According to the World Bank Group’s 9th Economic Update on Ghana, this trend marks a positive shift after the disinflationary process stalled in 2024.

The report notes that headline inflation has been on a continuous decline since December 2024, reaching 13.7 percent in June 2025.

This six-month-long reduction reflects a broad-based easing of price pressures across core, food, and non-food categories.

“The decline was influenced by a tighter monetary policy rate of 28 percent, improved macroeconomic conditions, and a significant rebound of the currency,” the report states.

A key factor in this progress has been the strong performance of the Ghanaian cedi, which appreciated against all major currencies in the year to June 2025 — a dramatic turnaround from its struggles in previous years.

The cedi’s appreciation was supported by a combination of tight monetary policy, ongoing fiscal consolidation, and interventions by the Bank of Ghana (BoG) in the foreign exchange (FX) market, the report added.

The World Bank also acknowledged the crucial role of the BoG’s interventions in managing liquidity and supporting the currency.

However, it cautioned that such interventions “should be managed carefully to avoid distortions in the currency market and allow for a more flexible exchange rate regime.”

This advice underscores the need to strike a balance between maintaining stability and ensuring market efficiency.

The strong disinflationary trend and the rebound of the cedi are seen as positive indicators that Ghana’s stabilization and recovery reforms are taking hold.

This is giving the Mahama administration confidence to pursue its ambitious reform agenda aimed at restoring growth and achieving long-term fiscal sustainability.

Source: Myjoyonline

The report, titled “Addressing Labour Market Challenges and Opportunities in Ghana’s Economic Landscape,” highlights a strong rebound driven primarily by the industrial sector and robust performance in services.

The positive trajectory was fuelled by a significant recovery in key industrial sub-sectors, particularly mining and construction. The services sector maintained its strong growth momentum, bolstered by activities in trade and transportation, while agriculture recorded mixed results.

Despite challenges in cocoa production due to adverse weather, the sector saw growth in crops, livestock, and fishing. Excluding oil and gas, non-oil GDP growth rose to 6 per cent, signalling a broad-based recovery and increased economic diversification.

On the expenditure side, the report notes a surge in domestic demand, largely driven by increased consumption and investment spending, including those linked to election-related activities.

The economic momentum continued into the first quarter of 2025, with a 5.3 per cent GDP growth rate. The World Bank attributes this performance to expansions in agriculture and services. However, the report cautions that this growth is occurring amid persistent fiscal and structural hurdles.

The industrial sector, meanwhile, slowed in Q1 2025 due to contractions in oil, gas, and mining. The report further warns that while Ghana has made notable progress in debt restructuring and fiscal consolidation, persistent fiscal deficits and high interest rates could pose risks to future stability.

The World Bank projects that GDP growth will slow to 3.9 per cent in 2025 as major fiscal adjustments take effect. It recommends that Ghana maintain reform momentum, with emphasis on robust fiscal discipline and structural reforms.

The update also focuses on Ghana’s labour market, stressing the importance of creating productive jobs for the country’s rapidly growing working-age population.

It calls for targeted strategies on youth employment, skills development, and private sector-led growth in high-potential sectors such as manufacturing and agro-processing to ensure a sustainable economic future.

Source: Myjoyonline

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This is based on the outlook report that guides the pricing of the Oil Marketing Companies (OMCs) in the country, by the Chamber of Oil Marketing Companies (COMAC).

Projected Prices at Pumps

According to the report, the price of petrol at the pumps is projected to increase by 0.39 -2.71% per liter from August 16, 2025.

LPG will be increased by up to 2.34 percent per kilogram.

However, that of diesel will be reduced by 0.72 percent per litre.

Reasons

According to the COMAC, the mixed pricing outlook has been influenced by the cedi experiencing some slight depreciation against the US dollar.

“The rate shifted from GHC 10.68 to GHC 10.77, reflecting a 0.8% decline” the chamber pointed out in the report.

The Chamber of Oil Marketing Companies also added that the projected pump increase aligns with global market trends, with minimal increases expected for petrol and LPG.

There have also been some mixed prices for crude oil on the international market.  Diesel, for instance, fell sharply to 5.22, while that of petrol and LGP rose marginally by 1.89% and 2.87%, likely due to product-specific demand and supply factors.

Some of the industry players have argued that the recent 1 cedi levy on some petroleum products did impact the expected price increase from August 16.

However, the Chamber of Oil Marketing Companies has told JOY BUSINESS that it expects prices to be fairly stable for the next pricing window, beginning September 2025.

Source: Joy Business

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The development was the outcome of a high-level meeting attended by representatives from across the maritime, logistics, and trade sectors.

Among the notable attendees were George Dumenu, the Executive Secretary of the Chamber of Autodata Ghana, and Paulina Abrokwah, Vice President of the Chamber of Autodata Ghana, who joined other industry leaders in reviewing the law’s far-reaching implications.

Under the new Act, shipping lines will no longer be allowed to apply black-market exchange rates when calculating charges—a practice that stakeholders say has, for years, created unfair cost burdens for importers and exporters.

Instead, all fees and tariffs must now receive formal approval from the Authority before implementation.

The legislation also extends its oversight to the Ghana Ports and Harbours Authority (GPHA), which must now obtain clearance before introducing any new tariffs at the country’s ports.

This, according to participants, will help eliminate sudden, arbitrary cost increases and provide greater predictability for businesses.

“This is a win for every player in the trade value chain,” Mr. Dumenu remarked. “The black-market rate issue has been a source of frustration for years, and this law finally addresses it head-on.”

For too long, the lack of oversight has allowed unpredictable pricing structures to undermine business planning. Now, we have a framework that ensures accountability; businesses can budget their shipping costs more effectively, as stated in the Shippers Review.

Other stakeholders echoed the sentiments, noting that the Act will promote transparency, fairness, and a level playing field in Ghana’s shipping and freight industry.

Participants at the meeting agreed that the reforms mark a significant milestone in Ghana’s efforts to strengthen its maritime regulatory regime, improve the ease of doing business, and boost investor confidence in the logistics sector.

Source: Adomonline

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Speaking at the stakeholder validation workshop organised by the Ministry of Trade, Agribusiness and Industry, the Executive Secretary of the Chamber, George Dumenu, highlighted loopholes in the existing Ghana Automotive Policy that have negatively impacted several industry players.

Mr. Dumenu emphasised that the automotive components sector in Ghana comprises an estimated 3.5 to 4 million individuals, largely drawn from the automobile artisan community.

These communities are spread across approximately 450 to 500 zones and districts nationwide and possess extensive technical know-how in component production and repair.

He proposed that government make it mandatory for vehicle assemblers operating in Ghana to affiliate with these artisan communities.

Such collaboration, he said, would create jobs, promote local content, and ensure the transfer of knowledge and skills within the sector.

“This approach will position Ghana to eventually build its own vehicles, leveraging the expertise and capacity already existing within our local communities,” Mr. Dumenu stated.

The Chamber reaffirmed its commitment to working with policymakers and stakeholders to ensure the policy fosters inclusive growth, strengthens the local supply chain, and advances Ghana’s position in the global automotive industry.

Source: Adomonline

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According to the World Bank’s latest Ghana Economic Update report, the projected increase is in line with the targets of the IMF-supported Extended Credit Facility (ECF) programme.

Speaking at the launch of the report in Accra, World Bank Country Director Robert Taliercio said full enforcement of the tax exemption law and the creation of a comprehensive tax expenditure register will enhance transparency and accountability in the country’s revenue mobilisation.

The World Bank also urged the government to strengthen the Ghana Revenue Authority’s capacity to roll out the Integrated Tax Administration System and conduct risk-based audits to improve tax compliance.

In addition, it called for the full adoption of Public Financial Management (PFM) systems such as the Ghana Integrated Financial Management Information System (GIFMIS) and the Ghana Electronic Procurement System (GHANEPS) across all ministries, departments, and agencies (MDAs) and metropolitan, municipal, and district assemblies (MMDAs).

It also recommended integrating all spending accounts into the Treasury Single Account to enhance transparency, efficiency, and expenditure control.

“Improving tax administration, broadening the tax base, and strengthening public financial management will be critical to achieving sustainable fiscal consolidation,” the report noted.

Source: Joy Business

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The new Bank of Ghana (BoG) directive also requires commercial banks and other regulated lenders to publish the names of such defaulters twice a year, on June 30 and December 31, in at least two national daily newspapers and on their websites in a prescribed format.

These measures form part of BoG’s latest regulatory actions to curb rising non-performing loans (NPLs) and reduce risks to the profitability, liquidity, and solvency of the banking sector.

