The outlook was shared by Mike Kruiniger, Assistant Director at Fitch Solutions, during the PwC post-budget forum held on Wednesday, November 19, 2025, in Accra.

Kruiniger described Ghana’s growth trajectory as “particularly impressive,” noting that the 2026 budget supports a continuation of the positive trends seen this year.

“We see the 2026 budget as broadly supportive of growth, and this aligns with our forecast that Ghana’s real GDP growth will rise from an already strong 5.8% in 2025 to 5.9% in 2026,” he said. He added that private consumption and a rebound in fixed investment—recovering from the sharp contraction in 2023—will drive next year’s performance.

Fitch Solutions expects medium-term growth to remain healthy at around 5%, supported by strong domestic demand.

According to Kruiniger, Ghana’s growth outlook is not only solid by its own historical standards but also stands out globally. The country is set to outpace several major emerging markets in 2026, including mainland China, Indonesia and Kenya.

But the research firm also warned of emerging risks. Kruiniger cautioned that the escalating Islamist insurgency across the Sahel could pose a threat to Ghana’s otherwise optimistic economic outlook.

He explained that although Ghana has so far been shielded from violent spillovers—thanks in part to its northern terrain and stronger state presence—instability in the region is worsening, especially in Mali.

“Our base case is that Ghana will remain largely insulated from major attacks,” he said. “But if militants were to cross into northern Ghana, the government would likely need to ramp up military spending, which is currently among the lowest in sub-Saharan Africa.”

The security warning comes at a time when Ghana is working to consolidate its post-debt restructuring recovery, stabilise inflation, and strengthen investor confidence going into the 2026 fiscal year.

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Speaking on Joy News’ PM Express Business Edition, he said government is removing three major taxes at once, even though each contributed significantly to national revenue.

“In 2026 government is putting its hope on compliance,” he said, noting that the administration has already scrapped the E-Levy, which “was fetching the government around a little over ¢2 billion.”

He added that the betting tax, which was bringing in “roughly about ¢300 million,” is also gone. Now the Covid-19 levy, expected to “rake in about ¢3 billion next year,” has also been abolished.

Dr Sarkodie said the Covid-19 levy alone had become as important to government revenue as Ghana’s oil and gas royalties.

“Covid-19 was giving us almost the same amount as the total royalties from oil and gas. This year, total royalties from oil and gas are estimated to be ¢2.9 billion. Covid-19 levy will be giving us ¢2.8 billion.”

He warned that removing all three taxes will significantly reduce revenue.

“You’ve taken e-Levy ¢2 billion, we are going to take away the Covid-19 levy, another close to ¢3 billion. That’s about ¢5 billion. So that will bring down your revenue.”

However, he explained that government is convinced it can replace the revenue loss through increased compliance across the tax system.

“But the government is saying that you can raise revenue. You can increase revenue by even abolishing taxes or reducing tax rates. When you increase the base, if more people are paying, it’s better than a few people paying higher rates.”

He said government believes that lowering taxes will draw more Ghanaians into the tax net.

“So this government believes in bringing the rate down so that you get more people into the basket or the bracket to pay. That’s how they want, so it really focuses on compliance.”

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The announcement was made in a statement by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy.

According to the Ministry, the Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, are in “constructive discussions” with SEP to assess the feasibility of the takeover.

Officials say the move forms part of a broader strategy to ensure valuable petroleum resources are not left undeveloped due to prolonged commercial or operational challenges.

To support the process, the Petroleum Commission and GNPC have engaged an independent Technical Consultant and Transactional Advisor. Their mandate includes conducting a full technical appraisal of the block, auditing historical costs, carrying out financial due diligence, and independently determining the fair value of SEP’s stake.

“Government considers it urgent to advance the development of the WCTP2 resource base,” the statement said, citing declining crude production and pressures from the global energy transition. Authorities believe swift action could unlock stalled value, safeguard state revenue, and strengthen national energy security.

The Ministry added that future development of the block could involve partnering with experienced deepwater operators to accelerate production if necessary.

It also reaffirmed its commitment to local content, describing the intervention as aligned with national efforts to build a resilient, competitive, and locally driven oil and gas industry.

The statement emphasised that this development does not affect any ongoing investigations involving SEP or related parties, noting that all processes will follow due process and maintain institutional independence.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Sarpong explained that under existing law, commercial properties attract a 15% rental tax, while private residential properties are taxed at 8%. Landlords are required to deduct the tax from rent paid by tenants.

He further disclosed that the GRA is collaborating with the Real Estate Agency Council to access data on rented properties across the country, a move aimed at identifying landlords who fail to pay the mandated tax.

“The law imposes a 15% tax on commercial properties and an 8% tax on private properties. Landlords are required to collect rental tax from tenants, and tenants also have the option to pay the tax on behalf of landlords through their rent. We have established a working relationship with the Real Estate Agency Council to gather information on rented properties, enabling us to ensure proper tax collection,” he said.

Mr. Sarpong noted that the new satellite system, combined with partnerships with relevant agencies, will strengthen monitoring and boost revenue from the rental sector.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Sarpong said the exercise is part of efforts to ensure that businesses issue VAT receipts and remit the tax appropriately, particularly as the festive season approaches and commercial activity increases.

“As Christmas is approaching, it’s a busy season. From Monday, we will go round to ensure VAT is being paid. We urge everyone to comply because those who are not applying VAT on their receipts will be sanctioned,” he cautioned.

He also encouraged customers to always demand VAT receipts, noting that doing so makes verification easier and helps strengthen national revenue mobilisation.

“Pay your tax so we can build Ghana together,” he added.

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Speaking on Asempa FM’s Ekosii Sen show, Commissioner-General Anthony Kwasi Sarpong said the newly approved AI system will minimise human error, speed up duty assessment processes and enhance security checks across the ports.

According to him, the technology will calculate import duties within seconds, with human officers running parallel assessments to ensure accuracy and transparency.

“We will introduce AI to reduce human errors. The AI will ease the burden and calculate rates in a shorter amount of time. Humans will also perform their calculations so we can compare the results with those generated by the machine. We have taken this proposal to Parliament, and thankfully, it has been approved,” he said.

Mr. Sarpong added that importers will now receive information on their payable duties two weeks before vessels arrive, enabling faster processing and eliminating avoidable delays.

He stressed that the system is separate from ICUMS, explaining that the AI is capable of detecting narcotics, falsified declarations and high-risk cargo.

To ensure strong oversight, the GRA has set up a dedicated team at the Ministry of Finance that will operate independently of regular customs officers.

“Before the goods arrive at the ports, information regarding duties will be provided two weeks prior to the vessels’ arrival. This ensures that everything is ready before the vessels reach the ports, so importers should take note to avoid delays. This new system is different from the ICUMS system.

“The AI not only gathers information, but it also detects narcotics, counterfeit items and assesses risk profiles. We anticipate that AI will help increase our revenue at the ports by 40% annually. We have established a special team at the Ministry of Finance, separate from the regular customs staff. A few managers will oversee this team, and if anything goes wrong, they will be held accountable,” he added.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Sarpong said that even before the nationwide rollout of the 24-hour economy initiative, ports—particularly Tema Port—had been operating around the clock to boost efficiency and reduce delays.

“We run three shifts at the ports. Customs staff are always working, and businesses can also make payments online. This helps ease the burden on companies and speeds up the clearance process,” he explained.

He added that the arrangement ensures uninterrupted operations and enhances revenue mobilisation.

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Commissioner-General of the GRA, Anthony Kwasi Sarpong, revealed on Asempa FM’s Ekosii Sen show that the initiative — known as modified taxation — will allow individuals earning below GH₵500,000 annually to conveniently pay a 3% tax on their income using a mobile app.

He explained that the move is intended to eliminate the challenges that make tax compliance difficult for informal sector workers, many of whom are unable to leave their businesses to visit GRA offices.

“Some want to pay but they can’t. So we are making it simple and convenient. You will use your Ghana Card to register, pay on the app and receive your receipt instantly,” he said.

Mr. Sarpong appealed to business groups and stakeholders to support the rollout, emphasising that the platform will improve national revenue mobilisation while easing the burden on small business operators.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Sarpong said the reforms, which are currently before Parliament, are expected to be approved before the end of the year to enable implementation in early 2026.

He noted that the proposed changes address long-standing concerns raised by businesses, particularly small and medium-scale enterprises.

Under the new structure, he explained, only businesses with an annual income of GH¢200,000 will be required to pay VAT, while the approved VAT rate will apply to those earning GH¢750,000 and above.

Mr. Sarpong appealed for full cooperation from stakeholders to ensure a smooth rollout once the reforms are passed into law.

“We have completed the VAT reforms, and it is currently in Parliament awaiting approval to become law. We hope that Parliament will approve it by the end of this year so that we can start rolling it out at the beginning of next year.

“The business community is pleased with the 2026 budget, as it addresses most of our concerns. If your annual income is 200,000 cedis, you will pay VAT tax on that amount. The approved rate is for incomes of 750,000 cedis and above. This has provided some relief to small businesses. We urge everyone to cooperate for the successful implementation of the reforms,” he said.

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He said Ghanaians have very high expectations of the Government due its campaign promises, but the Government has failed to translate these promises to action.

Contributing to the debate on the 2026 Budget Statement and Economic Policy in Parliament, the lawmaker argued that the government’s overwhelming electoral mandate was won on two clear commitments — reducing the cost of living and doing business, as well as creating “hundreds of thousands of jobs” for unemployed Ghanaians. But nearly a year after assuming office, there are no signs of these promises being materialised.

24-Hour Economy ‘Not Visible’

Hon. Jinapor questioned the government’s claim that its much-touted 24-hour economy had entered full implementation, saying there was no evidence of the promised three-shift system outlined in the NDC’s own 2024 manifesto. “Where is the 1:3:3 formula,” he asked.

Hon. Jinapor noted that even the Ministry of Finance “closes at 5pm,” asking how a supposedly round-the-clock economic model could function when the public sector itself was struggling with basic operations. “A whole year in office, and the Government has failed to demonstrate a well-defined national plan that can support a fully functioning 24-hour economic system.”

He further argued that the promise of one job being expanded into three shifts for three different people had not only stalled but run contrary to the current reality, where workers in critical sectors, including nursing and teaching, were allegedly working without pay.

Macroeconomic Gains ‘Not Reaching the People’

Although the budget highlights improved macroeconomic indicators, including reduced expenditure and lower inflation, Hon. Jinapor said these figures did not reflect conditions on the ground.

He criticised what he described as “under-spending,” noting that government expenditure in the first three quarters was 15% below target. This, he said, was slowing business activity, weakening credit access, and leaving contractors, farmers and public workers unpaid. “What the Budget labels as discipline is, in fact, squeezing the real economy. There is no trickle-down effect.”

Citing recent reports of over one million metric tons of paddy rice rotting in storage due to lack of buyers and weakened purchasing power, he warned that the real sector of the economy was showing signs of distress that could not be ignored.

Concerns Over Government Size

Hon. Jinapor also criticised the expansion of government appointments, particularly the appointment of new presidential staffers, envoys and 18 deputy heads of mission — more than any previous government. These appointments, he argued, has resulted in almost a fifty percent (50%) increment in the budgetary allocation for compensation for staff of the Office of the President, from GHC326 million in 2024 to GHC540 million in 2025.

Referring to reports by the Bank of Ghana warning against the rising cost of compensation, he said such decisions pose major fiscal risks for our economy. 

Priorities in Question

The MP further criticised a budgetary allocation of US$1.2 billion for new military aircrafts and a ship, questioning the government’s priorities when essential sectors were struggling. “Is this the priority of the Government when traders are suffering, farmers are suffering, nurses are suffering, teachers are suffering?” he asked.

The Damongo lawmaker insisted that the budget’s objectives would only be realised if government spending became timely, strategic and targeted toward stimulating demand and creating jobs. But currently, he said, the economy showed “clear signs of stress,” with delayed payments, weak credit flows, and unmet job creation promises eroding public confidence in the economy.

He urged the Finance Minister and the Bank of Ghana to inject liquidity into the economy, support productive sectors and restore the momentum needed to make the budget meaningful for ordinary Ghanaians.

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Speaking in an interview on Adom FM’s Dwaso Nsem, he said the initiative has already started with support from a team at the University of Cape Coast.

“We have a team at Cape Coast University leading the initiative, and the farmers’ market has already begun,” he said.

Mr. Opoku explained that the idea is to create a space where farmers and consumers can interact directly without middlemen.

“We want to create a market where farmers come directly to meet consumers so that prices can remain affordable,” he noted.

He stressed a major challenge, stating that most of Ghana’s food is produced in rural communities far from Accra.

“The problem is that the bulk of our food comes from the villages, very far from Accra, so if you want to create the same farmers’ market in Accra, you will have to transport the food from the villages to the city and that makes it costly,” he said.

