassan attributed much of the progress to effective leadership, particularly praising the Finance Minister, Dr. Cassiel Ato Forson, for his role in managing the country’s finances.

He noted that strong leadership remains central to economic recovery, adding that President John Mahama’s pledge to free Ghana from economic hardship is gradually being fulfilled through deliberate and disciplined policy decisions.https://www.youtube.com/embed/qUJjuhYqWGE?si=631v-yrZlc2JPFdm

Highlighting reforms within the revenue mobilisation system, Mr. Alhassan pointed to changes introduced at the country’s ports as a clear example of the government’s commitment to accountability.

He revealed that investigations uncovered that more than US$80 million had previously been transferred out of the country without proper documentation.

According to him, the new measures now require importers and businesses to present valid invoices and appropriate documentation before any transfers or import-related transactions are approved.

He explained that although the relevant laws had long existed, they were often overlooked or poorly enforced, allowing significant sums of money to leave the country without adequate checks.

Mr. Alhassan argued that stricter enforcement under the current administration has helped to plug revenue leakages and restore confidence in the system.

He stressed that achieving such reforms requires discipline and integrity, noting that the gains being recorded did not happen by chance but were the result of deliberate leadership decisions and adherence to the rule of law.

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Market Leader Star Oil has taken the lead by reducing the price of a litre of petrol from GH¢11.35 to GH¢10.36.

That of diesel has also dropped to GH¢11.96 per litre from GH¢12.45.

However, some selected service stations across the country still sell below these prices announced by Star Oil, as part of its discounted pricing model.

Other oil marketing giants also told Joy Business they will adjust prices at the pumps from January 2, 2026.

There are currently more than 200 OMCs operating in the country. Most of them will be guided by adjustments made by some players in the industry.

Some industry watchers have argued that if the cedi’s current recovery is sustained, then consumers should be looking forward to more reductions at the pumps in the coming weeks.

Reasons and Industry Projections

The Chamber of Oil Marketing Companies, in its outlook report for January 2025, projected that the price of petrol is expected to fall between 2.40% and 4.80%, bringing the pump price per litre to approximately GH¢11.90.

Diesel is projected to decline by as much as 3.77%, which could see a litre selling at around GH¢12.50.

Liquefied Petroleum Gas (LPG) is also expected to drop by about 2.19%, resulting in a kilogramme selling at approximately GH¢13.40.

According to the Chamber of Oil Marketing Companies, the expected reduction has been influenced mainly by declining prices of crude oil and finished petroleum products on the international market.

Market data shows that international refined product prices fell significantly during the period, with petrol down 9.17%, diesel down 8.11%, and LPG dropped by 3.82%.

The cedi has also strengthened against the US dollar, appreciating by more than 3% over the past three weeks.

For the January 1, 2026, pricing window, the local currency rose from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.

This marks one of its strongest performances in recent months, and a sharp improvement from the GH¢14.84 recorded during the same period last year.

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The price cuts, which took effect in the early hours of the New Year, reflect a continued downward trend in petroleum costs, providing relief for both commercial and private transport users.

Market leader Star Oil was among the first to update its digital displays, setting a competitive benchmark for the industry. The company’s latest price list shows significant dips across its main products:

• Petrol: GH¢10.86 per litre
• Diesel: GH¢11.96 per litre
• RON 95: GH¢13.56 per litre

Star Oil management said the decision to lower prices was driven by a “favourable domestic and external cost environment,” citing the recent appreciation of the Ghana cedi and a slump in international refined product prices as key factors enabling them to pass savings onto consumers.

The current reductions may be just the beginning for January.

The Chamber of Oil Marketing Companies (COMAC) has projected further price declines this month, suggesting that competitive pressures will prompt more OMCs to follow suit. In its January pricing outlook, COMAC provided the expected percentage reductions:

• Petrol: up to 4.80%
• Diesel: around 3.77%
• LPG: approximately 2.19%

The relief at the pump is being driven by two main factors. First, the Ghana cedi has shown remarkable resilience against the US dollar, lowering import costs. Second, global refined petroleum markets are currently in surplus, resulting in lower benchmark prices.

COMAC explained that these anticipated cuts reflect a “favourable domestic and external cost environment,” noting that lower global prices and a stronger local currency have eased the exchange-rate pressures that typically push ex-pump prices higher.

For commercial drivers—locally known as Trotro operators—the reductions provide a vital reprieve. Fuel is a major operational cost, and these marginal decreases help stabilise transport fares, which in turn can curb food price inflation.

Industry analysts suggest that if the cedi maintains its current trajectory and international crude prices remain below $80 per barrel, Ghanaians could see even more substantial relief by the second pricing window in mid-January.

According to the Ministry of Finance, the COVID-19 Levy has been abolished, a move expected to return about GH¢3.7 billion to individuals and businesses in 2026 alone.

The VAT rate has also been reduced to 20 percent to provide relief for consumers and enterprises. In addition, the GETFund and National Health Insurance Levy (NHIL) have been made input-output deductible, a change the government says will cut the cost of doing business by an estimated five percent.

Under the new reforms, businesses dealing in goods will now be required to register for VAT only if their annual turnover exceeds GH¢750,000, up from the previous threshold of GH¢200,000.

The VAT Flat Rate Scheme has also been abolished and replaced with a unified and more transparent VAT structure.

Overall, the government says the VAT reforms are expected to return nearly GH¢6 billion to businesses and households in 2026, describing the measures as part of broader efforts to reset the economy for growth, job creation and economic transformation.

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The agreement follows meetings held on December 11 and 30, 2025, where both institutions deliberated on PURC’s announcement of the new MYTO, which takes effect on January 1, 2026.

In a joint statement, the TUC and PURC said discussions centred on the implications of the tariff adjustments for the cost of living, electricity supply stability, and investment in the power and water sectors.

The PURC emphasised that reversing the tariff decision could compromise its independence and affect the stability of the energy and water sectors, as well as the broader economy. However, the Commission acknowledged the concerns raised by the TUC and pledged to consider them during the next tariff review.

The TUC stated it will continue monitoring the effects of the tariff adjustments on salaries and wages, with findings guiding future engagement with government on wage levels and their impact on workers’ cost of living.