The central bank has already notified all regulated financial institutions of the directives and published explanatory notes for the public.

Defining Wilful Loan Default

Under the new rules, a borrower is deemed a wilful defaulter if they fail to repay a loan despite having the capacity to do so, divert loan funds for other purposes, or secure a loan through falsified collateral or fraudulent documentation.

Credit Access Restrictions

The directives bar regulated financial institutions from granting fresh loans to defaulters from the date the BoG approves a loan write-off.

The prohibition period will be twice the length of time between the write-off approval and the full settlement of the debt.

Borrowers listed as wilful defaulters on two or more occasions within ten years will face a mandatory five-year ban, or longer if the calculated prohibition period exceeds that duration.

The restrictions also target directors of companies found to have engaged in fund diversion, misrepresentation, falsified accounts, or fraudulent transactions.

Path to Credit Eligibility

A wilful defaulter may regain access to credit upon fully repaying all written-off loans and fees, and if the lender is satisfied with the borrower’s ability and willingness to meet future repayment obligations.

Prudential Limits on NPLs

The BoG is also enforcing stricter prudential limits, requiring banks and other financial institutions to keep their NPL ratio at or below 10% by the end of 2026.

Microfinance institutions must maintain their existing limit of 5%.

From January 1, 2027, institutions exceeding these limits will be barred from paying dividends, issuing bonuses, or expanding their loan portfolios.

Source: Joy Business

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Speaking at the 2025 GHIB CNVERGE Conference in London —under the theme ‘Rethinking Commodity Finance for Growth’ — Dr. Mumuni noted that Ghana has historically exported most of its mined gold in raw form, despite being Africa’s leading producer and one of the top 10 globally. In 2019, gold accounted for nearly 56 percent of total export earnings, yet the country added nothing to its official gold reserves that year. “This is another avenue where financing, given the place of Ghana in the mine of gold, can support the establishment of refineries and other value chain infrastructure,” he said.

“Such investments would enable the country to retain more value from its natural resources rather than exporting it almost entirely unprocessed,” he added.

The CNVERGE Conference, convened by Ghana International Bank (GHIB), brought together leaders from banking, trade finance, commodity trading, and policymaking to explore ways Africa can move beyond raw commodity exports. Sessions at this year’s event examined opportunities to leverage technology, unlock innovative financing models, and build a more integrated and competitive trade ecosystem.

Dr. Mumuni’s remarks followed the central bank’s recent initiatives in gold-backed policy instruments, including the Domestic Gold Purchase Programme (DGPP) and the Gold-for-Oil (G4O) scheme. Since launching the DGPP in June 2021, BoG has increased its bullion holdings from 8.7 tonnes to 33 tonnes, exceeding its original five-year reserve-doubling target well ahead of schedule. Officials argue that refining capacity within Ghana would not only increase export value but also support the bank’s reserve accumulation strategy, facilitate collateralised financing, and improve the integrity of the gold supply chain through local verification and certification. The proposed expansion of refining capacity aligns with a wider policy objective of moving Ghana up the value chain in commodities — a goal often discussed in relation to cocoa but increasingly relevant to gold, which remains the country’s most significant export.

Dr. Mumuni also pointed to opportunities in gold identification, storage, and trade facilitation, stressing that a coordinated effort between the public and private sectors could unlock significant economic benefits. Analysts say the move could help Ghana capture additional margins from processing, reduce logistical costs associated with exporting raw gold, and position the country as a refining hub for the West African subregion. However, they caution that building a competitive refining industry will require not only capital investment but also consistent regulatory standards and environmental safeguards.

With global demand for traceable, responsibly sourced gold on the rise, expanding domestic refining could also enhance Ghana’s reputation as a compliant and credible source of bullion — a factor that could attract more foreign investment into both mining and downstream processing. For policymakers, other participants stressed, the prospect is clear: by investing in infrastructure that keeps more of the gold value chain within its borders, Ghana stands to strengthen its trade position, improve fiscal resilience, and generate new streams of economic activity.

Source: Joy Business

The Governor of the Bank of Ghana (BoG), Dr. Johnson P. Asiama, has announced plans to engage the Ghana Association of Banks in the coming days to address concerns surrounding forward foreign exchange auctions and market liquidity.

Speaking at a brief meeting with the CEOs of commercial banks in Accra, Dr. Asiama explained that the discussions will focus on improving the efficiency of the foreign exchange market and ensuring banks have sufficient liquidity to meet the needs of businesses and households.

“There is hope for further easing,” the Governor said, hinting at the possibility of a policy rate reduction if the current trend of easing inflation and stable market conditions continue.

He stressed that any adjustment to the rate will be done cautiously to protect the gains made in macroeconomic stability.

The Bank of Ghana recently cut its policy rate from 28 percent to 25 percent during the last Monetary Policy Committee meeting, citing a positive macroeconomic indicators.

Inflation has fallen steadily in recent months, aided by the relative stability of the cedi and improved foreign reserves.

Analysts believe that a future policy rate cut could lower borrowing costs, boost private sector lending, and help sustain Ghana’s economic recovery, particularly in sectors that rely heavily on credit access.

Source: myjoyonline

The move is aimed at eliminating illegal operations and reinforcing adherence to regulations in the downstream petroleum sector.

In a statement, the NPA reiterated its mandate under the National Petroleum Authority Act, 2005 (Act 691), as amended, to oversee all commercial activities relating to the storage, distribution, and sale of petroleum products.

The Authority explained that, in accordance with the law, only Ghanaians or foreign entities in registered joint ventures with Ghanaian partners that meet local content and participation requirements are eligible to obtain licenses.

“Section 12 of Act 691 as amended states that ‘A license under this Act may only be granted to (a) a Ghanaian, or (b) a foreign company in a registered joint venture relationship with a Ghanaian in accordance with the Ghanaian content and Ghanaian participation requirements.

The Act also states that a license issued under this Act shall be conspicuously exhibited by the licensee in a prominent place on the business premises,’” the statement said.

The NPA stressed that enforcement of these provisions is key to safeguarding public safety, protecting consumers, and maintaining trust in Ghana’s regulated petroleum supply chain, particularly as energy demand continues to rise and the market expands.

Source: Adomonline.com

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This represents a 39.5% increase over the previous year, according to the 2024 Financial Sector Report on pension activities.

Growth Drivers

The report attributes the growth to stricter enforcement against employers defaulting on mandatory contributions, increased enrolment, partial government redemption of arrears, and favourable investment returns.

Private pension schemes, comprising Tier 2 and Tier 3, played a major role, with Assets Under Management (AUM) rising by 37.4% to GH¢63.88 billion, compared to GH¢46.50 billion in 2023.

Growth was driven by improved investment returns, higher enrolment, better contributions, and enforcement of mandatory Tier 2 payments through prosecutions.

Membership across all schemes rose due to enhanced compliance measures by the National Pensions Regulatory Authority (NPRA).

Informal sector enrolment also saw moderate gains, supported by public education and flexible pension products for self-employed workers.

Tier 1 Performance

The Basic National Social Security Scheme (BNSSS), managed by the Social Security and National Insurance Trust (SSNIT), recorded strong growth. Its AUM increased to GH¢22.4 billion in 2024 from GH¢15.3 billion in 2023, driven by better investment returns and government debt settlement.

Benefits paid under BNSSS also rose, reaching GH¢6.46 billion in 2024 compared to GH¢5.46 billion in 2023, signalling rising liabilities and the need for effective risk management.

Investment Trends

The report shows a decline in pension fund investments in government securities—from 81.49% in 2023 to 72% in 2024—and in local government/statutory agency investments, which fell from 2.56% to 0.93%.

Conversely, investments in Collective Investment Schemes grew from 1.46% to 3.51%, and in Ordinary/Non-Redeemable Preference Shares from 2.50% to 5.71%, reflecting a growing interest in market-based and equity investments.

Some funds also ventured into alternative assets such as real estate and private equity.

Speaking at his inaugural lecture at Legon last week, he said Ghana’s position as Africa’s top gold producer and a leading cocoa exporter provides a strong basis for a resource-backed monetary framework.

“A gold-backed digital currency, monitored by the central bank and audited through blockchain technology, could stabilise the Ghanaian cedi while enhancing public trust,” he said.

He added that cocoa futures and forward contracts could boost liquidity in the agricultural sector while supporting broader goals of price stability and monetary independence.

Similar concepts have been applied in Ghana before, such as the gold-for-oil and gold for reserve programmes championed by former Vice President Dr Mahamudu Bawumia, which leveraged the country’s gold reserves to reduce foreign exchange demand for fuel imports and to support the cedi.