According to him, the ministry is working to address this transportation challenge to make the market system more effective.

Mr. Opoku added that this challenge is the very reason Ghana introduced a food distribution company in the first place.

“When farmers grow the food, it is affordable, but it becomes expensive by the time it reaches Accra,” he explained.

He assured that government is taking steps to reduce these costs and ensure that consumers benefit from the low farmsgate prices.

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Speaking in an interview on Adom FM’s Dwaso Nsem, he revealed that several solar-powered boreholes are being constructed to support vegetable growers, especially in Gyenegyene.

“We are doing some of the solar-powered boreholes for the vegetable farmers in Gyenegyene, and by the end of this month, I will show Ghanaians the irrigation works currently ongoing,” he said.

According to him, one major irrigation project is underway in the Northern Region, where government is constructing 88 solar-powered boreholes.

Out of the number, 23 have already been allocated to schools in the region based on their land capacity for production.

He added that his ministry has taken full inventory of all irrigation facilities across the country based on a directive from President Mahama.

“Ghana has 1.9 million hectares of irrigable land, and out of that, only 229,000 hectares currently have irrigation. That is why we immediately moved a contractor to Ashaiman to fix the irrigation system there,” he noted.

Mr. Opoku explained that Ashaiman is one of the biggest onion-producing areas in the country, attracting buyers from neighbouring countries.

He said the contractor working on the Ashaiman irrigation system is almost done.

He added that government is repairing old and faulty irrigation infrastructure while constructing new ones to increase coverage.

Touching on tomato production, the minister said the greenhouse facility at Dawhenya had 100 units, but none were functioning for a long time.

Although a school was established under the project, it also became inactive.

“We later handed the facility to a private operator, and now the school is functioning and working with the Dawhenya systems,” he said.

He added that the tomatoes produced there are now supplied to some embassies and hotels.

Government plans to scale up the tomato variety being cultivated so farmers can produce in larger quantities to supply shopping malls.

“When we met with the malls, they told us their main concern is sustainability. That is why our government has started these irrigation projects to ensure consistent production,” he explained.

Mr. Opoku assured that the solar-powered irrigation systems will be completed in the next three to four months.

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Trading remained skewed toward the belly of the curve, led by the February 2027 maturity, which dominated market flows with GH¢157.83 million in executed trades.

The 2027-2030 segment served as the market anchor, capturing 61% of total turnover at a weighted average yield of 15.62%.

The 2031–2034 maturities also attracted meaningful interest, accounting for 39% of traded volumes at a weighted average yield of 15.81%.

Activity on the long end remained muted, with limited investor engagement across the 2035-2038 segment.

“We expect a steady but cautious tone next week, with yields broadly stable but slightly firmer as investors assess revenue risks from the budget and await clarity from the upcoming Monetary Policy Committee (MPC) meeting. We anticipate long-end activity will remain muted, given the limited appetite for duration, though sentiment could shift once the finance minister outlines concrete plans to revitalise the domestic bond market”, said Databank.

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The agreement will allow Tata to implement the ITAS to improve compliance, expand tax base, reduce leakages and enhance revenue from the digital economy.

Under the agreement, Tata will be granted a 20 per cent withholding tax on the income and value-added tax on imported services.

As part of broader reforms to address the limitations of GRA’s ability to deliver quality taxpayer services, track and enforce compliance effectively, and improve domestic revenue mobilisation, the authority signed an agreement with Tata for the implementation of the ITAS on May 24, 2024.

This was because the IMF had made ITAS a key structural benchmark under the ongoing Extended Credit Facility (ECF) programme as it identified its implementation as essential for enhancing tax compliance, boosting revenue performance, and improving the business environment. 

The agreement, which was first initiated under the previous administration, was presented to Parliament by the Minister of Finance, Dr Cassiel Ato Forson, on November 13, 2025 and it was referred to the Finance Committee.

Justification for agreement 

Providing a justification of the agreement in Parliament on Tuesday, Dr Forson said the GRA signed the contract with Tata in May 2024

He said the procurement of the ITAS project initially commenced through a competitive bidding in January 2024. 

He, however, said that the process was cancelled towards its conclusion due to a transition between Commissioner General Dr Ammish Owusu-Amoah, and Commissioner General Julie Essiam. 

When Commissioner General Essiam took office, he said, the new leadership of GRA awarded the contract on a sole sourcing basis, even though there was a running competitive sourcing. 

He said on November 4, 2024, an addendum was signed by Tata Consultancy Services Ltd and GRA, with Commissioner General Essiam signing on behalf of the GRA.

“The agreement says, subject to approval provided by Parliament of Ghana, Tata Consultancy Services is entitled to a 20 per cent withholding tax exemption from January 1, 2025, till the end date as set out under clause 4 of the agreement.

“Mr Speaker, it says that GRA shall be responsible and do all such acts required for obtaining such approval from Parliament. I am cleaning your [previous administration] mess,’ Dr Forson said. 

Arguing that his principle and position on tax was still unwavering, Dr Forson said the agreement was signed by the previous administration imposing an obligation on the people of Ghana.

“So Mr Speaker, the GRA is entitled to ensure that 20 per cent withholding tax is given to Tata Consultancy Services.

“I have not signed this contract, and the new Commissioner General, Anthony Sarpong, never signed this contract,” he said.

Dr Forson said the only reason he was bringing the agreement to Parliament was because Tata Consultancy Services was a foreign company, and before the contract should have been signed, “they should have come to Parliament under article 1815.”

“Mr Speaker, they did not come to you under article 1815 of the Constitution, and I am here to make sure that the right thing is done, and I am cleaning your mess.

“Apart from that, the Ministry of Finance cannot sit at the office and approve this tax obligation.”

Reduction of project cost

Telling the House other actions he took to rectify the anomaly, Dr Forson said that because the process of competitive sourcing was truncated, he asked the Commissioner General of the GRA to further renegotiate the programme.

“In further renegotiating the programme, we were able to reduce the cost of software and related items from $25.3 million to $20 million, saving $5.3 million on one line alone.

“I also negotiated downward hardware and related items from $15 million to $13.7 million; overall, everything put together, we saved $9 million plus for re-negotiating this agreement,” he said.

Dr Forson explained that the reason why he re-negotiated the agreement was to ensure that it was well implemented, was to make it “legal and stay within the remit of the law”.

Expressing his belief that the software was good, Dr Forson said, “before I implement, I have to come and clean everything else that I believe was wrong and that includes seeking parliamentary approval and renegotiating it.”

Minority’s opposition 

Opposing the agreement, the Minority Chief Whip, Frank Annoh-Dompreh, said the Minority’s dissenting view was premised on principle. 

He recalled that last year, the now NDC Majority, then the Minority, kicked against about 47 tax exemptions put before the House. 

He said even at the point of bringing exemptions that were related to One-District-One-Factory with the intention of creating jobs for the youth were opposed by the NDC MPs.

“Today, we are being invited to be part of an illegality, something that they spoke against it,” he said.

He pointed out that the Income Tax Act, 2015, gave the Commissioner General of GRA some powers, a reason that the Tata tax waiver application should be made by the GRA boss.

“Do not bring it to this House especially knowing your track record and what you stood for,” he said.

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In a statement issued on November 18, 2025, GUTA said the new VAT threshold of GH₵750,000 creates an “unfair segregation” in the marketplace.

Under the reforms, traders earning above the threshold must charge an additional 20% VAT, while those below it remain exempt. The association cautioned that this uneven playing field could drive customers toward lower-priced traders, disadvantaging those required to charge VAT.

GUTA also noted that traders who previously paid a 4% flat VAT rate will now be compelled to apply the full 20% VAT once they exceed the daily turnover exemption of GH₵2,366, potentially leading to higher prices and loss of customers.

To address these disparities, the union is urging the government to allow traders to opt for a modified tax system that promotes fairness and encourages voluntary compliance.

On the introduction of Artificial Intelligence (AI) systems at the ports, GUTA welcomed the move but insisted that the government must first rationalise port taxes, as previously assured. The union stressed that addressing high and complex taxes is key to improving trade facilitation.

GUTA reiterated its commitment to working with the government and stakeholders to ensure the reforms strengthen revenue mobilisation without harming the livelihoods of Ghanaian traders.

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Speaking on Asempa FM’s Ekosii Sen show, Mr. Baafi argued that the National Democratic Congress (NDC) failed to conduct proper planning before announcing the policy, making effective implementation impossible.

He noted that the public was initially promised a fully operational three-shift system that would create jobs and keep key sectors running around the clock, but the current approach does not reflect that vision.

According to the MP, a successful 24-hour economy must be private-sector-led, with the government playing a facilitating role by identifying businesses capable of expanding operations and offering them incentives and tax reliefs.

“Government must reach out to businesses, hold negotiations, and create the right conditions. None of that has been done,” he said.

Mr. Baafi insisted that without clear commitment, engagement with industry players, and the right policy incentives, the 24-hour economy will remain dormant.

“The 24-hour economy is dead unless government shows real commitment,” he added.

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Speaking at the Cedi @60 International Currency Conference, the governor of the central bank, Dr Johnson Asiama, emphasised the need to address the pressures of currency substitution and dollarisation that threaten Ghana’s economic sovereignty.

“At the same time, we are strengthening efforts to re-anchor the Cedi as the unquestioned medium of exchange, addressing the pressures toward currency substitution and dollarisation that threaten our economic sovereignty”

“As we advance this work domestically, our engagement with the global community becomes even more important,” he said.

The Governor’s remarks highlight the central bank’s commitment to maintaining currency stability and promoting the use of the cedi in domestic transactions

The Bank of Ghana has implemented various measures to strengthen the cedi, including monetary policy interventions and efforts to increase foreign exchange inflows.

As Ghana continues to navigate the complexities of the global economy, the BoG’s engagement with the international community is crucial in promoting the country’s economic interests.

The Cedi @60 International Currency Conference provides a platform for stakeholders to discuss the future of the Ghanaian cedi and its role in the country’s economic development.

The conference has brought together policymakers, economists, and industry experts to share insights on the cedi’s performance and prospects.

The BoG’s efforts to strengthen the cedi are expected to contribute to Ghana’s economic growth and development, promoting a stable and prosperous economy for all Ghanaians.

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Contributing to the debate on the 2026 Budget in Parliament, he stated that the Finance Minister must take responsibility for the significant gaps between projections and outcomes.

“It is estimated that about 50 percent of the projections in the 2025 budget were not achieved,” he declared.

Dr. Boako argued that this shortfall undermines the credibility of the government’s economic planning and calls into question the effectiveness of policy execution.

He stressed that the Finance Minister’s earlier posture—mocking his predecessors for missing targets—was now proving ironic.

“Barely one year down the line, how does Minister Ato Forson feel when he has also significantly missed most of his macro-fiscal targets?” he asked.

The MP noted that missing these targets has wider implications for economic stability and public confidence.

He pointed out that even in areas where the government claims success, the underlying methods used to achieve those outcomes appear questionable.

“There are issues with the foundations deployed to meet some of these targets,” he warned, arguing that cosmetic achievements do not translate into real economic progress.

Dr. Boako emphasised that failing to meet such a large share of budget projections suggests deeper structural weaknesses.

He said the mismatch between plans and implementation means that essential sectors were deprived of the resources needed for growth.

“When programmed expenditures are not delivered, the real sector cannot expand as intended,” he added.

He called on the Finance Ministry to adopt more realistic projections and strengthen monitoring mechanisms to close the gap between budget promises and actual delivery.

“If the government wants to restore confidence, then accuracy, discipline and transparency must drive future targets,” he concluded.

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In his contribution to the debate on the floor of Parliament, he questioned why the budget claimed GH¢63 billion had been spent on the Big Push when, according to official appendices, the actual expenditure was far lower.

“If you present your budget with a blatant falsehood… why won’t they be unhappy with you?” he asked.

Dr. Boako argued that such discrepancies undermine trust and frustrate ministries whose budgeted allocations were never honoured.

“If you programmed to spend an amount on education and you end up giving them less, why won’t they be unhappy?” he queried, pointing to similar issues in the roads and teacher trainee education sectors.

He also criticised the government for allocating insufficient resources for infrastructure development, particularly roads.

“If you programmed to release funds for roads infrastructure and you end up giving my good senior Abodjah a paltry amount, why won’t he be angry?” he said.

The MP highlighted how teacher trainees were suffering due to inadequate funding for their feeding.

“If you end up releasing just a pittance, denying the trainees the opportunity of a three-square meal a day, why won’t the Hon. Haruna Iddrisu be angry?” he added.

He concluded by urging the Finance Minister to be transparent and consistent with budget figures to restore public confidence.

“The safest ship is the one anchored at the port, but the best ship is the one set on sail. Ghana’s economic ship must be set sail now,” he said.