Both parties highlighted the importance of ongoing dialogue to ensure tariff decisions balance affordability, electricity stability, water access, and economic growth for Ghanaian workers.

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In previous years, customers often queued at salons during festive periods, even when the cost of hair products was relatively high. This year, however, the situation has been different, with hairdressers reporting a significant drop in patronage despite lower prices.

For instance, Obaasima hair, which sold for about GH¢45 in 2024, was priced at around GH¢35 in the days leading up to Christmas. Similar reductions were recorded for other hair products. Yet, the long queues typically associated with the festive season were largely absent.

Speaking to Adom News, some hairdressers and customers attributed the low turnout to financial constraints, explaining that although prices have gone down, many people simply do not have the money to spend on hair services.

Madam Kyeremaah, a hairdresser and beautician at Ask Good Salon in Kintampo, said her shop, which recorded heavy patronage in 2024, experienced a sharp decline in customers during the recent festivities.

She noted that the reduced turnout has negatively affected her income and that of other artisans in the beauty industry.

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In a joint statement, the two institutions acknowledged rising anxieties around utility pricing, particularly its impact on workers and households, but emphasized that no unilateral decisions have been made outside the established regulatory framework.

The PURC reaffirmed its commitment to transparency and inclusiveness in the tariff-setting process, noting that labour unions remain key stakeholders whose views are being considered in line with the Commission’s statutory mandate.

The TUC, meanwhile, confirmed it has been actively engaging the PURC to ensure that workers’ interests are protected, especially as cost-of-living pressures remain high.

Both institutions stressed that tariff adjustments are guided by law and evidence-based assessments, taking into account production costs, the sustainability of utility service providers, and the need to maintain a reliable power supply to support economic growth.

The joint statement further urged the public to rely on official communications and avoid misinformation, assuring that any final decisions would be shared clearly and responsibly.

The TUC and PURC reiterated their commitment to dialogue, cooperation, and safeguarding the public interest, pledging to continue engagements that balance affordability with the long-term stability of Ghana’s power sector.

Click here for full statement

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According to him, the move is aimed at making VAT payment simple for businesses and service providers as well as boosting the country’s revenue mobilisation.

Speaking to Joy Business, Mr. Sarpong said that based on the many reforms and adjustments made to the tax law in order to simplify payment, it will be a game changer for revenue mobilisation in the short term.

“To bring parity to the system, we have removed the flat rate so that everyone consuming will be eligible to pay the standard rate. We believe that with a lot of administrative strategies and reforms in the new system, VAT is going to be the game-changer as far as revenue generation in this country is concerned. And we’re looking forward to working with businesses to equip taxpayers to ensure that we understand the tax obligation on VAT, and every consumer in this country will demand a VAT receipt whenever making a purchase,” he explained.

The implementation of the new VAT follows the passage and subsequent presidential assent given to the VAT Bill 2025.

This development marks a significant overhaul to simplify the country’s tax system, consolidate laws, abolish the COVID-19 Levy, and improve compliance through digitalisation in revenue administration.

The law is also aiming for greater fairness and economic growth as the country makes progress to enhance domestic tax mobilisation.

The reform is part of the recommendations from the International Monetary Fund to reduce bureaucracies in tax collection.

Key changes include unifying the flat-rate system, reducing effective rates, allowing deduction of GETFund/NHIL as input tax, and boosting revenue efficiency.

This will also include the deployment of digital channels like the E-VAT for accurate collection.

Meanwhile, in a new year message to the country, the Commissioner General stressed the collaboration between the business community and tax officials to ensure a mutual agreement on enhancing revenue for development.

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This expanded agreement covers both the distribution of HBO Max and the renewal of several Warner Bros. Discovery thematic channels across numerous regions in Africa and Europe.

It builds on the landmark agreements concluded in France in 2024 including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France, and the integration of HBO Max within select CANAL+ group offers as well as in Poland in 2025 – with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).

A Strengthened Partnership Across MultiChoice Group Territories

The agreement includes the renewal of the distribution of 12 Warner Bros. Discovery thematic channels across MultiChoice Group territories*, with some offered exclusively. The channels concerned are:

• CNN International and Cartoon Network – exclusively in South Africa, and non-exclusively in other territories.
• Cartoon Network Porto – exclusively in Angola and Mozambique, and non-exclusively in other territories.
• Cartoonito, Cartoonito Porto, Discovery Channel, Discovery Family, Real Time, ID, TLC, HGTV, Travel, TNT Africa, Food Network – non-exclusive.

This agreement enables CANAL+ group to strengthen its entertainment, kids, news, and documentary channel offering in African markets.

A Consolidated and Expanded Partnership in Europe

The partnership between CANAL+ and Warner Bros. Discovery is also being extended and strengthened in Europe through several strategic renewals and expansions:

• Renewal of Cartoon Network, Cartoonito, and CNN International in Romania, Hungary, the Czech Republic, and Slovakia.
• Renewal of Warner TV in the Czech Republic.
• Renewal of HBO Max, HBO, and Cinemax in Poland, the Czech Republic, Slovakia, Hungary, and Romania.
• Expansion of HBO Max distribution via Canal+ to two new key territories: Belgium, and Austria.

This agreement enhances access for CANAL+ group subscribers to Warner Bros. Discovery’s iconic content, via HBO Max and select channels, including premium series and films that contribute to the studio’s international reach.

Multichoice territories covered by the contract with WBD:

Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cabo Verde, Central African Republic, Chad, Congo, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mayotte, Mozambique, Namibia, Niger, Nigeria, South Africa, South Sudan, Réunion, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, Saint Helena, Somalia, Eswatini (ex. Swaziland), Sudan, Tanzania, The Gambia, Togo, Uganda, Zambia, Zimbabwe.

In a statement issued on Wednesday, December 31, 2025, port authorities responded to comments attributed to the Food and Beverages Association of Ghana (FABAG), which raised concerns that alleged labour tensions and delays at the port could disrupt operations and force cargo diversion to neighbouring countries.

According to management, the claims do not reflect the true situation at Ghana’s largest port.