At the lecture, both the Governor of the Bank of Ghana, Dr. Johnson Asiamah and head of research of the Bank of Ghana, Dr. Philip Abrado-Otu acknowledged the significant role played by the gold for reserve programme in stabilising the cedi.

Professor Alagidede’s tenure will focus on research in partnership with the Bank of Ghana, developing grant proposals, publishing findings, teaching, and strengthening ties between academia and the financial services sector.

Source: Ernest Arhinful

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Dr. Zakari Mumuni noted that the sharp increase came at a time when the Bank of Ghana’s reserves stood at around 8.74 tonnes in June 2021.

Dr. Mumuni made this known at a programme in London on the Central Bank’s perspective on leveraging commodities.

He explained that the initiative has enabled the Bank to diversify its foreign exchange reserves portfolio and “leverage on the Bank’s gold holdings to raise cheaper short-term financing.”

“Ultimately, this programme was not just about reserve accumulation but also about unlocking the potential of the country’s commodity base,” he added.

Background

Launched in June 2021, the Bank of Ghana’s Gold Purchase Programme has significantly boosted the Central Bank’s gold reserves and diversified its assets.

The initiative was designed to increase reserves by purchasing gold from mining firms in Ghana and paying for it in Ghana cedis.

It also aimed to reduce the Bank’s reliance on the US dollar, which is often exposed to global market volatilities and shocks, compared to the relative stability of gold.

This followed concerns over Ghana’s low gold reserves and the urgent need to improve the situation.

According to July data, the Bank of Ghana’s gold reserves have reached 34.40 tonnes.

Impact of the Domestic Gold Purchase Programme

Dr. Mumuni disclosed that from the inception of the programme to June 2025, the Central Bank had purchased a total of 145.95 tonnes of gold. Out of this, 86.77 tonnes were sold for foreign exchange to bolster the Bank’s reserves.

Additionally, 27.63 tonnes of gold were used to settle 1.95 million metric tonnes of petroleum products under the Gold for Oil (G4O) initiative.

The First Deputy Governor noted that the Domestic Gold Purchase Programme has raised the Bank’s physical gold holdings from 8.74 tonnes in June 2021 to 34.40 tonnes currently.

source: Joy Business

He noted that the programme has also “improved the country’s credit profile from restrictive default to B- with a stable outlook in June 2025, boosting investor confidence.”

Dr. Zakari disclosed this at the CNVERGE’25 Africa Premier Trade Banking Programme in London, adding that these developments “have contributed to a stable macroeconomic environment, which is of critical interest to your work.”

BoG’s Gold Purchase Programme

Launched in June 2021, the Gold Purchase Programme aims to increase the Central Bank’s gold reserves and diversify its assets. It allows the Bank of Ghana to buy gold from local mining firms and pay them in Ghana cedis.

The initiative is part of efforts to reduce the Bank’s reliance on the US dollar, which is more vulnerable to global market shocks, compared to gold. It also addresses concerns about Ghana’s previously low gold reserves.

As of July, the Bank of Ghana’s gold reserves had reached 34.40 tonnes.

Gold for Oil Programme

Dr. Zakari also highlighted how the success of the Gold Purchase Programme paved the way for the Gold for Oil initiative, which “provides FX and gold to support the importation of petroleum products through government-to-government arrangements.”

He praised the programme for “securing petroleum imports at competitive prices, easing pressure on the forex market, and stabilising ex-pump petroleum prices.”

According to him, this has helped moderate “volatile ex-pump price pass-through effects on transport costs, and in turn, inflation.”

Source: Joy Business

In a statement, the Ministry thanked business associations, professional bodies, financial institutions, civil society organisations, faith-based groups, and citizens for their valuable input into previous national budgets.

It said preparations have begun for the upcoming four-year budget and policy document, which is scheduled to be presented to Parliament by November 15, 2025.

As part of the process, the Ministry is inviting suggestions from the public to help shape the draft, in line with the government’s goal of addressing citizens’ needs, promoting active participation, and ensuring inclusive policy development.

Submissions should be sent electronically to bdru@mofep.gov.gh by Friday, August 29, 2025.

Source: Adomonline.com

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According to the Ministry of Trade, Agribusiness and Industry, the ambitious plan aims to attract $1.2 billion in new investments, generate approximately 150,000 direct and indirect jobs, and revive cotton cultivation on 50,000 hectares of farmland nationwide.

Speaking at a stakeholder validation workshop on the draft Textiles and Garment Manufacturing Policy in Accra, Deputy Minister Samson Ahi reaffirmed the government’s commitment to revitalising the sector.

“We aim to grow the industry beyond $2 billion, attract $1.2 billion in new investments, create 150,000 jobs, and ensure quality cotton production across 50,000 hectares of farmland,” he stated.

“These targets are ambitious but achievable through collective effort. This workshop is not just about reviewing a document; it is about setting a shared roadmap for the industry’s future.”

Minister for Labour, Jobs and Employment, Dr Abdul-Rashid Pelpuo, also called on stakeholders to develop policies that foster inclusive job creation, particularly for women and youth.

He emphasized the importance of merit-based recruitment and warned against political interference and overstaffing.

“Our focus should be on building a future for the youth. At the time we assumed office, nearly 15 per cent of young people were unemployed. We need a reset of mindset and economy,” he said.

Once finalised, the policy will serve as a comprehensive blueprint for sustainable growth in Ghana’s textile and garment sector, enhancing its global competitiveness and contribution to the national economy.

Source: Myjoyonline.com

In a statement released on Thursday, the GRA expressed surprise over the accusation, stating that the supposed debt appears to be a legacy issue inherited before 2025.

According to the Authority, the financial arrangement cited by the NIA lacks the necessary regulatory and governance approvals required by current public finance and accountability frameworks. As such, the GRA considers the transaction non-binding.

The statement further noted that the NIA has operated registration centres within GRA offices across the country for several years without paying for rent or utility services.

While confirming that discussions at the highest level are ongoing to address the matter, the GRA stressed that there is no formal service contract validating the alleged GH₵376 million obligation.

“Our commitment to transparency and good governance prevents us from recognising transactions that do not comply with established regulatory procedures,” the GRA said.

The tax authority reaffirmed its willingness to collaborate with national institutions and called on the NIA to approach the issue with mutual respect and cooperation.

It also assured the general public that its service delivery remains unaffected and that it remains committed to upholding fairness and accountability in all its dealings.

Source: Adomonline.com

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The announcement was made during a press soiree held in Accra, where Dr. Awal expressed his commitment to bringing innovative ideas and strategic value to the company.

Speaking to Adom News at the event, Dr. Awal, former Minister for Business Development, shared his vision for the role.

“I am excited to join the Melcom Group and contribute to its legacy of excellence. My focus will be on bringing fresh ideas that enhance the company’s impact, especially in the areas of communication, corporate strategy, and community development.”

He also highlighted Melcom’s long-standing contributions to national development through job creation and corporate social responsibility initiatives.

“Melcom is not just about business; it’s about making a difference,” he stated. “Beyond creating jobs, the company is committed to improving lives through health, education, and community-focused projects.”

The Melcom Group used the occasion to reflect on its social impact. According to the company, it has donated over 3,000 pints of blood, provided 45 medical refrigerators to health facilities, awarded numerous educational scholarships, and created approximately 5,500 jobs across the country.

Looking ahead, Melcom reaffirmed its dedication to expanding its CSR initiatives, particularly in underserved communities. The leadership expressed confidence that Dr. Awal’s expertise will play a key role in strengthening the company’s public engagement and strategic direction.

With this new appointment, Melcom signals a renewed commitment to leveraging strategic communication and innovation as it continues to grow its presence and influence in Ghana’s corporate landscape.

Source: Jagri Boaz Binyinjom

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In a statement signed by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of the Bank, EBID extended its profound condolences to President John Dramani Mahama, the bereaved families, and the entire nation of Ghana “during this period of immense sorrow.”

“The untimely passing of Dr. Edward Omane Boamah, Minister for Defence, Alhaji Dr. Ibrahim Murtala Mohammed, Minister for Environment, Alhaji Muniru Mohammed, Acting Deputy National Security Coordinator, Dr. Samuel Sarpong, and Mr. Samuel Aboagye, together with serving officers—Squadron Leader Peter Bafemi Anala, Flying Officer Twum Ampadu, and Sergeant Ernest Addo Mensah—represents an irreplaceable loss to Ghana and the West African region,” said the condolence letter to President Mahama on Thursday, August 7, 2025.

The letter further stated, “The dedicated public servants and military personnel served with unwavering commitment to peace, development, and national progress, and EBID stands in solidarity with the Government and people of Ghana in this moment of grief.”