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Contributing to the debate on the 2026 Budget, he argued that the drastic expenditure cuts were designed “just to let the books look good at the expense of the good people of Ghana.”

According to him, this is not fiscal discipline but “fiscal indiscipline.”

Dr. Boako pointed to major reductions in expenditure across key budget categories. He noted that goods and services spending had been cut by 44 percent, while capital expenditure saw a 66 percent decline in the first three quarters.

“This is a gap of about US$1.1 billion of public investment the government has denied Ghanaians,” he said.

The lawmaker also highlighted that shortfalls in programmed spending for 2025 showed resources were not delivered to priority areas.

“It is very evident that resources were not delivered to the intended priority areas to ensure real sector growth,” he stated.

He added that the effects of the cuts were being felt nationwide, as ministries lacked the funds to fulfil their mandates.

Dr. Boako further suggested that ministers themselves were unhappy with the situation.

“Your own ministers are not happy with you because they also have integrity,” he remarked, quoting a popular line: “They are government officials and they have integrity.”

He urged the Finance Minister to redirect focus toward real growth rather than cosmetic fiscal outcomes.

“The ship for Ghana’s economic emancipation must be set sail now,” he declared.

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Speaking during the 2026 Budget debate, he said the government relied heavily on sterilisation and excessive fiscal consolidation to suppress inflation.

“I dare say that without them, we were still going to achieve the same results anyway,” he claimed.

He cited data from the budget showing that the Bank of Ghana sterilised GH¢62 billion through Open Market Operations and foreign exchange auctions in 2024. According to him, the move effectively drained liquidity from the pockets of ordinary Ghanaians.

“GH¢62 billion that should have been available in the pockets of Ghanaians to spend this year has been siphoned to the Bank of Ghana,” he argued.

Dr. Boako warned that the impact would be felt sharply during the Christmas season.

“Traders will just be sitting by their products in the scorching sun with potential buyers walking around without buying,” he said, describing the situation as a direct consequence of tight monetary conditions.

He added that despite a food glut and adequate supply of goods, low disposable income means people simply cannot afford to buy.

The MP further questioned why goods with positive income elasticity of demand remain unsold.

“Why would these goods still be glutted on the market without buyers if individuals have money in their pockets?” he asked.

He urged the government to urgently release liquidity into the economy.

“The government must release this money into the economy with speed to enable people to have the money to spend,” he emphasised.

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Contributing to the debate in Parliament, he stated that while the document outlines plans for growth, “there are many grey areas that need to be looked at properly” before the budget can deliver sustainable outcomes.

Dr. Boako argued that some of the measures proposed in the budget may not yield the intended results, particularly in the area of tax administration.

He said the introduction of artificial intelligence at the ports, though innovative in appearance, risks becoming another loophole for corruption if not carefully monitored.

“We must ensure that the deployment of this AI technology does not become a profiteering opportunity for nation wreckers,” he cautioned.

The MP also criticised the Finance Minister for adopting a posture that mocked previous administrations for missing targets, only to miss several macro-fiscal targets himself within a year.

“Barely one year down the line, how does Minister Ato Forson feel when he has also significantly missed most of his macro-fiscal targets?” he asked, adding that nearly 50 percent of projections in the 2025 Budget were not achieved.

According to Dr. Boako, even the targets the government claims to have met suffer from weak foundations.

He noted inconsistencies in the inflation strategy and questioned whether the tools deployed to achieve single-digit inflation were sustainable.

“There are questions on the foundations deployed to achieve those targets,” he stressed.

He urged the government to thoroughly re-examine the structural and policy gaps in the budget.

“If these grey areas are not addressed properly, the budget will struggle to deliver real economic gains,” he warned.

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The agreement, signed on Monday, November 17, 2025, aims to fuse Jospong Group’s action-oriented projects in waste management and agriculture with UNU-INRA’s research prowess to drive green industrialisation, build climate resilience, and empower small-to-medium enterprises (SMEs) across the continent.

The General Manager of the Jospong Group Green Transition Office, Dr. Glenn Kwabena Gyimah, signed for the conglomerate, while the Director of UNU-INRA, Professor Fatima Denton, signed for the university.

The ceremony was witnessed by a delegation from the Parliamentary Select Committee on Environment, Science, and Innovation at COP30, including Chairman Yaw Frimpong Addo, Vice Chairperson John Darko, and the Ranking Member, Dr. Adam Hamza.

Speaking at the ceremony, Dr. Gyimah described the partnership as a pivotal step in the group’s sustainability mission, underscoring the strategic importance of the collaboration.

“As a group, we drive sustainability in an integral order. Sustainability is now a market that drives economies, and we are particular about it,” he noted.

The partnership, he explained, was being formed to drive growth, investments, create jobs, and have an impact in our world, stressing, “This MOU signing is a privilege, and we’ll hear about the outcome in the coming time.”

On her part, Professor Denton underscored the critical need for such a partnership, indicating that green businesses were essential. She, however, lamented that many African entrepreneurs were not inclined towards green business, despite its importance.

“The infrastructure is often not there. The technology is absent. The resources are not there,” she further bemoaned.

She elaborated on the synergy between the two institutions, explaining that while Jospong was very action-oriented in waste management, agriculture, and green transition, the UN Institute was research-oriented. The partnership would leverage their strengths, combining Jospong’s practical experience with the UN Institute’s research expertise to support Africa, she added.

Professor Denton also contextualised the agreement within the larger, often frustrating, context of COP negotiations.

“When we come to the COP, the conversations that I had are very much geared towards decarbonisation. It doesn’t mean we don’t want decarbonisation. We want decarbonisation that’s fair, decarbonisation that’s inclusive,” she stated, emphasising the need for a “fair deal” for Africa that includes finance and technology transfer.

The Ranking Member on Parliament’s Environment Committee, Dr. Hamza, commended the initiative for bridging “the gap between theory and practice, academia and industry.”

He urged both parties to ensure the partnership delivers concrete results, saying, “Don’t let it end up like many other partnerships that fail to deliver.”

He assured them of parliamentary support, adding, “As members of parliament, we’ll do our best to support this partnership, especially when it comes to policy and legislation. We’ll stand ready to ensure its success.”

In her welcome address, a Senior Sustainability Officer at Jospong Green Transition Office, Dr. Gloria Kusi Boamah, set the tone, stating, “This memorandum of understanding symbolizes more than cooperation; it represents a shared vision, a vision where research informs action, where technology and policy work hand in hand, and where African institutions lead the transformation towards sustainability.”

What the MoU Stands to Achieve

The partnership is designed as a practical engine for Africa’s just transition. It will pursue joint research, capacity building, and high-impact projects focused on strengthening climate resilience, advancing natural resource management, and supporting green industrialisation.

Speaking at the Cedi@60 celebration organised by the Bank of Ghana in Accra under the theme “Sovereignty, Stability, and Economic Resilience,” President Mahama commended the Bank of Ghana and the Ministry of Finance for their efforts in stabilising the currency.

“I just want to say that the governor and all your team at the BoG, the Ministry of Finance, Ghanaians are grateful to you for the management of our currency,” he said.

He expressed renewed confidence in the cedi, noting, “I think that a lot of respect has returned to our currency. And it’s my hope that you will keep whatever you are doing to make sure that we don’t have excess liquidity, all those technical jargons like open market operations, whatever.”

President Mahama encouraged the central bank and economic managers to sustain their policies, saying, “Whatever you are doing, continue doing so, so that the cedi is respected.”

The Cedi@60 commemoration marks six decades since Ghana introduced its national currency in 1965, replacing the Ghanaian Pound, a milestone that reflects the country’s continued pursuit of economic independence and resilience.

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Speaking on Asempa FM’s Ekosii Sen show, he argued that the NPP government failed to account for the “enormous taxes” it collected, fueling public distrust.

“Ghanaians are not against paying taxes; rather, they are concerned that they do not see how the funds have been used,” he said.

He questioned the use of specific levies, including the COVID-19 levy. “The NPP misused all the enormous taxes collected from us. What did they use the COVID levy for?”

Twum-Barimah added that when the government cannot demonstrate the purpose and impact of tax revenue, citizens naturally resist such policies.

“If they can’t see the relevance of the tax, that’s when they have issues. The E-levy, which Ghanaians complained about yet was still passed, what did they use it for?” he asked.

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The budget lays out a medium-term recovery plan focused on stability, growth, and fiscal consolidation, with projections spanning 2026 to 2029. Government aims for an average real GDP growth rate of 4.9% over the period, while non-oil GDP growth is expected to hover around 5%, reflecting efforts to reduce dependence on the extractive sector.

Inflation is projected to remain within the 8 ± 2 percent target band, and the primary balance is expected to record a surplus of 1.5% of GDP on a commitment basis from 2026, in line with the Fiscal Responsibility Framework. These measures are designed to sustain recent gains in macroeconomic stability.

Speaking on Channel One TV, Mr. Appiah Lartey said the budget deficit targets are realistic, particularly with continued oversight from the International Monetary Fund (IMF). He noted that achieving the projections will, however, depend on disciplined implementation.

“I think they are all achievable. For instance, if GDP in the first half of the year grows by about 6.3%, and the end-of-year projection is around 4.6%, that is entirely achievable.

“The same applies to the budget deficit. With the IMF providing oversight, these targets are realistic. They are not overly ambitious, unless we fail to implement certain areas with discipline, which could cause us to miss some of the targets,” he said.

He said the idea is one of the things the business community welcomed in the new budget because it tackles a long-standing crisis for female traders.

Dr Obeng explained that many women avoid mainstream banks and depend on microfinance, susu groups, and other credit sources that charge punishing rates.

According to him, this leaves them stuck in a cycle of poverty.

“Among what we liked about the budget is the intended establishment of the women’s bank. In fact, it’s coming to solve a problem for us. Seriously, our women are very vulnerable.

“And then they normally do not do business with the mainstream banks, and they do their business with the microfinance and the susu systems and all manner of credit that they secure at a very exorbitant price that makes them wallow in poverty because they can actually not even pay the interest and all that.”

Dr Joseph Obeng praised the government for the initiative but stressed that the crisis goes beyond women. He said many men in the trading sector are equally weak and struggling.

“So government have done well, but as we are thanking government for that, we will also want to appeal to government that some of our men are as weak as the women.

“So we should find a way to also tie them up somewhere and then those vulnerable people also get something, and so we thank government for that.”

Dr Joseph Obeng said the new bank will be a lifeline. But he believes any real fix must include support for men who are slipping deeper into hardship.

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Chief Executive Mark Badu Aboagye says the business community has pushed for this reform for almost four years and is now relieved to see it finally delivered.

“Largely, this is one of our major concerns for the past three to four years, and in all the budgets, one of our major input is for the VAT to be reformed,” he said.

He recalled that businesses were excited when government first hinted at a reform last year.

“We were happy when it was announced last year that we’re going to see a reformation and possibly a reduction in the effective batch rate,” he explained.

But that optimism faded when nothing changed for almost a year. For him, the latest budget brings closure.

“Unfortunately, it took almost a year, and then just this budget you’ve seen that it’s actually been reformed. So we are happy about it. I think one of our major issues, our major problems, has been resolved for us.”

He says the impact on businesses will be immediate because the old system was too difficult for many to work with.

“So for our members, our complaint largely was that it was so complex,” he said. The structure itself was a stumbling block.

“I mean, it’s a VAT that you see the Standard VAT being combined with straight line levies. In fact, the competition itself was a challenge for most of our members, so some of them are not saying that they don’t want to pay, but how to even compute it was also, was a challenge.”

Mr Badu Aboagye said businesses also struggled because key levies became a direct cost.

“Now we have said that the straight line level was translating into a direct cost to the businesses. So you see a direct cost of the one we pay for the NHIL, the one we pay for the get fund and also the almighty COVID level. These are levees that you cannot claim an input vacuum. So it became a direct cost to businesses,” he said.

He believes the consolidation changes everything.

“Now that we have consolidated and it is part of the Standard VAT, now becomes a VAT that a business person can also claim an input VAT, so it doesn’t become a direct cost to businesses again,” he added.

He said price effects will come later, but the system is now clearer.

“So there we are going to have there and how it affects prices. We’re going to discuss secondly. Now is simplified.

“So when you pay your 20% you know how to calculate your output, VAT, your input VAT, and how to do your deduction and the ones that you have to pay to government, obviously, you have to also pay to government.”

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The holiday season, DStv turns every screen into a celebration. Whether it’s the roar of the Football crowd, a Saturday night movie marathon, or the latest binge-worthy series, DStv has something for every mood, every home, and every heart.

From November, the festive line-up takes centre stage. So, while families connect over ApƆƆfee’s side splitting comedy or gear up for the continent’s football’s biggest family meeting. Expect passion, pride, and drama that moves from pitch to screen.