Officials explained that about a month ago, a brief disagreement arose with a section of dockworkers over the introduction of a 24-hour shift system.

The arrangement forms part of measures to align port operations with the government’s 24-Hour Economy policy, aimed at boosting efficiency, expanding employment opportunities, and improving service delivery.

Under the new system, dock labourers work in structured eight-hour shifts on a rotational basis, allowing three workers to share a single job over a 24-hour period.

Management said the model offers better remuneration, guarantees two rest days each week, and promotes occupational health, work-life balance, and uninterrupted port operations in line with international standards.

The statement clarified that the misunderstanding occurred after some workers chose to work all three shifts themselves rather than comply with the rotation. Management stressed, however, that the situation never escalated into a strike and did not disrupt port activities.

“Through engagement and dialogue, the issue was resolved amicably within a short period, and normal operations have continued without interruption,” the statement said.

Port authorities emphasised that there is no ongoing labour unrest and cautioned against public commentary that could create unnecessary anxiety among port users, investors, and the business community. Stakeholders were encouraged to verify information from official sources before making public claims.

Reaffirming its commitment to service excellence, management said the Port of Tema remains focused on delivering reliable, efficient, and world-class port services while supporting national development initiatives, including the 24-Hour Economy policy.

“The Port of Tema remains open, fully operational, and ready to serve Ghana’s trade and industrial needs,” the statement concluded.

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Speaking on JoyFM’s Super Morning Show on Wednesday, December 31, Mr Ofosu said the rapid fall of the local currency severely disrupted businesses, eroded incomes, and drove up the cost of living to unprecedented levels.

He recalled that between July and November 2022, the cedi depreciated sharply from about GH₵6 to nearly GH₵17 to the dollar, a development he said crippled businesses and forced many to shut down.

According to him, inflation climbed to about 54 per cent at its peak, leaving households struggling to cope with daily price hikes.

Mr Ofosu cited a Ghana Statistical Service report indicating that in 2023, about 8.5 million Ghanaians went to bed hungry at some point, attributing the situation to what he described as economic mismanagement under the previous New Patriotic Party (NPP) administration.

He added that unemployment also surged during the period, reaching about 14 per cent, translating into roughly two million unemployed youth.

The social sector, he argued, was equally affected, with challenges in education and health despite the Free SHS policy.

He noted that feeding and textbook supply became major problems in schools, while the National Health Insurance Scheme was saddled with persistent debt, forcing service providers to protest over delayed payments.

Against this backdrop, the Government Communications Minister said any administration taking over from the NPP would inevitably face severe difficulties.

He, however, argued that President John Mahama has responded decisively by appointing what he described as a competent economic management team.

He pointed to the appointment of Dr Cassiel Ato Forson as Finance Minister and Dr Johnson Asiamah as Governor of the Bank of Ghana as key steps in stabilising the economy.

According to Mr Ofosu, the outcomes are already evident, particularly in the performance of the cedi. He said for the first time in Ghana’s Fourth Republic, the local currency has recorded significant appreciation within a single year.

“The depreciation of the cedi, which was one of the biggest problems of the economy, has been tamed,” he said, noting that by the close of the year, the cedi was projected to have appreciated by about 24 to 25 per cent against the US dollar.

He stressed that such a development did not occur under the previous administration, adding that while Ghana’s import-dependent economy remains a structural challenge, currency stability has brought some relief to businesses and households.

Mr Ofosu maintained that any fair assessment of President Mahama’s economic performance must be measured against the severe conditions inherited, insisting that recent gains demonstrate a deliberate effort to restore stability and confidence in the economy.

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The changes include a reduction in the standard VAT rate, higher registration thresholds for small businesses, and the removal of several ancillary levies.

In an official notice to all VAT-registered taxpayers, the GRA confirmed that the standard VAT rate will drop to 20 percent, aimed at reducing the tax burden on households and businesses.

Additionally, the VAT registration threshold for businesses dealing in goods has been increased from GH¢200,000 to GH¢750,000, a move expected to exempt thousands of smaller traders from mandatory registration.

The reforms also abolish certain levies introduced in recent years. The COVID-19 Health Recovery Levy will no longer apply, while the NHIL and GETFund levies will now allow input tax credit claims, providing more transparency and easing compliance.

The VAT Flat Rate Scheme (VFRS) has been discontinued, replaced with a unified VAT structure designed to simplify the system and ensure clarity for all businesses.

The GRA emphasized that the reforms are intended to simplify VAT administration, promote fairness, improve efficiency, and encourage voluntary compliance.

The authority has directed its notice to VAT-registered taxpayers, employers, accountants, auditors, importers, exporters, clearing agents, and tax consultants.

For guidance or questions, the GRA encouraged taxpayers to visit the nearest Taxpayer Service Centre or reach out via their toll-free lines, WhatsApp numbers, or email.

The effective date of implementation is January 1, 2026, marking a significant milestone in Ghana’s ongoing tax and economic reforms.

In a press release dated December 29, FABAG said its members are facing “significant delays in the offloading and clearance of bulk and bagged goods at the Tema Port,” a situation it said is “adversely affecting the supply chain and increasing operational costs for businesses.”

The Association attributed the delays to a shortage of unskilled labour needed to offload goods from ships.

According to FABAG, these workers “have been on strike for some time following disagreements with the Tema Port management over compensation rates.”

Although port management has engaged temporary labour, FABAG said the impact has been minimal.

The association noted that the temporary workers “can currently offload only about 200 metric tonnes per day,” compared to “the usual operational level of a minimum 2000 metric tonnes a day.”

FABAG said the sharp drop in offloading capacity has led to prolonged clearance times and rising demurrage charges.

It warned that “some members of FABAG are therefore facing increased operational costs,” a situation that “could have downstream effects on prices and availability of food and beverage products, especially rice and sugar, in the market.”

The association also raised concerns about possible diversion of imports away from Ghana if the situation persists.

It warned that “some importers may be forced to divert their goods to the Lome Port in Togo.”

According to FABAG, such diversions could pose broader risks to the economy and border security.