EBID, the letter added, honours the legacy of the departed and prays for divine comfort for all affected.

“May the bereaved families find solace and strength in the face of tragedy. May their sacrifices inspire continued dedication to the unity and prosperity of Ghana and the ECOWAS Community,” the letter concluded.

SOURCE: Adomonline

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According to a statement issued by the Bank, this is due to the tragic death of five prominent Government Officials and three members of the Ghana Armed Forces in a military helicopter crash which occurred on Wednesday.

BoG was on Friday, August 8, supposed to launch the Cedi @60 Anniversary activities at the Accra International Conference Centre.

But the Bank of Ghana, in a statement, maintained that “we regret to announce that the launch has been postponed.”

The Bank “extends its deepest condolences to His Excellency the President of the Republic, the Government and People of Ghana and the families of the departed.”

It added that “The Bank appreciates the understanding and cooperation of all its stakeholders and the general public during this period of national mourning.”

Source: Joy Business

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Deloitte and the IMF are both projecting single-digit inflation by year-end, with the IMF forecasting as low as 8%. In June 2025, annual inflation dropped sharply to 13.7% from 18.4% the previous month. Month-on-month prices fell by 1.2%, a sign that the macro indicators are heading in the right direction.

The Ghanaian Cedi has also made an extraordinary comeback. It appreciated by 42% against the U.S. dollar, 30.3% against the British Pound, and 25.6% against the euro. The exchange rate moved from a staggering GH¢17 (November 2024) to GH¢10.30 (June 2025) on the interbank market—gains not seen in recent memory.

In theory, this is great news. In reality, though, many Ghanaians are asking a very simple question: Why isn’t any of this reflecting in the market?

Essential goods like home-grown foodstuffs, cement, and building materials continue to see price hikes or remain stubbornly high. A recent PwC survey confirms the disconnect: 45% of respondents said the inflation decline is not translating into real-life relief. This raises a critical question for the government and policymakers: What good are strong macroeconomic numbers if ordinary people still can’t afford basic necessities?

Falling Inflation, Rising Food Prices

The issue lies in the structure of our food systems. Food inflation remains high because, despite the consistent drop in the rate of price increases, prices themselves are still increasing, albeit at a slower pace. That’s partly due to the lingering effects of earlier high production costs, seasonal supply fluctuations, and deep-rooted inefficiencies in local supply chains.

But one cannot ignore the human element: the disproportionate control wielded by market queens and middlemen over Ghana’s food distribution system. These actors dictate prices, quantities, and even the flow of goods from farms to market stalls. Their stranglehold on the food chain is so strong that it shapes what’s available to consumers and at what cost.

The World Food Program estimates that Ghana loses about $2 billion annually to post-harvest losses, largely due to poor storage and processing capacity. Yet this inefficiency thrives in part because it supports a system of price manipulation and limited accountability.

Other key drivers of high prices include unregulated cost of delivery services and galamsey. Delivery charges are often arbitrary—sometimes exceeding the cost of the item itself—due to a lack of regulation, allowing vendors and dispatchers alike to set prices at will.

Galamsey activities continue to devastate arable land, turning fertile fields into deep pits, reducing available land for farming, and affecting soil quality as well. This degradation, along with water contamination and labour shifts from agriculture to mining, has cut food production, driven up prices, increased reliance on imports, and worsened food insecurity.

Many of these powerful market actors are politically connected, making it difficult for successive governments to decisively intervene.

Even cement prices, which are not directly food-related, are telling. As the Roads Minister, Kwame Governs Agbodza, recently asked: Why is a bag of cement still selling for GH¢120 when macro conditions should support a price closer to GH¢95 who is benefiting from these inflated prices?

The answer is clear—not the ordinary Ghanaian.

What Must Government Do?

This is not just an economic dilemma; it’s a governance challenge. If falling inflation and a strong Cedi aren’t reducing the cost of living, then there is something fundamentally wrong with the system —and that needs fixing.

Here’s what the government should consider doing to make the macroeconomic gains translate into market reality:

Scale Up Social Interventions

Immediate relief is crucial. Programs like the Livelihood Empowerment Against Poverty (LEAP) and food vouchers must be expanded and more efficiently targeted. These should be linked to community-level food distribution systems that bypass exploitative market channels.

 Boost Local Food Production

Ghana must address the root cause of food price instability—insufficient domestic supply. This requires investment in irrigation to extend growing seasons, support for mechanisation, access to quality seeds, and robust extension services for farmers.

Reduce Post-Harvest Losses

Up to 30% of food produced in Ghana is lost due to poor storage and bad roads. Building feeder roads and cold storage facilities will stabilise prices and improve food availability year-round.

 Promote Agro-Industrialization

We must move beyond raw food production. Agro-processing adds value, creates jobs, and reduces our dependence on imported products. Tax incentives, affordable credit, and support for farmer cooperatives can help Ghanaian agribusinesses scale up and compete.

Break the Market Monopoly

The National Buffer Stock Company (NAFCO) must be empowered to disrupt exploitative supply chains. By buying directly from farmers and distributing efficiently, NAFCO can challenge the dominance of market queens and stabilise prices.

 Improve Policy Coordination and Market Monitoring

The Ministry of Food and Agriculture should set up a Price Monitoring and Forecasting Unit to provide real-time data for proactive planning. Ghana must also coordinate with ECOWAS to facilitate food trade and prevent artificial shortages.

Adopt a Focused Import Substitution Strategy

Strategic investment in crops like rice, maize, tomatoes, and poultry can help Ghana move toward food self-sufficiency. Well-designed protectionist measures can give local industries the breathing room to grow and compete.

Enforce Mining Laws & Restore Degraded Lands

Government must empower security agencies and mining regulators to enforce laws impartially, with a focus on protecting agricultural lands and forest reserves. Additionally, targeted land restoration initiatives should be implemented to reclaim degraded areas.

Conclusion: A Moment to Act

Ghana stands at a crossroads. The economy is finally showing signs of macro-stability, but the real test lies in translating those gains into everyday affordability. Falling inflation and a resurgent Cedi mean little if market prices remain high due to inefficiencies, monopolies, unchecked profiteering and nefarious activities of galamsey operators.

This is not a simplistic matter of economics—it’s a matter of political will. It’s time for bold leadership that tackles food price inflation not just as a number on a chart, but as a lived reality for millions of Ghanaians. If the government acts now—reducing production costs, strengthening food systems, and cutting import dependency—Ghana can build a resilient, inclusive, and self-sustaining economy.

The opportunity is here. The question is: will we take it?

Source: Collins Ofoe Kwashie

Speaking in an interview on Adom FM’s Dwaso Nsem, the Member of Parliament for Sehwi Bodi said many of the factories launched under the programme are now non-functional.

“If you build a factory and don’t have raw materials to feed it and keep it running, is that a success?” he asked.

Mr. Ahi cited the Akontombra Rice Factory as an example, stating it was forced to shut down shortly after its commissioning because there were no raw materials to sustain operations.

“Most of the factories across [the country] are not working. Some of them have equipment installed but are not operational. Just two months ago, we handed a lot of them over to the private sector to revamp. EFRA opened the tender, requesting that the private sector apply for takeover, but most of them have still not been taken because it is not profitable,” he explained.

To remedy the situation, the Deputy Minister highlighted the Feed the Industry initiative, introduced under President John Mahama’s 24-hour economy policy, aimed at supporting year-round agricultural production to provide consistent raw materials for Ghana’s agro-industrial sector.

“Because if we don’t grow the raw materials and just establish companies, they will not survive,” he stressed.

The 1D1F initiative, launched under President Akufo-Addo, was intended to transform Ghana’s economy by reducing reliance on raw material exports and promoting local manufacturing and value addition. It also aimed to ensure each administrative district had at least one industrial enterprise.

Despite its ambitious goals, Mr. Ahi argued that the real impact of the policy is yet to be felt by both industry and ordinary Ghanaians.

Source: Gertrude Otchere

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Speaking in an interview on Adom FM’s morning show Dwaso Nsem, Mr. Ahi said the government has kept its promise of ensuring farmers receive at least 70 percent of the world market price for cocoa.

“We have not lied to cocoa farmers. We want to be factual with the issues. The 70 percent we promised in our manifesto is exactly what we’ve delivered,” he stated.

He explained that the promise to pay GH₵6,000 per tonne during the campaign period was made in a particular context, when cocoa prices were higher and the cedi was weaker.

“At the time we made that comment, one tonne of cocoa was selling between $9,000 and $10,000 on the world market. The exchange rate was around GH₵16 to $1. If we had given the farmer $5,040 per tonne using that rate, they would have received over GH₵81,000,” Mr. Ahi explained.