Pay your account, stay connected, and keep the joy rolling through the New MyDStv App your all-access pass to this season’s best. With DStv you have an all-access pass to the best entertaining titles. Here’s what’s waiting for you this festive season:

ApƆƆfee

Mondays 9:00pm | Akwaaba Magic

The frustration of parents!  They’ve dropped hints, set rules, even tried tricks but the kids still won’t budge! They’ve plotted, their grown-up kids keep resisting, and the results is pure comedy and drama! When your grown-up kids just won’t move out how does Kwamena China and his wife deal with wahala?

Etiti

Thursdays & Fridays 7:30pm | Africa Magic Showcase

A fearless hunter, Jidenna, returns from the dead into Etiti the realm between worlds after a brutal attack. Guided by the mythic guardian Nwa Ala, he must expose his bride’s killer and challenge the laws of the underworld. With betrayal bubbling beneath every ritual, nothing is sacred and every moment could be his last.

NCIS: Tony & Ziva

Thursdays 5:00pm | M-Net

When ex-agents Tony DiNozzo and Ziva David (played by Michael Weatherly and Cote de Pablo) are betrayed from within, they take their daughter Tali and vanish across Europe. With hunter-becoming-hunted, the family must out-smart old allies and unseen foes while the clock ticks down.

Last Breath

Sunday 9 Nov 6:00pm | M-Net Movies 1

Based on a true story, deep-sea diver Chris Lemons is stranded over 100 metres below the surface, his oxygen failing. Above him, his team races through freezing water and failing systems to reach him in time. Every second counts in this heart-pounding battle for survival submerged in darkness.

Stugo S1 (Part 2)

Starts 6 December. Weekends at 10:40am | Disney Channel

Six middle schoolers are tricked into attending a mad scientist’s fake summer camp on a tropical island filled with impossible machines, monsters, and fashion-forward mutants.

Stay with DStv, Your Number One Festive Entertainment Partner

Let DStv add a little more your festive season. The exciting festive line-up will bring you and your family closer together with entertainment made for every moment.

Pay your account, stay connected to create the best memories this festive season. Upgrade, or reconnect on the New MyDStv App. Sit, back and relax and let DStv make your festive entertainment wishes come true.

For those on the go, DStv Stream keeps you connected, offering top movies, series, and sports anywhere, anytime.

This development follows the routine two-week review of petroleum product prices and pricing-outlook data from the Chamber of Oil Marketing Companies (COPEC), which projects a 1% to 4% increase per litre across products.

Some OMCs told JOYBUSINESS they will adjust prices immediately, while others say they will observe market competition before responding.

Reasons

According to COPEC’s Pricing Outlook Report, the expected increases are driven mainly by rising crude oil prices on the international market.

Crude prices climbed by 2.95% in mid-November 2025 — from $62.82 to $64.67 per barrel — amid elevated forecast risks linked to global tariff tensions, the U.S. government shutdown and new sanctions on Russian oil.

Reflecting this trend, major petroleum products also saw strong increases:

• Petrol rose by 3.85%
• Diesel surged by 12%
• LPG increased by 6.97%

Even with the cedi’s recent appreciation, the currency’s gains were not strong enough to prevent upward adjustments at the pumps.

Some OMCs told JOYBUSINESS that without the cedi’s improved performance, fuel prices could have risen far more sharply than current projections.

COPEC’s report shows that during the pricing window starting November 16, 2025, the cedi appreciated from GH¢11.12 to GH¢10.94 — a 1.57% gain.

Databank Research, however, forecasts modest near-term pressure on the cedi due to tightening foreign exchange supply, despite an expected $300 million IMF inflow in December 2025, improved investor sentiment from better credit ratings, and indications that the Bank of Ghana may scale back forex market support.

Possible Price Quotes

Industry data suggests petrol is expected to rise between 1.18% and 3.54%, potentially retailing at around GH¢13.15 per litre.

Diesel prices may increase by up to 3.82%, which could push a litre to about GH¢13.60.

LPG prices are projected to rise between 1.32% and 3.53%.

COPEC data also indicates that during the November 2025 review period, some firms reduced prices by as much as 12%, 7%, and as low as 4% per litre.

Averaging these reductions gives about 6.96%, suggesting Ghana recorded one of the biggest drops in petroleum product prices this year, and possibly in recent times.

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According to the Bank of Ghana’s auction results, the government failed to meet its target yet again.

The government received GH¢3.94 billion of the total bids, but accepted GH¢3.83 billion of the bids.

A little over 77% of the bids came from the 91-day bill.  About GH¢3 billion of the bids were tendered. The uptake was GH¢2.9 billion.

For the 182-day bill, GH¢613.2 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢608.2 million.  

Also, GH¢257.1 million of the bids were tendered for the 364-day bill. About GH¢254 million of the bids were accepted.  

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

The 91-day bill increased by 10 basis points to 11.02%.

That of the 182-day bill also shot up to 12.66% from 12.61% the previous week.

However, the yield on the 364-day bill decreased by 7.0 basis points to 13.08%.

According to him, despite the remarkable improvement in the macroeconomic indicators, the 2026 targets show little new ambition.

“The macroeconomic data speak for themselves. Real GDP [Gross Domestic Product [GDP] growth for 2025 stood at 4.8%, exceeding the target. Inflation fell from 23.8% in 2024 to just 8.0% in 2025, and public debt declined sharply from 69.0% of GDP to 45%. These numbers confirm that Ghana has indeed ‘turned the corner’.”

“However, the 2026 targets show little new ambition. Growth, inflation, and fiscal balances are set at or below 2025 levels. The overall message is clear: the government intends to consolidate the gains rather than pursue expansion. That is understandable for a country emerging from crisis, but it also means 2026 will be a year of stability, not transformation”, Dr. Nsafoah, who is an Assistant Professor of Economics at Niagara University in New York, disclosed in his review of the 2026 Budget.

Transformation Deferred

Dr. Nsafoah who is also a member of the research committee of Tesah Capital remarked that economic transformation requires more than stability; “it demands a decisive reorientation of spending from consumption toward investment. On that front, the data reveal little change”.

He added that “capital expenditure in the 2026 Budget for the years 2025 and 2026 averages 2.6% of GDP, almost identical to the 2.5% recorded in the 2024 and 2025 budgets. Meanwhile, the wage bill remains elevated at about 5.7% of GDP, higher than both previous years. In simple terms, Ghana continues to spend twice as much on salaries as on development projects”.

This fiscal structure, he alluded may preserve stability, but it does not build a foundation for growth. “Productive investment—in infrastructure, technology, and skills—remains too small to drive job creation or diversify the economy”.

Inclusive Growth Still Out of Reach

He continued that the government’s third stated objective—strengthening the social sectors for inclusive growth—also appears unfulfilled.

Therefore, the education and health budgets record modest nominal increases, but both decline in real terms once inflation is considered relative to the 2025 Budget. “Social protection programmes such as LEAP, School Feeding, and the National Health Fund all see nominal cuts ranging from 2 to 17%, and real reductions of up to 25%.

According to him, these numbers suggest that while social programmes are being maintained, they are not expanding.

“The fiscal space gained through stability has not yet been translated into stronger safety nets or improved access to essential services”, he concluded.

The summit, which opened on November 10, is scheduled to conclude on November 21, 2025.

Key themes at COP30 include addressing climate change denial, raising ambition on climate targets, and achieving the goal of limiting global temperature rise to 1.5 °C above pre-industrial levels.

Other major discussions focus on climate finance for developing countries and the role of the fossil fuel industry in emissions.

Leading the high-level JGC delegation are Betty Brown Nyadu, General Manager of the Integrated Recycling and Compost Plant (IRECOP), Accra, and Ing. Glenn Kwabena Gyimah (PhD), General Manager of the Jospong Green Transition Office. They are joined by Senior Sustainability Officer Dr. Gloria Boamah Kusi and a team of journalists.

At the LONGi Climate Action White Paper launch—an official UNFCCC side event on Saturday, November 15—Dr. Boamah Kusi highlighted the economic and social impact of JGC’s IRECOP initiative, implemented through its subsidiary Zoomlion Ghana Limited.

“The project has created over 1,000 green jobs, with more than 35% filled by women, while improving sanitation and living conditions for over 1.4 million residents across Ghana,” she stated. She emphasized that this achievement embodies a people-centered climate model.

“This is what we proudly call carbon inclusion, ensuring the benefits of climate finance reach those who need them most,” Dr. Kusi explained. “It demonstrates that a sustainable business model can be both profitable and equitable, where waste truly becomes wealth.”

Developed under Article 6.2 of the Paris Agreement, the IRECOP project not only reduces emissions but also advances key Sustainable Development Goals, promoting decent work and gender equality.

Dr. Kusi concluded that the initiative offers a scalable and replicable blueprint for how strategic climate investments can simultaneously drive economic opportunity and environmental protection across the Global South.

Statistics from the regulatory body indicate a decline of over 6,000 tons in the last four years, attributed in part to farmers selling to unauthorized buyers. COCOBOD also cited increasing cocoa smuggling as a major factor contributing to the sharp drop in production.

Under the leadership of COCOBOD Chair, Dr. Ofosu Ampofo, a team engaged farmers and stakeholders in the Volta and Oti Regions to identify the causes of reduced sales to the government and discuss possible solutions.

During separate sessions, farmers pointed to delayed payments by the Produce Buying Company (PBC) as the main reason they opted to sell to individuals who pay upfront.

The Volta Oti Regional Chief Farmer, Nana Kwane Abass, also highlighted security lapses, claiming some officials are complicit in smuggling cocoa beans. “Cocoa bags don’t have wings to fly; they move along the roads, and some of these roads even have barriers, but they are not intercepted,” he lamented.

Dr. Ampofo noted that Ghana loses substantial foreign exchange due to cocoa smuggling, which adversely affects the national economy. He called for a stakeholder-driven approach to tackle the problem.

“After all the resources invested in the cocoa sector, cocoa is being freely exported to Togo or Côte d’Ivoire, which have done virtually nothing. You see the harm this is doing to the economy,” he said.

The COCOBOD Chair also highlighted the impact on government sales, explaining that production between 2023 and 2024 dropped to 450,000 metric tons from a projected 800,000 due to smuggling and other irregularities.

To address the issue of delayed payments, Dr. Ampofo encouraged farmers to trade with certified buying companies that pay upfront, which would support the country’s economy and justify government investment in the sector.

The Volta Regional Minister, James Gunu, issued a stern warning to anyone attempting to use his jurisdiction as a transit route for smuggling cocoa to Togo. “We will deal ruthlessly with those involved in cocoa smuggling. If you think you can use the Volta Region as a transit point, you better change your mind,” he said.

Similarly, Oti Regional Minister, John Kwadwo Gyapong, pledged to work with the Regional Security Council (REGSEC) to find practical ways to end smuggling and to encourage youth involvement in cocoa cultivation. He emphasized that boosting local production would increase yields while advocating for greater independence of his jurisdiction under the COCOBOD regional structure.

“REGSEC will address this issue. We will meet and find ways to combat cocoa smuggling in the Oti Region,” he stated.

In a statement signed by its Executive Secretary, Duncan Amoah, COPEC projected that petrol prices will increase by about 3.38%, moving from an average of GHS12.18 to GHS12.59 per litre. Diesel, the statement noted, could see a much sharper jump of 9.81%, rising from GHS12.49 to GHS13.71 per litre.

LPG consumers are also expected to feel the pinch, with prices projected to go up by 1.97%, reaching GHS11.87 per kilogram.

COPEC explained that the expected adjustments reflect international market trends and currency pressures affecting petroleum import costs. The Chamber added that the actual increases may differ slightly at various pumps, but would likely fall within a five percent margin of the projected figures.

Duncan Amoah urged Oil Marketing Companies (OMCs) to cushion consumers where possible. “We appeal to OMCs to absorb part of the increases to avoid burdening consumers with steep hikes,” he said.

Dr. Yamborigya steps into the role previously held by the retired Mr. Edward Apenteng Gyambrah, taking charge of the division central to the government’s ambitious drive to significantly boost the national Tax-to-GDP ratio.

This appointment comes at a time when the GRA is under immense pressure to meet its 2025 targets, which include generating a revenue increase equivalent to at least 0.6 percentage points of GDP annually, as committed under the International Monetary Fund (IMF) program.

The Mandate: Digitization and the GH₵200 Billion Target

Dr. Yamborigya’s immediate challenge is to spearhead the transformation needed to achieve the government’s stated long-term goal of increasing the national tax-to-GDP ratio from the current average of roughly 13.8% to a resilient target range of 18–20% by 2027.

This modernization effort rests almost entirely on the shoulders of the DTRD, which is responsible for collecting the majority of the projected GH¢200 billion in tax revenue targeted by the GRA for the 2025 fiscal year.