The association cautioned that this “could encourage attempts to smuggle goods back into the country,” potentially leading to “massive losses in government revenue and undermining trade regulations.”

FABAG said urgent action is needed to prevent further disruption.

It said it is “calling on the Director General of the Tema Port, the Tema Port Management, relevant authorities and labour representatives to urgently engage in dialogue to resolve this dispute.”

The Association stressed that “a swift and sustainable resolution is necessary to restore efficient port operations, reduce unnecessary financial burdens, and ensure the smooth flow of food and beverage supplies to the Ghanaian market.”

The payment, which was completed on Tuesday, December 30, 2025, brings Ghana’s total Eurobond repayments for the year to approximately US$1.4 billion.

The amount covers earlier disbursements of US$349.52 million made twice during the year, in line with the country’s debt restructuring agreement with bondholders.

In a Facebook post, the Minister for Finance, Dr. Cassiedl Ato Forson explained that the early settlement underscores Ghana’s renewed credibility as a sovereign borrower and signals government’s determination to rebuild investor confidence through transparent, disciplined, and predictable debt-servicing practices.

He noted that the milestone reflects steady progress in stabilising the economy and restoring confidence in Ghana’s public finances.

He added that government will build on this achievement by deepening reforms in domestic revenue mobilisation, public financial management, and public debt administration.

The Ministry further assured that fiscal buffers will continue to be strengthened to meet future debt obligations while sustainably financing national development priorities.

Government also expressed gratitude to Ghanaians for their patience and support, acknowledging that public cooperation has been critical to the gains made so far. It appealed for continued forbearance as further economic reforms are rolled out in 2026 to consolidate the progress achieved in 2025.

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In a show of deep community connection and care, Hon. Adams led a generous distribution exercise that saw over 700 bags of rice, along with cooking oil, eggs, bottled water, assorted drinks, and cash tokens, shared among families across Buem.

The gesture brought smiles and warmth to homes, reinforcing the MP’s reputation for grassroots responsiveness and people-first leadership.

For many residents, the moment went beyond material support,  it was a time to reflect on the past year, show appreciation for the development efforts led by their MP, and share their hopes for the years ahead.

The event turned into a spontaneous celebration of solidarity, gratitude, and the enduring relationship between Hon. Adams and the people of Buem.

This festive intervention was not just about giving: it was also about listening. Hon. Adams spent time interacting with families, elders, traders and youth groups, reaffirming his commitment to a leadership style anchored in presence, humility, and impact.

As the Buem Experience Festival continues to build momentum  from sports tournaments and concerts to cultural showcases  Hon. Adams’ Christmas outreach served as a strong reminder that leadership is most powerful when it meets the people where they are.

In a public notice, the telecom operator announced that maintenance work will take place on January 2, 2026, between 12:00 a.m. and 4:00 a.m., to align its systems with the revised VAT tariff structure.

According to MTN, the update will temporarily affect customers’ ability to buy airtime and data bundles during the four-hour window. “During this period, airtime and data bundle purchases will not be possible,” the company stated.

While recharge and bundle purchases will be unavailable, MTN did not clarify whether other services such as voice calls, mobile money transactions, or usage of already active data bundles would be impacted.

The company apologised to customers for any inconvenience the maintenance may cause and thanked them for their understanding.

The upgrade is intended to ensure MTN’s billing and sales platforms are fully prepared ahead of the implementation of the new VAT regime, which is expected to affect pricing across multiple services nationwide.

Customers who may need airtime or data overnight or early that morning are advised to make purchases before midnight to avoid inconvenience during the maintenance period.

Speaking in an interview on JoyNews’ The Pulse on Tuesday, January 30, on the government’s approach to regulating digital assets, Mensah Thompson, Deputy Director-General of SEC, said the figure includes both inbound and outbound transactions, highlighting Ghana’s significant exposure to cryptocurrencies.

“Last year alone, about $6 billion worth of crypto transactions occurred. This year, as of November, we have crossed $10 billion. This is extremely significant and cannot be ignored,” he said.

President John Dramani Mahama has signed the Virtual Asset Service Providers (VASP) Bill into law, officially bringing Ghana’s digital assets sector, including cryptocurrencies, under a regulated framework. 

Mr Thompson explained that the surge in activity prompted the government to consider the best regulatory approach, weighing a complete ban versus a legal framework to ensure proper oversight and protect financial stability.

“The country is overexposed to crypto assets. Rather than banning them, the government, together with the Bank of Ghana, SEC, and other stakeholders, opted to regulate the space. This allows real-time visibility and ensures that digital assets are used properly,” he added.

The Virtual Asset Bill, which took over a year to develop, was crafted through extensive consultations with stakeholders, including the Bank of Ghana, Financial Intelligence Centre, Cyber Security Authority, Ministry of Finance, and Ghana Revenue Authority, he said.

“This is one of the most consultative bills the government has ever passed. Stakeholders helped us identify and close loopholes in the virtual asset space,” he added.

The law aims to legalise cryptocurrency usage, create a regulatory framework to guide operations, and safeguard Ghana’s financial system while supporting innovation in the rapidly growing digital finance sector.

“We want to ensure that crypto activities in Ghana are done safely, transparently, and in a way that does not compromise financial stability,” he noted.

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In a statement signed by Michael Obiri-Adjei, Convener of the Coalition, the group said it had reviewed the GSA’s notice announcing the rollout of the SPN from February 1, 2026, and found the policy unjustified, duplicative and burdensome for traders.

According to the Coalition, although the GSA claims the SPN is intended to promote trade facilitation, cargo monitoring and compliance, no position paper has been made available to demonstrate how the system will uniquely achieve these objectives.

The statement argued that the initiative appears primarily designed to generate revenue for the service provider, Inter-Ocean Maritime and Logistics Institute (IOMLI), contrary to the GSA’s core mandate of protecting shippers from unnecessary costs.

The Coalition further questioned the legal basis of the SPN, noting that advance shipment notification and pre-shipment inspection fall outside the GSA’s jurisdiction and could conflict with the Ghana Revenue Authority’s destination-inspection regime.