He added, “Today, the exchange rate has appreciated. So with $5,040 per tonne, the farmer will now receive about GH₵51,000. That’s the difference. But the percentage—70 percent of the world market price—has not changed. We have fulfilled our promise.”

Mr. Ahi also clarified that under the previous NPP administration, farmers were paid around GH₵3,100 per tonne, even when global prices were significantly higher.

“That’s why we said we would pay GH₵6,000. But it was based on the conditions at the time,” he stressed. “We want to be careful and responsible with pricing, especially with the way cocoa prices fluctuate. But what we’ve done is fair.”

The government, on Monday, approved a new producer price of $5,040 per tonne, up from $3,100, marking a 62.58% increase.

The announcement was made by Finance Minister Dr. Cassiel Ato Forson in a post on social media following a meeting of the Producer Price Review Committee, which he chairs.

Despite the increase, some farmers have said the jump is not enough.

But Mr. Ahi insists the cocoa farmers are not being shortchanged.

“The cocoa farmer will be okay with what we are giving them now. It’s a fair deal, and it shows this government is listening,” he concluded.

Source: Dorcas Abedu-Kennedy

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This is the seventh consecutive decline this year and the lowest since October 2021.

According to the data by the Ghana Statistical Service 4, 2025, the decline was influenced by a significant slowdown in the general price levels of foodstuffs and other items

The Government Statistician, Dr. Alhassan Iddrisu, noted that the development shows that the pressures driving inflation over the past months are declining.

On a month-on-month basis, the general price level increased by 0.7% between June and July 2025.

However, food inflation declined by 1.2 percentage point to 15.1% in July 2025, and prices of food items increased by 0.6% between June and July 2025.

Also, Non-food inflation dropped by 1.9 percentage points to 9.5%, but price level of non-food items increased by 0.7% between June and July 2025.

Goods inflation dropped by 1.0 percentage point to 14.2% in July 2025. The prices of goods, however, increased by 0.5% between June and July 2025.

Similarly, year-on-year Services inflation dropped by 3.1 percentage points to 6.2% with the general price level for Services increasing by 1.3% between June and July 2025.

On the other hand, the year-on-year inflation for locally produced goods and services was 12.9%, still higher than that of imported ones at 10.0%. Although both are declining especially imported items, which dropped by 2.5 percentage points, whilst locally produced items declined by 1.1 percentage points.

The general price level for local items increased by 0.9% between June and July 2025 whilst that for imported items increased by 0.1%.

Regional Inflation

For the regions, the Upper West Region continued to register the highest inflation at a striking 24.8%, though lower than the June inflation of 32.3%.

It is more than double the national average of 12.1%.

The Central Region however recorded the lowest inflation at 7.7%.

Source: Joy Business

According to him, this is due to the 300 basis points cut in the policy rate by the Bank of Ghana (BoG) to 25%.

Mr. Awuah disclosed this in an interview with Joy Business in response to concerns that commercial banks often delay in adjusting their lending rates.

He, however, rejected the claim, insisting that “obviously the policy rate carries about 40% weight in the variables that determine the Ghana Reference Rate in the country”.

“So by next Wednesday [August 7, 2025], the commercial banks are expected to publish the new Ghana Reference Rate for August 2025 and we should see quite a good reduction in the Ghana Reference Rate,” Mr.  Awuah disclosed

The Ghana Reference Rate

The Bank of Ghana and the Ghana Association of Banks in 2017 launched the Ghana Reference Rate, which was described as a new credit rate to serve as a guide in the setting of interest rates on loans by banks and other financial institutions in the country.  The maiden rate was then pegged at 16.82% for April 2017.

According to the Bank of Ghana the Ghana Reference Rate (GRR) was expected to help introduced transparency in the setting of lending rates in the country.

The Ghana Reference Rate (GRR) is an outcome of an extensive consultation between the BoG and GAB to review the existing base rate model and develop a new framework for base rate determination.

The GRR influences the interest rates of all financial institutions in the country, and it guides the setting of interest rates on all financial products.

Impact on Loan

There have always been debates about the impact of the policy rate cut on the cost of credit in the country.

Mr. Awuah explained that if the loan was negotiated at a variable rate, then it is likely that the interest rate on a loan will be affected.

He also went ahead to explain that for those who are yet to negotiate a new facility, they are likely to benefit fully from this policy rate cut.

Source: Joy Business 

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Speaking on Adom TV’s Badwam morning show, Mr. Boadu questioned how the government has utilised the gains made by the local currency.

“So far, what has the government used the dollar for? They are not spending. For the past eight months, we haven’t repaid our loans, contractors haven’t been paid, and even interest on delayed payments hasn’t been made,” he said.

He expressed worry that economic activities remain stagnant, with no new projects and declining revenue inflows.

“The more there is no economic activity, the fewer resources government will have to work with,” he added.

Presenting the 2025 Mid-Year Fiscal Policy Review in Parliament, Finance Minister Dr. Cassiel Ato Forson hailed the cedi’s recent performance as historic and unprecedented, describing it as the strongest in the currency’s 60-year history.

According to him, as of the end of June 2025, the cedi had appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro.

He contrasted this with the same period in 2024, when the cedi depreciated by 18.6%, 17.9%, and 16.0% respectively against those currencies.

Source: Farida Seidu | Adomonline

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Speaking on Adom TV’s Badwam, Mr Boadu said the newly announced GH₵3,228.75 per 64kg bag is unjustifiable and fails to meet the expectations of cocoa farmers.

“Before they came to power, they estimated 70% of the FBO price to be around GH₵6,000 to GH₵7,000. If the NPP had paid that amount, would the NDC reduce it now that the cedi has gained strength?” he questioned.

He further argued that the appreciation of the Ghana cedi benefits importers rather than farmers or exporters.

“When the cedi gains strength, importers benefit—not exporters or cocoa farmers. They are the worst hit,” he said.

According to him, many cocoa farmers are disappointed and may consider selling their lands to illegal miners due to the unfavourable pricing.

“The farmers are disappointed and sad. Many may be forced to sell their land for illegal mining because the current prices are not favourable,” he warned.

Mr Boadu concluded by urging government to engage in “honest and well-informed discussions” on cocoa pricing instead of what he termed “ignorance and dishonesty.”

Source: Farida Seidu | Adomonline.com

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• Ato Forson’s GH₵6,000 promise was a mere political talk – Cocoa farmer

According to him, the era of high interest rates cannot be sustained, adding that “it is now time for the banks to begin reviewing these strategies not only to protect margins, but also to serve the broader economy”.

The Governor disclosed this at the inauguration of the Bank of Ghana Chair in Economics and Finance at the University of Ghana Legon.

The move by the Bank of Ghana is part of efforts to encourage long-term commitment to knowledge, research, and the nurturing of a new generation of thinkers who will shape the financial architecture of tomorrow.

Speaking at the programme, the Governor also said the banking sector must become a catalyst for growth, with more targeted and productive lending to Ghanaian enterprises.

On managing exchange Rate regimes, the Governor argued that “we must be honest about this divergence and work toward exchange rate frameworks that are transparent, rules-based, and credible.”

The Governor was also of the view that in the era of modernisation, “Central Banks must balance price stability with financial stability and navigating increasing government reliance on domestic financing.”

At the recent Monetary Policy Committee presser, Dr. Asiama re-echoed these concerns about the high interest rates, arguing that the rates have started dropping and there are strong indications that they could go down further.

Managing Global Pressures

Dr. Asiama was also of the view that “we cannot always prevent global disruptions, but control our response”.

“The Cedi’s appreciation over 42% year-to-date and supported by over US$11 billion in international reserves, is evidence of how disciplined policy coordination between the central bank and fiscal authorities, supported by an IMF programme, can deliver results”, he pointed out.

Partnership with University of Ghana

Throwing Light on the partnership with the University of Ghana on the Research Chair,  the Governor described the initiative as a longstanding relationship between two institutions with “shared responsibility and national development”.

Under this initiative, the Bank of Ghana with the Chair will identify high-performing university graduates with exceptional potential in economics, finance, and public policy.

These young leaders , according to the Governor will be offered structured pathways to top global institutions, through scholarships, internships, and policy immersion opportunities.

The Governor also added that going forward, the plan is to  “ launch joint research initiatives in areas such as inflation targeting, exchange rate management, digital finance, regulation of, and monetary policy transmission

Source: Joy Business 

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Mrs. Arthur brings a wealth of experience in the financial services and technology sectors, with a strong track record in leadership, innovation, and growth management.