His mandate focuses on two key pillars:

1. Deepening Digital Transformation

The new Acting Commissioner is expected to accelerate the GRA’s “Enhance ICT Culture” strategic goal. This includes leveraging technological reforms—such as the roll-out of the e-Tax Portal for online filing and payment, the digitization of the Tax Clearance Certificate (TCC) process, and the ongoing implementation of Fiscal Electronic Devices (FEDs) and the Citizen App—to formalize the economy and close significant revenue leakages. His experience is critical, as he is tasked with optimizing the DTRD’s operations and integrating its systems with other government agencies for better data analytics.

2. Expanding the Tax Base and Compliance

The DTRD is responsible for collecting Income Tax (Corporate and Personal) and Value Added Tax (VAT)—taxes which currently make up over 70% of Ghana’s total tax collections. Dr. Yamborigya’s focus will be on strengthening compliance, particularly within the vast informal sector, and ensuring the smooth transition of recently approved fiscal reforms, including major VAT reforms and the elimination of certain taxes (like the e-Levy repeal and changes to withholding tax on bet winnings) designed to ease the burden and promote voluntary compliance.

Two Decades of Tax Administration Expertise

Dr. Yamborigya is renowned as a seasoned tax administrator and public finance expert, boasting over 20 years of experience dedicated to Ghana’s revenue administration.

His extensive career progression within the GRA’s Domestic Tax Revenue Division demonstrates a deep operational understanding of the complexities of the Ghanaian tax environment.

His extensive track record of leadership in both audit and compliance includes high-impact roles such as:

• Head of Tax Audit at the Large Taxpayer Office (LTO): A critical post where he spearheaded reforms focused on broadening the tax net among Ghana’s largest corporate entities.
• Head of Audit for Special Audits (Audit Factory).
• Head of Audit at the Legon Medium Taxpayer Office.
• Audit Team Leader for the Tax Audit Unit.

Management and staff of the GRA have congratulated Dr. Yamborigya, wishing him success in his new role as Acting Commissioner of the DTRD.

He is anticipated to be a driving force in the government’s push for a more resilient, self-financing, and digitized economy.

At a press briefing on Friday, November 14, former Finance Minister Amin Adam said the scale of interventions should have translated into stronger gains. “

With the significant billions of dollars of interventions, we expected the rate to be at GH₵8 to a dollar.

“The market’s muted response reveals a sophisticated understanding that currency strength cannot be purchased; it must be earned through sound economic fundamentals,” he stated.

He argued that the government has leaned on short-lived market support instead of addressing deeper economic weaknesses.

Drawing comparisons, Dr. Adam referenced the IMF-guided programme under the previous NPP administration, saying foreign exchange interventions were tightly regulated. “

During the NPP administration, the IMF restricted the Bank of Ghana from intervening heavily in the forex market. The intervention budget was fixed at US$80 million per month, despite international reserves exceeding the IMF target. By the end of 2024, reserves stood at almost US$9 billion,” he explained.

He claimed the recent improvement in the currency’s value is tied to reserves left by the previous administration.

“The new Bank of Ghana management and the government began injecting massive sums of forex into the market from reserves they inherited. The performance of the cedi is therefore not by any magic or policy intervention; it is due to the hard work under the NPP administration.”

According to the Minority, the central bank has injected about US$8 billion into the market since the start of the year, helping move the exchange rate from around GH₵14 per dollar on January 6, 2025, to nearly GH₵11.

Dr Adam, however, said the outcome remains limited. “Despite these burdensome interventions, the gains remain disappointingly modest and fundamentally unsustainable.”

He also criticised what he described as “propaganda management” of the economy, questioning the benchmark used by government for its comparisons. “Merely repeating an untruth does not make it the truth,” he cautioned.

The Minority believes heavy interventions are draining reserves while critical issues, weak export earnings, sluggish productivity, and low forex inflows, remain unresolved. They warned that any temporary gains are likely to fade once intervention capacity falls.

“These resources have been squandered on temporary cosmetic improvements that will inevitably reverse once intervention capacity is exhausted.”

Dr Adam acknowledged that the Bank of Ghana has now shifted to an updated IMF-backed intervention system, saying it reflects the realities of the current situation.

He described the change as necessary. “The Bank must now intervene in a measured and transparent manner,” he said, calling it the responsible approach needed for long-term stability.

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We have invited you to present our preliminary position on the 2026 Budget and Policy Statement of the government presented in Parliament yesterday. This is the second annual budget of the NDC Government.

We were expecting that this budget will deliver hope and positive direction to our economy following a year of inactivity. Unfortunately, it is another budget used to apportion blame to the NPP Government, and thus neglecting the responsibility of the NDC government to the people of Ghana.

As a responsible minority, we have chosen to present a constructive alternative view to the budget which was more or less another litany of initiatives they do not intend to implement.

Gradually, the people of Ghana will come to terms with this government’s mastery of propagating empty slogans and yet delivering nothing. 

The 2026 Budget is presented under the theme “Resetting for Growth, Jobs and Economic Transformation.” It builds on recent macroeconomic stability which began under the NPP government. The trajectory for a return to single-digit inflation, improved reserves, and early signs of recovery in non-oil GDP was expected and known a year ago due to the policies the previous NPP Government implemented. As we have said in the past, the NDC has not initiated any new strategic policy to drive these developments. They have simply stuck to script developed by the NPP with the IMF two years ago when we negotiated the ECF programme

The central proposition of the Budget is that Ghana is now transitioning from stabilisation to a “Big Push” of investments that will drive jobs, exports, energy security, and socio-economic transformation.

While the Government highlights recent stabilisation gains, a close examination of the Budget numbers reveals concerns that must be brought to the attention of the Ghanaian public.

Stabilisation is not transformation. Real economic transformation requires strong productive investment, credible financing, improved energy reliability, and a vibrant private sector. The 2026 Budget does not yet provide the scale or structure of investment needed to shift Ghana from short-term stabilisation to long-term, productivity-led growth.

This statement provides a clear, fact-based assessment of the 2026 Budget’s realism, risks, and implications for growth, jobs, and fiscal credibility.

The Illusion of Fiscal Discipline

The NDC Government (the Minister for Finance) has hailed Ghana’s 2025 fiscal outturn as evidence of prudence and consolidation. Yet behind this narrative lies a deeper problem: the systematic under-execution of growth-enhancing public investment.

Parliament approved capital spending equivalent to 1.5% of GDP, but the government implemented only about 0.5% year-to-date. Even this, we can challenge it as it may have been inflated. But for a government that seems to want to shift the fortunes of Ghanaians with its so-called “Big Push”, this is heartbreaking.

This 1-percentage-point gap, nearly US$1.1 billion in foregone public investment, was not a product of efficiency savings. It reflected cash rationing, auction shortfalls, and mounting debt service pressures (in levels).

In reality, the Minister’s approach to fiscal management is not disciplined; it is reactive, relying on short-term cuts to maintain the appearance of order, and this is very dangerous for our medium-to-long-term development.

Using Ghana’s macroeconomic parameters and IMF-consistent multipliers, you will clearly understand the cost of the damage:
– Effective demand cut: 0.514 % of GDP
– GDP impact: circa 0.41 % of GDP (≈ US$469 million)
– Revenue loss: circa US$75 million
– Forgone potential growth: circa 0.1 percentage point annually.

The government has effectively traded tomorrow’s output for today’s optics.

Every 1 percentage-point cut in public investment means thousands of construction and supply-chain jobs not created, roads and schools not completed, and private contractors pushed into arrears. Short-term fiscal “savings” thus translate into higher unemployment, weaker SMEs, and slower future tax growth.

Real GDP grew by 6.3% year-on-year in the first half of 2025, yet the composition of this growth is telling. The recent 6.3% growth is services-heavy, led by ICT, finance, and trade, while construction and manufacturing lag. The government is not building the economy’s productive base.

Banks, meanwhile, are crowded out by government borrowing at the short end, preferring T-bills over long-term lending, deepening the cycle of high interest, low investment, and low job creation.

Since this administration came into office, budgets have been presented in this August House but not implemented (2025 Budget and the Mid-year Budget). Allocations for capital expenditure and goods and services remain unreleased, and workers across the public sector are paid, but not given the necessary tools and inputs to work. Some Ministries do to have basic things and are unable to provide fuel for government work. This is true fiscal indiscipline.

A close look at the data presented in the 2026 Budget confirmed the fear by the minority earlier this year that this government was incapable of implementing the programmes they presented in the 2025 Budget. For example:

Goods and Services – The government programmed to spend GHS5.1 billion from Q1 to Q3, but ended up spending only GHS3.8 billion. This compares to the annual allocation of GHS6.7 billion. The amount released for goods and services is 56% of the total allocation for the year.

CAPEX – The programmed CAPEX for Q1-Q3 was GHS26.6 billion, but the actual release was just GHS11 billion. This is 34% of the total CAPEX of GHS32.6 billion allocated for the year 2025.

The more concerning from these developments is the systematic and deliberate under-execution of growth-enhancing public investment. The under-execution of capital projects is also a mirror of fiscal fragility including:
– Revenue pressures because persistent shortfalls have eroded space for discretionary spending.
– Financing constraints because frequent auction under-subscriptions have forced reliance on short-term T-bills, raising rollover risk, and
– Rising interest costs because a growing share of revenue is locked into debt service, crowding out the growth expenditures.

By cutting investment to meet short-term cash targets, the government is treating liquidity symptoms rather than addressing structural weaknesses in revenue and debt management.

Public investment has one of the highest employment multipliers in Ghana’s economy. Construction and engineering absorb large numbers of semi-skilled workers and drive demand for cement, steel, and transport services.

When capital projects stall, contractor arrears accumulate, SME liquidity tightens, and bank non-performing loans creep upward. The short-term fiscal saving thus creates medium-term job and credit losses.

The Government has effectively chosen accounting aesthetics over economic substance, with a finance minister who has weaponised underspending as a tool of false prudence. By systematically failing to release funds for approved projects, the Minister is creating artificial savings that mask his inability to mobilise revenue or manage debt sustainably. This is not fiscal discipline; it is fiscal deception.

Is it not curious that the much-talked-about “Nkoko-Nkitinkiti” was just launched this week in spite of the fact that the 2025 budget provisioned for it since March 2025, a clear example of how the government is struggling to implement its priority programmes.  And let me use this opportunity to caution that the harmattan season has just started in some parts of the country, and we don’t want stories later that the chicks have been killed by the Harmattan. Timing is of utmost importance when you are implementing a programme.

Also, the National Coders programme, which was not implemented, has found yet another space in the 2026 Budget with an equivalent GHS100 million allocated to it similar to last year.

Road contractors, businesses and other providers of government services are suffering from this Minister’s self-created liquidity drought while his officials celebrate restraint. In time, the actual impact of the policies employed during this Minister’s “honeymoon period” will hit all of us.

Growth without Jobs, Depth or Structural Transformation

The current administration secured the mandate of Ghanaians on the back of lofty pledges to transform the economic paradigm of our beloved nation. Yet, unfortunately, those promises have not materialised.

You remember the 24-hour economy the government launched was said to be a job creation policy with a “homegrown formula”. They told us 1-3-3 (One Job, Three People, Three Shifts). What happened?.

Today, the 24-hour economy policy is a confusing mix of policy ideas with no clear implementation arrangements. The same youth who were told they would have shifts to work once this government comes to power continue to roam the streets without work, while farmers and traders complain of poor sales due to weak demand.

The 24H Economy programme is estimated to cost US$4 billion of which the government is expected to contribute between US$300 – US$400 million. We are going into the second year since the programme was launched, yet the government failed to announce in the 2026 Budget the targeted tax incentives and rebates it promised to attract investment. The allocation of GHS90 million to the 24H Economy (the Minister said GHS110 million) of which GHS70 million is for Goods and services and GHS20 million for CAPEX, can best be described as tokenism, given that the programme is the main development blueprint of the government. This cannot help achieve the programme objectives of creating a 1-3-3 job model.

On another note, the Big Push, which was promised GH¢13 billion for implementation by the government, had, by July, been issued commitments authorisation of only GH¢7.6 billion. It is yet to be seen how much they have actually disbursed under the programme as the year draws to the end. Will Ghanaians therefore believe the President and the Minister for allocating GHS30 billion for Big Push in the 2026 Budget when they could not even release funds allocated for the Big Push in the 2025 Budget?

Surprisingly, in his usual excitement, the Minister indicated at paragraph 1183 of the Budget Statement, “The GHS63 billion road contracts awarded so far under the Big Push, will generate an estimated 490,000 jobs”. How is the government able to award road contracts under the Big Push amounting to GHS63 billion, when the total allocation for 2025 was GHS13 billion? These 490,000 jobs promised from the Big-Push are dead on arrival as there are no contracts worth GHS63 billion under the Big Push any where in Ghana.

Even if you were to add the total allocation for the 2025 and 2026 for the Big Push, it would amount to GHS43 billion, far less than the GHS63 billion stated. This is how this government is manufacturing success stories for itself.