It added that there is no clear evidence of coordination or approval from the GRA for the introduction of the system.
Addressing claims that the SPN would impose no additional cost on traders, Mr. Obiri-Adjei described the assertion as misleading, explaining that fees charged to exporters would inevitably be passed on to Ghanaian importers and consumers.

The statement also noted that Ghana’s existing Integrated Customs Management System (ICUMS) already provides comprehensive cargo data, tracking and risk profiling, making the SPN an unnecessary administrative layer that could slow trade rather than facilitate it.

The Coalition has therefore called for an immediate and full reassessment of the SPN policy, urging the GSA and relevant ministries to engage stakeholders more broadly and pursue reforms that genuinely reduce the cost of doing business and support economic growth.

Speaking on JoyNews on Monday, Prof Asuming said the IMF’s position on the reported loss was clear and should not have come as a surprise to authorities, including the Ghana Gold Board and the Bank of Ghana.

“I think the IMF was absolutely clear on the $214 million. And they said it’s a loss. It’s important to understand that the IMF doesn’t make up this information,” he said. “It is the government of Ghana that reports this information to the IMF.”

His comments come amid a heated political debate over the performance of the Gold for Reserves Programme, following claims by the Minority Caucus in Parliament that the Ghana Gold Board incurred a $214 million loss from gold trading activities. The Majority Caucus has since rejected the claim, arguing that the figures have been misrepresented and should not be described as a loss.

However, Prof Asuming maintained that once the government submits financial data to the IMF, it should expect the Fund to analyse and publish its findings as part of the ongoing IMF-supported programme.

“The government of Ghana would have been aware that this information was going to be published. So to turn around and try to re-categorise whether it is a loss or not is somewhat surprising to me,” he noted.

He explained that the IMF’s primary concern is not about halting Ghana’s economic programme but about ensuring that any losses associated with the domestic gold purchase initiative are not borne by the Bank of Ghana, as this could weaken the central bank’s operational capacity.

“The IMF concern is that the loss should not be on the books of the Central Bank because it affects its operational capacity,” Prof Asuming said, stressing that the Fund has not called for the programme to be suspended.

Addressing arguments that the loss should only be confirmed after audits by the Ghana Gold Board, he dismissed that position as unfounded, noting that reporting under IMF programmes happens at different intervals.

“Some information is reported monthly, some quarterly, half-yearly or yearly. If the government has reported this and the IMF has analysed it, I don’t think the response should be denial,” he added.

Prof Asuming acknowledged that the Gold for Reserves Programme has helped boost Ghana’s reserves and achieved some positive outcomes, but urged authorities to accept the IMF’s concerns in good faith and focus on addressing the cost challenges.

“They are simply flagging that these costs should not be pushed onto the central bank. I think we should accept it in good faith and find ways to minimise the loss,” he said.

The Gold for Reserves Programme was introduced by the Bank of Ghana as part of efforts to shore up foreign reserves, stabilise the cedi and reduce reliance on foreign exchange markets, particularly during Ghana’s ongoing IMF-supported economic recovery programme.

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The Securities and Exchange Commission (SEC), in a press release dated December 29, 2025, said the new law marks a significant step toward safeguarding investors and strengthening the integrity of Ghana’s securities market as digital assets gain prominence.

Under the new legislation, the regulation of virtual assets will be jointly overseen by the SEC, the Bank of Ghana, and any other regulatory authority designated by the Minister of Finance.

Individuals and entities engaged in virtual asset activities will be required to obtain licences or official registration from either the SEC or the Bank of Ghana, depending on the nature of their operations.

The SEC explained that it will work closely with the Bank of Ghana to issue detailed guidelines and regulatory instruments to operationalise the Act and provide clarity for market operators.

As part of its mandate under the new law, the SEC will license and regulate a wide range of virtual asset services.

These include virtual asset exchanges and trading platforms, virtual asset issuance and tokenisation, virtual asset exchange-traded funds (ETFs), asset management and investment advisory services, brokerage activities, and advocacy related to securities.

The Commission will also oversee virtual asset mining, validation, and sandbox activities linked to securities.

The SEC reassured the investing public of its commitment to building a safe, efficient, fair, and transparent virtual asset ecosystem in Ghana. It said the passage of the Bill reinforces its resolve to protect investors while promoting innovation and responsible growth within the digital finance space.

The Commission encouraged stakeholders and members of the public seeking further information to contact the SEC through its official communication channels.

The press release was issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.

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The currency has defied traditional seasonal trends of end-of-year depreciation, marking a dramatic turnaround that is providing much-needed relief to the nation’s private sector.

For decades, the final quarter in Ghana has typically been characterised by a “forex squeeze” as importers scramble for dollars to stock shelves for the festive season.

However, 2025 has seen a reversal of this pattern. Market data reveals that the local currency has not only held its ground but has actively clawed back value against major global benchmarks.

The Numbers: A Comparative Triumph

The scale of the cedi’s recovery is most evident when compared to the turbulent close of the previous year.

Last week, the interbank market opened with the dollar at GHȼ11.50, the pound at GHȼ15.36, and the Euro at GHȼ13.47.

By the start of this final week of December, those rates had sharpened to:

• US Dollar: GHȼ11.11
• British Pound: GHȼ15.00
• Euro: GHȼ13.08

This performance stands in stark contrast to December 2024, when the dollar traded at a staggering GHȼ14.71, the pound at GHȼ18.49, and the Euro at GHȼ15.33.

The Mechanics of Stability

Economic analysts point to a “perfect storm” of positive fiscal indicators that have cushioned the cedi. Primarily, Ghana is benefiting from a current account surplus, bolstered by a favourable balance in both capital and financial accounts.

This strengthens the nation’s external buffer, allowing the Bank of Ghana to maintain a more stable exchange rate regime.

Furthermore, two specific year-end factors have played a pivotal role:

1. Reduced Import Pressure: Many businesses completed their festive import cycles earlier in the year, leading to a decline in late-season forex demand.
2. The “Diaspora Effect”: Massive inflows of foreign exchange from Ghanaians living abroad—returning for the various “Beyond the Return” festivities—have significantly boosted the local supply of dollars, pounds, and euros.