Prior to joining GhIPSS, she held key leadership roles at Fidelity Bank Ghana, E Process International S.A of the Ecobank Group, and in private consultancy. In these roles, she led teams providing technical guidance and expert advice in IT and payment solutions.

Speaking on her appointment, Governor of the Bank of Ghana and Board Chairman of GhIPSS, Dr. Johnson Asiama, expressed confidence in her leadership.
“We are confident that Mrs. Arthur will bring a fresh perspective and strategic vision to GhIPSS and will help lead the institution into the next phase of growth and success,” he stated.

In her remarks, Mrs. Arthur described the appointment as both an honour and a return.
“I am honoured to step into this role at this pivotal time. It is more of a return for me, and I look forward to working alongside this talented team to continue the legacy of GhIPSS. Together, we will continue to drive meaningful impact, embrace new opportunities, and shape a future in the payments industry that we can all be proud of.”

She succeeds Mr. Archie Hesse, who served as CEO of GhIPSS.

Source: Joy Business

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Speaking on Asempa FM’s Ekosii Sen show, the Offinso MP said the new price of GH₵3,228.75 per 64kg bag has left many cocoa farmers disheartened, especially in light of earlier campaign promises.

“The farmers are not happy. They don’t care about exchange rate analysis—what matters to them is how much they are paid for their cocoa. We need to be honest with them,” he said.

Dr. Opoku criticised the government for failing to honour its campaign pledge to pay GH₵6,000 per bag if elected.

“What changed? They made a promise to the farmers, and they must honour it,” he stated.

The new price, announced on Monday, August 4, represents a modest increase from the previous GH₵3,100 per bag.

Farmers and stakeholders have since expressed mixed reactions, with many calling for a more substantial adjustment in line with rising production costs and international market gains.

Source: Farida Seidu | Adomonline

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Speaking on Asempa FM’s Ekosii Sen show, the Minister clarified that the initiative is a structured youth employment programme designed to support sustainable businesses and empower young entrepreneurs.

“There is a misconception that we’re sharing money under the Adwumawura Programme. That is false,” he stated.

According to him, applicants must present viable business proposals, which will undergo thorough evaluation.

“If the idea is scalable or can employ others, and the applicant is fully Ghanaian, then they qualify,” he added.

Selection and Support Process

Opare-Addo explained that shortlisted applicants will be interviewed and connected to business hubs for registration, training, and further assistance. Existing businesses can also benefit through capacity-building support.

The Minister revealed that approximately 10,000 young people will be trained under the programme. From this group, the top 2,000 will have the opportunity to pitch their business proposals directly to the President.

In addition, a separate pitch event led by the Vice President will be held specifically for women-led businesses.

Adwumawura Fund for Venture Capital

To further strengthen support for high-potential ideas, the Minister announced plans to establish the Adwumawura Fund to provide venture capital financing through equity investments.

“Those individuals will pitch their proposals to the President. If the President likes the ideas, then we will move forward from there,” he said.

“We will also have a vice presidential pitch specifically for women. Additionally, we aim to create the Adwumawura Fund to support big ideas that require venture capital; this fund will hold equity. Our goal is to help build local businesses to a certain level, and we are hopeful that this initiative will transform the youth employment system.”

The Adwumawura Programme forms part of broader government efforts to reduce youth unemployment by promoting entrepreneurship and supporting innovative, youth-led enterprises.

Source: Farida Seidu| Adomonline

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In a statement issued on Tuesday, the chamber expressed concern over the potential fare hike and urged transport unions to reconsider.

“Our checks with the various transport unions, including the Ghana Private Roads Transport Union (GPRTU) and other driver unions, indicate no such decision has been taken,” COPEC said.

The group questioned the basis for any such increase, describing it as “difficult to comprehend” and warning that it would disproportionately affect the poor and vulnerable.

“It is also difficult to comprehend what matrices inform any such drastic upward reviews of public transport fares, as that affects largely the poor and already suffering masses,” the statement added.

Fuel Levy Not Justification Enough

COPEC noted that while the government’s newly introduced GH₵1 levy on fuel prices has raised concerns among drivers, it does not justify a significant fare adjustment.

“The above argument, though true, cannot and should not be the basis for punishing the suffering Ghanaian masses,” the group said. “The overall effect of the new One Ghana levy is still not sufficient to wipe out the sustained reductions recorded at the pumps over the past couple of months.”

According to COPEC, fuel prices, which hovered around GH₵15 per litre in January 2025, have since dropped to between GH₵11 and GH₵12. Some transport operators responded by reducing fares by approximately 15%, while others declined, prompting intervention from local authorities.

“On the balance of odds or numbers, the pricing levels as of today are still not anywhere near the January prices from which transport fare discussions could be had,” COPEC said. “Such is our surprise at the attempts by a section of transport operators to justify a further increase in fares as of this time.”

Reintroduction of Road Tolls Not Grounds for Fare Hike

Addressing speculation that the return of road tolls could also trigger fare increases, COPEC warned that using an unenforced policy as justification was unacceptable.

“It is imperative to note that, an intention which has not yet been enforced cannot and should not form the basis of any increases in transport fares,” the statement read. “The effects will not only be felt by the already suffering masses but will further diffuse genuine outcry by the people for the cost of goods and services to be reduced across all sectors to bring some relief.”

COPEC called for restraint and urged all stakeholders to consider the broader economic impact on Ghanaians before taking any decisions on fare adjustments.

COPEC also highlighted that the GPRTU, the largest transport union in the country, has already dismissed any such plans, noting that neither spare parts nor fuel prices have risen significantly to warrant fare adjustments.

Source: Adomonline.com 

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Speaking on Asempa FM’s Ekosii Sen show, the Minister said the inaugural ceremony will be held in the Ashanti Region, with about 1,410 beneficiaries set to participate.

“These individuals will undergo various training programmes focused on developing practical, hands-on skills,” he stated.

He explained that each of the 47 constituencies in the Ashanti Region will be represented by 30 participants, bringing the total number of trainees to approximately 1,410.

“This matriculation will take place only in the Ashanti Region, but it will represent the entire country,” he added.

Mr. Opare-Addo also disclosed that a dedicated technical team is working to address implementation challenges in other regions, with plans to roll out the programme nationwide.

“The event will take place simultaneously across the Ashanti Region. Notably, August 12 is also National Youth Day, so we will commemorate the day alongside the matriculation.

“So far, we’ve registered about 19,000 trainers who have expressed interest in participating. We will also organise certification programmes for them,” he said.

Source: Farida Seidu| Adomonline

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In a trading statement released for the 52-week period, ending June 29, 2025, the company disclosed that it had received a binding offer in June for the acquisition of its Ghanaian assets, comprising seven trading stores and one warehouse.

Shoprite described the transaction as “highly probable,” adding that the operations in Ghana had been classified as discontinued.

“The Group received a binding offer during June 2025 to dispose of the assets and liabilities in relation to the operations in Ghana, which consists of seven trading stores and one warehouse. The sale is deemed highly probable,” the retailer said.

The announcement signals the retail giant’s latest withdrawal from Africa’s wider market, following previous exits from Nigeria, Kenya, the Democratic Republic of Congo, Uganda, and Madagascar. In the same update, Shoprite revealed that it had also signed an agreement on June 6 to dispose of five trading stores in Malawi, pending approval from the country’s Competition and Fair Trading Commission and the Reserve Bank of Malawi.

Shoprite’s retreat from these markets reflects a broader shift in its pan-African strategy.

Once the continent’s leading food retailer with a footprint in around 15 countries, the company has steadily rolled back its regional operations due to persistent economic headwinds, including currency volatility, high import tariffs, inflationary pressures, and dollar-denominated rents.

While no buyer has yet been officially named, the binding offer indicates that a formal handover could be imminent, subject to regulatory approval.

Shoprite first entered Ghana in 2003, and its exit would mark the end of over two decades of operations in the country.

-Graphic-

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Addressing a press conference in Parliament, the Ranking Member on the Committee on Agriculture and Cocoa Affairs, Dr. Isaac Opoku, criticised the government for citing exchange rate fluctuations as justification for the lower-than-expected price hike.

He argued that such reasoning is “untenable,” adding that current market conditions favour a higher price.

“The prevailing market realities do not support anything less than GHS 3,800,” Dr. Opoku said.

The Minority also accused the government of reneging on its earlier promise to pay cocoa farmers a minimum of GHS 6,000 per bag, and criticised the administration for using “figures and lamentations” to justify low producer prices.

Describing the recently announced cocoa price increment as “sakawa,” a term used to imply deception, the Minority called on farmers to protect their interests and resist being shortchanged.