Even if this is true, the Honourable Minister for Finance would have violated the Public Financial Management Act, which frowns on awarding contracts without budget allocation or commitment authorisation by the Minister.   

The promised “Big Push” for jobs and infrastructure is therefore not reflected in the numbers.

Despite the strong rhetoric, capital expenditure in the Budget for 2026 is only 3.6% of GDP—far below what is required for a genuine infrastructure-led transformation. At the same time:
– Wages: 5.7% of GDP
– Interest payments: 3.6% of GDP
– Statutory transfers: about 4% of GDP

These rigid items consume more than two-thirds of total spending, leaving very limited room for transformative investments.

In reality, this 2026 Budget is not investment-driven and masks serious challenges. It also shows that there is no structural shift as the composition of the budget remains the same. We urge Ghanaians to seriously manage expectations as we are in for another year of disappointment.

The high domestic borrowing will crowd out credit to the Private Sector. The overall deficit on cash basis is 4% of GDP, and the Government plans to borrow 4.4% of GDP from the domestic market. With banks already heavily exposed to government securities, increased domestic borrowing will:
– Reduce access to credit for SMEs,
– Maintain high domestic interest rates, and
– Undermine job creation and private sector expansion.

This contradicts the stated ambition of a jobs and export-focused recovery.

The capital spending cuts also produced a superficial improvement in the current account:
– Direct import compression: circa 0.13 % of GDP
– Income-induced import fall circa 0.12 % of GDP
– Total current-account “gain” circa 0.25 % of GDP (US $287 million)

But this is not a sign of external strength; it is demand suppression. A healthier balance would arise from export expansion, not from stalled construction and idle capital budgets.

There is also the case of the Goldbod. In the 2025 Budget, the government allocated US$279 million to Goldbod to purchase gold. Till date, this amount has not been disbursed. Rather, the Bank of Ghana has been pre-financing Goldbod’s purchases of gold, including purchases of gold from galamsey operators.  The Bank of Ghana must come clear how much money it has printed to finance Goldbod. This is important because it amounts to Central Bank financing of the government, a practice frowned upon by Ghana’s programme with the IMF.

The government’s own inability to properly implement any policies beyond short-term cost-cutting has created a paradox: headline figures that appear respectable on paper, but an economy that feels stagnant and lifeless to ordinary citizens.

The economy this government wants us to celebrate is a ticking time bomb that has let down the many young people who were promised jobs, let down the entrepreneurs who were promised opportunities, and let down the nation that was promised transformation.

What we have is an economy stuck in low productivity, weak investment, and broken promises, with a Minister who has no original policy idea to tackle the underlying structural challenges that keep this economy operating below potential.

Meanwhile, the critical productive sectors continue to lag significantly behind, deprived of the investment needed to catalyse their growth.

This no doubt has compounded the government’s inability to meet its revenue requirements. There is no way you can generate revenue from a growthless economy. You will recall during the 2025 Budget debate in Parliament, we told the Minister that the government’s revenue policies were unrealistic and they didn’t listen to us. The data in the 2026 budget has, however, vindicated our stand.

Total revenue and grants as at the end of the 3^rd quarter was provisionally GHS154.9 billion against a programmed GHS162.6 billion for the same period, a shortfall of GHS7.7 billion. Similarly, domestic revenue for Q1-Q3 was GHS153.9 billion against programmed GHS160.7 billion, a shortfall of GHS6.8 billion; whilst tax revenue for the same period stood at GHS124.6 billion against programmed tax revenue of GHS133.5 billion, a significant shortfall of almost GHS9 billion.

In his budget speech, the Minister lost the courage to admit for once that some of his expectations were not met. Particularly, revenue generation is one of the major components of the fiscal consolidation programme the government is implementing, and for its importance, the Minister should have been bold to concede that all is not well with the fiscal consolidation. This is why he had to forcefully underspend in productive sectors of the economy a practice he now calls fiscal discipline.

Curiously, this year has been heavily associated with the sweeping of the accounts of various departments and agencies by the Minister including the District Assemblies Common Fund, a symptom of revenue failure, a phenomenon that made many government agencies not able to function during the year. It is not a crime to accept failure when the evidence is glaring, Mr. Minister.

We must also note that the 2026 revenue measures are not realistic. The Government expects revenue and grants to rise to 16.8% of GDP, driven by an 18.8% increase in non-oil tax revenue. These targets rely heavily on compliance and digitalisation gains that historically materialise gradually.

If revenues fall short, as we have seen in 2025, three outcomes are likely:
 – New taxes introduced mid-year, like we saw with the increase in petroleum taxes in 2025
– Accumulation of arrears, or
– Cuts to capital and social programmes as they did in 2025.

This revenue optimism may hide significant future fiscal stress which we need to closely monitor.

 The Catastrophic Collapse of Market Confidence

The Minister also conveniently fails to mention the disastrous auction performance throughout 2025. Market participants have delivered a devastating verdict on the administration’s economic management through their systematic avoidance of government securities.

Out of 45 auctions conducted this year, an unprecedented 25 have failed outright, a failure rate exceeding 55% that reveals not just market scepticism but active rejection of government paper.

Investors are voting with their feet and their capital, demonstrating a clear preference for short-term instruments over any long-term commitments to a government they no longer trust in just 10 months now since they assumed office. This pattern of auction failures has created a vicious cycle: each failed auction forces the government to rely more heavily on expensive short-term borrowing, which in turn increases rollover risk and further undermines investor confidence. The cumulative shortfalls of GH¢17.5 billion represent not just a financing gap but a vote of no confidence in the government’s ability to manage the economy sustainably.

The stock market’s reaction during this budget presentation week provides additional damning evidence of this confidence crisis. This week, the GSE Composite Index fell by 0.69%. In comparison, the Financial Stocks Index dropped by 0.12%, a decline that occurred precisely when the market should have been rallying on the government’s supposedly positive economic news.

This timing is no coincidence; it reflects sophisticated investors’ assessment that the budget promises of this Government lack credibility and implementation capacity. When more than half of the auctions in a single year fail, it is not the market that is broken; it is the government’s credibility that has collapsed.

Banks and financial institutions, traditionally the backbone of domestic financing, are increasingly reluctant to extend credit to a government that cannot honour its commitments. This credit crunch cascades through the economy, starving productive sectors of necessary capital and perpetuating the cycle of economic stagnation.

 The Expensive and Unsustainable Illusion of Currency Stability

Beyond this, the Bank of Ghana’s approach to currency management reveals another dimension of the government’s short-term thinking. Under the IMF programme’s disciplined framework, foreign exchange interventions were prudently limited to a sustainable level that balanced market support with the preservation of reserves.

During the NPP administration, the IMF restricted the Bank of Ghana from intervening in the forex market heavily. The intervention budget was fixed at US$80 million per month despite the international foreign reserves exceeding the IMF target. In fact, by the end of 2024, the reserves stood at almost US$9 billion.

However, with these restrictions removed at the end of the year in 2024, the new Bank of Ghana management and the government when they came into office, started benefiting from the work they knew nothing about; and began to inject massive sums of forex into the market from the reserves that were accumulated before they came into government. The performance of the cedi is therefore not by any magic or policy intervention. It is due to the hard work under the NPP administration.

This is the reason the Bank of Ghana did not want Ghanaians to know what they were doing, when the Governor announced that they were not intervening until the minority later confirmed by the IMF exposed the billions of Dollars they had injected into the market. So far they have injected roughly US$8 billion since January.

Despite these burdensome and costly interventions, which have reduced the cedi’s value from approximately GHS14 on 6^th January 2025 when the NPP left government, to almost GHS11 per dollar, the gains remain disappointingly modest and fundamentally unsustainable.

With the significant billions of Dollars of interventions, we expected the rate to be at GHS8 to a Dollar. The market’s muted response reveals a sophisticated understanding that currency strength cannot be purchased; it must be earned through sound economic fundamentals.

Members of the Press, did it not prick your conscience when in touting the government management of the cedi, the Minister used the exchange rate for November 2024 of GHS16 to the dollar to show the unprecedented levels of the appreciation in our local currency, instead of the rate of GHS14 to the dollar on January 6^th, 2025, a day before they assumed office? This propaganda management of the economy is becoming far too much at best. Merely repeating an untruth does not make it the truth.

It is important to note that this futile exercise of heavy market interventions have put stress on international reserves, while the core structural weaknesses i.e chronically low productivity, a natural forex surrender by exporters and anaemic export performance, remain completely unaddressed.

Instead, these resources have been squandered on a temporary cosmetic improvement that will inevitably reverse once intervention capacity is exhausted. We only wish the Governor held a measured long-term view; instead, he appears more interested in grabbing headlines and projecting confidence in an economy that has not undergone any significant structural change under his tenure.

It was therefore not surprising that this week the Bank of Ghana came to face the reality in spite of our earlier warning to them that the heavy interventions were not sustainable and would hurt the economy one day. The Bank of Ghana has now issued a new framework for the first time prepared with the IMF to guide its market intervention.

For the first time, the Bank has admitted that the appreciation has mainly been due to market intervention. Additionally, the BOG has conceded that the approach to its market interventions was non-transparent and unsustainable, as it could jeopardise the reserves needed as buffer against international shocks if they continued with the huge interventions they did.

Whilst it promises to continue to intervene to “dampen short-term volatility in the foreign exchange market, responding to disorderly conditions without undermining exchange rate flexibility,” at least it wants to do it in a measured and transparent manner.

More importantly, the Bank also concedes publicly for the first time, that it has been relying on the NPP’s Gold Purchase Program introduced by the former Vice President, Dr. Mahamudu Bawumia, under the government of President Nana Addo Dankwa Akufo-Addo; and is now emphatic that the Gold Purchase Programme will continue to be the anchor of its foreign exchange policy, a fact the NDC and its supporters have denied consistently.  

If you have not heard this yet, let me quote the Bank of Ghana from the statement it issued this week. The “Bank of Ghana will intermediate FX flows in a market-neutral manner, using inflows from sources such as the Gold Purchase Programme, or other export surrender requirements”.

VINDICATION THEY SAY IS IN THE WOMB OF TIME!  BUT ON THE STREETS WE SAY GIVE TIME SOME TIME.

Altogether, the government has chosen the appearance of stability over genuine economic strength. We saw this reflected in the recent negotiations with organised labour, where the government claimed victory over inflation and celebrated economic stabilisation. Yet, Ghanaian workers were robbed with another token increase in the base pay by 9% that fails to restore even a fraction of their lost purchasing power.

You recall that the government increased the base pay for public employees for 2025 by 10%, a figure that was below inflation. Workers were asked to make sacrifices by his Excellency the President, and promised better salaries once things improved. Workers lost real income as a result of this.

We were expecting that with the much-touted economic achievements announced by the Minister, Ghanaian workers would have been given a decent increase in the base pay for 2026 to enable them recover the real income lost this year. Sadly, they have been insulted with an even lower increase of 9%.

This is notwithstanding the fact that prices of many basic goods have not moderated. Is this an admission that a year on, they have still not improved the said conditions? Or an admission that they have just been deceiving organised labour?

Despite moderating headline inflation, prices of many essential goods and services remain stubbornly elevated, a phenomenon economists refer to as “downward price stickiness”. The cost of food, utilities, transportation, and basic household necessities continues to consume an ever-larger share of workers’ salaries, and alarmingly, there is no long-term plan to address this issue by the ruling Government.

Defining Real Fiscal Discipline: A Blueprint for Genuine Economic Management

Ladies and Gentlemen, real fiscal discipline stands in stark contrast to the government’s current approach, which involves opportunistic spending cuts and accounting manipulations.

Genuine fiscal responsibility requires a comprehensive framework that balances immediate stability with long-term growth imperatives, and I have some recommendations of what reforms they need to implement:

• Full and transparent execution of Parliament-approved capital budgets, with quarterly reporting on project milestones and expenditure patterns
• Comprehensive broadening of the revenue base through progressive taxation and formalisation initiatives, reducing dangerous dependence on volatile short-term financing
• Strategic lengthening of domestic debt maturities to reduce rollover stress and create space for productive private sector credit
• Establishment and protection of a minimum capital-expenditure floor explicitly linked to verified project milestones and development outcomes
• Creation of transparent mechanisms for tracking and reporting on the economic impact of public investments, including job creation and revenue generation

These reforms would stabilise the economy on a genuinely sustainable growth path, without masking fundamental liquidity problems as prudent management.

The Inescapable Bottom Line: A Government Trading Tomorrow for Today

Members of the press, by systematically under-spending the investment budget that Parliament approved, Ghana has made itself approximately US$469 million poorer in 2025 alone and permanently lost future growth capacity, creating an illusion of fiscal prudence built entirely on postponed progress and abandoned promises.