Relief for the Business Community

For the Ghanaian business community, this stability is more than just a statistical victory; it is a lifeline for operational planning.

Importers, cross-border traders, and manufacturers who rely on predictable exchange rates can now price their goods with greater certainty.

“The improved stability is offering relief to businesses that rely heavily on predictable exchange rates for planning, pricing and cross-border transactions,” noted a market observer, highlighting that the trend is expected to lower the general cost of doing business in the first quarter of 2026.

As the year draws to a close, the sentiment among the trading public is one of cautious optimism. Individuals who have traditionally seen their purchasing power eroded by inflation and currency depreciation are hopeful that this trend signifies a permanent shift toward macroeconomic maturity.

Market Summary: Interbank Rates at a Glance

Speaking on JoyNews, Corporate Affairs Officer of TOR, Godwin Mahama, said structured Memoranda of Understanding (MOUs) have been signed to ensure that crude oil is consistently available to feed the refinery’s Crude Distillation Unit (CDU).

“I want to assure everybody and all experts that structured MOUs have been signed to make sure that we don’t lack crude. So that at any time the CDU needs to be fed with crude, crude will be available,” he stated.

Mr Mahama acknowledged that crude supply constraints had historically been a major reason TOR struggled to operate consistently.

“Crude has always been one of the problems why TOR has not been functioning,” he said.

He explained that when the current management team, including the Deputy Managing Director, assumed office, they undertook a detailed fishbone analysis—a structured problem-solving method—to critically examine why the refinery had remained dormant for years.

“They did a critical analysis of the findings just to see why TOR has not been working and what they can do best. Part of what came out was that crude supply has always been a problem,” Mr Mahama noted.

According to him, management has now factored in those lessons and designed systems to ensure the refinery’s revival is sustainable.

“Proper structures have been put in place to make sure that the coming back of TOR will not be a one-time thing, but something that can stand the test of time,” he added.

The assurance comes on the back of TOR’s resumption of crude oil refining operations after several years of inactivity, a development widely seen as a major boost to efforts to revive Ghana’s downstream petroleum sector.

The refinery restarted operations following the successful completion of extensive Turnaround Maintenance (TAM) works on its CDU between August 1 and October 30, 2025. TOR says the maintenance was completed on schedule and in line with international engineering, safety and operational standards.

Subsequently, the National Petroleum Authority (NPA) conducted regulatory inspections and cleared the refinery to resume operations after confirming compliance with all mandatory safety and operational requirements.

As part of a phased return to full capacity, TOR will operate in the coming months to stabilise its systems and optimise performance ahead of full recommissioning, a move management says is aimed at ensuring long-term reliability and sustainability.

The refinery has also completed the installation of a new furnace, F-61, which is expected to be commissioned soon and integrated into the CDU. Once operational, the upgrade will increase refining capacity from the current 28,000 barrels per stream day to the original 45,000 barrels per stream day, with plans to expand to 60,000 barrels per stream day in the medium term.

Government is expected to formally commission the new furnace at a later date, with TOR indicating that details will be announced in due course.

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The target for the auction was estimated at GH¢3.3 billion, but the government got GH¢3.95 billion, about 19.69% oversubscription.

It however accepted GH¢3.89 billion of the total bids.

According to auction results by the Bank o Ghana, a little over 61% of the bids came from the 91-day bill.  GH¢2.449 billion of the bids were tendered. The uptake was GH¢2.447 billion.

For the 182-day bill, GH¢781.43 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢726.43 million.

Also, GH¢726.43 million of the bids were tendered for the 364-day bill. The same amount of the bids were accepted.

Meanwhile, interest rates increased across the yield curve.

The yield on the 91-day bill went up by a basis point to 11.09%.

That of the 182-day bill, also jumped to 12.52%, from 12.43% the previous week.

The yield on the 364-day bill rose by 3.0 basis points to 12.94%.

TOR has recently restarted crude oil processing after completing major Turnaround Maintenance (TAM) works on its Crude Distillation Unit.

The refinery said the maintenance exercise, which ran from August 1 to October 30, 2025, was completed on schedule and met international engineering, safety and operational standards.

Mr Amoah welcomed the resumption of operations, praising the current management of the refinery for what he described as a significant boost for Ghana’s downstream petroleum sector.

However, speaking in an interview with Accra-based Channel One News, he cautioned that the gains could be short-lived without sustained investment.

“We should commend the current management for this. We should encourage the Ministry of Finance and the Bank of Ghana to provide the necessary investment so that TOR does not simply process the cargo it currently holds, and then, a few months down the line, halt operations because it cannot secure revolving supplies,” he said.

He added that while the restart of refining activities is encouraging, ensuring long-term stability will require deliberate effort and consistent support.

“I think the resumption is good news, but a lot more work will need to be done at this point for sustainability to be guaranteed,” Mr Amoah noted.

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In a press release dated December 29, 2025, TAGG cautioned that the deal, which is expected to supplement the Integrated Customs Management System (ICUMS), requires urgent public scrutiny to safeguard transparency, value for money, and the interests of traders and consumers.

According to TAGG, the agreement is being promoted as coming “at no additional cost to the state,” yet key details surrounding its financial structure, technical justification, and long-term implications remain unclear.

The group noted that ICUMS, introduced in 2020 as Ghana’s single-window customs platform, already provides end-to-end services including cargo tracking, risk assessment, post-clearance audit, and valuation.

TAGG questioned why government would introduce a parallel system without first publishing an independent technical assessment outlining specific shortcomings in ICUMS and why those gaps could not be addressed within the existing framework.

The advocacy group also disclosed findings from its own review of corporate records on TRUEDARE Investments Limited, incorporated in Cyprus in December 2024.

TAGG said available records show the company has minimal issued capital and no publicly verifiable track record in delivering large-scale customs IT systems, AI audits, or container tracking solutions.

Beyond technical capacity, TAGG expressed concern over the claim that the project would impose no cost on the state, warning that such initiatives often shift financial burdens onto traders, importers, transporters, and ultimately consumers through new or hidden fees.

“Someone always pays in customs operations,” the group stressed, arguing that vague assurances risk masking future cost increases across the trade value chain.