Responding to the government’s pledge to provide free inputs and fertilisers, the Minority said such interventions are not new and should not be used as justification for low prices.

They stressed that it was time for the government to go beyond promises and deliver real value that reflects the sacrifices and contributions of cocoa farmers to Ghana’s economy.

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The inauguration ceremony was held on Monday, August 4, 2025, at the Ministry of Trade, Agribusiness and Industry in Accra.

Speaking at the event, Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, described the Komenda Sugar Factory as a “prized national asset” which was commissioned under the administration of President John Dramani Mahama but later left to deteriorate due to operational and supply chain setbacks.

The Minister traced the factory’s origins to 2013, when the Government of Ghana entered into an agreement with Seftech India Pvt to construct a sulphurless sugar plant on a turnkey basis.

The facility was designed to produce 125 metric tons of sugar daily, with prospects to expand into ethanol production and power generation.

The initial investment cost of $36.25 million was funded by a combination of a loan from the India EXIM Bank and a grant from the Export Development and Agricultural Investment Fund (EDAIF), now Ghana EXIM Bank.

Despite subsequent efforts, including the engagement of Park Agrotech as a strategic investor in 2020 and West Africa Agro-Tech Company Limited (WAATCO) under the One District, One Factory (1D1F) initiative, the factory has failed to attain sustainable operations.

“In spite of these interventions, several attempts to operationalise the factory have not been successful,” Madam Ofosu-Adjare stated.

She added that President Mahama’s administration, committed to reversing this trend, had commissioned the IMC to examine and address the root causes undermining the factory’s success.

The Committee is tasked with six core responsibilities: to conduct a technical assessment of the plant’s assets, review its financial and operational viability, evaluate the sugarcane supply chain, identify a credible strategic partner, assess the Ministry’s roadmap, and recommend a transition plan toward full operations.

Madam Ofosu-Adjare noted that the revival of the Komenda Sugar Factory has the potential to significantly reduce Ghana’s sugar import bill while creating sustainable jobs in the catchment area. She assured the committee of government’s full support in the execution of its mandate.

Responding on behalf of the committee, Chairman Kwame Owusu Sekyere (Esq.) expressed gratitude to President Mahama and the Minister for the opportunity to serve.

“We are honoured by the confidence reposed in us. We pledge to diligently work on the terms of reference and deliver within the timelines assigned to us,” he said.

The members of the committee include Ing. Douglas Mensah, Mr. John Doku, Lt. Col. (Rtd.) George Afful, and Mr. Ransford Vanni Amoah. The committee is expected to submit its preliminary findings and recommendations to the Ministry within eight weeks.

Source: Graphic.com.gh 

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This was contained in the minutes of the votes of the members released by the Bank of Ghana.

A scan of the document by the Bank of Ghana showed that majority of these members where worried about the potential threat to inflation rate going up due to what they describe as “external pressures from geopolitical tensions, global tariffs wars, alongside domestic pressures from pending quarterly adjustments in utility tariffs, energy sector levy on ex-pump prices and emerging pressures on crude oil prices present upside risks to inflation”.

However, four out of the six members of the Monetary Policy Committee were quick to add that “they will continue to asses incoming data and likely reduce the policy rate further, should the disinflation trend continue”.

They also added that the Committee remains committed to the price stability mandate, while creating conditions for inclusive and sustainable growth.

Dissenting views

However, there were two members of the Committee that did not go with the majority decision.

One of them for instance voted for the Monetary Policy Rate (MPR) to be cut by 350 basis points to 24.5%.

This member for instance was worried that inflation remains higher than the Medium-Term Target aimed at global economic uncertainty.

Another member who voted for a 250 basis points cut to 25.5% also highlighted risk to inflation as a major concern.

Composition of the MPC

According to the Bank of Ghana Act, the MPC is made up of the Bank of Ghana Governor, the First and Second Deputy Governors of the Bank of Ghana and the Head of Banking Operations at the Bank of Ghana

Two other members of the Committee are appointed by the Minister of Finance. They are persons with knowledge or experience relevant to the functions of the Monetary Policy Committee.

Source: Joy Business 

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Read the below:

Speaking to Adom News in an interview on Monday, August 4, the General Secretary of the GRTCC, Emmanuel Ohene-Yeboah, confirmed the decision and noted that an official press release will be issued to that effect.

According to him, the fare adjustment has become necessary due to increasing operational costs faced by transport operators.

He cited the recent imposition of a GH₵1 Energy Sector Levy on Wednesday, July 16, 2025, as a key contributor to rising expenses such as fuel, spare parts, and vehicle maintenance.

“This decision should not come as a surprise to the public. In May, we responded to government’s request to reduce fares, anticipating a decrease in the cost of doing business. Unfortunately, the situation has worsened instead,” Mr. Ohene-Yeboah explained.

He stressed that transport unions are equally burdened and appealed to the public to remain calm and cooperate with the new fare structure.

“Maintenance costs are overwhelming and are significantly affecting our operations. Without this increase, the transport business will suffer greatly,” he added, noting that the decision was made in consultation with other major transport unions.

The 20% fare increment will apply to all categories of public transportation, including shared taxis, intra-city “trotro” services, intercity long-distance buses, and haulage trucks.

The GRTCC is appealing to commuters, drivers, and the general public for understanding and support to ensure the smooth implementation of the revised fares.

Source: Jagri Boaz Binyinjom

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Speaking on Asempa FM’s Ekosii Sen show, Dr. Abbey cited the absence of the annual syndicated loan and the need to discourage hoarding by some farmers as key reasons for the decision.

“Last season we opened in September. We’ve observed that some farmers hoard cocoa in anticipation of a new price. This year, because we are not doing syndication, we’ve decided to open the season even earlier,” he explained.

He further stated that the early opening is part of efforts to meet critical financial obligations, including the repayment of cocoa bills.

“We have commitments, including cocoa bills worth GH¢2 million due in September, and the funds must reflect in our accounts by August,” Dr. Abbey noted.

The decision, he added, is expected to stabilize cocoa supply and support COCOBOD’s financial planning in the absence of the syndicated loan facility.

Source: Farida Seidu | Adomonline

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Speaking on Asempa FM’s Ekosii Sen show, Dr. Abbey attributed the current farmgate price of GH¢3,228 per bag to the strong performance of the Ghana cedi, which has influenced local pricing positively.

He dismissed concerns that farmers have been shortchanged, stating that the pricing is aligned with government commitments and prevailing market conditions.

“The NDC government promised 70% of the Free on Board (FOB) price for cocoa farmers. The farmer’s share has increased from $3,100 to $5,040. Although global cocoa prices have dropped below $8,000, the strong cedi has influenced the local price,” he explained.

Dr. Abbey emphasized that the exchange rate plays a critical role in determining farmgate prices and reiterated COCOBOD’s commitment to protecting the interests of cocoa farmers.

“We haven’t shortchanged farmers. The cocoa farmers are getting GH¢3,228 because of the good performance of the cedi,” he stressed.

Source: Farida Seidu | Adomonline

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• Government introduces Tertiary Education Scholarship for cocoa farmers’ children – Finance Minister

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Speaking on Asempa FM’s Ekosii Sen show, Dr. Abbey said the omission was one of several critical lapses he uncovered upon taking office.

“For six quarters, COCOBOD did not provide financials to SIGA, and I haven’t seen a single letter from SIGA demanding those documents,” he stated.

He further revealed that even Parliament and the transitional team were unaware of key financial commitments and contract arrangements.

“Roll-over contracts were not in the handing-over notes, not disclosed to the transitional team, and Parliament was not aware,” he said.

Dr. Abbey explained that these issues only came to light after he directed all departments to make detailed presentations on their operations. It was during this internal audit that the rollover contracts and other discrepancies were identified.

He also revealed a significant supply shortfall in the 2023/2024 cocoa season.

“In the 2023/24 cycle, COCOBOD sold cocoa but was unable to supply 333,767 tonnes. I informed the President and the Minister of Agriculture about this development, which is why the President included it in his State of the Nation Address,” Dr. Abbey explained.

He emphasized that the gaps in reporting and transparency were being addressed under his leadership to restore accountability and strengthen the institution’s governance structure.

Source: Farida Seidu | Adomonline

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• Government introduces Tertiary Education Scholarship for cocoa farmers’ children – Finance Minister

• Government reintroduces Free Fertiliser Programme for cocoa farmers — Ato Forson

Speaking on Asempa FM’s Ekosii Sen show, Dr. Abbey disclosed that the government has directed COCOBOD to refocus on its core mandate of improving the cocoa sector and withdraw from road construction projects.