The government has made a conscious choice to trade tomorrow’s economic output for today’s accounting optics, creating a growthless, jobless economy that has spectacularly failed to deliver on its core promises of transformation and prosperity.

The current lower levels of inflation has rather imposed enormous strain on the people of Ghana because the government did not address inflation from the supply side. The demand side approach to inflation has ensured suppressed aggregate demand. The Bank of Ghana has admitted that as at August 2025, they had withdrawn GHS60 billion from the market to control inflation. This obviously comes at a cost whilst the withdrawal of liquidity has dried up the pockets of Ghanaians.

Farmers across the nation – from Techiman to Tamale, Ho and many other parts of Ghana – cannot sell their produce as demand evaporates. Traders from Makola to Kejetia complain people are not buying their goods.  In fact, let me remind traders across the country that this coming Christmas, if you don’t sell to your expectation, know that it is because the NDC government withdrew GHS60 billion from the market just to achieve a single-digit inflation and impoverish you.

You are no more a matter of concern to this government; they have forgotten about you after getting power from you. That is why their priority has shifted to the use of the recent helicopter accident involving some of our gallant citizens as cover to procure 2 jets, 4 helicopters and 2 offshore patrol vessels. This is going to cost our country US$1.2 billion. Government must come clear why the purchase of 2 Executive Jets is a priority at the time it is asking Ghanaian workers to sacrifice more.

As you know, lower aggregate demand derives down economic growth and creates unemployment. The economy is therefore growing below its potential. In the second quarter of 2025, the economy grew by 6.3%. This was less than the 7% growth in the same period in 2024. The government is praising itself for stabilising the economy, but real economic stability should engender economic growth. Why is this stability not generating growth is a matter the government must explain. How is it that when the economy has been stabilized, the government is projecting economic growth for 2026 at 4.8%, far lower than the 5.7% achieved in 2024 when the economy in the words of the Minister was “recklessly” managed?

Another issue copiously covered in the 2026 Budget was the Minister’s assertion that they had brought Ghana from a high debt distress to moderate due to the reduction in the national debt. What he did not state in the budget were the reasons for achieving this. With the completion of almost 93% of eligible debts restructured in 2024 including 20 billion of domestic debt, US$13.1 billion in Eurobonds, and US$5.1 billion in bilateral creditors debt, Ghana was on its way to achieve sustainable debt levels.

These debt restructuring successes have further been cited by all the rating agencies – Fitch, S&P and Moody’s as the main reason for the recent upgrades in Ghana’s credit ratings.

This NDC government did not undertake these restructuring work. They were all achieved under the government of  President Nana Akufo-Addo. The Minister has always found it very difficult to acknowledge this but these cannot be wished away.

The NDC cannot even claim credit for the legislation of the independent fiscal council as well as the law capping public debt to 45% of GDP by 2034, which have been hailed as a mark of fiscal reforms. The bills on these matters were submitted to Parliament as part of the IMF programme requirement before the end of 2024, but the 8^th Parliament came to an end without considering them. What this government did was to re-submit the same content as amendment to the Public Financial Management Act, passed by Parliament this year.

The claim for credit for these reforms is not surprising to us. The NDC government is characteristic of this. The renegotiation of the power contracts and the Lithium Agreement followed the same pattern of repackaging what the NPP did and turn around to want to take credit for them.

The difference, however, is that, unlike the NPP, the government of the NDC in presenting these renegotiated contracts, seek to shortchange the people of Ghana. For example, we were to save US$1.5 billion when we renegotiated the power contracts and submitted the revised contracts to Parliament late last year. They are now celebrating a savings of between US$200 and US$300 million for renegotiating the contracts.

Similarly, in the renegotiated Lithium Agreement, they have reduced the royalty rate from 10% negotiated by the previous NPP government to 5%.  These are two cases of poor negotiations.

Sadly, the loud silence of the Civil Society Organisations which were crying above their voices when the NPP was laying the lithium agreement in parliament with a royalty rate of 10%, make me wonder if we still have independent voices in Ghana.

Not even the attempt to win the sympathy of the Ghanaian people by painting the NPP’s record of the energy sector as a failure can exonerate you. Your record on the energy sector in Ghana’s history is abysmal. The term dumsor is your other name and owes its existence to you because of your reckless management of the energy sector. Ghanaians cannot forget so soon.

The announcement by the Minister that they came to meet US$1.4 billion debt in the energy sector owed to IPPs, only shows the impressive work of the previous NPP government as we inherited US$2.4 billion when we came into office in 2017.

Even the US$1.4 billion the government put out was the result of the many unconscionable power contracts signed by the last NDC government which imposed take-or-pay obligations on our country which could not be accommodated in electricity tariffs as some of the power plants were surplus to our capacity requirement and were most of the time idle, hence the accumulated debts.

Now they want Ghanaians to clap for them for potentially making savings of US$200 million from the renegotiations of the same contracts which exposed us to several billions of dollars in bills. Mr. Minister, do you really deserve our commendation for this?

What remains a mystery for us is the insincerity of this government in the way they treats the people of Ghana.  You remember, the VAT reforms announced in the Budget and seeking to decouple NHIS and GETFUND levies from VAT were first presented in the 2025 Budget, and which according to the Minister was to support businesses as it would remove distortions in VAT administration and lower the rates. The question we ask is why is this repeated in the 2026 Budget? Is it simply because the Government didn’t mean it when they put it in the 2025 Budget?

When this government wants to increase taxes, it does it with meteoric speed. For example, when they wanted to increase the growth and sustainability levy on the mines, they got the bill passed in March. When they wanted to extend the import levy bill to 2028, they got the bill passed. When they wanted to increase the energy sector levy on petroleum products by GHS1 per liter of petroleum products, they got the bill passed under a certificate of urgency.

So if it is about raising taxes, there is urgency in passing the bills. However, when it comes to the VAT reforms to support businesses, the Minister was too busy, as he failed to submit a bill for the amendments 9 months since the Minister announced the reforms. This government does not believe in its own policy, particularly when it comes to the business community. We are not surprised because we all know their antecedents – they are not business-friendly even if they change their colours many times.

The Minister in this 2026 Budget Statement, churned out what he thinks are superior fiscal out-turns. We will wait for the actual fiscal outturn to determine the true fiscal position for 2025 and what methodology he will use for the treatment of arrears.

You recall that in the 2024 fiscal framework which was presented by the Minister in March 2025, the government prepared a shopping list of arrears some dating back to 2022 and used it to manipulate the fiscal outturns. Events later have vindicated us when we accused him of data manipulation. Almost GHS18 billion of the arrears they put in the fiscal framework could not be validated by the Auditor General, yet this amount was part of the so-called arrears used in determining the primary balance.  WHAT A DISHONEST GOVERNMENT!

We are expecting the Minister to use the same methodology for determining the primary balances for 2025. What is worrying is that the IMF looked on whilst the Minister defied the methodology for deriving the primary balance negotiated in the Technical Memorandum of Understanding of the IMF. It is very sad that the IMF went to sleep.

Members of the press, the state of the economy cannot be good as the Minister wants us to believe. It is indeed associated with empty pockets and vanishing customers, sophisticated investors actively avoiding government auctions, and ministries struggling to function as they have been starved of the basic resources needed to deliver services.

The path forward demands more than cosmetic adjustments or rhetorical commitments. Ghana deserves genuine economic leadership, rather than broken promises; real fiscal discipline, rather than opportunistic austerity; and a government that delivers results, rather than excuses.

For us to move forward, we must reject the false narrative that underspending equals prudence. Proper fiscal discipline means executing approved budgets transparently, and not underspending in productive sectors, but delivering precisely what was promised to the people of Ghana. In less than a year, the government’s policy credibility is already under threat. The 1-3-3 economy that Ghanaians were sold risks being labelled 4-1-9 if the Government continues its current course. Not only the 24H Economy, but also the promise to establish a Women Development Bank in 2025 has become another 4-1-9, which has again found space in the 2026 Budget, another attempt to deceive the hardworking Ghanaian women.

Only through credible policies, disciplined implementation, and transparent governance can we restore the confidence necessary to unlock Ghana’s tremendous potential and deliver the prosperous future our nation deserves.

The 2026 budget represented a critical test for the government to match its rhetoric with action, but the Government chose to present even more half-baked policy ideas packaged as transformative initiatives. As a result, we look set to endure another year of fiscal indiscipline, masked as prudence, despite the economic evidence demanding a change in approach.

What we need is economic transformation which Ghanaians were promised, but what we see now is economic stagnation masquerading as progress. It is economic decline disguised as development, and the 2026 budget does not offer the hope that could take us out this.

As we conclude, we will like to state that the structure of the 2026 Budget does not support the claim of a major shift toward jobs, productivity, and transformation:

– Investment levels remain small.
– Revenue projections are overly optimistic.
– Borrowing pressures are high.
– Key fiscal risks are under-discussed.
– Flagship programmes lack transparency and costing.

The lower GDP base and revenue shortfalls mechanically raise the debt-to-GDP ratio, even if the cash deficit narrows. In effect, Ghana is “consolidating” by shrinking the denominator of its debt ratio. True debt sustainability requires sustained growth and credible revenue mobilisation, not austerity that undermines both.

Also, hidden financing pressures, have not been duly reflected. The government has faced several uncovered auctions this year and this is likely to be repeated next year. The BoG bills remain the attractive because they reflect the true interest rate that the market finds attractive and realistic and this competes with the government’s artificially managed T-bill auctions.

SOE liabilities beyond cocoa and energy that are not fully quantified. Domestic debt rollover risks, given the short maturities of government securities as well as climate and disaster risks, which are not integrated into the macro-fiscal framework, pose further fiscal risks. Without addressing these risks, fiscal stability could be short-lived. Policies without clear budget risks are becoming slogans rather than deliverable programmes.

Ghana needs a Budget that strengthens revenue realism, expands productive investment, protects fiscal credibility, and enables the private sector to lead job creation.

Members of the press, at best, we can therefore describe the 2026 budget, the Galamsey Budget, as Growthless, Jobless and Minimalist Budget.

It contains only cosmetic rhetorics presented by a crawling government. The people of Ghana must speak up for the government to know that the honeymoon period is over.

Speaking to the press on Friday, November 14, 2025, Dr. Adam said public sector workers are being paid without the necessary tools to perform their duties.

“Since this administration came into office, the 2025 budget and the mid-year allocation for government expenditure and goods and services remain unreleased. Workers are paid but not provided with the tools and inputs to work,” he stated.

He added, “This is fiscal indiscipline in reality. Some ministries lack basic items like toilet rolls and fuel to carry out government functions.”

Dr. Adam’s remarks follow Finance Minister Dr. Cassiel Ato Forson’s presentation of the 2026 Budget Statement to Parliament on November 13, which focused on fiscal consolidation and economic transformation.

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He issued the caution during a visit to the palace of the Jasikanhene, who also serves as the Adontehene of the Buem Traditional Area, as part of his working tour of the Oti and Volta regions. The visit focused on engaging cocoa farmers regarding rising cases of cocoa smuggling and other activities harming the sector.

Dr Ofosu Ampofo stressed that the destruction of cocoa trees—whether for illegal mining, land development, or other commercial purposes—has severe long-term consequences. He called on communities, traditional authorities, and security agencies to take decisive action against the use of heavy machinery on cocoa farmlands.

“I want the media to capture this very well. Just three days ago, I saw a video of someone using an excavator to pull down cocoa trees, claiming that if cocoa farmers are not well paid, they will destroy the farms and do galamsey instead,” he said. “COCOBOD, under the Ministry of Finance, is submitting a new law to Parliament this October to classify cocoa trees as protected species. Anyone found destroying cocoa trees will face the full rigours of the law.”

He acknowledged farmers’ frustrations due to pricing challenges and the pressures of smuggling but urged them not to resort to destroying plantations. He encouraged closer collaboration between farmers, regulatory bodies, and security agencies to tackle smuggling activities, which have become increasingly rampant.

Farmers expressed optimism that the visit and renewed governmental attention would help safeguard their farms and stabilise the cocoa industry.

Dr Ofosu Ampofo reaffirmed COCOBOD’s commitment to pushing for stronger policies, improved security, and better support systems to protect Ghana’s cocoa sector—one of the country’s most critical economic pillars.

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Presenting the budget to Parliament on Thursday, Dr. Forson revealed that GH¢4.3 billion has been allocated to the Ministry of Roads and Highways for nationwide road construction projects.

“In addition, GH¢3.0 billion has been earmarked for the Ghana Road Maintenance Trust Fund to construct 10 kilometres of roads in each of the 166 constituencies in 2026, ensuring that roads in areas most in need remain motorable,” he said.

He further noted that GH¢30 billion under the Big Push Infrastructure Programme will be used to construct strategic roads and bridges, linking national and regional capitals and boosting economic activity across the country.