TAGG is therefore calling on government and Parliament to publish the full GRA–TRUEDARE agreement, commission an independent technical and value-for-money audit comparing ICUMS and the proposed system, and clearly disclose who will bear the financial cost of implementation over the life of the contract.

The group further urged a suspension of the deal’s implementation until all due-diligence processes are completed and stakeholders, including the private sector and civil society, are adequately consulted.

While affirming its support for technological innovation and the use of AI to strengthen customs operations, TAGG warned that opaque contracts and weak accountability could undermine hard-won trade facilitation reforms and increase the cost of doing business in Ghana.

“There is no ‘Father Christmas’ in customs,” TAGG stated, urging authorities to prioritise transparency and accountability in decisions that directly affect traders and the wider economy.

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The resumption follows the successful completion of major Turnaround Maintenance (TAM) works on the refinery’s Crude Distillation Unit (CDU), carried out over three months from August 1 to October 30, 2025. 

The resumption of refining at TOR was expected to have positive implications for fuel availability, foreign exchange savings, job creation, and the overall stability of Ghana’s petroleum supply chain. 

A press statement dated December 27, 2025, and issued by TOR said the maintenance exercise involved extensive repairs, inspections, and upgrades to critical systems that was executed in strict adherence to international engineering, safety, and operational standards.

After the completion of the TAM, the National Petroleum Authority (NPA) conducted comprehensive regulatory inspections at the refinery to assess its readiness for operations. 

It said the NPA  subsequently confirmed TOR’s full compliance with all mandatory safety and operational requirements and granted clearance for the refinery to resume crude oil processing.

Phased operations 

The company indicated that as part of a phased return to full capacity, TOR was currently operating at about 28,000 barrels per stream day (bpsd). 

TOR management said the refinery would continue operating in the coming months to stabilise systems, optimise performance, and ensure sustained operational reliability ahead of its official recommissioning.

The statement further indicated that as a further sign of progress, TOR has completed the installation of a new furnace, known as F-61, which was expected to be commissioned and integrated into the CDU in the near future.

“The installation of the new furnace is projected to restore the refinery’s original nameplate capacity of 45,000 bpsd.” the statement added. 

Management of TOR also outlined plans to expand production capacity to 60,000 barrels per stream day (bpsd) in the medium term, following the installation of a new air-cooler.

It said the government was expected to formally commission and tie in the F-61 furnace at a later date to be communicated to stakeholders and the general public. 

Management of TOR expressed appreciation to President John Dramani Mahama for his support, leadership, and commitment to restoring the refinery as a critical component of Ghana’s energy infrastructure. 

It also acknowledged the role of the Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, noting that his policy leadership, technical oversight, and hands-on engagement were instrumental in bringing TOR back to operational life.

The company also commended the board, management, and the workforce for their resilience, professionalism, and dedication throughout the revival process, describing the journey as challenging but ultimately rewarding.

Management of TOR reiterated the refinery’s commitment to safe, efficient, and sustainable operations as it reclaims its role as a cornerstone of the country’s energy sector.

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The incident emerged during Operation Sentinel, a coordinated cybercrime crackdown led by INTERPOL between October 27 and November 27 across 19 African countries, targeting business email compromise, digital extortion and ransomware schemes.

According to INTERPOL, the ransomware attack on the Ghanaian institution (name withheld) resulted in the encryption of 100 terabytes of data and the theft of approximately USD 120,000, severely affecting operations and access to sensitive systems.

Ghanaian authorities responded with advanced malware analysis, which enabled investigators to identify the specific ransomware strain used in the attack. This led to the development of a decryption tool that successfully recovered nearly 30 terabytes of encrypted data, significantly reducing the damage caused.

INTERPOL said multiple suspects linked to the attack have been arrested, as investigations continue into the wider criminal network behind the breach.

The case formed part of a broader operation that led to 574 arrests across Africa and the recovery of about USD 3 million in illicit proceeds, with financial losses linked to the investigated cases estimated at more than USD 21 million.

Neal Jetton, INTERPOL’s Director of Cybercrime, warned of the increasing sophistication of cyberattacks across the continent, particularly against essential sectors such as finance and energy.

“The scale and sophistication of cyberattacks across Africa are accelerating, especially against critical sectors like finance and energy. The outcomes from Operation Sentinel reflect the commitment of African law enforcement agencies, working in close coordination with international partners. Their actions have successfully protected livelihoods, secured sensitive personal data and preserved critical infrastructure,” he said.

INTERPOL noted that Operation Sentinel was conducted under the African Joint Operation against Cybercrime and supported by international partners, including private sector cybersecurity firms that provided technical assistance in tracing malicious activity and freezing illicit financial assets.

The attack has renewed calls for stronger cybersecurity frameworks and continuous investment in digital resilience within Ghana’s financial system as cybercriminals increasingly target institutions holding large volumes of sensitive data.

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In its 5th review of Ghana’s ongoing IMF programme, the Fund disclosed that losses from the artisanal and small scale doré gold transactions under the programme had reached $214 million by the end of September 2025. 

At current exchange rates, this amounts to about ₵2.43 billion.

As the IMF noted, “In 2025 through end Q3, losses from the artisanal and small scale doré gold transactions component of G4R have reached US$214 million (0.2 percent of GDP), mostly on trading losses but also on GoldBod off takers’ fees.”

While GoldBod itself has indeed recorded profits, those gains have come at the expense of the central bank, which has absorbed the bulk of the losses generated by the programme. 

The IMF has warned that this arrangement poses risks to the Bank of Ghana’s financial position, stating plainly that “the domestic gold purchase programme poses risks to the financial sustainability of the BoG.”

Understanding how these losses emerged requires a closer look at how GoldBod operates. 

When the Gold Board was established, its initial business model was to act as the sole buyer and exporter of gold from Ghana’s small scale mining sector. 

It was to be funded by a $279 million revolving fund provided in the 2025 budget. That model has since changed. 

By the end of September 2025, GoldBod had not received the budgeted funds and now operates primarily as an intermediary. 

According to the Ministry of Finance, the Board now collects funds for gold purchases conducted on behalf of clients, including the Bank of Ghana, and earns revenue through service charges and fees for assays conducted prior to export.