“We are no longer in charge of cocoa roads,” he stated.
“The government’s decision is for COCOBOD to focus on its core functions. Our exposure to cocoa roads is GH¢21 billion, but the Ministry of Roads and Highways already has a commitment of GH¢67 billion, and COCOBOD’s financial strength cannot accommodate this.”

Dr. Abbey clarified that any future involvement in road infrastructure would be handled by the Roads Ministry, once COCOBOD’s financial position strengthens.

He further explained that the identification and prioritisation of critical cocoa roads will now be the responsibility of the government, allowing COCOBOD to channel its resources into boosting cocoa production and value addition.

“All liabilities arising from the road contracts will be addressed in collaboration with the Finance Ministry,” he added.

Source: Farida Seidu| Adomonline

READ ALSO:

• Government introduces Tertiary Education Scholarship for cocoa farmers’ children – Finance Minister

• Government reintroduces Free Fertiliser Programme for cocoa farmers — Ato Forson

The union’s projection is based on recent economic developments, particularly the Bank of Ghana’s decision to reduce the Monetary Policy Rate (MPR) from 28% to 25%, as well as the recent strengthening of the Ghana cedi against the US dollar.

In a statement issued on July 31, ADUG welcomed the MPR cut, describing it as a “strategic decision” that would lower borrowing costs and restore business confidence across the country.

They further described the central bank’s move as a “signal of hope” for businesses, especially within the automotive retail and distribution space, and a potential “catalyst for inclusive economic growth, job creation, and improved mobility.”

While expressing optimism, ADUG advised stakeholders to manage their expectations in the short term and remain confident in the longer-term outlook for price stability in the vehicle market.

Source: AdomOnline

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The Government of Ghana has reintroduced the Free Cocoa Fertiliser Programme as part of its renewed commitment to support cocoa farmers and increase productivity across the sector.

“Ladies and Gentlemen, and to the cocoa farmer, I am pleased to announce that President Mahama’s Administration has reintroduced the free cocoa fertiliser programme as an additional support to the Ghanaian cocoa farmer, beginning the 2025/2026 crop year,” Minister for Finance, Dr. Cassiel Ato Forson, declared.

Beginning with the 2025/2026 cocoa season, the programme will provide farmers with a comprehensive package of free inputs to boost yields and reduce production costs.

“Beginning this crop year, President Mahama’s administration will supply:
• free cocoa fertilisers (both liquid and granular),
• free insecticides,
• free spraying machines,
• free fungicides, and
• free flower inducers to farmers.”

Dr. Forson emphasized that the initiative is designed to directly improve farmer output and income. “Government strongly advises cocoa farmers to apply these inputs solely for the purpose of improving cocoa yield and their income,” he stated.

The programme is one of several measures introduced in the 2025/2026 cocoa season to revamp the sector and restore the dignity and profitability of cocoa farming in Ghana.

Source: Finance Ministry

The new rate reflects a 62.58% increase in dollar terms.

The decision was made by the Producer Price Review Committee (PPRC), chaired by the Finance Minister, Dr. Cassiel Ato Forson, ahead of the new cocoa season set to open on Thursday, August 7, 2025.

The announcement follows the completion of pricing review work by technical committees and broad stakeholder consultations.

President John Mahama, speaking in July, reaffirmed his administration’s pledge to ensure cocoa farmers receive at least 70% of the world market price—a policy he said aims to restore fairness and dignity to farmers who form the backbone of Ghana’s agricultural sector.

As of Sunday night, August 3, 2025, cocoa was trading at approximately US$7,555 per tonne on the international market.

In contrast, the previous New Patriotic Party (NPP) administration had pegged the Free on Board (FOB) value for the 2024/2025 season at US$4,850 per tonne, setting the producer price at US$3,100—representing just 63.9% of the FOB, despite higher global prices at the time.

According to government sources, the latest gross FOB value is based on outstanding contracts covering 100,000 tonnes of cocoa sold at US$2,600 per tonne during the 2023/2024 season, as well as price forecasts for the upcoming season.

Using an average exchange rate of GH₵10.25 to US$1, the new producer price translates to GH₵51,660 per tonne, up from GH₵49,600. This equals GH₵3,228.75 per 64kg bag.

In addition, the PPRC has approved revised margins and fees for all stakeholders in the cocoa value chain, including licensed buying companies, hauliers, warehouse operators, and quality control units.

Source: Adomonline.com

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The event reaffirmed a shared commitment to deepen bilateral ties, drive industrialisation, and boost UK investment in Ghana’s manufacturing and agro-processing sectors.

Co-chaired by Sampson Ahi, the Deputy Minister for Trade, Agribusiness & Industry (MoTAI), and Richard Sandall, Development Director at the British High Commission, the meeting brought together key stakeholders including MoTAI, the Ghana Investment Promotion Centre (GIPC), the 24-Hour Economy Secretariat, British International Investment (BII), and the British High Commission.

The Steering Committee reviewed progress under the UK’s flagship JET Programme, which has supported over 7,000 job creations and catalysed more than £124 million in investment across Ghana’s priority manufacturing sectors.

The session concluded with the signing of a new partnership agreement between the UK Government and the Ministry of Trade, Agriculture & Industry to accelerate policy frameworks underpinning Ghana’s 24-Hour Economy agenda.

“This agreement builds on the JET Programme’s role as a trusted technical and investment partner, supporting policy reforms, attracting the needed private capital (both foreign and domestic), and connecting local partners with sources of finance, including the UK’s Development Finance institutions,” said Richard Sandall, Development Director, British High Commission.

“We welcome the UK’s continued support as we work to transform Ghana into a competitive manufacturing hub in West Africa,” added Sampson Ahi, Deputy Minister for Trade, Agribusiness & Industry.

The 2025 Steering Committee also showcased recent UK-backed investments facilitated through JET and British International Investment, reinforcing the UK’s position as a key partner in Ghana’s industrialisation journey, and its strong support for Ghana’s ambition to become a competitive manufacturing hub in West Africa.

Source: Joy Business

The auction, conducted under Tender 1966 and scheduled for issue on Monday, August 4, recorded strong investor interest, with total bids across the 91-day, 182-day, and 364-day instruments amounting to GH¢6.79 billion—well above the government’s target of GH¢3.86 billion.

Of the total bids submitted, GH¢5.49 billion was accepted.

Breakdown of Accepted Bids:

• 91-day bill: GH¢4.32 billion accepted out of GH¢4.86 billion tendered

• 182-day bill: GH¢823.28 million accepted out of GH¢1.16 billion tendered

• 364-day bill: GH¢343.49 million accepted out of GH¢774.65 million tendered

The results reflect continued investor confidence in short-term government instruments despite prevailing macroeconomic conditions.

Source: Myjoyonline

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His comments follow the government’s recent move to adopt non-conviction-based asset recovery and the Attorney-General’s proposed 60% asset recovery threshold in ongoing banking sector prosecutions.

Speaking on JoyNews’ PM Express, Prof. Mensah endorsed the idea of reintroducing Unibank into Ghana’s financial space, particularly in light of the desire for increased local ownership within the sector.

“Yes, I foresee that,” he said when asked if the restoration of Unibank’s license is now plausible. “Because if you take our banking space, we are looking out for a situation where it will be dominated by local ownership.”

He acknowledged that the bank, which was collapsed during the financial sector cleanup, had faced severe liquidity and solvency challenges. However, he argued that the funds which contributed to the collapse were not lost to the nation.

“The reason why I’m comfortable with the non-conviction-based asset recovery is that… whatever money that was taken out as a result of creating the liquidity and solvency problems—those monies were invested in the country,” he explained.

According to him, the real issue was not fraud or capital flight, but rather misallocated investments that failed to meet the bank’s operational needs.

“The only problem is that it wasn’t invested appropriately to meet the liquidity needs of the bank. And so there is that kind of multiplier effect within the economy as a result of the losses that the banks made.”

Prof. Mensah urged a holistic view of the economic consequences and the potential for correction. He stressed the importance of documentation and institutional reforms to prevent a recurrence.

“So if you are taking the government into perspective, then obviously recovering part of it, and then possibly documenting the possible ways that brought about the losses, and again, ensuring that it is not repeated…”

He maintained that, with the lessons learned and the remaining assets, giving Unibank a second chance is both reasonable and feasible.

“I will say, with experience and then the little assets that the Unibank has, it won’t be wrong to restore the alliances and go back into operation.”

He concluded that Ghana’s financial regulators must build on the lessons from the sector clean-up to improve future oversight.

“At least a lesson has been learned. And going forward, we know how to approach such situations from the bank’s perspective and then also from the regulators’ perspective.”

Source: Abubakar Ibrahim

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