On education, Dr. Forson disclosed that GH¢33.3 billion has been allocated to the Ministry of Education in 2026 to fund key programmes and initiatives, alongside GH¢9.9 billion for the Ghana Education Trust Fund (GETFund).

He reaffirmed the government’s commitment to the Free Senior High School (Free SHS) policy, with GH¢4.2 billion set aside for its implementation next year.

“To end the double-track system and enhance the quality of secondary education, GH¢1.1 billion has been allocated under the Ghana Secondary Learning Improvement Programme (GSLIP) in 2026,” Dr. Forson added.

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This new funding comes in addition to the GH¢51.3 million seed fund allocated to the Bank in 2025.

Presenting the 2026 Budget Statement and Economic Policy to Parliament, Finance Minister Dr. Cassiel Ato Forson said the initiative is part of the government’s broader strategy to mobilize private finance, promote inclusive growth, and empower women entrepreneurs as key drivers of job creation and innovation.

“Mr. Speaker, to crowd in finance for women-owned MSMEs, we are providing an additional GH¢401 million to the Women’s Development Bank,” he stated.

The funding will enable the Bank, once fully operational, to expand its lending portfolio across all 16 regions, promoting financial inclusion for women. It will offer concessional loans, financial literacy programs, and business development services to help women entrepreneurs scale their operations and integrate into formal markets.

Dr. Forson highlighted that access to affordable credit remains a major challenge for women-led businesses, which account for more than 44 percent of Ghana’s MSMEs. The new capital injection is designed to close this financing gap by leveraging private investment and development finance partnerships.

The support will complement other government initiatives, including the 24-Hour Economy Programme, Big Push Infrastructure Plan, and Accelerated Export Development Initiative, all aimed at creating sustainable jobs and expanding opportunities for women- and youth-led businesses.

The Women’s Development Bank is expected to use part of the funds to de-risk women-focused lending, develop credit guarantee schemes, and strengthen partnerships with rural and community banks to reach underserved communities nationwide.

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Presenting the budget to Parliament on Thursday, November 13, Dr. Forson explained that the government’s flagship infrastructure and industrial projects will serve as the main drivers of employment creation.

He revealed that GH¢63 billion worth of road contracts awarded under the Big Push initiative are expected to generate around 490,000 jobs, based on World Bank metrics for employment from road investments.

The Minister further disclosed that three new garment factories under the government’s industrialisation agenda will create over 20,000 direct jobs, while seven new agro-processing plants are projected to employ about 700 people directly, with thousands more benefiting indirectly through supply chains.

Dr. Forson also highlighted that the National Policy on Integrated Oil Palm Development, spanning 2026 to 2032, is expected to generate approximately 250,000 jobs across the oil palm value chain.

Additionally, the ongoing rollout of Farmer Service Centres nationwide will provide employment opportunities in machinery operation, maintenance, logistics, and other support services.

“These investments are not isolated; they are part of an integrated national effort to turn stability into jobs and growth,” he said.

To further support the private sector, which he described as the engine of job creation, Dr. Forson announced that the government has recapitalised the National Investment Bank (NIB) and will inject GH¢1 billion into the Agricultural Development Bank (ADB) and Consolidated Bank Ghana (CBG) before the end of 2025.

He also revealed that GH¢401 million has been allocated to the Women’s Development Bank to provide affordable financing to small businesses and entrepreneurs, particularly women traders and market operators.

Dr. Forson noted that the facility will directly benefit business owners such as Lamisi Adam, Priscilla Yovu, and Caroline Sfeir, whom he met during engagements at the Takoradi Market Circle and Kotokoraba Market.

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Government to rehabilitate the National Theatre in Accra

Presenting the budget to Parliament on Wednesday, November 13, Dr. Forson announced plans to construct six new regional hospitals for the newly created regions, starting with three in 2026, alongside two district hospitals at Bole and Shama.

In addition, ten previously abandoned Agenda 111 hospital projects will be completed, including facilities at La General, Effia Nkwanta, the Komfo Anokye Maternity Block, and Ashanti Regional Hospital in Sewua.

To improve maternal and child health services, seven hospitals will be upgraded, while technology integration and infrastructure modernization aim to build an efficient, inclusive, and resilient healthcare system.

Dr. Forson also highlighted the launch of the Ghana Medical Trust Fund (MahamaCares), established under the Ghana Medical Trust Fund Act, 2025 (Act 1144), to provide sustainable financing for Non-Communicable Diseases (NCDs) and specialized medical services.

In 2026, MahamaCares will introduce a comprehensive NCD financing policy covering eligible conditions, approved services, tariffs, and essential medicines, ensuring patients receive uninterrupted care without high out-of-pocket expenses. Diagnostic and treatment centers will also be established on a public-private partnership (PPP) basis in major hospitals nationwide.

“These interventions will move Ghana from treatment to prevention, from inequality to access, and from promise to performance, ensuring no Ghanaian is left behind,” Dr. Forson stated.

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Finance Minister Dr. Cassiel Ato Forson announced that the President has mandated all public schools, from basic to tertiary levels, to purchase only staple food items produced within Ghana.

This initiative, dubbed the “Buy Ghana, Eat Ghana” policy, is designed to create a reliable market for local producers, guaranteeing their income and encouraging increased domestic food production.

The Presidential Directive

Minister Forson confirmed the strict mandate issued from the highest office:

“President Mahama has directed all schools, from basic to secondary, to purchase rice, maize, chicken, and eggs produced in Ghana only,” he stated.

The directive affects a significant portion of the national food budget, impacting the supply chain for thousands of educational institutions, including primary schools, junior high schools (JHS), and senior high schools (SHS) participating in the Free SHS Programme.

Agencies Responsible for Compliance

To ensure effective implementation, the directive names five key governmental and educational agencies tasked with oversight and enforcement:

• Ministry of Education
• Ghana Education Trust Fund (GETFund)
• School Feeding Programme
• Free Secondary Education Secretariat
• National Food Buffer Stock Company (NAFBC)

These institutions have been directed to ensure strict adherence to the local sourcing policy. NAFBC, as the national food aggregator and storage facility, will play a central role in facilitating bulk purchases and distributing locally produced rice and maize to schools.

Economic Impact on Farmers

The policy serves as a crucial form of non-cash subsidy and market intervention for Ghanaian farmers, providing stability for four key commodities:

• Rice and Maize: Guarantees a ready market for local grain farmers, reducing price volatility caused by imports and preventing harvest gluts.
• Chicken and Eggs: Ensures a consistent market for Ghana’s poultry farmers, helping them compete against cheap imported frozen poultry.

By guaranteeing demand for these locally produced goods, the government aims to boost production, reduce reliance on costly food imports, and stabilize the livelihoods of food crop and poultry farmers.

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The Minister made the disclosure while presenting the 2026 Budget Statement in Parliament on Thursday, November 13, directing the Auditor-General and the Bank of Ghana to immediately investigate the matter.

“Between April 2020 and August 2025, over 525,000 transactions worth $83 billion were processed through import declaration forms. Surprisingly, only 10,440 of these transactions were linked to actual imports. About $33 billion in transfers had no goods imported into the country,” he stated.

Describing the situation as alarming, Dr. Forson emphasized that the irregularities were deliberate rather than administrative errors.

“This is not a clerical error. It is an organized system of exploitation, in fact, organized crime,” he said. “I am therefore directing the Auditor-General to audit these transactions immediately, and the Bank of Ghana to trace all related foreign transfers.”

He explained that the $33 billion discrepancy reflects a “sophisticated financial leakage” that has deprived Ghana of crucial foreign exchange needed to support economic growth and stabilize the cedi.

“These findings underscore the urgent need for accountability and reform. The days of untracked capital flight through fraudulent import transactions are over,” he added.

The Finance Minister also confirmed that preliminary findings had been shared with the Attorney-General’s Department and relevant law enforcement agencies to pursue appropriate actions, including potential prosecutions.

“We cannot allow billions of dollars to vanish through import channels while we seek loans to fund development. This investigation will mark the beginning of a new era of transparency,” he stated.

Dr. Forson assured Parliament that the government would strengthen oversight at the ports and within the banking system to prevent future leakages.

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Presenting the 2026 Budget Statement to Parliament on Wednesday, November 13, Dr. Forson noted that chronic inefficiencies—such as poor revenue collection, high system losses, non-cost-reflective tariffs, and state-owned enterprise (SOE) challenges—had contributed to rising shortfalls in the sector.

However, he highlighted that enforcement of the Cash Waterfall Mechanism (CWM) has significantly improved, with monthly declarations increasing from GH¢950 million in 2024 to GH¢1.7 billion by August 2025.

The Minister revealed that the government has renegotiated agreements with nine Independent Power Producers (IPPs)—AKSA, BXC, CENIT, Cenpower, Early Power, Karpower, Meinergy, Sunon Asogli, and Twin City (Amandi)—securing over US$250 million in debt discounts, extending the legacy-debt cut-off to June 2025, and reducing capacity charges for some plants.

To enhance efficiency at the Electricity Company of Ghana (ECG), Cabinet has approved a Private Sector Participation (PSP) strategy to address billing and collection challenges. A Transaction Advisor is expected to be procured by the end of November 2025, with concession contracts targeted for the third quarter of 2026.

Dr. Forson added that the government has agreed on a payment plan with the World Bank to clear gas-related liabilities, paying US$384.6 million between January and August 2025 and reducing drawdowns on Standby Letters of Credit to US$210.5 million, with full restoration targeted by April 2026.

In addition, daily gas deliveries have been increased by 70 million standard cubic feet to reduce dependence on liquid fuels and ensure stable power generation.

Overall, the Finance Minister said Ghana has paid about US$1.5 billion in 2025 to settle renegotiated PPA commitments, reduce IPP arrears, and remain current on energy invoices.

As a result of these interventions, projected energy sector shortfalls for 2025 have dropped from US$2.2 billion to US$1.6 billion, marking a major step toward restoring financial sustainability in the energy sector.

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The presentation of the annual budget by the finance minister is a constitutional obligation, performed on behalf of the president to affirm the government’s commitment to fiscal transparency and responsibility.

Read the full budget statement below:

Presenting the 2026 Budget Statement and Economic Policy to Parliament on Wednesday, November 13, Dr. Forson said the sector, once burdened by high debt, smuggling, and weak output, is now on a path to revival.

He revealed that cocoa output rose from 530,783 metric tonnes in 2023/2024 to 603,840 metric tonnes by the end of 2024/2025, driven by targeted anti-smuggling interventions. Production for 2025/2026 is projected at 650,000 metric tonnes, supported by government allocations of GH¢2.4 billion for CODAPEC (mass spraying) and GH¢2.7 billion for free fertiliser distribution.

To further curb smuggling, the government has increased the farm-gate price from GH¢49,600 per metric tonne to GH¢58,000, narrowing price gaps with neighbouring countries.

Dr. Forson also highlighted significant debt reduction achievements, with COCOBOD’s debt falling from GH¢32 billion in March 2025 to GH¢20.6 billion in September 2025, and cocoa roads debt reduced from GH¢21 billion to GH¢6.9 billion following rationalisation efforts.

He added that 243,000 metric tonnes of low-priced forward sales have been settled, with the remaining 90,000 metric tonnes (valued at about US$234 million) set to be regularised in the 2025/2026 crop year.

The Minister further disclosed that legislative processes are underway to amend the COCOBOD Act, 1984 (PNDCL 81) to transfer oversight from the Ministry of Food and Agriculture to the Ministry of Finance, a move aimed at strengthening fiscal risk management and accountability within the sector.

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Presenting the 2026 Budget Statement, Dr. Forson explained the direct impact of the reforms.

“Mr. Speaker, by abolishing the COVID-19 levy, Government is putting GH₵3.7 billion back into the pockets of individuals and businesses in 2026 alone,” he said.

Among the key measures, the government has restored input tax deductions on the GETFund and NHIL levies, allowing businesses to offset these levies against VAT liabilities.

“Mr. Speaker, these reforms will also reduce the cost of doing business by 5 percent as a result of subjecting the GETFund and NHIL levies to input-output deductibility,” he added. In addition, the effective VAT rate has been lowered from 21.9 percent to 20 percent, providing further relief on goods and services.

The VAT registration threshold has also been raised significantly, from GH¢200,000 to GH¢750,000, easing the burden on thousands of small and medium-sized enterprises (SMEs).

Targeted industry measures include the removal of VAT on reconnaissance and prospecting of minerals to encourage upstream investment, while the zero-rating of locally manufactured textiles has been extended to 2028, ensuring continued support for the domestic textile sector.

Together, these reforms signal a deliberate effort to stimulate economic growth, reduce costs for businesses and households, and strengthen the private sector following years of fiscal consolidation.

Overall, the VAT reforms in the 2026 Budget aim to ease financial pressures on households and businesses, enhance private sector capacity, and drive sustainable economic growth.

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