In practice, this shift has placed the Bank of Ghana at the centre of GoldBod’s financing. 

The Bank had already launched a domestic gold purchase programme in June 2021, partnering with the Precious Minerals Marketing Company, now GoldBod, to buy gold doré from local miners in cedis, refine it abroad for Ghana’s reserves or sell it and add the foreign exchange proceeds to reserves. 

This programme was branded Gold for Reserves. What exists today is effectively an expanded version of that arrangement.

According to the Bank of Ghana, it supports GoldBod’s operations through two main channels. 

In the first, the Bank collects cedis from commercial banks and forwards the funds to the Gold Board to purchase gold from small scale miners. The gold is then sold and the dollar proceeds are returned to the Bank, which supplies the commercial banks with foreign exchange. 

In the second channel, the Bank uses “high powered money” to purchase gold directly from GoldBod. The gold is either sold for foreign exchange, which is added to reserves, or refined and added to Ghana’s gold holdings. 

The core source of the losses lies in how GoldBod prices gold purchases and sales. 

GoldBod buys gold from small scale miners at the prevailing world market price. In some cases, it pays above the spot price in an effort to discourage smuggling. 

The gold purchased, however, is unrefined. When Ghana exports this gold, it does not receive the full world market price. 

This is because gold doré typically trades at a discount to account for refining, assay risk, transport, and financing costs.

Data tracked by JoyNews Research using official figures from the Bank of Ghana show that Ghana has historically sold its gold at a discount of 3% to 5% on the international market. 

In October 2025, for example, the average world price of gold was $4,054 per ounce, yet Ghana realised about $3,919 per ounce. That represents a shortfall of roughly $135 per ounce, or about 3%.

In practical terms, this means that GoldBod buys gold from miners at $4,054 per ounce and sells it internationally at $3,919 per ounce. That price difference alone generates a loss. 

On top of this, the Bank pays GoldBod a 0.5% ad valorem service fee and a 0.258% assay fee. 

To date, according to data from GoldBod, the Bank of Ghana has paid GoldBod more than ₵827 million in total charges. 

When trading losses and service fees are combined, losses become almost unavoidable for the Bank of Ghana. 

This outcome runs counter to the original logic of the GoldBod model. 

When the Gold Board was proposed, the assumption was that gold would be purchased from miners at a discount, allowing the margin and service fees to cover operational costs. 

As the CEO of GoldBod, Sammy Gyamfi, said on JoyNews’ PM Express on March 25, 2025, before GoldBod became operational, “nobody buys gold at spot price…Since time immemorial, since we were born or since Ghana became Ghana, everybody buys gold at a discount. The discount must be fair.”

Buying gold at a premium and selling it at a discount is mathematically unsustainable. 

Under the current structure, GoldBod avoids the trading losses by transferring the financial burden to the central bank. 

The Board collects fees and licensing income while the Bank of Ghana absorbs both the trading losses and the balance sheet risk.

Goldbod has delivered short term macroeconomic benefits. Ghana has generated over $10 billion in foreign exchange through gold exports, supporting the cedi, strengthening reserves and helping to meet debt service obligations while containing inflation. 

• Read also: Analyzing Bank of Ghana’s $10bn forex intermediation in 2025 

However, the IMF has cautioned that this financing model cannot be sustained indefinitely.

As the Fund put it, “Losses from the domestic gold purchase programme and GoldBod’s activities should not be borne by the central bank.”

Looking ahead, the structure of the programme may change.

According to the Chief Executive Officer of GoldBod, the Board is expected to fully take over the artisanal and small scale gold trading programme from January 2026, meaning GoldBod would no longer operate as an intermediary for the Bank of Ghana.

Under this arrangement, GoldBod would be responsible for purchasing, trading and selling gold directly, with no fee obligations to the central bank.

However, further clarity is still required on how this new model will operate in practice.

Questions remain over whether central government will finally release the $279 million revolving fund allocated in the 2025 budget and, most importantly, whether GoldBod will move away from buying gold at spot prices or premiums.

Until these issues are resolved, it remains unclear whether the underlying sources of the current losses will be fully addressed.

Unless Ghana resolves the contradiction of paying miners full world market prices while exporting gold at a discount, the cost of maintaining the programme will continue to surface somewhere in the system.

For now, that cost sits squarely on the balance sheet of the central bank.

The engagement, led by officials of the International Trade Administration (ITA), focused largely on Ghana’s recently introduced local content policy in the mining sector, which U.S. officials say is creating operational challenges for American firms operating in the country.

According to the U.S. delegation, heavy-duty mining equipment belonging to U.S.-based Newmont Corporation has been held at Ghana’s port for prolonged periods due to compliance issues linked to the new policy.

The officials warned that the delays are disrupting mining operations, increasing costs, and affecting project timelines at Newmont’s Ghana operations.

Responding to the concerns, Ambassador Smith acknowledged the challenges but said any intervention would require detailed shipment information and adherence to Ghana’s legal processes.

“We will need specific shipment details and proper documentation to take action and ensure that the excavators are cleared. We will go through the appropriate legal processes to make sure the matter is resolved,” he said, underlining the Embassy’s readiness to engage relevant authorities in Ghana to facilitate resolution.

The talks also touched on unresolved matters involving American Tower Corporation (ATC), a U.S.-based telecommunications infrastructure company operating in Ghana.

ITA officials said outstanding claims submitted to Ghanaian authorities, including timesheets and supporting documents, remain unsettled, raising concerns about regulatory delays and their impact on investor confidence in Ghana’s telecoms sector.

Beyond investment issues, the meeting addressed the welfare of Ghanaian students in the United States, particularly in the context of stricter immigration compliance under the current U.S. administration.

The Acting Deputy Secretary at the ITA Rachel Billingslea, highlighted the need for continued engagement on student-related concerns as enforcement measures tighten.

The engagement forms part of ongoing diplomatic and trade-level consultations between Washington and Accra as both sides seek to manage policy frictions, protect commercial interests, and address the implications of evolving regulatory frameworks on businesses and nationals operating across both countries.